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Cloudflare, Inc.（NET）与YELP INC（YELP）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YELP INC的1.7倍（$614.5M vs $360.0M），YELP INC净利率更高（10.5% vs -2.0%，领先12.5%），Cloudflare, Inc.同比增速更快（33.6% vs -0.5%），Cloudflare, Inc.自由现金流更多（$105.2M vs $72.3M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 4.0%）
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。
Yelp Inc.是一家总部位于旧金山的美国企业，旗下运营Yelp.com网站与Yelp移动应用，主打用户生成的本地商户点评内容，同时还提供Yelp Guest Manager餐桌预订服务，为消费者和商家搭建双向信息对接的服务平台。
NET vs YELP — 直观对比
营收规模更大
NET
是对方的1.7倍
$360.0M
营收增速更快
NET
高出34.1%
-0.5%
净利率更高
YELP
高出12.5%
-2.0%
自由现金流更多
NET
多$33.0M
$72.3M
两年增速更快
NET
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $360.0M |
| 净利润 | $-12.1M | $37.8M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 13.6% |
| 净利率 | -2.0% | 10.5% |
| 营收同比 | 33.6% | -0.5% |
| 净利润同比 | 6.0% | -10.5% |
| 每股收益（稀释后） | $-0.03 | $0.60 |
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NETYELP
| Q4 25 | $614.5M | $360.0M | ||
| Q3 25 | $562.0M | $376.0M | ||
| Q2 25 | $512.3M | $370.4M | ||
| Q1 25 | $479.1M | $358.5M | ||
| Q4 24 | $459.9M | $362.0M | ||
| Q3 24 | $430.1M | $360.3M | ||
| Q2 24 | $401.0M | $357.0M | ||
| Q1 24 | $378.6M | $332.8M |
净利润NETYELP
| Q4 25 | $-12.1M | $37.8M | ||
| Q3 25 | $-1.3M | $39.3M | ||
| Q2 25 | $-50.4M | $44.1M | ||
| Q1 25 | $-38.5M | $24.4M | ||
| Q4 24 | $-12.8M | $42.2M | ||
| Q3 24 | $-15.3M | $38.4M | ||
| Q2 24 | $-15.1M | $38.0M | ||
| Q1 24 | $-35.5M | $14.2M |
毛利率NETYELP
| Q4 25 | 73.6% | — | ||
| Q3 25 | 74.0% | — | ||
| Q2 25 | 74.9% | — | ||
| Q1 25 | 75.9% | — | ||
| Q4 24 | 76.4% | — | ||
| Q3 24 | 77.7% | — | ||
| Q2 24 | 77.8% | — | ||
| Q1 24 | 77.5% | — |
营业利润率NETYELP
| Q4 25 | -8.0% | 13.6% | ||
| Q3 25 | -6.7% | 14.1% | ||
| Q2 25 | -13.1% | 14.4% | ||
| Q1 25 | -11.1% | 8.2% | ||
| Q4 24 | -7.5% | 14.8% | ||
| Q3 24 | -7.2% | 12.9% | ||
| Q2 24 | -8.7% | 11.1% | ||
| Q1 24 | -14.4% | 3.4% |
净利率NETYELP
| Q4 25 | -2.0% | 10.5% | ||
| Q3 25 | -0.2% | 10.5% | ||
| Q2 25 | -9.8% | 11.9% | ||
| Q1 25 | -8.0% | 6.8% | ||
| Q4 24 | -2.8% | 11.7% | ||
| Q3 24 | -3.6% | 10.7% | ||
| Q2 24 | -3.8% | 10.7% | ||
| Q1 24 | -9.4% | 4.3% |
每股收益（稀释后）NETYELP
| Q4 25 | $-0.03 | $0.60 | ||
| Q3 25 | $0.00 | $0.61 | ||
| Q2 25 | $-0.15 | $0.67 | ||
| Q1 25 | $-0.11 | $0.36 | ||
| Q4 24 | $-0.05 | $0.58 | ||
| Q3 24 | $-0.04 | $0.56 | ||
| Q2 24 | $-0.04 | $0.54 | ||
| Q1 24 | $-0.10 | $0.20 |
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 | $319.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $710.9M |
| 总资产 | $6.0B | $958.5M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资NETYELP
| Q4 25 | $943.5M | $319.4M | ||
| Q3 25 | $1.1B | $333.6M | ||
| Q2 25 | $1.5B | $301.1M | ||
| Q1 25 | $204.5M | $324.4M | ||
| Q4 24 | $147.7M | $317.9M | ||
| Q3 24 | $182.9M | $397.0M | ||
| Q2 24 | $157.0M | $384.8M | ||
| Q1 24 | $254.4M | $420.8M |
股东权益NETYELP
| Q4 25 | $1.5B | $710.9M | ||
| Q3 25 | $1.3B | $733.2M | ||
| Q2 25 | $1.2B | $746.4M | ||
| Q1 25 | $1.4B | $728.0M | ||
| Q4 24 | $1.0B | $744.0M | ||
| Q3 24 | $973.1M | $739.5M | ||
| Q2 24 | $881.5M | $735.3M | ||
| Q1 24 | $797.2M | $722.0M |
总资产NETYELP
| Q4 25 | $6.0B | $958.5M | ||
| Q3 25 | $5.8B | $989.9M | ||
| Q2 25 | $5.6B | $980.2M | ||
| Q1 25 | $3.7B | $985.2M | ||
| Q4 24 | $3.3B | $983.6M | ||
| Q3 24 | $3.1B | $980.2M | ||
| Q2 24 | $2.9B | $965.0M | ||
| Q1 24 | $2.8B | $993.5M |
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 | $84.5M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $72.3M |
| 自由现金流率自由现金流/营收 | 17.1% | 20.1% |
| 资本支出强度资本支出/营收 | 13.9% | 3.4% |
| 现金转化率经营现金流/净利润 | — | 2.24× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $323.7M |
8季度趋势，按日历期对齐
经营现金流NETYELP
| Q4 25 | $190.4M | $84.5M | ||
| Q3 25 | $167.1M | $131.5M | ||
| Q2 25 | $99.8M | $58.0M | ||
| Q1 25 | $145.8M | $98.0M | ||
| Q4 24 | $127.3M | $71.0M | ||
| Q3 24 | $104.7M | $102.3M | ||
| Q2 24 | $74.8M | $39.7M | ||
| Q1 24 | $73.6M | $72.9M |
自由现金流NETYELP
| Q4 25 | $105.2M | $72.3M | ||
| Q3 25 | $82.5M | $118.9M | ||
| Q2 25 | $39.9M | $45.0M | ||
| Q1 25 | $59.9M | $87.5M | ||
| Q4 24 | $54.2M | $60.0M | ||
| Q3 24 | $54.5M | $92.5M | ||
| Q2 24 | $45.2M | $30.1M | ||
| Q1 24 | $41.5M | $65.9M |
自由现金流率NETYELP
| Q4 25 | 17.1% | 20.1% | ||
| Q3 25 | 14.7% | 31.6% | ||
| Q2 25 | 7.8% | 12.2% | ||
| Q1 25 | 12.5% | 24.4% | ||
| Q4 24 | 11.8% | 16.6% | ||
| Q3 24 | 12.7% | 25.7% | ||
| Q2 24 | 11.3% | 8.4% | ||
| Q1 24 | 11.0% | 19.8% |
资本支出强度NETYELP
| Q4 25 | 13.9% | 3.4% | ||
| Q3 25 | 15.1% | 3.3% | ||
| Q2 25 | 11.7% | 3.5% | ||
| Q1 25 | 17.9% | 2.9% | ||
| Q4 24 | 15.9% | 3.0% | ||
| Q3 24 | 11.7% | 2.7% | ||
| Q2 24 | 7.4% | 2.7% | ||
| Q1 24 | 8.5% | 2.1% |
现金转化率NETYELP
| Q4 25 | — | 2.24× | ||
| Q3 25 | — | 3.34× | ||
| Q2 25 | — | 1.32× | ||
| Q1 25 | — | 4.02× | ||
| Q4 24 | — | 1.68× | ||
| Q3 24 | — | 2.66× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 5.15× |
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% |
YELP
| Advertising Services | $231.4M | 64% |
| Advertising Restaurants And Other | $106.8M | 30% |
| Other Revenue | $21.8M | 6% |
