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Cloudflare, Inc.（NET）与Snowflake Inc.（SNOW）财务数据对比。点击上方公司名可切换其他公司
Snowflake Inc.的季度营收约是Cloudflare, Inc.的2.0倍（$1.2B vs $614.5M）。Cloudflare, Inc.净利率更高（-2.0% vs -24.2%，领先22.3%）。Cloudflare, Inc.同比增速更快（33.6% vs 28.7%）。Snowflake Inc.自由现金流更多（$113.6M vs $105.2M）。过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 25.1%）
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
Snowflake Inc.是美国云数据平台服务商，创立于加利福尼亚州圣马特奥，总部位于蒙大拿州博兹曼。旗下平台支持数据分析功能，可实现数据集的低延迟并发访问，服务运行在亚马逊云科技、微软Azure、谷歌云三大公有云平台上。
NET vs SNOW — 直观对比
营收规模更大
SNOW
是对方的2.0倍
$614.5M
营收增速更快
NET
高出4.9%
28.7%
净利率更高
NET
高出22.3%
-24.2%
自由现金流更多
SNOW
多$8.4M
$105.2M
两年增速更快
NET
近两年复合增速
25.1%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $1.2B |
| 净利润 | $-12.1M | $-294.0M |
| 毛利率 | 73.6% | 67.8% |
| 营业利润率 | -8.0% | -27.2% |
| 净利率 | -2.0% | -24.2% |
| 营收同比 | 33.6% | 28.7% |
| 净利润同比 | 6.0% | 9.4% |
| 每股收益（稀释后） | $-0.03 | $-0.87 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收NETSNOW
| Q4 25 | $614.5M | $1.2B | ||
| Q3 25 | $562.0M | $1.1B | ||
| Q2 25 | $512.3M | $1.0B | ||
| Q1 25 | $479.1M | $986.8M | ||
| Q4 24 | $459.9M | $942.1M | ||
| Q3 24 | $430.1M | $868.8M | ||
| Q2 24 | $401.0M | $828.7M | ||
| Q1 24 | $378.6M | $774.7M |
净利润NETSNOW
| Q4 25 | $-12.1M | $-294.0M | ||
| Q3 25 | $-1.3M | $-298.0M | ||
| Q2 25 | $-50.4M | $-430.1M | ||
| Q1 25 | $-38.5M | $-327.5M | ||
| Q4 24 | $-12.8M | $-324.3M | ||
| Q3 24 | $-15.3M | $-316.9M | ||
| Q2 24 | $-15.1M | $-317.0M | ||
| Q1 24 | $-35.5M | $-169.4M |
毛利率NETSNOW
| Q4 25 | 73.6% | 67.8% | ||
| Q3 25 | 74.0% | 67.5% | ||
| Q2 25 | 74.9% | 66.5% | ||
| Q1 25 | 75.9% | 66.2% | ||
| Q4 24 | 76.4% | 65.9% | ||
| Q3 24 | 77.7% | 66.8% | ||
| Q2 24 | 77.8% | 67.1% | ||
| Q1 24 | 77.5% | 68.8% |
营业利润率NETSNOW
| Q4 25 | -8.0% | -27.2% | ||
| Q3 25 | -6.7% | -29.7% | ||
| Q2 25 | -13.1% | -42.9% | ||
| Q1 25 | -11.1% | -39.2% | ||
| Q4 24 | -7.5% | -38.8% | ||
| Q3 24 | -7.2% | -40.9% | ||
| Q2 24 | -8.7% | -42.1% | ||
| Q1 24 | -14.4% | -35.6% |
净利率NETSNOW
| Q4 25 | -2.0% | -24.2% | ||
| Q3 25 | -0.2% | -26.0% | ||
| Q2 25 | -9.8% | -41.3% | ||
| Q1 25 | -8.0% | -33.2% | ||
| Q4 24 | -2.8% | -34.4% | ||
| Q3 24 | -3.6% | -36.5% | ||
| Q2 24 | -3.8% | -38.3% | ||
| Q1 24 | -9.4% | -21.9% |
每股收益（稀释后）NETSNOW
| Q4 25 | $-0.03 | $-0.87 | ||
| Q3 25 | $0.00 | $-0.89 | ||
| Q2 25 | $-0.15 | $-1.29 | ||
| Q1 25 | $-0.11 | $-0.98 | ||
| Q4 24 | $-0.05 | $-0.98 | ||
| Q3 24 | $-0.04 | $-0.95 | ||
| Q2 24 | $-0.04 | $-0.95 | ||
| Q1 24 | $-0.10 | $-0.51 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $943.5M | $1.9B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $2.1B |
| 总资产 | $6.0B | $8.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资NETSNOW
| Q4 25 | $943.5M | $1.9B | ||
| Q3 25 | $1.1B | $1.9B | ||
| Q2 25 | $1.5B | $2.2B | ||
| Q1 25 | $204.5M | $2.6B | ||
| Q4 24 | $147.7M | $2.1B | ||
| Q3 24 | $182.9M | $1.3B | ||
| Q2 24 | $157.0M | $1.3B | ||
| Q1 24 | $254.4M | $1.8B |
股东权益NETSNOW
| Q4 25 | $1.5B | $2.1B | ||
| Q3 25 | $1.3B | $2.4B | ||
| Q2 25 | $1.2B | $2.4B | ||
| Q1 25 | $1.4B | $3.0B | ||
| Q4 24 | $1.0B | $2.9B | ||
| Q3 24 | $973.1M | $4.1B | ||
| Q2 24 | $881.5M | $4.6B | ||
| Q1 24 | $797.2M | $5.2B |
总资产NETSNOW
| Q4 25 | $6.0B | $8.2B | ||
| Q3 25 | $5.8B | $8.2B | ||
| Q2 25 | $5.6B | $8.2B | ||
| Q1 25 | $3.7B | $9.0B | ||
| Q4 24 | $3.3B | $8.2B | ||
| Q3 24 | $3.1B | $6.9B | ||
| Q2 24 | $2.9B | $7.3B | ||
| Q1 24 | $2.8B | $8.2B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $190.4M | $137.5M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $113.6M |
| 自由现金流率自由现金流/营收 | 17.1% | 9.4% |
| 资本支出强度资本支出/营收 | 13.9% | 2.0% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $287.5M | $776.7M |
8季度趋势，按日历期对齐
经营现金流NETSNOW
| Q4 25 | $190.4M | $137.5M | ||
| Q3 25 | $167.1M | $74.9M | ||
| Q2 25 | $99.8M | $228.4M | ||
| Q1 25 | $145.8M | $432.7M | ||
| Q4 24 | $127.3M | $101.7M | ||
| Q3 24 | $104.7M | $69.9M | ||
| Q2 24 | $74.8M | $355.5M | ||
| Q1 24 | $73.6M | $344.6M |
自由现金流NETSNOW
| Q4 25 | $105.2M | $113.6M | ||
| Q3 25 | $82.5M | $58.2M | ||
| Q2 25 | $39.9M | $183.4M | ||
| Q1 25 | $59.9M | $421.4M | ||
| Q4 24 | $54.2M | $88.3M | ||
| Q3 24 | $54.5M | $64.8M | ||
| Q2 24 | $45.2M | $338.9M | ||
| Q1 24 | $41.5M | $331.5M |
自由现金流率NETSNOW
| Q4 25 | 17.1% | 9.4% | ||
| Q3 25 | 14.7% | 5.1% | ||
| Q2 25 | 7.8% | 17.6% | ||
| Q1 25 | 12.5% | 42.7% | ||
| Q4 24 | 11.8% | 9.4% | ||
| Q3 24 | 12.7% | 7.5% | ||
| Q2 24 | 11.3% | 40.9% | ||
| Q1 24 | 11.0% | 42.8% |
资本支出强度NETSNOW
| Q4 25 | 13.9% | 2.0% | ||
| Q3 25 | 15.1% | 1.5% | ||
| Q2 25 | 11.7% | 4.3% | ||
| Q1 25 | 17.9% | 1.1% | ||
| Q4 24 | 15.9% | 1.4% | ||
| Q3 24 | 11.7% | 0.6% | ||
| Q2 24 | 7.4% | 2.0% | ||
| Q1 24 | 8.5% | 1.7% |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
SNOW
| Products | $1.2B | 96% |
| Professional Services And Other | $54.5M | 4% |
| Related Party | $6.7M | 1% |
