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Cloudflare, Inc.（NET）与Ubiquiti Inc.（UI）财务数据对比。点击上方公司名可切换其他公司
Ubiquiti Inc.的季度营收约是Cloudflare, Inc.的1.3倍（$814.9M vs $614.5M），Ubiquiti Inc.净利率更高（28.7% vs -2.0%，领先30.6%），Ubiquiti Inc.同比增速更快（35.8% vs 33.6%），Ubiquiti Inc.自由现金流更多（$260.3M vs $105.2M），过去两年Ubiquiti Inc.的营收复合增速更高（28.6% 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。
Ubiquiti Inc.是一家美国科技企业，2003年于加利福尼亚州圣何塞成立，目前总部位于纽约。公司旗下拥有多个品牌，主营面向企业及家庭用户的有线、无线数据通信产品的研发、生产与销售。
NET vs UI — 直观对比
营收规模更大
UI
是对方的1.3倍
$614.5M
营收增速更快
UI
高出2.2%
33.6%
净利率更高
UI
高出30.6%
-2.0%
自由现金流更多
UI
多$155.1M
$105.2M
两年增速更快
UI
近两年复合增速
27.4%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $814.9M |
| 净利润 | $-12.1M | $233.6M |
| 毛利率 | 73.6% | 45.9% |
| 营业利润率 | -8.0% | 35.9% |
| 净利率 | -2.0% | 28.7% |
| 营收同比 | 33.6% | 35.8% |
| 净利润同比 | 6.0% | 70.8% |
| 每股收益（稀释后） | $-0.03 | $3.86 |
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NETUI
| Q4 25 | $614.5M | $814.9M | ||
| Q3 25 | $562.0M | $733.8M | ||
| Q2 25 | $512.3M | $759.2M | ||
| Q1 25 | $479.1M | $664.2M | ||
| Q4 24 | $459.9M | $599.9M | ||
| Q3 24 | $430.1M | $550.3M | ||
| Q2 24 | $401.0M | $507.5M | ||
| Q1 24 | $378.6M | $493.0M |
净利润NETUI
| Q4 25 | $-12.1M | $233.6M | ||
| Q3 25 | $-1.3M | $207.9M | ||
| Q2 25 | $-50.4M | $266.7M | ||
| Q1 25 | $-38.5M | $180.4M | ||
| Q4 24 | $-12.8M | $136.8M | ||
| Q3 24 | $-15.3M | $128.0M | ||
| Q2 24 | $-15.1M | $103.8M | ||
| Q1 24 | $-35.5M | $76.3M |
毛利率NETUI
| Q4 25 | 73.6% | 45.9% | ||
| Q3 25 | 74.0% | 46.0% | ||
| Q2 25 | 74.9% | 45.1% | ||
| Q1 25 | 75.9% | 44.5% | ||
| Q4 24 | 76.4% | 41.2% | ||
| Q3 24 | 77.7% | 42.1% | ||
| Q2 24 | 77.8% | 40.2% | ||
| Q1 24 | 77.5% | 35.3% |
营业利润率NETUI
| Q4 25 | -8.0% | 35.9% | ||
| Q3 25 | -6.7% | 35.7% | ||
| Q2 25 | -13.1% | 34.4% | ||
| Q1 25 | -11.1% | 34.2% | ||
| Q4 24 | -7.5% | 29.8% | ||
| Q3 24 | -7.2% | 30.7% | ||
| Q2 24 | -8.7% | 27.3% | ||
| Q1 24 | -14.4% | 22.6% |
净利率NETUI
| Q4 25 | -2.0% | 28.7% | ||
| Q3 25 | -0.2% | 28.3% | ||
| Q2 25 | -9.8% | 35.1% | ||
| Q1 25 | -8.0% | 27.2% | ||
| Q4 24 | -2.8% | 22.8% | ||
| Q3 24 | -3.6% | 23.3% | ||
| Q2 24 | -3.8% | 20.5% | ||
| Q1 24 | -9.4% | 15.5% |
每股收益（稀释后）NETUI
| Q4 25 | $-0.03 | $3.86 | ||
| Q3 25 | $0.00 | $3.43 | ||
| Q2 25 | $-0.15 | $4.40 | ||
| Q1 25 | $-0.11 | $2.98 | ||
| Q4 24 | $-0.05 | $2.26 | ||
| Q3 24 | $-0.04 | $2.12 | ||
| Q2 24 | $-0.04 | $1.72 | ||
| 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 | $302.8M |
| 总债务越低越好 | — | $47.5M |
| 股东权益账面价值 | $1.5B | $1.0B |
| 总资产 | $6.0B | $1.6B |
| 负债/权益比越低杠杆越低 | — | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资NETUI
| Q4 25 | $943.5M | $302.8M | ||
| Q3 25 | $1.1B | $177.2M | ||
| Q2 25 | $1.5B | $149.7M | ||
| Q1 25 | $204.5M | $151.0M | ||
| Q4 24 | $147.7M | $133.1M | ||
| Q3 24 | $182.9M | $165.2M | ||
| Q2 24 | $157.0M | $126.3M | ||
| Q1 24 | $254.4M | $102.5M |
总债务NETUI
| Q4 25 | — | $47.5M | ||
| Q3 25 | — | $133.8M | ||
| Q2 25 | — | $250.0M | ||
| Q1 25 | — | $340.0M | ||
| Q4 24 | — | $406.3M | ||
| Q3 24 | — | $552.5M | ||
| Q2 24 | — | $708.1M | ||
| Q1 24 | — | $877.5M |
股东权益NETUI
| Q4 25 | $1.5B | $1.0B | ||
| Q3 25 | $1.3B | $828.4M | ||
| Q2 25 | $1.2B | $668.3M | ||
| Q1 25 | $1.4B | $436.1M | ||
| Q4 24 | $1.0B | $290.4M | ||
| Q3 24 | $973.1M | $188.1M | ||
| Q2 24 | $881.5M | $95.1M | ||
| Q1 24 | $797.2M | $25.9M |
总资产NETUI
| Q4 25 | $6.0B | $1.6B | ||
| Q3 25 | $5.8B | $1.5B | ||
| Q2 25 | $5.6B | $1.5B | ||
| Q1 25 | $3.7B | $1.3B | ||
| Q4 24 | $3.3B | $1.2B | ||
| Q3 24 | $3.1B | $1.2B | ||
| Q2 24 | $2.9B | $1.2B | ||
| Q1 24 | $2.8B | $1.2B |
负债/权益比NETUI
| Q4 25 | — | 0.05× | ||
| Q3 25 | — | 0.16× | ||
| Q2 25 | — | 0.37× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 2.94× | ||
| Q2 24 | — | 7.45× | ||
| Q1 24 | — | 33.92× |
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 | $263.9M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $260.3M |
| 自由现金流率自由现金流/营收 | 17.1% | 31.9% |
| 资本支出强度资本支出/营收 | 13.9% | 0.4% |
| 现金转化率经营现金流/净利润 | — | 1.13× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $699.5M |
8季度趋势，按日历期对齐
经营现金流NETUI
| Q4 25 | $190.4M | $263.9M | ||
| Q3 25 | $167.1M | $198.5M | ||
| Q2 25 | $99.8M | $130.4M | ||
| Q1 25 | $145.8M | $123.6M | ||
| Q4 24 | $127.3M | $152.4M | ||
| Q3 24 | $104.7M | $233.7M | ||
| Q2 24 | $74.8M | $231.4M | ||
| Q1 24 | $73.6M | $163.9M |
自由现金流NETUI
| Q4 25 | $105.2M | $260.3M | ||
| Q3 25 | $82.5M | $193.3M | ||
| Q2 25 | $39.9M | $125.2M | ||
| Q1 25 | $59.9M | $120.7M | ||
| Q4 24 | $54.2M | $150.4M | ||
| Q3 24 | $54.5M | $231.1M | ||
| Q2 24 | $45.2M | $229.5M | ||
| Q1 24 | $41.5M | $160.6M |
自由现金流率NETUI
| Q4 25 | 17.1% | 31.9% | ||
| Q3 25 | 14.7% | 26.3% | ||
| Q2 25 | 7.8% | 16.5% | ||
| Q1 25 | 12.5% | 18.2% | ||
| Q4 24 | 11.8% | 25.1% | ||
| Q3 24 | 12.7% | 42.0% | ||
| Q2 24 | 11.3% | 45.2% | ||
| Q1 24 | 11.0% | 32.6% |
资本支出强度NETUI
| Q4 25 | 13.9% | 0.4% | ||
| Q3 25 | 15.1% | 0.7% | ||
| Q2 25 | 11.7% | 0.7% | ||
| Q1 25 | 17.9% | 0.4% | ||
| Q4 24 | 15.9% | 0.3% | ||
| Q3 24 | 11.7% | 0.5% | ||
| Q2 24 | 7.4% | 0.4% | ||
| Q1 24 | 8.5% | 0.7% |
现金转化率NETUI
| Q4 25 | — | 1.13× | ||
| Q3 25 | — | 0.95× | ||
| Q2 25 | — | 0.49× | ||
| Q1 25 | — | 0.68× | ||
| Q4 24 | — | 1.11× | ||
| Q3 24 | — | 1.83× | ||
| Q2 24 | — | 2.23× | ||
| Q1 24 | — | 2.15× |
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% |
UI
| Enterprise Technology | $729.0M | 89% |
| Service Provider Technology | $85.9M | 11% |
