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Calumet, Inc.（CLMT）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Calumet, Inc.的季度营收约是Cloudflare, Inc.的1.7倍（$1.0B vs $614.5M），Cloudflare, Inc.净利率更高（-2.0% vs -3.6%，领先1.6%），Cloudflare, Inc.自由现金流更多（$105.2M vs $103.8M）
Calumet是总部位于美国的特种产品企业，专注于生产和分销高价值碳氢化合物与特种化学品，产品覆盖特种油、润滑剂、蜡制品及可再生燃料解决方案，服务北美及全球的工业、消费、交通等下游领域。
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。
CLMT vs NET — 直观对比
营收规模更大
CLMT
是对方的1.7倍
$614.5M
净利率更高
NET
高出1.6%
-3.6%
自由现金流更多
NET
多$1.4M
$103.8M
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $614.5M |
| 净利润 | $-37.3M | $-12.1M |
| 毛利率 | -0.3% | 73.6% |
| 营业利润率 | -6.2% | -8.0% |
| 净利率 | -3.6% | -2.0% |
| 营收同比 | — | 33.6% |
| 净利润同比 | — | 6.0% |
| 每股收益（稀释后） | $-0.43 | $-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CLMTNET
| Q4 25 | $1.0B | $614.5M | ||
| Q3 25 | $1.1B | $562.0M | ||
| Q2 25 | $1.0B | $512.3M | ||
| Q1 25 | $993.9M | $479.1M | ||
| Q4 24 | — | $459.9M | ||
| Q3 24 | $1.1B | $430.1M | ||
| Q2 24 | $1.1B | $401.0M | ||
| Q1 24 | — | $378.6M |
净利润CLMTNET
| Q4 25 | $-37.3M | $-12.1M | ||
| Q3 25 | $313.4M | $-1.3M | ||
| Q2 25 | $-147.9M | $-50.4M | ||
| Q1 25 | $-162.0M | $-38.5M | ||
| Q4 24 | — | $-12.8M | ||
| Q3 24 | $-100.6M | $-15.3M | ||
| Q2 24 | $-39.1M | $-15.1M | ||
| Q1 24 | — | $-35.5M |
毛利率CLMTNET
| Q4 25 | -0.3% | 73.6% | ||
| Q3 25 | 34.7% | 74.0% | ||
| Q2 25 | -4.2% | 74.9% | ||
| Q1 25 | -8.2% | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | 0.4% | 77.7% | ||
| Q2 24 | 5.6% | 77.8% | ||
| Q1 24 | — | 77.5% |
营业利润率CLMTNET
| Q4 25 | -6.2% | -8.0% | ||
| Q3 25 | 30.0% | -6.7% | ||
| Q2 25 | -9.8% | -13.1% | ||
| Q1 25 | -4.9% | -11.1% | ||
| Q4 24 | — | -7.5% | ||
| Q3 24 | -5.2% | -7.2% | ||
| Q2 24 | 0.5% | -8.7% | ||
| Q1 24 | — | -14.4% |
净利率CLMTNET
| Q4 25 | -3.6% | -2.0% | ||
| Q3 25 | 29.1% | -0.2% | ||
| Q2 25 | -14.4% | -9.8% | ||
| Q1 25 | -16.3% | -8.0% | ||
| Q4 24 | — | -2.8% | ||
| Q3 24 | -9.1% | -3.6% | ||
| Q2 24 | -3.4% | -3.8% | ||
| Q1 24 | — | -9.4% |
每股收益（稀释后）CLMTNET
| Q4 25 | $-0.43 | $-0.03 | ||
| Q3 25 | $3.61 | $0.00 | ||
| Q2 25 | $-1.70 | $-0.15 | ||
| Q1 25 | $-1.87 | $-0.11 | ||
| Q4 24 | — | $-0.05 | ||
| Q3 24 | $-1.18 | $-0.04 | ||
| Q2 24 | $-0.48 | $-0.04 | ||
| Q1 24 | — | $-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 | $125.1M | $943.5M |
| 总债务越低越好 | $2.1B | — |
| 股东权益账面价值 | $-732.7M | $1.5B |
| 总资产 | $2.7B | $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CLMTNET
| Q4 25 | $125.1M | $943.5M | ||
| Q3 25 | $94.6M | $1.1B | ||
| Q2 25 | $110.6M | $1.5B | ||
| Q1 25 | $123.4M | $204.5M | ||
| Q4 24 | — | $147.7M | ||
| Q3 24 | $34.6M | $182.9M | ||
| Q2 24 | $7.0M | $157.0M | ||
| Q1 24 | — | $254.4M |
总债务CLMTNET
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CLMTNET
| Q4 25 | $-732.7M | $1.5B | ||
| Q3 25 | $-695.3M | $1.3B | ||
| Q2 25 | $-1.0B | $1.2B | ||
| Q1 25 | $-862.3M | $1.4B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | $-672.2M | $973.1M | ||
| Q2 24 | $-566.4M | $881.5M | ||
| Q1 24 | — | $797.2M |
总资产CLMTNET
| Q4 25 | $2.7B | $6.0B | ||
| Q3 25 | $2.7B | $5.8B | ||
| Q2 25 | $2.8B | $5.6B | ||
| Q1 25 | $2.8B | $3.7B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | $2.6B | $3.1B | ||
| Q2 24 | $100 | $2.9B | ||
| Q1 24 | — | $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 | $116.5M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $103.8M | $105.2M |
| 自由现金流率自由现金流/营收 | 10.0% | 17.1% |
| 资本支出强度资本支出/营收 | 1.2% | 13.9% |
| 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 | $56.6M | $287.5M |
8季度趋势，按日历期对齐
经营现金流CLMTNET
| Q4 25 | $116.5M | $190.4M | ||
| Q3 25 | $23.5M | $167.1M | ||
| Q2 25 | $-1.8M | $99.8M | ||
| Q1 25 | $-29.3M | $145.8M | ||
| Q4 24 | — | $127.3M | ||
| Q3 24 | $-15.5M | $104.7M | ||
| Q2 24 | — | $74.8M | ||
| Q1 24 | — | $73.6M |
自由现金流CLMTNET
| Q4 25 | $103.8M | $105.2M | ||
| Q3 25 | $15.1M | $82.5M | ||
| Q2 25 | $-15.4M | $39.9M | ||
| Q1 25 | $-46.9M | $59.9M | ||
| Q4 24 | — | $54.2M | ||
| Q3 24 | $-32.2M | $54.5M | ||
| Q2 24 | — | $45.2M | ||
| Q1 24 | — | $41.5M |
自由现金流率CLMTNET
| Q4 25 | 10.0% | 17.1% | ||
| Q3 25 | 1.4% | 14.7% | ||
| Q2 25 | -1.5% | 7.8% | ||
| Q1 25 | -4.7% | 12.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | -2.9% | 12.7% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | — | 11.0% |
资本支出强度CLMTNET
| Q4 25 | 1.2% | 13.9% | ||
| Q3 25 | 0.8% | 15.1% | ||
| Q2 25 | 1.3% | 11.7% | ||
| Q1 25 | 1.8% | 17.9% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | 1.5% | 11.7% | ||
| Q2 24 | 2.2% | 7.4% | ||
| Q1 24 | — | 8.5% |
现金转化率CLMTNET
| Q4 25 | — | — | ||
| Q3 25 | 0.07× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| 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
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
