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Cloudflare, Inc.（NET）与LendingTree, Inc.（TREE）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LendingTree, Inc.的1.9倍（$614.5M vs $327.3M），LendingTree, Inc.净利率更高（5.3% vs -2.0%，领先7.3%），Cloudflare, Inc.同比增速更快（33.6% vs 2.4%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 24.8%）
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。
LendingTree, Inc.是1996年成立的在线借贷交易平台，总部位于北卡罗来纳州夏洛特。该平台对接潜在借款用户与多家贷款机构，可提供贷款、信用卡、存款账户、保险等多种金融产品服务，支持用户对比不同机构的利率与条款，还配套提供金融工具、贷款查询及借贷相关资讯服务。
NET vs TREE — 直观对比
营收规模更大
NET
是对方的1.9倍
$327.3M
营收增速更快
NET
高出31.2%
2.4%
净利率更高
TREE
高出7.3%
-2.0%
两年增速更快
NET
近两年复合增速
24.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $327.3M |
| 净利润 | $-12.1M | $17.3M |
| 毛利率 | 73.6% | 100.0% |
| 营业利润率 | -8.0% | 9.5% |
| 净利率 | -2.0% | 5.3% |
| 营收同比 | 33.6% | 2.4% |
| 净利润同比 | 6.0% | 239.5% |
| 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NETTREE
| Q1 26 | — | $327.3M | ||
| Q4 25 | $614.5M | $319.7M | ||
| Q3 25 | $562.0M | $307.8M | ||
| Q2 25 | $512.3M | $250.1M | ||
| Q1 25 | $479.1M | $239.7M | ||
| Q4 24 | $459.9M | $261.5M | ||
| Q3 24 | $430.1M | $260.8M | ||
| Q2 24 | $401.0M | $210.1M |
净利润NETTREE
| Q1 26 | — | $17.3M | ||
| Q4 25 | $-12.1M | $144.7M | ||
| Q3 25 | $-1.3M | $10.2M | ||
| Q2 25 | $-50.4M | $8.9M | ||
| Q1 25 | $-38.5M | $-12.4M | ||
| Q4 24 | $-12.8M | $7.5M | ||
| Q3 24 | $-15.3M | $-58.0M | ||
| Q2 24 | $-15.1M | $7.8M |
毛利率NETTREE
| Q1 26 | — | 100.0% | ||
| Q4 25 | 73.6% | 29.2% | ||
| Q3 25 | 74.0% | 30.7% | ||
| Q2 25 | 74.9% | 34.0% | ||
| Q1 25 | 75.9% | 32.9% | ||
| Q4 24 | 76.4% | 33.6% | ||
| Q3 24 | 77.7% | 30.2% | ||
| Q2 24 | 77.8% | 34.5% |
营业利润率NETTREE
| Q1 26 | — | 9.5% | ||
| Q4 25 | -8.0% | 7.0% | ||
| Q3 25 | -6.7% | 9.3% | ||
| Q2 25 | -13.1% | 8.4% | ||
| Q1 25 | -11.1% | -3.0% | ||
| Q4 24 | -7.5% | 6.9% | ||
| Q3 24 | -7.2% | 3.8% | ||
| Q2 24 | -8.7% | 4.6% |
净利率NETTREE
| Q1 26 | — | 5.3% | ||
| Q4 25 | -2.0% | 45.2% | ||
| Q3 25 | -0.2% | 3.3% | ||
| Q2 25 | -9.8% | 3.5% | ||
| Q1 25 | -8.0% | -5.2% | ||
| Q4 24 | -2.8% | 2.9% | ||
| Q3 24 | -3.6% | -22.2% | ||
| Q2 24 | -3.8% | 3.7% |
每股收益（稀释后）NETTREE
| Q1 26 | — | $1.22 | ||
| Q4 25 | $-0.03 | $10.32 | ||
| Q3 25 | $0.00 | $0.73 | ||
| Q2 25 | $-0.15 | $0.65 | ||
| Q1 25 | $-0.11 | $-0.92 | ||
| Q4 24 | $-0.05 | $0.54 | ||
| Q3 24 | $-0.04 | $-4.34 | ||
| Q2 24 | $-0.04 | $0.58 |
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 | $85.5M |
| 总债务越低越好 | — | $390.9M |
| 股东权益账面价值 | $1.5B | $304.7M |
| 总资产 | $6.0B | $863.9M |
| 负债/权益比越低杠杆越低 | — | 1.28× |
8季度趋势，按日历期对齐
现金及短期投资NETTREE
| Q1 26 | — | $85.5M | ||
| Q4 25 | $943.5M | $81.1M | ||
| Q3 25 | $1.1B | $68.6M | ||
| Q2 25 | $1.5B | $149.1M | ||
| Q1 25 | $204.5M | $126.4M | ||
| Q4 24 | $147.7M | $106.6M | ||
| Q3 24 | $182.9M | $96.8M | ||
| Q2 24 | $157.0M | $66.8M |
总债务NETTREE
| Q1 26 | — | $390.9M | ||
| Q4 25 | — | $387.7M | ||
| Q3 25 | — | $388.4M | ||
| Q2 25 | — | $385.1M | ||
| Q1 25 | — | $387.7M | ||
| Q4 24 | — | $344.1M | ||
| Q3 24 | — | $346.2M | ||
| Q2 24 | — | $467.7M |
股东权益NETTREE
| Q1 26 | — | $304.7M | ||
| Q4 25 | $1.5B | $286.8M | ||
| Q3 25 | $1.3B | $132.4M | ||
| Q2 25 | $1.2B | $118.1M | ||
| Q1 25 | $1.4B | $103.7M | ||
| Q4 24 | $1.0B | $108.8M | ||
| Q3 24 | $973.1M | $94.3M | ||
| Q2 24 | $881.5M | $145.8M |
总资产NETTREE
| Q1 26 | — | $863.9M | ||
| Q4 25 | $6.0B | $855.7M | ||
| Q3 25 | $5.8B | $759.9M | ||
| Q2 25 | $5.6B | $835.8M | ||
| Q1 25 | $3.7B | $777.1M | ||
| Q4 24 | $3.3B | $767.7M | ||
| Q3 24 | $3.1B | $787.2M | ||
| Q2 24 | $2.9B | $802.2M |
负债/权益比NETTREE
| Q1 26 | — | 1.28× | ||
| Q4 25 | — | 1.35× | ||
| Q3 25 | — | 2.93× | ||
| Q2 25 | — | 3.26× | ||
| Q1 25 | — | 3.74× | ||
| Q4 24 | — | 3.16× | ||
| Q3 24 | — | 3.67× | ||
| Q2 24 | — | 3.21× |
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 | — |
| 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% | 0.8% |
| 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NETTREE
| Q1 26 | — | — | ||
| Q4 25 | $190.4M | $73.1M | ||
| Q3 25 | $167.1M | $28.8M | ||
| Q2 25 | $99.8M | $28.0M | ||
| Q1 25 | $145.8M | $-210.0K | ||
| Q4 24 | $127.3M | $62.3M | ||
| Q3 24 | $104.7M | $45.3M | ||
| Q2 24 | $74.8M | $-4.9M |
自由现金流NETTREE
| Q1 26 | — | — | ||
| Q4 25 | $105.2M | $60.7M | ||
| Q3 25 | $82.5M | $25.6M | ||
| Q2 25 | $39.9M | $25.2M | ||
| Q1 25 | $59.9M | $-3.6M | ||
| Q4 24 | $54.2M | $51.0M | ||
| Q3 24 | $54.5M | $42.3M | ||
| Q2 24 | $45.2M | $-7.7M |
自由现金流率NETTREE
| Q1 26 | — | — | ||
| Q4 25 | 17.1% | 19.0% | ||
| Q3 25 | 14.7% | 8.3% | ||
| Q2 25 | 7.8% | 10.1% | ||
| Q1 25 | 12.5% | -1.5% | ||
| Q4 24 | 11.8% | 19.5% | ||
| Q3 24 | 12.7% | 16.2% | ||
| Q2 24 | 11.3% | -3.7% |
资本支出强度NETTREE
| Q1 26 | — | 0.8% | ||
| Q4 25 | 13.9% | 3.9% | ||
| Q3 25 | 15.1% | 1.1% | ||
| Q2 25 | 11.7% | 1.1% | ||
| Q1 25 | 17.9% | 1.4% | ||
| Q4 24 | 15.9% | 4.3% | ||
| Q3 24 | 11.7% | 1.1% | ||
| Q2 24 | 7.4% | 1.3% |
现金转化率NETTREE
| Q1 26 | — | — | ||
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | 2.84× | ||
| Q2 25 | — | 3.15× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 8.29× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -0.64× |
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% |
TREE
| Insurance segment | $221.9M | 68% |
| Consumer segment | $66.3M | 20% |
| Home segment | $39.1M | 12% |
