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Cloudflare, Inc.（NET）与TXNM ENERGY INC（TXNM）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TXNM ENERGY INC的1.2倍（$614.5M vs $506.4M），TXNM ENERGY INC净利率更高（-1.0% vs -2.0%，领先0.9%），Cloudflare, Inc.同比增速更快（33.6% vs 5.3%），Cloudflare, Inc.自由现金流更多（$105.2M vs $-152.1M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs 8.4%）
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。
TXNM能源是总部位于美国新墨西哥州阿尔伯克基的能源控股企业，创立于1917年，前身为阿尔伯克基燃气电力公司，旗下拥有PNM、得克萨斯-新墨西哥电力公司（TNMP）两大运营主体，核心业务覆盖能源供应及相关公用事业服务领域。
NET vs TXNM — 直观对比
营收规模更大
NET
是对方的1.2倍
$506.4M
营收增速更快
NET
高出28.3%
5.3%
净利率更高
TXNM
高出0.9%
-2.0%
自由现金流更多
NET
多$257.3M
$-152.1M
两年增速更快
NET
近两年复合增速
8.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $614.5M | $506.4M |
| 净利润 | $-12.1M | $-5.3M |
| 毛利率 | 73.6% | — |
| 营业利润率 | -8.0% | 18.5% |
| 净利率 | -2.0% | -1.0% |
| 营收同比 | 33.6% | 5.3% |
| 净利润同比 | 6.0% | -126.4% |
| 每股收益（稀释后） | $-0.03 | $-0.06 |
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NETTXNM
| Q4 25 | $614.5M | $506.4M | ||
| Q3 25 | $562.0M | $656.3M | ||
| Q2 25 | $512.3M | $493.8M | ||
| Q1 25 | $479.1M | $480.4M | ||
| Q4 24 | $459.9M | $481.0M | ||
| Q3 24 | $430.1M | $574.3M | ||
| Q2 24 | $401.0M | $473.2M | ||
| Q1 24 | $378.6M | $431.1M |
净利润NETTXNM
| Q4 25 | $-12.1M | $-5.3M | ||
| Q3 25 | $-1.3M | $136.3M | ||
| Q2 25 | $-50.4M | $26.0M | ||
| Q1 25 | $-38.5M | $12.8M | ||
| Q4 24 | $-12.8M | $20.0M | ||
| Q3 24 | $-15.3M | $136.4M | ||
| Q2 24 | $-15.1M | $52.0M | ||
| Q1 24 | $-35.5M | $50.4M |
毛利率NETTXNM
| Q4 25 | 73.6% | — | ||
| Q3 25 | 74.0% | — | ||
| Q2 25 | 74.9% | — | ||
| Q1 25 | 75.9% | — | ||
| Q4 24 | 76.4% | — | ||
| Q3 24 | 77.7% | 51.8% | ||
| Q2 24 | 77.8% | 41.9% | ||
| Q1 24 | 77.5% | 40.8% |
营业利润率NETTXNM
| Q4 25 | -8.0% | 18.5% | ||
| Q3 25 | -6.7% | 30.9% | ||
| Q2 25 | -13.1% | 14.7% | ||
| Q1 25 | -11.1% | 15.0% | ||
| Q4 24 | -7.5% | 15.8% | ||
| Q3 24 | -7.2% | 33.3% | ||
| Q2 24 | -8.7% | 22.3% | ||
| Q1 24 | -14.4% | 18.7% |
净利率NETTXNM
| Q4 25 | -2.0% | -1.0% | ||
| Q3 25 | -0.2% | 20.8% | ||
| Q2 25 | -9.8% | 5.3% | ||
| Q1 25 | -8.0% | 2.7% | ||
| Q4 24 | -2.8% | 4.2% | ||
| Q3 24 | -3.6% | 23.7% | ||
| Q2 24 | -3.8% | 11.0% | ||
| Q1 24 | -9.4% | 11.7% |
每股收益（稀释后）NETTXNM
| Q4 25 | $-0.03 | $-0.06 | ||
| Q3 25 | $0.00 | $1.22 | ||
| Q2 25 | $-0.15 | $0.22 | ||
| Q1 25 | $-0.11 | $0.10 | ||
| Q4 24 | $-0.05 | $0.17 | ||
| Q3 24 | $-0.04 | $1.45 | ||
| Q2 24 | $-0.04 | $0.53 | ||
| Q1 24 | $-0.10 | $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 | $18.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $3.4B |
| 总资产 | $6.0B | $12.1B |
| 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NETTXNM
| Q4 25 | $943.5M | $18.3M | ||
| Q3 25 | $1.1B | $32.1M | ||
| Q2 25 | $1.5B | $22.2M | ||
| Q1 25 | $204.5M | $6.1M | ||
| Q4 24 | $147.7M | $4.5M | ||
| Q3 24 | $182.9M | $7.2M | ||
| Q2 24 | $157.0M | $3.2M | ||
| Q1 24 | $254.4M | $3.0M |
股东权益NETTXNM
| Q4 25 | $1.5B | $3.4B | ||
| Q3 25 | $1.3B | $3.4B | ||
| Q2 25 | $1.2B | $3.2B | ||
| Q1 25 | $1.4B | $2.5B | ||
| Q4 24 | $1.0B | $2.5B | ||
| Q3 24 | $973.1M | $2.5B | ||
| Q2 24 | $881.5M | $2.4B | ||
| Q1 24 | $797.2M | $2.4B |
总资产NETTXNM
| Q4 25 | $6.0B | $12.1B | ||
| Q3 25 | $5.8B | $12.0B | ||
| Q2 25 | $5.6B | $11.7B | ||
| Q1 25 | $3.7B | $11.4B | ||
| Q4 24 | $3.3B | $11.2B | ||
| Q3 24 | $3.1B | $10.8B | ||
| Q2 24 | $2.9B | $10.6B | ||
| Q1 24 | $2.8B | $10.3B |
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 | $157.7M |
| 自由现金流经营现金流 - 资本支出 | $105.2M | $-152.1M |
| 自由现金流率自由现金流/营收 | 17.1% | -30.0% |
| 资本支出强度资本支出/营收 | 13.9% | 61.2% |
| 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 | $-611.4M |
8季度趋势，按日历期对齐
经营现金流NETTXNM
| Q4 25 | $190.4M | $157.7M | ||
| Q3 25 | $167.1M | $282.0M | ||
| Q2 25 | $99.8M | $3.5M | ||
| Q1 25 | $145.8M | $141.3M | ||
| Q4 24 | $127.3M | $158.6M | ||
| Q3 24 | $104.7M | $180.0M | ||
| Q2 24 | $74.8M | $76.7M | ||
| Q1 24 | $73.6M | $92.8M |
自由现金流NETTXNM
| Q4 25 | $105.2M | $-152.1M | ||
| Q3 25 | $82.5M | $4.7M | ||
| Q2 25 | $39.9M | $-262.6M | ||
| Q1 25 | $59.9M | $-201.4M | ||
| Q4 24 | $54.2M | $-182.9M | ||
| Q3 24 | $54.5M | $-143.7M | ||
| Q2 24 | $45.2M | $-216.0M | ||
| Q1 24 | $41.5M | $-196.3M |
自由现金流率NETTXNM
| Q4 25 | 17.1% | -30.0% | ||
| Q3 25 | 14.7% | 0.7% | ||
| Q2 25 | 7.8% | -53.2% | ||
| Q1 25 | 12.5% | -41.9% | ||
| Q4 24 | 11.8% | -38.0% | ||
| Q3 24 | 12.7% | -25.0% | ||
| Q2 24 | 11.3% | -45.6% | ||
| Q1 24 | 11.0% | -45.5% |
资本支出强度NETTXNM
| Q4 25 | 13.9% | 61.2% | ||
| Q3 25 | 15.1% | 42.3% | ||
| Q2 25 | 11.7% | 53.9% | ||
| Q1 25 | 17.9% | 71.3% | ||
| Q4 24 | 15.9% | 71.0% | ||
| Q3 24 | 11.7% | 56.4% | ||
| Q2 24 | 7.4% | 61.9% | ||
| Q1 24 | 8.5% | 67.1% |
现金转化率NETTXNM
| Q4 25 | — | — | ||
| Q3 25 | — | 2.07× | ||
| Q2 25 | — | 0.14× | ||
| Q1 25 | — | 11.04× | ||
| Q4 24 | — | 7.93× | ||
| Q3 24 | — | 1.32× | ||
| Q2 24 | — | 1.48× | ||
| Q1 24 | — | 1.84× |
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% |
TXNM
| Electricity | $348.8M | 69% |
| Other | $89.3M | 18% |
| Electric Transmission Service | $40.4M | 8% |
| Wholesale Energy Sales | $26.2M | 5% |
| Miscellaneous Revenue From Contracts With Customers | $1.7M | 0% |
