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BLACK HILLS CORP（BKH）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
BLACK HILLS CORP的季度营收约是Cloudflare, Inc.的1.0倍（$622.7M vs $614.5M），BLACK HILLS CORP净利率更高（16.8% vs -2.0%，领先18.8%），Cloudflare, Inc.同比增速更快（33.6% vs 6.4%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-101.5M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -6.8%）
布莱克山集团是美国多元化能源企业，总部位于南达科他州拉皮德城，名称来源于当地的布莱克山区域。公司主营电力与天然气公用事业，服务覆盖南达科他、蒙大拿、怀俄明、科罗拉多等多个州，电力产品行销整个美国西部地区。
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。
BKH vs NET — 直观对比
营收规模更大
BKH
是对方的1.0倍
$614.5M
营收增速更快
NET
高出27.2%
6.4%
净利率更高
BKH
高出18.8%
-2.0%
自由现金流更多
NET
多$206.7M
$-101.5M
两年增速更快
NET
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $622.7M | $614.5M |
| 净利润 | $104.9M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 27.5% | -8.0% |
| 净利率 | 16.8% | -2.0% |
| 营收同比 | 6.4% | 33.6% |
| 净利润同比 | 7.0% | 6.0% |
| 每股收益（稀释后） | $1.39 | $-0.03 |
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BKHNET
| Q4 25 | $622.7M | $614.5M | ||
| Q3 25 | $427.4M | $562.0M | ||
| Q2 25 | $435.7M | $512.3M | ||
| Q1 25 | $800.4M | $479.1M | ||
| Q4 24 | $585.1M | $459.9M | ||
| Q3 24 | $398.6M | $430.1M | ||
| Q2 24 | $397.1M | $401.0M | ||
| Q1 24 | $717.2M | $378.6M |
净利润BKHNET
| Q4 25 | $104.9M | $-12.1M | ||
| Q3 25 | $24.9M | $-1.3M | ||
| Q2 25 | $27.5M | $-50.4M | ||
| Q1 25 | $134.3M | $-38.5M | ||
| Q4 24 | $98.0M | $-12.8M | ||
| Q3 24 | $24.4M | $-15.3M | ||
| Q2 24 | $22.8M | $-15.1M | ||
| Q1 24 | $127.9M | $-35.5M |
毛利率BKHNET
| 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BKHNET
| Q4 25 | 27.5% | -8.0% | ||
| Q3 25 | 18.4% | -6.7% | ||
| Q2 25 | 18.9% | -13.1% | ||
| Q1 25 | 25.6% | -11.1% | ||
| Q4 24 | 27.9% | -7.5% | ||
| Q3 24 | 19.0% | -7.2% | ||
| Q2 24 | 17.8% | -8.7% | ||
| Q1 24 | 27.0% | -14.4% |
净利率BKHNET
| Q4 25 | 16.8% | -2.0% | ||
| Q3 25 | 5.8% | -0.2% | ||
| Q2 25 | 6.3% | -9.8% | ||
| Q1 25 | 16.8% | -8.0% | ||
| Q4 24 | 16.7% | -2.8% | ||
| Q3 24 | 6.1% | -3.6% | ||
| Q2 24 | 5.7% | -3.8% | ||
| Q1 24 | 17.8% | -9.4% |
每股收益（稀释后）BKHNET
| Q4 25 | $1.39 | $-0.03 | ||
| Q3 25 | $0.34 | $0.00 | ||
| Q2 25 | $0.38 | $-0.15 | ||
| Q1 25 | $1.87 | $-0.11 | ||
| Q4 24 | $1.36 | $-0.05 | ||
| Q3 24 | $0.35 | $-0.04 | ||
| Q2 24 | $0.33 | $-0.04 | ||
| Q1 24 | $1.87 | $-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 | $182.8M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.8B | $1.5B |
| 总资产 | $10.9B | $6.0B |
| 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BKHNET
| Q4 25 | $182.8M | $943.5M | ||
| Q3 25 | $21.1M | $1.1B | ||
| Q2 25 | $8.1M | $1.5B | ||
| Q1 25 | $6.6M | $204.5M | ||
| Q4 24 | $16.1M | $147.7M | ||
| Q3 24 | $12.5M | $182.9M | ||
| Q2 24 | $624.8M | $157.0M | ||
| Q1 24 | $123.0M | $254.4M |
股东权益BKHNET
| Q4 25 | $3.8B | $1.5B | ||
| Q3 25 | $3.8B | $1.3B | ||
| Q2 25 | $3.6B | $1.2B | ||
| Q1 25 | $3.6B | $1.4B | ||
| Q4 24 | $3.5B | $1.0B | ||
| Q3 24 | $3.4B | $973.1M | ||
| Q2 24 | $3.4B | $881.5M | ||
| Q1 24 | $3.3B | $797.2M |
总资产BKHNET
| Q4 25 | $10.9B | $6.0B | ||
| Q3 25 | $10.3B | $5.8B | ||
| Q2 25 | $10.1B | $5.6B | ||
| Q1 25 | $10.1B | $3.7B | ||
| Q4 24 | $10.0B | $3.3B | ||
| Q3 24 | $9.7B | $3.1B | ||
| Q2 24 | $10.2B | $2.9B | ||
| Q1 24 | $9.7B | $2.8B |
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 | $168.1M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $-101.5M | $105.2M |
| 自由现金流率自由现金流/营收 | -16.3% | 17.1% |
| 资本支出强度资本支出/营收 | 43.3% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.60× | — |
| 过去12个月自由现金流最近4个季度 | $-146.4M | $287.5M |
8季度趋势，按日历期对齐
经营现金流BKHNET
| Q4 25 | $168.1M | $190.4M | ||
| Q3 25 | $88.9M | $167.1M | ||
| Q2 25 | $188.6M | $99.8M | ||
| Q1 25 | $227.8M | $145.8M | ||
| Q4 24 | $153.2M | $127.3M | ||
| Q3 24 | $102.1M | $104.7M | ||
| Q2 24 | $230.6M | $74.8M | ||
| Q1 24 | $233.4M | $73.6M |
自由现金流BKHNET
| Q4 25 | $-101.5M | $105.2M | ||
| Q3 25 | $-89.5M | $82.5M | ||
| Q2 25 | $-30.3M | $39.9M | ||
| Q1 25 | $74.9M | $59.9M | ||
| Q4 24 | $-60.5M | $54.2M | ||
| Q3 24 | $-86.0M | $54.5M | ||
| Q2 24 | $64.4M | $45.2M | ||
| Q1 24 | $57.2M | $41.5M |
自由现金流率BKHNET
| Q4 25 | -16.3% | 17.1% | ||
| Q3 25 | -20.9% | 14.7% | ||
| Q2 25 | -7.0% | 7.8% | ||
| Q1 25 | 9.4% | 12.5% | ||
| Q4 24 | -10.3% | 11.8% | ||
| Q3 24 | -21.6% | 12.7% | ||
| Q2 24 | 16.2% | 11.3% | ||
| Q1 24 | 8.0% | 11.0% |
资本支出强度BKHNET
| Q4 25 | 43.3% | 13.9% | ||
| Q3 25 | 41.7% | 15.1% | ||
| Q2 25 | 50.2% | 11.7% | ||
| Q1 25 | 19.1% | 17.9% | ||
| Q4 24 | 36.5% | 15.9% | ||
| Q3 24 | 47.2% | 11.7% | ||
| Q2 24 | 41.9% | 7.4% | ||
| Q1 24 | 24.6% | 8.5% |
现金转化率BKHNET
| Q4 25 | 1.60× | — | ||
| Q3 25 | 3.57× | — | ||
| Q2 25 | 6.86× | — | ||
| Q1 25 | 1.70× | — | ||
| Q4 24 | 1.56× | — | ||
| Q3 24 | 4.18× | — | ||
| Q2 24 | 10.11× | — | ||
| Q1 24 | 1.82× | — |
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
BKH
| Gas Utilities | $391.1M | 63% |
| Retail Electric Natural Gasand Coal | $189.7M | 30% |
| Other | $15.3M | 2% |
| Market Off System Sales | $13.6M | 2% |
| Transferred At Point In Time | $8.9M | 1% |
| Wholesale | $4.9M | 1% |
| Inter Segment Revenues | $2.4M | 0% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
