vs
DNOW Inc.（DNOW）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
DNOW Inc.的季度营收约是Cloudflare, Inc.的1.6倍（$959.0M vs $614.5M），Cloudflare, Inc.净利率更高（-2.0% vs -16.8%，领先14.8%），DNOW Inc.同比增速更快（68.0% vs 33.6%），Cloudflare, Inc.自由现金流更多（$105.2M vs $76.0M），过去两年DNOW Inc.的营收复合增速更高（30.5% vs 27.4%）
DNOW Inc.（商业名称DistributionNOW）是一家全球工业及能源产品分销商，提供供应链管理、库存优化、技术支持服务，主营油气、可再生能源、制造、建筑等领域所需的零部件、设备及耗材，业务覆盖北美、欧洲及亚太地区。
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。
DNOW vs NET — 直观对比
营收规模更大
DNOW
是对方的1.6倍
$614.5M
营收增速更快
DNOW
高出34.3%
33.6%
净利率更高
NET
高出14.8%
-16.8%
自由现金流更多
NET
多$29.2M
$76.0M
两年增速更快
DNOW
近两年复合增速
27.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $959.0M | $614.5M |
| 净利润 | $-161.0M | $-12.1M |
| 毛利率 | 5.2% | 73.6% |
| 营业利润率 | -19.6% | -8.0% |
| 净利率 | -16.8% | -2.0% |
| 营收同比 | 68.0% | 33.6% |
| 净利润同比 | -905.0% | 6.0% |
| 每股收益（稀释后） | $-1.42 | $-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DNOWNET
| Q4 25 | $959.0M | $614.5M | ||
| Q3 25 | $634.0M | $562.0M | ||
| Q2 25 | $628.0M | $512.3M | ||
| Q1 25 | $599.0M | $479.1M | ||
| Q4 24 | $571.0M | $459.9M | ||
| Q3 24 | $606.0M | $430.1M | ||
| Q2 24 | $633.0M | $401.0M | ||
| Q1 24 | $563.0M | $378.6M |
净利润DNOWNET
| Q4 25 | $-161.0M | $-12.1M | ||
| Q3 25 | $25.0M | $-1.3M | ||
| Q2 25 | $25.0M | $-50.4M | ||
| Q1 25 | $22.0M | $-38.5M | ||
| Q4 24 | $20.0M | $-12.8M | ||
| Q3 24 | $13.0M | $-15.3M | ||
| Q2 24 | $24.0M | $-15.1M | ||
| Q1 24 | $21.0M | $-35.5M |
毛利率DNOWNET
| Q4 25 | 5.2% | 73.6% | ||
| Q3 25 | 22.9% | 74.0% | ||
| Q2 25 | 22.9% | 74.9% | ||
| Q1 25 | 23.2% | 75.9% | ||
| Q4 24 | 22.6% | 76.4% | ||
| Q3 24 | 22.3% | 77.7% | ||
| Q2 24 | 21.8% | 77.8% | ||
| Q1 24 | 22.9% | 77.5% |
营业利润率DNOWNET
| Q4 25 | -19.6% | -8.0% | ||
| Q3 25 | 5.2% | -6.7% | ||
| Q2 25 | 5.1% | -13.1% | ||
| Q1 25 | 5.0% | -11.1% | ||
| Q4 24 | 4.4% | -7.5% | ||
| Q3 24 | 3.8% | -7.2% | ||
| Q2 24 | 5.2% | -8.7% | ||
| Q1 24 | 5.0% | -14.4% |
净利率DNOWNET
| Q4 25 | -16.8% | -2.0% | ||
| Q3 25 | 3.9% | -0.2% | ||
| Q2 25 | 4.0% | -9.8% | ||
| Q1 25 | 3.7% | -8.0% | ||
| Q4 24 | 3.5% | -2.8% | ||
| Q3 24 | 2.1% | -3.6% | ||
| Q2 24 | 3.8% | -3.8% | ||
| Q1 24 | 3.7% | -9.4% |
每股收益（稀释后）DNOWNET
| Q4 25 | $-1.42 | $-0.03 | ||
| Q3 25 | $0.23 | $0.00 | ||
| Q2 25 | $0.23 | $-0.15 | ||
| Q1 25 | $0.20 | $-0.11 | ||
| Q4 24 | $0.19 | $-0.05 | ||
| Q3 24 | $0.12 | $-0.04 | ||
| Q2 24 | $0.21 | $-0.04 | ||
| Q1 24 | $0.19 | $-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 | $164.0M | $943.5M |
| 总债务越低越好 | $411.0M | — |
| 股东权益账面价值 | $2.2B | $1.5B |
| 总资产 | $3.9B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.18× | — |
8季度趋势，按日历期对齐
现金及短期投资DNOWNET
| Q4 25 | $164.0M | $943.5M | ||
| Q3 25 | $266.0M | $1.1B | ||
| Q2 25 | $232.0M | $1.5B | ||
| Q1 25 | $219.0M | $204.5M | ||
| Q4 24 | $256.0M | $147.7M | ||
| Q3 24 | $261.0M | $182.9M | ||
| Q2 24 | $197.0M | $157.0M | ||
| Q1 24 | $188.0M | $254.4M |
总债务DNOWNET
| Q4 25 | $411.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益DNOWNET
| Q4 25 | $2.2B | $1.5B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.2B | $1.2B | ||
| Q1 25 | $1.1B | $1.4B | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $1.1B | $973.1M | ||
| Q2 24 | $1.1B | $881.5M | ||
| Q1 24 | $1.1B | $797.2M |
总资产DNOWNET
| Q4 25 | $3.9B | $6.0B | ||
| Q3 25 | $1.7B | $5.8B | ||
| Q2 25 | $1.7B | $5.6B | ||
| Q1 25 | $1.7B | $3.7B | ||
| Q4 24 | $1.6B | $3.3B | ||
| Q3 24 | $1.6B | $3.1B | ||
| Q2 24 | $1.6B | $2.9B | ||
| Q1 24 | $1.6B | $2.8B |
负债/权益比DNOWNET
| Q4 25 | 0.18× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| 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 | $83.0M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $76.0M | $105.2M |
| 自由现金流率自由现金流/营收 | 7.9% | 17.1% |
| 资本支出强度资本支出/营收 | 0.7% | 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 | $134.0M | $287.5M |
8季度趋势，按日历期对齐
经营现金流DNOWNET
| Q4 25 | $83.0M | $190.4M | ||
| Q3 25 | $43.0M | $167.1M | ||
| Q2 25 | $45.0M | $99.8M | ||
| Q1 25 | $-16.0M | $145.8M | ||
| Q4 24 | $122.0M | $127.3M | ||
| Q3 24 | $74.0M | $104.7M | ||
| Q2 24 | $21.0M | $74.8M | ||
| Q1 24 | $81.0M | $73.6M |
自由现金流DNOWNET
| Q4 25 | $76.0M | $105.2M | ||
| Q3 25 | $39.0M | $82.5M | ||
| Q2 25 | $41.0M | $39.9M | ||
| Q1 25 | $-22.0M | $59.9M | ||
| Q4 24 | $119.0M | $54.2M | ||
| Q3 24 | $72.0M | $54.5M | ||
| Q2 24 | $18.0M | $45.2M | ||
| Q1 24 | $80.0M | $41.5M |
自由现金流率DNOWNET
| Q4 25 | 7.9% | 17.1% | ||
| Q3 25 | 6.2% | 14.7% | ||
| Q2 25 | 6.5% | 7.8% | ||
| Q1 25 | -3.7% | 12.5% | ||
| Q4 24 | 20.8% | 11.8% | ||
| Q3 24 | 11.9% | 12.7% | ||
| Q2 24 | 2.8% | 11.3% | ||
| Q1 24 | 14.2% | 11.0% |
资本支出强度DNOWNET
| Q4 25 | 0.7% | 13.9% | ||
| Q3 25 | 0.6% | 15.1% | ||
| Q2 25 | 0.6% | 11.7% | ||
| Q1 25 | 1.0% | 17.9% | ||
| Q4 24 | 0.5% | 15.9% | ||
| Q3 24 | 0.3% | 11.7% | ||
| Q2 24 | 0.5% | 7.4% | ||
| Q1 24 | 0.2% | 8.5% |
现金转化率DNOWNET
| Q4 25 | — | — | ||
| Q3 25 | 1.72× | — | ||
| Q2 25 | 1.80× | — | ||
| Q1 25 | -0.73× | — | ||
| Q4 24 | 6.10× | — | ||
| Q3 24 | 5.69× | — | ||
| Q2 24 | 0.88× | — | ||
| Q1 24 | 3.86× | — |
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
DNOW
| Pipelines | $455.0M | 47% |
| Downstream And Industrial | $196.0M | 20% |
| Gas Utilities | $183.0M | 19% |
| Oil And Gas Properties | $105.0M | 11% |
| Other | $20.0M | 2% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
