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Cloudflare, Inc.（NET）与胜牌（VVV）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是胜牌的1.3倍（$614.5M vs $461.8M），Cloudflare, Inc.净利率更高（-2.0% vs -7.1%，领先5.1%），Cloudflare, Inc.同比增速更快（33.6% vs 11.5%），Cloudflare, Inc.自由现金流更多（$105.2M vs $7.4M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 9.0%）
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。
胜牌公司是总部位于美国肯塔基州列克星敦的汽车零售服务企业，授权推出多款胜牌 branded 的车用机油、添加剂及润滑油产品，旗下拥有胜牌即时换油、加拿大卓越换油、胜牌快速护理等汽车维修连锁品牌。截至2023年，胜牌是美国第二大换油服务提供商，市场份额达10%，门店数量超1650家。
NET vs VVV — 直观对比
营收规模更大
NET
是对方的1.3倍
$461.8M
营收增速更快
NET
高出22.1%
11.5%
净利率更高
NET
高出5.1%
-7.1%
自由现金流更多
NET
多$97.8M
$7.4M
两年增速更快
NET
近两年复合增速
9.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $461.8M |
| 净利润 | $-12.1M | $-32.8M |
| 毛利率 | 73.6% | 37.4% |
| 营业利润率 | -8.0% | 4.0% |
| 净利率 | -2.0% | -7.1% |
| 营收同比 | 33.6% | 11.5% |
| 净利润同比 | 6.0% | -135.8% |
| 每股收益（稀释后） | $-0.03 | $-0.26 |
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NETVVV
| Q4 25 | $614.5M | $461.8M | ||
| Q3 25 | $562.0M | $453.8M | ||
| Q2 25 | $512.3M | $439.0M | ||
| Q1 25 | $479.1M | $403.2M | ||
| Q4 24 | $459.9M | $414.3M | ||
| Q3 24 | $430.1M | $435.5M | ||
| Q2 24 | $401.0M | $421.4M | ||
| Q1 24 | $378.6M | $388.7M |
净利润NETVVV
| Q4 25 | $-12.1M | $-32.8M | ||
| Q3 25 | $-1.3M | $25.0M | ||
| Q2 25 | $-50.4M | $56.5M | ||
| Q1 25 | $-38.5M | $37.6M | ||
| Q4 24 | $-12.8M | $91.6M | ||
| Q3 24 | $-15.3M | $92.3M | ||
| Q2 24 | $-15.1M | $45.9M | ||
| Q1 24 | $-35.5M | $41.4M |
毛利率NETVVV
| Q4 25 | 73.6% | 37.4% | ||
| Q3 25 | 74.0% | 39.1% | ||
| Q2 25 | 74.9% | 40.5% | ||
| Q1 25 | 75.9% | 37.3% | ||
| Q4 24 | 76.4% | 36.9% | ||
| Q3 24 | 77.7% | 39.1% | ||
| Q2 24 | 77.8% | 39.7% | ||
| Q1 24 | 77.5% | 37.6% |
营业利润率NETVVV
| Q4 25 | -8.0% | 4.0% | ||
| Q3 25 | -6.7% | 18.6% | ||
| Q2 25 | -13.1% | 21.6% | ||
| Q1 25 | -11.1% | 16.6% | ||
| Q4 24 | -7.5% | 34.7% | ||
| Q3 24 | -7.2% | 30.9% | ||
| Q2 24 | -8.7% | 22.2% | ||
| Q1 24 | -14.4% | 19.7% |
净利率NETVVV
| Q4 25 | -2.0% | -7.1% | ||
| Q3 25 | -0.2% | 5.5% | ||
| Q2 25 | -9.8% | 12.9% | ||
| Q1 25 | -8.0% | 9.3% | ||
| Q4 24 | -2.8% | 22.1% | ||
| Q3 24 | -3.6% | 21.2% | ||
| Q2 24 | -3.8% | 10.9% | ||
| Q1 24 | -9.4% | 10.7% |
每股收益（稀释后）NETVVV
| Q4 25 | $-0.03 | $-0.26 | ||
| Q3 25 | $0.00 | $0.20 | ||
| Q2 25 | $-0.15 | $0.44 | ||
| Q1 25 | $-0.11 | $0.29 | ||
| Q4 24 | $-0.05 | $0.71 | ||
| Q3 24 | $-0.04 | $0.70 | ||
| Q2 24 | $-0.04 | $0.35 | ||
| Q1 24 | $-0.10 | $0.32 |
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 | $69.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $307.6M |
| 总资产 | $6.0B | $3.4B |
| 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NETVVV
| Q4 25 | $943.5M | $69.9M | ||
| Q3 25 | $1.1B | $51.6M | ||
| Q2 25 | $1.5B | $68.3M | ||
| Q1 25 | $204.5M | $61.9M | ||
| Q4 24 | $147.7M | $60.0M | ||
| Q3 24 | $182.9M | $68.3M | ||
| Q2 24 | $157.0M | $65.7M | ||
| Q1 24 | $254.4M | $494.5M |
股东权益NETVVV
| Q4 25 | $1.5B | $307.6M | ||
| Q3 25 | $1.3B | $338.5M | ||
| Q2 25 | $1.2B | $313.6M | ||
| Q1 25 | $1.4B | $248.7M | ||
| Q4 24 | $1.0B | $229.8M | ||
| Q3 24 | $973.1M | $185.6M | ||
| Q2 24 | $881.5M | $106.5M | ||
| Q1 24 | $797.2M | $60.1M |
总资产NETVVV
| Q4 25 | $6.0B | $3.4B | ||
| Q3 25 | $5.8B | $2.7B | ||
| Q2 25 | $5.6B | $2.6B | ||
| Q1 25 | $3.7B | $2.5B | ||
| Q4 24 | $3.3B | $2.3B | ||
| Q3 24 | $3.1B | $2.4B | ||
| Q2 24 | $2.9B | $2.4B | ||
| Q1 24 | $2.8B | $2.8B |
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 | $64.8M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $7.4M |
| 自由现金流率自由现金流/营收 | 17.1% | 1.6% |
| 资本支出强度资本支出/营收 | 13.9% | 12.4% |
| 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 | $57.8M |
8季度趋势，按日历期对齐
经营现金流NETVVV
| Q4 25 | $190.4M | $64.8M | ||
| Q3 25 | $167.1M | $121.9M | ||
| Q2 25 | $99.8M | $86.9M | ||
| Q1 25 | $145.8M | $47.2M | ||
| Q4 24 | $127.3M | $41.2M | ||
| Q3 24 | $104.7M | $101.3M | ||
| Q2 24 | $74.8M | $75.6M | ||
| Q1 24 | $73.6M | $68.3M |
自由现金流NETVVV
| Q4 25 | $105.2M | $7.4M | ||
| Q3 25 | $82.5M | $23.0M | ||
| Q2 25 | $39.9M | $32.0M | ||
| Q1 25 | $59.9M | $-4.6M | ||
| Q4 24 | $54.2M | $-12.4M | ||
| Q3 24 | $54.5M | $29.9M | ||
| Q2 24 | $45.2M | $9.8M | ||
| Q1 24 | $41.5M | $23.4M |
自由现金流率NETVVV
| Q4 25 | 17.1% | 1.6% | ||
| Q3 25 | 14.7% | 5.1% | ||
| Q2 25 | 7.8% | 7.3% | ||
| Q1 25 | 12.5% | -1.1% | ||
| Q4 24 | 11.8% | -3.0% | ||
| Q3 24 | 12.7% | 6.9% | ||
| Q2 24 | 11.3% | 2.3% | ||
| Q1 24 | 11.0% | 6.0% |
资本支出强度NETVVV
| Q4 25 | 13.9% | 12.4% | ||
| Q3 25 | 15.1% | 21.8% | ||
| Q2 25 | 11.7% | 12.5% | ||
| Q1 25 | 17.9% | 12.8% | ||
| Q4 24 | 15.9% | 12.9% | ||
| Q3 24 | 11.7% | 16.4% | ||
| Q2 24 | 7.4% | 15.6% | ||
| Q1 24 | 8.5% | 11.6% |
现金转化率NETVVV
| Q4 25 | — | — | ||
| Q3 25 | — | 4.88× | ||
| Q2 25 | — | 1.54× | ||
| Q1 25 | — | 1.26× | ||
| Q4 24 | — | 0.45× | ||
| Q3 24 | — | 1.10× | ||
| Q2 24 | — | 1.65× | ||
| Q1 24 | — | 1.65× |
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% |
VVV
| Oil Change And Related Fees | $337.7M | 73% |
| Non Oil Change And Related Fees | $100.5M | 22% |
| Franchise Fees And Other | $23.6M | 5% |
