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Cloudflare, Inc.（NET）与SPORTSMAN'S WAREHOUSE HOLDINGS, INC.（SPWH）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SPORTSMAN'S WAREHOUSE HOLDINGS, INC.的1.9倍（$614.5M vs $331.3M），SPORTSMAN'S WAREHOUSE HOLDINGS, INC.净利率更高（0.0% vs -2.0%，领先2.0%），Cloudflare, Inc.同比增速更快（33.6% vs 2.2%），Cloudflare, Inc.自由现金流更多（$105.2M vs $8.7M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -5.4%）
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。
运动员仓库控股（Sportsman's Warehouse）是美国户外体育用品零售商，门店遍布全美29个州，主要面向狩猎、射击、露营、垂钓等各类户外休闲运动爱好者，销售户外服饰、鞋履及专业运动装备。
NET vs SPWH — 直观对比
营收规模更大
NET
是对方的1.9倍
$331.3M
营收增速更快
NET
高出31.4%
2.2%
净利率更高
SPWH
高出2.0%
-2.0%
自由现金流更多
NET
多$96.5M
$8.7M
两年增速更快
NET
近两年复合增速
-5.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $331.3M |
| 净利润 | $-12.1M | $8.0K |
| 毛利率 | 73.6% | 32.8% |
| 营业利润率 | -8.0% | 1.3% |
| 净利率 | -2.0% | 0.0% |
| 营收同比 | 33.6% | 2.2% |
| 净利润同比 | 6.0% | -97.8% |
| 每股收益（稀释后） | $-0.03 | $0.00 |
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NETSPWH
| Q4 25 | $614.5M | $331.3M | ||
| Q3 25 | $562.0M | $293.9M | ||
| Q2 25 | $512.3M | $249.1M | ||
| Q1 25 | $479.1M | $340.4M | ||
| Q4 24 | $459.9M | $324.3M | ||
| Q3 24 | $430.1M | $288.7M | ||
| Q2 24 | $401.0M | $244.2M | ||
| Q1 24 | $378.6M | $370.4M |
净利润NETSPWH
| Q4 25 | $-12.1M | $8.0K | ||
| Q3 25 | $-1.3M | $-7.1M | ||
| Q2 25 | $-50.4M | $-21.3M | ||
| Q1 25 | $-38.5M | $-8.7M | ||
| Q4 24 | $-12.8M | $-364.0K | ||
| Q3 24 | $-15.3M | $-5.9M | ||
| Q2 24 | $-15.1M | $-18.1M | ||
| Q1 24 | $-35.5M | $-8.7M |
毛利率NETSPWH
| Q4 25 | 73.6% | 32.8% | ||
| Q3 25 | 74.0% | 32.0% | ||
| Q2 25 | 74.9% | 30.4% | ||
| Q1 25 | 75.9% | 30.4% | ||
| Q4 24 | 76.4% | 31.8% | ||
| Q3 24 | 77.7% | 31.2% | ||
| Q2 24 | 77.8% | 30.2% | ||
| Q1 24 | 77.5% | 26.8% |
营业利润率NETSPWH
| Q4 25 | -8.0% | 1.3% | ||
| Q3 25 | -6.7% | -1.1% | ||
| Q2 25 | -13.1% | -7.9% | ||
| Q1 25 | -11.1% | 1.1% | ||
| Q4 24 | -7.5% | 1.0% | ||
| Q3 24 | -7.2% | -1.5% | ||
| Q2 24 | -8.7% | -8.4% | ||
| Q1 24 | -14.4% | -2.1% |
净利率NETSPWH
| Q4 25 | -2.0% | 0.0% | ||
| Q3 25 | -0.2% | -2.4% | ||
| Q2 25 | -9.8% | -8.5% | ||
| Q1 25 | -8.0% | -2.6% | ||
| Q4 24 | -2.8% | -0.1% | ||
| Q3 24 | -3.6% | -2.0% | ||
| Q2 24 | -3.8% | -7.4% | ||
| Q1 24 | -9.4% | -2.4% |
每股收益（稀释后）NETSPWH
| Q4 25 | $-0.03 | $0.00 | ||
| Q3 25 | $0.00 | $-0.18 | ||
| Q2 25 | $-0.15 | $-0.56 | ||
| Q1 25 | $-0.11 | $-0.22 | ||
| Q4 24 | $-0.05 | $-0.01 | ||
| Q3 24 | $-0.04 | $-0.16 | ||
| Q2 24 | $-0.04 | $-0.48 | ||
| Q1 24 | $-0.10 | $-0.22 |
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 | $2.2M |
| 总债务越低越好 | — | $44.0M |
| 股东权益账面价值 | $1.5B | $209.5M |
| 总资产 | $6.0B | $913.9M |
| 负债/权益比越低杠杆越低 | — | 0.21× |
8季度趋势，按日历期对齐
现金及短期投资NETSPWH
| Q4 25 | $943.5M | $2.2M | ||
| Q3 25 | $1.1B | $1.8M | ||
| Q2 25 | $1.5B | $3.6M | ||
| Q1 25 | $204.5M | $2.8M | ||
| Q4 24 | $147.7M | $2.7M | ||
| Q3 24 | $182.9M | $2.6M | ||
| Q2 24 | $157.0M | $2.2M | ||
| Q1 24 | $254.4M | $3.1M |
总债务NETSPWH
| Q4 25 | — | $44.0M | ||
| Q3 25 | — | $43.9M | ||
| Q2 25 | — | $24.1M | ||
| Q1 25 | — | $24.1M | ||
| Q4 24 | — | $24.0M | ||
| Q3 24 | — | $24.0M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益NETSPWH
| Q4 25 | $1.5B | $209.5M | ||
| Q3 25 | $1.3B | $208.9M | ||
| Q2 25 | $1.2B | $215.1M | ||
| Q1 25 | $1.4B | $235.7M | ||
| Q4 24 | $1.0B | $243.6M | ||
| Q3 24 | $973.1M | $243.0M | ||
| Q2 24 | $881.5M | $247.5M | ||
| Q1 24 | $797.2M | $264.6M |
总资产NETSPWH
| Q4 25 | $6.0B | $913.9M | ||
| Q3 25 | $5.8B | $948.9M | ||
| Q2 25 | $5.6B | $929.7M | ||
| Q1 25 | $3.7B | $852.1M | ||
| Q4 24 | $3.3B | $967.7M | ||
| Q3 24 | $3.1B | $901.9M | ||
| Q2 24 | $2.9B | $930.4M | ||
| Q1 24 | $2.8B | $886.2M |
负债/权益比NETSPWH
| Q4 25 | — | 0.21× | ||
| Q3 25 | — | 0.21× | ||
| Q2 25 | — | 0.11× | ||
| Q1 25 | — | 0.10× | ||
| Q4 24 | — | 0.10× | ||
| Q3 24 | — | 0.10× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $16.3M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $8.7M |
| 自由现金流率自由现金流/营收 | 17.1% | 2.6% |
| 资本支出强度资本支出/营收 | 13.9% | 2.3% |
| 现金转化率经营现金流/净利润 | — | 2038.00× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $-39.7M |
8季度趋势，按日历期对齐
经营现金流NETSPWH
| Q4 25 | $190.4M | $16.3M | ||
| Q3 25 | $167.1M | $-26.6M | ||
| Q2 25 | $99.8M | $-60.2M | ||
| Q1 25 | $145.8M | $52.8M | ||
| Q4 24 | $127.3M | $-2.5M | ||
| Q3 24 | $104.7M | $18.5M | ||
| Q2 24 | $74.8M | $-34.6M | ||
| Q1 24 | $73.6M | $68.9M |
自由现金流NETSPWH
| Q4 25 | $105.2M | $8.7M | ||
| Q3 25 | $82.5M | $-33.9M | ||
| Q2 25 | $39.9M | $-64.0M | ||
| Q1 25 | $59.9M | $49.6M | ||
| Q4 24 | $54.2M | $-6.2M | ||
| Q3 24 | $54.5M | $14.1M | ||
| Q2 24 | $45.2M | $-38.0M | ||
| Q1 24 | $41.5M | $60.2M |
自由现金流率NETSPWH
| Q4 25 | 17.1% | 2.6% | ||
| Q3 25 | 14.7% | -11.5% | ||
| Q2 25 | 7.8% | -25.7% | ||
| Q1 25 | 12.5% | 14.6% | ||
| Q4 24 | 11.8% | -1.9% | ||
| Q3 24 | 12.7% | 4.9% | ||
| Q2 24 | 11.3% | -15.5% | ||
| Q1 24 | 11.0% | 16.2% |
资本支出强度NETSPWH
| Q4 25 | 13.9% | 2.3% | ||
| Q3 25 | 15.1% | 2.5% | ||
| Q2 25 | 11.7% | 1.5% | ||
| Q1 25 | 17.9% | 1.0% | ||
| Q4 24 | 15.9% | 1.1% | ||
| Q3 24 | 11.7% | 1.5% | ||
| Q2 24 | 7.4% | 1.4% | ||
| Q1 24 | 8.5% | 2.4% |
现金转化率NETSPWH
| Q4 25 | — | 2038.00× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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% |
SPWH
暂无分部数据
