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Cloudflare, Inc.（NET）与Sarepta Therapeutics, Inc.（SRPT）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Sarepta Therapeutics, Inc.的1.7倍（$614.5M vs $369.6M），Cloudflare, Inc.净利率更高（-2.0% vs -111.5%，领先109.6%），Cloudflare, Inc.同比增速更快（33.6% vs -42.1%），Sarepta Therapeutics, Inc.自由现金流更多（$127.6M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 1.4%）
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。
Sarepta Therapeutics是一家总部位于美国马萨诸塞州剑桥的生物医药企业，专注于医学研究与药物研发。公司成立于1980年，前身为AntiVirals，后续先后更名为AVI BioPharma及现名，截至2023年已有四款获批上市药物，在相关疾病治疗领域深耕技术创新。
NET vs SRPT — 直观对比
营收规模更大
NET
是对方的1.7倍
$369.6M
营收增速更快
NET
高出75.7%
-42.1%
净利率更高
NET
高出109.6%
-111.5%
自由现金流更多
SRPT
多$22.4M
$105.2M
两年增速更快
NET
近两年复合增速
1.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $369.6M |
| 净利润 | $-12.1M | $-412.2M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | -111.4% |
| 净利率 | -2.0% | -111.5% |
| 营收同比 | 33.6% | -42.1% |
| 净利润同比 | 6.0% | -359.2% |
| 每股收益（稀释后） | $-0.03 | $-3.92 |
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NETSRPT
| Q4 25 | $614.5M | $369.6M | ||
| Q3 25 | $562.0M | $370.0M | ||
| Q2 25 | $512.3M | $513.1M | ||
| Q1 25 | $479.1M | $611.5M | ||
| Q4 24 | $459.9M | $638.2M | ||
| Q3 24 | $430.1M | $429.8M | ||
| Q2 24 | $401.0M | $360.5M | ||
| Q1 24 | $378.6M | $359.5M |
净利润NETSRPT
| Q4 25 | $-12.1M | $-412.2M | ||
| Q3 25 | $-1.3M | $-50.6M | ||
| Q2 25 | $-50.4M | $196.9M | ||
| Q1 25 | $-38.5M | $-447.5M | ||
| Q4 24 | $-12.8M | $159.0M | ||
| Q3 24 | $-15.3M | $33.6M | ||
| Q2 24 | $-15.1M | $6.5M | ||
| Q1 24 | $-35.5M | $36.1M |
毛利率NETSRPT
| Q4 25 | 73.6% | — | ||
| Q3 25 | 74.0% | 59.3% | ||
| Q2 25 | 74.9% | 70.3% | ||
| Q1 25 | 75.9% | 77.5% | ||
| Q4 24 | 76.4% | — | ||
| Q3 24 | 77.7% | 78.7% | ||
| Q2 24 | 77.8% | 87.6% | ||
| Q1 24 | 77.5% | 85.9% |
营业利润率NETSRPT
| Q4 25 | -8.0% | -111.4% | ||
| Q3 25 | -6.7% | -27.9% | ||
| Q2 25 | -13.1% | 22.5% | ||
| Q1 25 | -11.1% | -49.1% | ||
| Q4 24 | -7.5% | 25.3% | ||
| Q3 24 | -7.2% | 5.2% | ||
| Q2 24 | -8.7% | -0.2% | ||
| Q1 24 | -14.4% | 9.7% |
净利率NETSRPT
| Q4 25 | -2.0% | -111.5% | ||
| Q3 25 | -0.2% | -13.7% | ||
| Q2 25 | -9.8% | 38.4% | ||
| Q1 25 | -8.0% | -73.2% | ||
| Q4 24 | -2.8% | 24.9% | ||
| Q3 24 | -3.6% | 7.8% | ||
| Q2 24 | -3.8% | 1.8% | ||
| Q1 24 | -9.4% | 10.0% |
每股收益（稀释后）NETSRPT
| Q4 25 | $-0.03 | $-3.92 | ||
| Q3 25 | $0.00 | $-0.50 | ||
| Q2 25 | $-0.15 | $1.89 | ||
| Q1 25 | $-0.11 | $-4.60 | ||
| Q4 24 | $-0.05 | $1.56 | ||
| Q3 24 | $-0.04 | $0.34 | ||
| Q2 24 | $-0.04 | $0.07 | ||
| Q1 24 | $-0.10 | $0.37 |
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 | $939.6M |
| 总债务越低越好 | — | $829.0M |
| 股东权益账面价值 | $1.5B | $1.1B |
| 总资产 | $6.0B | $3.3B |
| 负债/权益比越低杠杆越低 | — | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资NETSRPT
| Q4 25 | $943.5M | $939.6M | ||
| Q3 25 | $1.1B | $851.0M | ||
| Q2 25 | $1.5B | $800.1M | ||
| Q1 25 | $204.5M | $522.8M | ||
| Q4 24 | $147.7M | $1.4B | ||
| Q3 24 | $182.9M | $1.2B | ||
| Q2 24 | $157.0M | $1.5B | ||
| Q1 24 | $254.4M | $1.4B |
总债务NETSRPT
| Q4 25 | — | $829.0M | ||
| Q3 25 | — | $140.5M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
股东权益NETSRPT
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.3B | $1.3B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.0B | $1.5B | ||
| Q3 24 | $973.1M | $1.2B | ||
| Q2 24 | $881.5M | $1.1B | ||
| Q1 24 | $797.2M | $961.2M |
总资产NETSRPT
| Q4 25 | $6.0B | $3.3B | ||
| Q3 25 | $5.8B | $3.5B | ||
| Q2 25 | $5.6B | $3.7B | ||
| Q1 25 | $3.7B | $3.5B | ||
| Q4 24 | $3.3B | $4.0B | ||
| Q3 24 | $3.1B | $3.6B | ||
| Q2 24 | $2.9B | $3.4B | ||
| Q1 24 | $2.8B | $3.2B |
负债/权益比NETSRPT
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.11× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 1.01× | ||
| Q2 24 | — | 1.14× | ||
| Q1 24 | — | 1.29× |
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 | $131.2M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $127.6M |
| 自由现金流率自由现金流/营收 | 17.1% | 34.5% |
| 资本支出强度资本支出/营收 | 13.9% | 1.0% |
| 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 | $-307.5M |
8季度趋势，按日历期对齐
经营现金流NETSRPT
| Q4 25 | $190.4M | $131.2M | ||
| Q3 25 | $167.1M | $-14.6M | ||
| Q2 25 | $99.8M | $261.3M | ||
| Q1 25 | $145.8M | $-583.4M | ||
| Q4 24 | $127.3M | $92.0M | ||
| Q3 24 | $104.7M | $-70.7M | ||
| Q2 24 | $74.8M | $14.9M | ||
| Q1 24 | $73.6M | $-242.1M |
自由现金流NETSRPT
| Q4 25 | $105.2M | $127.6M | ||
| Q3 25 | $82.5M | $-37.5M | ||
| Q2 25 | $39.9M | $229.5M | ||
| Q1 25 | $59.9M | $-627.1M | ||
| Q4 24 | $54.2M | $54.0M | ||
| Q3 24 | $54.5M | $-108.0M | ||
| Q2 24 | $45.2M | $-14.2M | ||
| Q1 24 | $41.5M | $-274.5M |
自由现金流率NETSRPT
| Q4 25 | 17.1% | 34.5% | ||
| Q3 25 | 14.7% | -10.1% | ||
| Q2 25 | 7.8% | 44.7% | ||
| Q1 25 | 12.5% | -102.5% | ||
| Q4 24 | 11.8% | 8.5% | ||
| Q3 24 | 12.7% | -25.1% | ||
| Q2 24 | 11.3% | -3.9% | ||
| Q1 24 | 11.0% | -76.4% |
资本支出强度NETSRPT
| Q4 25 | 13.9% | 1.0% | ||
| Q3 25 | 15.1% | 6.2% | ||
| Q2 25 | 11.7% | 6.2% | ||
| Q1 25 | 17.9% | 7.1% | ||
| Q4 24 | 15.9% | 6.0% | ||
| Q3 24 | 11.7% | 8.7% | ||
| Q2 24 | 7.4% | 8.1% | ||
| Q1 24 | 8.5% | 9.0% |
现金转化率NETSRPT
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.33× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.58× | ||
| Q3 24 | — | -2.10× | ||
| Q2 24 | — | 2.31× | ||
| Q1 24 | — | -6.70× |
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% |
SRPT
| Pmo Products | $202.5M | 55% |
| Elevidys | $110.4M | 30% |
| Other | $56.7M | 15% |
