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Cloudflare, Inc.（NET）与Teladoc Health, Inc.（TDOC）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Teladoc Health, Inc.的1.0倍（$614.5M vs $613.8M），Cloudflare, Inc.净利率更高（-2.0% vs -10.4%，领先8.4%），Cloudflare, Inc.同比增速更快（33.6% vs -2.5%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-26.3M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -2.3%）
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。
泰莱达克健康是一家跨国远程医疗与虚拟医疗企业，2002年成立，总部位于美国纽约。公司核心业务涵盖远程问诊、医学意见咨询、人工智能与数据分析、远程医疗设备及可授权平台服务，主要通过电话、视频会议软件与移动应用，为用户提供随时可及的远程医疗服务。
NET vs TDOC — 直观对比
营收规模更大
NET
是对方的1.0倍
$613.8M
营收增速更快
NET
高出36.1%
-2.5%
净利率更高
NET
高出8.4%
-10.4%
自由现金流更多
NET
多$131.5M
$-26.3M
两年增速更快
NET
近两年复合增速
-2.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $613.8M |
| 净利润 | $-12.1M | $-63.8M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | -10.1% |
| 净利率 | -2.0% | -10.4% |
| 营收同比 | 33.6% | -2.5% |
| 净利润同比 | 6.0% | 31.4% |
| 每股收益（稀释后） | $-0.03 | $-0.36 |
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NETTDOC
| Q1 26 | — | $613.8M | ||
| Q4 25 | $614.5M | $642.3M | ||
| Q3 25 | $562.0M | $626.4M | ||
| Q2 25 | $512.3M | $631.9M | ||
| Q1 25 | $479.1M | $629.4M | ||
| Q4 24 | $459.9M | $640.5M | ||
| Q3 24 | $430.1M | $640.5M | ||
| Q2 24 | $401.0M | $642.4M |
净利润NETTDOC
| Q1 26 | — | $-63.8M | ||
| Q4 25 | $-12.1M | — | ||
| Q3 25 | $-1.3M | $-49.5M | ||
| Q2 25 | $-50.4M | $-32.7M | ||
| Q1 25 | $-38.5M | $-93.0M | ||
| Q4 24 | $-12.8M | — | ||
| Q3 24 | $-15.3M | $-33.3M | ||
| Q2 24 | $-15.1M | $-837.7M |
毛利率NETTDOC
| Q1 26 | — | — | ||
| 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% | — |
营业利润率NETTDOC
| Q1 26 | — | -10.1% | ||
| Q4 25 | -8.0% | -5.6% | ||
| Q3 25 | -6.7% | -8.3% | ||
| Q2 25 | -13.1% | -8.6% | ||
| Q1 25 | -11.1% | -19.2% | ||
| Q4 24 | -7.5% | -7.5% | ||
| Q3 24 | -7.2% | -6.9% | ||
| Q2 24 | -8.7% | -130.9% |
净利率NETTDOC
| Q1 26 | — | -10.4% | ||
| Q4 25 | -2.0% | — | ||
| Q3 25 | -0.2% | -7.9% | ||
| Q2 25 | -9.8% | -5.2% | ||
| Q1 25 | -8.0% | -14.8% | ||
| Q4 24 | -2.8% | — | ||
| Q3 24 | -3.6% | -5.2% | ||
| Q2 24 | -3.8% | -130.4% |
每股收益（稀释后）NETTDOC
| Q1 26 | — | $-0.36 | ||
| Q4 25 | $-0.03 | $-0.14 | ||
| Q3 25 | $0.00 | $-0.28 | ||
| Q2 25 | $-0.15 | $-0.19 | ||
| Q1 25 | $-0.11 | $-0.53 | ||
| Q4 24 | $-0.05 | $-0.27 | ||
| Q3 24 | $-0.04 | $-0.19 | ||
| Q2 24 | $-0.04 | $-4.92 |
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 | $750.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $1.3B |
| 总资产 | $6.0B | $2.8B |
| 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NETTDOC
| Q1 26 | — | $750.7M | ||
| Q4 25 | $943.5M | $781.1M | ||
| Q3 25 | $1.1B | $726.2M | ||
| Q2 25 | $1.5B | $679.6M | ||
| Q1 25 | $204.5M | $1.2B | ||
| Q4 24 | $147.7M | $1.3B | ||
| Q3 24 | $182.9M | $1.2B | ||
| Q2 24 | $157.0M | $1.2B |
股东权益NETTDOC
| Q1 26 | — | $1.3B | ||
| Q4 25 | $1.5B | $1.4B | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.0B | $1.5B | ||
| Q3 24 | $973.1M | $1.5B | ||
| Q2 24 | $881.5M | $1.5B |
总资产NETTDOC
| Q1 26 | — | $2.8B | ||
| Q4 25 | $6.0B | $2.9B | ||
| Q3 25 | $5.8B | $2.9B | ||
| Q2 25 | $5.6B | $2.9B | ||
| Q1 25 | $3.7B | $3.4B | ||
| Q4 24 | $3.3B | $3.5B | ||
| Q3 24 | $3.1B | $3.5B | ||
| Q2 24 | $2.9B | $3.5B |
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 | $9.5M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $-26.3M |
| 自由现金流率自由现金流/营收 | 17.1% | -4.3% |
| 资本支出强度资本支出/营收 | 13.9% | 0.3% |
| 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 | $246.0M |
8季度趋势，按日历期对齐
经营现金流NETTDOC
| Q1 26 | — | $9.5M | ||
| Q4 25 | $190.4M | $87.7M | ||
| Q3 25 | $167.1M | $99.3M | ||
| Q2 25 | $99.8M | $91.4M | ||
| Q1 25 | $145.8M | $15.9M | ||
| Q4 24 | $127.3M | $85.9M | ||
| Q3 24 | $104.7M | $110.2M | ||
| Q2 24 | $74.8M | $88.7M |
自由现金流NETTDOC
| Q1 26 | — | $-26.3M | ||
| Q4 25 | $105.2M | $85.1M | ||
| Q3 25 | $82.5M | $97.0M | ||
| Q2 25 | $39.9M | $90.2M | ||
| Q1 25 | $59.9M | $13.2M | ||
| Q4 24 | $54.2M | $79.8M | ||
| Q3 24 | $54.5M | $108.6M | ||
| Q2 24 | $45.2M | $86.8M |
自由现金流率NETTDOC
| Q1 26 | — | -4.3% | ||
| Q4 25 | 17.1% | 13.3% | ||
| Q3 25 | 14.7% | 15.5% | ||
| Q2 25 | 7.8% | 14.3% | ||
| Q1 25 | 12.5% | 2.1% | ||
| Q4 24 | 11.8% | 12.5% | ||
| Q3 24 | 12.7% | 17.0% | ||
| Q2 24 | 11.3% | 13.5% |
资本支出强度NETTDOC
| Q1 26 | — | 0.3% | ||
| Q4 25 | 13.9% | 0.4% | ||
| Q3 25 | 15.1% | 0.4% | ||
| Q2 25 | 11.7% | 0.2% | ||
| Q1 25 | 17.9% | 0.4% | ||
| Q4 24 | 15.9% | 1.0% | ||
| Q3 24 | 11.7% | 0.2% | ||
| Q2 24 | 7.4% | 0.3% |
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% |
TDOC
| U.S | $491.5M | 80% |
| International | $122.3M | 20% |
