vs
DT Midstream, Inc.（DTM）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是DT Midstream, Inc.的1.9倍（$614.5M vs $317.0M），DT Midstream, Inc.净利率更高（35.0% vs -2.0%，领先37.0%），Cloudflare, Inc.同比增速更快（33.6% vs 27.3%），Cloudflare, Inc.自由现金流更多（$105.2M vs $30.0M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 14.9%）
ONEOK是美国油气中游运营商，总部位于俄克拉荷马州塔尔萨，为油气行业提供收集、处理、分馏、运输及存储服务，是财富500强企业及标普500指数成分股。公司1906年成立时名为俄克拉荷马天然气公司，1980年更为现名。
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。
DTM vs NET — 直观对比
营收规模更大
NET
是对方的1.9倍
$317.0M
营收增速更快
NET
高出6.3%
27.3%
净利率更高
DTM
高出37.0%
-2.0%
自由现金流更多
NET
多$75.2M
$30.0M
两年增速更快
NET
近两年复合增速
14.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $317.0M | $614.5M |
| 净利润 | $111.0M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 49.2% | -8.0% |
| 净利率 | 35.0% | -2.0% |
| 营收同比 | 27.3% | 33.6% |
| 净利润同比 | 52.1% | 6.0% |
| 每股收益（稀释后） | $1.07 | $-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DTMNET
| Q4 25 | $317.0M | $614.5M | ||
| Q3 25 | $314.0M | $562.0M | ||
| Q2 25 | $309.0M | $512.3M | ||
| Q1 25 | $303.0M | $479.1M | ||
| Q4 24 | $249.0M | $459.9M | ||
| Q3 24 | $248.0M | $430.1M | ||
| Q2 24 | $244.0M | $401.0M | ||
| Q1 24 | $240.0M | $378.6M |
净利润DTMNET
| Q4 25 | $111.0M | $-12.1M | ||
| Q3 25 | $115.0M | $-1.3M | ||
| Q2 25 | $107.0M | $-50.4M | ||
| Q1 25 | $108.0M | $-38.5M | ||
| Q4 24 | $73.0M | $-12.8M | ||
| Q3 24 | $88.0M | $-15.3M | ||
| Q2 24 | $96.0M | $-15.1M | ||
| Q1 24 | $97.0M | $-35.5M |
毛利率DTMNET
| 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DTMNET
| Q4 25 | 49.2% | -8.0% | ||
| Q3 25 | 49.4% | -6.7% | ||
| Q2 25 | 50.2% | -13.1% | ||
| Q1 25 | 48.8% | -11.1% | ||
| Q4 24 | 45.4% | -7.5% | ||
| Q3 24 | 49.2% | -7.2% | ||
| Q2 24 | 53.3% | -8.7% | ||
| Q1 24 | 51.7% | -14.4% |
净利率DTMNET
| Q4 25 | 35.0% | -2.0% | ||
| Q3 25 | 36.6% | -0.2% | ||
| Q2 25 | 34.6% | -9.8% | ||
| Q1 25 | 35.6% | -8.0% | ||
| Q4 24 | 29.3% | -2.8% | ||
| Q3 24 | 35.5% | -3.6% | ||
| Q2 24 | 39.3% | -3.8% | ||
| Q1 24 | 40.4% | -9.4% |
每股收益（稀释后）DTMNET
| Q4 25 | $1.07 | $-0.03 | ||
| Q3 25 | $1.13 | $0.00 | ||
| Q2 25 | $1.04 | $-0.15 | ||
| Q1 25 | $1.06 | $-0.11 | ||
| Q4 24 | $0.73 | $-0.05 | ||
| Q3 24 | $0.90 | $-0.04 | ||
| Q2 24 | $0.98 | $-0.04 | ||
| Q1 24 | $0.99 | $-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 | $54.0M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.7B | $1.5B |
| 总资产 | $10.1B | $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DTMNET
| Q4 25 | $54.0M | $943.5M | ||
| Q3 25 | $98.0M | $1.1B | ||
| Q2 25 | $74.0M | $1.5B | ||
| Q1 25 | $83.0M | $204.5M | ||
| Q4 24 | $68.0M | $147.7M | ||
| Q3 24 | $77.0M | $182.9M | ||
| Q2 24 | $73.0M | $157.0M | ||
| Q1 24 | $41.0M | $254.4M |
总债务DTMNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.4B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益DTMNET
| Q4 25 | $4.7B | $1.5B | ||
| Q3 25 | $4.7B | $1.3B | ||
| Q2 25 | $4.7B | $1.2B | ||
| Q1 25 | $4.6B | $1.4B | ||
| Q4 24 | $4.6B | $1.0B | ||
| Q3 24 | $4.2B | $973.1M | ||
| Q2 24 | $4.2B | $881.5M | ||
| Q1 24 | $4.2B | $797.2M |
总资产DTMNET
| Q4 25 | $10.1B | $6.0B | ||
| Q3 25 | $10.1B | $5.8B | ||
| Q2 25 | $10.0B | $5.6B | ||
| Q1 25 | $9.9B | $3.7B | ||
| Q4 24 | $9.9B | $3.3B | ||
| Q3 24 | $8.6B | $3.1B | ||
| Q2 24 | $9.0B | $2.9B | ||
| Q1 24 | $9.0B | $2.8B |
负债/权益比DTMNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.72× | — | ||
| 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 | $161.0M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $30.0M | $105.2M |
| 自由现金流率自由现金流/营收 | 9.5% | 17.1% |
| 资本支出强度资本支出/营收 | 41.3% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.45× | — |
| 过去12个月自由现金流最近4个季度 | $441.0M | $287.5M |
8季度趋势，按日历期对齐
经营现金流DTMNET
| Q4 25 | $161.0M | $190.4M | ||
| Q3 25 | $274.0M | $167.1M | ||
| Q2 25 | $185.0M | $99.8M | ||
| Q1 25 | $247.0M | $145.8M | ||
| Q4 24 | $152.0M | $127.3M | ||
| Q3 24 | $205.0M | $104.7M | ||
| Q2 24 | $165.0M | $74.8M | ||
| Q1 24 | $241.0M | $73.6M |
自由现金流DTMNET
| Q4 25 | $30.0M | $105.2M | ||
| Q3 25 | $131.0M | $82.5M | ||
| Q2 25 | $104.0M | $39.9M | ||
| Q1 25 | $176.0M | $59.9M | ||
| Q4 24 | $62.0M | $54.2M | ||
| Q3 24 | $124.0M | $54.5M | ||
| Q2 24 | $84.0M | $45.2M | ||
| Q1 24 | $143.0M | $41.5M |
自由现金流率DTMNET
| Q4 25 | 9.5% | 17.1% | ||
| Q3 25 | 41.7% | 14.7% | ||
| Q2 25 | 33.7% | 7.8% | ||
| Q1 25 | 58.1% | 12.5% | ||
| Q4 24 | 24.9% | 11.8% | ||
| Q3 24 | 50.0% | 12.7% | ||
| Q2 24 | 34.4% | 11.3% | ||
| Q1 24 | 59.6% | 11.0% |
资本支出强度DTMNET
| Q4 25 | 41.3% | 13.9% | ||
| Q3 25 | 45.5% | 15.1% | ||
| Q2 25 | 26.2% | 11.7% | ||
| Q1 25 | 23.4% | 17.9% | ||
| Q4 24 | 36.1% | 15.9% | ||
| Q3 24 | 32.7% | 11.7% | ||
| Q2 24 | 33.2% | 7.4% | ||
| Q1 24 | 40.8% | 8.5% |
现金转化率DTMNET
| Q4 25 | 1.45× | — | ||
| Q3 25 | 2.38× | — | ||
| Q2 25 | 1.73× | — | ||
| Q1 25 | 2.29× | — | ||
| Q4 24 | 2.08× | — | ||
| Q3 24 | 2.33× | — | ||
| Q2 24 | 1.72× | — | ||
| Q1 24 | 2.48× | — |
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
DTM
| Pipeline Segment | $173.0M | 55% |
| Gathering Segment | $144.0M | 45% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
