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BLACK HILLS CORP（BKH）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
BLACK HILLS CORP的季度营收约是世纪互联的1.7倍（$622.7M vs $362.7M），BLACK HILLS CORP净利率更高（16.8% vs -10.7%，领先27.5%），BLACK HILLS CORP自由现金流更多（$-101.5M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -6.8%）
布莱克山集团是美国多元化能源企业，总部位于南达科他州拉皮德城，名称来源于当地的布莱克山区域。公司主营电力与天然气公用事业，服务覆盖南达科他、蒙大拿、怀俄明、科罗拉多等多个州，电力产品行销整个美国西部地区。
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。
BKH vs VNET — 直观对比
营收规模更大
BKH
是对方的1.7倍
$362.7M
净利率更高
BKH
高出27.5%
-10.7%
自由现金流更多
BKH
多$91.6M
$-193.1M
两年增速更快
VNET
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $622.7M | $362.7M |
| 净利润 | $104.9M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 27.5% | 0.5% |
| 净利率 | 16.8% | -10.7% |
| 营收同比 | 6.4% | — |
| 净利润同比 | 7.0% | — |
| 每股收益（稀释后） | $1.39 | — |
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BKHVNET
| Q4 25 | $622.7M | — | ||
| Q3 25 | $427.4M | $362.7M | ||
| Q2 25 | $435.7M | — | ||
| Q1 25 | $800.4M | $309.5M | ||
| Q4 24 | $585.1M | — | ||
| Q3 24 | $398.6M | $302.2M | ||
| Q2 24 | $397.1M | $274.4M | ||
| Q1 24 | $717.2M | $262.9M |
净利润BKHVNET
| Q4 25 | $104.9M | — | ||
| Q3 25 | $24.9M | $-38.7M | ||
| Q2 25 | $27.5M | — | ||
| Q1 25 | $134.3M | $-2.4M | ||
| Q4 24 | $98.0M | — | ||
| Q3 24 | $24.4M | $-2.1M | ||
| Q2 24 | $22.8M | $-1.1M | ||
| Q1 24 | $127.9M | $-22.0M |
毛利率BKHVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 21.6% |
营业利润率BKHVNET
| Q4 25 | 27.5% | — | ||
| Q3 25 | 18.4% | 0.5% | ||
| Q2 25 | 18.9% | — | ||
| Q1 25 | 25.6% | 0.1% | ||
| Q4 24 | 27.9% | — | ||
| Q3 24 | 19.0% | 24.5% | ||
| Q2 24 | 17.8% | 0.2% | ||
| Q1 24 | 27.0% | 0.2% |
净利率BKHVNET
| Q4 25 | 16.8% | — | ||
| Q3 25 | 5.8% | -10.7% | ||
| Q2 25 | 6.3% | — | ||
| Q1 25 | 16.8% | -0.8% | ||
| Q4 24 | 16.7% | — | ||
| Q3 24 | 6.1% | -0.7% | ||
| Q2 24 | 5.7% | -0.4% | ||
| Q1 24 | 17.8% | -8.4% |
每股收益（稀释后）BKHVNET
| Q4 25 | $1.39 | — | ||
| Q3 25 | $0.34 | — | ||
| Q2 25 | $0.38 | — | ||
| Q1 25 | $1.87 | — | ||
| Q4 24 | $1.36 | — | ||
| Q3 24 | $0.35 | — | ||
| Q2 24 | $0.33 | — | ||
| Q1 24 | $1.87 | — |
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 | $182.8M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.8B | $890.8M |
| 总资产 | $10.9B | $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BKHVNET
| Q4 25 | $182.8M | — | ||
| Q3 25 | $21.1M | $492.1M | ||
| Q2 25 | $8.1M | — | ||
| Q1 25 | $6.6M | $544.3M | ||
| Q4 24 | $16.1M | — | ||
| Q3 24 | $12.5M | $219.5M | ||
| Q2 24 | $624.8M | $247.2M | ||
| Q1 24 | $123.0M | $246.9M |
总债务BKHVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益BKHVNET
| Q4 25 | $3.8B | — | ||
| Q3 25 | $3.8B | $890.8M | ||
| Q2 25 | $3.6B | — | ||
| Q1 25 | $3.6B | $927.8M | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | $3.4B | $902.9M | ||
| Q2 24 | $3.4B | $900.6M | ||
| Q1 24 | $3.3B | $895.1M |
总资产BKHVNET
| Q4 25 | $10.9B | — | ||
| Q3 25 | $10.3B | $6.1B | ||
| Q2 25 | $10.1B | — | ||
| Q1 25 | $10.1B | $5.4B | ||
| Q4 24 | $10.0B | — | ||
| Q3 24 | $9.7B | $4.3B | ||
| Q2 24 | $10.2B | $4.0B | ||
| Q1 24 | $9.7B | $3.9B |
负债/权益比BKHVNET
| 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 | $168.1M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $-101.5M | $-193.1M |
| 自由现金流率自由现金流/营收 | -16.3% | -53.2% |
| 资本支出强度资本支出/营收 | 43.3% | 84.6% |
| 现金转化率经营现金流/净利润 | 1.60× | — |
| 过去12个月自由现金流最近4个季度 | $-146.4M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流BKHVNET
| Q4 25 | $168.1M | — | ||
| Q3 25 | $88.9M | $113.8M | ||
| Q2 25 | $188.6M | — | ||
| Q1 25 | $227.8M | $27.0M | ||
| Q4 24 | $153.2M | — | ||
| Q3 24 | $102.1M | $108.3M | ||
| Q2 24 | $230.6M | $55.8M | ||
| Q1 24 | $233.4M | $37.1M |
自由现金流BKHVNET
| Q4 25 | $-101.5M | — | ||
| Q3 25 | $-89.5M | $-193.1M | ||
| Q2 25 | $-30.3M | — | ||
| Q1 25 | $74.9M | $-220.0M | ||
| Q4 24 | $-60.5M | — | ||
| Q3 24 | $-86.0M | $-95.0M | ||
| Q2 24 | $64.4M | $-81.6M | ||
| Q1 24 | $57.2M | $-102.2M |
自由现金流率BKHVNET
| Q4 25 | -16.3% | — | ||
| Q3 25 | -20.9% | -53.2% | ||
| Q2 25 | -7.0% | — | ||
| Q1 25 | 9.4% | -71.1% | ||
| Q4 24 | -10.3% | — | ||
| Q3 24 | -21.6% | -31.4% | ||
| Q2 24 | 16.2% | -29.8% | ||
| Q1 24 | 8.0% | -38.9% |
资本支出强度BKHVNET
| Q4 25 | 43.3% | — | ||
| Q3 25 | 41.7% | 84.6% | ||
| Q2 25 | 50.2% | — | ||
| Q1 25 | 19.1% | 79.8% | ||
| Q4 24 | 36.5% | — | ||
| Q3 24 | 47.2% | 67.3% | ||
| Q2 24 | 41.9% | 50.1% | ||
| Q1 24 | 24.6% | 53.0% |
现金转化率BKHVNET
| Q4 25 | 1.60× | — | ||
| Q3 25 | 3.57× | — | ||
| Q2 25 | 6.86× | — | ||
| Q1 25 | 1.70× | — | ||
| Q4 24 | 1.56× | — | ||
| Q3 24 | 4.18× | — | ||
| Q2 24 | 10.11× | — | ||
| Q1 24 | 1.82× | — |
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
BKH
| Gas Utilities | $391.1M | 63% |
| Retail Electric Natural Gasand Coal | $189.7M | 30% |
| Other | $15.3M | 2% |
| Market Off System Sales | $13.6M | 2% |
| Transferred At Point In Time | $8.9M | 1% |
| Wholesale | $4.9M | 1% |
| Inter Segment Revenues | $2.4M | 0% |
VNET
暂无分部数据
