vs
Cloudflare, Inc.（NET）与Zscaler, Inc.（ZS）财务数据对比。点击上方公司名可切换其他公司
Zscaler, Inc.的季度营收约是Cloudflare, Inc.的1.3倍（$788.1M vs $614.5M），Zscaler, Inc.净利率更高（-1.5% vs -2.0%，领先0.5%），Cloudflare, Inc.同比增速更快（33.6% vs 25.5%），Zscaler, Inc.自由现金流更多（$431.0M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 22.5%）
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。
Zscaler是总部位于美国加利福尼亚州圣何塞的云安全企业，专注提供云原生安全服务，为全球各行业企业的网络系统与数据资产提供全方位防护，助力企业在数字化运营过程中抵御各类安全风险，保障业务稳定开展。
NET vs ZS — 直观对比
营收规模更大
ZS
是对方的1.3倍
$614.5M
营收增速更快
NET
高出8.1%
25.5%
净利率更高
ZS
高出0.5%
-2.0%
自由现金流更多
ZS
多$325.7M
$105.2M
两年增速更快
NET
近两年复合增速
22.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $788.1M |
| 净利润 | $-12.1M | $-11.6M |
| 毛利率 | 73.6% | 76.6% |
| 营业利润率 | -8.0% | -4.6% |
| 净利率 | -2.0% | -1.5% |
| 营收同比 | 33.6% | 25.5% |
| 净利润同比 | 6.0% | 3.6% |
| 每股收益（稀释后） | $-0.03 | $-0.07 |
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NETZS
| Q4 25 | $614.5M | $788.1M | ||
| Q3 25 | $562.0M | $719.2M | ||
| Q2 25 | $512.3M | $678.0M | ||
| Q1 25 | $479.1M | $647.9M | ||
| Q4 24 | $459.9M | $628.0M | ||
| Q3 24 | $430.1M | $592.9M | ||
| Q2 24 | $401.0M | $553.2M | ||
| Q1 24 | $378.6M | $525.0M |
净利润NETZS
| Q4 25 | $-12.1M | $-11.6M | ||
| Q3 25 | $-1.3M | $-17.6M | ||
| Q2 25 | $-50.4M | $-4.1M | ||
| Q1 25 | $-38.5M | $-7.7M | ||
| Q4 24 | $-12.8M | $-12.1M | ||
| Q3 24 | $-15.3M | $-14.9M | ||
| Q2 24 | $-15.1M | $19.1M | ||
| Q1 24 | $-35.5M | $-28.5M |
毛利率NETZS
| Q4 25 | 73.6% | 76.6% | ||
| Q3 25 | 74.0% | 76.1% | ||
| Q2 25 | 74.9% | 77.0% | ||
| Q1 25 | 75.9% | 77.1% | ||
| Q4 24 | 76.4% | 77.5% | ||
| Q3 24 | 77.7% | 78.0% | ||
| Q2 24 | 77.8% | 78.6% | ||
| Q1 24 | 77.5% | 77.7% |
营业利润率NETZS
| Q4 25 | -8.0% | -4.6% | ||
| Q3 25 | -6.7% | -4.5% | ||
| Q2 25 | -13.1% | -3.7% | ||
| Q1 25 | -11.1% | -6.2% | ||
| Q4 24 | -7.5% | -4.9% | ||
| Q3 24 | -7.2% | -4.5% | ||
| Q2 24 | -8.7% | -0.5% | ||
| Q1 24 | -14.4% | -8.7% |
净利率NETZS
| Q4 25 | -2.0% | -1.5% | ||
| Q3 25 | -0.2% | -2.4% | ||
| Q2 25 | -9.8% | -0.6% | ||
| Q1 25 | -8.0% | -1.2% | ||
| Q4 24 | -2.8% | -1.9% | ||
| Q3 24 | -3.6% | -2.5% | ||
| Q2 24 | -3.8% | 3.5% | ||
| Q1 24 | -9.4% | -5.4% |
每股收益（稀释后）NETZS
| Q4 25 | $-0.03 | $-0.07 | ||
| Q3 25 | $0.00 | $-0.11 | ||
| Q2 25 | $-0.15 | $-0.03 | ||
| Q1 25 | $-0.11 | $-0.05 | ||
| Q4 24 | $-0.05 | $-0.08 | ||
| Q3 24 | $-0.04 | $-0.09 | ||
| Q2 24 | $-0.04 | $0.12 | ||
| Q1 24 | $-0.10 | $-0.19 |
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 | $1.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $2.0B |
| 总资产 | $6.0B | $6.5B |
| 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NETZS
| Q4 25 | $943.5M | $1.3B | ||
| Q3 25 | $1.1B | $2.4B | ||
| Q2 25 | $1.5B | $2.0B | ||
| Q1 25 | $204.5M | $1.8B | ||
| Q4 24 | $147.7M | $1.6B | ||
| Q3 24 | $182.9M | $1.4B | ||
| Q2 24 | $157.0M | $1.3B | ||
| Q1 24 | $254.4M | $1.4B |
总债务NETZS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
股东权益NETZS
| Q4 25 | $1.5B | $2.0B | ||
| Q3 25 | $1.3B | $1.8B | ||
| Q2 25 | $1.2B | $1.8B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.0B | $1.4B | ||
| Q3 24 | $973.1M | $1.3B | ||
| Q2 24 | $881.5M | $1.1B | ||
| Q1 24 | $797.2M | $958.9M |
总资产NETZS
| Q4 25 | $6.0B | $6.5B | ||
| Q3 25 | $5.8B | $6.4B | ||
| Q2 25 | $5.6B | $5.3B | ||
| Q1 25 | $3.7B | $5.0B | ||
| Q4 24 | $3.3B | $4.7B | ||
| Q3 24 | $3.1B | $4.7B | ||
| Q2 24 | $2.9B | $4.2B | ||
| Q1 24 | $2.8B | $3.9B |
负债/权益比NETZS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 1.19× |
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 | $448.3M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $431.0M |
| 自由现金流率自由现金流/营收 | 17.1% | 54.7% |
| 资本支出强度资本支出/营收 | 13.9% | 2.2% |
| 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 | $924.9M |
8季度趋势，按日历期对齐
经营现金流NETZS
| Q4 25 | $190.4M | $448.3M | ||
| Q3 25 | $167.1M | $250.6M | ||
| Q2 25 | $99.8M | $211.1M | ||
| Q1 25 | $145.8M | $179.4M | ||
| Q4 24 | $127.3M | $331.3M | ||
| Q3 24 | $104.7M | $203.6M | ||
| Q2 24 | $74.8M | $173.4M | ||
| Q1 24 | $73.6M | $142.1M |
自由现金流NETZS
| Q4 25 | $105.2M | $431.0M | ||
| Q3 25 | $82.5M | $190.6M | ||
| Q2 25 | $39.9M | $138.9M | ||
| Q1 25 | $59.9M | $164.4M | ||
| Q4 24 | $54.2M | $314.3M | ||
| Q3 24 | $54.5M | $154.2M | ||
| Q2 24 | $45.2M | $137.8M | ||
| Q1 24 | $41.5M | $111.2M |
自由现金流率NETZS
| Q4 25 | 17.1% | 54.7% | ||
| Q3 25 | 14.7% | 26.5% | ||
| Q2 25 | 7.8% | 20.5% | ||
| Q1 25 | 12.5% | 25.4% | ||
| Q4 24 | 11.8% | 50.1% | ||
| Q3 24 | 12.7% | 26.0% | ||
| Q2 24 | 11.3% | 24.9% | ||
| Q1 24 | 11.0% | 21.2% |
资本支出强度NETZS
| Q4 25 | 13.9% | 2.2% | ||
| Q3 25 | 15.1% | 8.3% | ||
| Q2 25 | 11.7% | 10.6% | ||
| Q1 25 | 17.9% | 2.3% | ||
| Q4 24 | 15.9% | 2.7% | ||
| Q3 24 | 11.7% | 8.3% | ||
| Q2 24 | 7.4% | 6.4% | ||
| Q1 24 | 8.5% | 5.9% |
现金转化率NETZS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 9.07× | ||
| 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% |
ZS
暂无分部数据
