vs
Cloudflare, Inc.（NET）与Westlake Chemical Partners LP（WLKP）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Westlake Chemical Partners LP的1.9倍（$614.5M vs $323.0M），Westlake Chemical Partners LP净利率更高（4.5% vs -2.0%，领先6.5%），Cloudflare, Inc.同比增速更快（33.6% vs 11.4%），Westlake Chemical Partners LP自由现金流更多（$111.5M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 6.5%）
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。
Westlake Chemical Partners LP是一家石化领域有限合伙企业，主营乙烯、聚乙烯、苯乙烯单体等基础石化产品的生产与销售，核心市场覆盖北美地区，服务包装、建材、消费品、工业制造等下游行业客户。
NET vs WLKP — 直观对比
营收规模更大
NET
是对方的1.9倍
$323.0M
营收增速更快
NET
高出22.2%
11.4%
净利率更高
WLKP
高出6.5%
-2.0%
自由现金流更多
WLKP
多$6.3M
$105.2M
两年增速更快
NET
近两年复合增速
6.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $323.0M |
| 净利润 | $-12.1M | $14.5M |
| 毛利率 | 73.6% | 30.0% |
| 营业利润率 | -8.0% | 27.8% |
| 净利率 | -2.0% | 4.5% |
| 营收同比 | 33.6% | 11.4% |
| 净利润同比 | 6.0% | -3.0% |
| 每股收益（稀释后） | $-0.03 | — |
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NETWLKP
| Q4 25 | $614.5M | $323.0M | ||
| Q3 25 | $562.0M | $308.9M | ||
| Q2 25 | $512.3M | $297.1M | ||
| Q1 25 | $479.1M | $237.6M | ||
| Q4 24 | $459.9M | $290.1M | ||
| Q3 24 | $430.1M | $277.0M | ||
| Q2 24 | $401.0M | $284.2M | ||
| Q1 24 | $378.6M | $284.7M |
净利润NETWLKP
| Q4 25 | $-12.1M | $14.5M | ||
| Q3 25 | $-1.3M | $14.7M | ||
| Q2 25 | $-50.4M | $14.6M | ||
| Q1 25 | $-38.5M | $4.9M | ||
| Q4 24 | $-12.8M | $15.0M | ||
| Q3 24 | $-15.3M | $18.1M | ||
| Q2 24 | $-15.1M | $14.4M | ||
| Q1 24 | $-35.5M | $14.8M |
毛利率NETWLKP
| Q4 25 | 73.6% | 30.0% | ||
| Q3 25 | 74.0% | 32.2% | ||
| Q2 25 | 74.9% | 32.8% | ||
| Q1 25 | 75.9% | 22.8% | ||
| Q4 24 | 76.4% | 34.0% | ||
| Q3 24 | 77.7% | 42.2% | ||
| Q2 24 | 77.8% | 35.6% | ||
| Q1 24 | 77.5% | 35.9% |
营业利润率NETWLKP
| Q4 25 | -8.0% | 27.8% | ||
| Q3 25 | -6.7% | 29.8% | ||
| Q2 25 | -13.1% | 30.7% | ||
| Q1 25 | -11.1% | 19.6% | ||
| Q4 24 | -7.5% | 31.7% | ||
| Q3 24 | -7.2% | 39.6% | ||
| Q2 24 | -8.7% | 32.9% | ||
| Q1 24 | -14.4% | 33.4% |
净利率NETWLKP
| Q4 25 | -2.0% | 4.5% | ||
| Q3 25 | -0.2% | 4.7% | ||
| Q2 25 | -9.8% | 4.9% | ||
| Q1 25 | -8.0% | 2.1% | ||
| Q4 24 | -2.8% | 5.2% | ||
| Q3 24 | -3.6% | 6.5% | ||
| Q2 24 | -3.8% | 5.1% | ||
| Q1 24 | -9.4% | 5.2% |
每股收益（稀释后）NETWLKP
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $0.00 | — | ||
| Q2 25 | $-0.15 | — | ||
| Q1 25 | $-0.11 | — | ||
| Q4 24 | $-0.05 | — | ||
| Q3 24 | $-0.04 | — | ||
| Q2 24 | $-0.04 | — | ||
| Q1 24 | $-0.10 | — |
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 | $44.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | — |
| 总资产 | $6.0B | $1.3B |
| 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NETWLKP
| Q4 25 | $943.5M | $44.3M | ||
| Q3 25 | $1.1B | $37.9M | ||
| Q2 25 | $1.5B | $36.6M | ||
| Q1 25 | $204.5M | $49.6M | ||
| Q4 24 | $147.7M | $58.3M | ||
| Q3 24 | $182.9M | $60.2M | ||
| Q2 24 | $157.0M | $66.0M | ||
| Q1 24 | $254.4M | $55.8M |
股东权益NETWLKP
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $973.1M | — | ||
| Q2 24 | $881.5M | — | ||
| Q1 24 | $797.2M | — |
总资产NETWLKP
| Q4 25 | $6.0B | $1.3B | ||
| Q3 25 | $5.8B | $1.3B | ||
| Q2 25 | $5.6B | $1.3B | ||
| Q1 25 | $3.7B | $1.4B | ||
| Q4 24 | $3.3B | $1.3B | ||
| Q3 24 | $3.1B | $1.3B | ||
| Q2 24 | $2.9B | $1.3B | ||
| Q1 24 | $2.8B | $1.3B |
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 | $120.4M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $111.5M |
| 自由现金流率自由现金流/营收 | 17.1% | 34.5% |
| 资本支出强度资本支出/营收 | 13.9% | 2.7% |
| 现金转化率经营现金流/净利润 | — | 8.28× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $201.7M |
8季度趋势，按日历期对齐
经营现金流NETWLKP
| Q4 25 | $190.4M | $120.4M | ||
| Q3 25 | $167.1M | $105.2M | ||
| Q2 25 | $99.8M | $9.1M | ||
| Q1 25 | $145.8M | $45.8M | ||
| Q4 24 | $127.3M | $132.5M | ||
| Q3 24 | $104.7M | $126.1M | ||
| Q2 24 | $74.8M | $121.9M | ||
| Q1 24 | $73.6M | $104.6M |
自由现金流NETWLKP
| Q4 25 | $105.2M | $111.5M | ||
| Q3 25 | $82.5M | $75.6M | ||
| Q2 25 | $39.9M | $-15.3M | ||
| Q1 25 | $59.9M | $29.8M | ||
| Q4 24 | $54.2M | $119.0M | ||
| Q3 24 | $54.5M | $110.5M | ||
| Q2 24 | $45.2M | $111.7M | ||
| Q1 24 | $41.5M | $94.8M |
自由现金流率NETWLKP
| Q4 25 | 17.1% | 34.5% | ||
| Q3 25 | 14.7% | 24.5% | ||
| Q2 25 | 7.8% | -5.2% | ||
| Q1 25 | 12.5% | 12.6% | ||
| Q4 24 | 11.8% | 41.0% | ||
| Q3 24 | 12.7% | 39.9% | ||
| Q2 24 | 11.3% | 39.3% | ||
| Q1 24 | 11.0% | 33.3% |
资本支出强度NETWLKP
| Q4 25 | 13.9% | 2.7% | ||
| Q3 25 | 15.1% | 9.6% | ||
| Q2 25 | 11.7% | 8.2% | ||
| Q1 25 | 17.9% | 6.7% | ||
| Q4 24 | 15.9% | 4.6% | ||
| Q3 24 | 11.7% | 5.6% | ||
| Q2 24 | 7.4% | 3.6% | ||
| Q1 24 | 8.5% | 3.4% |
现金转化率NETWLKP
| Q4 25 | — | 8.28× | ||
| Q3 25 | — | 7.18× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 9.25× | ||
| Q4 24 | — | 8.83× | ||
| Q3 24 | — | 6.95× | ||
| Q2 24 | — | 8.45× | ||
| Q1 24 | — | 7.05× |
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% |
WLKP
| Affiliated Entity | $296.9M | 92% |
| Nonrelated Party | $26.2M | 8% |
