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Cloudflare, Inc.（NET）与VEEVA SYSTEMS INC（VEEV）财务数据对比。点击上方公司名可切换其他公司
VEEVA SYSTEMS INC的季度营收约是Cloudflare, Inc.的1.3倍（$811.2M vs $614.5M），VEEVA SYSTEMS INC净利率更高（29.1% vs -2.0%，领先31.1%），Cloudflare, Inc.同比增速更快（33.6% vs 16.0%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 13.4%）
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。
Veeva Systems Inc总部位于美国加利福尼亚州普莱森顿，是一家公益类上市企业，专注为生命科学行业提供云软件、数据服务及商业咨询，旗下产品可实现数据管理、监管注册跟踪、供应链全流程监督等多项功能。
NET vs VEEV — 直观对比
营收规模更大
VEEV
是对方的1.3倍
$614.5M
营收增速更快
NET
高出17.6%
16.0%
净利率更高
VEEV
高出31.1%
-2.0%
两年增速更快
NET
近两年复合增速
13.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $811.2M |
| 净利润 | $-12.1M | $236.2M |
| 毛利率 | 73.6% | 75.4% |
| 营业利润率 | -8.0% | 29.7% |
| 净利率 | -2.0% | 29.1% |
| 营收同比 | 33.6% | 16.0% |
| 净利润同比 | 6.0% | 27.1% |
| 每股收益（稀释后） | $-0.03 | $1.40 |
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NETVEEV
| Q4 25 | $614.5M | $811.2M | ||
| Q3 25 | $562.0M | $789.1M | ||
| Q2 25 | $512.3M | $759.0M | ||
| Q1 25 | $479.1M | $720.9M | ||
| Q4 24 | $459.9M | $699.2M | ||
| Q3 24 | $430.1M | $676.2M | ||
| Q2 24 | $401.0M | $650.3M | ||
| Q1 24 | $378.6M | $630.6M |
净利润NETVEEV
| Q4 25 | $-12.1M | $236.2M | ||
| Q3 25 | $-1.3M | $200.3M | ||
| Q2 25 | $-50.4M | $228.2M | ||
| Q1 25 | $-38.5M | $195.6M | ||
| Q4 24 | $-12.8M | $185.8M | ||
| Q3 24 | $-15.3M | $171.0M | ||
| Q2 24 | $-15.1M | $161.7M | ||
| Q1 24 | $-35.5M | $147.4M |
毛利率NETVEEV
| Q4 25 | 73.6% | 75.4% | ||
| Q3 25 | 74.0% | 75.3% | ||
| Q2 25 | 74.9% | 77.1% | ||
| Q1 25 | 75.9% | 74.9% | ||
| Q4 24 | 76.4% | 75.1% | ||
| Q3 24 | 77.7% | 74.8% | ||
| Q2 24 | 77.8% | 73.3% | ||
| Q1 24 | 77.5% | 72.4% |
营业利润率NETVEEV
| Q4 25 | -8.0% | 29.7% | ||
| Q3 25 | -6.7% | 24.8% | ||
| Q2 25 | -13.1% | 30.8% | ||
| Q1 25 | -11.1% | 26.1% | ||
| Q4 24 | -7.5% | 25.9% | ||
| Q3 24 | -7.2% | 24.6% | ||
| Q2 24 | -8.7% | 23.9% | ||
| Q1 24 | -14.4% | 21.4% |
净利率NETVEEV
| Q4 25 | -2.0% | 29.1% | ||
| Q3 25 | -0.2% | 25.4% | ||
| Q2 25 | -9.8% | 30.1% | ||
| Q1 25 | -8.0% | 27.1% | ||
| Q4 24 | -2.8% | 26.6% | ||
| Q3 24 | -3.6% | 25.3% | ||
| Q2 24 | -3.8% | 24.9% | ||
| Q1 24 | -9.4% | 23.4% |
每股收益（稀释后）NETVEEV
| Q4 25 | $-0.03 | $1.40 | ||
| Q3 25 | $0.00 | $1.19 | ||
| Q2 25 | $-0.15 | $1.37 | ||
| Q1 25 | $-0.11 | $1.17 | ||
| Q4 24 | $-0.05 | $1.13 | ||
| Q3 24 | $-0.04 | $1.04 | ||
| Q2 24 | $-0.04 | $0.98 | ||
| Q1 24 | $-0.10 | $0.90 |
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 | $1.7B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $7.0B |
| 总资产 | $6.0B | $8.1B |
| 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NETVEEV
| Q4 25 | $943.5M | $1.7B | ||
| Q3 25 | $1.1B | $1.9B | ||
| Q2 25 | $1.5B | $2.0B | ||
| Q1 25 | $204.5M | $1.1B | ||
| Q4 24 | $147.7M | $1.0B | ||
| Q3 24 | $182.9M | $1.2B | ||
| Q2 24 | $157.0M | $1.2B | ||
| Q1 24 | $254.4M | $703.5M |
股东权益NETVEEV
| Q4 25 | $1.5B | $7.0B | ||
| Q3 25 | $1.3B | $6.6B | ||
| Q2 25 | $1.2B | $6.2B | ||
| Q1 25 | $1.4B | $5.8B | ||
| Q4 24 | $1.0B | $5.5B | ||
| Q3 24 | $973.1M | $5.2B | ||
| Q2 24 | $881.5M | $4.9B | ||
| Q1 24 | $797.2M | $4.6B |
总资产NETVEEV
| Q4 25 | $6.0B | $8.1B | ||
| Q3 25 | $5.8B | $8.0B | ||
| Q2 25 | $5.6B | $7.8B | ||
| Q1 25 | $3.7B | $7.3B | ||
| Q4 24 | $3.3B | $6.5B | ||
| Q3 24 | $3.1B | $6.3B | ||
| Q2 24 | $2.9B | $6.2B | ||
| Q1 24 | $2.8B | $5.9B |
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 | $192.8M |
| 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 | — | 0.82× |
| 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NETVEEV
| Q4 25 | $190.4M | $192.8M | ||
| Q3 25 | $167.1M | $238.4M | ||
| Q2 25 | $99.8M | $877.2M | ||
| Q1 25 | $145.8M | $69.5M | ||
| Q4 24 | $127.3M | $164.1M | ||
| Q3 24 | $104.7M | $92.9M | ||
| Q2 24 | $74.8M | $763.5M | ||
| Q1 24 | $73.6M | $57.8M |
自由现金流NETVEEV
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | — | ||
| Q2 25 | $39.9M | — | ||
| Q1 25 | $59.9M | — | ||
| Q4 24 | $54.2M | — | ||
| Q3 24 | $54.5M | — | ||
| Q2 24 | $45.2M | — | ||
| Q1 24 | $41.5M | — |
自由现金流率NETVEEV
| Q4 25 | 17.1% | — | ||
| Q3 25 | 14.7% | — | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 12.5% | — | ||
| Q4 24 | 11.8% | — | ||
| Q3 24 | 12.7% | — | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 11.0% | — |
资本支出强度NETVEEV
| Q4 25 | 13.9% | — | ||
| Q3 25 | 15.1% | — | ||
| Q2 25 | 11.7% | — | ||
| Q1 25 | 17.9% | — | ||
| Q4 24 | 15.9% | — | ||
| Q3 24 | 11.7% | — | ||
| Q2 24 | 7.4% | — | ||
| Q1 24 | 8.5% | — |
现金转化率NETVEEV
| Q4 25 | — | 0.82× | ||
| Q3 25 | — | 1.19× | ||
| Q2 25 | — | 3.84× | ||
| Q1 25 | — | 0.36× | ||
| Q4 24 | — | 0.88× | ||
| Q3 24 | — | 0.54× | ||
| Q2 24 | — | 4.72× | ||
| Q1 24 | — | 0.39× |
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% |
VEEV
| Subscription Services Veeva Research And Development | $364.8M | 45% |
| Subscription Services Veeva Commercial Cloud | $317.6M | 39% |
| Professional Services Veeva Research And Development | $81.3M | 10% |
| Professional Services Veeva Commercial Cloud | $47.5M | 6% |
