vs
Cloudflare, Inc.（NET）与ZILLOW GROUP, INC.（ZG）财务数据对比。点击上方公司名可切换其他公司
ZILLOW GROUP, INC.的季度营收约是Cloudflare, Inc.的1.1倍（$654.0M vs $614.5M），ZILLOW GROUP, INC.净利率更高（0.5% vs -2.0%，领先2.4%），Cloudflare, Inc.同比增速更快（33.6% vs 18.1%），Cloudflare, Inc.自由现金流更多（$105.2M vs $44.0M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 11.2%）
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。
Zillow集团是美国头部房地产科技线上平台企业，2006年由前微软高管里奇·巴顿、劳埃德·弗林克等联合创立，业务涵盖房产信息查询、交易配套服务等，是全球房产科技领域的知名代表企业。
NET vs ZG — 直观对比
营收规模更大
ZG
是对方的1.1倍
$614.5M
营收增速更快
NET
高出15.6%
18.1%
净利率更高
ZG
高出2.4%
-2.0%
自由现金流更多
NET
多$61.2M
$44.0M
两年增速更快
NET
近两年复合增速
11.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $654.0M |
| 净利润 | $-12.1M | $3.0M |
| 毛利率 | 73.6% | 72.8% |
| 营业利润率 | -8.0% | -1.7% |
| 净利率 | -2.0% | 0.5% |
| 营收同比 | 33.6% | 18.1% |
| 净利润同比 | 6.0% | 105.8% |
| 每股收益（稀释后） | $-0.03 | $0.01 |
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NETZG
| Q4 25 | $614.5M | $654.0M | ||
| Q3 25 | $562.0M | $676.0M | ||
| Q2 25 | $512.3M | $655.0M | ||
| Q1 25 | $479.1M | $598.0M | ||
| Q4 24 | $459.9M | $554.0M | ||
| Q3 24 | $430.1M | $581.0M | ||
| Q2 24 | $401.0M | $572.0M | ||
| Q1 24 | $378.6M | $529.0M |
净利润NETZG
| Q4 25 | $-12.1M | $3.0M | ||
| Q3 25 | $-1.3M | $10.0M | ||
| Q2 25 | $-50.4M | $2.0M | ||
| Q1 25 | $-38.5M | $8.0M | ||
| Q4 24 | $-12.8M | $-52.0M | ||
| Q3 24 | $-15.3M | $-20.0M | ||
| Q2 24 | $-15.1M | $-17.0M | ||
| Q1 24 | $-35.5M | $-23.0M |
毛利率NETZG
| Q4 25 | 73.6% | 72.8% | ||
| Q3 25 | 74.0% | 72.6% | ||
| Q2 25 | 74.9% | 74.7% | ||
| Q1 25 | 75.9% | 76.8% | ||
| Q4 24 | 76.4% | 75.8% | ||
| Q3 24 | 77.7% | 75.9% | ||
| Q2 24 | 77.8% | 77.3% | ||
| Q1 24 | 77.5% | 76.7% |
营业利润率NETZG
| Q4 25 | -8.0% | -1.7% | ||
| Q3 25 | -6.7% | -0.4% | ||
| Q2 25 | -13.1% | -1.7% | ||
| Q1 25 | -11.1% | -1.5% | ||
| Q4 24 | -7.5% | -12.5% | ||
| Q3 24 | -7.2% | -7.7% | ||
| Q2 24 | -8.7% | -6.6% | ||
| Q1 24 | -14.4% | -8.5% |
净利率NETZG
| Q4 25 | -2.0% | 0.5% | ||
| Q3 25 | -0.2% | 1.5% | ||
| Q2 25 | -9.8% | 0.3% | ||
| Q1 25 | -8.0% | 1.3% | ||
| Q4 24 | -2.8% | -9.4% | ||
| Q3 24 | -3.6% | -3.4% | ||
| Q2 24 | -3.8% | -3.0% | ||
| Q1 24 | -9.4% | -4.3% |
每股收益（稀释后）NETZG
| Q4 25 | $-0.03 | $0.01 | ||
| Q3 25 | $0.00 | $0.04 | ||
| Q2 25 | $-0.15 | $0.01 | ||
| Q1 25 | $-0.11 | $0.03 | ||
| Q4 24 | $-0.05 | $-0.23 | ||
| Q3 24 | $-0.04 | $-0.08 | ||
| Q2 24 | $-0.04 | $-0.07 | ||
| Q1 24 | $-0.10 | $-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 | $768.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $4.9B |
| 总资产 | $6.0B | $5.7B |
| 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NETZG
| Q4 25 | $943.5M | $768.0M | ||
| Q3 25 | $1.1B | $874.0M | ||
| Q2 25 | $1.5B | $587.0M | ||
| Q1 25 | $204.5M | $914.0M | ||
| Q4 24 | $147.7M | $1.1B | ||
| Q3 24 | $182.9M | $1.1B | ||
| Q2 24 | $157.0M | $1.2B | ||
| Q1 24 | $254.4M | $1.4B |
股东权益NETZG
| Q4 25 | $1.5B | $4.9B | ||
| Q3 25 | $1.3B | $5.0B | ||
| Q2 25 | $1.2B | $4.7B | ||
| Q1 25 | $1.4B | $4.8B | ||
| Q4 24 | $1.0B | $4.8B | ||
| Q3 24 | $973.1M | $4.7B | ||
| Q2 24 | $881.5M | $4.5B | ||
| Q1 24 | $797.2M | $4.7B |
总资产NETZG
| Q4 25 | $6.0B | $5.7B | ||
| Q3 25 | $5.8B | $5.7B | ||
| Q2 25 | $5.6B | $5.4B | ||
| Q1 25 | $3.7B | $5.7B | ||
| Q4 24 | $3.3B | $5.8B | ||
| Q3 24 | $3.1B | $6.2B | ||
| Q2 24 | $2.9B | $6.6B | ||
| Q1 24 | $2.8B | $6.8B |
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 | $72.0M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $44.0M |
| 自由现金流率自由现金流/营收 | 17.1% | 6.7% |
| 资本支出强度资本支出/营收 | 13.9% | 4.3% |
| 现金转化率经营现金流/净利润 | — | 24.00× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $235.0M |
8季度趋势，按日历期对齐
经营现金流NETZG
| Q4 25 | $190.4M | $72.0M | ||
| Q3 25 | $167.1M | $105.0M | ||
| Q2 25 | $99.8M | $87.0M | ||
| Q1 25 | $145.8M | $104.0M | ||
| Q4 24 | $127.3M | $122.0M | ||
| Q3 24 | $104.7M | $171.0M | ||
| Q2 24 | $74.8M | $55.0M | ||
| Q1 24 | $73.6M | $80.0M |
自由现金流NETZG
| Q4 25 | $105.2M | $44.0M | ||
| Q3 25 | $82.5M | $73.0M | ||
| Q2 25 | $39.9M | $50.0M | ||
| Q1 25 | $59.9M | $68.0M | ||
| Q4 24 | $54.2M | $88.0M | ||
| Q3 24 | $54.5M | $138.0M | ||
| Q2 24 | $45.2M | $18.0M | ||
| Q1 24 | $41.5M | $41.0M |
自由现金流率NETZG
| Q4 25 | 17.1% | 6.7% | ||
| Q3 25 | 14.7% | 10.8% | ||
| Q2 25 | 7.8% | 7.6% | ||
| Q1 25 | 12.5% | 11.4% | ||
| Q4 24 | 11.8% | 15.9% | ||
| Q3 24 | 12.7% | 23.8% | ||
| Q2 24 | 11.3% | 3.1% | ||
| Q1 24 | 11.0% | 7.8% |
资本支出强度NETZG
| Q4 25 | 13.9% | 4.3% | ||
| Q3 25 | 15.1% | 4.7% | ||
| Q2 25 | 11.7% | 5.6% | ||
| Q1 25 | 17.9% | 6.0% | ||
| Q4 24 | 15.9% | 6.1% | ||
| Q3 24 | 11.7% | 5.7% | ||
| Q2 24 | 7.4% | 6.5% | ||
| Q1 24 | 8.5% | 7.4% |
现金转化率NETZG
| Q4 25 | — | 24.00× | ||
| Q3 25 | — | 10.50× | ||
| Q2 25 | — | 43.50× | ||
| Q1 25 | — | 13.00× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
ZG
| Residential Revenue | $418.0M | 64% |
| Rental Revenue | $168.0M | 26% |
| Mortgage Revenue | $57.0M | 9% |
| Display Advertising And Other Revenue | $11.0M | 2% |
