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Martin Marietta Materials（MLM）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Martin Marietta Materials的季度营收约是Cloudflare, Inc.的1.9倍（$1.1B vs $614.5M），Martin Marietta Materials净利率更高（24.5% vs -2.0%，领先26.4%），Cloudflare, Inc.同比增速更快（33.6% vs -30.1%），Martin Marietta Materials自由现金流更多（$424.0M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -4.5%）
马丁·玛丽埃塔材料公司是美国大型集料及重型建筑材料供应商，业务覆盖美国26个州、加拿大及加勒比地区，主要为道路、人行道、地基等各类基建项目提供所需原材料。
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。
MLM vs NET — 直观对比
营收规模更大
MLM
是对方的1.9倍
$614.5M
营收增速更快
NET
高出63.8%
-30.1%
净利率更高
MLM
高出26.4%
-2.0%
自由现金流更多
MLM
多$318.8M
$105.2M
两年增速更快
NET
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $614.5M |
| 净利润 | $279.0M | $-12.1M |
| 毛利率 | 35.0% | 73.6% |
| 营业利润率 | 24.6% | -8.0% |
| 净利率 | 24.5% | -2.0% |
| 营收同比 | -30.1% | 33.6% |
| 净利润同比 | -4.8% | 6.0% |
| 每股收益（稀释后） | $4.59 | $-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MLMNET
| Q4 25 | $1.1B | $614.5M | ||
| Q3 25 | $1.8B | $562.0M | ||
| Q2 25 | $1.8B | $512.3M | ||
| Q1 25 | $1.4B | $479.1M | ||
| Q4 24 | $1.6B | $459.9M | ||
| Q3 24 | $1.9B | $430.1M | ||
| Q2 24 | $1.8B | $401.0M | ||
| Q1 24 | $1.3B | $378.6M |
净利润MLMNET
| Q4 25 | $279.0M | $-12.1M | ||
| Q3 25 | $414.0M | $-1.3M | ||
| Q2 25 | $328.0M | $-50.4M | ||
| Q1 25 | $116.0M | $-38.5M | ||
| Q4 24 | $293.0M | $-12.8M | ||
| Q3 24 | $363.0M | $-15.3M | ||
| Q2 24 | $294.0M | $-15.1M | ||
| Q1 24 | $1.0B | $-35.5M |
毛利率MLMNET
| Q4 25 | 35.0% | 73.6% | ||
| Q3 25 | 33.1% | 74.0% | ||
| Q2 25 | 30.0% | 74.9% | ||
| Q1 25 | 24.8% | 75.9% | ||
| Q4 24 | 30.0% | 76.4% | ||
| Q3 24 | 31.7% | 77.7% | ||
| Q2 24 | 29.3% | 77.8% | ||
| Q1 24 | 21.7% | 77.5% |
营业利润率MLMNET
| Q4 25 | 24.6% | -8.0% | ||
| Q3 25 | 27.4% | -6.7% | ||
| Q2 25 | 25.3% | -13.1% | ||
| Q1 25 | 14.3% | -11.1% | ||
| Q4 24 | 24.4% | -7.5% | ||
| Q3 24 | 25.9% | -7.2% | ||
| Q2 24 | 22.6% | -8.7% | ||
| Q1 24 | — | -14.4% |
净利率MLMNET
| Q4 25 | 24.5% | -2.0% | ||
| Q3 25 | 22.4% | -0.2% | ||
| Q2 25 | 18.1% | -9.8% | ||
| Q1 25 | 8.6% | -8.0% | ||
| Q4 24 | 18.0% | -2.8% | ||
| Q3 24 | 19.2% | -3.6% | ||
| Q2 24 | 16.7% | -3.8% | ||
| Q1 24 | 83.5% | -9.4% |
每股收益（稀释后）MLMNET
| Q4 25 | $4.59 | $-0.03 | ||
| Q3 25 | $6.85 | $0.00 | ||
| Q2 25 | $5.43 | $-0.15 | ||
| Q1 25 | $1.90 | $-0.11 | ||
| Q4 24 | $4.87 | $-0.05 | ||
| Q3 24 | $5.91 | $-0.04 | ||
| Q2 24 | $4.76 | $-0.04 | ||
| Q1 24 | $16.87 | $-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 | $67.0M | $943.5M |
| 总债务越低越好 | $5.3B | — |
| 股东权益账面价值 | $10.0B | $1.5B |
| 总资产 | $18.7B | $6.0B |
| 负债/权益比越低杠杆越低 | 0.53× | — |
8季度趋势，按日历期对齐
现金及短期投资MLMNET
| Q4 25 | $67.0M | $943.5M | ||
| Q3 25 | $57.0M | $1.1B | ||
| Q2 25 | $225.0M | $1.5B | ||
| Q1 25 | $101.0M | $204.5M | ||
| Q4 24 | $670.0M | $147.7M | ||
| Q3 24 | $52.0M | $182.9M | ||
| Q2 24 | $109.0M | $157.0M | ||
| Q1 24 | $2.6B | $254.4M |
总债务MLMNET
| Q4 25 | $5.3B | — | ||
| Q3 25 | $5.5B | — | ||
| Q2 25 | $5.4B | — | ||
| Q1 25 | $5.4B | — | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $4.0B | — | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $4.3B | — |
股东权益MLMNET
| Q4 25 | $10.0B | $1.5B | ||
| Q3 25 | $9.7B | $1.3B | ||
| Q2 25 | $9.4B | $1.2B | ||
| Q1 25 | $9.1B | $1.4B | ||
| Q4 24 | $9.5B | $1.0B | ||
| Q3 24 | $9.2B | $973.1M | ||
| Q2 24 | $8.8B | $881.5M | ||
| Q1 24 | $8.9B | $797.2M |
总资产MLMNET
| Q4 25 | $18.7B | $6.0B | ||
| Q3 25 | $18.7B | $5.8B | ||
| Q2 25 | $18.1B | $5.6B | ||
| Q1 25 | $17.7B | $3.7B | ||
| Q4 24 | $18.2B | $3.3B | ||
| Q3 24 | $16.5B | $3.1B | ||
| Q2 24 | $16.3B | $2.9B | ||
| Q1 24 | $16.2B | $2.8B |
负债/权益比MLMNET
| Q4 25 | 0.53× | — | ||
| Q3 25 | 0.57× | — | ||
| Q2 25 | 0.58× | — | ||
| Q1 25 | 0.60× | — | ||
| Q4 24 | 0.57× | — | ||
| Q3 24 | 0.44× | — | ||
| Q2 24 | 0.49× | — | ||
| Q1 24 | 0.49× | — |
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 | $629.0M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $105.2M |
| 自由现金流率自由现金流/营收 | 37.2% | 17.1% |
| 资本支出强度资本支出/营收 | 18.0% | 13.9% |
| 现金转化率经营现金流/净利润 | 2.25× | — |
| 过去12个月自由现金流最近4个季度 | $978.0M | $287.5M |
8季度趋势，按日历期对齐
经营现金流MLMNET
| Q4 25 | $629.0M | $190.4M | ||
| Q3 25 | $551.0M | $167.1M | ||
| Q2 25 | $387.0M | $99.8M | ||
| Q1 25 | $218.0M | $145.8M | ||
| Q4 24 | $686.0M | $127.3M | ||
| Q3 24 | $600.0M | $104.7M | ||
| Q2 24 | $1.0M | $74.8M | ||
| Q1 24 | $172.0M | $73.6M |
自由现金流MLMNET
| Q4 25 | $424.0M | $105.2M | ||
| Q3 25 | $361.0M | $82.5M | ||
| Q2 25 | $208.0M | $39.9M | ||
| Q1 25 | $-15.0M | $59.9M | ||
| Q4 24 | $453.0M | $54.2M | ||
| Q3 24 | $317.0M | $54.5M | ||
| Q2 24 | $-138.0M | $45.2M | ||
| Q1 24 | $-28.0M | $41.5M |
自由现金流率MLMNET
| Q4 25 | 37.2% | 17.1% | ||
| Q3 25 | 19.6% | 14.7% | ||
| Q2 25 | 11.5% | 7.8% | ||
| Q1 25 | -1.1% | 12.5% | ||
| Q4 24 | 27.8% | 11.8% | ||
| Q3 24 | 16.8% | 12.7% | ||
| Q2 24 | -7.8% | 11.3% | ||
| Q1 24 | -2.2% | 11.0% |
资本支出强度MLMNET
| Q4 25 | 18.0% | 13.9% | ||
| Q3 25 | 10.3% | 15.1% | ||
| Q2 25 | 9.9% | 11.7% | ||
| Q1 25 | 17.2% | 17.9% | ||
| Q4 24 | 14.3% | 15.9% | ||
| Q3 24 | 15.0% | 11.7% | ||
| Q2 24 | 7.9% | 7.4% | ||
| Q1 24 | 16.0% | 8.5% |
现金转化率MLMNET
| Q4 25 | 2.25× | — | ||
| Q3 25 | 1.33× | — | ||
| Q2 25 | 1.18× | — | ||
| Q1 25 | 1.88× | — | ||
| Q4 24 | 2.34× | — | ||
| Q3 24 | 1.65× | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | 0.16× | — |
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
MLM
| Building Materials Business East Group | $774.0M | 68% |
| Building Materials Business West Group | $233.0M | 20% |
| Services | $88.0M | 8% |
| Other | $45.0M | 4% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
