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Cloudflare, Inc.（NET）与环球音乐集团（ULH）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是环球音乐集团的1.6倍（$614.5M vs $385.4M），环球音乐集团净利率更高（1.0% vs -2.0%，领先2.9%），Cloudflare, Inc.同比增速更快（33.6% vs -17.1%），Cloudflare, Inc.自由现金流更多（$105.2M vs $14.3M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -11.5%）
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。
环球音乐集团是依据荷兰法律成立的跨国音乐企业集团，企业总部设在荷兰希尔弗瑟姆，运营总部位于美国加利福尼亚州圣莫尼卡。作为全球规模最大的音乐公司，它与索尼音乐娱乐、华纳音乐集团并称为三大唱片巨头。2020年腾讯斥资30亿欧元收购了其百分之二十的股份。
NET vs ULH — 直观对比
营收规模更大
NET
是对方的1.6倍
$385.4M
营收增速更快
NET
高出50.7%
-17.1%
净利率更高
ULH
高出2.9%
-2.0%
自由现金流更多
NET
多$91.0M
$14.3M
两年增速更快
NET
近两年复合增速
-11.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $385.4M |
| 净利润 | $-12.1M | $3.7M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 4.5% |
| 净利率 | -2.0% | 1.0% |
| 营收同比 | 33.6% | -17.1% |
| 净利润同比 | 6.0% | -81.5% |
| 每股收益（稀释后） | $-0.03 | $0.14 |
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NETULH
| Q4 25 | $614.5M | $385.4M | ||
| Q3 25 | $562.0M | $396.8M | ||
| Q2 25 | $512.3M | $393.8M | ||
| Q1 25 | $479.1M | $382.4M | ||
| Q4 24 | $459.9M | $465.1M | ||
| Q3 24 | $430.1M | $426.8M | ||
| Q2 24 | $401.0M | $462.2M | ||
| Q1 24 | $378.6M | $491.9M |
净利润NETULH
| Q4 25 | $-12.1M | $3.7M | ||
| Q3 25 | $-1.3M | $-117.9M | ||
| Q2 25 | $-50.4M | $8.3M | ||
| Q1 25 | $-38.5M | $6.0M | ||
| Q4 24 | $-12.8M | $20.2M | ||
| Q3 24 | $-15.3M | $26.5M | ||
| Q2 24 | $-15.1M | $30.7M | ||
| Q1 24 | $-35.5M | $52.5M |
毛利率NETULH
| 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NETULH
| Q4 25 | -8.0% | 4.5% | ||
| Q3 25 | -6.7% | -29.6% | ||
| Q2 25 | -13.1% | 5.1% | ||
| Q1 25 | -11.1% | 4.1% | ||
| Q4 24 | -7.5% | 8.2% | ||
| Q3 24 | -7.2% | 10.0% | ||
| Q2 24 | -8.7% | 10.2% | ||
| Q1 24 | -14.4% | 15.3% |
净利率NETULH
| Q4 25 | -2.0% | 1.0% | ||
| Q3 25 | -0.2% | -29.7% | ||
| Q2 25 | -9.8% | 2.1% | ||
| Q1 25 | -8.0% | 1.6% | ||
| Q4 24 | -2.8% | 4.3% | ||
| Q3 24 | -3.6% | 6.2% | ||
| Q2 24 | -3.8% | 6.7% | ||
| Q1 24 | -9.4% | 10.7% |
每股收益（稀释后）NETULH
| Q4 25 | $-0.03 | $0.14 | ||
| Q3 25 | $0.00 | $-4.48 | ||
| Q2 25 | $-0.15 | $0.32 | ||
| Q1 25 | $-0.11 | $0.23 | ||
| Q4 24 | $-0.05 | $0.76 | ||
| Q3 24 | $-0.04 | $1.01 | ||
| Q2 24 | $-0.04 | $1.17 | ||
| Q1 24 | $-0.10 | $1.99 |
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 | $26.8M |
| 总债务越低越好 | — | $797.6M |
| 股东权益账面价值 | $1.5B | $540.4M |
| 总资产 | $6.0B | $1.8B |
| 负债/权益比越低杠杆越低 | — | 1.48× |
8季度趋势，按日历期对齐
现金及短期投资NETULH
| Q4 25 | $943.5M | $26.8M | ||
| Q3 25 | $1.1B | $27.4M | ||
| Q2 25 | $1.5B | $24.3M | ||
| Q1 25 | $204.5M | $20.6M | ||
| Q4 24 | $147.7M | $19.4M | ||
| Q3 24 | $182.9M | $11.8M | ||
| Q2 24 | $157.0M | $7.5M | ||
| Q1 24 | $254.4M | $11.1M |
总债务NETULH
| Q4 25 | — | $797.6M | ||
| Q3 25 | — | $824.2M | ||
| Q2 25 | — | $795.5M | ||
| Q1 25 | — | $736.7M | ||
| Q4 24 | — | $759.1M | ||
| Q3 24 | — | $557.4M | ||
| Q2 24 | — | $483.8M | ||
| Q1 24 | — | $414.1M |
股东权益NETULH
| Q4 25 | $1.5B | $540.4M | ||
| Q3 25 | $1.3B | $534.9M | ||
| Q2 25 | $1.2B | $653.7M | ||
| Q1 25 | $1.4B | $646.4M | ||
| Q4 24 | $1.0B | $647.0M | ||
| Q3 24 | $973.1M | $631.0M | ||
| Q2 24 | $881.5M | $608.9M | ||
| Q1 24 | $797.2M | $583.9M |
总资产NETULH
| Q4 25 | $6.0B | $1.8B | ||
| Q3 25 | $5.8B | $1.8B | ||
| Q2 25 | $5.6B | $1.9B | ||
| Q1 25 | $3.7B | $1.8B | ||
| Q4 24 | $3.3B | $1.8B | ||
| Q3 24 | $3.1B | $1.6B | ||
| Q2 24 | $2.9B | $1.5B | ||
| Q1 24 | $2.8B | $1.4B |
负债/权益比NETULH
| Q4 25 | — | 1.48× | ||
| Q3 25 | — | 1.54× | ||
| Q2 25 | — | 1.22× | ||
| Q1 25 | — | 1.14× | ||
| Q4 24 | — | 1.17× | ||
| Q3 24 | — | 0.88× | ||
| Q2 24 | — | 0.79× | ||
| Q1 24 | — | 0.71× |
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 | $47.1M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $14.3M |
| 自由现金流率自由现金流/营收 | 17.1% | 3.7% |
| 资本支出强度资本支出/营收 | 13.9% | 8.5% |
| 现金转化率经营现金流/净利润 | — | 12.62× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $-41.1M |
8季度趋势，按日历期对齐
经营现金流NETULH
| Q4 25 | $190.4M | $47.1M | ||
| Q3 25 | $167.1M | $25.9M | ||
| Q2 25 | $99.8M | $25.7M | ||
| Q1 25 | $145.8M | $84.3M | ||
| Q4 24 | $127.3M | $59.7M | ||
| Q3 24 | $104.7M | $6.2M | ||
| Q2 24 | $74.8M | $9.6M | ||
| Q1 24 | $73.6M | $36.9M |
自由现金流NETULH
| Q4 25 | $105.2M | $14.3M | ||
| Q3 25 | $82.5M | $-28.6M | ||
| Q2 25 | $39.9M | $-58.5M | ||
| Q1 25 | $59.9M | $31.7M | ||
| Q4 24 | $54.2M | $18.9M | ||
| Q3 24 | $54.5M | $-58.9M | ||
| Q2 24 | $45.2M | $-67.6M | ||
| Q1 24 | $41.5M | $-31.7M |
自由现金流率NETULH
| Q4 25 | 17.1% | 3.7% | ||
| Q3 25 | 14.7% | -7.2% | ||
| Q2 25 | 7.8% | -14.9% | ||
| Q1 25 | 12.5% | 8.3% | ||
| Q4 24 | 11.8% | 4.1% | ||
| Q3 24 | 12.7% | -13.8% | ||
| Q2 24 | 11.3% | -14.6% | ||
| Q1 24 | 11.0% | -6.4% |
资本支出强度NETULH
| Q4 25 | 13.9% | 8.5% | ||
| Q3 25 | 15.1% | 13.7% | ||
| Q2 25 | 11.7% | 21.4% | ||
| Q1 25 | 17.9% | 13.7% | ||
| Q4 24 | 15.9% | 8.8% | ||
| Q3 24 | 11.7% | 15.3% | ||
| Q2 24 | 7.4% | 16.7% | ||
| Q1 24 | 8.5% | 13.9% |
现金转化率NETULH
| Q4 25 | — | 12.62× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 3.09× | ||
| Q1 25 | — | 14.02× | ||
| Q4 24 | — | 2.96× | ||
| Q3 24 | — | 0.23× | ||
| Q2 24 | — | 0.31× | ||
| Q1 24 | — | 0.70× |
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% |
ULH
| Value Added Services | $183.7M | 48% |
| Dedicated Services | $84.9M | 22% |
| Intermodal | $52.7M | 14% |
| Truckload Services | $48.8M | 13% |
| Brokerage Services | $16.1M | 4% |
