vs
Cloudflare, Inc.（NET）与NATIONAL FUEL GAS CO（NFG）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NATIONAL FUEL GAS CO的1.4倍（$614.5M vs $425.9M），NATIONAL FUEL GAS CO净利率更高（35.7% vs -2.0%，领先37.7%），Cloudflare, Inc.同比增速更快（33.6% vs 1.7%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 12.1%）
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。
该多元化能源企业成立于1902年，总部位于美国纽约州威廉斯维尔，总资产达62亿美元，下设勘探与生产、管道与存储、燃气集输、公用事业、能源营销五大运营板块，业务覆盖能源产业链上下游多个核心环节。
NET vs NFG — 直观对比
营收规模更大
NET
是对方的1.4倍
$425.9M
营收增速更快
NET
高出31.9%
1.7%
净利率更高
NFG
高出37.7%
-2.0%
两年增速更快
NET
近两年复合增速
12.1%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $425.9M |
| 净利润 | $-12.1M | $152.0M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 81.5% |
| 净利率 | -2.0% | 35.7% |
| 营收同比 | 33.6% | 1.7% |
| 净利润同比 | 6.0% | — |
| 每股收益（稀释后） | $-0.03 | $1.59 |
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NETNFG
| Q1 26 | — | $425.9M | ||
| Q4 25 | $614.5M | $637.9M | ||
| Q3 25 | $562.0M | $443.1M | ||
| Q2 25 | $512.3M | $527.4M | ||
| Q1 25 | $479.1M | $734.8M | ||
| Q4 24 | $459.9M | $513.8M | ||
| Q3 24 | $430.1M | $310.0M | ||
| Q2 24 | $401.0M | $338.6M |
净利润NETNFG
| Q1 26 | — | $152.0M | ||
| Q4 25 | $-12.1M | $181.6M | ||
| Q3 25 | $-1.3M | $107.3M | ||
| Q2 25 | $-50.4M | $149.8M | ||
| Q1 25 | $-38.5M | $216.4M | ||
| Q4 24 | $-12.8M | $45.0M | ||
| Q3 24 | $-15.3M | $-167.6M | ||
| Q2 24 | $-15.1M | $-54.2M |
毛利率NETNFG
| Q1 26 | — | — | ||
| Q4 25 | 73.6% | 86.6% | ||
| Q3 25 | 74.0% | — | ||
| Q2 25 | 74.9% | 94.7% | ||
| Q1 25 | 75.9% | 81.6% | ||
| Q4 24 | 76.4% | 87.3% | ||
| Q3 24 | 77.7% | — | ||
| Q2 24 | 77.8% | 98.5% |
营业利润率NETNFG
| Q1 26 | — | 81.5% | ||
| Q4 25 | -8.0% | 43.3% | ||
| Q3 25 | -6.7% | 40.6% | ||
| Q2 25 | -13.1% | 43.7% | ||
| Q1 25 | -11.1% | 43.2% | ||
| Q4 24 | -7.5% | 16.8% | ||
| Q3 24 | -7.2% | -63.4% | ||
| Q2 24 | -8.7% | -15.2% |
净利率NETNFG
| Q1 26 | — | 35.7% | ||
| Q4 25 | -2.0% | 28.5% | ||
| Q3 25 | -0.2% | 24.2% | ||
| Q2 25 | -9.8% | 28.4% | ||
| Q1 25 | -8.0% | 29.4% | ||
| Q4 24 | -2.8% | 8.8% | ||
| Q3 24 | -3.6% | -54.1% | ||
| Q2 24 | -3.8% | -16.0% |
每股收益（稀释后）NETNFG
| Q1 26 | — | $1.59 | ||
| Q4 25 | $-0.03 | $1.98 | ||
| Q3 25 | $0.00 | $1.18 | ||
| Q2 25 | $-0.15 | $1.64 | ||
| Q1 25 | $-0.11 | $2.37 | ||
| Q4 24 | $-0.05 | $0.49 | ||
| Q3 24 | $-0.04 | $-1.81 | ||
| Q2 24 | $-0.04 | $-0.59 |
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 | $943.5M | — |
| 总债务越低越好 | — | $300.0M |
| 股东权益账面价值 | $1.5B | — |
| 总资产 | $6.0B | $9.1B |
| 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NETNFG
| Q1 26 | — | — | ||
| Q4 25 | $943.5M | $271.4M | ||
| Q3 25 | $1.1B | $43.2M | ||
| Q2 25 | $1.5B | $39.3M | ||
| Q1 25 | $204.5M | $40.0M | ||
| Q4 24 | $147.7M | $48.7M | ||
| Q3 24 | $182.9M | $38.2M | ||
| Q2 24 | $157.0M | $81.4M |
总债务NETNFG
| Q1 26 | — | $300.0M | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
股东权益NETNFG
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $3.6B | ||
| Q3 25 | $1.3B | $3.1B | ||
| Q2 25 | $1.2B | $3.0B | ||
| Q1 25 | $1.4B | $2.8B | ||
| Q4 24 | $1.0B | $-76.2M | ||
| Q3 24 | $973.1M | $-15.5M | ||
| Q2 24 | $881.5M | $5.0M |
总资产NETNFG
| Q1 26 | — | $9.1B | ||
| Q4 25 | $6.0B | $9.2B | ||
| Q3 25 | $5.8B | $8.7B | ||
| Q2 25 | $5.6B | $8.4B | ||
| Q1 25 | $3.7B | $8.5B | ||
| Q4 24 | $3.3B | $8.3B | ||
| Q3 24 | $3.1B | $8.3B | ||
| Q2 24 | $2.9B | $8.5B |
负债/权益比NETNFG
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× |
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 | $190.4M | $657.3M |
| 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% | 117.0% |
| 现金转化率经营现金流/净利润 | — | 4.32× |
| 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NETNFG
| Q1 26 | — | $657.3M | ||
| Q4 25 | $190.4M | $274.9M | ||
| Q3 25 | $167.1M | $237.8M | ||
| Q2 25 | $99.8M | $388.4M | ||
| Q1 25 | $145.8M | $253.8M | ||
| Q4 24 | $127.3M | $220.1M | ||
| Q3 24 | $104.7M | $197.9M | ||
| Q2 24 | $74.8M | $281.8M |
自由现金流NETNFG
| Q1 26 | — | — | ||
| Q4 25 | $105.2M | $-2.7M | ||
| Q3 25 | $82.5M | $-47.8M | ||
| Q2 25 | $39.9M | $195.3M | ||
| Q1 25 | $59.9M | $59.9M | ||
| Q4 24 | $54.2M | $-20.3M | ||
| Q3 24 | $54.5M | $-49.1M | ||
| Q2 24 | $45.2M | $79.5M |
自由现金流率NETNFG
| Q1 26 | — | — | ||
| Q4 25 | 17.1% | -0.4% | ||
| Q3 25 | 14.7% | -10.8% | ||
| Q2 25 | 7.8% | 37.0% | ||
| Q1 25 | 12.5% | 8.2% | ||
| Q4 24 | 11.8% | -4.0% | ||
| Q3 24 | 12.7% | -15.8% | ||
| Q2 24 | 11.3% | 23.5% |
资本支出强度NETNFG
| Q1 26 | — | 117.0% | ||
| Q4 25 | 13.9% | 43.5% | ||
| Q3 25 | 15.1% | 64.4% | ||
| Q2 25 | 11.7% | 36.6% | ||
| Q1 25 | 17.9% | 26.4% | ||
| Q4 24 | 15.9% | 46.8% | ||
| Q3 24 | 11.7% | 79.7% | ||
| Q2 24 | 7.4% | 59.7% |
现金转化率NETNFG
| Q1 26 | — | 4.32× | ||
| Q4 25 | — | 1.51× | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | — | 2.59× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | — | 4.89× | ||
| Q3 24 | — | — | ||
| Q2 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
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
