vs
Alphatec Holdings, Inc.（ATEC）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Alphatec Holdings, Inc.的1.7倍（$362.7M vs $212.9M），Alphatec Holdings, Inc.净利率更高（-10.2% vs -10.7%，领先0.5%），Alphatec Holdings, Inc.自由现金流更多（$7.7M vs $-193.1M），过去两年Alphatec Holdings, Inc.的营收复合增速更高（24.0% vs 17.4%）
Alphatec Holdings是一家全球医疗科技企业，专注于研发、生产及销售脊柱外科手术相关的植入物、手术器械与数字化手术平台，服务骨科及神经外科医疗从业者，核心市场覆盖北美、欧洲及亚太主要区域。
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。
ATEC vs VNET — 直观对比
营收规模更大
VNET
是对方的1.7倍
$212.9M
净利率更高
ATEC
高出0.5%
-10.7%
自由现金流更多
ATEC
多$200.8M
$-193.1M
两年增速更快
ATEC
近两年复合增速
17.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $212.9M | $362.7M |
| 净利润 | $-21.7M | $-38.7M |
| 毛利率 | 70.2% | 20.9% |
| 营业利润率 | -4.1% | 0.5% |
| 净利率 | -10.2% | -10.7% |
| 营收同比 | 20.4% | — |
| 净利润同比 | 34.8% | — |
| 每股收益（稀释后） | $-0.15 | — |
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ATECVNET
| Q4 25 | $212.9M | — | ||
| Q3 25 | $196.5M | $362.7M | ||
| Q2 25 | $185.5M | — | ||
| Q1 25 | $169.2M | $309.5M | ||
| Q4 24 | $176.8M | — | ||
| Q3 24 | $150.7M | $302.2M | ||
| Q2 24 | $145.6M | $274.4M | ||
| Q1 24 | $138.5M | $262.9M |
净利润ATECVNET
| Q4 25 | $-21.7M | — | ||
| Q3 25 | $-28.6M | $-38.7M | ||
| Q2 25 | $-41.1M | — | ||
| Q1 25 | $-51.9M | $-2.4M | ||
| Q4 24 | $-33.3M | — | ||
| Q3 24 | $-39.6M | $-2.1M | ||
| Q2 24 | $-40.7M | $-1.1M | ||
| Q1 24 | $-48.5M | $-22.0M |
毛利率ATECVNET
| Q4 25 | 70.2% | — | ||
| Q3 25 | 69.9% | 20.9% | ||
| Q2 25 | 69.6% | — | ||
| Q1 25 | 68.6% | 25.2% | ||
| Q4 24 | 68.8% | — | ||
| Q3 24 | 68.2% | 23.2% | ||
| Q2 24 | 70.5% | 21.3% | ||
| Q1 24 | 70.3% | 21.6% |
营业利润率ATECVNET
| Q4 25 | -4.1% | — | ||
| Q3 25 | -8.1% | 0.5% | ||
| Q2 25 | -7.1% | — | ||
| Q1 25 | -26.2% | 0.1% | ||
| Q4 24 | -13.5% | — | ||
| Q3 24 | -22.4% | 24.5% | ||
| Q2 24 | -24.3% | 0.2% | ||
| Q1 24 | -31.3% | 0.2% |
净利率ATECVNET
| Q4 25 | -10.2% | — | ||
| Q3 25 | -14.5% | -10.7% | ||
| Q2 25 | -22.2% | — | ||
| Q1 25 | -30.7% | -0.8% | ||
| Q4 24 | -18.9% | — | ||
| Q3 24 | -26.3% | -0.7% | ||
| Q2 24 | -27.9% | -0.4% | ||
| Q1 24 | -35.0% | -8.4% |
每股收益（稀释后）ATECVNET
| Q4 25 | $-0.15 | — | ||
| Q3 25 | $-0.19 | — | ||
| Q2 25 | $-0.27 | — | ||
| Q1 25 | $-0.35 | — | ||
| Q4 24 | $-0.22 | — | ||
| Q3 24 | $-0.28 | — | ||
| Q2 24 | $-0.29 | — | ||
| Q1 24 | $-0.34 | — |
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 | $160.8M | $492.1M |
| 总债务越低越好 | $565.9M | — |
| 股东权益账面价值 | $12.4M | $890.8M |
| 总资产 | $791.2M | $6.1B |
| 负债/权益比越低杠杆越低 | 45.54× | — |
8季度趋势，按日历期对齐
现金及短期投资ATECVNET
| Q4 25 | $160.8M | — | ||
| Q3 25 | $155.7M | $492.1M | ||
| Q2 25 | $157.1M | — | ||
| Q1 25 | $153.2M | $544.3M | ||
| Q4 24 | $138.8M | — | ||
| Q3 24 | $81.0M | $219.5M | ||
| Q2 24 | $99.8M | $247.2M | ||
| Q1 24 | $144.1M | $246.9M |
总债务ATECVNET
| Q4 25 | $565.9M | — | ||
| Q3 25 | $559.7M | — | ||
| Q2 25 | $553.9M | — | ||
| Q1 25 | $548.4M | — | ||
| Q4 24 | $576.2M | — | ||
| Q3 24 | $527.7M | $1.2B | ||
| Q2 24 | $519.2M | — | ||
| Q1 24 | $514.4M | — |
股东权益ATECVNET
| Q4 25 | $12.4M | — | ||
| Q3 25 | $11.5M | $890.8M | ||
| Q2 25 | $23.8M | — | ||
| Q1 25 | $-85.9M | $927.8M | ||
| Q4 24 | $-14.2M | — | ||
| Q3 24 | $-1.4M | $902.9M | ||
| Q2 24 | $17.1M | $900.6M | ||
| Q1 24 | $37.6M | $895.1M |
总资产ATECVNET
| Q4 25 | $791.2M | — | ||
| Q3 25 | $787.2M | $6.1B | ||
| Q2 25 | $790.3M | — | ||
| Q1 25 | $785.5M | $5.4B | ||
| Q4 24 | $775.7M | — | ||
| Q3 24 | $745.9M | $4.3B | ||
| Q2 24 | $768.6M | $4.0B | ||
| Q1 24 | $774.6M | $3.9B |
负债/权益比ATECVNET
| Q4 25 | 45.54× | — | ||
| Q3 25 | 48.64× | — | ||
| Q2 25 | 23.30× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | 30.34× | — | ||
| Q1 24 | 13.70× | — |
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 | $20.7M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $7.7M | $-193.1M |
| 自由现金流率自由现金流/营收 | 3.6% | -53.2% |
| 资本支出强度资本支出/营收 | 6.1% | 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 | $2.8M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流ATECVNET
| Q4 25 | $20.7M | — | ||
| Q3 25 | $14.0M | $113.8M | ||
| Q2 25 | $15.5M | — | ||
| Q1 25 | $-5.0M | $27.0M | ||
| Q4 24 | $10.5M | — | ||
| Q3 24 | $-5.3M | $108.3M | ||
| Q2 24 | $-11.4M | $55.8M | ||
| Q1 24 | $-38.4M | $37.1M |
自由现金流ATECVNET
| Q4 25 | $7.7M | — | ||
| Q3 25 | $4.8M | $-193.1M | ||
| Q2 25 | $5.2M | — | ||
| Q1 25 | $-15.0M | $-220.0M | ||
| Q4 24 | $8.5M | — | ||
| Q3 24 | $-21.2M | $-95.0M | ||
| Q2 24 | $-45.5M | $-81.6M | ||
| Q1 24 | $-69.8M | $-102.2M |
自由现金流率ATECVNET
| Q4 25 | 3.6% | — | ||
| Q3 25 | 2.4% | -53.2% | ||
| Q2 25 | 2.8% | — | ||
| Q1 25 | -8.9% | -71.1% | ||
| Q4 24 | 4.8% | — | ||
| Q3 24 | -14.1% | -31.4% | ||
| Q2 24 | -31.3% | -29.8% | ||
| Q1 24 | -50.4% | -38.9% |
资本支出强度ATECVNET
| Q4 25 | 6.1% | — | ||
| Q3 25 | 4.7% | 84.6% | ||
| Q2 25 | 5.6% | — | ||
| Q1 25 | 5.9% | 79.8% | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 10.5% | 67.3% | ||
| Q2 24 | 23.4% | 50.1% | ||
| Q1 24 | 22.6% | 53.0% |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
