vs
Cloudflare, Inc.（NET）与VORNADO REALTY TRUST（VNO）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VORNADO REALTY TRUST的1.4倍（$614.5M vs $453.7M），VORNADO REALTY TRUST净利率更高（1.1% vs -2.0%，领先3.0%），Cloudflare, Inc.同比增速更快（33.6% vs -0.9%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 2.0%）
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。
Vornado Realty Trust是1982年于美国马里兰州注册成立的房地产投资信托，总部设立在纽约市，核心业务为投资曼哈顿核心区域的优质写字楼及临街零售商业地产，是纽约当地颇具影响力的商业地产投资运营机构。
NET vs VNO — 直观对比
营收规模更大
NET
是对方的1.4倍
$453.7M
营收增速更快
NET
高出34.5%
-0.9%
净利率更高
VNO
高出3.0%
-2.0%
两年增速更快
NET
近两年复合增速
2.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $453.7M |
| 净利润 | $-12.1M | $4.9M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 2.8% |
| 净利率 | -2.0% | 1.1% |
| 营收同比 | 33.6% | -0.9% |
| 净利润同比 | 6.0% | -14.7% |
| 每股收益（稀释后） | $-0.03 | $0.01 |
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NETVNO
| Q4 25 | $614.5M | $453.7M | ||
| Q3 25 | $562.0M | $453.7M | ||
| Q2 25 | $512.3M | $441.4M | ||
| Q1 25 | $479.1M | $461.6M | ||
| Q4 24 | $459.9M | $457.8M | ||
| Q3 24 | $430.1M | $443.3M | ||
| Q2 24 | $401.0M | $450.3M | ||
| Q1 24 | $378.6M | $436.4M |
净利润NETVNO
| Q4 25 | $-12.1M | $4.9M | ||
| Q3 25 | $-1.3M | $27.1M | ||
| Q2 25 | $-50.4M | $759.3M | ||
| Q1 25 | $-38.5M | $102.4M | ||
| Q4 24 | $-12.8M | $5.8M | ||
| Q3 24 | $-15.3M | $-3.6M | ||
| Q2 24 | $-15.1M | $50.8M | ||
| Q1 24 | $-35.5M | $6.5M |
毛利率NETVNO
| 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% | — |
营业利润率NETVNO
| Q4 25 | -8.0% | 2.8% | ||
| Q3 25 | -6.7% | 3.0% | ||
| Q2 25 | -13.1% | — | ||
| Q1 25 | -11.1% | 23.2% | ||
| Q4 24 | -7.5% | 2.5% | ||
| Q3 24 | -7.2% | -3.3% | ||
| Q2 24 | -8.7% | 10.1% | ||
| Q1 24 | -14.4% | 0.1% |
净利率NETVNO
| Q4 25 | -2.0% | 1.1% | ||
| Q3 25 | -0.2% | 6.0% | ||
| Q2 25 | -9.8% | 172.0% | ||
| Q1 25 | -8.0% | 22.2% | ||
| Q4 24 | -2.8% | 1.3% | ||
| Q3 24 | -3.6% | -0.8% | ||
| Q2 24 | -3.8% | 11.3% | ||
| Q1 24 | -9.4% | 1.5% |
每股收益（稀释后）NETVNO
| Q4 25 | $-0.03 | $0.01 | ||
| Q3 25 | $0.00 | $0.06 | ||
| Q2 25 | $-0.15 | $3.70 | ||
| Q1 25 | $-0.11 | $0.43 | ||
| Q4 24 | $-0.05 | $0.01 | ||
| Q3 24 | $-0.04 | $-0.10 | ||
| Q2 24 | $-0.04 | $0.18 | ||
| Q1 24 | $-0.10 | $-0.05 |
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 | $840.9M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $1.5B | $6.0B |
| 总资产 | $6.0B | $15.5B |
| 负债/权益比越低杠杆越低 | — | 0.38× |
8季度趋势，按日历期对齐
现金及短期投资NETVNO
| Q4 25 | $943.5M | $840.9M | ||
| Q3 25 | $1.1B | $1.0B | ||
| Q2 25 | $1.5B | $1.2B | ||
| Q1 25 | $204.5M | $568.9M | ||
| Q4 24 | $147.7M | $733.9M | ||
| Q3 24 | $182.9M | $783.6M | ||
| Q2 24 | $157.0M | $872.6M | ||
| Q1 24 | $254.4M | $892.7M |
总债务NETVNO
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $2.6B | ||
| Q1 24 | — | $2.6B |
股东权益NETVNO
| Q4 25 | $1.5B | $6.0B | ||
| Q3 25 | $1.3B | $6.1B | ||
| Q2 25 | $1.2B | $6.1B | ||
| Q1 25 | $1.4B | $5.3B | ||
| Q4 24 | $1.0B | $5.2B | ||
| Q3 24 | $973.1M | $5.3B | ||
| Q2 24 | $881.5M | $5.6B | ||
| Q1 24 | $797.2M | $5.5B |
总资产NETVNO
| Q4 25 | $6.0B | $15.5B | ||
| Q3 25 | $5.8B | $15.7B | ||
| Q2 25 | $5.6B | $15.6B | ||
| Q1 25 | $3.7B | $15.6B | ||
| Q4 24 | $3.3B | $16.0B | ||
| Q3 24 | $3.1B | $16.1B | ||
| Q2 24 | $2.9B | $16.2B | ||
| Q1 24 | $2.8B | $16.2B |
负债/权益比NETVNO
| Q4 25 | — | 0.38× | ||
| Q3 25 | — | 0.37× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.49× | ||
| Q2 24 | — | 0.46× | ||
| Q1 24 | — | 0.46× |
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 | $1.3B |
| 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 | — | 256.08× |
| 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NETVNO
| Q4 25 | $190.4M | $1.3B | ||
| Q3 25 | $167.1M | $33.2M | ||
| Q2 25 | $99.8M | $1.0B | ||
| Q1 25 | $145.8M | $52.0M | ||
| Q4 24 | $127.3M | $537.7M | ||
| Q3 24 | $104.7M | $105.4M | ||
| Q2 24 | $74.8M | $194.7M | ||
| Q1 24 | $73.6M | $31.5M |
自由现金流NETVNO
| 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NETVNO
| 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NETVNO
| 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NETVNO
| Q4 25 | — | 256.08× | ||
| Q3 25 | — | 1.22× | ||
| Q2 25 | — | 1.35× | ||
| Q1 25 | — | 0.51× | ||
| Q4 24 | — | 93.39× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.83× | ||
| Q1 24 | — | 4.85× |
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% |
VNO
| New York Segment | $374.8M | 83% |
| Building Maintenance Service | $41.2M | 9% |
| Other | $27.7M | 6% |
| Tenant Services | $11.1M | 2% |
| Management And Leasing Fees | $2.6M | 1% |
