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ADTRAN Holdings, Inc.（ADTN）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ADTRAN Holdings, Inc.的1.2倍（$362.7M vs $291.6M），ADTRAN Holdings, Inc.净利率更高（-1.2% vs -10.7%，领先9.4%），ADTRAN Holdings, Inc.自由现金流更多（$30.6M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 13.5%）
ADTRAN Holdings, Inc.是一家总部位于美国阿拉巴马州亨茨维尔的光纤网络与电信企业，主要面向通信服务商、政府机构、企业及公共事业单位，供应面向住宅用户与企业级的网络硬件设备，同时提供用于网络管理与部署的管理软件。
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。
ADTN vs VNET — 直观对比
营收规模更大
VNET
是对方的1.2倍
$291.6M
净利率更高
ADTN
高出9.4%
-10.7%
自由现金流更多
ADTN
多$223.7M
$-193.1M
两年增速更快
VNET
近两年复合增速
13.5%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $291.6M | $362.7M |
| 净利润 | $-3.6M | $-38.7M |
| 毛利率 | 39.0% | 20.9% |
| 营业利润率 | 1.5% | 0.5% |
| 净利率 | -1.2% | -10.7% |
| 营收同比 | 20.1% | — |
| 净利润同比 | 92.2% | — |
| 每股收益（稀释后） | $-0.02 | — |
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ADTNVNET
| Q4 25 | $291.6M | — | ||
| Q3 25 | $279.4M | $362.7M | ||
| Q2 25 | $265.1M | — | ||
| Q1 25 | $247.7M | $309.5M | ||
| Q4 24 | $242.9M | — | ||
| Q3 24 | $227.7M | $302.2M | ||
| Q2 24 | $226.0M | $274.4M | ||
| Q1 24 | $226.2M | $262.9M |
净利润ADTNVNET
| Q4 25 | $-3.6M | — | ||
| Q3 25 | $-10.3M | $-38.7M | ||
| Q2 25 | $-20.5M | — | ||
| Q1 25 | $-11.3M | $-2.4M | ||
| Q4 24 | $-46.1M | — | ||
| Q3 24 | $-33.3M | $-2.1M | ||
| Q2 24 | $-49.7M | $-1.1M | ||
| Q1 24 | $-330.8M | $-22.0M |
毛利率ADTNVNET
| Q4 25 | 39.0% | — | ||
| Q3 25 | 38.3% | 20.9% | ||
| Q2 25 | 37.3% | — | ||
| Q1 25 | 38.4% | 25.2% | ||
| Q4 24 | 36.9% | — | ||
| Q3 24 | 36.5% | 23.2% | ||
| Q2 24 | 36.0% | 21.3% | ||
| Q1 24 | 31.1% | 21.6% |
营业利润率ADTNVNET
| Q4 25 | 1.5% | — | ||
| Q3 25 | -1.0% | 0.5% | ||
| Q2 25 | -5.0% | — | ||
| Q1 25 | -1.6% | 0.1% | ||
| Q4 24 | -6.9% | — | ||
| Q3 24 | -11.5% | 24.5% | ||
| Q2 24 | -17.0% | 0.2% | ||
| Q1 24 | -153.1% | 0.2% |
净利率ADTNVNET
| Q4 25 | -1.2% | — | ||
| Q3 25 | -3.7% | -10.7% | ||
| Q2 25 | -7.7% | — | ||
| Q1 25 | -4.5% | -0.8% | ||
| Q4 24 | -19.0% | — | ||
| Q3 24 | -14.6% | -0.7% | ||
| Q2 24 | -22.0% | -0.4% | ||
| Q1 24 | -146.2% | -8.4% |
每股收益（稀释后）ADTNVNET
| Q4 25 | $-0.02 | — | ||
| Q3 25 | $-0.12 | — | ||
| Q2 25 | $-0.24 | — | ||
| Q1 25 | $-0.14 | — | ||
| Q4 24 | $-0.58 | — | ||
| Q3 24 | $-0.38 | — | ||
| Q2 24 | $-0.63 | — | ||
| Q1 24 | $-4.20 | — |
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 | $95.7M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $145.8M | $890.8M |
| 总资产 | $1.2B | $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ADTNVNET
| Q4 25 | $95.7M | — | ||
| Q3 25 | $93.7M | $492.1M | ||
| Q2 25 | $106.3M | — | ||
| Q1 25 | $101.3M | $544.3M | ||
| Q4 24 | $76.0M | — | ||
| Q3 24 | $88.5M | $219.5M | ||
| Q2 24 | $111.2M | $247.2M | ||
| Q1 24 | $106.8M | $246.9M |
总债务ADTNVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ADTNVNET
| Q4 25 | $145.8M | — | ||
| Q3 25 | $141.6M | $890.8M | ||
| Q2 25 | $169.6M | — | ||
| Q1 25 | $138.9M | $927.8M | ||
| Q4 24 | $127.0M | — | ||
| Q3 24 | $205.6M | $902.9M | ||
| Q2 24 | $213.6M | $900.6M | ||
| Q1 24 | $260.8M | $895.1M |
总资产ADTNVNET
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | $6.1B | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | $5.4B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.3B | $4.3B | ||
| Q2 24 | $1.3B | $4.0B | ||
| Q1 24 | $1.3B | $3.9B |
负债/权益比ADTNVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | — | — | ||
| Q1 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 | $42.2M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $30.6M | $-193.1M |
| 自由现金流率自由现金流/营收 | 10.5% | -53.2% |
| 资本支出强度资本支出/营收 | 4.0% | 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 | $98.0M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流ADTNVNET
| Q4 25 | $42.2M | — | ||
| Q3 25 | $12.2M | $113.8M | ||
| Q2 25 | $32.2M | — | ||
| Q1 25 | $43.2M | $27.0M | ||
| Q4 24 | $2.4M | — | ||
| Q3 24 | $43.3M | $108.3M | ||
| Q2 24 | $19.9M | $55.8M | ||
| Q1 24 | $37.9M | $37.1M |
自由现金流ADTNVNET
| Q4 25 | $30.6M | — | ||
| Q3 25 | $4.2M | $-193.1M | ||
| Q2 25 | $27.5M | — | ||
| Q1 25 | $35.8M | $-220.0M | ||
| Q4 24 | $-895.0K | — | ||
| Q3 24 | $37.1M | $-95.0M | ||
| Q2 24 | $8.4M | $-81.6M | ||
| Q1 24 | $24.4M | $-102.2M |
自由现金流率ADTNVNET
| Q4 25 | 10.5% | — | ||
| Q3 25 | 1.5% | -53.2% | ||
| Q2 25 | 10.4% | — | ||
| Q1 25 | 14.4% | -71.1% | ||
| Q4 24 | -0.4% | — | ||
| Q3 24 | 16.3% | -31.4% | ||
| Q2 24 | 3.7% | -29.8% | ||
| Q1 24 | 10.8% | -38.9% |
资本支出强度ADTNVNET
| Q4 25 | 4.0% | — | ||
| Q3 25 | 2.9% | 84.6% | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 3.0% | 79.8% | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 2.7% | 67.3% | ||
| Q2 24 | 5.1% | 50.1% | ||
| Q1 24 | 6.0% | 53.0% |
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
ADTN
| Subscriber Solutions | $96.2M | 33% |
| Optical Networking Solutions | $81.8M | 28% |
| Access Aggregation Solutions | $64.6M | 22% |
| Services And Support | $48.9M | 17% |
VNET
暂无分部数据
