vs
Cloudflare, Inc.（NET）与Tradeweb Markets Inc.（TW）财务数据对比。点击上方公司名可切换其他公司
Tradeweb Markets Inc.的季度营收约是Cloudflare, Inc.的1.0倍（$617.8M vs $614.5M），Tradeweb Markets Inc.净利率更高（37.7% vs -2.0%，领先39.7%），Cloudflare, Inc.同比增速更快（33.6% vs 21.2%），Cloudflare, Inc.自由现金流更多（$105.2M vs $2.0M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 23.5%）
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。
Tradeweb Markets Inc.总部位于美国纽约，运营面向机构投资者的电子交易平台，支持固定收益产品、ETF及衍生品交易，服务覆盖银行、资管机构、央行、养老基金、保险公司等超3000家客户。2024年其83%营收来自交易手续费及佣金，17%来自订阅费，52%营收来自利率相关产品。
NET vs TW — 直观对比
营收规模更大
TW
是对方的1.0倍
$614.5M
营收增速更快
NET
高出12.4%
21.2%
净利率更高
TW
高出39.7%
-2.0%
自由现金流更多
NET
多$103.2M
$2.0M
两年增速更快
NET
近两年复合增速
23.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $617.8M |
| 净利润 | $-12.1M | $233.2M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 46.5% |
| 净利率 | -2.0% | 37.7% |
| 营收同比 | 33.6% | 21.2% |
| 净利润同比 | 6.0% | 38.5% |
| 每股收益（稀释后） | $-0.03 | $0.96 |
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NETTW
| Q1 26 | — | $617.8M | ||
| Q4 25 | $614.5M | $521.2M | ||
| Q3 25 | $562.0M | $508.6M | ||
| Q2 25 | $512.3M | $513.0M | ||
| Q1 25 | $479.1M | $509.7M | ||
| Q4 24 | $459.9M | $463.3M | ||
| Q3 24 | $430.1M | $448.9M | ||
| Q2 24 | $401.0M | $405.0M |
净利润NETTW
| Q1 26 | — | $233.2M | ||
| Q4 25 | $-12.1M | $325.0M | ||
| Q3 25 | $-1.3M | $185.6M | ||
| Q2 25 | $-50.4M | $153.8M | ||
| Q1 25 | $-38.5M | $148.4M | ||
| Q4 24 | $-12.8M | $142.2M | ||
| Q3 24 | $-15.3M | $113.9M | ||
| Q2 24 | $-15.1M | $119.2M |
毛利率NETTW
| Q1 26 | — | — | ||
| 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% | — |
营业利润率NETTW
| Q1 26 | — | 46.5% | ||
| Q4 25 | -8.0% | 42.4% | ||
| Q3 25 | -6.7% | 41.4% | ||
| Q2 25 | -13.1% | 39.0% | ||
| Q1 25 | -11.1% | 40.0% | ||
| Q4 24 | -7.5% | 40.7% | ||
| Q3 24 | -7.2% | 35.5% | ||
| Q2 24 | -8.7% | 40.1% |
净利率NETTW
| Q1 26 | — | 37.7% | ||
| Q4 25 | -2.0% | 62.4% | ||
| Q3 25 | -0.2% | 36.5% | ||
| Q2 25 | -9.8% | 30.0% | ||
| Q1 25 | -8.0% | 29.1% | ||
| Q4 24 | -2.8% | 30.7% | ||
| Q3 24 | -3.6% | 25.4% | ||
| Q2 24 | -3.8% | 29.4% |
每股收益（稀释后）NETTW
| Q1 26 | — | $0.96 | ||
| Q4 25 | $-0.03 | $1.52 | ||
| Q3 25 | $0.00 | $0.86 | ||
| Q2 25 | $-0.15 | $0.71 | ||
| Q1 25 | $-0.11 | $0.69 | ||
| Q4 24 | $-0.05 | $0.66 | ||
| Q3 24 | $-0.04 | $0.53 | ||
| Q2 24 | $-0.04 | $0.55 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | — |
| 总资产 | $6.0B | — |
| 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NETTW
| Q1 26 | — | — | ||
| Q4 25 | $943.5M | $2.1B | ||
| Q3 25 | $1.1B | $1.9B | ||
| Q2 25 | $1.5B | $1.6B | ||
| Q1 25 | $204.5M | $1.3B | ||
| Q4 24 | $147.7M | $1.3B | ||
| Q3 24 | $182.9M | $1.2B | ||
| Q2 24 | $157.0M | $1.7B |
股东权益NETTW
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $6.5B | ||
| Q3 25 | $1.3B | $6.3B | ||
| Q2 25 | $1.2B | $6.1B | ||
| Q1 25 | $1.4B | $5.9B | ||
| Q4 24 | $1.0B | $5.8B | ||
| Q3 24 | $973.1M | $5.7B | ||
| Q2 24 | $881.5M | $5.6B |
总资产NETTW
| Q1 26 | — | — | ||
| Q4 25 | $6.0B | $8.2B | ||
| Q3 25 | $5.8B | $8.0B | ||
| Q2 25 | $5.6B | $8.1B | ||
| Q1 25 | $3.7B | $7.4B | ||
| Q4 24 | $3.3B | $7.3B | ||
| Q3 24 | $3.1B | $7.3B | ||
| Q2 24 | $2.9B | $7.3B |
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 | $2.0M |
| 自由现金流率自由现金流/营收 | 17.1% | 0.3% |
| 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 | — | — |
| 过去12个月自由现金流最近4个季度 | $287.5M | $1.1B |
8季度趋势，按日历期对齐
经营现金流NETTW
| Q1 26 | — | — | ||
| Q4 25 | $190.4M | $355.9M | ||
| Q3 25 | $167.1M | $342.3M | ||
| Q2 25 | $99.8M | $409.2M | ||
| Q1 25 | $145.8M | $60.2M | ||
| Q4 24 | $127.3M | $282.0M | ||
| Q3 24 | $104.7M | $292.1M | ||
| Q2 24 | $74.8M | $285.7M |
自由现金流NETTW
| Q1 26 | — | $2.0M | ||
| Q4 25 | $105.2M | $336.5M | ||
| Q3 25 | $82.5M | $328.3M | ||
| Q2 25 | $39.9M | $403.7M | ||
| Q1 25 | $59.9M | $58.6M | ||
| Q4 24 | $54.2M | $256.8M | ||
| Q3 24 | $54.5M | $287.8M | ||
| Q2 24 | $45.2M | $280.8M |
自由现金流率NETTW
| Q1 26 | — | 0.3% | ||
| Q4 25 | 17.1% | 64.6% | ||
| Q3 25 | 14.7% | 64.5% | ||
| Q2 25 | 7.8% | 78.7% | ||
| Q1 25 | 12.5% | 11.5% | ||
| Q4 24 | 11.8% | 55.4% | ||
| Q3 24 | 12.7% | 64.1% | ||
| Q2 24 | 11.3% | 69.4% |
资本支出强度NETTW
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 3.7% | ||
| Q3 25 | 15.1% | 2.8% | ||
| Q2 25 | 11.7% | 1.1% | ||
| Q1 25 | 17.9% | 0.3% | ||
| Q4 24 | 15.9% | 5.4% | ||
| Q3 24 | 11.7% | 1.0% | ||
| Q2 24 | 7.4% | 1.2% |
现金转化率NETTW
| Q1 26 | — | — | ||
| Q4 25 | — | 1.10× | ||
| Q3 25 | — | 1.84× | ||
| Q2 25 | — | 2.66× | ||
| Q1 25 | — | 0.41× | ||
| Q4 24 | — | 1.98× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.40× |
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% |
TW
| Transaction fees and commissions | $523.8M | 85% |
| Subscription fees | $60.3M | 10% |
| LSEG market data fees | $26.7M | 4% |
