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Cloudflare, Inc.（NET）与SPIRE INC（SR）财务数据对比。点击上方公司名可切换其他公司
SPIRE INC的季度营收约是Cloudflare, Inc.的1.2倍（$762.2M vs $614.5M），SPIRE INC净利率更高（12.5% vs -2.0%，领先14.4%），Cloudflare, Inc.同比增速更快（33.6% vs 13.9%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-121.8M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -17.8%）
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。
Spire Inc是总部位于美国密苏里州圣路易斯的区域公用事业控股公司，核心业务为受监管的天然气供应服务，同时布局非监管类业务拓展商业机会。旗下主要子公司Laclede Gas Company是密苏里州最大的天然气分销公用事业企业，为圣路易斯市及密苏里州东部10个县的约63.1万户住宅、商业及工业客户提供服务。
NET vs SR — 直观对比
营收规模更大
SR
是对方的1.2倍
$614.5M
营收增速更快
NET
高出19.7%
13.9%
净利率更高
SR
高出14.4%
-2.0%
自由现金流更多
NET
多$227.0M
$-121.8M
两年增速更快
NET
近两年复合增速
-17.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $762.2M |
| 净利润 | $-12.1M | $95.0M |
| 毛利率 | 73.6% | 55.1% |
| 营业利润率 | -8.0% | 22.8% |
| 净利率 | -2.0% | 12.5% |
| 营收同比 | 33.6% | 13.9% |
| 净利润同比 | 6.0% | 16.9% |
| 每股收益（稀释后） | $-0.03 | $1.54 |
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NETSR
| Q4 25 | $614.5M | $762.2M | ||
| Q3 25 | $562.0M | $334.1M | ||
| Q2 25 | $512.3M | $421.9M | ||
| Q1 25 | $479.1M | $1.1B | ||
| Q4 24 | $459.9M | $669.1M | ||
| Q3 24 | $430.1M | $293.8M | ||
| Q2 24 | $401.0M | $414.1M | ||
| Q1 24 | $378.6M | $1.1B |
净利润NETSR
| Q4 25 | $-12.1M | $95.0M | ||
| Q3 25 | $-1.3M | $-39.8M | ||
| Q2 25 | $-50.4M | $20.9M | ||
| Q1 25 | $-38.5M | $209.3M | ||
| Q4 24 | $-12.8M | $81.3M | ||
| Q3 24 | $-15.3M | $-25.9M | ||
| Q2 24 | $-15.1M | $-12.6M | ||
| Q1 24 | $-35.5M | $204.3M |
毛利率NETSR
| Q4 25 | 73.6% | 55.1% | ||
| Q3 25 | 74.0% | — | ||
| Q2 25 | 74.9% | — | ||
| Q1 25 | 75.9% | — | ||
| Q4 24 | 76.4% | 55.6% | ||
| Q3 24 | 77.7% | — | ||
| Q2 24 | 77.8% | — | ||
| Q1 24 | 77.5% | — |
营业利润率NETSR
| Q4 25 | -8.0% | 22.8% | ||
| Q3 25 | -6.7% | -0.1% | ||
| Q2 25 | -13.1% | 16.4% | ||
| Q1 25 | -11.1% | 29.1% | ||
| Q4 24 | -7.5% | 22.2% | ||
| Q3 24 | -7.2% | 6.7% | ||
| Q2 24 | -8.7% | 7.4% | ||
| Q1 24 | -14.4% | 26.5% |
净利率NETSR
| Q4 25 | -2.0% | 12.5% | ||
| Q3 25 | -0.2% | -11.9% | ||
| Q2 25 | -9.8% | 5.0% | ||
| Q1 25 | -8.0% | 19.9% | ||
| Q4 24 | -2.8% | 12.2% | ||
| Q3 24 | -3.6% | -8.8% | ||
| Q2 24 | -3.8% | -3.0% | ||
| Q1 24 | -9.4% | 18.1% |
每股收益（稀释后）NETSR
| Q4 25 | $-0.03 | $1.54 | ||
| Q3 25 | $0.00 | $-0.77 | ||
| Q2 25 | $-0.15 | $0.29 | ||
| Q1 25 | $-0.11 | $3.51 | ||
| Q4 24 | $-0.05 | $1.34 | ||
| Q3 24 | $-0.04 | $-0.63 | ||
| Q2 24 | $-0.04 | $-0.28 | ||
| Q1 24 | $-0.10 | $3.58 |
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 | $4.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $3.4B |
| 总资产 | $6.0B | $11.9B |
| 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NETSR
| Q4 25 | $943.5M | $4.1M | ||
| Q3 25 | $1.1B | $5.7M | ||
| Q2 25 | $1.5B | $13.1M | ||
| Q1 25 | $204.5M | $15.2M | ||
| Q4 24 | $147.7M | $11.5M | ||
| Q3 24 | $182.9M | $4.5M | ||
| Q2 24 | $157.0M | $7.4M | ||
| Q1 24 | $254.4M | $25.6M |
股东权益NETSR
| Q4 25 | $1.5B | $3.4B | ||
| Q3 25 | $1.3B | $3.4B | ||
| Q2 25 | $1.2B | $3.5B | ||
| Q1 25 | $1.4B | $3.5B | ||
| Q4 24 | $1.0B | $3.3B | ||
| Q3 24 | $973.1M | $3.2B | ||
| Q2 24 | $881.5M | $3.3B | ||
| Q1 24 | $797.2M | $3.4B |
总资产NETSR
| Q4 25 | $6.0B | $11.9B | ||
| Q3 25 | $5.8B | $11.6B | ||
| Q2 25 | $5.6B | $11.4B | ||
| Q1 25 | $3.7B | $11.3B | ||
| Q4 24 | $3.3B | $11.3B | ||
| Q3 24 | $3.1B | $10.9B | ||
| Q2 24 | $2.9B | $10.7B | ||
| Q1 24 | $2.8B | $10.7B |
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 | $81.0M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $-121.8M |
| 自由现金流率自由现金流/营收 | 17.1% | -16.0% |
| 资本支出强度资本支出/营收 | 13.9% | 26.6% |
| 现金转化率经营现金流/净利润 | — | 0.85× |
| 过去12个月自由现金流最近4个季度 | $287.5M | $-286.7M |
8季度趋势，按日历期对齐
经营现金流NETSR
| Q4 25 | $190.4M | $81.0M | ||
| Q3 25 | $167.1M | $-4.9M | ||
| Q2 25 | $99.8M | $129.1M | ||
| Q1 25 | $145.8M | $372.7M | ||
| Q4 24 | $127.3M | $81.1M | ||
| Q3 24 | $104.7M | $82.9M | ||
| Q2 24 | $74.8M | $270.1M | ||
| Q1 24 | $73.6M | $489.4M |
自由现金流NETSR
| Q4 25 | $105.2M | $-121.8M | ||
| Q3 25 | $82.5M | $-227.6M | ||
| Q2 25 | $39.9M | $-91.4M | ||
| Q1 25 | $59.9M | $154.1M | ||
| Q4 24 | $54.2M | $-179.5M | ||
| Q3 24 | $54.5M | $-146.9M | ||
| Q2 24 | $45.2M | $47.9M | ||
| Q1 24 | $41.5M | $306.6M |
自由现金流率NETSR
| Q4 25 | 17.1% | -16.0% | ||
| Q3 25 | 14.7% | -68.1% | ||
| Q2 25 | 7.8% | -21.7% | ||
| Q1 25 | 12.5% | 14.7% | ||
| Q4 24 | 11.8% | -26.8% | ||
| Q3 24 | 12.7% | -50.0% | ||
| Q2 24 | 11.3% | 11.6% | ||
| Q1 24 | 11.0% | 27.2% |
资本支出强度NETSR
| Q4 25 | 13.9% | 26.6% | ||
| Q3 25 | 15.1% | 66.7% | ||
| Q2 25 | 11.7% | 52.3% | ||
| Q1 25 | 17.9% | 20.8% | ||
| Q4 24 | 15.9% | 38.9% | ||
| Q3 24 | 11.7% | 78.2% | ||
| Q2 24 | 7.4% | 53.7% | ||
| Q1 24 | 8.5% | 16.2% |
现金转化率NETSR
| Q4 25 | — | 0.85× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 6.18× | ||
| Q1 25 | — | 1.78× | ||
| Q4 24 | — | 1.00× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 2.40× |
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% |
SR
| Residential | $474.9M | 62% |
| Commercial And Industrial | $148.4M | 19% |
| Gas Marketing | $41.1M | 5% |
| Midstream | $39.0M | 5% |
| Transportation | $37.1M | 5% |
| Offsystem And Other Inventive | $19.7M | 3% |
| Other Customer Revenue | $4.6M | 1% |
