vs
Cloudflare, Inc.（NET）与Sonos Inc（SONO）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是Sonos Inc的1.1倍（$614.5M vs $545.7M），Sonos Inc净利率更高（17.2% vs -2.0%，领先19.2%），Cloudflare, Inc.同比增速更快（33.6% vs -0.9%），Sonos Inc自由现金流更多（$157.3M vs $105.2M），过去两年Sonos Inc的营收复合增速更高（47.0% vs 27.4%）
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。
Sonos Inc是总部位于美国加利福尼亚州圣巴巴拉的音频设备制造商，由约翰·麦克法兰、克雷格·谢尔本、汤姆·卡伦与钟·麦于2002年联合创立，专注于音频技术研发与相关产品生产，旗下产品在全球消费音频市场拥有较高的用户认可度。
NET vs SONO — 直观对比
营收规模更大
NET
是对方的1.1倍
$545.7M
营收增速更快
NET
高出34.5%
-0.9%
净利率更高
SONO
高出19.2%
-2.0%
自由现金流更多
SONO
多$52.1M
$105.2M
两年增速更快
SONO
近两年复合增速
27.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $545.7M |
| 净利润 | $-12.1M | $93.8M |
| 毛利率 | 73.6% | 46.5% |
| 营业利润率 | -8.0% | 18.4% |
| 净利率 | -2.0% | 17.2% |
| 营收同比 | 33.6% | -0.9% |
| 净利润同比 | 6.0% | 86.7% |
| 每股收益（稀释后） | $-0.03 | $0.75 |
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NETSONO
| Q4 25 | $614.5M | $545.7M | ||
| Q3 25 | $562.0M | $287.9M | ||
| Q2 25 | $512.3M | $344.8M | ||
| Q1 25 | $479.1M | $259.8M | ||
| Q4 24 | $459.9M | $550.9M | ||
| Q3 24 | $430.1M | $255.4M | ||
| Q2 24 | $401.0M | $397.1M | ||
| Q1 24 | $378.6M | $252.7M |
净利润NETSONO
| Q4 25 | $-12.1M | $93.8M | ||
| Q3 25 | $-1.3M | $-37.9M | ||
| Q2 25 | $-50.4M | $-3.4M | ||
| Q1 25 | $-38.5M | $-70.1M | ||
| Q4 24 | $-12.8M | $50.2M | ||
| Q3 24 | $-15.3M | $-53.1M | ||
| Q2 24 | $-15.1M | $3.7M | ||
| Q1 24 | $-35.5M | $-69.7M |
毛利率NETSONO
| Q4 25 | 73.6% | 46.5% | ||
| Q3 25 | 74.0% | 43.7% | ||
| Q2 25 | 74.9% | 43.4% | ||
| Q1 25 | 75.9% | 43.7% | ||
| Q4 24 | 76.4% | 43.8% | ||
| Q3 24 | 77.7% | 40.3% | ||
| Q2 24 | 77.8% | 48.3% | ||
| Q1 24 | 77.5% | 44.3% |
营业利润率NETSONO
| Q4 25 | -8.0% | 18.4% | ||
| Q3 25 | -6.7% | -12.0% | ||
| Q2 25 | -13.1% | -0.8% | ||
| Q1 25 | -11.1% | -23.6% | ||
| Q4 24 | -7.5% | 8.7% | ||
| Q3 24 | -7.2% | -27.2% | ||
| Q2 24 | -8.7% | 3.2% | ||
| Q1 24 | -14.4% | -28.1% |
净利率NETSONO
| Q4 25 | -2.0% | 17.2% | ||
| Q3 25 | -0.2% | -13.1% | ||
| Q2 25 | -9.8% | -1.0% | ||
| Q1 25 | -8.0% | -27.0% | ||
| Q4 24 | -2.8% | 9.1% | ||
| Q3 24 | -3.6% | -20.8% | ||
| Q2 24 | -3.8% | 0.9% | ||
| Q1 24 | -9.4% | -27.6% |
每股收益（稀释后）NETSONO
| Q4 25 | $-0.03 | $0.75 | ||
| Q3 25 | $0.00 | $-0.30 | ||
| Q2 25 | $-0.15 | $-0.03 | ||
| Q1 25 | $-0.11 | $-0.58 | ||
| Q4 24 | $-0.05 | $0.40 | ||
| Q3 24 | $-0.04 | $-0.42 | ||
| Q2 24 | $-0.04 | $0.03 | ||
| Q1 24 | $-0.10 | $-0.56 |
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 | $312.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $443.3M |
| 总资产 | $6.0B | $947.9M |
| 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NETSONO
| Q4 25 | $943.5M | $312.5M | ||
| Q3 25 | $1.1B | $174.7M | ||
| Q2 25 | $1.5B | $201.3M | ||
| Q1 25 | $204.5M | $173.2M | ||
| Q4 24 | $147.7M | $280.0M | ||
| Q3 24 | $182.9M | $169.7M | ||
| Q2 24 | $157.0M | $227.1M | ||
| Q1 24 | $254.4M | $246.0M |
股东权益NETSONO
| Q4 25 | $1.5B | $443.3M | ||
| Q3 25 | $1.3B | $355.2M | ||
| Q2 25 | $1.2B | $399.3M | ||
| Q1 25 | $1.4B | $382.9M | ||
| Q4 24 | $1.0B | $469.1M | ||
| Q3 24 | $973.1M | $428.6M | ||
| Q2 24 | $881.5M | $464.4M | ||
| Q1 24 | $797.2M | $494.0M |
总资产NETSONO
| Q4 25 | $6.0B | $947.9M | ||
| Q3 25 | $5.8B | $823.3M | ||
| Q2 25 | $5.6B | $834.4M | ||
| Q1 25 | $3.7B | $792.2M | ||
| Q4 24 | $3.3B | $963.6M | ||
| Q3 24 | $3.1B | $916.3M | ||
| Q2 24 | $2.9B | $961.1M | ||
| Q1 24 | $2.8B | $925.6M |
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 | $163.3M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $157.3M |
| 自由现金流率自由现金流/营收 | 17.1% | 28.8% |
| 资本支出强度资本支出/营收 | 13.9% | — |
| 现金转化率经营现金流/净利润 | — | 1.74× |
| 过去12个月自由现金流最近4个季度 | $287.5M | — |
8季度趋势，按日历期对齐
经营现金流NETSONO
| Q4 25 | $190.4M | $163.3M | ||
| Q3 25 | $167.1M | $2.9M | ||
| Q2 25 | $99.8M | $37.4M | ||
| Q1 25 | $145.8M | $-59.7M | ||
| Q4 24 | $127.3M | $156.2M | ||
| Q3 24 | $104.7M | $-37.7M | ||
| Q2 24 | $74.8M | $63.5M | ||
| Q1 24 | $73.6M | $-111.2M |
自由现金流NETSONO
| Q4 25 | $105.2M | $157.3M | ||
| Q3 25 | $82.5M | — | ||
| Q2 25 | $39.9M | $32.7M | ||
| Q1 25 | $59.9M | $-65.2M | ||
| Q4 24 | $54.2M | $143.1M | ||
| Q3 24 | $54.5M | — | ||
| Q2 24 | $45.2M | $40.3M | ||
| Q1 24 | $41.5M | $-121.4M |
自由现金流率NETSONO
| Q4 25 | 17.1% | 28.8% | ||
| Q3 25 | 14.7% | — | ||
| Q2 25 | 7.8% | 9.5% | ||
| Q1 25 | 12.5% | -25.1% | ||
| Q4 24 | 11.8% | 26.0% | ||
| Q3 24 | 12.7% | — | ||
| Q2 24 | 11.3% | 10.1% | ||
| Q1 24 | 11.0% | -48.1% |
资本支出强度NETSONO
| Q4 25 | 13.9% | — | ||
| Q3 25 | 15.1% | — | ||
| Q2 25 | 11.7% | 1.4% | ||
| Q1 25 | 17.9% | 2.1% | ||
| Q4 24 | 15.9% | 2.4% | ||
| Q3 24 | 11.7% | — | ||
| Q2 24 | 7.4% | 5.8% | ||
| Q1 24 | 8.5% | 4.0% |
现金转化率NETSONO
| Q4 25 | — | 1.74× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.11× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 17.12× | ||
| Q1 24 | — | — |
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% |
SONO
| Sonos speakers | $459.2M | 84% |
| Sonos system products | $65.1M | 12% |
| Partner products and other revenue | $21.4M | 4% |
