vs
Cloudflare, Inc.（NET）与VALHI INC（VHI）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VALHI INC的1.2倍（$614.5M vs $494.5M），Cloudflare, Inc.净利率更高（-2.0% vs -10.8%，领先8.8%），Cloudflare, Inc.同比增速更快（33.6% vs 2.8%），Cloudflare, Inc.自由现金流更多（$105.2M vs $89.8M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -3.5%）
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。
Valhi是一家美国控股公司，1987年由LLC公司与合并糖业公司合并成立，通过全资及控股子公司在多个不同行业开展业务。截至2014年12月，Contran公司持有其93%的普通股，2014年已跻身财富美国1000强企业之列。
NET vs VHI — 直观对比
营收规模更大
NET
是对方的1.2倍
$494.5M
营收增速更快
NET
高出30.8%
2.8%
净利率更高
NET
高出8.8%
-10.8%
自由现金流更多
NET
多$15.4M
$89.8M
两年增速更快
NET
近两年复合增速
-3.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $494.5M |
| 净利润 | $-12.1M | $-53.2M |
| 毛利率 | 73.6% | 6.9% |
| 营业利润率 | -8.0% | -6.2% |
| 净利率 | -2.0% | -10.8% |
| 营收同比 | 33.6% | 2.8% |
| 净利润同比 | 6.0% | -333.3% |
| 每股收益（稀释后） | $-0.03 | $-1.86 |
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NETVHI
| Q4 25 | $614.5M | $494.5M | ||
| Q3 25 | $562.0M | $503.5M | ||
| Q2 25 | $512.3M | $540.4M | ||
| Q1 25 | $479.1M | $538.6M | ||
| Q4 24 | $459.9M | $480.9M | ||
| Q3 24 | $430.1M | $533.6M | ||
| Q2 24 | $401.0M | $559.7M | ||
| Q1 24 | $378.6M | $530.6M |
净利润NETVHI
| Q4 25 | $-12.1M | $-53.2M | ||
| Q3 25 | $-1.3M | $-22.2M | ||
| Q2 25 | $-50.4M | $900.0K | ||
| Q1 25 | $-38.5M | $16.9M | ||
| Q4 24 | $-12.8M | $22.8M | ||
| Q3 24 | $-15.3M | $57.5M | ||
| Q2 24 | $-15.1M | $19.9M | ||
| Q1 24 | $-35.5M | $7.8M |
毛利率NETVHI
| Q4 25 | 73.6% | 6.9% | ||
| Q3 25 | 74.0% | 12.0% | ||
| Q2 25 | 74.9% | 14.5% | ||
| Q1 25 | 75.9% | 22.7% | ||
| Q4 24 | 76.4% | 20.9% | ||
| Q3 24 | 77.7% | 21.8% | ||
| Q2 24 | 77.8% | 21.7% | ||
| Q1 24 | 77.5% | 16.3% |
营业利润率NETVHI
| Q4 25 | -8.0% | -6.2% | ||
| Q3 25 | -6.7% | 1.7% | ||
| Q2 25 | -13.1% | 6.6% | ||
| Q1 25 | -11.1% | 9.3% | ||
| Q4 24 | -7.5% | 11.8% | ||
| Q3 24 | -7.2% | 12.7% | ||
| Q2 24 | -8.7% | 9.8% | ||
| Q1 24 | -14.4% | 5.9% |
净利率NETVHI
| Q4 25 | -2.0% | -10.8% | ||
| Q3 25 | -0.2% | -4.4% | ||
| Q2 25 | -9.8% | 0.2% | ||
| Q1 25 | -8.0% | 3.1% | ||
| Q4 24 | -2.8% | 4.7% | ||
| Q3 24 | -3.6% | 10.8% | ||
| Q2 24 | -3.8% | 3.6% | ||
| Q1 24 | -9.4% | 1.5% |
每股收益（稀释后）NETVHI
| Q4 25 | $-0.03 | $-1.86 | ||
| Q3 25 | $0.00 | $-0.78 | ||
| Q2 25 | $-0.15 | $0.03 | ||
| Q1 25 | $-0.11 | $0.59 | ||
| Q4 24 | $-0.05 | $0.81 | ||
| Q3 24 | $-0.04 | $2.01 | ||
| Q2 24 | $-0.04 | $0.70 | ||
| Q1 24 | $-0.10 | $0.27 |
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 | $216.9M |
| 总债务越低越好 | — | $590.9M |
| 股东权益账面价值 | $1.5B | $1.0B |
| 总资产 | $6.0B | $2.6B |
| 负债/权益比越低杠杆越低 | — | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资NETVHI
| Q4 25 | $943.5M | $216.9M | ||
| Q3 25 | $1.1B | $186.6M | ||
| Q2 25 | $1.5B | $190.9M | ||
| Q1 25 | $204.5M | $196.4M | ||
| Q4 24 | $147.7M | $350.2M | ||
| Q3 24 | $182.9M | $316.7M | ||
| Q2 24 | $157.0M | $386.9M | ||
| Q1 24 | $254.4M | $372.7M |
总债务NETVHI
| Q4 25 | — | $590.9M | ||
| Q3 25 | — | $661.5M | ||
| Q2 25 | — | $544.8M | ||
| Q1 25 | — | $525.9M | ||
| Q4 24 | — | $484.4M | ||
| Q3 24 | — | $526.6M | ||
| Q2 24 | — | $497.4M | ||
| Q1 24 | — | $511.2M |
股东权益NETVHI
| Q4 25 | $1.5B | $1.0B | ||
| Q3 25 | $1.3B | $1.0B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.0B | $1.0B | ||
| Q3 24 | $973.1M | $1.0B | ||
| Q2 24 | $881.5M | $962.6M | ||
| Q1 24 | $797.2M | $928.2M |
总资产NETVHI
| Q4 25 | $6.0B | $2.6B | ||
| Q3 25 | $5.8B | $2.7B | ||
| Q2 25 | $5.6B | $2.8B | ||
| Q1 25 | $3.7B | $2.8B | ||
| Q4 24 | $3.3B | $2.8B | ||
| Q3 24 | $3.1B | $2.8B | ||
| Q2 24 | $2.9B | $2.5B | ||
| Q1 24 | $2.8B | $2.6B |
负债/权益比NETVHI
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.63× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.49× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.52× | ||
| Q1 24 | — | 0.55× |
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 | $100.6M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $89.8M |
| 自由现金流率自由现金流/营收 | 17.1% | 18.2% |
| 资本支出强度资本支出/营收 | 13.9% | 2.2% |
| 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 | $-82.1M |
8季度趋势，按日历期对齐
经营现金流NETVHI
| Q4 25 | $190.4M | $100.6M | ||
| Q3 25 | $167.1M | $-1.9M | ||
| Q2 25 | $99.8M | $21.7M | ||
| Q1 25 | $145.8M | $-155.9M | ||
| Q4 24 | $127.3M | $45.8M | ||
| Q3 24 | $104.7M | $13.5M | ||
| Q2 24 | $74.8M | $33.5M | ||
| Q1 24 | $73.6M | $-48.8M |
自由现金流NETVHI
| Q4 25 | $105.2M | $89.8M | ||
| Q3 25 | $82.5M | $-12.3M | ||
| Q2 25 | $39.9M | $9.1M | ||
| Q1 25 | $59.9M | $-168.7M | ||
| Q4 24 | $54.2M | $33.3M | ||
| Q3 24 | $54.5M | $3.9M | ||
| Q2 24 | $45.2M | $29.7M | ||
| Q1 24 | $41.5M | $-53.8M |
自由现金流率NETVHI
| Q4 25 | 17.1% | 18.2% | ||
| Q3 25 | 14.7% | -2.4% | ||
| Q2 25 | 7.8% | 1.7% | ||
| Q1 25 | 12.5% | -31.3% | ||
| Q4 24 | 11.8% | 6.9% | ||
| Q3 24 | 12.7% | 0.7% | ||
| Q2 24 | 11.3% | 5.3% | ||
| Q1 24 | 11.0% | -10.1% |
资本支出强度NETVHI
| Q4 25 | 13.9% | 2.2% | ||
| Q3 25 | 15.1% | 2.1% | ||
| Q2 25 | 11.7% | 2.3% | ||
| Q1 25 | 17.9% | 2.4% | ||
| Q4 24 | 15.9% | 2.6% | ||
| Q3 24 | 11.7% | 1.8% | ||
| Q2 24 | 7.4% | 0.7% | ||
| Q1 24 | 8.5% | 0.9% |
现金转化率NETVHI
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 24.11× | ||
| Q1 25 | — | -9.22× | ||
| Q4 24 | — | 2.01× | ||
| Q3 24 | — | 0.23× | ||
| Q2 24 | — | 1.68× | ||
| Q1 24 | — | -6.26× |
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% |
VHI
| Chemicals | $418.3M | 85% |
| Real Estate Management And Development | $38.5M | 8% |
| Security Products | $29.5M | 6% |
| Marine Components | $8.2M | 2% |
