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进步能源（FLNC）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.的季度营收约是进步能源的1.3倍（$614.5M vs $475.2M），Cloudflare, Inc.净利率更高（-2.0% vs -9.5%，领先7.5%），进步能源同比增速更快（154.4% vs 33.6%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-232.6M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -12.7%）
进步能源是一家电力生产与分销企业，并入杜克能源前为财富500强能源企业，总发电容量超21000兆瓦，年营收达90亿美元。公司总部位于北卡罗来纳州罗利，旗下拥有两家大型电力公用事业公司，为卡罗来纳州及佛罗里达州约310万用户提供服务。
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。
FLNC vs NET — 直观对比
营收规模更大
NET
是对方的1.3倍
$475.2M
营收增速更快
FLNC
高出120.8%
33.6%
净利率更高
NET
高出7.5%
-9.5%
自由现金流更多
NET
多$337.8M
$-232.6M
两年增速更快
NET
近两年复合增速
-12.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $475.2M | $614.5M |
| 净利润 | $-45.1M | $-12.1M |
| 毛利率 | 4.9% | 73.6% |
| 营业利润率 | -14.8% | -8.0% |
| 净利率 | -9.5% | -2.0% |
| 营收同比 | 154.4% | 33.6% |
| 净利润同比 | -8.7% | 6.0% |
| 每股收益（稀释后） | $-0.34 | $-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FLNCNET
| Q4 25 | $475.2M | $614.5M | ||
| Q3 25 | $1.0B | $562.0M | ||
| Q2 25 | $602.5M | $512.3M | ||
| Q1 25 | $431.6M | $479.1M | ||
| Q4 24 | $186.8M | $459.9M | ||
| Q3 24 | $1.2B | $430.1M | ||
| Q2 24 | $483.3M | $401.0M | ||
| Q1 24 | $623.1M | $378.6M |
净利润FLNCNET
| Q4 25 | $-45.1M | $-12.1M | ||
| Q3 25 | $17.9M | $-1.3M | ||
| Q2 25 | $6.3M | $-50.4M | ||
| Q1 25 | $-31.0M | $-38.5M | ||
| Q4 24 | $-41.5M | $-12.8M | ||
| Q3 24 | $47.8M | $-15.3M | ||
| Q2 24 | $785.0K | $-15.1M | ||
| Q1 24 | $-9.2M | $-35.5M |
毛利率FLNCNET
| Q4 25 | 4.9% | 73.6% | ||
| Q3 25 | 13.7% | 74.0% | ||
| Q2 25 | 14.8% | 74.9% | ||
| Q1 25 | 9.9% | 75.9% | ||
| Q4 24 | 11.4% | 76.4% | ||
| Q3 24 | 12.8% | 77.7% | ||
| Q2 24 | 17.2% | 77.8% | ||
| Q1 24 | 10.3% | 77.5% |
营业利润率FLNCNET
| Q4 25 | -14.8% | -8.0% | ||
| Q3 25 | 4.4% | -6.7% | ||
| Q2 25 | 1.9% | -13.1% | ||
| Q1 25 | -10.2% | -11.1% | ||
| Q4 24 | -31.4% | -7.5% | ||
| Q3 24 | 6.2% | -7.2% | ||
| Q2 24 | 1.1% | -8.7% | ||
| Q1 24 | -2.3% | -14.4% |
净利率FLNCNET
| Q4 25 | -9.5% | -2.0% | ||
| Q3 25 | 1.7% | -0.2% | ||
| Q2 25 | 1.0% | -9.8% | ||
| Q1 25 | -7.2% | -8.0% | ||
| Q4 24 | -22.2% | -2.8% | ||
| Q3 24 | 3.9% | -3.6% | ||
| Q2 24 | 0.2% | -3.8% | ||
| Q1 24 | -1.5% | -9.4% |
每股收益（稀释后）FLNCNET
| Q4 25 | $-0.34 | $-0.03 | ||
| Q3 25 | $0.18 | $0.00 | ||
| Q2 25 | $0.01 | $-0.15 | ||
| Q1 25 | $-0.24 | $-0.11 | ||
| Q4 24 | $-0.32 | $-0.05 | ||
| Q3 24 | $0.34 | $-0.04 | ||
| Q2 24 | $0.00 | $-0.04 | ||
| Q1 24 | $-0.07 | $-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 | $452.6M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $388.0M | $1.5B |
| 总资产 | $2.3B | $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FLNCNET
| Q4 25 | $452.6M | $943.5M | ||
| Q3 25 | $690.8M | $1.1B | ||
| Q2 25 | $436.3M | $1.5B | ||
| Q1 25 | $568.6M | $204.5M | ||
| Q4 24 | $607.4M | $147.7M | ||
| Q3 24 | $448.7M | $182.9M | ||
| Q2 24 | $388.2M | $157.0M | ||
| Q1 24 | $411.8M | $254.4M |
股东权益FLNCNET
| Q4 25 | $388.0M | $1.5B | ||
| Q3 25 | $429.6M | $1.3B | ||
| Q2 25 | $407.4M | $1.2B | ||
| Q1 25 | $388.2M | $1.4B | ||
| Q4 24 | $409.4M | $1.0B | ||
| Q3 24 | $472.1M | $973.1M | ||
| Q2 24 | $421.2M | $881.5M | ||
| Q1 24 | $413.1M | $797.2M |
总资产FLNCNET
| Q4 25 | $2.3B | $6.0B | ||
| Q3 25 | $2.4B | $5.8B | ||
| Q2 25 | $2.1B | $5.6B | ||
| Q1 25 | $2.3B | $3.7B | ||
| Q4 24 | $2.2B | $3.3B | ||
| Q3 24 | $1.9B | $3.1B | ||
| Q2 24 | $1.7B | $2.9B | ||
| Q1 24 | $1.5B | $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 | $-226.8M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $-232.6M | $105.2M |
| 自由现金流率自由现金流/营收 | -48.9% | 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 | $-179.7M | $287.5M |
8季度趋势，按日历期对齐
经营现金流FLNCNET
| Q4 25 | $-226.8M | $190.4M | ||
| Q3 25 | $265.7M | $167.1M | ||
| Q2 25 | $-153.9M | $99.8M | ||
| Q1 25 | $-46.2M | $145.8M | ||
| Q4 24 | $-211.2M | $127.3M | ||
| Q3 24 | $10.5M | $104.7M | ||
| Q2 24 | $-21.1M | $74.8M | ||
| Q1 24 | $70.9M | $73.6M |
自由现金流FLNCNET
| Q4 25 | $-232.6M | $105.2M | ||
| Q3 25 | $260.9M | $82.5M | ||
| Q2 25 | $-157.4M | $39.9M | ||
| Q1 25 | $-50.5M | $59.9M | ||
| Q4 24 | $-213.3M | $54.2M | ||
| Q3 24 | $7.3M | $54.5M | ||
| Q2 24 | $-23.5M | $45.2M | ||
| Q1 24 | $69.9M | $41.5M |
自由现金流率FLNCNET
| Q4 25 | -48.9% | 17.1% | ||
| Q3 25 | 25.0% | 14.7% | ||
| Q2 25 | -26.1% | 7.8% | ||
| Q1 25 | -11.7% | 12.5% | ||
| Q4 24 | -114.2% | 11.8% | ||
| Q3 24 | 0.6% | 12.7% | ||
| Q2 24 | -4.9% | 11.3% | ||
| Q1 24 | 11.2% | 11.0% |
资本支出强度FLNCNET
| Q4 25 | 1.2% | 13.9% | ||
| Q3 25 | 0.5% | 15.1% | ||
| Q2 25 | 0.6% | 11.7% | ||
| Q1 25 | 1.0% | 17.9% | ||
| Q4 24 | 1.1% | 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FLNCNET
| Q4 25 | — | — | ||
| Q3 25 | 14.81× | — | ||
| Q2 25 | -24.61× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.22× | — | ||
| Q2 24 | -26.87× | — | ||
| 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
FLNC
| Products | $450.9M | 95% |
| Services | $22.5M | 5% |
| Digital Applications And Solutions | $1.9M | 0% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
