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COGENT COMMUNICATIONS HOLDINGS, INC.（CCOI）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COGENT COMMUNICATIONS HOLDINGS, INC.的1.5倍（$362.7M vs $240.5M），世纪互联净利率更高（-10.7% vs -12.8%，领先2.1%），COGENT COMMUNICATIONS HOLDINGS, INC.自由现金流更多（$-43.0M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -4.9%）
高智通信控股公司是总部设在美国的跨国互联网服务供应商，核心业务包括光纤IP专用网络下的互联网接入与数据传输服务，同时也提供数据中心服务器托管业务，在全球互联网基础设施领域拥有广泛的业务布局。
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。
CCOI vs VNET — 直观对比
营收规模更大
VNET
是对方的1.5倍
$240.5M
净利率更高
VNET
高出2.1%
-12.8%
自由现金流更多
CCOI
多$150.1M
$-193.1M
两年增速更快
VNET
近两年复合增速
-4.9%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $240.5M | $362.7M |
| 净利润 | $-30.8M | $-38.7M |
| 毛利率 | 46.6% | 20.9% |
| 营业利润率 | -4.7% | 0.5% |
| 净利率 | -12.8% | -10.7% |
| 营收同比 | -4.7% | — |
| 净利润同比 | 28.9% | — |
| 每股收益（稀释后） | $-0.63 | — |
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CCOIVNET
| Q4 25 | $240.5M | — | ||
| Q3 25 | $241.9M | $362.7M | ||
| Q2 25 | $246.2M | — | ||
| Q1 25 | $247.0M | $309.5M | ||
| Q4 24 | $252.3M | — | ||
| Q3 24 | $257.2M | $302.2M | ||
| Q2 24 | $260.4M | $274.4M | ||
| Q1 24 | $266.2M | $262.9M |
净利润CCOIVNET
| Q4 25 | $-30.8M | — | ||
| Q3 25 | $-41.5M | $-38.7M | ||
| Q2 25 | $-57.8M | — | ||
| Q1 25 | $-52.0M | $-2.4M | ||
| Q4 24 | $-43.3M | — | ||
| Q3 24 | $-63.1M | $-2.1M | ||
| Q2 24 | $-32.3M | $-1.1M | ||
| Q1 24 | $-65.3M | $-22.0M |
毛利率CCOIVNET
| Q4 25 | 46.6% | — | ||
| Q3 25 | 45.6% | 20.9% | ||
| Q2 25 | 44.2% | — | ||
| Q1 25 | 44.4% | 25.2% | ||
| Q4 24 | 38.5% | — | ||
| Q3 24 | 37.2% | 23.2% | ||
| Q2 24 | 40.0% | 21.3% | ||
| Q1 24 | 36.5% | 21.6% |
营业利润率CCOIVNET
| Q4 25 | -4.7% | — | ||
| Q3 25 | -7.5% | 0.5% | ||
| Q2 25 | -12.8% | — | ||
| Q1 25 | -16.3% | 0.1% | ||
| Q4 24 | -13.2% | — | ||
| Q3 24 | -22.5% | 24.5% | ||
| Q2 24 | -18.1% | 0.2% | ||
| Q1 24 | -22.3% | 0.2% |
净利率CCOIVNET
| Q4 25 | -12.8% | — | ||
| Q3 25 | -17.2% | -10.7% | ||
| Q2 25 | -23.5% | — | ||
| Q1 25 | -21.1% | -0.8% | ||
| Q4 24 | -17.2% | — | ||
| Q3 24 | -24.5% | -0.7% | ||
| Q2 24 | -12.4% | -0.4% | ||
| Q1 24 | -24.5% | -8.4% |
每股收益（稀释后）CCOIVNET
| Q4 25 | $-0.63 | — | ||
| Q3 25 | $-0.87 | — | ||
| Q2 25 | $-1.21 | — | ||
| Q1 25 | $-1.09 | — | ||
| Q4 24 | $-0.89 | — | ||
| Q3 24 | $-1.33 | — | ||
| Q2 24 | $-0.68 | — | ||
| Q1 24 | $-1.38 | — |
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 | $148.5M | $492.1M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $-63.8M | $890.8M |
| 总资产 | $3.1B | $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CCOIVNET
| Q4 25 | $148.5M | — | ||
| Q3 25 | $147.1M | $492.1M | ||
| Q2 25 | $213.7M | — | ||
| Q1 25 | $153.8M | $544.3M | ||
| Q4 24 | $198.5M | — | ||
| Q3 24 | $279.2M | $219.5M | ||
| Q2 24 | $384.4M | $247.2M | ||
| Q1 24 | $118.4M | $246.9M |
总债务CCOIVNET
| Q4 25 | $1.7B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CCOIVNET
| Q4 25 | $-63.8M | — | ||
| Q3 25 | $-39.2M | $890.8M | ||
| Q2 25 | $46.7M | — | ||
| Q1 25 | $142.8M | $927.8M | ||
| Q4 24 | $222.8M | — | ||
| Q3 24 | $323.6M | $902.9M | ||
| Q2 24 | $415.5M | $900.6M | ||
| Q1 24 | $500.6M | $895.1M |
总资产CCOIVNET
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.1B | $6.1B | ||
| Q2 25 | $3.3B | — | ||
| Q1 25 | $3.1B | $5.4B | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $3.2B | $4.3B | ||
| Q2 24 | $3.3B | $4.0B | ||
| Q1 24 | $3.1B | $3.9B |
负债/权益比CCOIVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.53× | — | ||
| 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 | $-6.0M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $-43.0M | $-193.1M |
| 自由现金流率自由现金流/营收 | -17.9% | -53.2% |
| 资本支出强度资本支出/营收 | 15.4% | 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 | $-198.1M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流CCOIVNET
| Q4 25 | $-6.0M | — | ||
| Q3 25 | $3.1M | $113.8M | ||
| Q2 25 | $-44.0M | — | ||
| Q1 25 | $36.4M | $27.0M | ||
| Q4 24 | $14.5M | — | ||
| Q3 24 | $-20.2M | $108.3M | ||
| Q2 24 | $-22.2M | $55.8M | ||
| Q1 24 | $19.2M | $37.1M |
自由现金流CCOIVNET
| Q4 25 | $-43.0M | — | ||
| Q3 25 | $-33.1M | $-193.1M | ||
| Q2 25 | $-100.2M | — | ||
| Q1 25 | $-21.7M | $-220.0M | ||
| Q4 24 | $-31.6M | — | ||
| Q3 24 | $-79.5M | $-95.0M | ||
| Q2 24 | $-70.9M | $-81.6M | ||
| Q1 24 | $-21.7M | $-102.2M |
自由现金流率CCOIVNET
| Q4 25 | -17.9% | — | ||
| Q3 25 | -13.7% | -53.2% | ||
| Q2 25 | -40.7% | — | ||
| Q1 25 | -8.8% | -71.1% | ||
| Q4 24 | -12.5% | — | ||
| Q3 24 | -30.9% | -31.4% | ||
| Q2 24 | -27.2% | -29.8% | ||
| Q1 24 | -8.1% | -38.9% |
资本支出强度CCOIVNET
| Q4 25 | 15.4% | — | ||
| Q3 25 | 15.0% | 84.6% | ||
| Q2 25 | 22.8% | — | ||
| Q1 25 | 23.5% | 79.8% | ||
| Q4 24 | 18.3% | — | ||
| Q3 24 | 23.0% | 67.3% | ||
| Q2 24 | 18.7% | 50.1% | ||
| Q1 24 | 15.4% | 53.0% |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
