vs
Cloudflare, Inc.（NET）与NorthWestern Energy Group, Inc.（NWE）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NorthWestern Energy Group, Inc.的1.2倍（$614.5M vs $497.6M），NorthWestern Energy Group, Inc.净利率更高（12.8% vs -2.0%，领先14.7%），Cloudflare, Inc.同比增速更快（33.6% vs 6.6%），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 24.7%）
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。
西北能源集团（NorthWestern Energy Group, Inc.）是一家总部位于苏福尔斯的公用事业企业，业务覆盖南达科他州、内布拉斯加州和蒙大拿州。截至2019年，公司服务客户约71.8万户，集团总部设在苏福尔斯，南达科他州的运营总部则位于该州休伦市。
NET vs NWE — 直观对比
营收规模更大
NET
是对方的1.2倍
$497.6M
营收增速更快
NET
高出27.0%
6.6%
净利率更高
NWE
高出14.7%
-2.0%
两年增速更快
NET
近两年复合增速
24.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $497.6M |
| 净利润 | $-12.1M | $63.5M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 22.9% |
| 净利率 | -2.0% | 12.8% |
| 营收同比 | 33.6% | 6.6% |
| 净利润同比 | 6.0% | — |
| 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NETNWE
| Q1 26 | — | $497.6M | ||
| Q4 25 | $614.5M | $414.3M | ||
| Q3 25 | $562.0M | $387.0M | ||
| Q2 25 | $512.3M | $342.7M | ||
| Q1 25 | $479.1M | $466.6M | ||
| Q4 24 | $459.9M | $373.5M | ||
| Q3 24 | $430.1M | $345.2M | ||
| Q2 24 | $401.0M | $319.9M |
净利润NETNWE
| Q1 26 | — | $63.5M | ||
| Q4 25 | $-12.1M | $44.7M | ||
| Q3 25 | $-1.3M | $38.2M | ||
| Q2 25 | $-50.4M | $21.2M | ||
| Q1 25 | $-38.5M | $76.9M | ||
| Q4 24 | $-12.8M | $80.6M | ||
| Q3 24 | $-15.3M | $46.8M | ||
| Q2 24 | $-15.1M | $31.7M |
毛利率NETNWE
| Q1 26 | — | — | ||
| 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% | — |
营业利润率NETNWE
| Q1 26 | — | 22.9% | ||
| Q4 25 | -8.0% | 14.5% | ||
| Q3 25 | -6.7% | 20.7% | ||
| Q2 25 | -13.1% | 17.7% | ||
| Q1 25 | -11.1% | 26.7% | ||
| Q4 24 | -7.5% | 24.6% | ||
| Q3 24 | -7.2% | 19.7% | ||
| Q2 24 | -8.7% | 19.3% |
净利率NETNWE
| Q1 26 | — | 12.8% | ||
| Q4 25 | -2.0% | 10.8% | ||
| Q3 25 | -0.2% | 9.9% | ||
| Q2 25 | -9.8% | 6.2% | ||
| Q1 25 | -8.0% | 16.5% | ||
| Q4 24 | -2.8% | 21.6% | ||
| Q3 24 | -3.6% | 13.6% | ||
| Q2 24 | -3.8% | 9.9% |
每股收益（稀释后）NETNWE
| Q1 26 | — | — | ||
| Q4 25 | $-0.03 | $0.72 | ||
| Q3 25 | $0.00 | $0.62 | ||
| Q2 25 | $-0.15 | $0.35 | ||
| Q1 25 | $-0.11 | $1.25 | ||
| Q4 24 | $-0.05 | $1.31 | ||
| Q3 24 | $-0.04 | $0.76 | ||
| Q2 24 | $-0.04 | $0.52 |
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 | — | — |
| 股东权益账面价值 | $1.5B | — |
| 总资产 | $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NETNWE
| Q1 26 | — | — | ||
| Q4 25 | $943.5M | $8.8M | ||
| Q3 25 | $1.1B | $6.2M | ||
| Q2 25 | $1.5B | $2.9M | ||
| Q1 25 | $204.5M | $56.0M | ||
| Q4 24 | $147.7M | $4.3M | ||
| Q3 24 | $182.9M | $2.5M | ||
| Q2 24 | $157.0M | $6.4M |
总债务NETNWE
| Q1 26 | — | — | ||
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益NETNWE
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $2.9B | ||
| Q3 25 | $1.3B | $2.9B | ||
| Q2 25 | $1.2B | $2.9B | ||
| Q1 25 | $1.4B | $2.9B | ||
| Q4 24 | $1.0B | $2.9B | ||
| Q3 24 | $973.1M | $2.8B | ||
| Q2 24 | $881.5M | $2.8B |
总资产NETNWE
| Q1 26 | — | — | ||
| Q4 25 | $6.0B | $8.5B | ||
| Q3 25 | $5.8B | $8.3B | ||
| Q2 25 | $5.6B | $8.1B | ||
| Q1 25 | $3.7B | $8.1B | ||
| Q4 24 | $3.3B | $8.0B | ||
| Q3 24 | $3.1B | $7.9B | ||
| Q2 24 | $2.9B | $7.7B |
负债/权益比NETNWE
| Q1 26 | — | — | ||
| Q4 25 | — | 1.14× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.05× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — |
| 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 | — | — |
| 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NETNWE
| Q1 26 | — | — | ||
| Q4 25 | $190.4M | $56.2M | ||
| Q3 25 | $167.1M | $126.7M | ||
| Q2 25 | $99.8M | $58.2M | ||
| Q1 25 | $145.8M | $153.4M | ||
| Q4 24 | $127.3M | $62.8M | ||
| Q3 24 | $104.7M | $120.0M | ||
| Q2 24 | $74.8M | $62.3M |
自由现金流NETNWE
| Q1 26 | — | — | ||
| Q4 25 | $105.2M | $-93.7M | ||
| Q3 25 | $82.5M | $-26.9M | ||
| Q2 25 | $39.9M | $-70.6M | ||
| Q1 25 | $59.9M | $61.3M | ||
| Q4 24 | $54.2M | $-85.9M | ||
| Q3 24 | $54.5M | $-33.2M | ||
| Q2 24 | $45.2M | $-76.3M |
自由现金流率NETNWE
| Q1 26 | — | — | ||
| Q4 25 | 17.1% | -22.6% | ||
| Q3 25 | 14.7% | -6.9% | ||
| Q2 25 | 7.8% | -20.6% | ||
| Q1 25 | 12.5% | 13.1% | ||
| Q4 24 | 11.8% | -23.0% | ||
| Q3 24 | 12.7% | -9.6% | ||
| Q2 24 | 11.3% | -23.9% |
资本支出强度NETNWE
| Q1 26 | — | — | ||
| Q4 25 | 13.9% | 36.2% | ||
| Q3 25 | 15.1% | 39.7% | ||
| Q2 25 | 11.7% | 37.6% | ||
| Q1 25 | 17.9% | 19.7% | ||
| Q4 24 | 15.9% | 39.8% | ||
| Q3 24 | 11.7% | 44.4% | ||
| Q2 24 | 7.4% | 43.3% |
现金转化率NETNWE
| Q1 26 | — | — | ||
| Q4 25 | — | 1.26× | ||
| Q3 25 | — | 3.31× | ||
| Q2 25 | — | 2.74× | ||
| Q1 25 | — | 1.99× | ||
| Q4 24 | — | 0.78× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 1.97× |
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% |
NWE
| Electric | $362.1M | 73% |
| Gas | $135.5M | 27% |
