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AGREE REALTY CORP（ADC）与世纪互联（VNET）财务数据对比。点击上方公司名可切换其他公司
世纪互联的季度营收约是AGREE REALTY CORP的1.8倍（$362.7M vs $200.8M），AGREE REALTY CORP净利率更高（31.0% vs -10.7%，领先41.7%），过去两年世纪互联的营收复合增速更高（17.4% vs 14.7%）
杜克房地产是总部位于美国印第安纳州印第安纳波利斯的工业地产投资信托基金（REIT），主营工业类物业投资。截至2021年12月31日，公司持有或共同控制548处以工业用途为主的物业，可出租总面积达1.627亿平方英尺，2022年10月被普洛斯收购。
VNET Group即世纪互联，是中国领先的第三方中立数据中心服务商，提供机柜托管、云基础设施、混合云部署及网络管理等解决方案，服务覆盖科技、金融、零售等多领域企业客户，为企业数字化运营提供稳定的算力与网络支撑。
ADC vs VNET — 直观对比
营收规模更大
VNET
是对方的1.8倍
$200.8M
净利率更高
ADC
高出41.7%
-10.7%
两年增速更快
VNET
近两年复合增速
14.7%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $200.8M | $362.7M |
| 净利润 | $62.2M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 49.1% | 0.5% |
| 净利率 | 31.0% | -10.7% |
| 营收同比 | 18.7% | — |
| 净利润同比 | 32.0% | — |
| 每股收益（稀释后） | $1.04 | — |
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ADCVNET
| Q1 26 | $200.8M | — | ||
| Q4 25 | $190.5M | — | ||
| Q3 25 | $183.2M | $362.7M | ||
| Q2 25 | $175.5M | — | ||
| Q1 25 | $169.2M | $309.5M | ||
| Q4 24 | $160.7M | — | ||
| Q3 24 | $154.3M | $302.2M | ||
| Q2 24 | $152.6M | $274.4M |
净利润ADCVNET
| Q1 26 | $62.2M | — | ||
| Q4 25 | $56.0M | — | ||
| Q3 25 | $52.1M | $-38.7M | ||
| Q2 25 | $49.2M | — | ||
| Q1 25 | $47.0M | $-2.4M | ||
| Q4 24 | $45.2M | — | ||
| Q3 24 | $44.4M | $-2.1M | ||
| Q2 24 | $54.7M | $-1.1M |
毛利率ADCVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.3% |
营业利润率ADCVNET
| Q1 26 | 49.1% | — | ||
| Q4 25 | 48.5% | — | ||
| Q3 25 | 47.6% | 0.5% | ||
| Q2 25 | 46.7% | — | ||
| Q1 25 | 46.5% | 0.1% | ||
| Q4 24 | 46.9% | — | ||
| Q3 24 | 48.2% | 24.5% | ||
| Q2 24 | 53.7% | 0.2% |
净利率ADCVNET
| Q1 26 | 31.0% | — | ||
| Q4 25 | 29.4% | — | ||
| Q3 25 | 28.4% | -10.7% | ||
| Q2 25 | 28.0% | — | ||
| Q1 25 | 27.8% | -0.8% | ||
| Q4 24 | 28.1% | — | ||
| Q3 24 | 28.8% | -0.7% | ||
| Q2 24 | 35.9% | -0.4% |
每股收益（稀释后）ADCVNET
| Q1 26 | $1.04 | — | ||
| Q4 25 | $0.47 | — | ||
| Q3 25 | $0.45 | — | ||
| Q2 25 | $0.43 | — | ||
| Q1 25 | $0.42 | — | ||
| Q4 24 | $0.41 | — | ||
| Q3 24 | $0.42 | — | ||
| Q2 24 | $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 | $25.1M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $6.2B | $890.8M |
| 总资产 | $10.2B | $6.1B |
| 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ADCVNET
| Q1 26 | $25.1M | — | ||
| Q4 25 | $16.3M | — | ||
| Q3 25 | $13.7M | $492.1M | ||
| Q2 25 | $5.8M | — | ||
| Q1 25 | $7.9M | $544.3M | ||
| Q4 24 | $6.4M | — | ||
| Q3 24 | $13.2M | $219.5M | ||
| Q2 24 | $9.6M | $247.2M |
总债务ADCVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — |
股东权益ADCVNET
| Q1 26 | $6.2B | — | ||
| Q4 25 | $6.3B | — | ||
| Q3 25 | $5.9B | $890.8M | ||
| Q2 25 | $5.7B | — | ||
| Q1 25 | $5.6B | $927.8M | ||
| Q4 24 | $5.5B | — | ||
| Q3 24 | $5.3B | $902.9M | ||
| Q2 24 | $5.2B | $900.6M |
总资产ADCVNET
| Q1 26 | $10.2B | — | ||
| Q4 25 | $9.8B | — | ||
| Q3 25 | $9.5B | $6.1B | ||
| Q2 25 | $9.1B | — | ||
| Q1 25 | $8.8B | $5.4B | ||
| Q4 24 | $8.5B | — | ||
| Q3 24 | $8.2B | $4.3B | ||
| Q2 24 | $8.0B | $4.0B |
负债/权益比ADCVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | — | — |
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 | — | $113.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-193.1M |
| 自由现金流率自由现金流/营收 | — | -53.2% |
| 资本支出强度资本支出/营收 | — | 84.6% |
| 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 | — | $-589.7M |
8季度趋势，按日历期对齐
经营现金流ADCVNET
| Q1 26 | — | — | ||
| Q4 25 | $504.1M | — | ||
| Q3 25 | $146.5M | $113.8M | ||
| Q2 25 | $119.6M | — | ||
| Q1 25 | $126.7M | $27.0M | ||
| Q4 24 | $432.0M | — | ||
| Q3 24 | $128.6M | $108.3M | ||
| Q2 24 | $112.8M | $55.8M |
自由现金流ADCVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $-193.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-220.0M | ||
| Q4 24 | $89.4M | — | ||
| Q3 24 | $-87.4M | $-95.0M | ||
| Q2 24 | $-74.8M | $-81.6M |
自由现金流率ADCVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | -53.2% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -71.1% | ||
| Q4 24 | 55.6% | — | ||
| Q3 24 | -56.6% | -31.4% | ||
| Q2 24 | -49.0% | -29.8% |
资本支出强度ADCVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 84.6% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 79.8% | ||
| Q4 24 | 213.1% | — | ||
| Q3 24 | 140.0% | 67.3% | ||
| Q2 24 | 123.0% | 50.1% |
现金转化率ADCVNET
| Q1 26 | — | — | ||
| Q4 25 | 9.00× | — | ||
| Q3 25 | 2.81× | — | ||
| Q2 25 | 2.43× | — | ||
| Q1 25 | 2.70× | — | ||
| Q4 24 | 9.55× | — | ||
| Q3 24 | 2.90× | — | ||
| Q2 24 | 2.06× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
