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Cloudflare, Inc.（NET）与德太投资（TPG）财务数据对比。点击上方公司名可切换其他公司
德太投资的季度营收约是Cloudflare, Inc.的1.2倍（$715.1M vs $614.5M），德太投资净利率更高（10.8% vs -2.0%，领先12.7%），德太投资同比增速更快（35.6% vs 33.6%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 18.1%）
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。
TPG Inc.（原称德州太平洋集团、TPG Capital）是总部位于美国得克萨斯州沃斯堡的私募股权投资机构，旗下管理的基金覆盖成长资本、风险投资、公开股权、债权投资等品类，投资领域包含消费零售、传媒电信、工业、科技、旅游休闲、医疗健康等多个赛道。
NET vs TPG — 直观对比
营收规模更大
TPG
是对方的1.2倍
$614.5M
营收增速更快
TPG
高出2.0%
33.6%
净利率更高
TPG
高出12.7%
-2.0%
两年增速更快
NET
近两年复合增速
18.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $715.1M |
| 净利润 | $-12.1M | $77.1M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | — |
| 净利率 | -2.0% | 10.8% |
| 营收同比 | 33.6% | 35.6% |
| 净利润同比 | 6.0% | 494.1% |
| 每股收益（稀释后） | $-0.03 | $0.30 |
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NETTPG
| Q4 25 | $614.5M | $715.1M | ||
| Q3 25 | $562.0M | $596.5M | ||
| Q2 25 | $512.3M | $569.1M | ||
| Q1 25 | $479.1M | $543.5M | ||
| Q4 24 | $459.9M | $527.2M | ||
| Q3 24 | $430.1M | $524.7M | ||
| Q2 24 | $401.0M | $522.8M | ||
| Q1 24 | $378.6M | $512.3M |
净利润NETTPG
| Q4 25 | $-12.1M | $77.1M | ||
| Q3 25 | $-1.3M | $67.1M | ||
| Q2 25 | $-50.4M | $14.9M | ||
| Q1 25 | $-38.5M | $25.4M | ||
| Q4 24 | $-12.8M | $13.0M | ||
| Q3 24 | $-15.3M | $9.0M | ||
| Q2 24 | $-15.1M | $-14.0M | ||
| Q1 24 | $-35.5M | $15.5M |
毛利率NETTPG
| 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NETTPG
| Q4 25 | -8.0% | — | ||
| Q3 25 | -6.7% | — | ||
| Q2 25 | -13.1% | — | ||
| Q1 25 | -11.1% | — | ||
| Q4 24 | -7.5% | — | ||
| Q3 24 | -7.2% | — | ||
| Q2 24 | -8.7% | — | ||
| Q1 24 | -14.4% | — |
净利率NETTPG
| Q4 25 | -2.0% | 10.8% | ||
| Q3 25 | -0.2% | 11.3% | ||
| Q2 25 | -9.8% | 2.6% | ||
| Q1 25 | -8.0% | 4.7% | ||
| Q4 24 | -2.8% | 2.5% | ||
| Q3 24 | -3.6% | 1.7% | ||
| Q2 24 | -3.8% | -2.7% | ||
| Q1 24 | -9.4% | 3.0% |
每股收益（稀释后）NETTPG
| Q4 25 | $-0.03 | $0.30 | ||
| Q3 25 | $0.00 | $0.20 | ||
| Q2 25 | $-0.15 | $-0.05 | ||
| Q1 25 | $-0.11 | $0.00 | ||
| Q4 24 | $-0.05 | $-0.04 | ||
| Q3 24 | $-0.04 | $-0.08 | ||
| Q2 24 | $-0.04 | $-0.19 | ||
| Q1 24 | $-0.10 | $-0.11 |
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 | $826.1M |
| 总债务越低越好 | — | $1.7B |
| 股东权益账面价值 | $1.5B | $4.1B |
| 总资产 | $6.0B | $13.5B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资NETTPG
| Q4 25 | $943.5M | $826.1M | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $1.5B | $1.1B | ||
| Q1 25 | $204.5M | $822.0M | ||
| Q4 24 | $147.7M | $808.0M | ||
| Q3 24 | $182.9M | $1.2B | ||
| Q2 24 | $157.0M | $1.1B | ||
| Q1 24 | $254.4M | $1.1B |
总债务NETTPG
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
股东权益NETTPG
| Q4 25 | $1.5B | $4.1B | ||
| Q3 25 | $1.3B | $3.8B | ||
| Q2 25 | $1.2B | $3.6B | ||
| Q1 25 | $1.4B | $3.5B | ||
| Q4 24 | $1.0B | $3.6B | ||
| Q3 24 | $973.1M | $3.4B | ||
| Q2 24 | $881.5M | $3.3B | ||
| Q1 24 | $797.2M | $3.3B |
总资产NETTPG
| Q4 25 | $6.0B | $13.5B | ||
| Q3 25 | $5.8B | $13.0B | ||
| Q2 25 | $5.6B | $12.0B | ||
| Q1 25 | $3.7B | $11.3B | ||
| Q4 24 | $3.3B | $10.5B | ||
| Q3 24 | $3.1B | $10.5B | ||
| Q2 24 | $2.9B | $10.1B | ||
| Q1 24 | $2.8B | $9.9B |
负债/权益比NETTPG
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.37× | ||
| Q1 24 | — | 0.37× |
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 | $-43.7M |
| 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 | — | -0.57× |
| 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NETTPG
| Q4 25 | $190.4M | $-43.7M | ||
| Q3 25 | $167.1M | $492.0M | ||
| Q2 25 | $99.8M | $385.9M | ||
| Q1 25 | $145.8M | $198.2M | ||
| Q4 24 | $127.3M | $-188.1M | ||
| Q3 24 | $104.7M | $68.9M | ||
| Q2 24 | $74.8M | $214.6M | ||
| Q1 24 | $73.6M | $436.7M |
自由现金流NETTPG
| 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NETTPG
| 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NETTPG
| 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NETTPG
| Q4 25 | — | -0.57× | ||
| Q3 25 | — | 7.33× | ||
| Q2 25 | — | 25.83× | ||
| Q1 25 | — | 7.80× | ||
| Q4 24 | — | -14.49× | ||
| Q3 24 | — | 7.69× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 28.14× |
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% |
TPG
| Management Fees | $484.4M | 68% |
| Transaction Fees | $118.6M | 17% |
| Expense Reimbursements And Other | $76.3M | 11% |
| Incentive Fees | $29.0M | 4% |
| Monitoring Fees | $6.8M | 1% |
