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Cloudflare, Inc.（NET）与West Pharmaceutical Services（WST）财务数据对比。点击上方公司名可切换其他公司
West Pharmaceutical Services的季度营收约是Cloudflare, Inc.的1.3倍（$805.0M vs $614.5M），West Pharmaceutical Services净利率更高（16.4% vs -2.0%，领先18.4%），Cloudflare, Inc.同比增速更快（33.6% vs 7.5%），West Pharmaceutical Services自由现金流更多（$175.0M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 7.6%）
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。
美国West Pharmaceutical Services是注射用药品包装及给药系统的设计和制造商，1923年成立，总部位于宾夕法尼亚州埃克斯顿。成立初期主营注射类药物包装用橡胶组件，曾为青霉素和胰岛素生产商提供符合无菌要求的配套产品。
NET vs WST — 直观对比
营收规模更大
WST
是对方的1.3倍
$614.5M
营收增速更快
NET
高出26.1%
7.5%
净利率更高
WST
高出18.4%
-2.0%
自由现金流更多
WST
多$69.8M
$105.2M
两年增速更快
NET
近两年复合增速
7.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $805.0M |
| 净利润 | $-12.1M | $132.1M |
| 毛利率 | 73.6% | 37.8% |
| 营业利润率 | -8.0% | 19.5% |
| 净利率 | -2.0% | 16.4% |
| 营收同比 | 33.6% | 7.5% |
| 净利润同比 | 6.0% | 1.5% |
| 每股收益（稀释后） | $-0.03 | $1.82 |
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NETWST
| Q4 25 | $614.5M | $805.0M | ||
| Q3 25 | $562.0M | $804.6M | ||
| Q2 25 | $512.3M | $766.5M | ||
| Q1 25 | $479.1M | $698.0M | ||
| Q4 24 | $459.9M | $748.8M | ||
| Q3 24 | $430.1M | $746.9M | ||
| Q2 24 | $401.0M | $702.1M | ||
| Q1 24 | $378.6M | $695.4M |
净利润NETWST
| Q4 25 | $-12.1M | $132.1M | ||
| Q3 25 | $-1.3M | $140.0M | ||
| Q2 25 | $-50.4M | $131.8M | ||
| Q1 25 | $-38.5M | $89.8M | ||
| Q4 24 | $-12.8M | $130.1M | ||
| Q3 24 | $-15.3M | $136.0M | ||
| Q2 24 | $-15.1M | $111.3M | ||
| Q1 24 | $-35.5M | $115.3M |
毛利率NETWST
| Q4 25 | 73.6% | 37.8% | ||
| Q3 25 | 74.0% | 36.6% | ||
| Q2 25 | 74.9% | 35.7% | ||
| Q1 25 | 75.9% | 33.2% | ||
| Q4 24 | 76.4% | 36.5% | ||
| Q3 24 | 77.7% | 35.4% | ||
| Q2 24 | 77.8% | 32.8% | ||
| Q1 24 | 77.5% | 33.1% |
营业利润率NETWST
| Q4 25 | -8.0% | 19.5% | ||
| Q3 25 | -6.7% | 20.8% | ||
| Q2 25 | -13.1% | 20.1% | ||
| Q1 25 | -11.1% | 15.3% | ||
| Q4 24 | -7.5% | 21.3% | ||
| Q3 24 | -7.2% | 21.6% | ||
| Q2 24 | -8.7% | 18.0% | ||
| Q1 24 | -14.4% | 17.7% |
净利率NETWST
| Q4 25 | -2.0% | 16.4% | ||
| Q3 25 | -0.2% | 17.4% | ||
| Q2 25 | -9.8% | 17.2% | ||
| Q1 25 | -8.0% | 12.9% | ||
| Q4 24 | -2.8% | 17.4% | ||
| Q3 24 | -3.6% | 18.2% | ||
| Q2 24 | -3.8% | 15.9% | ||
| Q1 24 | -9.4% | 16.6% |
每股收益（稀释后）NETWST
| Q4 25 | $-0.03 | $1.82 | ||
| Q3 25 | $0.00 | $1.92 | ||
| Q2 25 | $-0.15 | $1.82 | ||
| Q1 25 | $-0.11 | $1.23 | ||
| Q4 24 | $-0.05 | $1.78 | ||
| Q3 24 | $-0.04 | $1.85 | ||
| Q2 24 | $-0.04 | $1.51 | ||
| Q1 24 | $-0.10 | $1.55 |
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 | $791.3M |
| 总债务越低越好 | — | $202.8M |
| 股东权益账面价值 | $1.5B | $3.2B |
| 总资产 | $6.0B | $4.3B |
| 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NETWST
| Q4 25 | $943.5M | $791.3M | ||
| Q3 25 | $1.1B | $628.5M | ||
| Q2 25 | $1.5B | $509.7M | ||
| Q1 25 | $204.5M | $404.2M | ||
| Q4 24 | $147.7M | $484.6M | ||
| Q3 24 | $182.9M | $490.9M | ||
| Q2 24 | $157.0M | $446.2M | ||
| Q1 24 | $254.4M | $601.8M |
总债务NETWST
| Q4 25 | — | $202.8M | ||
| Q3 25 | — | $202.7M | ||
| Q2 25 | — | $202.6M | ||
| Q1 25 | — | $202.6M | ||
| Q4 24 | — | $202.6M | ||
| Q3 24 | — | $202.6M | ||
| Q2 24 | — | $205.8M | ||
| Q1 24 | — | $206.2M |
股东权益NETWST
| Q4 25 | $1.5B | $3.2B | ||
| Q3 25 | $1.3B | $3.1B | ||
| Q2 25 | $1.2B | $2.9B | ||
| Q1 25 | $1.4B | $2.7B | ||
| Q4 24 | $1.0B | $2.7B | ||
| Q3 24 | $973.1M | $2.8B | ||
| Q2 24 | $881.5M | $2.6B | ||
| Q1 24 | $797.2M | $2.7B |
总资产NETWST
| Q4 25 | $6.0B | $4.3B | ||
| Q3 25 | $5.8B | $4.1B | ||
| Q2 25 | $5.6B | $4.0B | ||
| Q1 25 | $3.7B | $3.6B | ||
| Q4 24 | $3.3B | $3.6B | ||
| Q3 24 | $3.1B | $3.7B | ||
| Q2 24 | $2.9B | $3.5B | ||
| Q1 24 | $2.8B | $3.6B |
负债/权益比NETWST
| Q4 25 | — | 0.06× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.07× | ||
| Q1 25 | — | 0.08× | ||
| Q4 24 | — | 0.08× | ||
| Q3 24 | — | 0.07× | ||
| Q2 24 | — | 0.08× | ||
| Q1 24 | — | 0.08× |
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 | $251.1M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $175.0M |
| 自由现金流率自由现金流/营收 | 17.1% | 21.7% |
| 资本支出强度资本支出/营收 | 13.9% | 9.5% |
| 现金转化率经营现金流/净利润 | — | 1.90× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $468.9M |
8季度趋势，按日历期对齐
经营现金流NETWST
| Q4 25 | $190.4M | $251.1M | ||
| Q3 25 | $167.1M | $197.2M | ||
| Q2 25 | $99.8M | $177.1M | ||
| Q1 25 | $145.8M | $129.4M | ||
| Q4 24 | $127.3M | $190.1M | ||
| Q3 24 | $104.7M | $180.1M | ||
| Q2 24 | $74.8M | $165.0M | ||
| Q1 24 | $73.6M | $118.2M |
自由现金流NETWST
| Q4 25 | $105.2M | $175.0M | ||
| Q3 25 | $82.5M | $133.9M | ||
| Q2 25 | $39.9M | $101.9M | ||
| Q1 25 | $59.9M | $58.1M | ||
| Q4 24 | $54.2M | $85.2M | ||
| Q3 24 | $54.5M | $98.8M | ||
| Q2 24 | $45.2M | $64.8M | ||
| Q1 24 | $41.5M | $27.6M |
自由现金流率NETWST
| Q4 25 | 17.1% | 21.7% | ||
| Q3 25 | 14.7% | 16.6% | ||
| Q2 25 | 7.8% | 13.3% | ||
| Q1 25 | 12.5% | 8.3% | ||
| Q4 24 | 11.8% | 11.4% | ||
| Q3 24 | 12.7% | 13.2% | ||
| Q2 24 | 11.3% | 9.2% | ||
| Q1 24 | 11.0% | 4.0% |
资本支出强度NETWST
| Q4 25 | 13.9% | 9.5% | ||
| Q3 25 | 15.1% | 7.9% | ||
| Q2 25 | 11.7% | 9.8% | ||
| Q1 25 | 17.9% | 10.2% | ||
| Q4 24 | 15.9% | 14.0% | ||
| Q3 24 | 11.7% | 10.9% | ||
| Q2 24 | 7.4% | 14.3% | ||
| Q1 24 | 8.5% | 13.0% |
现金转化率NETWST
| Q4 25 | — | 1.90× | ||
| Q3 25 | — | 1.41× | ||
| Q2 25 | — | 1.34× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | — | 1.46× | ||
| Q3 24 | — | 1.32× | ||
| Q2 24 | — | 1.48× | ||
| Q1 24 | — | 1.03× |
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% |
WST
| Proprietary Products | $661.8M | 82% |
| Contract Manufactured Products | $143.2M | 18% |
| Affiliated Entity | $3.3M | 0% |
