vs
Cloudflare, Inc.（NET）与特诺控股（TROX）财务数据对比。点击上方公司名可切换其他公司
特诺控股的季度营收约是Cloudflare, Inc.的1.2倍（$730.0M vs $614.5M），Cloudflare, Inc.净利率更高（-2.0% vs -24.1%，领先22.1%），Cloudflare, Inc.同比增速更快（33.6% vs 8.0%），Cloudflare, Inc.自由现金流更多（$105.2M vs $53.0M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -2.9%）
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。
特诺控股是一家业务遍及全球的美国化工企业，专注于钛制品领域，现有员工约6500名。在收购南非埃萨罗资源原有的矿砂业务后，特诺已成为全球规模最大的全产业链二氧化钛颜料供应商。二氧化钛颜料主要为涂料、塑料、纸张等产品增白增亮，特诺还拥有钛矿砂开采及加工业务。
NET vs TROX — 直观对比
营收规模更大
TROX
是对方的1.2倍
$614.5M
营收增速更快
NET
高出25.6%
8.0%
净利率更高
NET
高出22.1%
-24.1%
自由现金流更多
NET
多$52.2M
$53.0M
两年增速更快
NET
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $730.0M |
| 净利润 | $-12.1M | $-176.0M |
| 毛利率 | 73.6% | 5.3% |
| 营业利润率 | -8.0% | -15.6% |
| 净利率 | -2.0% | -24.1% |
| 营收同比 | 33.6% | 8.0% |
| 净利润同比 | 6.0% | -486.7% |
| 每股收益（稀释后） | $-0.03 | $-1.11 |
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NETTROX
| Q4 25 | $614.5M | $730.0M | ||
| Q3 25 | $562.0M | $699.0M | ||
| Q2 25 | $512.3M | $731.0M | ||
| Q1 25 | $479.1M | $738.0M | ||
| Q4 24 | $459.9M | $676.0M | ||
| Q3 24 | $430.1M | $804.0M | ||
| Q2 24 | $401.0M | $820.0M | ||
| Q1 24 | $378.6M | $774.0M |
净利润NETTROX
| Q4 25 | $-12.1M | $-176.0M | ||
| Q3 25 | $-1.3M | $-99.0M | ||
| Q2 25 | $-50.4M | $-84.0M | ||
| Q1 25 | $-38.5M | $-111.0M | ||
| Q4 24 | $-12.8M | $-30.0M | ||
| Q3 24 | $-15.3M | $-25.0M | ||
| Q2 24 | $-15.1M | $16.0M | ||
| Q1 24 | $-35.5M | $-9.0M |
毛利率NETTROX
| Q4 25 | 73.6% | 5.3% | ||
| Q3 25 | 74.0% | 7.4% | ||
| Q2 25 | 74.9% | 10.8% | ||
| Q1 25 | 75.9% | 13.4% | ||
| Q4 24 | 76.4% | 17.3% | ||
| Q3 24 | 77.7% | 15.9% | ||
| Q2 24 | 77.8% | 18.3% | ||
| Q1 24 | 77.5% | 15.5% |
营业利润率NETTROX
| Q4 25 | -8.0% | -15.6% | ||
| Q3 25 | -6.7% | -6.2% | ||
| Q2 25 | -13.1% | -4.8% | ||
| Q1 25 | -11.1% | -8.3% | ||
| Q4 24 | -7.5% | 7.1% | ||
| Q3 24 | -7.2% | 6.7% | ||
| Q2 24 | -8.7% | 9.3% | ||
| Q1 24 | -14.4% | 5.3% |
净利率NETTROX
| Q4 25 | -2.0% | -24.1% | ||
| Q3 25 | -0.2% | -14.2% | ||
| Q2 25 | -9.8% | -11.5% | ||
| Q1 25 | -8.0% | -15.0% | ||
| Q4 24 | -2.8% | -4.4% | ||
| Q3 24 | -3.6% | -3.1% | ||
| Q2 24 | -3.8% | 2.0% | ||
| Q1 24 | -9.4% | -1.2% |
每股收益（稀释后）NETTROX
| Q4 25 | $-0.03 | $-1.11 | ||
| Q3 25 | $0.00 | $-0.63 | ||
| Q2 25 | $-0.15 | $-0.53 | ||
| Q1 25 | $-0.11 | $-0.70 | ||
| Q4 24 | $-0.05 | $-0.19 | ||
| Q3 24 | $-0.04 | $-0.16 | ||
| Q2 24 | $-0.04 | $0.10 | ||
| Q1 24 | $-0.10 | $-0.06 |
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 | $199.0M |
| 总债务越低越好 | — | $3.1B |
| 股东权益账面价值 | $1.5B | $1.4B |
| 总资产 | $6.0B | $6.2B |
| 负债/权益比越低杠杆越低 | — | 2.21× |
8季度趋势，按日历期对齐
现金及短期投资NETTROX
| Q4 25 | $943.5M | $199.0M | ||
| Q3 25 | $1.1B | $185.0M | ||
| Q2 25 | $1.5B | $132.0M | ||
| Q1 25 | $204.5M | $138.0M | ||
| Q4 24 | $147.7M | $151.0M | ||
| Q3 24 | $182.9M | $167.0M | ||
| Q2 24 | $157.0M | $201.0M | ||
| Q1 24 | $254.4M | $152.0M |
总债务NETTROX
| Q4 25 | — | $3.1B | ||
| Q3 25 | — | $3.1B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $2.8B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.8B |
股东权益NETTROX
| Q4 25 | $1.5B | $1.4B | ||
| Q3 25 | $1.3B | $1.6B | ||
| Q2 25 | $1.2B | $1.6B | ||
| Q1 25 | $1.4B | $1.7B | ||
| Q4 24 | $1.0B | $1.8B | ||
| Q3 24 | $973.1M | $1.9B | ||
| Q2 24 | $881.5M | $1.9B | ||
| Q1 24 | $797.2M | $1.9B |
总资产NETTROX
| Q4 25 | $6.0B | $6.2B | ||
| Q3 25 | $5.8B | $6.3B | ||
| Q2 25 | $5.6B | $6.2B | ||
| Q1 25 | $3.7B | $6.1B | ||
| Q4 24 | $3.3B | $6.0B | ||
| Q3 24 | $3.1B | $6.2B | ||
| Q2 24 | $2.9B | $6.1B | ||
| Q1 24 | $2.8B | $6.0B |
负债/权益比NETTROX
| Q4 25 | — | 2.21× | ||
| Q3 25 | — | 2.01× | ||
| Q2 25 | — | 1.67× | ||
| Q1 25 | — | 1.64× | ||
| Q4 24 | — | 1.57× | ||
| Q3 24 | — | 1.45× | ||
| Q2 24 | — | 1.47× | ||
| Q1 24 | — | 1.48× |
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 | $121.0M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $53.0M |
| 自由现金流率自由现金流/营收 | 17.1% | 7.3% |
| 资本支出强度资本支出/营收 | 13.9% | 9.3% |
| 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 | $-281.0M |
8季度趋势，按日历期对齐
经营现金流NETTROX
| Q4 25 | $190.4M | $121.0M | ||
| Q3 25 | $167.1M | $-57.0M | ||
| Q2 25 | $99.8M | $28.0M | ||
| Q1 25 | $145.8M | $-32.0M | ||
| Q4 24 | $127.3M | $82.0M | ||
| Q3 24 | $104.7M | $87.0M | ||
| Q2 24 | $74.8M | $160.0M | ||
| Q1 24 | $73.6M | $-29.0M |
自由现金流NETTROX
| Q4 25 | $105.2M | $53.0M | ||
| Q3 25 | $82.5M | $-137.0M | ||
| Q2 25 | $39.9M | $-55.0M | ||
| Q1 25 | $59.9M | $-142.0M | ||
| Q4 24 | $54.2M | $-35.0M | ||
| Q3 24 | $54.5M | $-14.0M | ||
| Q2 24 | $45.2M | $84.0M | ||
| Q1 24 | $41.5M | $-105.0M |
自由现金流率NETTROX
| Q4 25 | 17.1% | 7.3% | ||
| Q3 25 | 14.7% | -19.6% | ||
| Q2 25 | 7.8% | -7.5% | ||
| Q1 25 | 12.5% | -19.2% | ||
| Q4 24 | 11.8% | -5.2% | ||
| Q3 24 | 12.7% | -1.7% | ||
| Q2 24 | 11.3% | 10.2% | ||
| Q1 24 | 11.0% | -13.6% |
资本支出强度NETTROX
| Q4 25 | 13.9% | 9.3% | ||
| Q3 25 | 15.1% | 11.4% | ||
| Q2 25 | 11.7% | 11.4% | ||
| Q1 25 | 17.9% | 14.9% | ||
| Q4 24 | 15.9% | 17.3% | ||
| Q3 24 | 11.7% | 12.6% | ||
| Q2 24 | 7.4% | 9.3% | ||
| Q1 24 | 8.5% | 9.8% |
现金转化率NETTROX
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 10.00× | ||
| 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% |
TROX
| Ti O2 | $577.0M | 79% |
| Zircon | $78.0M | 11% |
| Idle Facility And Lower Of Cost Or Net Realizable Value Charges | $42.0M | 6% |
| Other | $20.0M | 3% |
| MGT | $13.0M | 2% |
