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Cloudflare, Inc.（NET）与Travel & Leisure Co.（TNL）财务数据对比。点击上方公司名可切换其他公司
Travel & Leisure Co.的季度营收约是Cloudflare, Inc.的1.3倍（$798.0M vs $614.5M），Travel & Leisure Co.净利率更高（9.9% vs -2.0%，领先11.9%），Cloudflare, Inc.同比增速更快（33.6% vs 5.7%），Cloudflare, Inc.自由现金流更多（$105.2M vs $0），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -10.0%）
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。
Travel + Leisure Co.是一家总部位于美国佛罗里达州奥兰多的分时度假企业，旗下运营温德姆俱乐部、温德姆WorldMark、玛格丽塔维尔度假俱乐部、雅高度假俱乐部等多个度假所有权品牌，开发、销售并管理分时度假物业，同时主要通过RCI提供分时度假交换服务，还运营Travel + Leisure GO等旅行俱乐部。
NET vs TNL — 直观对比
营收规模更大
TNL
是对方的1.3倍
$614.5M
营收增速更快
NET
高出27.9%
5.7%
净利率更高
TNL
高出11.9%
-2.0%
自由现金流更多
NET
多$105.2M
$0
两年增速更快
NET
近两年复合增速
-10.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $798.0M |
| 净利润 | $-12.1M | $79.0M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 19.9% |
| 净利率 | -2.0% | 9.9% |
| 营收同比 | 33.6% | 5.7% |
| 净利润同比 | 6.0% | 8.2% |
| 每股收益（稀释后） | $-0.03 | $1.22 |
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NETTNL
| Q1 26 | — | $798.0M | ||
| Q4 25 | $614.5M | $1.0B | ||
| Q3 25 | $562.0M | $1.0B | ||
| Q2 25 | $512.3M | $1.0B | ||
| Q1 25 | $479.1M | $934.0M | ||
| Q4 24 | $459.9M | $970.0M | ||
| Q3 24 | $430.1M | $993.0M | ||
| Q2 24 | $401.0M | $985.0M |
净利润NETTNL
| Q1 26 | — | $79.0M | ||
| Q4 25 | $-12.1M | $-62.0M | ||
| Q3 25 | $-1.3M | $111.0M | ||
| Q2 25 | $-50.4M | $108.0M | ||
| Q1 25 | $-38.5M | $73.0M | ||
| Q4 24 | $-12.8M | $119.0M | ||
| Q3 24 | $-15.3M | $97.0M | ||
| Q2 24 | $-15.1M | $129.0M |
毛利率NETTNL
| Q1 26 | — | — | ||
| Q4 25 | 73.6% | 78.9% | ||
| Q3 25 | 74.0% | 98.8% | ||
| Q2 25 | 74.9% | 97.9% | ||
| Q1 25 | 75.9% | 97.5% | ||
| Q4 24 | 76.4% | 99.0% | ||
| Q3 24 | 77.7% | 97.3% | ||
| Q2 24 | 77.8% | 97.9% |
营业利润率NETTNL
| Q1 26 | — | 19.9% | ||
| Q4 25 | -8.0% | -2.2% | ||
| Q3 25 | -6.7% | 20.5% | ||
| Q2 25 | -13.1% | 20.2% | ||
| Q1 25 | -11.1% | 16.7% | ||
| Q4 24 | -7.5% | 21.1% | ||
| Q3 24 | -7.2% | 19.0% | ||
| Q2 24 | -8.7% | 19.2% |
净利率NETTNL
| Q1 26 | — | 9.9% | ||
| Q4 25 | -2.0% | -6.0% | ||
| Q3 25 | -0.2% | 10.6% | ||
| Q2 25 | -9.8% | 10.6% | ||
| Q1 25 | -8.0% | 7.8% | ||
| Q4 24 | -2.8% | 12.3% | ||
| Q3 24 | -3.6% | 9.8% | ||
| Q2 24 | -3.8% | 13.1% |
每股收益（稀释后）NETTNL
| Q1 26 | — | $1.22 | ||
| Q4 25 | $-0.03 | $-0.92 | ||
| Q3 25 | $0.00 | $1.67 | ||
| Q2 25 | $-0.15 | $1.62 | ||
| Q1 25 | $-0.11 | $1.07 | ||
| Q4 24 | $-0.05 | $1.70 | ||
| Q3 24 | $-0.04 | $1.39 | ||
| Q2 24 | $-0.04 | $1.81 |
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 | $254.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | — |
| 总资产 | $6.0B | $6.8B |
| 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NETTNL
| Q1 26 | — | $254.0M | ||
| Q4 25 | $943.5M | $271.0M | ||
| Q3 25 | $1.1B | $240.0M | ||
| Q2 25 | $1.5B | $212.0M | ||
| Q1 25 | $204.5M | $188.0M | ||
| Q4 24 | $147.7M | $185.0M | ||
| Q3 24 | $182.9M | $194.0M | ||
| Q2 24 | $157.0M | $166.0M |
总债务NETTNL
| Q1 26 | — | — | ||
| Q4 25 | — | $5.6B | ||
| Q3 25 | — | $5.6B | ||
| Q2 25 | — | $5.6B | ||
| Q1 25 | — | $5.7B | ||
| Q4 24 | — | $5.6B | ||
| Q3 24 | — | $5.6B | ||
| Q2 24 | — | $5.6B |
股东权益NETTNL
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $-981.0M | ||
| Q3 25 | $1.3B | $-821.0M | ||
| Q2 25 | $1.2B | $-852.0M | ||
| Q1 25 | $1.4B | $-903.0M | ||
| Q4 24 | $1.0B | $-881.0M | ||
| Q3 24 | $973.1M | $-862.0M | ||
| Q2 24 | $881.5M | $-885.0M |
总资产NETTNL
| Q1 26 | — | $6.8B | ||
| Q4 25 | $6.0B | $6.8B | ||
| Q3 25 | $5.8B | $6.9B | ||
| Q2 25 | $5.6B | $6.8B | ||
| Q1 25 | $3.7B | $6.8B | ||
| Q4 24 | $3.3B | $6.7B | ||
| Q3 24 | $3.1B | $6.7B | ||
| Q2 24 | $2.9B | $6.7B |
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 | $38.0M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $0 |
| 自由现金流率自由现金流/营收 | 17.1% | 0.0% |
| 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 | — | 0.48× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $423.0M |
8季度趋势，按日历期对齐
经营现金流NETTNL
| Q1 26 | — | $38.0M | ||
| Q4 25 | $190.4M | $124.0M | ||
| Q3 25 | $167.1M | $163.0M | ||
| Q2 25 | $99.8M | $232.0M | ||
| Q1 25 | $145.8M | $121.0M | ||
| Q4 24 | $127.3M | $98.0M | ||
| Q3 24 | $104.7M | $145.0M | ||
| Q2 24 | $74.8M | $174.0M |
自由现金流NETTNL
| Q1 26 | — | $0 | ||
| Q4 25 | $105.2M | $92.0M | ||
| Q3 25 | $82.5M | $136.0M | ||
| Q2 25 | $39.9M | $195.0M | ||
| Q1 25 | $59.9M | $100.0M | ||
| Q4 24 | $54.2M | $75.0M | ||
| Q3 24 | $54.5M | $125.0M | ||
| Q2 24 | $45.2M | $153.0M |
自由现金流率NETTNL
| Q1 26 | — | 0.0% | ||
| Q4 25 | 17.1% | 9.0% | ||
| Q3 25 | 14.7% | 13.0% | ||
| Q2 25 | 7.8% | 19.2% | ||
| Q1 25 | 12.5% | 10.7% | ||
| Q4 24 | 11.8% | 7.7% | ||
| Q3 24 | 12.7% | 12.6% | ||
| Q2 24 | 11.3% | 15.5% |
资本支出强度NETTNL
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 3.1% | ||
| Q3 25 | 15.1% | 2.6% | ||
| Q2 25 | 11.7% | 3.6% | ||
| Q1 25 | 17.9% | 2.2% | ||
| Q4 24 | 15.9% | 2.4% | ||
| Q3 24 | 11.7% | 2.0% | ||
| Q2 24 | 7.4% | 2.1% |
现金转化率NETTNL
| Q1 26 | — | 0.48× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.47× | ||
| Q2 25 | — | 2.15× | ||
| Q1 25 | — | 1.66× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 1.49× | ||
| Q2 24 | — | 1.35× |
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% |
TNL
| Service and membership fees | $396.0M | 50% |
| Other | $289.0M | 36% |
| Consumer financing | $113.0M | 14% |
