vs
Cloudflare, Inc.（NET）与ZIFF DAVIS, INC.（ZD）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ZIFF DAVIS, INC.的1.5倍（$614.5M vs $406.7M），ZIFF DAVIS, INC.净利率更高（0.1% vs -2.0%，领先2.1%），Cloudflare, Inc.同比增速更快（33.6% vs -1.5%），ZIFF DAVIS, INC.自由现金流更多（$157.8M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 13.7%）
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。
齐夫戴维斯是美国知名数字媒体及互联网企业，由威廉·伯纳德·齐夫一世与伯纳德·乔治·戴维斯于1927年创立。公司核心业务涵盖科技、健康类媒体网站，线上购物相关服务，互联网接入服务，游戏娱乐品牌，以及网络安全和营销技术工具，早年曾以爱好者类杂志出版为主要业务。
NET vs ZD — 直观对比
营收规模更大
NET
是对方的1.5倍
$406.7M
营收增速更快
NET
高出35.1%
-1.5%
净利率更高
ZD
高出2.1%
-2.0%
自由现金流更多
ZD
多$52.6M
$105.2M
两年增速更快
NET
近两年复合增速
13.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $406.7M |
| 净利润 | $-12.1M | $370.0K |
| 毛利率 | 73.6% | 85.9% |
| 营业利润率 | -8.0% | 21.2% |
| 净利率 | -2.0% | 0.1% |
| 营收同比 | 33.6% | -1.5% |
| 净利润同比 | 6.0% | -99.4% |
| 每股收益（稀释后） | $-0.03 | $0.06 |
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NETZD
| Q4 25 | $614.5M | $406.7M | ||
| Q3 25 | $562.0M | $363.7M | ||
| Q2 25 | $512.3M | $352.2M | ||
| Q1 25 | $479.1M | $328.6M | ||
| Q4 24 | $459.9M | $412.8M | ||
| Q3 24 | $430.1M | $353.6M | ||
| Q2 24 | $401.0M | $320.8M | ||
| Q1 24 | $378.6M | $314.5M |
净利润NETZD
| Q4 25 | $-12.1M | $370.0K | ||
| Q3 25 | $-1.3M | $-3.6M | ||
| Q2 25 | $-50.4M | $26.3M | ||
| Q1 25 | $-38.5M | $24.2M | ||
| Q4 24 | $-12.8M | $64.1M | ||
| Q3 24 | $-15.3M | $-48.6M | ||
| Q2 24 | $-15.1M | $36.9M | ||
| Q1 24 | $-35.5M | $10.6M |
毛利率NETZD
| Q4 25 | 73.6% | 85.9% | ||
| Q3 25 | 74.0% | 85.4% | ||
| Q2 25 | 74.9% | 86.1% | ||
| Q1 25 | 75.9% | 85.6% | ||
| Q4 24 | 76.4% | 87.1% | ||
| Q3 24 | 77.7% | 85.5% | ||
| Q2 24 | 77.8% | 84.4% | ||
| Q1 24 | 77.5% | 85.4% |
营业利润率NETZD
| Q4 25 | -8.0% | 21.2% | ||
| Q3 25 | -6.7% | 7.8% | ||
| Q2 25 | -13.1% | 9.5% | ||
| Q1 25 | -11.1% | 10.7% | ||
| Q4 24 | -7.5% | 19.0% | ||
| Q3 24 | -7.2% | -8.3% | ||
| Q2 24 | -8.7% | 8.9% | ||
| Q1 24 | -14.4% | 11.4% |
净利率NETZD
| Q4 25 | -2.0% | 0.1% | ||
| Q3 25 | -0.2% | -1.0% | ||
| Q2 25 | -9.8% | 7.5% | ||
| Q1 25 | -8.0% | 7.4% | ||
| Q4 24 | -2.8% | 15.5% | ||
| Q3 24 | -3.6% | -13.7% | ||
| Q2 24 | -3.8% | 11.5% | ||
| Q1 24 | -9.4% | 3.4% |
每股收益（稀释后）NETZD
| Q4 25 | $-0.03 | $0.06 | ||
| Q3 25 | $0.00 | $-0.09 | ||
| Q2 25 | $-0.15 | $0.62 | ||
| Q1 25 | $-0.11 | $0.56 | ||
| Q4 24 | $-0.05 | $1.53 | ||
| Q3 24 | $-0.04 | $-1.11 | ||
| Q2 24 | $-0.04 | $0.77 | ||
| Q1 24 | $-0.10 | $0.23 |
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 | $607.0M |
| 总债务越低越好 | — | $866.5M |
| 股东权益账面价值 | $1.5B | $1.8B |
| 总资产 | $6.0B | $3.7B |
| 负债/权益比越低杠杆越低 | — | 0.49× |
8季度趋势，按日历期对齐
现金及短期投资NETZD
| Q4 25 | $943.5M | $607.0M | ||
| Q3 25 | $1.1B | $503.4M | ||
| Q2 25 | $1.5B | $457.3M | ||
| Q1 25 | $204.5M | $431.0M | ||
| Q4 24 | $147.7M | $505.9M | ||
| Q3 24 | $182.9M | $386.1M | ||
| Q2 24 | $157.0M | $687.2M | ||
| Q1 24 | $254.4M | $751.2M |
总债务NETZD
| Q4 25 | — | $866.5M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $864.3M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益NETZD
| Q4 25 | $1.5B | $1.8B | ||
| Q3 25 | $1.3B | $1.8B | ||
| Q2 25 | $1.2B | $1.8B | ||
| Q1 25 | $1.4B | $1.8B | ||
| Q4 24 | $1.0B | $1.8B | ||
| Q3 24 | $973.1M | $1.8B | ||
| Q2 24 | $881.5M | $1.9B | ||
| Q1 24 | $797.2M | $1.9B |
总资产NETZD
| Q4 25 | $6.0B | $3.7B | ||
| Q3 25 | $5.8B | $3.5B | ||
| Q2 25 | $5.6B | $3.5B | ||
| Q1 25 | $3.7B | $3.5B | ||
| Q4 24 | $3.3B | $3.7B | ||
| Q3 24 | $3.1B | $3.4B | ||
| Q2 24 | $2.9B | $3.7B | ||
| Q1 24 | $2.8B | $3.7B |
负债/权益比NETZD
| Q4 25 | — | 0.49× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.48× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $191.1M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $157.8M |
| 自由现金流率自由现金流/营收 | 17.1% | 38.8% |
| 资本支出强度资本支出/营收 | 13.9% | 8.2% |
| 现金转化率经营现金流/净利润 | — | 516.44× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $287.9M |
8季度趋势，按日历期对齐
经营现金流NETZD
| Q4 25 | $190.4M | $191.1M | ||
| Q3 25 | $167.1M | $138.3M | ||
| Q2 25 | $99.8M | $57.1M | ||
| Q1 25 | $145.8M | $20.6M | ||
| Q4 24 | $127.3M | $158.2M | ||
| Q3 24 | $104.7M | $106.0M | ||
| Q2 24 | $74.8M | $50.6M | ||
| Q1 24 | $73.6M | $75.6M |
自由现金流NETZD
| Q4 25 | $105.2M | $157.8M | ||
| Q3 25 | $82.5M | $108.2M | ||
| Q2 25 | $39.9M | $26.9M | ||
| Q1 25 | $59.9M | $-5.0M | ||
| Q4 24 | $54.2M | $131.1M | ||
| Q3 24 | $54.5M | $80.1M | ||
| Q2 24 | $45.2M | $25.1M | ||
| Q1 24 | $41.5M | $47.4M |
自由现金流率NETZD
| Q4 25 | 17.1% | 38.8% | ||
| Q3 25 | 14.7% | 29.7% | ||
| Q2 25 | 7.8% | 7.6% | ||
| Q1 25 | 12.5% | -1.5% | ||
| Q4 24 | 11.8% | 31.8% | ||
| Q3 24 | 12.7% | 22.7% | ||
| Q2 24 | 11.3% | 7.8% | ||
| Q1 24 | 11.0% | 15.1% |
资本支出强度NETZD
| Q4 25 | 13.9% | 8.2% | ||
| Q3 25 | 15.1% | 8.3% | ||
| Q2 25 | 11.7% | 8.6% | ||
| Q1 25 | 17.9% | 7.8% | ||
| Q4 24 | 15.9% | 6.6% | ||
| Q3 24 | 11.7% | 7.3% | ||
| Q2 24 | 7.4% | 8.0% | ||
| Q1 24 | 8.5% | 8.9% |
现金转化率NETZD
| Q4 25 | — | 516.44× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.17× | ||
| Q1 25 | — | 0.85× | ||
| Q4 24 | — | 2.47× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.37× | ||
| Q1 24 | — | 7.11× |
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% |
ZD
| Health And Wellness | $114.8M | 28% |
| Technology And Shopping | $108.9M | 27% |
| Cybersecurity And Martech Segment | $70.9M | 17% |
| Connectivity | $60.3M | 15% |
| Gaming And Entertainment | $51.7M | 13% |
| Subscription And Licensing | $2.9M | 1% |
