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MDU RESOURCES GROUP INC（MDU）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MDU RESOURCES GROUP INC的1.2倍（$614.5M vs $522.6M），MDU RESOURCES GROUP INC净利率更高（14.6% vs -2.0%，领先16.6%），Cloudflare, Inc.同比增速更快（33.6% vs -1.6%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-336.0M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -5.7%）
MDU资源集团是一家总部位于美国北达科他州俾斯麦的企业，业务涵盖受监管的能源输送供应，以及公用事业相关的建筑材料与服务，业务范围覆盖美国48个州，是当地能源及基建服务领域的重要参与者。
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。
MDU vs NET — 直观对比
营收规模更大
NET
是对方的1.2倍
$522.6M
营收增速更快
NET
高出35.2%
-1.6%
净利率更高
MDU
高出16.6%
-2.0%
自由现金流更多
NET
多$441.2M
$-336.0M
两年增速更快
NET
近两年复合增速
-5.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $522.6M | $614.5M |
| 净利润 | $76.3M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 20.5% | -8.0% |
| 净利率 | 14.6% | -2.0% |
| 营收同比 | -1.6% | 33.6% |
| 净利润同比 | 38.4% | 6.0% |
| 每股收益（稀释后） | $0.37 | $-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MDUNET
| Q4 25 | $522.6M | $614.5M | ||
| Q3 25 | $313.6M | $562.0M | ||
| Q2 25 | $348.7M | $512.3M | ||
| Q1 25 | $678.0M | $479.1M | ||
| Q4 24 | $531.0M | $459.9M | ||
| Q3 24 | $290.7M | $430.1M | ||
| Q2 24 | $343.1M | $401.0M | ||
| Q1 24 | $588.2M | $378.6M |
净利润MDUNET
| Q4 25 | $76.3M | $-12.1M | ||
| Q3 25 | $18.3M | $-1.3M | ||
| Q2 25 | $13.8M | $-50.4M | ||
| Q1 25 | $82.0M | $-38.5M | ||
| Q4 24 | $55.2M | $-12.8M | ||
| Q3 24 | $64.6M | $-15.3M | ||
| Q2 24 | $60.4M | $-15.1M | ||
| Q1 24 | $100.9M | $-35.5M |
毛利率MDUNET
| 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MDUNET
| Q4 25 | 20.5% | -8.0% | ||
| Q3 25 | 12.7% | -6.7% | ||
| Q2 25 | 8.7% | -13.1% | ||
| Q1 25 | 16.6% | -11.1% | ||
| Q4 24 | 17.8% | -7.5% | ||
| Q3 24 | 12.0% | -7.2% | ||
| Q2 24 | 11.5% | -8.7% | ||
| Q1 24 | 16.4% | -14.4% |
净利率MDUNET
| Q4 25 | 14.6% | -2.0% | ||
| Q3 25 | 5.8% | -0.2% | ||
| Q2 25 | 4.0% | -9.8% | ||
| Q1 25 | 12.1% | -8.0% | ||
| Q4 24 | 10.4% | -2.8% | ||
| Q3 24 | 22.2% | -3.6% | ||
| Q2 24 | 17.6% | -3.8% | ||
| Q1 24 | 17.2% | -9.4% |
每股收益（稀释后）MDUNET
| Q4 25 | $0.37 | $-0.03 | ||
| Q3 25 | $0.09 | $0.00 | ||
| Q2 25 | $0.07 | $-0.15 | ||
| Q1 25 | $0.40 | $-0.11 | ||
| Q4 24 | $0.26 | $-0.05 | ||
| Q3 24 | $0.32 | $-0.04 | ||
| Q2 24 | $0.30 | $-0.04 | ||
| Q1 24 | $0.49 | $-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 | $28.2M | $943.5M |
| 总债务越低越好 | $2.7B | — |
| 股东权益账面价值 | $2.8B | $1.5B |
| 总资产 | $7.6B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.97× | — |
8季度趋势，按日历期对齐
现金及短期投资MDUNET
| Q4 25 | $28.2M | $943.5M | ||
| Q3 25 | $75.9M | $1.1B | ||
| Q2 25 | $58.8M | $1.5B | ||
| Q1 25 | $59.5M | $204.5M | ||
| Q4 24 | $66.9M | $147.7M | ||
| Q3 24 | $88.3M | $182.9M | ||
| Q2 24 | $78.8M | $157.0M | ||
| Q1 24 | $72.7M | $254.4M |
总债务MDUNET
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $2.3B | — |
股东权益MDUNET
| Q4 25 | $2.8B | $1.5B | ||
| Q3 25 | $2.7B | $1.3B | ||
| Q2 25 | $2.7B | $1.2B | ||
| Q1 25 | $2.7B | $1.4B | ||
| Q4 24 | $2.7B | $1.0B | ||
| Q3 24 | $3.1B | $973.1M | ||
| Q2 24 | $3.0B | $881.5M | ||
| Q1 24 | $3.0B | $797.2M |
总资产MDUNET
| Q4 25 | $7.6B | $6.0B | ||
| Q3 25 | $7.2B | $5.8B | ||
| Q2 25 | $6.9B | $5.6B | ||
| Q1 25 | $7.0B | $3.7B | ||
| Q4 24 | $7.0B | $3.3B | ||
| Q3 24 | $8.2B | $3.1B | ||
| Q2 24 | $8.0B | $2.9B | ||
| Q1 24 | $7.8B | $2.8B |
负债/权益比MDUNET
| Q4 25 | 0.97× | — | ||
| Q3 25 | 0.86× | — | ||
| Q2 25 | 0.80× | — | ||
| Q1 25 | 0.80× | — | ||
| Q4 24 | 0.85× | — | ||
| Q3 24 | 0.76× | — | ||
| Q2 24 | 0.75× | — | ||
| Q1 24 | 0.76× | — |
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 | $80.6M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $-336.0M | $105.2M |
| 自由现金流率自由现金流/营收 | -64.3% | 17.1% |
| 资本支出强度资本支出/营收 | 79.7% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.06× | — |
| 过去12个月自由现金流最近4个季度 | $-297.0M | $287.5M |
8季度趋势，按日历期对齐
经营现金流MDUNET
| Q4 25 | $80.6M | $190.4M | ||
| Q3 25 | $57.9M | $167.1M | ||
| Q2 25 | $117.4M | $99.8M | ||
| Q1 25 | $217.5M | $145.8M | ||
| Q4 24 | $60.5M | $127.3M | ||
| Q3 24 | $140.2M | $104.7M | ||
| Q2 24 | $136.5M | $74.8M | ||
| Q1 24 | $165.1M | $73.6M |
自由现金流MDUNET
| Q4 25 | $-336.0M | $105.2M | ||
| Q3 25 | $-121.9M | $82.5M | ||
| Q2 25 | $36.5M | $39.9M | ||
| Q1 25 | $124.4M | $59.9M | ||
| Q4 24 | $-95.8M | $54.2M | ||
| Q3 24 | $673.0K | $54.5M | ||
| Q2 24 | $26.5M | $45.2M | ||
| Q1 24 | $48.1M | $41.5M |
自由现金流率MDUNET
| Q4 25 | -64.3% | 17.1% | ||
| Q3 25 | -38.9% | 14.7% | ||
| Q2 25 | 10.5% | 7.8% | ||
| Q1 25 | 18.4% | 12.5% | ||
| Q4 24 | -18.0% | 11.8% | ||
| Q3 24 | 0.2% | 12.7% | ||
| Q2 24 | 7.7% | 11.3% | ||
| Q1 24 | 8.2% | 11.0% |
资本支出强度MDUNET
| Q4 25 | 79.7% | 13.9% | ||
| Q3 25 | 57.3% | 15.1% | ||
| Q2 25 | 23.2% | 11.7% | ||
| Q1 25 | 13.7% | 17.9% | ||
| Q4 24 | 29.4% | 15.9% | ||
| Q3 24 | 48.0% | 11.7% | ||
| Q2 24 | 32.0% | 7.4% | ||
| Q1 24 | 19.9% | 8.5% |
现金转化率MDUNET
| Q4 25 | 1.06× | — | ||
| Q3 25 | 3.16× | — | ||
| Q2 25 | 8.52× | — | ||
| Q1 25 | 2.65× | — | ||
| Q4 24 | 1.10× | — | ||
| Q3 24 | 2.17× | — | ||
| Q2 24 | 2.26× | — | ||
| Q1 24 | 1.64× | — |
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
MDU
| Natural Gas Distribution | $382.8M | 73% |
| Commercial Utility Sales | $42.7M | 8% |
| Residential Utility Sales | $33.7M | 6% |
| Pipelineand Midstream | $31.1M | 6% |
| Natural Gas Transportation | $17.2M | 3% |
| Industrial Utility Sales | $10.1M | 2% |
| Natural Gas Storage | $6.4M | 1% |
| Other Utility Sales | $1.9M | 0% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
