vs
Cloudflare, Inc.（NET）与Tyler Technologies（TYL）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Tyler Technologies的1.1倍（$614.5M vs $575.2M）。Tyler Technologies净利率更高（11.4% vs -2.0%，领先13.4%）。Cloudflare, Inc.同比增速更快（33.6% vs 6.3%）。Tyler Technologies自由现金流更多（$239.6M vs $105.2M）。过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 6.0%）
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。
Tyler Technologies, Inc.是总部位于美国得克萨斯州普莱诺的科技企业，主营面向美国公共部门提供自研专有软件，目前在全美17个州设有办事处，另在加拿大安大略省多伦多市设有一处办公网点。
NET vs TYL — 直观对比
营收规模更大
NET
是对方的1.1倍
$575.2M
营收增速更快
NET
高出27.3%
6.3%
净利率更高
TYL
高出13.4%
-2.0%
自由现金流更多
TYL
多$134.3M
$105.2M
两年增速更快
NET
近两年复合增速
6.0%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $575.2M |
| 净利润 | $-12.1M | $65.5M |
| 毛利率 | 73.6% | 45.5% |
| 营业利润率 | -8.0% | 13.0% |
| 净利率 | -2.0% | 11.4% |
| 营收同比 | 33.6% | 6.3% |
| 净利润同比 | 6.0% | 0.5% |
| 每股收益（稀释后） | $-0.03 | $1.50 |
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NETTYL
| Q4 25 | $614.5M | $575.2M | ||
| Q3 25 | $562.0M | $595.9M | ||
| Q2 25 | $512.3M | $596.1M | ||
| Q1 25 | $479.1M | $565.2M | ||
| Q4 24 | $459.9M | $541.1M | ||
| Q3 24 | $430.1M | $543.3M | ||
| Q2 24 | $401.0M | $541.0M | ||
| Q1 24 | $378.6M | $512.4M |
净利润NETTYL
| Q4 25 | $-12.1M | $65.5M | ||
| Q3 25 | $-1.3M | $84.4M | ||
| Q2 25 | $-50.4M | $84.6M | ||
| Q1 25 | $-38.5M | $81.1M | ||
| Q4 24 | $-12.8M | $65.2M | ||
| Q3 24 | $-15.3M | $75.9M | ||
| Q2 24 | $-15.1M | $67.7M | ||
| Q1 24 | $-35.5M | $54.2M |
毛利率NETTYL
| Q4 25 | 73.6% | 45.5% | ||
| Q3 25 | 74.0% | 47.2% | ||
| Q2 25 | 74.9% | 45.8% | ||
| Q1 25 | 75.9% | 47.3% | ||
| Q4 24 | 76.4% | 43.8% | ||
| Q3 24 | 77.7% | 43.7% | ||
| Q2 24 | 77.8% | 44.0% | ||
| Q1 24 | 77.5% | 43.7% |
营业利润率NETTYL
| Q4 25 | -8.0% | 13.0% | ||
| Q3 25 | -6.7% | 16.4% | ||
| Q2 25 | -13.1% | 16.0% | ||
| Q1 25 | -11.1% | 15.8% | ||
| Q4 24 | -7.5% | 13.2% | ||
| Q3 24 | -7.2% | 15.2% | ||
| Q2 24 | -8.7% | 14.4% | ||
| Q1 24 | -14.4% | 13.1% |
净利率NETTYL
| Q4 25 | -2.0% | 11.4% | ||
| Q3 25 | -0.2% | 14.2% | ||
| Q2 25 | -9.8% | 14.2% | ||
| Q1 25 | -8.0% | 14.3% | ||
| Q4 24 | -2.8% | 12.1% | ||
| Q3 24 | -3.6% | 14.0% | ||
| Q2 24 | -3.8% | 12.5% | ||
| Q1 24 | -9.4% | 10.6% |
每股收益（稀释后）NETTYL
| Q4 25 | $-0.03 | $1.50 | ||
| Q3 25 | $0.00 | $1.93 | ||
| Q2 25 | $-0.15 | $1.93 | ||
| Q1 25 | $-0.11 | $1.84 | ||
| Q4 24 | $-0.05 | $1.48 | ||
| Q3 24 | $-0.04 | $1.74 | ||
| Q2 24 | $-0.04 | $1.57 | ||
| Q1 24 | $-0.10 | $1.26 |
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 | $1.1B |
| 总债务越低越好 | — | $599.7M |
| 股东权益账面价值 | $1.5B | $3.7B |
| 总资产 | $6.0B | $5.6B |
| 负债/权益比越低杠杆越低 | — | 0.16× |
8季度趋势，按日历期对齐
现金及短期投资NETTYL
| Q4 25 | $943.5M | $1.1B | ||
| Q3 25 | $1.1B | $950.8M | ||
| Q2 25 | $1.5B | $892.3M | ||
| Q1 25 | $204.5M | $807.4M | ||
| Q4 24 | $147.7M | $768.0M | ||
| Q3 24 | $182.9M | $544.3M | ||
| Q2 24 | $157.0M | $258.0M | ||
| Q1 24 | $254.4M | $196.9M |
总债务NETTYL
| Q4 25 | — | $599.7M | ||
| Q3 25 | — | $599.2M | ||
| Q2 25 | — | $598.8M | ||
| Q1 25 | — | $598.4M | ||
| Q4 24 | — | $597.9M | ||
| Q3 24 | — | $597.5M | ||
| Q2 24 | — | $597.1M | ||
| Q1 24 | — | $596.6M |
股东权益NETTYL
| Q4 25 | $1.5B | $3.7B | ||
| Q3 25 | $1.3B | $3.6B | ||
| Q2 25 | $1.2B | $3.6B | ||
| Q1 25 | $1.4B | $3.5B | ||
| Q4 24 | $1.0B | $3.4B | ||
| Q3 24 | $973.1M | $3.3B | ||
| Q2 24 | $881.5M | $3.1B | ||
| Q1 24 | $797.2M | $3.0B |
总资产NETTYL
| Q4 25 | $6.0B | $5.6B | ||
| Q3 25 | $5.8B | $5.5B | ||
| Q2 25 | $5.6B | $5.4B | ||
| Q1 25 | $3.7B | $5.2B | ||
| Q4 24 | $3.3B | $5.2B | ||
| Q3 24 | $3.1B | $5.0B | ||
| Q2 24 | $2.9B | $4.8B | ||
| Q1 24 | $2.8B | $4.6B |
负债/权益比NETTYL
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.17× | ||
| Q2 25 | — | 0.16× | ||
| Q1 25 | — | 0.17× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.18× | ||
| Q2 24 | — | 0.19× | ||
| Q1 24 | — | 0.20× |
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 | $243.9M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $239.6M |
| 自由现金流率自由现金流/营收 | 17.1% | 41.7% |
| 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 | — | 3.72× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $637.5M |
8季度趋势，按日历期对齐
经营现金流NETTYL
| Q4 25 | $190.4M | $243.9M | ||
| Q3 25 | $167.1M | $255.2M | ||
| Q2 25 | $99.8M | $98.3M | ||
| Q1 25 | $145.8M | $56.2M | ||
| Q4 24 | $127.3M | $224.8M | ||
| Q3 24 | $104.7M | $263.7M | ||
| Q2 24 | $74.8M | $64.3M | ||
| Q1 24 | $73.6M | $71.8M |
自由现金流NETTYL
| Q4 25 | $105.2M | $239.6M | ||
| Q3 25 | $82.5M | $251.3M | ||
| Q2 25 | $39.9M | $92.8M | ||
| Q1 25 | $59.9M | $53.8M | ||
| Q4 24 | $54.2M | $221.0M | ||
| Q3 24 | $54.5M | $260.8M | ||
| Q2 24 | $45.2M | $57.7M | ||
| Q1 24 | $41.5M | $64.6M |
自由现金流率NETTYL
| Q4 25 | 17.1% | 41.7% | ||
| Q3 25 | 14.7% | 42.2% | ||
| Q2 25 | 7.8% | 15.6% | ||
| Q1 25 | 12.5% | 9.5% | ||
| Q4 24 | 11.8% | 40.8% | ||
| Q3 24 | 12.7% | 48.0% | ||
| Q2 24 | 11.3% | 10.7% | ||
| Q1 24 | 11.0% | 12.6% |
资本支出强度NETTYL
| Q4 25 | 13.9% | 0.8% | ||
| Q3 25 | 15.1% | 0.7% | ||
| Q2 25 | 11.7% | 0.9% | ||
| Q1 25 | 17.9% | 0.4% | ||
| Q4 24 | 15.9% | 0.7% | ||
| Q3 24 | 11.7% | 0.5% | ||
| Q2 24 | 7.4% | 1.2% | ||
| Q1 24 | 8.5% | 1.4% |
现金转化率NETTYL
| Q4 25 | — | 3.72× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 1.16× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | — | 3.45× | ||
| Q3 24 | — | 3.47× | ||
| Q2 24 | — | 0.95× | ||
| Q1 24 | — | 1.33× |
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% |
TYL
| Saas Arrangements | $186.1M | 32% |
| Platform Technologies Segment | $143.3M | 25% |
| Maintenance | $109.4M | 19% |
| Professional Services | $55.3M | 10% |
| Nonrecurring Revenue | $51.3M | 9% |
| Other | $21.4M | 4% |
| Hardware And Other | $8.4M | 1% |
