vs
Cloudflare, Inc.（NET）与罗塞塔石碑（STEP）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是罗塞塔石碑的1.0倍（$614.5M vs $586.5M），Cloudflare, Inc.净利率更高（-2.0% vs -21.0%，领先19.1%），罗塞塔石碑同比增速更快（73.0% vs 33.6%），Cloudflare, Inc.自由现金流更多（$105.2M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% 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。
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
NET vs STEP — 直观对比
营收规模更大
NET
是对方的1.0倍
$586.5M
营收增速更快
STEP
高出39.4%
33.6%
净利率更高
NET
高出19.1%
-21.0%
自由现金流更多
NET
多$78.5M
$26.7M
两年增速更快
STEP
近两年复合增速
27.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $586.5M |
| 净利润 | $-12.1M | $-123.5M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | -33.2% |
| 净利率 | -2.0% | -21.0% |
| 营收同比 | 33.6% | 73.0% |
| 净利润同比 | 6.0% | 35.7% |
| 每股收益（稀释后） | $-0.03 | $-1.55 |
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NETSTEP
| Q4 25 | $614.5M | $586.5M | ||
| Q3 25 | $562.0M | $454.2M | ||
| Q2 25 | $512.3M | $364.3M | ||
| Q1 25 | $479.1M | $377.7M | ||
| Q4 24 | $459.9M | $339.0M | ||
| Q3 24 | $430.1M | $271.7M | ||
| Q2 24 | $401.0M | $186.4M | ||
| Q1 24 | $378.6M | $356.8M |
净利润NETSTEP
| Q4 25 | $-12.1M | $-123.5M | ||
| Q3 25 | $-1.3M | $-366.1M | ||
| Q2 25 | $-50.4M | $-38.4M | ||
| Q1 25 | $-38.5M | $-18.5M | ||
| Q4 24 | $-12.8M | $-192.0M | ||
| Q3 24 | $-15.3M | $17.6M | ||
| Q2 24 | $-15.1M | $13.3M | ||
| Q1 24 | $-35.5M | $30.8M |
毛利率NETSTEP
| Q4 25 | 73.6% | — | ||
| Q3 25 | 74.0% | — | ||
| Q2 25 | 74.9% | — | ||
| Q1 25 | 75.9% | — | ||
| Q4 24 | 76.4% | — | ||
| Q3 24 | 77.7% | — | ||
| Q2 24 | 77.8% | — | ||
| Q1 24 | 77.5% | — |
营业利润率NETSTEP
| Q4 25 | -8.0% | -33.2% | ||
| Q3 25 | -6.7% | -148.8% | ||
| Q2 25 | -13.1% | -5.6% | ||
| Q1 25 | -11.1% | 2.6% | ||
| Q4 24 | -7.5% | -101.7% | ||
| Q3 24 | -7.2% | 21.3% | ||
| Q2 24 | -8.7% | 29.4% | ||
| Q1 24 | -14.4% | 26.5% |
净利率NETSTEP
| Q4 25 | -2.0% | -21.0% | ||
| Q3 25 | -0.2% | -80.6% | ||
| Q2 25 | -9.8% | -10.5% | ||
| Q1 25 | -8.0% | -4.9% | ||
| Q4 24 | -2.8% | -56.6% | ||
| Q3 24 | -3.6% | 6.5% | ||
| Q2 24 | -3.8% | 7.2% | ||
| Q1 24 | -9.4% | 8.6% |
每股收益（稀释后）NETSTEP
| Q4 25 | $-0.03 | $-1.55 | ||
| Q3 25 | $0.00 | $-4.66 | ||
| Q2 25 | $-0.15 | $-0.49 | ||
| Q1 25 | $-0.11 | $-0.37 | ||
| Q4 24 | $-0.05 | $-2.61 | ||
| Q3 24 | $-0.04 | $0.26 | ||
| Q2 24 | $-0.04 | $0.20 | ||
| Q1 24 | $-0.10 | $0.47 |
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 | — |
| 总债务越低越好 | — | $270.2M |
| 股东权益账面价值 | $1.5B | $-378.8M |
| 总资产 | $6.0B | $5.2B |
| 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NETSTEP
| Q4 25 | $943.5M | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $204.5M | — | ||
| Q4 24 | $147.7M | — | ||
| Q3 24 | $182.9M | — | ||
| Q2 24 | $157.0M | — | ||
| Q1 24 | $254.4M | — |
总债务NETSTEP
| Q4 25 | — | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | — | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | — | $148.8M |
股东权益NETSTEP
| Q4 25 | $1.5B | $-378.8M | ||
| Q3 25 | $1.3B | $-233.5M | ||
| Q2 25 | $1.2B | $153.9M | ||
| Q1 25 | $1.4B | $179.4M | ||
| Q4 24 | $1.0B | $209.8M | ||
| Q3 24 | $973.1M | $397.5M | ||
| Q2 24 | $881.5M | $366.9M | ||
| Q1 24 | $797.2M | $324.5M |
总资产NETSTEP
| Q4 25 | $6.0B | $5.2B | ||
| Q3 25 | $5.8B | $5.3B | ||
| Q2 25 | $5.6B | $4.8B | ||
| Q1 25 | $3.7B | $4.6B | ||
| Q4 24 | $3.3B | $4.3B | ||
| Q3 24 | $3.1B | $4.0B | ||
| Q2 24 | $2.9B | $3.8B | ||
| Q1 24 | $2.8B | $3.8B |
负债/权益比NETSTEP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.46× |
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 | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $26.7M |
| 自由现金流率自由现金流/营收 | 17.1% | 4.6% |
| 资本支出强度资本支出/营收 | 13.9% | 0.1% |
| 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 | $18.6M |
8季度趋势，按日历期对齐
经营现金流NETSTEP
| Q4 25 | $190.4M | $27.2M | ||
| Q3 25 | $167.1M | $16.2M | ||
| Q2 25 | $99.8M | $46.3M | ||
| Q1 25 | $145.8M | $-66.5M | ||
| Q4 24 | $127.3M | $27.6M | ||
| Q3 24 | $104.7M | $53.7M | ||
| Q2 24 | $74.8M | $50.2M | ||
| Q1 24 | $73.6M | $7.6M |
自由现金流NETSTEP
| Q4 25 | $105.2M | $26.7M | ||
| Q3 25 | $82.5M | $15.9M | ||
| Q2 25 | $39.9M | $45.2M | ||
| Q1 25 | $59.9M | $-69.2M | ||
| Q4 24 | $54.2M | $27.0M | ||
| Q3 24 | $54.5M | $52.4M | ||
| Q2 24 | $45.2M | $49.6M | ||
| Q1 24 | $41.5M | $6.7M |
自由现金流率NETSTEP
| Q4 25 | 17.1% | 4.6% | ||
| Q3 25 | 14.7% | 3.5% | ||
| Q2 25 | 7.8% | 12.4% | ||
| Q1 25 | 12.5% | -18.3% | ||
| Q4 24 | 11.8% | 8.0% | ||
| Q3 24 | 12.7% | 19.3% | ||
| Q2 24 | 11.3% | 26.6% | ||
| Q1 24 | 11.0% | 1.9% |
资本支出强度NETSTEP
| Q4 25 | 13.9% | 0.1% | ||
| Q3 25 | 15.1% | 0.1% | ||
| Q2 25 | 11.7% | 0.3% | ||
| Q1 25 | 17.9% | 0.7% | ||
| Q4 24 | 15.9% | 0.2% | ||
| Q3 24 | 11.7% | 0.5% | ||
| Q2 24 | 7.4% | 0.3% | ||
| Q1 24 | 8.5% | 0.3% |
现金转化率NETSTEP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.05× | ||
| Q2 24 | — | 3.76× | ||
| Q1 24 | — | 0.25× |
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% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
