vs
Cloudflare, Inc.（NET）与渥弗林（WWW）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是渥弗林的1.2倍（$614.5M vs $517.5M），渥弗林净利率更高（6.1% vs -2.0%，领先8.1%），Cloudflare, Inc.同比增速更快（33.6% vs 25.5%），渥弗林自由现金流更多（$145.6M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 14.5%）
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。
渥弗林是一家国际知名的鞋履、服饰及配饰设计、生产与销售企业，旗下拥有迈乐、斯佩里、索康尼、暇步士等多个知名品牌，覆盖户外休闲、日常穿搭、工装、运动等消费领域，产品通过线上线下渠道及批发网络销往全球。
NET vs WWW — 直观对比
营收规模更大
NET
是对方的1.2倍
$517.5M
营收增速更快
NET
高出8.1%
25.5%
净利率更高
WWW
高出8.1%
-2.0%
自由现金流更多
WWW
多$40.4M
$105.2M
两年增速更快
NET
近两年复合增速
14.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $517.5M |
| 净利润 | $-12.1M | $31.8M |
| 毛利率 | 73.6% | 47.3% |
| 营业利润率 | -8.0% | 9.7% |
| 净利率 | -2.0% | 6.1% |
| 营收同比 | 33.6% | 25.5% |
| 净利润同比 | 6.0% | 162.8% |
| 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NETWWW
| Q1 26 | — | $517.5M | ||
| Q4 25 | $614.5M | — | ||
| Q3 25 | $562.0M | $470.3M | ||
| Q2 25 | $512.3M | $474.2M | ||
| Q1 25 | $479.1M | $412.3M | ||
| Q4 24 | $459.9M | $494.7M | ||
| Q3 24 | $430.1M | $440.2M | ||
| Q2 24 | $401.0M | $425.2M |
净利润NETWWW
| Q1 26 | — | $31.8M | ||
| Q4 25 | $-12.1M | — | ||
| Q3 25 | $-1.3M | $25.1M | ||
| Q2 25 | $-50.4M | $26.8M | ||
| Q1 25 | $-38.5M | $12.1M | ||
| Q4 24 | $-12.8M | $23.1M | ||
| Q3 24 | $-15.3M | $23.2M | ||
| Q2 24 | $-15.1M | $13.8M |
毛利率NETWWW
| Q1 26 | — | 47.3% | ||
| Q4 25 | 73.6% | — | ||
| Q3 25 | 74.0% | 47.5% | ||
| Q2 25 | 74.9% | 47.2% | ||
| Q1 25 | 75.9% | 47.2% | ||
| Q4 24 | 76.4% | 43.4% | ||
| Q3 24 | 77.7% | 45.1% | ||
| Q2 24 | 77.8% | 43.1% |
营业利润率NETWWW
| Q1 26 | — | 9.7% | ||
| Q4 25 | -8.0% | — | ||
| Q3 25 | -6.7% | 8.4% | ||
| Q2 25 | -13.1% | 8.6% | ||
| Q1 25 | -11.1% | 4.8% | ||
| Q4 24 | -7.5% | 7.4% | ||
| Q3 24 | -7.2% | 7.9% | ||
| Q2 24 | -8.7% | 6.8% |
净利率NETWWW
| Q1 26 | — | 6.1% | ||
| Q4 25 | -2.0% | — | ||
| Q3 25 | -0.2% | 5.3% | ||
| Q2 25 | -9.8% | 5.7% | ||
| Q1 25 | -8.0% | 2.9% | ||
| Q4 24 | -2.8% | 4.7% | ||
| Q3 24 | -3.6% | 5.3% | ||
| Q2 24 | -3.8% | 3.2% |
每股收益（稀释后）NETWWW
| Q1 26 | — | $0.37 | ||
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $0.00 | $0.30 | ||
| Q2 25 | $-0.15 | $0.32 | ||
| Q1 25 | $-0.11 | $0.15 | ||
| Q4 24 | $-0.05 | $0.29 | ||
| Q3 24 | $-0.04 | $0.28 | ||
| Q2 24 | $-0.04 | $0.17 |
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 | — |
| 总债务越低越好 | — | $621.7M |
| 股东权益账面价值 | $1.5B | $408.0M |
| 总资产 | $6.0B | $1.7B |
| 负债/权益比越低杠杆越低 | — | 1.52× |
8季度趋势，按日历期对齐
现金及短期投资NETWWW
| Q1 26 | — | — | ||
| Q4 25 | $943.5M | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $204.5M | — | ||
| Q4 24 | $147.7M | — | ||
| Q3 24 | $182.9M | — | ||
| Q2 24 | $157.0M | — |
总债务NETWWW
| Q1 26 | — | $621.7M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $676.4M | ||
| Q2 25 | — | $708.5M | ||
| Q1 25 | — | $710.8M | ||
| Q4 24 | — | $648.0M | ||
| Q3 24 | — | $702.8M | ||
| Q2 24 | — | $814.7M |
股东权益NETWWW
| Q1 26 | — | $408.0M | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.3B | $376.7M | ||
| Q2 25 | $1.2B | $344.0M | ||
| Q1 25 | $1.4B | $310.6M | ||
| Q4 24 | $1.0B | $312.9M | ||
| Q3 24 | $973.1M | $295.2M | ||
| Q2 24 | $881.5M | $262.1M |
总资产NETWWW
| Q1 26 | — | $1.7B | ||
| Q4 25 | $6.0B | — | ||
| Q3 25 | $5.8B | $1.7B | ||
| Q2 25 | $5.6B | $1.8B | ||
| Q1 25 | $3.7B | $1.7B | ||
| Q4 24 | $3.3B | $1.7B | ||
| Q3 24 | $3.1B | $1.8B | ||
| Q2 24 | $2.9B | $1.8B |
负债/权益比NETWWW
| Q1 26 | — | 1.52× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.80× | ||
| Q2 25 | — | 2.06× | ||
| Q1 25 | — | 2.29× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | — | 2.38× | ||
| Q2 24 | — | 3.11× |
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 | $146.2M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $145.6M |
| 自由现金流率自由现金流/营收 | 17.1% | 28.1% |
| 资本支出强度资本支出/营收 | 13.9% | 0.1% |
| 现金转化率经营现金流/净利润 | — | 4.60× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $125.5M |
8季度趋势，按日历期对齐
经营现金流NETWWW
| Q1 26 | — | $146.2M | ||
| Q4 25 | $190.4M | — | ||
| Q3 25 | $167.1M | $33.0M | ||
| Q2 25 | $99.8M | $44.6M | ||
| Q1 25 | $145.8M | $-83.8M | ||
| Q4 24 | $127.3M | $82.4M | ||
| Q3 24 | $104.7M | $108.2M | ||
| Q2 24 | $74.8M | $26.7M |
自由现金流NETWWW
| Q1 26 | — | $145.6M | ||
| Q4 25 | $105.2M | — | ||
| Q3 25 | $82.5M | $30.1M | ||
| Q2 25 | $39.9M | $41.2M | ||
| Q1 25 | $59.9M | $-91.4M | ||
| Q4 24 | $54.2M | $74.4M | ||
| Q3 24 | $54.5M | $104.1M | ||
| Q2 24 | $45.2M | $23.7M |
自由现金流率NETWWW
| Q1 26 | — | 28.1% | ||
| Q4 25 | 17.1% | — | ||
| Q3 25 | 14.7% | 6.4% | ||
| Q2 25 | 7.8% | 8.7% | ||
| Q1 25 | 12.5% | -22.2% | ||
| Q4 24 | 11.8% | 15.0% | ||
| Q3 24 | 12.7% | 23.6% | ||
| Q2 24 | 11.3% | 5.6% |
资本支出强度NETWWW
| Q1 26 | — | 0.1% | ||
| Q4 25 | 13.9% | — | ||
| Q3 25 | 15.1% | 0.6% | ||
| Q2 25 | 11.7% | 0.7% | ||
| Q1 25 | 17.9% | 1.8% | ||
| Q4 24 | 15.9% | 1.6% | ||
| Q3 24 | 11.7% | 0.9% | ||
| Q2 24 | 7.4% | 0.7% |
现金转化率NETWWW
| Q1 26 | — | 4.60× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.31× | ||
| Q2 25 | — | 1.66× | ||
| Q1 25 | — | -6.93× | ||
| Q4 24 | — | 3.57× | ||
| Q3 24 | — | 4.66× | ||
| Q2 24 | — | 1.93× |
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% |
WWW
| Sales Channel Through Intermediary | $230.2M | 44% |
| Sales Channel Directly To Consumer | $142.6M | 28% |
| Work Group | $134.0M | 26% |
| Other | $10.7M | 2% |
