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Cloudflare, Inc.（NET）与Victory Capital Holdings, Inc.（VCTR）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Victory Capital Holdings, Inc.的1.6倍（$614.5M vs $374.1M），Victory Capital Holdings, Inc.净利率更高（30.2% vs -2.0%，领先32.1%），Victory Capital Holdings, Inc.同比增速更快（61.0% vs 33.6%），Victory Capital Holdings, Inc.自由现金流更多（$144.5M vs $105.2M），过去两年Victory Capital Holdings, Inc.的营收复合增速更高（31.7% 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。
Victory Capital Holdings是一家总部位于美国得克萨斯州圣安东尼奥的金融服务企业，核心业务为投资管理。除美国本土外，公司在伦敦、中国香港、新加坡三地均配备了专业投资团队，为全球客户提供资产管理相关服务。
NET vs VCTR — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $374.1M |
| 净利润 | $-12.1M | $112.8M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 40.9% |
| 净利率 | -2.0% | 30.2% |
| 营收同比 | 33.6% | 61.0% |
| 净利润同比 | 6.0% | 46.6% |
| 每股收益（稀释后） | $-0.03 | $1.33 |
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
| Q4 25 | $614.5M | $374.1M | ||
| Q3 25 | $562.0M | $361.2M | ||
| Q2 25 | $512.3M | $351.2M | ||
| Q1 25 | $479.1M | $219.6M | ||
| Q4 24 | $459.9M | $232.4M | ||
| Q3 24 | $430.1M | $225.6M | ||
| Q2 24 | $401.0M | $219.6M | ||
| Q1 24 | $378.6M | $215.9M |
| Q4 25 | $-12.1M | $112.8M | ||
| Q3 25 | $-1.3M | $96.5M | ||
| Q2 25 | $-50.4M | $58.7M | ||
| Q1 25 | $-38.5M | $62.0M | ||
| Q4 24 | $-12.8M | $76.9M | ||
| Q3 24 | $-15.3M | $82.0M | ||
| Q2 24 | $-15.1M | $74.3M | ||
| Q1 24 | $-35.5M | $55.7M |
| 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% | — |
| Q4 25 | -8.0% | 40.9% | ||
| Q3 25 | -6.7% | 38.2% | ||
| Q2 25 | -13.1% | 26.8% | ||
| Q1 25 | -11.1% | 42.3% | ||
| Q4 24 | -7.5% | 48.1% | ||
| Q3 24 | -7.2% | 53.3% | ||
| Q2 24 | -8.7% | 50.4% | ||
| Q1 24 | -14.4% | 39.3% |
| Q4 25 | -2.0% | 30.2% | ||
| Q3 25 | -0.2% | 26.7% | ||
| Q2 25 | -9.8% | 16.7% | ||
| Q1 25 | -8.0% | 28.2% | ||
| Q4 24 | -2.8% | 33.1% | ||
| Q3 24 | -3.6% | 36.3% | ||
| Q2 24 | -3.8% | 33.8% | ||
| Q1 24 | -9.4% | 25.8% |
| Q4 25 | $-0.03 | $1.33 | ||
| Q3 25 | $0.00 | $1.11 | ||
| Q2 25 | $-0.15 | $0.68 | ||
| Q1 25 | $-0.11 | $0.96 | ||
| Q4 24 | $-0.05 | $1.18 | ||
| Q3 24 | $-0.04 | $1.24 | ||
| Q2 24 | $-0.04 | $1.12 | ||
| Q1 24 | $-0.10 | $0.84 |
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 | $163.7M |
| 总债务越低越好 | — | $970.0M |
| 股东权益账面价值 | $1.5B | $2.4B |
| 总资产 | $6.0B | $4.2B |
| 负债/权益比越低杠杆越低 | — | 0.40× |
8季度趋势，按日历期对齐
| Q4 25 | $943.5M | $163.7M | ||
| Q3 25 | $1.1B | $115.7M | ||
| Q2 25 | $1.5B | $107.9M | ||
| Q1 25 | $204.5M | $175.6M | ||
| Q4 24 | $147.7M | $126.7M | ||
| Q3 24 | $182.9M | $188.2M | ||
| Q2 24 | $157.0M | $119.0M | ||
| Q1 24 | $254.4M | $79.9M |
| Q4 25 | — | $970.0M | ||
| Q3 25 | — | $972.0M | ||
| Q2 25 | — | $965.7M | ||
| Q1 25 | — | $964.8M | ||
| Q4 24 | — | $963.9M | ||
| Q3 24 | — | $982.7M | ||
| Q2 24 | — | $981.7M | ||
| Q1 24 | — | $990.2M |
| Q4 25 | $1.5B | $2.4B | ||
| Q3 25 | $1.3B | $2.4B | ||
| Q2 25 | $1.2B | $2.5B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.0B | $1.1B | ||
| Q3 24 | $973.1M | $1.2B | ||
| Q2 24 | $881.5M | $1.1B | ||
| Q1 24 | $797.2M | $1.1B |
| Q4 25 | $6.0B | $4.2B | ||
| Q3 25 | $5.8B | $4.2B | ||
| Q2 25 | $5.6B | $4.2B | ||
| Q1 25 | $3.7B | $2.6B | ||
| Q4 24 | $3.3B | $2.5B | ||
| Q3 24 | $3.1B | $2.6B | ||
| Q2 24 | $2.9B | $2.5B | ||
| Q1 24 | $2.8B | $2.5B |
| Q4 25 | — | 0.40× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | 0.84× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.87× | ||
| Q1 24 | — | 0.92× |
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 | $145.1M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $144.5M |
| 自由现金流率自由现金流/营收 | 17.1% | 38.6% |
| 资本支出强度资本支出/营收 | 13.9% | 0.2% |
| 现金转化率经营现金流/净利润 | — | 1.29× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $381.3M |
8季度趋势，按日历期对齐
| Q4 25 | $190.4M | $145.1M | ||
| Q3 25 | $167.1M | $165.9M | ||
| Q2 25 | $99.8M | $-6.6M | ||
| Q1 25 | $145.8M | $81.1M | ||
| Q4 24 | $127.3M | $91.8M | ||
| Q3 24 | $104.7M | $99.8M | ||
| Q2 24 | $74.8M | $79.7M | ||
| Q1 24 | $73.6M | $68.7M |
| Q4 25 | $105.2M | $144.5M | ||
| Q3 25 | $82.5M | $164.8M | ||
| Q2 25 | $39.9M | $-7.5M | ||
| Q1 25 | $59.9M | $79.5M | ||
| Q4 24 | $54.2M | $91.7M | ||
| Q3 24 | $54.5M | $99.4M | ||
| Q2 24 | $45.2M | $79.5M | ||
| Q1 24 | $41.5M | $68.2M |
| Q4 25 | 17.1% | 38.6% | ||
| Q3 25 | 14.7% | 45.6% | ||
| Q2 25 | 7.8% | -2.1% | ||
| Q1 25 | 12.5% | 36.2% | ||
| Q4 24 | 11.8% | 39.4% | ||
| Q3 24 | 12.7% | 44.0% | ||
| Q2 24 | 11.3% | 36.2% | ||
| Q1 24 | 11.0% | 31.6% |
| Q4 25 | 13.9% | 0.2% | ||
| Q3 25 | 15.1% | 0.3% | ||
| Q2 25 | 11.7% | 0.3% | ||
| Q1 25 | 17.9% | 0.7% | ||
| Q4 24 | 15.9% | 0.1% | ||
| Q3 24 | 11.7% | 0.2% | ||
| Q2 24 | 7.4% | 0.1% | ||
| Q1 24 | 8.5% | 0.2% |
| Q4 25 | — | 1.29× | ||
| Q3 25 | — | 1.72× | ||
| Q2 25 | — | -0.11× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | — | 1.19× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | — | 1.07× | ||
| Q1 24 | — | 1.23× |
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% |
VCTR
| Investment Management Fees | $301.4M | 81% |
| Fund Administration And Distribution Fees | $72.8M | 19% |
