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Cloudflare, Inc.（NET）与NGL Energy Partners LP（NGL）财务数据对比。点击上方公司名可切换其他公司
NGL Energy Partners LP的季度营收约是Cloudflare, Inc.的1.5倍（$909.8M vs $614.5M），NGL Energy Partners LP净利率更高（5.2% vs -2.0%，领先7.2%），Cloudflare, Inc.同比增速更快（33.6% vs -41.3%），Cloudflare, Inc.自由现金流更多（$105.2M vs $45.7M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -6.4%）
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。
NGL Energy Partners LP是一家总部位于美国的中游能源服务企业，主营原油、液化天然气、可再生燃料的运输、存储及物流服务，同时为上游能源生产商提供水资源管理解决方案，业务主要覆盖北美市场。
NET vs NGL — 直观对比
营收规模更大
NGL
是对方的1.5倍
$614.5M
营收增速更快
NET
高出74.9%
-41.3%
净利率更高
NGL
高出7.2%
-2.0%
自由现金流更多
NET
多$59.5M
$45.7M
两年增速更快
NET
近两年复合增速
-6.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $909.8M |
| 净利润 | $-12.1M | $47.2M |
| 毛利率 | 73.6% | 29.0% |
| 营业利润率 | -8.0% | 12.1% |
| 净利率 | -2.0% | 5.2% |
| 营收同比 | 33.6% | -41.3% |
| 净利润同比 | 6.0% | 249.3% |
| 每股收益（稀释后） | $-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NETNGL
| Q4 25 | $614.5M | $909.8M | ||
| Q3 25 | $562.0M | $674.7M | ||
| Q2 25 | $512.3M | $622.2M | ||
| Q1 25 | $479.1M | $971.1M | ||
| Q4 24 | $459.9M | $982.4M | ||
| Q3 24 | $430.1M | $756.5M | ||
| Q2 24 | $401.0M | $759.2M | ||
| Q1 24 | $378.6M | $1.0B |
净利润NETNGL
| Q4 25 | $-12.1M | $47.2M | ||
| Q3 25 | $-1.3M | $29.3M | ||
| Q2 25 | $-50.4M | $68.9M | ||
| Q1 25 | $-38.5M | $13.7M | ||
| Q4 24 | $-12.8M | $13.5M | ||
| Q3 24 | $-15.3M | $2.5M | ||
| Q2 24 | $-15.1M | $9.7M | ||
| Q1 24 | $-35.5M | $-236.8M |
毛利率NETNGL
| Q4 25 | 73.6% | 29.0% | ||
| Q3 25 | 74.0% | 37.6% | ||
| Q2 25 | 74.9% | 38.5% | ||
| Q1 25 | 75.9% | 26.9% | ||
| Q4 24 | 76.4% | 25.1% | ||
| Q3 24 | 77.7% | 30.9% | ||
| Q2 24 | 77.8% | 29.0% | ||
| Q1 24 | 77.5% | 21.8% |
营业利润率NETNGL
| Q4 25 | -8.0% | 12.1% | ||
| Q3 25 | -6.7% | 14.0% | ||
| Q2 25 | -13.1% | 15.7% | ||
| Q1 25 | -11.1% | 8.4% | ||
| Q4 24 | -7.5% | 8.6% | ||
| Q3 24 | -7.2% | 10.8% | ||
| Q2 24 | -8.7% | 10.8% | ||
| Q1 24 | -14.4% | -9.4% |
净利率NETNGL
| Q4 25 | -2.0% | 5.2% | ||
| Q3 25 | -0.2% | 4.3% | ||
| Q2 25 | -9.8% | 11.1% | ||
| Q1 25 | -8.0% | 1.4% | ||
| Q4 24 | -2.8% | 1.4% | ||
| Q3 24 | -3.6% | 0.3% | ||
| Q2 24 | -3.8% | 1.3% | ||
| Q1 24 | -9.4% | -22.8% |
每股收益（稀释后）NETNGL
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $0.00 | — | ||
| Q2 25 | $-0.15 | — | ||
| Q1 25 | $-0.11 | — | ||
| Q4 24 | $-0.05 | — | ||
| Q3 24 | $-0.04 | — | ||
| Q2 24 | $-0.04 | — | ||
| Q1 24 | $-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 | $943.5M | $6.5M |
| 总债务越低越好 | — | $2.9B |
| 股东权益账面价值 | $1.5B | — |
| 总资产 | $6.0B | $4.4B |
| 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NETNGL
| Q4 25 | $943.5M | $6.5M | ||
| Q3 25 | $1.1B | $8.7M | ||
| Q2 25 | $1.5B | $5.4M | ||
| Q1 25 | $204.5M | $13.5M | ||
| Q4 24 | $147.7M | $5.7M | ||
| Q3 24 | $182.9M | $4.5M | ||
| Q2 24 | $157.0M | $5.3M | ||
| Q1 24 | $254.4M | $38.9M |
总债务NETNGL
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $2.9B |
股东权益NETNGL
| 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NETNGL
| Q4 25 | $6.0B | $4.4B | ||
| Q3 25 | $5.8B | $4.3B | ||
| Q2 25 | $5.6B | $4.2B | ||
| Q1 25 | $3.7B | $4.6B | ||
| Q4 24 | $3.3B | $4.8B | ||
| Q3 24 | $3.1B | $4.9B | ||
| Q2 24 | $2.9B | $4.8B | ||
| Q1 24 | $2.8B | $5.0B |
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 | $182.3M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $45.7M |
| 自由现金流率自由现金流/营收 | 17.1% | 5.0% |
| 资本支出强度资本支出/营收 | 13.9% | 15.0% |
| 现金转化率经营现金流/净利润 | — | 3.86× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $126.7M |
8季度趋势，按日历期对齐
经营现金流NETNGL
| Q4 25 | $190.4M | $182.3M | ||
| Q3 25 | $167.1M | $40.5M | ||
| Q2 25 | $99.8M | $33.2M | ||
| Q1 25 | $145.8M | $155.0M | ||
| Q4 24 | $127.3M | $153.8M | ||
| Q3 24 | $104.7M | $6.7M | ||
| Q2 24 | $74.8M | $-18.1M | ||
| Q1 24 | $73.6M | $152.2M |
自由现金流NETNGL
| Q4 25 | $105.2M | $45.7M | ||
| Q3 25 | $82.5M | $9.5M | ||
| Q2 25 | $39.9M | $11.1M | ||
| Q1 25 | $59.9M | $60.4M | ||
| Q4 24 | $54.2M | $152.1M | ||
| Q3 24 | $54.5M | $-82.9M | ||
| Q2 24 | $45.2M | $-78.0M | ||
| Q1 24 | $41.5M | $119.8M |
自由现金流率NETNGL
| Q4 25 | 17.1% | 5.0% | ||
| Q3 25 | 14.7% | 1.4% | ||
| Q2 25 | 7.8% | 1.8% | ||
| Q1 25 | 12.5% | 6.2% | ||
| Q4 24 | 11.8% | 15.5% | ||
| Q3 24 | 12.7% | -11.0% | ||
| Q2 24 | 11.3% | -10.3% | ||
| Q1 24 | 11.0% | 11.5% |
资本支出强度NETNGL
| Q4 25 | 13.9% | 15.0% | ||
| Q3 25 | 15.1% | 4.6% | ||
| Q2 25 | 11.7% | 3.6% | ||
| Q1 25 | 17.9% | 9.7% | ||
| Q4 24 | 15.9% | 0.2% | ||
| Q3 24 | 11.7% | 11.8% | ||
| Q2 24 | 7.4% | 7.9% | ||
| Q1 24 | 8.5% | 3.1% |
现金转化率NETNGL
| Q4 25 | — | 3.86× | ||
| Q3 25 | — | 1.38× | ||
| Q2 25 | — | 0.48× | ||
| Q1 25 | — | 11.29× | ||
| Q4 24 | — | 11.39× | ||
| Q3 24 | — | 2.74× | ||
| Q2 24 | — | -1.87× | ||
| Q1 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% |
NGL
| Water Solutions Segment | $208.6M | 23% |
| Services | $193.3M | 21% |
| Butane | $192.5M | 21% |
| Service Fees | $182.8M | 20% |
| Public Utilities Inventory Propane | $93.9M | 10% |
| Crude Oil | $23.3M | 3% |
| Crude Oil Transportation And Other | $6.5M | 1% |
| Liquids Logistics Segment | $2.5M | 0% |
| Crude Oil Logistics Segment | $1.2M | 0% |
