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Cloudflare, Inc.（NET）与UL Solutions Inc.（ULS）财务数据对比。点击上方公司名可切换其他公司
UL Solutions Inc.的季度营收约是Cloudflare, Inc.的1.3倍（$789.0M vs $614.5M），UL Solutions Inc.净利率更高（8.5% vs -2.0%，领先10.5%），Cloudflare, Inc.同比增速更快（33.6% vs 6.8%），Cloudflare, Inc.自由现金流更多（$105.2M vs $86.0M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 8.5%）
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。
UL是总部位于美国伊利诺伊州诺斯布鲁克的全球私营安全领域企业，旗下设有三大机构：UL研究院、UL标准与倡议部门以及UL Solutions，为全球各行业客户提供标准制定、检测认证、风险管控等专业安全服务，保障产品与运营的合规性与安全性，助力企业可持续发展。
NET vs ULS — 直观对比
营收规模更大
ULS
是对方的1.3倍
$614.5M
营收增速更快
NET
高出26.8%
6.8%
净利率更高
ULS
高出10.5%
-2.0%
自由现金流更多
NET
多$19.2M
$86.0M
两年增速更快
NET
近两年复合增速
8.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $789.0M |
| 净利润 | $-12.1M | $67.0M |
| 毛利率 | 73.6% | 49.7% |
| 营业利润率 | -8.0% | 15.0% |
| 净利率 | -2.0% | 8.5% |
| 营收同比 | 33.6% | 6.8% |
| 净利润同比 | 6.0% | -17.3% |
| 每股收益（稀释后） | $-0.03 | $0.33 |
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NETULS
| Q4 25 | $614.5M | $789.0M | ||
| Q3 25 | $562.0M | $783.0M | ||
| Q2 25 | $512.3M | $776.0M | ||
| Q1 25 | $479.1M | $705.0M | ||
| Q4 24 | $459.9M | $739.0M | ||
| Q3 24 | $430.1M | $731.0M | ||
| Q2 24 | $401.0M | $730.0M | ||
| Q1 24 | $378.6M | $670.0M |
净利润NETULS
| Q4 25 | $-12.1M | $67.0M | ||
| Q3 25 | $-1.3M | $100.0M | ||
| Q2 25 | $-50.4M | $91.0M | ||
| Q1 25 | $-38.5M | $67.0M | ||
| Q4 24 | $-12.8M | $81.0M | ||
| Q3 24 | $-15.3M | $88.0M | ||
| Q2 24 | $-15.1M | $101.0M | ||
| Q1 24 | $-35.5M | $56.0M |
毛利率NETULS
| Q4 25 | 73.6% | 49.7% | ||
| Q3 25 | 74.0% | 50.3% | ||
| Q2 25 | 74.9% | 49.4% | ||
| Q1 25 | 75.9% | 48.4% | ||
| Q4 24 | 76.4% | 47.4% | ||
| Q3 24 | 77.7% | 49.0% | ||
| Q2 24 | 77.8% | 50.1% | ||
| Q1 24 | 77.5% | 47.6% |
营业利润率NETULS
| Q4 25 | -8.0% | 15.0% | ||
| Q3 25 | -6.7% | 19.9% | ||
| Q2 25 | -13.1% | 17.9% | ||
| Q1 25 | -11.1% | 15.5% | ||
| Q4 24 | -7.5% | 15.6% | ||
| Q3 24 | -7.2% | 17.8% | ||
| Q2 24 | -8.7% | 17.3% | ||
| Q1 24 | -14.4% | 13.6% |
净利率NETULS
| Q4 25 | -2.0% | 8.5% | ||
| Q3 25 | -0.2% | 12.8% | ||
| Q2 25 | -9.8% | 11.7% | ||
| Q1 25 | -8.0% | 9.5% | ||
| Q4 24 | -2.8% | 11.0% | ||
| Q3 24 | -3.6% | 12.0% | ||
| Q2 24 | -3.8% | 13.8% | ||
| Q1 24 | -9.4% | 8.4% |
每股收益（稀释后）NETULS
| Q4 25 | $-0.03 | $0.33 | ||
| Q3 25 | $0.00 | $0.49 | ||
| Q2 25 | $-0.15 | $0.45 | ||
| Q1 25 | $-0.11 | $0.33 | ||
| Q4 24 | $-0.05 | $0.40 | ||
| Q3 24 | $-0.04 | $0.44 | ||
| Q2 24 | $-0.04 | $0.50 | ||
| Q1 24 | $-0.10 | $0.28 |
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 | $295.0M |
| 总债务越低越好 | — | $491.0M |
| 股东权益账面价值 | $1.5B | $1.3B |
| 总资产 | $6.0B | $2.9B |
| 负债/权益比越低杠杆越低 | — | 0.39× |
8季度趋势，按日历期对齐
现金及短期投资NETULS
| Q4 25 | $943.5M | $295.0M | ||
| Q3 25 | $1.1B | $255.0M | ||
| Q2 25 | $1.5B | $272.0M | ||
| Q1 25 | $204.5M | $267.0M | ||
| Q4 24 | $147.7M | $298.0M | ||
| Q3 24 | $182.9M | $327.0M | ||
| Q2 24 | $157.0M | $295.0M | ||
| Q1 24 | $254.4M | $344.0M |
总债务NETULS
| Q4 25 | — | $491.0M | ||
| Q3 25 | — | $544.0M | ||
| Q2 25 | — | $608.0M | ||
| Q1 25 | — | $653.0M | ||
| Q4 24 | — | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | — | $810.0M | ||
| Q1 24 | — | $879.0M |
股东权益NETULS
| Q4 25 | $1.5B | $1.3B | ||
| Q3 25 | $1.3B | $1.2B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.4B | $970.0M | ||
| Q4 24 | $1.0B | $904.0M | ||
| Q3 24 | $973.1M | $872.0M | ||
| Q2 24 | $881.5M | $769.0M | ||
| Q1 24 | $797.2M | $671.0M |
总资产NETULS
| Q4 25 | $6.0B | $2.9B | ||
| Q3 25 | $5.8B | $2.9B | ||
| Q2 25 | $5.6B | $2.9B | ||
| Q1 25 | $3.7B | $2.9B | ||
| Q4 24 | $3.3B | $2.8B | ||
| Q3 24 | $3.1B | $2.9B | ||
| Q2 24 | $2.9B | $2.7B | ||
| Q1 24 | $2.8B | $2.8B |
负债/权益比NETULS
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.31× |
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 | $144.0M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $86.0M |
| 自由现金流率自由现金流/营收 | 17.1% | 10.9% |
| 资本支出强度资本支出/营收 | 13.9% | 7.4% |
| 现金转化率经营现金流/净利润 | — | 2.15× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $403.0M |
8季度趋势，按日历期对齐
经营现金流NETULS
| Q4 25 | $190.4M | $144.0M | ||
| Q3 25 | $167.1M | $155.0M | ||
| Q2 25 | $99.8M | $147.0M | ||
| Q1 25 | $145.8M | $154.0M | ||
| Q4 24 | $127.3M | $130.0M | ||
| Q3 24 | $104.7M | $150.0M | ||
| Q2 24 | $74.8M | $103.0M | ||
| Q1 24 | $73.6M | $141.0M |
自由现金流NETULS
| Q4 25 | $105.2M | $86.0M | ||
| Q3 25 | $82.5M | $109.0M | ||
| Q2 25 | $39.9M | $105.0M | ||
| Q1 25 | $59.9M | $103.0M | ||
| Q4 24 | $54.2M | $72.0M | ||
| Q3 24 | $54.5M | $84.0M | ||
| Q2 24 | $45.2M | $47.0M | ||
| Q1 24 | $41.5M | $84.0M |
自由现金流率NETULS
| Q4 25 | 17.1% | 10.9% | ||
| Q3 25 | 14.7% | 13.9% | ||
| Q2 25 | 7.8% | 13.5% | ||
| Q1 25 | 12.5% | 14.6% | ||
| Q4 24 | 11.8% | 9.7% | ||
| Q3 24 | 12.7% | 11.5% | ||
| Q2 24 | 11.3% | 6.4% | ||
| Q1 24 | 11.0% | 12.5% |
资本支出强度NETULS
| Q4 25 | 13.9% | 7.4% | ||
| Q3 25 | 15.1% | 5.9% | ||
| Q2 25 | 11.7% | 5.4% | ||
| Q1 25 | 17.9% | 7.2% | ||
| Q4 24 | 15.9% | 7.8% | ||
| Q3 24 | 11.7% | 9.0% | ||
| Q2 24 | 7.4% | 7.7% | ||
| Q1 24 | 8.5% | 8.5% |
现金转化率NETULS
| Q4 25 | — | 2.15× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 1.62× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | — | 1.60× | ||
| Q3 24 | — | 1.70× | ||
| Q2 24 | — | 1.02× | ||
| Q1 24 | — | 2.52× |
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% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
