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Cloudflare, Inc.（NET）与SUBURBAN PROPANE PARTNERS LP（SPH）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SUBURBAN PROPANE PARTNERS LP的1.7倍（$614.5M vs $370.4M），SUBURBAN PROPANE PARTNERS LP净利率更高（12.4% vs -2.0%，领先14.3%），Cloudflare, Inc.同比增速更快（33.6% vs -0.8%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-67.5M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -13.8%）
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。
Suburban Propane Partners LP是美国领先的丙烷、天然气、取暖油及相关能源产品分销商，服务覆盖住宅、商业、工业、农业等各类客户，同时提供暖通空调系统的安装、维护与维修服务，业务范围遍布全美。
NET vs SPH — 直观对比
营收规模更大
NET
是对方的1.7倍
$370.4M
营收增速更快
NET
高出34.4%
-0.8%
净利率更高
SPH
高出14.3%
-2.0%
自由现金流更多
NET
多$172.7M
$-67.5M
两年增速更快
NET
近两年复合增速
-13.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $370.4M |
| 净利润 | $-12.1M | $45.8M |
| 毛利率 | 73.6% | 64.7% |
| 营业利润率 | -8.0% | 18.3% |
| 净利率 | -2.0% | 12.4% |
| 营收同比 | 33.6% | -0.8% |
| 净利润同比 | 6.0% | 135.7% |
| 每股收益（稀释后） | $-0.03 | $0.69 |
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NETSPH
| Q4 25 | $614.5M | $370.4M | ||
| Q3 25 | $562.0M | $211.4M | ||
| Q2 25 | $512.3M | $260.1M | ||
| Q1 25 | $479.1M | $587.7M | ||
| Q4 24 | $459.9M | $373.3M | ||
| Q3 24 | $430.1M | $208.6M | ||
| Q2 24 | $401.0M | $254.6M | ||
| Q1 24 | $378.6M | $498.1M |
净利润NETSPH
| Q4 25 | $-12.1M | $45.8M | ||
| Q3 25 | $-1.3M | $-35.1M | ||
| Q2 25 | $-50.4M | $-14.8M | ||
| Q1 25 | $-38.5M | $137.1M | ||
| Q4 24 | $-12.8M | $19.4M | ||
| Q3 24 | $-15.3M | $-44.6M | ||
| Q2 24 | $-15.1M | $-17.2M | ||
| Q1 24 | $-35.5M | $111.5M |
毛利率NETSPH
| Q4 25 | 73.6% | 64.7% | ||
| Q3 25 | 74.0% | 64.7% | ||
| Q2 25 | 74.9% | 61.7% | ||
| Q1 25 | 75.9% | 58.8% | ||
| Q4 24 | 76.4% | 60.6% | ||
| Q3 24 | 77.7% | 59.4% | ||
| Q2 24 | 77.8% | 62.9% | ||
| Q1 24 | 77.5% | 61.8% |
营业利润率NETSPH
| Q4 25 | -8.0% | 18.3% | ||
| Q3 25 | -6.7% | -7.9% | ||
| Q2 25 | -13.1% | 2.1% | ||
| Q1 25 | -11.1% | 27.0% | ||
| Q4 24 | -7.5% | 15.8% | ||
| Q3 24 | -7.2% | -10.8% | ||
| Q2 24 | -8.7% | 3.2% | ||
| Q1 24 | -14.4% | 27.5% |
净利率NETSPH
| Q4 25 | -2.0% | 12.4% | ||
| Q3 25 | -0.2% | -16.6% | ||
| Q2 25 | -9.8% | -5.7% | ||
| Q1 25 | -8.0% | 23.3% | ||
| Q4 24 | -2.8% | 5.2% | ||
| Q3 24 | -3.6% | -21.4% | ||
| Q2 24 | -3.8% | -6.8% | ||
| Q1 24 | -9.4% | 22.4% |
每股收益（稀释后）NETSPH
| Q4 25 | $-0.03 | $0.69 | ||
| Q3 25 | $0.00 | $-0.55 | ||
| Q2 25 | $-0.15 | $-0.23 | ||
| Q1 25 | $-0.11 | $2.10 | ||
| Q4 24 | $-0.05 | $0.30 | ||
| Q3 24 | $-0.04 | $-0.69 | ||
| Q2 24 | $-0.04 | $-0.27 | ||
| Q1 24 | $-0.10 | $1.72 |
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 | $1.3M |
| 总债务越低越好 | — | $1.3B |
| 股东权益账面价值 | $1.5B | — |
| 总资产 | $6.0B | $2.4B |
| 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NETSPH
| Q4 25 | $943.5M | $1.3M | ||
| Q3 25 | $1.1B | $405.0K | ||
| Q2 25 | $1.5B | $1.3M | ||
| Q1 25 | $204.5M | $3.9M | ||
| Q4 24 | $147.7M | $4.4M | ||
| Q3 24 | $182.9M | $3.2M | ||
| Q2 24 | $157.0M | $4.9M | ||
| Q1 24 | $254.4M | $4.4M |
总债务NETSPH
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
股东权益NETSPH
| 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NETSPH
| Q4 25 | $6.0B | $2.4B | ||
| Q3 25 | $5.8B | $2.3B | ||
| Q2 25 | $5.6B | $2.3B | ||
| Q1 25 | $3.7B | $2.4B | ||
| Q4 24 | $3.3B | $2.4B | ||
| Q3 24 | $3.1B | $2.3B | ||
| Q2 24 | $2.9B | $2.3B | ||
| Q1 24 | $2.8B | $2.3B |
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 | $-47.7M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $-67.5M |
| 自由现金流率自由现金流/营收 | 17.1% | -18.2% |
| 资本支出强度资本支出/营收 | 13.9% | 5.3% |
| 现金转化率经营现金流/净利润 | — | -1.04× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $61.9M |
8季度趋势，按日历期对齐
经营现金流NETSPH
| Q4 25 | $190.4M | $-47.7M | ||
| Q3 25 | $167.1M | $41.8M | ||
| Q2 25 | $99.8M | $95.5M | ||
| Q1 25 | $145.8M | $40.1M | ||
| Q4 24 | $127.3M | $8.8M | ||
| Q3 24 | $104.7M | $36.8M | ||
| Q2 24 | $74.8M | $61.4M | ||
| Q1 24 | $73.6M | $75.1M |
自由现金流NETSPH
| Q4 25 | $105.2M | $-67.5M | ||
| Q3 25 | $82.5M | $27.7M | ||
| Q2 25 | $39.9M | $80.9M | ||
| Q1 25 | $59.9M | $20.8M | ||
| Q4 24 | $54.2M | $-15.1M | ||
| Q3 24 | $54.5M | $17.7M | ||
| Q2 24 | $45.2M | $46.8M | ||
| Q1 24 | $41.5M | $60.6M |
自由现金流率NETSPH
| Q4 25 | 17.1% | -18.2% | ||
| Q3 25 | 14.7% | 13.1% | ||
| Q2 25 | 7.8% | 31.1% | ||
| Q1 25 | 12.5% | 3.5% | ||
| Q4 24 | 11.8% | -4.0% | ||
| Q3 24 | 12.7% | 8.5% | ||
| Q2 24 | 11.3% | 18.4% | ||
| Q1 24 | 11.0% | 12.2% |
资本支出强度NETSPH
| Q4 25 | 13.9% | 5.3% | ||
| Q3 25 | 15.1% | 6.7% | ||
| Q2 25 | 11.7% | 5.6% | ||
| Q1 25 | 17.9% | 3.3% | ||
| Q4 24 | 15.9% | 6.4% | ||
| Q3 24 | 11.7% | 9.1% | ||
| Q2 24 | 7.4% | 5.8% | ||
| Q1 24 | 8.5% | 2.9% |
现金转化率NETSPH
| Q4 25 | — | -1.04× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.29× | ||
| Q4 24 | — | 0.45× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.67× |
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% |
SPH
| Propane | $326.4M | 88% |
| Other Sales Revenue Net | $19.9M | 5% |
| Fuel Oil And Refined Fuels | $18.2M | 5% |
| Natural Gas And Electricity | $5.9M | 2% |
| Wholesale | $4.1M | 1% |
