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Cloudflare, Inc.（NET）与Select Water Solutions, Inc.（WTTR）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Select Water Solutions, Inc.的1.8倍（$614.5M vs $346.5M），Select Water Solutions, Inc.净利率更高（-0.1% vs -2.0%，领先1.9%），Cloudflare, Inc.同比增速更快（33.6% vs -0.7%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-6.0M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -2.8%）
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。
Select Water Solutions是一家专注于油气领域的水务及环保解决方案供应商，主要服务北美陆上油气开采市场，核心业务涵盖水资源获取、处理、回收、处置及化学品解决方案，可帮助客户降低运营成本、减少环境影响。
NET vs WTTR — 直观对比
营收规模更大
NET
是对方的1.8倍
$346.5M
营收增速更快
NET
高出34.3%
-0.7%
净利率更高
WTTR
高出1.9%
-2.0%
自由现金流更多
NET
多$111.3M
$-6.0M
两年增速更快
NET
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $346.5M |
| 净利润 | $-12.1M | $-346.0K |
| 毛利率 | 73.6% | 13.1% |
| 营业利润率 | -8.0% | -0.1% |
| 净利率 | -2.0% | -0.1% |
| 营收同比 | 33.6% | -0.7% |
| 净利润同比 | 6.0% | 78.9% |
| 每股收益（稀释后） | $-0.03 | — |
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NETWTTR
| Q4 25 | $614.5M | $346.5M | ||
| Q3 25 | $562.0M | $322.2M | ||
| Q2 25 | $512.3M | $364.2M | ||
| Q1 25 | $479.1M | $374.4M | ||
| Q4 24 | $459.9M | $349.0M | ||
| Q3 24 | $430.1M | $371.3M | ||
| Q2 24 | $401.0M | $365.1M | ||
| Q1 24 | $378.6M | $366.5M |
净利润NETWTTR
| Q4 25 | $-12.1M | $-346.0K | ||
| Q3 25 | $-1.3M | $2.7M | ||
| Q2 25 | $-50.4M | $10.6M | ||
| Q1 25 | $-38.5M | $8.2M | ||
| Q4 24 | $-12.8M | $-1.6M | ||
| Q3 24 | $-15.3M | $15.8M | ||
| Q2 24 | $-15.1M | $12.9M | ||
| Q1 24 | $-35.5M | $3.6M |
毛利率NETWTTR
| Q4 25 | 73.6% | 13.1% | ||
| Q3 25 | 74.0% | 13.5% | ||
| Q2 25 | 74.9% | 15.9% | ||
| Q1 25 | 75.9% | 14.9% | ||
| Q4 24 | 76.4% | 12.7% | ||
| Q3 24 | 77.7% | 16.8% | ||
| Q2 24 | 77.8% | 16.5% | ||
| Q1 24 | 77.5% | 14.4% |
营业利润率NETWTTR
| Q4 25 | -8.0% | -0.1% | ||
| Q3 25 | -6.7% | -0.5% | ||
| Q2 25 | -13.1% | 4.2% | ||
| Q1 25 | -11.1% | 4.2% | ||
| Q4 24 | -7.5% | 0.7% | ||
| Q3 24 | -7.2% | 6.6% | ||
| Q2 24 | -8.7% | 5.6% | ||
| Q1 24 | -14.4% | 1.9% |
净利率NETWTTR
| Q4 25 | -2.0% | -0.1% | ||
| Q3 25 | -0.2% | 0.8% | ||
| Q2 25 | -9.8% | 2.9% | ||
| Q1 25 | -8.0% | 2.2% | ||
| Q4 24 | -2.8% | -0.5% | ||
| Q3 24 | -3.6% | 4.3% | ||
| Q2 24 | -3.8% | 3.5% | ||
| Q1 24 | -9.4% | 1.0% |
每股收益（稀释后）NETWTTR
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $0.00 | — | ||
| Q2 25 | $-0.15 | — | ||
| Q1 25 | $-0.11 | — | ||
| Q4 24 | $-0.05 | — | ||
| Q3 24 | $-0.04 | — | ||
| Q2 24 | $-0.04 | — | ||
| Q1 24 | $-0.10 | — |
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 | $18.1M |
| 总债务越低越好 | — | $320.0M |
| 股东权益账面价值 | $1.5B | $805.6M |
| 总资产 | $6.0B | $1.6B |
| 负债/权益比越低杠杆越低 | — | 0.40× |
8季度趋势，按日历期对齐
现金及短期投资NETWTTR
| Q4 25 | $943.5M | $18.1M | ||
| Q3 25 | $1.1B | $17.8M | ||
| Q2 25 | $1.5B | $51.2M | ||
| Q1 25 | $204.5M | $27.9M | ||
| Q4 24 | $147.7M | $20.0M | ||
| Q3 24 | $182.9M | $10.9M | ||
| Q2 24 | $157.0M | $16.4M | ||
| Q1 24 | $254.4M | $12.8M |
总债务NETWTTR
| Q4 25 | — | $320.0M | ||
| Q3 25 | — | $305.0M | ||
| Q2 25 | — | $275.0M | ||
| Q1 25 | — | $250.0M | ||
| Q4 24 | — | $85.0M | ||
| Q3 24 | — | $80.0M | ||
| Q2 24 | — | $90.0M | ||
| Q1 24 | — | $75.0M |
股东权益NETWTTR
| Q4 25 | $1.5B | $805.6M | ||
| Q3 25 | $1.3B | $808.1M | ||
| Q2 25 | $1.2B | $799.3M | ||
| Q1 25 | $1.4B | $793.1M | ||
| Q4 24 | $1.0B | $793.5M | ||
| Q3 24 | $973.1M | $796.5M | ||
| Q2 24 | $881.5M | $782.0M | ||
| Q1 24 | $797.2M | $770.0M |
总资产NETWTTR
| Q4 25 | $6.0B | $1.6B | ||
| Q3 25 | $5.8B | $1.6B | ||
| Q2 25 | $5.6B | $1.5B | ||
| Q1 25 | $3.7B | $1.5B | ||
| Q4 24 | $3.3B | $1.4B | ||
| Q3 24 | $3.1B | $1.3B | ||
| Q2 24 | $2.9B | $1.3B | ||
| Q1 24 | $2.8B | $1.3B |
负债/权益比NETWTTR
| Q4 25 | — | 0.40× | ||
| Q3 25 | — | 0.38× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.32× | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | — | 0.10× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.10× |
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 | $65.5M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $-6.0M |
| 自由现金流率自由现金流/营收 | 17.1% | -1.7% |
| 资本支出强度资本支出/营收 | 13.9% | 20.6% |
| 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 | $-79.9M |
8季度趋势，按日历期对齐
经营现金流NETWTTR
| Q4 25 | $190.4M | $65.5M | ||
| Q3 25 | $167.1M | $71.7M | ||
| Q2 25 | $99.8M | $82.6M | ||
| Q1 25 | $145.8M | $-5.1M | ||
| Q4 24 | $127.3M | $67.8M | ||
| Q3 24 | $104.7M | $51.9M | ||
| Q2 24 | $74.8M | $83.1M | ||
| Q1 24 | $73.6M | $32.1M |
自由现金流NETWTTR
| Q4 25 | $105.2M | $-6.0M | ||
| Q3 25 | $82.5M | $-23.5M | ||
| Q2 25 | $39.9M | $3.2M | ||
| Q1 25 | $59.9M | $-53.5M | ||
| Q4 24 | $54.2M | $12.7M | ||
| Q3 24 | $54.5M | $16.7M | ||
| Q2 24 | $45.2M | $34.0M | ||
| Q1 24 | $41.5M | $-1.6M |
自由现金流率NETWTTR
| Q4 25 | 17.1% | -1.7% | ||
| Q3 25 | 14.7% | -7.3% | ||
| Q2 25 | 7.8% | 0.9% | ||
| Q1 25 | 12.5% | -14.3% | ||
| Q4 24 | 11.8% | 3.6% | ||
| Q3 24 | 12.7% | 4.5% | ||
| Q2 24 | 11.3% | 9.3% | ||
| Q1 24 | 11.0% | -0.4% |
资本支出强度NETWTTR
| Q4 25 | 13.9% | 20.6% | ||
| Q3 25 | 15.1% | 29.6% | ||
| Q2 25 | 11.7% | 21.8% | ||
| Q1 25 | 17.9% | 12.9% | ||
| Q4 24 | 15.9% | 15.8% | ||
| Q3 24 | 11.7% | 9.5% | ||
| Q2 24 | 7.4% | 13.5% | ||
| Q1 24 | 8.5% | 9.2% |
现金转化率NETWTTR
| Q4 25 | — | — | ||
| Q3 25 | — | 26.72× | ||
| Q2 25 | — | 7.76× | ||
| Q1 25 | — | -0.61× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.29× | ||
| Q2 24 | — | 6.46× | ||
| Q1 24 | — | 8.86× |
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% |
WTTR
| Water Services | $178.3M | 51% |
| Marcellus Utica | $38.6M | 11% |
| Rockies | $38.3M | 11% |
| Eagle Ford | $28.2M | 8% |
| Midcon | $23.0M | 7% |
| Haynesville E.Texas | $19.1M | 6% |
| Bakken | $17.3M | 5% |
| Eliminations And Other Geographical Regions | $3.6M | 1% |
