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MACH NATURAL RESOURCES LP（MNR）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MACH NATURAL RESOURCES LP的1.6倍（$614.5M vs $387.5M），MACH NATURAL RESOURCES LP净利率更高（18.9% vs -2.0%，领先20.8%），MACH NATURAL RESOURCES LP同比增速更快（65.0% vs 33.6%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 27.3%）
Mach Natural Resources LP是一家总部位于美国的上游能源企业，主要从事石油、天然气及液化天然气的勘探、开发与生产业务，核心运营资产分布在二叠纪盆地等美国陆上油气产区，专注于开发低成本高收益资产，为利益相关方创造可持续回报。
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。
MNR vs NET — 直观对比
营收规模更大
NET
是对方的1.6倍
$387.5M
营收增速更快
MNR
高出31.3%
33.6%
净利率更高
MNR
高出20.8%
-2.0%
两年增速更快
NET
近两年复合增速
27.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $387.5M | $614.5M |
| 净利润 | $73.1M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 26.1% | -8.0% |
| 净利率 | 18.9% | -2.0% |
| 营收同比 | 65.0% | 33.6% |
| 净利润同比 | 100.2% | 6.0% |
| 每股收益（稀释后） | $0.47 | $-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MNRNET
| Q4 25 | $387.5M | $614.5M | ||
| Q3 25 | $272.6M | $562.0M | ||
| Q2 25 | $288.5M | $512.3M | ||
| Q1 25 | $226.8M | $479.1M | ||
| Q4 24 | $234.9M | $459.9M | ||
| Q3 24 | $255.5M | $430.1M | ||
| Q2 24 | $240.0M | $401.0M | ||
| Q1 24 | $239.2M | $378.6M |
净利润MNRNET
| Q4 25 | $73.1M | $-12.1M | ||
| Q3 25 | $-35.7M | $-1.3M | ||
| Q2 25 | $89.7M | $-50.4M | ||
| Q1 25 | $15.9M | $-38.5M | ||
| Q4 24 | $36.5M | $-12.8M | ||
| Q3 24 | $67.4M | $-15.3M | ||
| Q2 24 | $39.5M | $-15.1M | ||
| Q1 24 | $41.7M | $-35.5M |
毛利率MNRNET
| 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MNRNET
| Q4 25 | 26.1% | -8.0% | ||
| Q3 25 | -7.0% | -6.7% | ||
| Q2 25 | 38.6% | -13.1% | ||
| Q1 25 | 22.8% | -11.1% | ||
| Q4 24 | 24.9% | -7.5% | ||
| Q3 24 | 37.1% | -7.2% | ||
| Q2 24 | 29.4% | -8.7% | ||
| Q1 24 | 28.1% | -14.4% |
净利率MNRNET
| Q4 25 | 18.9% | -2.0% | ||
| Q3 25 | -13.1% | -0.2% | ||
| Q2 25 | 31.1% | -9.8% | ||
| Q1 25 | 7.0% | -8.0% | ||
| Q4 24 | 15.5% | -2.8% | ||
| Q3 24 | 26.4% | -3.6% | ||
| Q2 24 | 16.5% | -3.8% | ||
| Q1 24 | 17.4% | -9.4% |
每股收益（稀释后）MNRNET
| Q4 25 | $0.47 | $-0.03 | ||
| Q3 25 | $-0.28 | $0.00 | ||
| Q2 25 | $0.76 | $-0.15 | ||
| Q1 25 | $0.14 | $-0.11 | ||
| Q4 24 | $0.34 | $-0.05 | ||
| Q3 24 | $0.70 | $-0.04 | ||
| Q2 24 | $0.42 | $-0.04 | ||
| Q1 24 | $0.44 | $-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 | $42.6M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $1.5B |
| 总资产 | $3.8B | $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MNRNET
| Q4 25 | $42.6M | $943.5M | ||
| Q3 25 | $53.6M | $1.1B | ||
| Q2 25 | $13.8M | $1.5B | ||
| Q1 25 | $7.8M | $204.5M | ||
| Q4 24 | $105.8M | $147.7M | ||
| Q3 24 | $184.5M | $182.9M | ||
| Q2 24 | $144.6M | $157.0M | ||
| Q1 24 | $151.3M | $254.4M |
股东权益MNRNET
| 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MNRNET
| Q4 25 | $3.8B | $6.0B | ||
| Q3 25 | $3.8B | $5.8B | ||
| Q2 25 | $2.3B | $5.6B | ||
| Q1 25 | $2.2B | $3.7B | ||
| Q4 24 | $2.3B | $3.3B | ||
| Q3 24 | $2.3B | $3.1B | ||
| Q2 24 | $2.2B | $2.9B | ||
| Q1 24 | $2.3B | $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 | $128.7M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | — | $105.2M |
| 自由现金流率自由现金流/营收 | — | 17.1% |
| 资本支出强度资本支出/营收 | — | 13.9% |
| 现金转化率经营现金流/净利润 | 1.76× | — |
| 过去12个月自由现金流最近4个季度 | — | $287.5M |
8季度趋势，按日历期对齐
经营现金流MNRNET
| Q4 25 | $128.7M | $190.4M | ||
| Q3 25 | $105.5M | $167.1M | ||
| Q2 25 | $130.1M | $99.8M | ||
| Q1 25 | $142.5M | $145.8M | ||
| Q4 24 | $133.7M | $127.3M | ||
| Q3 24 | $110.8M | $104.7M | ||
| Q2 24 | $116.8M | $74.8M | ||
| Q1 24 | $144.0M | $73.6M |
自由现金流MNRNET
| Q4 25 | — | $105.2M | ||
| Q3 25 | — | $82.5M | ||
| Q2 25 | — | $39.9M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | — | $54.2M | ||
| Q3 24 | — | $54.5M | ||
| Q2 24 | — | $45.2M | ||
| Q1 24 | — | $41.5M |
自由现金流率MNRNET
| Q4 25 | — | 17.1% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 12.7% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | — | 11.0% |
资本支出强度MNRNET
| Q4 25 | — | 13.9% | ||
| Q3 25 | — | 15.1% | ||
| Q2 25 | — | 11.7% | ||
| Q1 25 | — | 17.9% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | — | 11.7% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | — | 8.5% |
现金转化率MNRNET
| Q4 25 | 1.76× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.45× | — | ||
| Q1 25 | 8.97× | — | ||
| Q4 24 | 3.66× | — | ||
| Q3 24 | 1.64× | — | ||
| Q2 24 | 2.96× | — | ||
| Q1 24 | 3.45× | — |
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
MNR
| Oil Gas And Natural Gas Liquids Net | $331.0M | 85% |
| Natural Gas Liquids Reserves | $44.8M | 12% |
| Natural Gas Midstream | $8.6M | 2% |
| Products | $6.3M | 2% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
