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Cloudflare, Inc.（NET）与Worthington Steel, Inc.（WS）财务数据对比。点击上方公司名可切换其他公司
Worthington Steel, Inc.的季度营收约是Cloudflare, Inc.的1.4倍（$871.9M vs $614.5M），Worthington Steel, Inc.净利率更高（2.2% vs -2.0%，领先4.1%），Cloudflare, Inc.同比增速更快（33.6% vs 18.0%），Cloudflare, Inc.自由现金流更多（$105.2M vs $74.6M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 3.9%）
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。
沃辛顿钢铁是总部位于美国俄亥俄州哥伦布市的工业制造企业，下设消费品和建筑建材两大业务板块，主营各类压力容器的设计与生产，覆盖丙烷、氧气、氦气储罐，制冷剂及工业气瓶，露营与民用气瓶，以及用于存储、处理、加热、扩容和流量控制的供水系统罐体等产品。
NET vs WS — 直观对比
营收规模更大
WS
是对方的1.4倍
$614.5M
营收增速更快
NET
高出15.6%
18.0%
净利率更高
WS
高出4.1%
-2.0%
自由现金流更多
NET
多$30.6M
$74.6M
两年增速更快
NET
近两年复合增速
3.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $871.9M |
| 净利润 | $-12.1M | $18.8M |
| 毛利率 | 73.6% | 10.7% |
| 营业利润率 | -8.0% | 2.5% |
| 净利率 | -2.0% | 2.2% |
| 营收同比 | 33.6% | 18.0% |
| 净利润同比 | 6.0% | 46.9% |
| 每股收益（稀释后） | $-0.03 | $0.37 |
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NETWS
| Q4 25 | $614.5M | $871.9M | ||
| Q3 25 | $562.0M | $872.9M | ||
| Q2 25 | $512.3M | $832.9M | ||
| Q1 25 | $479.1M | $687.4M | ||
| Q4 24 | $459.9M | $739.0M | ||
| Q3 24 | $430.1M | $834.0M | ||
| Q2 24 | $401.0M | — | ||
| Q1 24 | $378.6M | $805.8M |
净利润NETWS
| Q4 25 | $-12.1M | $18.8M | ||
| Q3 25 | $-1.3M | $36.8M | ||
| Q2 25 | $-50.4M | $55.7M | ||
| Q1 25 | $-38.5M | $13.8M | ||
| Q4 24 | $-12.8M | $12.8M | ||
| Q3 24 | $-15.3M | $28.4M | ||
| Q2 24 | $-15.1M | — | ||
| Q1 24 | $-35.5M | $49.0M |
毛利率NETWS
| Q4 25 | 73.6% | 10.7% | ||
| Q3 25 | 74.0% | 13.2% | ||
| Q2 25 | 74.9% | 15.2% | ||
| Q1 25 | 75.9% | 11.8% | ||
| Q4 24 | 76.4% | 10.8% | ||
| Q3 24 | 77.7% | 12.0% | ||
| Q2 24 | 77.8% | — | ||
| Q1 24 | 77.5% | 14.9% |
营业利润率NETWS
| Q4 25 | -8.0% | 2.5% | ||
| Q3 25 | -6.7% | 5.5% | ||
| Q2 25 | -13.1% | 8.0% | ||
| Q1 25 | -11.1% | 2.7% | ||
| Q4 24 | -7.5% | 2.6% | ||
| Q3 24 | -7.2% | 5.2% | ||
| Q2 24 | -8.7% | — | ||
| Q1 24 | -14.4% | 8.2% |
净利率NETWS
| Q4 25 | -2.0% | 2.2% | ||
| Q3 25 | -0.2% | 4.2% | ||
| Q2 25 | -9.8% | 6.7% | ||
| Q1 25 | -8.0% | 2.0% | ||
| Q4 24 | -2.8% | 1.7% | ||
| Q3 24 | -3.6% | 3.4% | ||
| Q2 24 | -3.8% | — | ||
| Q1 24 | -9.4% | 6.1% |
每股收益（稀释后）NETWS
| Q4 25 | $-0.03 | $0.37 | ||
| Q3 25 | $0.00 | $0.72 | ||
| Q2 25 | $-0.15 | $1.11 | ||
| Q1 25 | $-0.11 | $0.27 | ||
| Q4 24 | $-0.05 | $0.25 | ||
| Q3 24 | $-0.04 | $0.56 | ||
| Q2 24 | $-0.04 | — | ||
| Q1 24 | $-0.10 | $0.98 |
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 | $89.8M |
| 总债务越低越好 | — | $72.1M |
| 股东权益账面价值 | $1.5B | $1.1B |
| 总资产 | $6.0B | $2.1B |
| 负债/权益比越低杠杆越低 | — | 0.06× |
8季度趋势，按日历期对齐
现金及短期投资NETWS
| Q4 25 | $943.5M | $89.8M | ||
| Q3 25 | $1.1B | $78.3M | ||
| Q2 25 | $1.5B | $38.0M | ||
| Q1 25 | $204.5M | $63.3M | ||
| Q4 24 | $147.7M | $52.0M | ||
| Q3 24 | $182.9M | $36.0M | ||
| Q2 24 | $157.0M | — | ||
| Q1 24 | $254.4M | $60.8M |
总债务NETWS
| Q4 25 | — | $72.1M | ||
| Q3 25 | — | $73.4M | ||
| Q2 25 | — | $151.5M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $115.0M | ||
| Q3 24 | — | $122.2M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $147.2M |
股东权益NETWS
| 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 | — | ||
| Q1 24 | $797.2M | $937.6M |
总资产NETWS
| Q4 25 | $6.0B | $2.1B | ||
| Q3 25 | $5.8B | $2.2B | ||
| Q2 25 | $5.6B | $2.0B | ||
| Q1 25 | $3.7B | $1.8B | ||
| Q4 24 | $3.3B | $1.7B | ||
| Q3 24 | $3.1B | $1.8B | ||
| Q2 24 | $2.9B | — | ||
| Q1 24 | $2.8B | $1.8B |
负债/权益比NETWS
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.14× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.16× |
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 | $99.3M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $74.6M |
| 自由现金流率自由现金流/营收 | 17.1% | 8.6% |
| 资本支出强度资本支出/营收 | 13.9% | 2.8% |
| 现金转化率经营现金流/净利润 | — | 5.28× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $72.5M |
8季度趋势，按日历期对齐
经营现金流NETWS
| Q4 25 | $190.4M | $99.3M | ||
| Q3 25 | $167.1M | $-6.3M | ||
| Q2 25 | $99.8M | $53.9M | ||
| Q1 25 | $145.8M | $53.8M | ||
| Q4 24 | $127.3M | $68.0M | ||
| Q3 24 | $104.7M | $54.6M | ||
| Q2 24 | $74.8M | — | ||
| Q1 24 | $73.6M | $44.7M |
自由现金流NETWS
| Q4 25 | $105.2M | $74.6M | ||
| Q3 25 | $82.5M | $-35.7M | ||
| Q2 25 | $39.9M | $8.4M | ||
| Q1 25 | $59.9M | $25.2M | ||
| Q4 24 | $54.2M | $33.2M | ||
| Q3 24 | $54.5M | $33.1M | ||
| Q2 24 | $45.2M | — | ||
| Q1 24 | $41.5M | $22.3M |
自由现金流率NETWS
| Q4 25 | 17.1% | 8.6% | ||
| Q3 25 | 14.7% | -4.1% | ||
| Q2 25 | 7.8% | 1.0% | ||
| Q1 25 | 12.5% | 3.7% | ||
| Q4 24 | 11.8% | 4.5% | ||
| Q3 24 | 12.7% | 4.0% | ||
| Q2 24 | 11.3% | — | ||
| Q1 24 | 11.0% | 2.8% |
资本支出强度NETWS
| Q4 25 | 13.9% | 2.8% | ||
| Q3 25 | 15.1% | 3.4% | ||
| Q2 25 | 11.7% | 5.5% | ||
| Q1 25 | 17.9% | 4.2% | ||
| Q4 24 | 15.9% | 4.7% | ||
| Q3 24 | 11.7% | 2.6% | ||
| Q2 24 | 7.4% | — | ||
| Q1 24 | 8.5% | 2.8% |
现金转化率NETWS
| Q4 25 | — | 5.28× | ||
| Q3 25 | — | -0.17× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | 3.90× | ||
| Q4 24 | — | 5.31× | ||
| Q3 24 | — | 1.92× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.91× |
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% |
WS
| Direct | $844.1M | 97% |
| Toll | $27.8M | 3% |
