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Cloudflare, Inc.（NET）与WillScot Holdings Corp（WSC）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WillScot Holdings Corp的1.1倍（$614.5M vs $566.0M），Cloudflare, Inc.净利率更高（-2.0% vs -33.1%，领先31.1%），Cloudflare, Inc.同比增速更快（33.6% vs -6.1%），WillScot Holdings Corp自由现金流更多（$149.7M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -1.8%）
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。
WillScot Holdings Corp是北美领先的模块化空间及便携式存储服务供应商，服务覆盖建筑、商业开发、教育、医疗、政府项目、特殊活动等多个领域，为客户提供灵活可扩展的临时及半永久空间解决方案。
NET vs WSC — 直观对比
营收规模更大
NET
是对方的1.1倍
$566.0M
营收增速更快
NET
高出39.7%
-6.1%
净利率更高
NET
高出31.1%
-33.1%
自由现金流更多
WSC
多$44.5M
$105.2M
两年增速更快
NET
近两年复合增速
-1.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $566.0M |
| 净利润 | $-12.1M | $-187.3M |
| 毛利率 | 73.6% | 50.4% |
| 营业利润率 | -8.0% | -32.5% |
| 净利率 | -2.0% | -33.1% |
| 营收同比 | 33.6% | -6.1% |
| 净利润同比 | 6.0% | -310.0% |
| 每股收益（稀释后） | $-0.03 | $-1.02 |
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NETWSC
| Q4 25 | $614.5M | $566.0M | ||
| Q3 25 | $562.0M | $566.8M | ||
| Q2 25 | $512.3M | $589.1M | ||
| Q1 25 | $479.1M | $559.6M | ||
| Q4 24 | $459.9M | $602.5M | ||
| Q3 24 | $430.1M | $601.4M | ||
| Q2 24 | $401.0M | $604.6M | ||
| Q1 24 | $378.6M | $587.2M |
净利润NETWSC
| Q4 25 | $-12.1M | $-187.3M | ||
| Q3 25 | $-1.3M | $43.3M | ||
| Q2 25 | $-50.4M | $47.9M | ||
| Q1 25 | $-38.5M | $43.1M | ||
| Q4 24 | $-12.8M | $89.2M | ||
| Q3 24 | $-15.3M | $-70.5M | ||
| Q2 24 | $-15.1M | $-46.9M | ||
| Q1 24 | $-35.5M | $56.2M |
毛利率NETWSC
| Q4 25 | 73.6% | 50.4% | ||
| Q3 25 | 74.0% | 49.7% | ||
| Q2 25 | 74.9% | 50.3% | ||
| Q1 25 | 75.9% | 53.7% | ||
| Q4 24 | 76.4% | 55.8% | ||
| Q3 24 | 77.7% | 53.5% | ||
| Q2 24 | 77.8% | 54.1% | ||
| Q1 24 | 77.5% | 54.0% |
营业利润率NETWSC
| Q4 25 | -8.0% | -32.5% | ||
| Q3 25 | -6.7% | 21.0% | ||
| Q2 25 | -13.1% | 21.5% | ||
| Q1 25 | -11.1% | 21.3% | ||
| Q4 24 | -7.5% | 28.9% | ||
| Q3 24 | -7.2% | -5.9% | ||
| Q2 24 | -8.7% | -0.9% | ||
| Q1 24 | -14.4% | 22.1% |
净利率NETWSC
| Q4 25 | -2.0% | -33.1% | ||
| Q3 25 | -0.2% | 7.6% | ||
| Q2 25 | -9.8% | 8.1% | ||
| Q1 25 | -8.0% | 7.7% | ||
| Q4 24 | -2.8% | 14.8% | ||
| Q3 24 | -3.6% | -11.7% | ||
| Q2 24 | -3.8% | -7.7% | ||
| Q1 24 | -9.4% | 9.6% |
每股收益（稀释后）NETWSC
| Q4 25 | $-0.03 | $-1.02 | ||
| Q3 25 | $0.00 | $0.24 | ||
| Q2 25 | $-0.15 | $0.26 | ||
| Q1 25 | $-0.11 | $0.23 | ||
| Q4 24 | $-0.05 | $0.48 | ||
| Q3 24 | $-0.04 | $-0.37 | ||
| Q2 24 | $-0.04 | $-0.25 | ||
| Q1 24 | $-0.10 | $0.29 |
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 | $14.6M |
| 总债务越低越好 | — | $3.6B |
| 股东权益账面价值 | $1.5B | $856.3M |
| 总资产 | $6.0B | $5.8B |
| 负债/权益比越低杠杆越低 | — | 4.15× |
8季度趋势，按日历期对齐
现金及短期投资NETWSC
| Q4 25 | $943.5M | $14.6M | ||
| Q3 25 | $1.1B | $14.8M | ||
| Q2 25 | $1.5B | $12.8M | ||
| Q1 25 | $204.5M | $10.7M | ||
| Q4 24 | $147.7M | $9.0M | ||
| Q3 24 | $182.9M | $11.0M | ||
| Q2 24 | $157.0M | $5.9M | ||
| Q1 24 | $254.4M | $13.1M |
总债务NETWSC
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.6B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | — | $3.5B |
股东权益NETWSC
| Q4 25 | $1.5B | $856.3M | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $1.2B | $1.0B | ||
| Q1 25 | $1.4B | $1.0B | ||
| Q4 24 | $1.0B | $1.0B | ||
| Q3 24 | $973.1M | $1.1B | ||
| Q2 24 | $881.5M | $1.2B | ||
| Q1 24 | $797.2M | $1.3B |
总资产NETWSC
| Q4 25 | $6.0B | $5.8B | ||
| Q3 25 | $5.8B | $6.1B | ||
| Q2 25 | $5.6B | $6.1B | ||
| Q1 25 | $3.7B | $6.0B | ||
| Q4 24 | $3.3B | $6.0B | ||
| Q3 24 | $3.1B | $6.0B | ||
| Q2 24 | $2.9B | $6.0B | ||
| Q1 24 | $2.8B | $6.2B |
负债/权益比NETWSC
| Q4 25 | — | 4.15× | ||
| Q3 25 | — | 3.39× | ||
| Q2 25 | — | 3.55× | ||
| Q1 25 | — | 3.56× | ||
| Q4 24 | — | 3.62× | ||
| Q3 24 | — | 3.42× | ||
| Q2 24 | — | 2.88× | ||
| Q1 24 | — | 2.63× |
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 | $158.9M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $149.7M |
| 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% | 1.6% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $287.5M | $737.7M |
8季度趋势，按日历期对齐
经营现金流NETWSC
| Q4 25 | $190.4M | $158.9M | ||
| Q3 25 | $167.1M | $191.2M | ||
| Q2 25 | $99.8M | $205.3M | ||
| Q1 25 | $145.8M | $206.6M | ||
| Q4 24 | $127.3M | $178.9M | ||
| Q3 24 | $104.7M | $-1.6M | ||
| Q2 24 | $74.8M | $175.6M | ||
| Q1 24 | $73.6M | $208.7M |
自由现金流NETWSC
| Q4 25 | $105.2M | $149.7M | ||
| Q3 25 | $82.5M | $186.9M | ||
| Q2 25 | $39.9M | $199.0M | ||
| Q1 25 | $59.9M | $202.0M | ||
| Q4 24 | $54.2M | $176.6M | ||
| Q3 24 | $54.5M | $-4.9M | ||
| Q2 24 | $45.2M | $169.4M | ||
| Q1 24 | $41.5M | $202.1M |
自由现金流率NETWSC
| Q4 25 | 17.1% | 26.5% | ||
| Q3 25 | 14.7% | 33.0% | ||
| Q2 25 | 7.8% | 33.8% | ||
| Q1 25 | 12.5% | 36.1% | ||
| Q4 24 | 11.8% | 29.3% | ||
| Q3 24 | 12.7% | -0.8% | ||
| Q2 24 | 11.3% | 28.0% | ||
| Q1 24 | 11.0% | 34.4% |
资本支出强度NETWSC
| Q4 25 | 13.9% | 1.6% | ||
| Q3 25 | 15.1% | 0.7% | ||
| Q2 25 | 11.7% | 1.1% | ||
| Q1 25 | 17.9% | 0.8% | ||
| Q4 24 | 15.9% | 0.4% | ||
| Q3 24 | 11.7% | 0.6% | ||
| Q2 24 | 7.4% | 1.0% | ||
| Q1 24 | 8.5% | 1.1% |
现金转化率NETWSC
| Q4 25 | — | — | ||
| Q3 25 | — | 4.41× | ||
| Q2 25 | — | 4.28× | ||
| Q1 25 | — | 4.80× | ||
| Q4 24 | — | 2.01× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 3.71× |
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% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
