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Cloudflare, Inc.（NET）与Frontier Group Holdings, Inc.（ULCC）财务数据对比。点击上方公司名可切换其他公司
Frontier Group Holdings, Inc.的季度营收约是Cloudflare, Inc.的1.6倍（$997.0M vs $614.5M），Frontier Group Holdings, Inc.净利率更高（5.3% vs -2.0%，领先7.3%），Cloudflare, Inc.同比增速更快（33.6% vs -0.5%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-113.0M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 7.4%）
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。
前沿通信母公司（Frontier Communications Parent, Inc.）是一家美国电信企业，拥有自营光纤网络，提供云服务，目前隶属于威瑞森。公司此前曾先后以公民公用事业公司、公民通信公司、前沿通信公司为名开展运营。
NET vs ULCC — 直观对比
营收规模更大
ULCC
是对方的1.6倍
$614.5M
营收增速更快
NET
高出34.1%
-0.5%
净利率更高
ULCC
高出7.3%
-2.0%
自由现金流更多
NET
多$218.2M
$-113.0M
两年增速更快
NET
近两年复合增速
7.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $997.0M |
| 净利润 | $-12.1M | $53.0M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 4.9% |
| 净利率 | -2.0% | 5.3% |
| 营收同比 | 33.6% | -0.5% |
| 净利润同比 | 6.0% | -1.9% |
| 每股收益（稀释后） | $-0.03 | $0.24 |
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NETULCC
| Q4 25 | $614.5M | $997.0M | ||
| Q3 25 | $562.0M | $886.0M | ||
| Q2 25 | $512.3M | $929.0M | ||
| Q1 25 | $479.1M | $912.0M | ||
| Q4 24 | $459.9M | $1.0B | ||
| Q3 24 | $430.1M | $935.0M | ||
| Q2 24 | $401.0M | $973.0M | ||
| Q1 24 | $378.6M | $865.0M |
净利润NETULCC
| Q4 25 | $-12.1M | $53.0M | ||
| Q3 25 | $-1.3M | $-77.0M | ||
| Q2 25 | $-50.4M | $-70.0M | ||
| Q1 25 | $-38.5M | $-43.0M | ||
| Q4 24 | $-12.8M | $54.0M | ||
| Q3 24 | $-15.3M | $26.0M | ||
| Q2 24 | $-15.1M | $31.0M | ||
| Q1 24 | $-35.5M | $-26.0M |
毛利率NETULCC
| 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% | — | ||
| Q1 24 | 77.5% | — |
营业利润率NETULCC
| Q4 25 | -8.0% | 4.9% | ||
| Q3 25 | -6.7% | -8.7% | ||
| Q2 25 | -13.1% | -8.1% | ||
| Q1 25 | -11.1% | -5.0% | ||
| Q4 24 | -7.5% | 4.5% | ||
| Q3 24 | -7.2% | 2.0% | ||
| Q2 24 | -8.7% | 2.6% | ||
| Q1 24 | -14.4% | -3.6% |
净利率NETULCC
| Q4 25 | -2.0% | 5.3% | ||
| Q3 25 | -0.2% | -8.7% | ||
| Q2 25 | -9.8% | -7.5% | ||
| Q1 25 | -8.0% | -4.7% | ||
| Q4 24 | -2.8% | 5.4% | ||
| Q3 24 | -3.6% | 2.8% | ||
| Q2 24 | -3.8% | 3.2% | ||
| Q1 24 | -9.4% | -3.0% |
每股收益（稀释后）NETULCC
| Q4 25 | $-0.03 | $0.24 | ||
| Q3 25 | $0.00 | $-0.34 | ||
| Q2 25 | $-0.15 | $-0.31 | ||
| Q1 25 | $-0.11 | $-0.19 | ||
| Q4 24 | $-0.05 | $0.24 | ||
| Q3 24 | $-0.04 | $0.11 | ||
| Q2 24 | $-0.04 | $0.14 | ||
| Q1 24 | $-0.10 | $-0.12 |
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 | $671.0M |
| 总债务越低越好 | — | $620.0M |
| 股东权益账面价值 | $1.5B | $491.0M |
| 总资产 | $6.0B | $7.2B |
| 负债/权益比越低杠杆越低 | — | 1.26× |
8季度趋势，按日历期对齐
现金及短期投资NETULCC
| Q4 25 | $943.5M | $671.0M | ||
| Q3 25 | $1.1B | $566.0M | ||
| Q2 25 | $1.5B | $563.0M | ||
| Q1 25 | $204.5M | $686.0M | ||
| Q4 24 | $147.7M | $740.0M | ||
| Q3 24 | $182.9M | $576.0M | ||
| Q2 24 | $157.0M | $658.0M | ||
| Q1 24 | $254.4M | $622.0M |
总债务NETULCC
| Q4 25 | — | $620.0M | ||
| Q3 25 | — | $673.0M | ||
| Q2 25 | — | $565.0M | ||
| Q1 25 | — | $512.0M | ||
| Q4 24 | — | $507.0M | ||
| Q3 24 | — | $474.0M | ||
| Q2 24 | — | $455.0M | ||
| Q1 24 | — | $469.0M |
股东权益NETULCC
| Q4 25 | $1.5B | $491.0M | ||
| Q3 25 | $1.3B | $434.0M | ||
| Q2 25 | $1.2B | $506.0M | ||
| Q1 25 | $1.4B | $570.0M | ||
| Q4 24 | $1.0B | $604.0M | ||
| Q3 24 | $973.1M | $549.0M | ||
| Q2 24 | $881.5M | $520.0M | ||
| Q1 24 | $797.2M | $484.0M |
总资产NETULCC
| Q4 25 | $6.0B | $7.2B | ||
| Q3 25 | $5.8B | $6.7B | ||
| Q2 25 | $5.6B | $6.5B | ||
| Q1 25 | $3.7B | $6.5B | ||
| Q4 24 | $3.3B | $6.2B | ||
| Q3 24 | $3.1B | $5.8B | ||
| Q2 24 | $2.9B | $5.7B | ||
| Q1 24 | $2.8B | $5.2B |
负债/权益比NETULCC
| Q4 25 | — | 1.26× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.88× | ||
| Q1 24 | — | 0.97× |
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 | $-91.0M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $-113.0M |
| 自由现金流率自由现金流/营收 | 17.1% | -11.3% |
| 资本支出强度资本支出/营收 | 13.9% | 2.2% |
| 现金转化率经营现金流/净利润 | — | -1.72× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $-600.0M |
8季度趋势，按日历期对齐
经营现金流NETULCC
| Q4 25 | $190.4M | $-91.0M | ||
| Q3 25 | $167.1M | $-215.0M | ||
| Q2 25 | $99.8M | $-133.0M | ||
| Q1 25 | $145.8M | $-86.0M | ||
| Q4 24 | $127.3M | $87.0M | ||
| Q3 24 | $104.7M | $-156.0M | ||
| Q2 24 | $74.8M | $9.0M | ||
| Q1 24 | $73.6M | $-22.0M |
自由现金流NETULCC
| Q4 25 | $105.2M | $-113.0M | ||
| Q3 25 | $82.5M | $-217.0M | ||
| Q2 25 | $39.9M | $-166.0M | ||
| Q1 25 | $59.9M | $-104.0M | ||
| Q4 24 | $54.2M | $73.0M | ||
| Q3 24 | $54.5M | $-170.0M | ||
| Q2 24 | $45.2M | $-22.0M | ||
| Q1 24 | $41.5M | $-39.0M |
自由现金流率NETULCC
| Q4 25 | 17.1% | -11.3% | ||
| Q3 25 | 14.7% | -24.5% | ||
| Q2 25 | 7.8% | -17.9% | ||
| Q1 25 | 12.5% | -11.4% | ||
| Q4 24 | 11.8% | 7.3% | ||
| Q3 24 | 12.7% | -18.2% | ||
| Q2 24 | 11.3% | -2.3% | ||
| Q1 24 | 11.0% | -4.5% |
资本支出强度NETULCC
| Q4 25 | 13.9% | 2.2% | ||
| Q3 25 | 15.1% | 0.2% | ||
| Q2 25 | 11.7% | 3.6% | ||
| Q1 25 | 17.9% | 2.0% | ||
| Q4 24 | 15.9% | 1.4% | ||
| Q3 24 | 11.7% | 1.5% | ||
| Q2 24 | 7.4% | 3.2% | ||
| Q1 24 | 8.5% | 2.0% |
现金转化率NETULCC
| Q4 25 | — | -1.72× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.61× | ||
| Q3 24 | — | -6.00× | ||
| Q2 24 | — | 0.29× | ||
| Q1 24 | — | — |
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% |
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
