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Cloudflare, Inc.（NET）与TRUPANION, INC.（TRUP）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TRUPANION, INC.的1.6倍（$614.5M vs $376.9M），Cloudflare, Inc.同比增速更快（33.6% vs 11.7%），Cloudflare, Inc.自由现金流更多（$105.2M vs $25.3M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 11.0%）
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。
Trupanion是总部位于美国华盛顿州西雅图的宠物保险服务商，创立于1999年，业务覆盖美国、加拿大、澳大利亚与波多黎各地区。该公司为宠物提供保险保障服务，所有保单由旗下美国宠物保险公司（APIC）独家承保。
NET vs TRUP — 直观对比
营收规模更大
NET
是对方的1.6倍
$376.9M
营收增速更快
NET
高出21.9%
11.7%
自由现金流更多
NET
多$79.9M
$25.3M
两年增速更快
NET
近两年复合增速
11.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $376.9M |
| 净利润 | $-12.1M | — |
| 毛利率 | 73.6% | 17.3% |
| 营业利润率 | -8.0% | 1.9% |
| 净利率 | -2.0% | — |
| 营收同比 | 33.6% | 11.7% |
| 净利润同比 | 6.0% | — |
| 每股收益（稀释后） | $-0.03 | $0.13 |
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NETTRUP
| Q4 25 | $614.5M | $376.9M | ||
| Q3 25 | $562.0M | $366.9M | ||
| Q2 25 | $512.3M | $353.6M | ||
| Q1 25 | $479.1M | $342.0M | ||
| Q4 24 | $459.9M | $337.3M | ||
| Q3 24 | $430.1M | $327.5M | ||
| Q2 24 | $401.0M | $314.8M | ||
| Q1 24 | $378.6M | $306.1M |
净利润NETTRUP
| Q4 25 | $-12.1M | — | ||
| Q3 25 | $-1.3M | — | ||
| Q2 25 | $-50.4M | — | ||
| Q1 25 | $-38.5M | — | ||
| Q4 24 | $-12.8M | — | ||
| Q3 24 | $-15.3M | — | ||
| Q2 24 | $-15.1M | — | ||
| Q1 24 | $-35.5M | — |
毛利率NETTRUP
| Q4 25 | 73.6% | 17.3% | ||
| Q3 25 | 74.0% | 16.4% | ||
| Q2 25 | 74.9% | 15.5% | ||
| Q1 25 | 75.9% | 14.9% | ||
| Q4 24 | 76.4% | 15.7% | ||
| Q3 24 | 77.7% | 15.1% | ||
| Q2 24 | 77.8% | 12.8% | ||
| Q1 24 | 77.5% | 11.8% |
营业利润率NETTRUP
| Q4 25 | -8.0% | 1.9% | ||
| Q3 25 | -6.7% | 1.6% | ||
| Q2 25 | -13.1% | 0.7% | ||
| Q1 25 | -11.1% | -0.4% | ||
| Q4 24 | -7.5% | 0.1% | ||
| Q3 24 | -7.2% | 0.5% | ||
| Q2 24 | -8.7% | -1.7% | ||
| Q1 24 | -14.4% | -2.0% |
净利率NETTRUP
| Q4 25 | -2.0% | — | ||
| Q3 25 | -0.2% | — | ||
| Q2 25 | -9.8% | — | ||
| Q1 25 | -8.0% | — | ||
| Q4 24 | -2.8% | — | ||
| Q3 24 | -3.6% | — | ||
| Q2 24 | -3.8% | — | ||
| Q1 24 | -9.4% | — |
每股收益（稀释后）NETTRUP
| Q4 25 | $-0.03 | $0.13 | ||
| Q3 25 | $0.00 | $0.13 | ||
| Q2 25 | $-0.15 | $0.22 | ||
| Q1 25 | $-0.11 | $-0.03 | ||
| Q4 24 | $-0.05 | $0.04 | ||
| Q3 24 | $-0.04 | $0.03 | ||
| Q2 24 | $-0.04 | $-0.14 | ||
| Q1 24 | $-0.10 | $-0.16 |
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 | $370.7M |
| 总债务越低越好 | — | $101.8M |
| 股东权益账面价值 | $1.5B | $383.9M |
| 总资产 | $6.0B | $915.0M |
| 负债/权益比越低杠杆越低 | — | 0.27× |
8季度趋势，按日历期对齐
现金及短期投资NETTRUP
| Q4 25 | $943.5M | $370.7M | ||
| Q3 25 | $1.1B | $348.5M | ||
| Q2 25 | $1.5B | $319.6M | ||
| Q1 25 | $204.5M | $321.8M | ||
| Q4 24 | $147.7M | $307.4M | ||
| Q3 24 | $182.9M | $293.1M | ||
| Q2 24 | $157.0M | $277.2M | ||
| Q1 24 | $254.4M | $275.2M |
总债务NETTRUP
| Q4 25 | — | $101.8M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $127.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益NETTRUP
| Q4 25 | $1.5B | $383.9M | ||
| Q3 25 | $1.3B | $368.6M | ||
| Q2 25 | $1.2B | $355.5M | ||
| Q1 25 | $1.4B | $333.7M | ||
| Q4 24 | $1.0B | $323.3M | ||
| Q3 24 | $973.1M | $320.2M | ||
| Q2 24 | $881.5M | $305.8M | ||
| Q1 24 | $797.2M | $303.4M |
总资产NETTRUP
| Q4 25 | $6.0B | $915.0M | ||
| Q3 25 | $5.8B | $880.2M | ||
| Q2 25 | $5.6B | $847.8M | ||
| Q1 25 | $3.7B | $837.2M | ||
| Q4 24 | $3.3B | $806.9M | ||
| Q3 24 | $3.1B | $816.1M | ||
| Q2 24 | $2.9B | $795.9M | ||
| Q1 24 | $2.8B | $789.5M |
负债/权益比NETTRUP
| Q4 25 | — | 0.27× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.39× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $29.3M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $25.3M |
| 自由现金流率自由现金流/营收 | 17.1% | 6.7% |
| 资本支出强度资本支出/营收 | 13.9% | 1.0% |
| 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 | $75.4M |
8季度趋势，按日历期对齐
经营现金流NETTRUP
| Q4 25 | $190.4M | $29.3M | ||
| Q3 25 | $167.1M | $29.2M | ||
| Q2 25 | $99.8M | $15.0M | ||
| Q1 25 | $145.8M | $16.0M | ||
| Q4 24 | $127.3M | $23.7M | ||
| Q3 24 | $104.7M | $15.3M | ||
| Q2 24 | $74.8M | $6.9M | ||
| Q1 24 | $73.6M | $2.4M |
自由现金流NETTRUP
| Q4 25 | $105.2M | $25.3M | ||
| Q3 25 | $82.5M | $23.9M | ||
| Q2 25 | $39.9M | $12.0M | ||
| Q1 25 | $59.9M | $14.0M | ||
| Q4 24 | $54.2M | $21.8M | ||
| Q3 24 | $54.5M | $13.4M | ||
| Q2 24 | $45.2M | $4.0M | ||
| Q1 24 | $41.5M | $-631.0K |
自由现金流率NETTRUP
| Q4 25 | 17.1% | 6.7% | ||
| Q3 25 | 14.7% | 6.5% | ||
| Q2 25 | 7.8% | 3.4% | ||
| Q1 25 | 12.5% | 4.1% | ||
| Q4 24 | 11.8% | 6.5% | ||
| Q3 24 | 12.7% | 4.1% | ||
| Q2 24 | 11.3% | 1.3% | ||
| Q1 24 | 11.0% | -0.2% |
资本支出强度NETTRUP
| Q4 25 | 13.9% | 1.0% | ||
| Q3 25 | 15.1% | 1.4% | ||
| Q2 25 | 11.7% | 0.8% | ||
| Q1 25 | 17.9% | 0.6% | ||
| Q4 24 | 15.9% | 0.6% | ||
| Q3 24 | 11.7% | 0.6% | ||
| Q2 24 | 7.4% | 0.9% | ||
| Q1 24 | 8.5% | 1.0% |
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% |
TRUP
| Subscriptionbusiness | $261.4M | 69% |
| Other | $115.4M | 31% |
