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Cloudflare, Inc.（NET）与ADVANCED DRAINAGE SYSTEMS, INC.（WMS）财务数据对比。点击上方公司名可切换其他公司
ADVANCED DRAINAGE SYSTEMS, INC.的季度营收约是Cloudflare, Inc.的1.1倍（$693.4M vs $614.5M），ADVANCED DRAINAGE SYSTEMS, INC.净利率更高（13.5% vs -2.0%，领先15.5%），Cloudflare, Inc.同比增速更快（33.6% vs 0.4%），ADVANCED DRAINAGE SYSTEMS, INC.自由现金流更多（$183.6M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 3.0%）
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。
Advanced Drainage Systems（简称ADS）是一家美国企业，主营聚丙烯、聚乙烯管材，塑料渗滤场系统、化粪池及配套配件、雨水调蓄设施、PVC排水构件、管件、水过滤与分离设备的设计、生产及销售，是美国规模最大的高密度聚乙烯管道生产商，总部位于俄亥俄州希利厄德。
NET vs WMS — 直观对比
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $693.4M |
| 净利润 | $-12.1M | $93.6M |
| 毛利率 | 73.6% | 37.4% |
| 营业利润率 | -8.0% | 19.7% |
| 净利率 | -2.0% | 13.5% |
| 营收同比 | 33.6% | 0.4% |
| 净利润同比 | 6.0% | 15.3% |
| 每股收益（稀释后） | $-0.03 | $1.19 |
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
| Q4 25 | $614.5M | $693.4M | ||
| Q3 25 | $562.0M | $850.4M | ||
| Q2 25 | $512.3M | $829.9M | ||
| Q1 25 | $479.1M | $615.8M | ||
| Q4 24 | $459.9M | $690.5M | ||
| Q3 24 | $430.1M | $782.6M | ||
| Q2 24 | $401.0M | $815.3M | ||
| Q1 24 | $378.6M | $653.8M |
| Q4 25 | $-12.1M | $93.6M | ||
| Q3 25 | $-1.3M | $156.0M | ||
| Q2 25 | $-50.4M | $143.9M | ||
| Q1 25 | $-38.5M | $77.2M | ||
| Q4 24 | $-12.8M | $81.2M | ||
| Q3 24 | $-15.3M | $130.4M | ||
| Q2 24 | $-15.1M | $161.4M | ||
| Q1 24 | $-35.5M | $94.8M |
| Q4 25 | 73.6% | 37.4% | ||
| Q3 25 | 74.0% | 40.0% | ||
| Q2 25 | 74.9% | 39.8% | ||
| Q1 25 | 75.9% | 36.7% | ||
| Q4 24 | 76.4% | 35.0% | ||
| Q3 24 | 77.7% | 37.6% | ||
| Q2 24 | 77.8% | 40.8% | ||
| Q1 24 | 77.5% | 38.5% |
| Q4 25 | -8.0% | 19.7% | ||
| Q3 25 | -6.7% | 26.3% | ||
| Q2 25 | -13.1% | 24.8% | ||
| Q1 25 | -11.1% | 19.0% | ||
| Q4 24 | -7.5% | 18.4% | ||
| Q3 24 | -7.2% | 23.9% | ||
| Q2 24 | -8.7% | 27.7% | ||
| Q1 24 | -14.4% | 20.7% |
| Q4 25 | -2.0% | 13.5% | ||
| Q3 25 | -0.2% | 18.3% | ||
| Q2 25 | -9.8% | 17.3% | ||
| Q1 25 | -8.0% | 12.5% | ||
| Q4 24 | -2.8% | 11.8% | ||
| Q3 24 | -3.6% | 16.7% | ||
| Q2 24 | -3.8% | 19.8% | ||
| Q1 24 | -9.4% | 14.5% |
| Q4 25 | $-0.03 | $1.19 | ||
| Q3 25 | $0.00 | $1.99 | ||
| Q2 25 | $-0.15 | $1.84 | ||
| Q1 25 | $-0.11 | $0.99 | ||
| Q4 24 | $-0.05 | $1.04 | ||
| Q3 24 | $-0.04 | $1.67 | ||
| Q2 24 | $-0.04 | $2.06 | ||
| Q1 24 | $-0.10 | $1.22 |
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 | $1.0B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $1.9B |
| 总资产 | $6.0B | $4.1B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $943.5M | $1.0B | ||
| Q3 25 | $1.1B | $812.9M | ||
| Q2 25 | $1.5B | $638.3M | ||
| Q1 25 | $204.5M | $463.3M | ||
| Q4 24 | $147.7M | $488.9M | ||
| Q3 24 | $182.9M | $613.0M | ||
| Q2 24 | $157.0M | $541.6M | ||
| Q1 24 | $254.4M | $490.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.3B |
| Q4 25 | $1.5B | $1.9B | ||
| Q3 25 | $1.3B | $1.8B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.0B | $1.5B | ||
| Q3 24 | $973.1M | $1.4B | ||
| Q2 24 | $881.5M | $1.3B | ||
| Q1 24 | $797.2M | $1.2B |
| Q4 25 | $6.0B | $4.1B | ||
| Q3 25 | $5.8B | $4.1B | ||
| Q2 25 | $5.6B | $3.9B | ||
| Q1 25 | $3.7B | $3.7B | ||
| Q4 24 | $3.3B | $3.6B | ||
| Q3 24 | $3.1B | $3.5B | ||
| Q2 24 | $2.9B | $3.4B | ||
| Q1 24 | $2.8B | $3.3B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.83× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.11× |
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 | $269.3M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $183.6M |
| 自由现金流率自由现金流/营收 | 17.1% | 26.5% |
| 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 | — | 2.88× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $577.1M |
8季度趋势，按日历期对齐
| Q4 25 | $190.4M | $269.3M | ||
| Q3 25 | $167.1M | $234.9M | ||
| Q2 25 | $99.8M | $275.0M | ||
| Q1 25 | $145.8M | $41.2M | ||
| Q4 24 | $127.3M | $189.9M | ||
| Q3 24 | $104.7M | $166.9M | ||
| Q2 24 | $74.8M | $183.4M | ||
| Q1 24 | $73.6M | $17.7M |
| Q4 25 | $105.2M | $183.6M | ||
| Q3 25 | $82.5M | $176.4M | ||
| Q2 25 | $39.9M | $222.4M | ||
| Q1 25 | $59.9M | $-5.3M | ||
| Q4 24 | $54.2M | $135.7M | ||
| Q3 24 | $54.5M | $112.4M | ||
| Q2 24 | $45.2M | $125.7M | ||
| Q1 24 | $41.5M | $-29.8M |
| Q4 25 | 17.1% | 26.5% | ||
| Q3 25 | 14.7% | 20.7% | ||
| Q2 25 | 7.8% | 26.8% | ||
| Q1 25 | 12.5% | -0.9% | ||
| Q4 24 | 11.8% | 19.7% | ||
| Q3 24 | 12.7% | 14.4% | ||
| Q2 24 | 11.3% | 15.4% | ||
| Q1 24 | 11.0% | -4.6% |
| Q4 25 | 13.9% | 12.4% | ||
| Q3 25 | 15.1% | 6.9% | ||
| Q2 25 | 11.7% | 6.3% | ||
| Q1 25 | 17.9% | 7.6% | ||
| Q4 24 | 15.9% | 7.9% | ||
| Q3 24 | 11.7% | 7.0% | ||
| Q2 24 | 7.4% | 7.1% | ||
| Q1 24 | 8.5% | 7.3% |
| Q4 25 | — | 2.88× | ||
| Q3 25 | — | 1.51× | ||
| Q2 25 | — | 1.91× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | — | 2.34× | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | — | 1.14× | ||
| Q1 24 | — | 0.19× |
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% |
WMS
| Reportable Segment Aggregation Before Other Operating Segment | $557.3M | 80% |
| Other | $85.5M | 12% |
| Pipe | $35.5M | 5% |
| Allied Products And Other | $15.0M | 2% |
