vs
Cloudflare, Inc.（NET）与Trade Desk (The)（TTD）财务数据对比。点击上方公司名可切换其他公司
Trade Desk (The)的季度营收约是Cloudflare, Inc.的1.4倍（$846.8M vs $614.5M），Trade Desk (The)净利率更高（22.1% vs -2.0%，领先24.0%），Cloudflare, Inc.同比增速更快（33.6% vs 14.3%），Trade Desk (The)自由现金流更多（$285.3M vs $105.2M），过去两年Trade Desk (The)的营收复合增速更高（31.3% vs 27.4%）
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。
The Trade Desk是来自美国的跨国科技企业，专注于实时程序化营销自动化领域的技术、产品与服务研发，可实现面向用户的个性化数字内容分发，为全球广告营销行业客户提供专业解决方案。
NET vs TTD — 直观对比
营收规模更大
TTD
是对方的1.4倍
$614.5M
营收增速更快
NET
高出19.3%
14.3%
净利率更高
TTD
高出24.0%
-2.0%
自由现金流更多
TTD
多$180.0M
$105.2M
两年增速更快
TTD
近两年复合增速
27.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $846.8M |
| 净利润 | $-12.1M | $186.9M |
| 毛利率 | 73.6% | 80.7% |
| 营业利润率 | -8.0% | 30.3% |
| 净利率 | -2.0% | 22.1% |
| 营收同比 | 33.6% | 14.3% |
| 净利润同比 | 6.0% | 2.6% |
| 每股收益（稀释后） | $-0.03 | $0.39 |
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NETTTD
| Q4 25 | $614.5M | $846.8M | ||
| Q3 25 | $562.0M | $739.4M | ||
| Q2 25 | $512.3M | $694.0M | ||
| Q1 25 | $479.1M | $616.0M | ||
| Q4 24 | $459.9M | $741.0M | ||
| Q3 24 | $430.1M | $628.0M | ||
| Q2 24 | $401.0M | $584.5M | ||
| Q1 24 | $378.6M | $491.3M |
净利润NETTTD
| Q4 25 | $-12.1M | $186.9M | ||
| Q3 25 | $-1.3M | $115.5M | ||
| Q2 25 | $-50.4M | $90.1M | ||
| Q1 25 | $-38.5M | $50.7M | ||
| Q4 24 | $-12.8M | $182.2M | ||
| Q3 24 | $-15.3M | $94.2M | ||
| Q2 24 | $-15.1M | $85.0M | ||
| Q1 24 | $-35.5M | $31.7M |
毛利率NETTTD
| Q4 25 | 73.6% | 80.7% | ||
| Q3 25 | 74.0% | 78.1% | ||
| Q2 25 | 74.9% | 78.2% | ||
| Q1 25 | 75.9% | 76.8% | ||
| Q4 24 | 76.4% | 81.7% | ||
| Q3 24 | 77.7% | 80.5% | ||
| Q2 24 | 77.8% | 81.1% | ||
| Q1 24 | 77.5% | 78.9% |
营业利润率NETTTD
| Q4 25 | -8.0% | 30.3% | ||
| Q3 25 | -6.7% | 21.8% | ||
| Q2 25 | -13.1% | 16.8% | ||
| Q1 25 | -11.1% | 8.8% | ||
| Q4 24 | -7.5% | 26.4% | ||
| Q3 24 | -7.2% | 17.3% | ||
| Q2 24 | -8.7% | 16.2% | ||
| Q1 24 | -14.4% | 5.8% |
净利率NETTTD
| Q4 25 | -2.0% | 22.1% | ||
| Q3 25 | -0.2% | 15.6% | ||
| Q2 25 | -9.8% | 13.0% | ||
| Q1 25 | -8.0% | 8.2% | ||
| Q4 24 | -2.8% | 24.6% | ||
| Q3 24 | -3.6% | 15.0% | ||
| Q2 24 | -3.8% | 14.5% | ||
| Q1 24 | -9.4% | 6.4% |
每股收益（稀释后）NETTTD
| Q4 25 | $-0.03 | $0.39 | ||
| Q3 25 | $0.00 | $0.23 | ||
| Q2 25 | $-0.15 | $0.18 | ||
| Q1 25 | $-0.11 | $0.10 | ||
| Q4 24 | $-0.05 | $0.36 | ||
| Q3 24 | $-0.04 | $0.19 | ||
| Q2 24 | $-0.04 | $0.17 | ||
| Q1 24 | $-0.10 | $0.06 |
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 | $1.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $2.5B |
| 总资产 | $6.0B | $6.2B |
| 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NETTTD
| Q4 25 | $943.5M | $1.3B | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | $1.5B | $1.7B | ||
| Q1 25 | $204.5M | $1.7B | ||
| Q4 24 | $147.7M | $1.9B | ||
| Q3 24 | $182.9M | $1.7B | ||
| Q2 24 | $157.0M | $1.5B | ||
| Q1 24 | $254.4M | $1.4B |
股东权益NETTTD
| Q4 25 | $1.5B | $2.5B | ||
| Q3 25 | $1.3B | $2.6B | ||
| Q2 25 | $1.2B | $2.7B | ||
| Q1 25 | $1.4B | $2.7B | ||
| Q4 24 | $1.0B | $2.9B | ||
| Q3 24 | $973.1M | $2.6B | ||
| Q2 24 | $881.5M | $2.4B | ||
| Q1 24 | $797.2M | $2.2B |
总资产NETTTD
| Q4 25 | $6.0B | $6.2B | ||
| Q3 25 | $5.8B | $5.9B | ||
| Q2 25 | $5.6B | $6.0B | ||
| Q1 25 | $3.7B | $5.7B | ||
| Q4 24 | $3.3B | $6.1B | ||
| Q3 24 | $3.1B | $5.5B | ||
| Q2 24 | $2.9B | $5.2B | ||
| Q1 24 | $2.8B | $4.7B |
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 | $311.6M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $285.3M |
| 自由现金流率自由现金流/营收 | 17.1% | 33.7% |
| 资本支出强度资本支出/营收 | 13.9% | 3.1% |
| 现金转化率经营现金流/净利润 | — | 1.67× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $795.7M |
8季度趋势，按日历期对齐
经营现金流NETTTD
| Q4 25 | $190.4M | $311.6M | ||
| Q3 25 | $167.1M | $224.7M | ||
| Q2 25 | $99.8M | $165.0M | ||
| Q1 25 | $145.8M | $291.4M | ||
| Q4 24 | $127.3M | $199.4M | ||
| Q3 24 | $104.7M | $273.3M | ||
| Q2 24 | $74.8M | $81.3M | ||
| Q1 24 | $73.6M | $185.5M |
自由现金流NETTTD
| Q4 25 | $105.2M | $285.3M | ||
| Q3 25 | $82.5M | $158.3M | ||
| Q2 25 | $39.9M | $119.8M | ||
| Q1 25 | $59.9M | $232.3M | ||
| Q4 24 | $54.2M | $179.2M | ||
| Q3 24 | $54.5M | $224.6M | ||
| Q2 24 | $45.2M | $59.1M | ||
| Q1 24 | $41.5M | $178.2M |
自由现金流率NETTTD
| Q4 25 | 17.1% | 33.7% | ||
| Q3 25 | 14.7% | 21.4% | ||
| Q2 25 | 7.8% | 17.3% | ||
| Q1 25 | 12.5% | 37.7% | ||
| Q4 24 | 11.8% | 24.2% | ||
| Q3 24 | 12.7% | 35.8% | ||
| Q2 24 | 11.3% | 10.1% | ||
| Q1 24 | 11.0% | 36.3% |
资本支出强度NETTTD
| Q4 25 | 13.9% | 3.1% | ||
| Q3 25 | 15.1% | 9.0% | ||
| Q2 25 | 11.7% | 6.5% | ||
| Q1 25 | 17.9% | 9.6% | ||
| Q4 24 | 15.9% | 2.7% | ||
| Q3 24 | 11.7% | 7.8% | ||
| Q2 24 | 7.4% | 3.8% | ||
| Q1 24 | 8.5% | 1.5% |
现金转化率NETTTD
| Q4 25 | — | 1.67× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | — | 1.83× | ||
| Q1 25 | — | 5.75× | ||
| Q4 24 | — | 1.09× | ||
| Q3 24 | — | 2.90× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | — | 5.86× |
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% |
TTD
| Other | $427.2M | 50% |
| Non Us | $419.6M | 50% |
