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Cloudflare, Inc.（NET）与盛思阳（TSE）财务数据对比。点击上方公司名可切换其他公司
盛思阳的季度营收约是Cloudflare, Inc.的1.1倍（$662.6M vs $614.5M），Cloudflare, Inc.净利率更高（-2.0% vs -37.9%，领先36.0%），Cloudflare, Inc.同比增速更快（33.6% vs -19.3%），Cloudflare, Inc.自由现金流更多（$105.2M vs $6.6M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -14.4%）
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。
盛思阳（Trinseo）是一家专注于塑料与乳胶粘合剂生产的材料企业。该公司原隶属于陶氏化学公司，2009年陶氏将其分拆待售，2010年相关资产以斯泰隆（Styron）之名作价16.3亿美元出售给贝恩资本。2016年贝恩清仓全部持股， Trinseo自此成为完全独立的公众上市公司。
NET vs TSE — 直观对比
营收规模更大
TSE
是对方的1.1倍
$614.5M
营收增速更快
NET
高出52.9%
-19.3%
净利率更高
NET
高出36.0%
-37.9%
自由现金流更多
NET
多$98.6M
$6.6M
两年增速更快
NET
近两年复合增速
-14.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $662.6M |
| 净利润 | $-12.1M | $-251.4M |
| 毛利率 | 73.6% | 4.2% |
| 营业利润率 | -8.0% | -24.7% |
| 净利率 | -2.0% | -37.9% |
| 营收同比 | 33.6% | -19.3% |
| 净利润同比 | 6.0% | -113.2% |
| 每股收益（稀释后） | $-0.03 | $-7.02 |
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NETTSE
| Q4 25 | $614.5M | $662.6M | ||
| Q3 25 | $562.0M | $743.2M | ||
| Q2 25 | $512.3M | $784.3M | ||
| Q1 25 | $479.1M | $784.8M | ||
| Q4 24 | $459.9M | $821.5M | ||
| Q3 24 | $430.1M | $867.7M | ||
| Q2 24 | $401.0M | $920.0M | ||
| Q1 24 | $378.6M | $904.0M |
净利润NETTSE
| Q4 25 | $-12.1M | $-251.4M | ||
| Q3 25 | $-1.3M | $-109.7M | ||
| Q2 25 | $-50.4M | $-105.5M | ||
| Q1 25 | $-38.5M | $-79.0M | ||
| Q4 24 | $-12.8M | $-117.9M | ||
| Q3 24 | $-15.3M | $-87.3M | ||
| Q2 24 | $-15.1M | $-67.8M | ||
| Q1 24 | $-35.5M | $-75.5M |
毛利率NETTSE
| Q4 25 | 73.6% | 4.2% | ||
| Q3 25 | 74.0% | 5.0% | ||
| Q2 25 | 74.9% | 4.7% | ||
| Q1 25 | 75.9% | 8.1% | ||
| Q4 24 | 76.4% | 6.8% | ||
| Q3 24 | 77.7% | 9.3% | ||
| Q2 24 | 77.8% | 7.4% | ||
| Q1 24 | 77.5% | 6.7% |
营业利润率NETTSE
| Q4 25 | -8.0% | -24.7% | ||
| Q3 25 | -6.7% | -3.8% | ||
| Q2 25 | -13.1% | -4.2% | ||
| Q1 25 | -11.1% | -3.7% | ||
| Q4 24 | -7.5% | -5.4% | ||
| Q3 24 | -7.2% | -1.4% | ||
| Q2 24 | -8.7% | 1.5% | ||
| Q1 24 | -14.4% | -0.4% |
净利率NETTSE
| Q4 25 | -2.0% | -37.9% | ||
| Q3 25 | -0.2% | -14.8% | ||
| Q2 25 | -9.8% | -13.5% | ||
| Q1 25 | -8.0% | -10.1% | ||
| Q4 24 | -2.8% | -14.4% | ||
| Q3 24 | -3.6% | -10.1% | ||
| Q2 24 | -3.8% | -7.4% | ||
| Q1 24 | -9.4% | -8.4% |
每股收益（稀释后）NETTSE
| Q4 25 | $-0.03 | $-7.02 | ||
| Q3 25 | $0.00 | $-3.05 | ||
| Q2 25 | $-0.15 | $-2.95 | ||
| Q1 25 | $-0.11 | $-2.22 | ||
| Q4 24 | $-0.05 | $-3.33 | ||
| Q3 24 | $-0.04 | $-2.47 | ||
| Q2 24 | $-0.04 | $-1.92 | ||
| Q1 24 | $-0.10 | $-2.14 |
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 | $146.7M |
| 总债务越低越好 | — | $2.5B |
| 股东权益账面价值 | $1.5B | $-1.1B |
| 总资产 | $6.0B | $2.3B |
| 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NETTSE
| Q4 25 | $943.5M | $146.7M | ||
| Q3 25 | $1.1B | $112.1M | ||
| Q2 25 | $1.5B | $137.0M | ||
| Q1 25 | $204.5M | $126.1M | ||
| Q4 24 | $147.7M | $209.8M | ||
| Q3 24 | $182.9M | $165.3M | ||
| Q2 24 | $157.0M | $105.6M | ||
| Q1 24 | $254.4M | $166.4M |
总债务NETTSE
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.3B |
股东权益NETTSE
| Q4 25 | $1.5B | $-1.1B | ||
| Q3 25 | $1.3B | $-861.6M | ||
| Q2 25 | $1.2B | $-750.3M | ||
| Q1 25 | $1.4B | $-679.2M | ||
| Q4 24 | $1.0B | $-619.9M | ||
| Q3 24 | $973.1M | $-480.0M | ||
| Q2 24 | $881.5M | $-413.8M | ||
| Q1 24 | $797.2M | $-348.0M |
总资产NETTSE
| Q4 25 | $6.0B | $2.3B | ||
| Q3 25 | $5.8B | $2.5B | ||
| Q2 25 | $5.6B | $2.6B | ||
| Q1 25 | $3.7B | $2.7B | ||
| Q4 24 | $3.3B | $2.6B | ||
| Q3 24 | $3.1B | $2.9B | ||
| Q2 24 | $2.9B | $2.8B | ||
| Q1 24 | $2.8B | $3.0B |
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 | $22.6M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $6.6M |
| 自由现金流率自由现金流/营收 | 17.1% | 1.0% |
| 资本支出强度资本支出/营收 | 13.9% | 2.4% |
| 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 | $-153.4M |
8季度趋势，按日历期对齐
经营现金流NETTSE
| Q4 25 | $190.4M | $22.6M | ||
| Q3 25 | $167.1M | $-21.6M | ||
| Q2 25 | $99.8M | $6.8M | ||
| Q1 25 | $145.8M | $-110.2M | ||
| Q4 24 | $127.3M | $85.1M | ||
| Q3 24 | $104.7M | $8.8M | ||
| Q2 24 | $74.8M | $-41.9M | ||
| Q1 24 | $73.6M | $-66.2M |
自由现金流NETTSE
| Q4 25 | $105.2M | $6.6M | ||
| Q3 25 | $82.5M | $-38.1M | ||
| Q2 25 | $39.9M | $-3.0M | ||
| Q1 25 | $59.9M | $-118.9M | ||
| Q4 24 | $54.2M | $63.9M | ||
| Q3 24 | $54.5M | $-3.4M | ||
| Q2 24 | $45.2M | $-56.1M | ||
| Q1 24 | $41.5M | $-81.9M |
自由现金流率NETTSE
| Q4 25 | 17.1% | 1.0% | ||
| Q3 25 | 14.7% | -5.1% | ||
| Q2 25 | 7.8% | -0.4% | ||
| Q1 25 | 12.5% | -15.2% | ||
| Q4 24 | 11.8% | 7.8% | ||
| Q3 24 | 12.7% | -0.4% | ||
| Q2 24 | 11.3% | -6.1% | ||
| Q1 24 | 11.0% | -9.1% |
资本支出强度NETTSE
| Q4 25 | 13.9% | 2.4% | ||
| Q3 25 | 15.1% | 2.2% | ||
| Q2 25 | 11.7% | 1.2% | ||
| Q1 25 | 17.9% | 1.1% | ||
| Q4 24 | 15.9% | 2.6% | ||
| Q3 24 | 11.7% | 1.4% | ||
| Q2 24 | 7.4% | 1.5% | ||
| Q1 24 | 8.5% | 1.7% |
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% |
TSE
| Other | $325.2M | 49% |
| Asia Pacific | $142.2M | 21% |
| Engineered Materials | $105.0M | 16% |
| Latex | $59.9M | 9% |
| Polymer Solutions | $30.3M | 5% |
