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Cloudflare, Inc.（NET）与V2X, Inc.（VVX）财务数据对比。点击上方公司名可切换其他公司
V2X, Inc.的季度营收约是Cloudflare, Inc.的2.0倍（$1.2B vs $614.5M），V2X, Inc.净利率更高（1.9% vs -2.0%，领先3.8%），Cloudflare, Inc.同比增速更快（33.6% vs 5.3%），V2X, Inc.自由现金流更多（$207.2M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 9.8%）
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。
V2X公司是总部位于美国的技术工程服务供应商，主要服务美国国防部等联邦政府客户，提供任务支持、关键基础设施运维、国家安全相关解决方案，业务覆盖国防、公共安全、运营韧性等核心领域。
NET vs VVX — 直观对比
营收规模更大
VVX
是对方的2.0倍
$614.5M
营收增速更快
NET
高出28.3%
5.3%
净利率更高
VVX
高出3.8%
-2.0%
自由现金流更多
VVX
多$102.0M
$105.2M
两年增速更快
NET
近两年复合增速
9.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $1.2B |
| 净利润 | $-12.1M | $22.8M |
| 毛利率 | 73.6% | 8.6% |
| 营业利润率 | -8.0% | 4.2% |
| 净利率 | -2.0% | 1.9% |
| 营收同比 | 33.6% | 5.3% |
| 净利润同比 | 6.0% | -9.0% |
| 每股收益（稀释后） | $-0.03 | $0.73 |
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NETVVX
| Q4 25 | $614.5M | $1.2B | ||
| Q3 25 | $562.0M | $1.2B | ||
| Q2 25 | $512.3M | $1.1B | ||
| Q1 25 | $479.1M | $1.0B | ||
| Q4 24 | $459.9M | $1.2B | ||
| Q3 24 | $430.1M | $1.1B | ||
| Q2 24 | $401.0M | $1.1B | ||
| Q1 24 | $378.6M | $1.0B |
净利润NETVVX
| Q4 25 | $-12.1M | $22.8M | ||
| Q3 25 | $-1.3M | $24.6M | ||
| Q2 25 | $-50.4M | $22.4M | ||
| Q1 25 | $-38.5M | $8.1M | ||
| Q4 24 | $-12.8M | $25.0M | ||
| Q3 24 | $-15.3M | $15.1M | ||
| Q2 24 | $-15.1M | $-6.5M | ||
| Q1 24 | $-35.5M | $1.1M |
毛利率NETVVX
| Q4 25 | 73.6% | 8.6% | ||
| Q3 25 | 74.0% | 8.1% | ||
| Q2 25 | 74.9% | 8.9% | ||
| Q1 25 | 75.9% | 7.7% | ||
| Q4 24 | 76.4% | 9.3% | ||
| Q3 24 | 77.7% | 8.5% | ||
| Q2 24 | 77.8% | 6.9% | ||
| Q1 24 | 77.5% | 7.0% |
营业利润率NETVVX
| Q4 25 | -8.0% | 4.2% | ||
| Q3 25 | -6.7% | 4.8% | ||
| Q2 25 | -13.1% | 4.9% | ||
| Q1 25 | -11.1% | 3.4% | ||
| Q4 24 | -7.5% | 4.5% | ||
| Q3 24 | -7.2% | 4.6% | ||
| Q2 24 | -8.7% | 2.6% | ||
| Q1 24 | -14.4% | 3.0% |
净利率NETVVX
| Q4 25 | -2.0% | 1.9% | ||
| Q3 25 | -0.2% | 2.1% | ||
| Q2 25 | -9.8% | 2.1% | ||
| Q1 25 | -8.0% | 0.8% | ||
| Q4 24 | -2.8% | 2.2% | ||
| Q3 24 | -3.6% | 1.4% | ||
| Q2 24 | -3.8% | -0.6% | ||
| Q1 24 | -9.4% | 0.1% |
每股收益（稀释后）NETVVX
| Q4 25 | $-0.03 | $0.73 | ||
| Q3 25 | $0.00 | $0.77 | ||
| Q2 25 | $-0.15 | $0.70 | ||
| Q1 25 | $-0.11 | $0.25 | ||
| Q4 24 | $-0.05 | $0.78 | ||
| Q3 24 | $-0.04 | $0.47 | ||
| Q2 24 | $-0.04 | $-0.21 | ||
| Q1 24 | $-0.10 | $0.04 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $1.1B |
| 总资产 | $6.0B | $3.3B |
| 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NETVVX
| Q4 25 | $943.5M | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $204.5M | — | ||
| Q4 24 | $147.7M | — | ||
| Q3 24 | $182.9M | — | ||
| Q2 24 | $157.0M | — | ||
| Q1 24 | $254.4M | — |
股东权益NETVVX
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.4B | $1.0B | ||
| Q4 24 | $1.0B | $1.0B | ||
| Q3 24 | $973.1M | $1.0B | ||
| Q2 24 | $881.5M | $992.0M | ||
| Q1 24 | $797.2M | $993.7M |
总资产NETVVX
| Q4 25 | $6.0B | $3.3B | ||
| Q3 25 | $5.8B | $3.2B | ||
| Q2 25 | $5.6B | $3.1B | ||
| Q1 25 | $3.7B | $3.1B | ||
| Q4 24 | $3.3B | $3.2B | ||
| Q3 24 | $3.1B | $3.1B | ||
| Q2 24 | $2.9B | $3.2B | ||
| Q1 24 | $2.8B | $3.1B |
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 | $209.5M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $207.2M |
| 自由现金流率自由现金流/营收 | 17.1% | 17.0% |
| 资本支出强度资本支出/营收 | 13.9% | 0.2% |
| 现金转化率经营现金流/净利润 | — | 9.20× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $170.1M |
8季度趋势，按日历期对齐
经营现金流NETVVX
| Q4 25 | $190.4M | $209.5M | ||
| Q3 25 | $167.1M | $39.4M | ||
| Q2 25 | $99.8M | $28.5M | ||
| Q1 25 | $145.8M | $-95.5M | ||
| Q4 24 | $127.3M | $223.1M | ||
| Q3 24 | $104.7M | $62.7M | ||
| Q2 24 | $74.8M | $25.7M | ||
| Q1 24 | $73.6M | $-57.2M |
自由现金流NETVVX
| Q4 25 | $105.2M | $207.2M | ||
| Q3 25 | $82.5M | $35.0M | ||
| Q2 25 | $39.9M | $26.1M | ||
| Q1 25 | $59.9M | $-98.2M | ||
| Q4 24 | $54.2M | $222.0M | ||
| Q3 24 | $54.5M | $60.5M | ||
| Q2 24 | $45.2M | $24.9M | ||
| Q1 24 | $41.5M | $-65.0M |
自由现金流率NETVVX
| Q4 25 | 17.1% | 17.0% | ||
| Q3 25 | 14.7% | 3.0% | ||
| Q2 25 | 7.8% | 2.4% | ||
| Q1 25 | 12.5% | -9.7% | ||
| Q4 24 | 11.8% | 19.2% | ||
| Q3 24 | 12.7% | 5.6% | ||
| Q2 24 | 11.3% | 2.3% | ||
| Q1 24 | 11.0% | -6.4% |
资本支出强度NETVVX
| Q4 25 | 13.9% | 0.2% | ||
| Q3 25 | 15.1% | 0.4% | ||
| Q2 25 | 11.7% | 0.2% | ||
| Q1 25 | 17.9% | 0.3% | ||
| Q4 24 | 15.9% | 0.1% | ||
| Q3 24 | 11.7% | 0.2% | ||
| Q2 24 | 7.4% | 0.1% | ||
| Q1 24 | 8.5% | 0.8% |
现金转化率NETVVX
| Q4 25 | — | 9.20× | ||
| Q3 25 | — | 1.60× | ||
| Q2 25 | — | 1.27× | ||
| Q1 25 | — | -11.78× | ||
| Q4 24 | — | 8.91× | ||
| Q3 24 | — | 4.16× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -50.02× |
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% |
VVX
| Army | $480.4M | 39% |
| Navy | $388.9M | 32% |
| Air Force | $196.1M | 16% |
| Other Customers | $153.3M | 13% |
