vs
Cloudflare, Inc.（NET）与Wendy's Co（WEN）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Wendy's Co的1.1倍（$614.5M vs $543.0M），Wendy's Co净利率更高（4.9% vs -2.0%，领先6.8%），Cloudflare, Inc.同比增速更快（33.6% vs -5.5%），Cloudflare, Inc.自由现金流更多（$105.2M vs $31.4M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 0.8%）
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。
温蒂公司是美国知名快餐企业，是温蒂汉堡及First Kitchen的母公司，前身为Deisel-Wemmer公司，总部位于俄亥俄州都柏林。旗下核心子公司温蒂国际是温蒂汉堡餐厅的特许经营授权方，在全球快餐市场拥有较高的品牌辨识度。
NET vs WEN — 直观对比
营收规模更大
NET
是对方的1.1倍
$543.0M
营收增速更快
NET
高出39.1%
-5.5%
净利率更高
WEN
高出6.8%
-2.0%
自由现金流更多
NET
多$73.8M
$31.4M
两年增速更快
NET
近两年复合增速
0.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $543.0M |
| 净利润 | $-12.1M | $26.5M |
| 毛利率 | 73.6% | 62.7% |
| 营业利润率 | -8.0% | 11.8% |
| 净利率 | -2.0% | 4.9% |
| 营收同比 | 33.6% | -5.5% |
| 净利润同比 | 6.0% | -44.2% |
| 每股收益（稀释后） | $-0.03 | $0.14 |
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NETWEN
| Q4 25 | $614.5M | $543.0M | ||
| Q3 25 | $562.0M | $549.5M | ||
| Q2 25 | $512.3M | $560.9M | ||
| Q1 25 | $479.1M | $523.5M | ||
| Q4 24 | $459.9M | $574.3M | ||
| Q3 24 | $430.1M | $566.7M | ||
| Q2 24 | $401.0M | $570.7M | ||
| Q1 24 | $378.6M | $534.8M |
净利润NETWEN
| Q4 25 | $-12.1M | $26.5M | ||
| Q3 25 | $-1.3M | $44.3M | ||
| Q2 25 | $-50.4M | $55.1M | ||
| Q1 25 | $-38.5M | $39.2M | ||
| Q4 24 | $-12.8M | $47.5M | ||
| Q3 24 | $-15.3M | $50.2M | ||
| Q2 24 | $-15.1M | $54.6M | ||
| Q1 24 | $-35.5M | $42.0M |
毛利率NETWEN
| Q4 25 | 73.6% | 62.7% | ||
| Q3 25 | 74.0% | 62.8% | ||
| Q2 25 | 74.9% | 65.0% | ||
| Q1 25 | 75.9% | 64.1% | ||
| Q4 24 | 76.4% | 65.9% | ||
| Q3 24 | 77.7% | 65.5% | ||
| Q2 24 | 77.8% | 65.0% | ||
| Q1 24 | 77.5% | 64.1% |
营业利润率NETWEN
| Q4 25 | -8.0% | 11.8% | ||
| Q3 25 | -6.7% | 16.8% | ||
| Q2 25 | -13.1% | 18.6% | ||
| Q1 25 | -11.1% | 15.9% | ||
| Q4 24 | -7.5% | 16.7% | ||
| Q3 24 | -7.2% | 16.7% | ||
| Q2 24 | -8.7% | 17.4% | ||
| Q1 24 | -14.4% | 15.2% |
净利率NETWEN
| Q4 25 | -2.0% | 4.9% | ||
| Q3 25 | -0.2% | 8.1% | ||
| Q2 25 | -9.8% | 9.8% | ||
| Q1 25 | -8.0% | 7.5% | ||
| Q4 24 | -2.8% | 8.3% | ||
| Q3 24 | -3.6% | 8.9% | ||
| Q2 24 | -3.8% | 9.6% | ||
| Q1 24 | -9.4% | 7.9% |
每股收益（稀释后）NETWEN
| Q4 25 | $-0.03 | $0.14 | ||
| Q3 25 | $0.00 | $0.23 | ||
| Q2 25 | $-0.15 | $0.29 | ||
| Q1 25 | $-0.11 | $0.19 | ||
| Q4 24 | $-0.05 | $0.23 | ||
| Q3 24 | $-0.04 | $0.25 | ||
| Q2 24 | $-0.04 | $0.27 | ||
| Q1 24 | $-0.10 | $0.20 |
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 | $300.8M |
| 总债务越低越好 | — | $2.8B |
| 股东权益账面价值 | $1.5B | $117.4M |
| 总资产 | $6.0B | $5.0B |
| 负债/权益比越低杠杆越低 | — | 23.51× |
8季度趋势，按日历期对齐
现金及短期投资NETWEN
| Q4 25 | $943.5M | $300.8M | ||
| Q3 25 | $1.1B | $291.4M | ||
| Q2 25 | $1.5B | $281.2M | ||
| Q1 25 | $204.5M | $335.3M | ||
| Q4 24 | $147.7M | $450.5M | ||
| Q3 24 | $182.9M | $482.2M | ||
| Q2 24 | $157.0M | $465.5M | ||
| Q1 24 | $254.4M | $498.3M |
总债务NETWEN
| Q4 25 | — | $2.8B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益NETWEN
| Q4 25 | $1.5B | $117.4M | ||
| Q3 25 | $1.3B | $109.2M | ||
| Q2 25 | $1.2B | $112.9M | ||
| Q1 25 | $1.4B | $130.2M | ||
| Q4 24 | $1.0B | $259.4M | ||
| Q3 24 | $973.1M | $259.9M | ||
| Q2 24 | $881.5M | $273.8M | ||
| Q1 24 | $797.2M | $293.7M |
总资产NETWEN
| Q4 25 | $6.0B | $5.0B | ||
| Q3 25 | $5.8B | $5.0B | ||
| Q2 25 | $5.6B | $4.9B | ||
| Q1 25 | $3.7B | $4.9B | ||
| Q4 24 | $3.3B | $5.0B | ||
| Q3 24 | $3.1B | $5.1B | ||
| Q2 24 | $2.9B | $5.1B | ||
| Q1 24 | $2.8B | $5.2B |
负债/权益比NETWEN
| Q4 25 | — | 23.51× | ||
| Q3 25 | — | 24.95× | ||
| Q2 25 | — | 24.18× | ||
| Q1 25 | — | 21.00× | ||
| Q4 24 | — | 10.57× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $69.3M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $31.4M |
| 自由现金流率自由现金流/营收 | 17.1% | 5.8% |
| 资本支出强度资本支出/营收 | 13.9% | 7.0% |
| 现金转化率经营现金流/净利润 | — | 2.62× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $242.6M |
8季度趋势，按日历期对齐
经营现金流NETWEN
| Q4 25 | $190.4M | $69.3M | ||
| Q3 25 | $167.1M | $129.3M | ||
| Q2 25 | $99.8M | $60.6M | ||
| Q1 25 | $145.8M | $85.4M | ||
| Q4 24 | $127.3M | $68.6M | ||
| Q3 24 | $104.7M | $141.2M | ||
| Q2 24 | $74.8M | $45.5M | ||
| Q1 24 | $73.6M | $100.0M |
自由现金流NETWEN
| Q4 25 | $105.2M | $31.4M | ||
| Q3 25 | $82.5M | $104.3M | ||
| Q2 25 | $39.9M | $39.2M | ||
| Q1 25 | $59.9M | $67.7M | ||
| Q4 24 | $54.2M | $26.6M | ||
| Q3 24 | $54.5M | $123.3M | ||
| Q2 24 | $45.2M | $28.4M | ||
| Q1 24 | $41.5M | $82.6M |
自由现金流率NETWEN
| Q4 25 | 17.1% | 5.8% | ||
| Q3 25 | 14.7% | 19.0% | ||
| Q2 25 | 7.8% | 7.0% | ||
| Q1 25 | 12.5% | 12.9% | ||
| Q4 24 | 11.8% | 4.6% | ||
| Q3 24 | 12.7% | 21.8% | ||
| Q2 24 | 11.3% | 5.0% | ||
| Q1 24 | 11.0% | 15.5% |
资本支出强度NETWEN
| Q4 25 | 13.9% | 7.0% | ||
| Q3 25 | 15.1% | 4.5% | ||
| Q2 25 | 11.7% | 3.8% | ||
| Q1 25 | 17.9% | 3.4% | ||
| Q4 24 | 15.9% | 7.3% | ||
| Q3 24 | 11.7% | 3.2% | ||
| Q2 24 | 7.4% | 3.0% | ||
| Q1 24 | 8.5% | 3.2% |
现金转化率NETWEN
| Q4 25 | — | 2.62× | ||
| Q3 25 | — | 2.92× | ||
| Q2 25 | — | 1.10× | ||
| Q1 25 | — | 2.18× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | — | 2.81× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | — | 2.38× |
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% |
WEN
| Franchise Royalty Revenueand Fees | $149.3M | 27% |
| Royalty | $103.6M | 19% |
| Advertising | $103.3M | 19% |
| Global Real Estate Development | $60.5M | 11% |
| Real Estate | $59.5M | 11% |
| Wendys International | $39.5M | 7% |
| Franchise | $21.5M | 4% |
