vs
Cloudflare, Inc.（NET）与威立（WLY）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是威立的1.5倍（$614.5M vs $421.8M），威立净利率更高（10.6% vs -2.0%，领先12.6%），Cloudflare, Inc.同比增速更快（33.6% vs -1.1%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-4.6M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -4.3%）
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。
约翰威立国际出版公司是美国跨国出版企业，1807年成立，专注于学术出版与教学资料发行。业务覆盖纸质和电子形式的图书、期刊、百科全书，同时面向本科生、研究生及继续教育群体提供线上产品与服务、培训材料和教育资源，在全球学术与教育出版领域拥有深厚积累。
NET vs WLY — 直观对比
营收规模更大
NET
是对方的1.5倍
$421.8M
营收增速更快
NET
高出34.7%
-1.1%
净利率更高
WLY
高出12.6%
-2.0%
自由现金流更多
NET
多$109.8M
$-4.6M
两年增速更快
NET
近两年复合增速
-4.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $421.8M |
| 净利润 | $-12.1M | $44.9M |
| 毛利率 | 73.6% | 75.2% |
| 营业利润率 | -8.0% | 17.3% |
| 净利率 | -2.0% | 10.6% |
| 营收同比 | 33.6% | -1.1% |
| 净利润同比 | 6.0% | 11.0% |
| 每股收益（稀释后） | $-0.03 | $0.84 |
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NETWLY
| Q4 25 | $614.5M | $421.8M | ||
| Q3 25 | $562.0M | $396.8M | ||
| Q2 25 | $512.3M | $442.6M | ||
| Q1 25 | $479.1M | $404.6M | ||
| Q4 24 | $459.9M | $426.6M | ||
| Q3 24 | $430.1M | $403.8M | ||
| Q2 24 | $401.0M | $468.5M | ||
| Q1 24 | $378.6M | $460.7M |
净利润NETWLY
| Q4 25 | $-12.1M | $44.9M | ||
| Q3 25 | $-1.3M | $11.7M | ||
| Q2 25 | $-50.4M | $68.1M | ||
| Q1 25 | $-38.5M | $-23.0M | ||
| Q4 24 | $-12.8M | $40.5M | ||
| Q3 24 | $-15.3M | $-1.4M | ||
| Q2 24 | $-15.1M | $25.3M | ||
| Q1 24 | $-35.5M | $-113.9M |
毛利率NETWLY
| Q4 25 | 73.6% | 75.2% | ||
| Q3 25 | 74.0% | 72.5% | ||
| Q2 25 | 74.9% | 74.9% | ||
| Q1 25 | 75.9% | 74.2% | ||
| Q4 24 | 76.4% | 74.9% | ||
| Q3 24 | 77.7% | 73.0% | ||
| Q2 24 | 77.8% | 73.7% | ||
| Q1 24 | 77.5% | 68.8% |
营业利润率NETWLY
| Q4 25 | -8.0% | 17.3% | ||
| Q3 25 | -6.7% | 7.8% | ||
| Q2 25 | -13.1% | 17.3% | ||
| Q1 25 | -11.1% | 12.8% | ||
| Q4 24 | -7.5% | 15.0% | ||
| Q3 24 | -7.2% | 7.2% | ||
| Q2 24 | -8.7% | 14.7% | ||
| Q1 24 | -14.4% | -10.1% |
净利率NETWLY
| Q4 25 | -2.0% | 10.6% | ||
| Q3 25 | -0.2% | 2.9% | ||
| Q2 25 | -9.8% | 15.4% | ||
| Q1 25 | -8.0% | -5.7% | ||
| Q4 24 | -2.8% | 9.5% | ||
| Q3 24 | -3.6% | -0.4% | ||
| Q2 24 | -3.8% | 5.4% | ||
| Q1 24 | -9.4% | -24.7% |
每股收益（稀释后）NETWLY
| Q4 25 | $-0.03 | $0.84 | ||
| Q3 25 | $0.00 | $0.22 | ||
| Q2 25 | $-0.15 | $1.25 | ||
| Q1 25 | $-0.11 | $-0.43 | ||
| Q4 24 | $-0.05 | $0.74 | ||
| Q3 24 | $-0.04 | $-0.03 | ||
| Q2 24 | $-0.04 | $0.45 | ||
| Q1 24 | $-0.10 | $-2.08 |
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 | $67.4M |
| 总债务越低越好 | — | $871.7M |
| 股东权益账面价值 | $1.5B | $740.2M |
| 总资产 | $6.0B | $2.5B |
| 负债/权益比越低杠杆越低 | — | 1.18× |
8季度趋势，按日历期对齐
现金及短期投资NETWLY
| Q4 25 | $943.5M | $67.4M | ||
| Q3 25 | $1.1B | $81.8M | ||
| Q2 25 | $1.5B | $85.9M | ||
| Q1 25 | $204.5M | $104.5M | ||
| Q4 24 | $147.7M | $75.5M | ||
| Q3 24 | $182.9M | $82.5M | ||
| Q2 24 | $157.0M | $83.2M | ||
| Q1 24 | $254.4M | $93.1M |
总债务NETWLY
| Q4 25 | — | $871.7M | ||
| Q3 25 | — | $828.3M | ||
| Q2 25 | — | $799.4M | ||
| Q1 25 | — | $887.2M | ||
| Q4 24 | — | $961.0M | ||
| Q3 24 | — | $918.6M | ||
| Q2 24 | — | $774.6M | ||
| Q1 24 | — | $906.8M |
股东权益NETWLY
| Q4 25 | $1.5B | $740.2M | ||
| Q3 25 | $1.3B | $733.1M | ||
| Q2 25 | $1.2B | $752.2M | ||
| Q1 25 | $1.4B | $685.2M | ||
| Q4 24 | $1.0B | $755.3M | ||
| Q3 24 | $973.1M | $713.7M | ||
| Q2 24 | $881.5M | $739.7M | ||
| Q1 24 | $797.2M | $748.3M |
总资产NETWLY
| Q4 25 | $6.0B | $2.5B | ||
| Q3 25 | $5.8B | $2.5B | ||
| Q2 25 | $5.6B | $2.7B | ||
| Q1 25 | $3.7B | $2.6B | ||
| Q4 24 | $3.3B | $2.6B | ||
| Q3 24 | $3.1B | $2.7B | ||
| Q2 24 | $2.9B | $2.7B | ||
| Q1 24 | $2.8B | $2.7B |
负债/权益比NETWLY
| Q4 25 | — | 1.18× | ||
| Q3 25 | — | 1.13× | ||
| Q2 25 | — | 1.06× | ||
| Q1 25 | — | 1.29× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | — | 1.29× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.21× |
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 | $8.5M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $-4.6M |
| 自由现金流率自由现金流/营收 | 17.1% | -1.1% |
| 资本支出强度资本支出/营收 | 13.9% | 3.1% |
| 现金转化率经营现金流/净利润 | — | 0.19× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $162.5M |
8季度趋势，按日历期对齐
经营现金流NETWLY
| Q4 25 | $190.4M | $8.5M | ||
| Q3 25 | $167.1M | $-85.0M | ||
| Q2 25 | $99.8M | $150.3M | ||
| Q1 25 | $145.8M | $146.2M | ||
| Q4 24 | $127.3M | $-5.3M | ||
| Q3 24 | $104.7M | $-88.7M | ||
| Q2 24 | $74.8M | $183.3M | ||
| Q1 24 | $73.6M | $107.8M |
自由现金流NETWLY
| Q4 25 | $105.2M | $-4.6M | ||
| Q3 25 | $82.5M | $-97.0M | ||
| Q2 25 | $39.9M | $131.2M | ||
| Q1 25 | $59.9M | $132.9M | ||
| Q4 24 | $54.2M | $-19.8M | ||
| Q3 24 | $54.5M | $-103.2M | ||
| Q2 24 | $45.2M | $164.5M | ||
| Q1 24 | $41.5M | $90.9M |
自由现金流率NETWLY
| Q4 25 | 17.1% | -1.1% | ||
| Q3 25 | 14.7% | -24.4% | ||
| Q2 25 | 7.8% | 29.6% | ||
| Q1 25 | 12.5% | 32.9% | ||
| Q4 24 | 11.8% | -4.6% | ||
| Q3 24 | 12.7% | -25.6% | ||
| Q2 24 | 11.3% | 35.1% | ||
| Q1 24 | 11.0% | 19.7% |
资本支出强度NETWLY
| Q4 25 | 13.9% | 3.1% | ||
| Q3 25 | 15.1% | 3.0% | ||
| Q2 25 | 11.7% | 4.3% | ||
| Q1 25 | 17.9% | 3.3% | ||
| Q4 24 | 15.9% | 3.4% | ||
| Q3 24 | 11.7% | 3.6% | ||
| Q2 24 | 7.4% | 4.0% | ||
| Q1 24 | 8.5% | 3.7% |
现金转化率NETWLY
| Q4 25 | — | 0.19× | ||
| Q3 25 | — | -7.27× | ||
| Q2 25 | — | 2.21× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -0.13× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 7.25× | ||
| Q1 24 | — | — |
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% |
WLY
| Research Publishing | $241.4M | 57% |
| Academic Products | $87.0M | 21% |
| Professional Products | $56.2M | 13% |
| Research Solutions | $37.1M | 9% |
