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GENESIS ENERGY LP（GEL）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GENESIS ENERGY LP的1.4倍（$614.5M vs $440.8M），GENESIS ENERGY LP净利率更高（4.5% vs -2.0%，领先6.5%），Cloudflare, Inc.同比增速更快（33.6% vs 10.5%），Cloudflare, Inc.自由现金流更多（$105.2M vs $87.0M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 0.7%）
Genesis Energy LP是一家总部位于美国的中游能源合伙企业，主营原油、天然气、成品油及特种工业原料的基础设施运营与物流服务，旗下资产涵盖管道、仓储码头、海运设施及铁路物流枢纽，为北美地区的炼油厂、工业客户及能源分销商提供服务。
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。
GEL vs NET — 直观对比
营收规模更大
NET
是对方的1.4倍
$440.8M
营收增速更快
NET
高出23.1%
10.5%
净利率更高
GEL
高出6.5%
-2.0%
自由现金流更多
NET
多$18.2M
$87.0M
两年增速更快
NET
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $440.8M | $614.5M |
| 净利润 | $19.9M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 20.4% | -8.0% |
| 净利率 | 4.5% | -2.0% |
| 营收同比 | 10.5% | 33.6% |
| 净利润同比 | 140.2% | 6.0% |
| 每股收益（稀释后） | $0.04 | $-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GELNET
| Q4 25 | $440.8M | $614.5M | ||
| Q3 25 | $414.0M | $562.0M | ||
| Q2 25 | $377.3M | $512.3M | ||
| Q1 25 | $398.3M | $479.1M | ||
| Q4 24 | $398.9M | $459.9M | ||
| Q3 24 | $397.3M | $430.1M | ||
| Q2 24 | $430.2M | $401.0M | ||
| Q1 24 | $434.4M | $378.6M |
净利润GELNET
| Q4 25 | $19.9M | $-12.1M | ||
| Q3 25 | $9.2M | $-1.3M | ||
| Q2 25 | $-406.0K | $-50.4M | ||
| Q1 25 | $-469.1M | $-38.5M | ||
| Q4 24 | $-49.4M | $-12.8M | ||
| Q3 24 | $-17.2M | $-15.3M | ||
| Q2 24 | $-8.7M | $-15.1M | ||
| Q1 24 | $11.4M | $-35.5M |
毛利率GELNET
| 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GELNET
| Q4 25 | 20.4% | -8.0% | ||
| Q3 25 | 19.0% | -6.7% | ||
| Q2 25 | 17.9% | -13.1% | ||
| Q1 25 | 5.5% | -11.1% | ||
| Q4 24 | 3.4% | -7.5% | ||
| Q3 24 | 12.2% | -7.2% | ||
| Q2 24 | 11.6% | -8.7% | ||
| Q1 24 | 13.4% | -14.4% |
净利率GELNET
| Q4 25 | 4.5% | -2.0% | ||
| Q3 25 | 2.2% | -0.2% | ||
| Q2 25 | -0.1% | -9.8% | ||
| Q1 25 | -117.8% | -8.0% | ||
| Q4 24 | -12.4% | -2.8% | ||
| Q3 24 | -4.3% | -3.6% | ||
| Q2 24 | -2.0% | -3.8% | ||
| Q1 24 | 2.6% | -9.4% |
每股收益（稀释后）GELNET
| Q4 25 | $0.04 | $-0.03 | ||
| Q3 25 | $-0.05 | $0.00 | ||
| Q2 25 | $-0.12 | $-0.15 | ||
| Q1 25 | $-4.06 | $-0.11 | ||
| Q4 24 | $-0.58 | $-0.05 | ||
| Q3 24 | $-0.32 | $-0.04 | ||
| Q2 24 | $-0.25 | $-0.04 | ||
| Q1 24 | $-0.09 | $-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 | $6.4M | $943.5M |
| 总债务越低越好 | $3.0B | — |
| 股东权益账面价值 | — | $1.5B |
| 总资产 | $4.9B | $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GELNET
| Q4 25 | $6.4M | $943.5M | ||
| Q3 25 | $4.9M | $1.1B | ||
| Q2 25 | $4.5M | $1.5B | ||
| Q1 25 | $377.4M | $204.5M | ||
| Q4 24 | $7.4M | $147.7M | ||
| Q3 24 | $13.0M | $182.9M | ||
| Q2 24 | $13.7M | $157.0M | ||
| Q1 24 | $7.0M | $254.4M |
总债务GELNET
| Q4 25 | $3.0B | — | ||
| Q3 25 | $3.1B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $3.4B | — | ||
| Q4 24 | $3.7B | — | ||
| Q3 24 | $4.0B | — | ||
| Q2 24 | $3.9B | — | ||
| Q1 24 | $3.8B | — |
股东权益GELNET
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $973.1M | ||
| Q2 24 | — | $881.5M | ||
| Q1 24 | — | $797.2M |
总资产GELNET
| Q4 25 | $4.9B | $6.0B | ||
| Q3 25 | $4.9B | $5.8B | ||
| Q2 25 | $4.8B | $5.6B | ||
| Q1 25 | $5.2B | $3.7B | ||
| Q4 24 | $7.0B | $3.3B | ||
| Q3 24 | $7.1B | $3.1B | ||
| Q2 24 | $7.0B | $2.9B | ||
| Q1 24 | $6.9B | $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 | $110.8M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $87.0M | $105.2M |
| 自由现金流率自由现金流/营收 | 19.7% | 17.1% |
| 资本支出强度资本支出/营收 | 5.4% | 13.9% |
| 现金转化率经营现金流/净利润 | 5.58× | — |
| 过去12个月自由现金流最近4个季度 | $65.9M | $287.5M |
8季度趋势，按日历期对齐
经营现金流GELNET
| Q4 25 | $110.8M | $190.4M | ||
| Q3 25 | $70.3M | $167.1M | ||
| Q2 25 | $47.0M | $99.8M | ||
| Q1 25 | $24.8M | $145.8M | ||
| Q4 24 | $74.0M | $127.3M | ||
| Q3 24 | $87.3M | $104.7M | ||
| Q2 24 | $104.7M | $74.8M | ||
| Q1 24 | $125.9M | $73.6M |
自由现金流GELNET
| Q4 25 | $87.0M | $105.2M | ||
| Q3 25 | $43.3M | $82.5M | ||
| Q2 25 | $-7.6M | $39.9M | ||
| Q1 25 | $-56.8M | $59.9M | ||
| Q4 24 | $-47.1M | $54.2M | ||
| Q3 24 | $-32.3M | $54.5M | ||
| Q2 24 | $-67.5M | $45.2M | ||
| Q1 24 | $-48.3M | $41.5M |
自由现金流率GELNET
| Q4 25 | 19.7% | 17.1% | ||
| Q3 25 | 10.5% | 14.7% | ||
| Q2 25 | -2.0% | 7.8% | ||
| Q1 25 | -14.3% | 12.5% | ||
| Q4 24 | -11.8% | 11.8% | ||
| Q3 24 | -8.1% | 12.7% | ||
| Q2 24 | -15.7% | 11.3% | ||
| Q1 24 | -11.1% | 11.0% |
资本支出强度GELNET
| Q4 25 | 5.4% | 13.9% | ||
| Q3 25 | 6.5% | 15.1% | ||
| Q2 25 | 14.5% | 11.7% | ||
| Q1 25 | 20.5% | 17.9% | ||
| Q4 24 | 30.3% | 15.9% | ||
| Q3 24 | 30.1% | 11.7% | ||
| Q2 24 | 40.0% | 7.4% | ||
| Q1 24 | 40.1% | 8.5% |
现金转化率GELNET
| Q4 25 | 5.58× | — | ||
| Q3 25 | 7.63× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 11.09× | — |
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
GEL
| Onshore Facilities And Transportation Revenue | $204.2M | 46% |
| Offshore Pipeline Transportation Revenue | $154.3M | 35% |
| Marine Transportation Revenue | $82.2M | 19% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
