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Cloudflare, Inc.（NET）与Virtu Financial, Inc.（VIRT）财务数据对比。点击上方公司名可切换其他公司
Virtu Financial, Inc.的季度营收约是Cloudflare, Inc.的1.8倍（$1.1B vs $614.5M），Virtu Financial, Inc.净利率更高（31.6% vs -2.0%，领先33.6%），Cloudflare, Inc.同比增速更快（33.6% vs 30.7%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 25.7%）
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。
Virtu Financial, Inc.是一家总部位于美国的高频交易企业，专注于金融市场的自动化交易业务，拥有行业领先的交易技术研发与落地能力，于2015年在纳斯达克证券交易所正式挂牌上市。
NET vs VIRT — 直观对比
营收规模更大
VIRT
是对方的1.8倍
$614.5M
营收增速更快
NET
高出2.9%
30.7%
净利率更高
VIRT
高出33.6%
-2.0%
两年增速更快
NET
近两年复合增速
25.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $1.1B |
| 净利润 | $-12.1M | $346.6M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 37.4% |
| 净利率 | -2.0% | 31.6% |
| 营收同比 | 33.6% | 30.7% |
| 净利润同比 | 6.0% | 82.8% |
| 每股收益（稀释后） | $-0.03 | $1.99 |
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NETVIRT
| Q1 26 | — | $1.1B | ||
| Q4 25 | $614.5M | $969.9M | ||
| Q3 25 | $562.0M | $824.8M | ||
| Q2 25 | $512.3M | $999.6M | ||
| Q1 25 | $479.1M | $837.9M | ||
| Q4 24 | $459.9M | $834.3M | ||
| Q3 24 | $430.1M | $706.8M | ||
| Q2 24 | $401.0M | $693.0M |
净利润NETVIRT
| Q1 26 | — | $346.6M | ||
| Q4 25 | $-12.1M | $139.9M | ||
| Q3 25 | $-1.3M | $77.6M | ||
| Q2 25 | $-50.4M | $151.2M | ||
| Q1 25 | $-38.5M | $99.7M | ||
| Q4 24 | $-12.8M | $94.1M | ||
| Q3 24 | $-15.3M | $60.0M | ||
| Q2 24 | $-15.1M | $66.6M |
毛利率NETVIRT
| Q1 26 | — | — | ||
| 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% | — |
营业利润率NETVIRT
| Q1 26 | — | 37.4% | ||
| Q4 25 | -8.0% | 35.4% | ||
| Q3 25 | -6.7% | 21.8% | ||
| Q2 25 | -13.1% | 34.7% | ||
| Q1 25 | -11.1% | 26.7% | ||
| Q4 24 | -7.5% | 24.3% | ||
| Q3 24 | -7.2% | 20.8% | ||
| Q2 24 | -8.7% | 22.4% |
净利率NETVIRT
| Q1 26 | — | 31.6% | ||
| Q4 25 | -2.0% | 14.4% | ||
| Q3 25 | -0.2% | 9.4% | ||
| Q2 25 | -9.8% | 15.1% | ||
| Q1 25 | -8.0% | 11.9% | ||
| Q4 24 | -2.8% | 11.3% | ||
| Q3 24 | -3.6% | 8.5% | ||
| Q2 24 | -3.8% | 9.6% |
每股收益（稀释后）NETVIRT
| Q1 26 | — | $1.99 | ||
| Q4 25 | $-0.03 | $1.54 | ||
| Q3 25 | $0.00 | $0.86 | ||
| Q2 25 | $-0.15 | $1.65 | ||
| Q1 25 | $-0.11 | $1.08 | ||
| Q4 24 | $-0.05 | $1.03 | ||
| Q3 24 | $-0.04 | $0.64 | ||
| Q2 24 | $-0.04 | $0.71 |
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 | $973.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $2.2B |
| 总资产 | $6.0B | $25.1B |
| 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NETVIRT
| Q1 26 | — | $973.2M | ||
| Q4 25 | $943.5M | $1.1B | ||
| Q3 25 | $1.1B | $707.9M | ||
| Q2 25 | $1.5B | $752.1M | ||
| Q1 25 | $204.5M | $723.6M | ||
| Q4 24 | $147.7M | $872.5M | ||
| Q3 24 | $182.9M | $701.4M | ||
| Q2 24 | $157.0M | $684.8M |
总债务NETVIRT
| Q1 26 | — | — | ||
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.7B |
股东权益NETVIRT
| Q1 26 | — | $2.2B | ||
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $1.2B | $1.4B | ||
| Q1 25 | $1.4B | $1.3B | ||
| Q4 24 | $1.0B | $1.3B | ||
| Q3 24 | $973.1M | $1.2B | ||
| Q2 24 | $881.5M | $1.2B |
总资产NETVIRT
| Q1 26 | — | $25.1B | ||
| Q4 25 | $6.0B | $20.2B | ||
| Q3 25 | $5.8B | $21.3B | ||
| Q2 25 | $5.6B | $19.3B | ||
| Q1 25 | $3.7B | $17.5B | ||
| Q4 24 | $3.3B | $15.4B | ||
| Q3 24 | $3.1B | $14.4B | ||
| Q2 24 | $2.9B | $13.9B |
负债/权益比NETVIRT
| Q1 26 | — | — | ||
| Q4 25 | — | 1.29× | ||
| Q3 25 | — | 1.40× | ||
| Q2 25 | — | 1.24× | ||
| Q1 25 | — | 1.33× | ||
| Q4 24 | — | 1.39× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | — | 1.41× |
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 | — |
| 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NETVIRT
| Q1 26 | — | — | ||
| Q4 25 | $190.4M | $518.4M | ||
| Q3 25 | $167.1M | $-68.7M | ||
| Q2 25 | $99.8M | $62.8M | ||
| Q1 25 | $145.8M | $15.0M | ||
| Q4 24 | $127.3M | $599.0M | ||
| Q3 24 | $104.7M | $112.1M | ||
| Q2 24 | $74.8M | $490.8M |
自由现金流NETVIRT
| Q1 26 | — | — | ||
| Q4 25 | $105.2M | $495.6M | ||
| Q3 25 | $82.5M | $-76.7M | ||
| Q2 25 | $39.9M | $57.6M | ||
| Q1 25 | $59.9M | $9.2M | ||
| Q4 24 | $54.2M | $586.6M | ||
| Q3 24 | $54.5M | $106.2M | ||
| Q2 24 | $45.2M | $486.9M |
自由现金流率NETVIRT
| Q1 26 | — | — | ||
| Q4 25 | 17.1% | 51.1% | ||
| Q3 25 | 14.7% | -9.3% | ||
| Q2 25 | 7.8% | 5.8% | ||
| Q1 25 | 12.5% | 1.1% | ||
| Q4 24 | 11.8% | 70.3% | ||
| Q3 24 | 12.7% | 15.0% | ||
| Q2 24 | 11.3% | 70.3% |
资本支出强度NETVIRT
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 2.4% | ||
| Q3 25 | 15.1% | 1.0% | ||
| Q2 25 | 11.7% | 0.5% | ||
| Q1 25 | 17.9% | 0.7% | ||
| Q4 24 | 15.9% | 1.5% | ||
| Q3 24 | 11.7% | 0.8% | ||
| Q2 24 | 7.4% | 0.6% |
现金转化率NETVIRT
| Q1 26 | — | — | ||
| Q4 25 | — | 3.71× | ||
| Q3 25 | — | -0.89× | ||
| Q2 25 | — | 0.42× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 6.37× | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | — | 7.37× |
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% |
VIRT
| Trading income, net | $789.1M | 72% |
| Commissions, net and technology services | $186.6M | 17% |
| Other | $119.6M | 11% |
