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Cloudflare, Inc.（NET）与Vici Properties（VICI）财务数据对比。点击上方公司名可切换其他公司
Vici Properties的季度营收约是Cloudflare, Inc.的1.6倍（$1.0B vs $614.5M），Vici Properties净利率更高（59.7% vs -2.0%，领先61.7%），Cloudflare, Inc.同比增速更快（33.6% vs 3.8%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 3.2%）
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。
Vici Properties是总部位于美国纽约的房地产投资信托（REIT），专注于博彩及娱乐类物业。公司成立于2017年，由凯撒娱乐集团破产重组时分拆而来，目前在美加两国持有54家赌场、酒店、赛马场，4座高尔夫球场及38个保龄球馆。
NET vs VICI — 直观对比
营收规模更大
VICI
是对方的1.6倍
$614.5M
营收增速更快
NET
高出29.8%
3.8%
净利率更高
VICI
高出61.7%
-2.0%
两年增速更快
NET
近两年复合增速
3.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $1.0B |
| 净利润 | $-12.1M | $604.8M |
| 毛利率 | 73.6% | 99.3% |
| 营业利润率 | -8.0% | 60.2% |
| 净利率 | -2.0% | 59.7% |
| 营收同比 | 33.6% | 3.8% |
| 净利润同比 | 6.0% | -1.6% |
| 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NETVICI
| Q4 25 | $614.5M | $1.0B | ||
| Q3 25 | $562.0M | $1.0B | ||
| Q2 25 | $512.3M | $1.0B | ||
| Q1 25 | $479.1M | $984.2M | ||
| Q4 24 | $459.9M | $976.1M | ||
| Q3 24 | $430.1M | $964.7M | ||
| Q2 24 | $401.0M | $957.0M | ||
| Q1 24 | $378.6M | $951.5M |
净利润NETVICI
| Q4 25 | $-12.1M | $604.8M | ||
| Q3 25 | $-1.3M | $762.0M | ||
| Q2 25 | $-50.4M | $865.1M | ||
| Q1 25 | $-38.5M | $543.6M | ||
| Q4 24 | $-12.8M | $614.6M | ||
| Q3 24 | $-15.3M | $732.9M | ||
| Q2 24 | $-15.1M | $741.3M | ||
| Q1 24 | $-35.5M | $590.0M |
毛利率NETVICI
| Q4 25 | 73.6% | 99.3% | ||
| Q3 25 | 74.0% | 99.3% | ||
| Q2 25 | 74.9% | 99.3% | ||
| Q1 25 | 75.9% | 99.4% | ||
| Q4 24 | 76.4% | 99.3% | ||
| Q3 24 | 77.7% | 99.3% | ||
| Q2 24 | 77.8% | 99.3% | ||
| Q1 24 | 77.5% | 99.3% |
营业利润率NETVICI
| Q4 25 | -8.0% | 60.2% | ||
| Q3 25 | -6.7% | 77.2% | ||
| Q2 25 | -13.1% | 88.3% | ||
| Q1 25 | -11.1% | 55.9% | ||
| Q4 24 | -7.5% | 64.2% | ||
| Q3 24 | -7.2% | 77.4% | ||
| Q2 24 | -8.7% | 79.0% | ||
| Q1 24 | -14.4% | 63.2% |
净利率NETVICI
| Q4 25 | -2.0% | 59.7% | ||
| Q3 25 | -0.2% | 75.6% | ||
| Q2 25 | -9.8% | 86.4% | ||
| Q1 25 | -8.0% | 55.2% | ||
| Q4 24 | -2.8% | 63.0% | ||
| Q3 24 | -3.6% | 76.0% | ||
| Q2 24 | -3.8% | 77.5% | ||
| Q1 24 | -9.4% | 62.0% |
每股收益（稀释后）NETVICI
| Q4 25 | $-0.03 | $0.57 | ||
| Q3 25 | $0.00 | $0.71 | ||
| Q2 25 | $-0.15 | $0.82 | ||
| Q1 25 | $-0.11 | $0.51 | ||
| Q4 24 | $-0.05 | $0.58 | ||
| Q3 24 | $-0.04 | $0.70 | ||
| Q2 24 | $-0.04 | $0.71 | ||
| Q1 24 | $-0.10 | $0.57 |
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 | $608.0M |
| 总债务越低越好 | — | $16.8B |
| 股东权益账面价值 | $1.5B | $27.8B |
| 总资产 | $6.0B | $46.7B |
| 负债/权益比越低杠杆越低 | — | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资NETVICI
| Q4 25 | $943.5M | $608.0M | ||
| Q3 25 | $1.1B | $507.5M | ||
| Q2 25 | $1.5B | $233.0M | ||
| Q1 25 | $204.5M | $334.3M | ||
| Q4 24 | $147.7M | $524.6M | ||
| Q3 24 | $182.9M | $355.7M | ||
| Q2 24 | $157.0M | $347.2M | ||
| Q1 24 | $254.4M | $514.9M |
总债务NETVICI
| Q4 25 | — | $16.8B | ||
| Q3 25 | — | $16.8B | ||
| Q2 25 | — | $16.9B | ||
| Q1 25 | — | $16.8B | ||
| Q4 24 | — | $16.7B | ||
| Q3 24 | — | $16.7B | ||
| Q2 24 | — | $16.7B | ||
| Q1 24 | — | $16.7B |
股东权益NETVICI
| Q4 25 | $1.5B | $27.8B | ||
| Q3 25 | $1.3B | $27.7B | ||
| Q2 25 | $1.2B | $27.0B | ||
| Q1 25 | $1.4B | $26.6B | ||
| Q4 24 | $1.0B | $26.5B | ||
| Q3 24 | $973.1M | $26.1B | ||
| Q2 24 | $881.5M | $25.7B | ||
| Q1 24 | $797.2M | $25.4B |
总资产NETVICI
| Q4 25 | $6.0B | $46.7B | ||
| Q3 25 | $5.8B | $46.5B | ||
| Q2 25 | $5.6B | $46.1B | ||
| Q1 25 | $3.7B | $45.5B | ||
| Q4 24 | $3.3B | $45.4B | ||
| Q3 24 | $3.1B | $44.9B | ||
| Q2 24 | $2.9B | $44.5B | ||
| Q1 24 | $2.8B | $44.2B |
负债/权益比NETVICI
| Q4 25 | — | 0.60× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.63× | ||
| Q1 25 | — | 0.63× | ||
| Q4 24 | — | 0.63× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | — | 0.66× |
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 | $691.9M |
| 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 | — | 1.14× |
| 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NETVICI
| Q4 25 | $190.4M | $691.9M | ||
| Q3 25 | $167.1M | $586.3M | ||
| Q2 25 | $99.8M | $639.9M | ||
| Q1 25 | $145.8M | $591.9M | ||
| Q4 24 | $127.3M | $644.1M | ||
| Q3 24 | $104.7M | $579.1M | ||
| Q2 24 | $74.8M | $614.6M | ||
| Q1 24 | $73.6M | $543.7M |
自由现金流NETVICI
| 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NETVICI
| 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NETVICI
| 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NETVICI
| Q4 25 | — | 1.14× | ||
| Q3 25 | — | 0.77× | ||
| Q2 25 | — | 0.74× | ||
| Q1 25 | — | 1.09× | ||
| Q4 24 | — | 1.05× | ||
| Q3 24 | — | 0.79× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | — | 0.92× |
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% |
VICI
| Fixed Rent | $504.3M | 50% |
| Other | $478.4M | 47% |
| Contingent Rent | $30.4M | 3% |
