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Cloudflare, Inc.（NET）与Northwest Natural Holding Co（NWN）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Northwest Natural Holding Co的1.6倍（$614.5M vs $394.2M），Cloudflare, Inc.同比增速更快（33.6% vs 6.3%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-131.0M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -4.6%）
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。
西北天然气控股公司是美国上市公用事业企业，总部位于俄勒冈州波特兰，成立于1859年。核心业务为天然气配送，服务俄勒冈州西部、华盛顿州西南部的居民、商业及工业客户，同时运营水务业务，目前服务约80万用户，年营收超10亿美元。
NET vs NWN — 直观对比
营收规模更大
NET
是对方的1.6倍
$394.2M
营收增速更快
NET
高出27.3%
6.3%
自由现金流更多
NET
多$236.2M
$-131.0M
两年增速更快
NET
近两年复合增速
-4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $394.2M |
| 净利润 | $-12.1M | — |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 28.4% |
| 净利率 | -2.0% | — |
| 营收同比 | 33.6% | 6.3% |
| 净利润同比 | 6.0% | — |
| 每股收益（稀释后） | $-0.03 | $1.38 |
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NETNWN
| Q4 25 | $614.5M | $394.2M | ||
| Q3 25 | $562.0M | $164.7M | ||
| Q2 25 | $512.3M | $236.2M | ||
| Q1 25 | $479.1M | $494.3M | ||
| Q4 24 | $459.9M | $370.9M | ||
| Q3 24 | $430.1M | $136.9M | ||
| Q2 24 | $401.0M | $211.7M | ||
| Q1 24 | $378.6M | $433.5M |
净利润NETNWN
| Q4 25 | $-12.1M | — | ||
| Q3 25 | $-1.3M | $-29.9M | ||
| Q2 25 | $-50.4M | $-2.5M | ||
| Q1 25 | $-38.5M | $87.9M | ||
| Q4 24 | $-12.8M | — | ||
| Q3 24 | $-15.3M | $-27.2M | ||
| Q2 24 | $-15.1M | $-2.8M | ||
| Q1 24 | $-35.5M | $63.8M |
毛利率NETNWN
| 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NETNWN
| Q4 25 | -8.0% | 28.4% | ||
| Q3 25 | -6.7% | -7.5% | ||
| Q2 25 | -13.1% | 11.5% | ||
| Q1 25 | -11.1% | 31.2% | ||
| Q4 24 | -7.5% | 22.9% | ||
| Q3 24 | -7.2% | -14.1% | ||
| Q2 24 | -8.7% | 7.4% | ||
| Q1 24 | -14.4% | 25.3% |
净利率NETNWN
| Q4 25 | -2.0% | — | ||
| Q3 25 | -0.2% | -18.1% | ||
| Q2 25 | -9.8% | -1.1% | ||
| Q1 25 | -8.0% | 17.8% | ||
| Q4 24 | -2.8% | — | ||
| Q3 24 | -3.6% | -19.8% | ||
| Q2 24 | -3.8% | -1.3% | ||
| Q1 24 | -9.4% | 14.7% |
每股收益（稀释后）NETNWN
| Q4 25 | $-0.03 | $1.38 | ||
| Q3 25 | $0.00 | $-0.73 | ||
| Q2 25 | $-0.15 | $-0.06 | ||
| Q1 25 | $-0.11 | $2.18 | ||
| Q4 24 | $-0.05 | $1.12 | ||
| Q3 24 | $-0.04 | $-0.71 | ||
| Q2 24 | $-0.04 | $-0.07 | ||
| Q1 24 | $-0.10 | $1.69 |
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 | $36.7M |
| 总债务越低越好 | — | $2.4B |
| 股东权益账面价值 | $1.5B | $1.5B |
| 总资产 | $6.0B | $6.2B |
| 负债/权益比越低杠杆越低 | — | 1.65× |
8季度趋势，按日历期对齐
现金及短期投资NETNWN
| Q4 25 | $943.5M | $36.7M | ||
| Q3 25 | $1.1B | $32.2M | ||
| Q2 25 | $1.5B | $102.6M | ||
| Q1 25 | $204.5M | $100.0M | ||
| Q4 24 | $147.7M | $38.5M | ||
| Q3 24 | $182.9M | $35.0M | ||
| Q2 24 | $157.0M | $65.2M | ||
| Q1 24 | $254.4M | $72.4M |
总债务NETNWN
| Q4 25 | — | $2.4B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.6B |
股东权益NETNWN
| Q4 25 | $1.5B | $1.5B | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $1.4B | $1.5B | ||
| Q4 24 | $1.0B | $1.4B | ||
| Q3 24 | $973.1M | $1.4B | ||
| Q2 24 | $881.5M | $1.3B | ||
| Q1 24 | $797.2M | $1.3B |
总资产NETNWN
| Q4 25 | $6.0B | $6.2B | ||
| Q3 25 | $5.8B | $5.9B | ||
| Q2 25 | $5.6B | $5.8B | ||
| Q1 25 | $3.7B | $5.7B | ||
| Q4 24 | $3.3B | $5.2B | ||
| Q3 24 | $3.1B | $4.9B | ||
| Q2 24 | $2.9B | $4.8B | ||
| Q1 24 | $2.8B | $4.8B |
负债/权益比NETNWN
| Q4 25 | — | 1.65× | ||
| Q3 25 | — | 1.56× | ||
| Q2 25 | — | 1.53× | ||
| Q1 25 | — | 1.53× | ||
| Q4 24 | — | 1.23× | ||
| Q3 24 | — | 1.16× | ||
| Q2 24 | — | 1.17× | ||
| Q1 24 | — | 1.17× |
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 | $3.3M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $-131.0M |
| 自由现金流率自由现金流/营收 | 17.1% | -33.2% |
| 资本支出强度资本支出/营收 | 13.9% | 34.1% |
| 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 | $-197.8M |
8季度趋势，按日历期对齐
经营现金流NETNWN
| Q4 25 | $190.4M | $3.3M | ||
| Q3 25 | $167.1M | $-15.9M | ||
| Q2 25 | $99.8M | $102.2M | ||
| Q1 25 | $145.8M | $179.6M | ||
| Q4 24 | $127.3M | $-19.4M | ||
| Q3 24 | $104.7M | $-26.4M | ||
| Q2 24 | $74.8M | $121.0M | ||
| Q1 24 | $73.6M | $125.0M |
自由现金流NETNWN
| Q4 25 | $105.2M | $-131.0M | ||
| Q3 25 | $82.5M | $-125.9M | ||
| Q2 25 | $39.9M | $-18.3M | ||
| Q1 25 | $59.9M | $77.4M | ||
| Q4 24 | $54.2M | $-119.6M | ||
| Q3 24 | $54.5M | $-121.7M | ||
| Q2 24 | $45.2M | $4.3M | ||
| Q1 24 | $41.5M | $42.8M |
自由现金流率NETNWN
| Q4 25 | 17.1% | -33.2% | ||
| Q3 25 | 14.7% | -76.4% | ||
| Q2 25 | 7.8% | -7.8% | ||
| Q1 25 | 12.5% | 15.7% | ||
| Q4 24 | 11.8% | -32.2% | ||
| Q3 24 | 12.7% | -88.9% | ||
| Q2 24 | 11.3% | 2.0% | ||
| Q1 24 | 11.0% | 9.9% |
资本支出强度NETNWN
| Q4 25 | 13.9% | 34.1% | ||
| Q3 25 | 15.1% | 66.8% | ||
| Q2 25 | 11.7% | 51.0% | ||
| Q1 25 | 17.9% | 20.7% | ||
| Q4 24 | 15.9% | 27.0% | ||
| Q3 24 | 11.7% | 69.6% | ||
| Q2 24 | 7.4% | 55.1% | ||
| Q1 24 | 8.5% | 19.0% |
现金转化率NETNWN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 2.04× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.96× |
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% |
NWN
| NWN Gas Utility | $341.4M | 87% |
| Alternativerevenue | $27.2M | 7% |
| Si Energy Gas Utility | $20.0M | 5% |
| NW Natural Other | $6.9M | 2% |
