vs
Cloudflare, Inc.（NET）与STARWOOD PROPERTY TRUST, INC.（STWD）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STARWOOD PROPERTY TRUST, INC.的1.2倍（$614.5M vs $492.9M），STARWOOD PROPERTY TRUST, INC.净利率更高（19.7% vs -2.0%，领先21.6%），Cloudflare, Inc.同比增速更快（33.6% vs 8.5%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -2.9%）
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。
喜达屋酒店及度假村国际集团是全球规模最大的酒店企业之一，业务涵盖酒店、度假村、水疗中心、住宅及度假产权物业的持有、运营、特许经营与管理。集团前身为1969年成立的房地产投资信托基金，1995年完成收购重组，旗下共11个品牌，管理及特许经营的物业共计1297处。
NET vs STWD — 直观对比
营收规模更大
NET
是对方的1.2倍
$492.9M
营收增速更快
NET
高出25.1%
8.5%
净利率更高
STWD
高出21.6%
-2.0%
两年增速更快
NET
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $492.9M |
| 净利润 | $-12.1M | $96.9M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 26.6% |
| 净利率 | -2.0% | 19.7% |
| 营收同比 | 33.6% | 8.5% |
| 净利润同比 | 6.0% | 87.7% |
| 每股收益（稀释后） | $-0.03 | $0.25 |
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NETSTWD
| Q4 25 | $614.5M | $492.9M | ||
| Q3 25 | $562.0M | $488.9M | ||
| Q2 25 | $512.3M | $444.3M | ||
| Q1 25 | $479.1M | $418.2M | ||
| Q4 24 | $459.9M | $454.4M | ||
| Q3 24 | $430.1M | $479.5M | ||
| Q2 24 | $401.0M | $489.8M | ||
| Q1 24 | $378.6M | $523.1M |
净利润NETSTWD
| Q4 25 | $-12.1M | $96.9M | ||
| Q3 25 | $-1.3M | $72.6M | ||
| Q2 25 | $-50.4M | $129.8M | ||
| Q1 25 | $-38.5M | $112.3M | ||
| Q4 24 | $-12.8M | $51.6M | ||
| Q3 24 | $-15.3M | $76.1M | ||
| Q2 24 | $-15.1M | $77.9M | ||
| Q1 24 | $-35.5M | $154.3M |
毛利率NETSTWD
| 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NETSTWD
| Q4 25 | -8.0% | 26.6% | ||
| Q3 25 | -6.7% | 19.1% | ||
| Q2 25 | -13.1% | 30.5% | ||
| Q1 25 | -11.1% | 28.7% | ||
| Q4 24 | -7.5% | 15.1% | ||
| Q3 24 | -7.2% | 17.2% | ||
| Q2 24 | -8.7% | 19.1% | ||
| Q1 24 | -14.4% | 30.8% |
净利率NETSTWD
| Q4 25 | -2.0% | 19.7% | ||
| Q3 25 | -0.2% | 14.8% | ||
| Q2 25 | -9.8% | 29.2% | ||
| Q1 25 | -8.0% | 26.8% | ||
| Q4 24 | -2.8% | 11.4% | ||
| Q3 24 | -3.6% | 15.9% | ||
| Q2 24 | -3.8% | 15.9% | ||
| Q1 24 | -9.4% | 29.5% |
每股收益（稀释后）NETSTWD
| Q4 25 | $-0.03 | $0.25 | ||
| Q3 25 | $0.00 | $0.19 | ||
| Q2 25 | $-0.15 | $0.38 | ||
| Q1 25 | $-0.11 | $0.33 | ||
| Q4 24 | $-0.05 | $0.15 | ||
| Q3 24 | $-0.04 | $0.23 | ||
| Q2 24 | $-0.04 | $0.24 | ||
| Q1 24 | $-0.10 | $0.48 |
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 | $499.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $6.8B |
| 总资产 | $6.0B | $63.2B |
| 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NETSTWD
| Q4 25 | $943.5M | $499.5M | ||
| Q3 25 | $1.1B | $301.1M | ||
| Q2 25 | $1.5B | $259.9M | ||
| Q1 25 | $204.5M | $440.6M | ||
| Q4 24 | $147.7M | $377.8M | ||
| Q3 24 | $182.9M | $357.9M | ||
| Q2 24 | $157.0M | $259.3M | ||
| Q1 24 | $254.4M | $327.4M |
股东权益NETSTWD
| Q4 25 | $1.5B | $6.8B | ||
| Q3 25 | $1.3B | $6.9B | ||
| Q2 25 | $1.2B | $6.4B | ||
| Q1 25 | $1.4B | $6.4B | ||
| Q4 24 | $1.0B | $6.4B | ||
| Q3 24 | $973.1M | $6.5B | ||
| Q2 24 | $881.5M | $6.2B | ||
| Q1 24 | $797.2M | $6.3B |
总资产NETSTWD
| Q4 25 | $6.0B | $63.2B | ||
| Q3 25 | $5.8B | $62.4B | ||
| Q2 25 | $5.6B | $62.4B | ||
| Q1 25 | $3.7B | $62.2B | ||
| Q4 24 | $3.3B | $62.6B | ||
| Q3 24 | $3.1B | $64.2B | ||
| Q2 24 | $2.9B | $64.1B | ||
| Q1 24 | $2.8B | $66.2B |
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 | $488.8M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | — |
| 自由现金流率自由现金流/营收 | 17.1% | — |
| 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 | — | 5.04× |
| 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NETSTWD
| Q4 25 | $190.4M | $488.8M | ||
| Q3 25 | $167.1M | $337.6M | ||
| Q2 25 | $99.8M | $-87.4M | ||
| Q1 25 | $145.8M | $238.9M | ||
| Q4 24 | $127.3M | $295.6M | ||
| Q3 24 | $104.7M | $241.8M | ||
| Q2 24 | $74.8M | $53.3M | ||
| Q1 24 | $73.6M | $55.9M |
自由现金流NETSTWD
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | — | ||
| Q2 25 | $39.9M | — | ||
| Q1 25 | $59.9M | — | ||
| Q4 24 | $54.2M | — | ||
| Q3 24 | $54.5M | — | ||
| Q2 24 | $45.2M | — | ||
| Q1 24 | $41.5M | — |
自由现金流率NETSTWD
| Q4 25 | 17.1% | — | ||
| Q3 25 | 14.7% | — | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 12.5% | — | ||
| Q4 24 | 11.8% | — | ||
| Q3 24 | 12.7% | — | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 11.0% | — |
资本支出强度NETSTWD
| Q4 25 | 13.9% | — | ||
| Q3 25 | 15.1% | — | ||
| Q2 25 | 11.7% | — | ||
| Q1 25 | 17.9% | — | ||
| Q4 24 | 15.9% | — | ||
| Q3 24 | 11.7% | — | ||
| Q2 24 | 7.4% | — | ||
| Q1 24 | 8.5% | — |
现金转化率NETSTWD
| Q4 25 | — | 5.04× | ||
| Q3 25 | — | 4.65× | ||
| Q2 25 | — | -0.67× | ||
| Q1 25 | — | 2.13× | ||
| Q4 24 | — | 5.72× | ||
| Q3 24 | — | 3.18× | ||
| Q2 24 | — | 0.68× | ||
| Q1 24 | — | 0.36× |
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% |
STWD
| Commercial And Residential Lending Segment | $335.2M | 68% |
| Infrastructure Lending Segment | $70.3M | 14% |
| Property Segment | $57.8M | 12% |
| Other | $29.7M | 6% |
