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Cloudflare, Inc.（NET）与TKO Group Holdings（TKO）财务数据对比。点击上方公司名可切换其他公司
TKO Group Holdings的季度营收约是Cloudflare, Inc.的1.7倍（$1.0B vs $614.5M），TKO Group Holdings净利率更高（-0.2% vs -2.0%，领先1.7%），TKO Group Holdings同比增速更快（61.6% vs 33.6%），过去两年TKO Group Holdings的营收复合增速更高（28.4% 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。
TKO Group Holdings是美国体育及体育娱乐上市企业，成立于2023年9月12日，由奋进集团（Endeavor）子公司、终极格斗冠军赛（UFC）母公司Zuffa与职业摔跤品牌世界摔角娱乐（WWE）合并组建，主营综合格斗、职业摔跤赛事运营及相关娱乐内容业务。
NET vs TKO — 直观对比
营收规模更大
TKO
是对方的1.7倍
$614.5M
营收增速更快
TKO
高出28.0%
33.6%
净利率更高
TKO
高出1.7%
-2.0%
两年增速更快
TKO
近两年复合增速
27.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $1.0B |
| 净利润 | $-12.1M | $-2.4M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 5.5% |
| 净利率 | -2.0% | -0.2% |
| 营收同比 | 33.6% | 61.6% |
| 净利润同比 | 6.0% | -107.7% |
| 每股收益（稀释后） | $-0.03 | $-0.07 |
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NETTKO
| Q4 25 | $614.5M | $1.0B | ||
| Q3 25 | $562.0M | $1.1B | ||
| Q2 25 | $512.3M | $1.3B | ||
| Q1 25 | $479.1M | $1.3B | ||
| Q4 24 | $459.9M | $642.2M | ||
| Q3 24 | $430.1M | $681.3M | ||
| Q2 24 | $401.0M | $851.2M | ||
| Q1 24 | $378.6M | $629.7M |
净利润NETTKO
| Q4 25 | $-12.1M | $-2.4M | ||
| Q3 25 | $-1.3M | $41.0M | ||
| Q2 25 | $-50.4M | $98.4M | ||
| Q1 25 | $-38.5M | $58.4M | ||
| Q4 24 | $-12.8M | $31.0M | ||
| Q3 24 | $-15.3M | $23.1M | ||
| Q2 24 | $-15.1M | $59.1M | ||
| Q1 24 | $-35.5M | $-103.8M |
毛利率NETTKO
| 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NETTKO
| Q4 25 | -8.0% | 5.5% | ||
| Q3 25 | -6.7% | 15.4% | ||
| Q2 25 | -13.1% | 28.1% | ||
| Q1 25 | -11.1% | 18.7% | ||
| Q4 24 | -7.5% | 15.9% | ||
| Q3 24 | -7.2% | 20.0% | ||
| Q2 24 | -8.7% | 30.0% | ||
| Q1 24 | -14.4% | -33.4% |
净利率NETTKO
| Q4 25 | -2.0% | -0.2% | ||
| Q3 25 | -0.2% | 3.7% | ||
| Q2 25 | -9.8% | 7.5% | ||
| Q1 25 | -8.0% | 4.6% | ||
| Q4 24 | -2.8% | 4.8% | ||
| Q3 24 | -3.6% | 3.4% | ||
| Q2 24 | -3.8% | 6.9% | ||
| Q1 24 | -9.4% | -16.5% |
每股收益（稀释后）NETTKO
| Q4 25 | $-0.03 | $-0.07 | ||
| Q3 25 | $0.00 | $0.47 | ||
| Q2 25 | $-0.15 | $1.17 | ||
| Q1 25 | $-0.11 | $0.69 | ||
| Q4 24 | $-0.05 | $0.28 | ||
| Q3 24 | $-0.04 | $0.28 | ||
| Q2 24 | $-0.04 | $0.72 | ||
| Q1 24 | $-0.10 | $-1.26 |
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 | $831.1M |
| 总债务越低越好 | — | $3.8B |
| 股东权益账面价值 | $1.5B | $3.7B |
| 总资产 | $6.0B | $15.5B |
| 负债/权益比越低杠杆越低 | — | 1.01× |
8季度趋势，按日历期对齐
现金及短期投资NETTKO
| Q4 25 | $943.5M | $831.1M | ||
| Q3 25 | $1.1B | $861.4M | ||
| Q2 25 | $1.5B | $535.1M | ||
| Q1 25 | $204.5M | $470.9M | ||
| Q4 24 | $147.7M | $525.6M | ||
| Q3 24 | $182.9M | $457.4M | ||
| Q2 24 | $157.0M | $277.5M | ||
| Q1 24 | $254.4M | $245.8M |
总债务NETTKO
| Q4 25 | — | $3.8B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B | ||
| Q1 24 | — | $2.7B |
股东权益NETTKO
| Q4 25 | $1.5B | $3.7B | ||
| Q3 25 | $1.3B | $3.8B | ||
| Q2 25 | $1.2B | $4.3B | ||
| Q1 25 | $1.4B | $4.2B | ||
| Q4 24 | $1.0B | $4.1B | ||
| Q3 24 | $973.1M | $4.0B | ||
| Q2 24 | $881.5M | $4.0B | ||
| Q1 24 | $797.2M | $4.0B |
总资产NETTKO
| Q4 25 | $6.0B | $15.5B | ||
| Q3 25 | $5.8B | $15.5B | ||
| Q2 25 | $5.6B | $15.3B | ||
| Q1 25 | $3.7B | $15.0B | ||
| Q4 24 | $3.3B | $12.7B | ||
| Q3 24 | $3.1B | $12.8B | ||
| Q2 24 | $2.9B | $12.7B | ||
| Q1 24 | $2.8B | $12.7B |
负债/权益比NETTKO
| Q4 25 | — | 1.01× | ||
| Q3 25 | — | 0.98× | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | — | 0.67× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.68× | ||
| Q1 24 | — | 0.68× |
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 | $309.9M |
| 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 | — | — |
| 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NETTKO
| Q4 25 | $190.4M | $309.9M | ||
| Q3 25 | $167.1M | $416.8M | ||
| Q2 25 | $99.8M | $396.2M | ||
| Q1 25 | $145.8M | $162.8M | ||
| Q4 24 | $127.3M | $56.8M | ||
| Q3 24 | $104.7M | $236.5M | ||
| Q2 24 | $74.8M | $230.7M | ||
| Q1 24 | $73.6M | $59.3M |
自由现金流NETTKO
| 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NETTKO
| 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NETTKO
| 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NETTKO
| Q4 25 | — | — | ||
| Q3 25 | — | 10.16× | ||
| Q2 25 | — | 4.03× | ||
| Q1 25 | — | 2.79× | ||
| Q4 24 | — | 1.83× | ||
| Q3 24 | — | 10.22× | ||
| Q2 24 | — | 3.90× | ||
| 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% |
TKO
| World Wrestling Entertainment Segment | $359.6M | 35% |
| IMG Segment | $247.6M | 24% |
| Media Rights Production And Content | $222.6M | 21% |
| Partnerships And Marketing | $93.3M | 9% |
| Live Events And Hospitality | $72.2M | 7% |
| Other | $29.4M | 3% |
| Consumer Products Licensing And Other | $13.2M | 1% |
