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Cloudflare, Inc.（NET）与INNOVATE Corp.（VATE）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INNOVATE Corp.的1.6倍（$614.5M vs $382.7M），INNOVATE Corp.净利率更高（-1.9% vs -2.0%，领先0.0%），INNOVATE Corp.同比增速更快（61.7% vs 33.6%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 10.2%）
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。
创新公司（Innovate Corp.）是一家美国上市金融服务企业，创立于1994年，深耕金融服务领域，面向市场提供多元专业金融相关服务，是美国本土具备多年运营经验的公众金融服务机构。
NET vs VATE — 直观对比
营收规模更大
NET
是对方的1.6倍
$382.7M
营收增速更快
VATE
高出28.1%
33.6%
净利率更高
VATE
高出0.0%
-2.0%
两年增速更快
NET
近两年复合增速
10.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $382.7M |
| 净利润 | $-12.1M | $-7.4M |
| 毛利率 | 73.6% | 15.4% |
| 营业利润率 | -8.0% | 3.7% |
| 净利率 | -2.0% | -1.9% |
| 营收同比 | 33.6% | 61.7% |
| 净利润同比 | 6.0% | 55.4% |
| 每股收益（稀释后） | $-0.03 | $-0.57 |
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NETVATE
| Q4 25 | $614.5M | $382.7M | ||
| Q3 25 | $562.0M | $347.1M | ||
| Q2 25 | $512.3M | $242.0M | ||
| Q1 25 | $479.1M | $274.2M | ||
| Q4 24 | $459.9M | $236.6M | ||
| Q3 24 | $430.1M | $242.2M | ||
| Q2 24 | $401.0M | $313.1M | ||
| Q1 24 | $378.6M | $315.2M |
净利润NETVATE
| Q4 25 | $-12.1M | $-7.4M | ||
| Q3 25 | $-1.3M | $-8.9M | ||
| Q2 25 | $-50.4M | $-19.8M | ||
| Q1 25 | $-38.5M | $-24.5M | ||
| Q4 24 | $-12.8M | $-16.6M | ||
| Q3 24 | $-15.3M | $-15.0M | ||
| Q2 24 | $-15.1M | $14.4M | ||
| Q1 24 | $-35.5M | $-17.4M |
毛利率NETVATE
| Q4 25 | 73.6% | 15.4% | ||
| Q3 25 | 74.0% | 14.3% | ||
| Q2 25 | 74.9% | 18.8% | ||
| Q1 25 | 75.9% | 16.6% | ||
| Q4 24 | 76.4% | 19.6% | ||
| Q3 24 | 77.7% | 19.9% | ||
| Q2 24 | 77.8% | 21.0% | ||
| Q1 24 | 77.5% | 15.4% |
营业利润率NETVATE
| Q4 25 | -8.0% | 3.7% | ||
| Q3 25 | -6.7% | 1.8% | ||
| Q2 25 | -13.1% | 2.0% | ||
| Q1 25 | -11.1% | 1.2% | ||
| Q4 24 | -7.5% | 1.1% | ||
| Q3 24 | -7.2% | 2.4% | ||
| Q2 24 | -8.7% | 9.2% | ||
| Q1 24 | -14.4% | 0.9% |
净利率NETVATE
| Q4 25 | -2.0% | -1.9% | ||
| Q3 25 | -0.2% | -2.6% | ||
| Q2 25 | -9.8% | -8.2% | ||
| Q1 25 | -8.0% | -8.9% | ||
| Q4 24 | -2.8% | -7.0% | ||
| Q3 24 | -3.6% | -6.2% | ||
| Q2 24 | -3.8% | 4.6% | ||
| Q1 24 | -9.4% | -5.5% |
每股收益（稀释后）NETVATE
| Q4 25 | $-0.03 | $-0.57 | ||
| Q3 25 | $0.00 | $-0.71 | ||
| Q2 25 | $-0.15 | $-1.67 | ||
| Q1 25 | $-0.11 | $-1.89 | ||
| Q4 24 | $-0.05 | $-0.72 | ||
| Q3 24 | $-0.04 | $-1.18 | ||
| Q2 24 | $-0.04 | $1.03 | ||
| Q1 24 | $-0.10 | $-2.21 |
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 | $112.1M |
| 总债务越低越好 | — | $80.3M |
| 股东权益账面价值 | $1.5B | $-240.1M |
| 总资产 | $6.0B | $950.1M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资NETVATE
| Q4 25 | $943.5M | $112.1M | ||
| Q3 25 | $1.1B | $35.5M | ||
| Q2 25 | $1.5B | $33.4M | ||
| Q1 25 | $204.5M | $33.3M | ||
| Q4 24 | $147.7M | $48.8M | ||
| Q3 24 | $182.9M | $51.0M | ||
| Q2 24 | $157.0M | $80.2M | ||
| Q1 24 | $254.4M | $38.4M |
总债务NETVATE
| Q4 25 | — | $80.3M | ||
| Q3 25 | — | $97.3M | ||
| Q2 25 | — | $160.1M | ||
| Q1 25 | — | $139.9M | ||
| Q4 24 | — | $500.6M | ||
| Q3 24 | — | $502.4M | ||
| Q2 24 | — | $638.3M | ||
| Q1 24 | — | $641.5M |
股东权益NETVATE
| Q4 25 | $1.5B | $-240.1M | ||
| Q3 25 | $1.3B | $-233.3M | ||
| Q2 25 | $1.2B | $-224.8M | ||
| Q1 25 | $1.4B | $-204.2M | ||
| Q4 24 | $1.0B | $-180.4M | ||
| Q3 24 | $973.1M | $-163.1M | ||
| Q2 24 | $881.5M | $-149.0M | ||
| Q1 24 | $797.2M | $-184.4M |
总资产NETVATE
| Q4 25 | $6.0B | $950.1M | ||
| Q3 25 | $5.8B | $913.2M | ||
| Q2 25 | $5.6B | $890.9M | ||
| Q1 25 | $3.7B | $868.0M | ||
| Q4 24 | $3.3B | $891.1M | ||
| Q3 24 | $3.1B | $897.2M | ||
| Q2 24 | $2.9B | $898.9M | ||
| Q1 24 | $2.8B | $943.5M |
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 | $101.1M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | — |
| 自由现金流率自由现金流/营收 | 17.1% | — |
| 资本支出强度资本支出/营收 | 13.9% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $287.5M | — |
8季度趋势，按日历期对齐
经营现金流NETVATE
| Q4 25 | $190.4M | $101.1M | ||
| Q3 25 | $167.1M | $19.2M | ||
| Q2 25 | $99.8M | $40.4M | ||
| Q1 25 | $145.8M | $-14.1M | ||
| Q4 24 | $127.3M | $41.4M | ||
| Q3 24 | $104.7M | $-28.4M | ||
| Q2 24 | $74.8M | $21.5M | ||
| Q1 24 | $73.6M | $-25.4M |
自由现金流NETVATE
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | $19.0M | ||
| Q2 25 | $39.9M | — | ||
| Q1 25 | $59.9M | $-18.8M | ||
| Q4 24 | $54.2M | $34.2M | ||
| Q3 24 | $54.5M | $-31.5M | ||
| Q2 24 | $45.2M | $18.4M | ||
| Q1 24 | $41.5M | $-31.0M |
自由现金流率NETVATE
| Q4 25 | 17.1% | — | ||
| Q3 25 | 14.7% | 5.5% | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 12.5% | -6.9% | ||
| Q4 24 | 11.8% | 14.5% | ||
| Q3 24 | 12.7% | -13.0% | ||
| Q2 24 | 11.3% | 5.9% | ||
| Q1 24 | 11.0% | -9.8% |
资本支出强度NETVATE
| Q4 25 | 13.9% | — | ||
| Q3 25 | 15.1% | 0.1% | ||
| Q2 25 | 11.7% | — | ||
| Q1 25 | 17.9% | 1.7% | ||
| Q4 24 | 15.9% | 3.0% | ||
| Q3 24 | 11.7% | 1.3% | ||
| Q2 24 | 7.4% | 1.0% | ||
| Q1 24 | 8.5% | 1.8% |
现金转化率NETVATE
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.49× | ||
| 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% |
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
