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COPT DEFENSE PROPERTIES（CDP）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COPT DEFENSE PROPERTIES的1.8倍（$362.7M vs $197.4M），COPT DEFENSE PROPERTIES净利率更高（20.0% vs -10.7%，领先30.6%），COPT DEFENSE PROPERTIES自由现金流更多（$288.9M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 1.1%）
COPT Defense Properties是一家专业房地产投资信托基金，重点投资写字楼物业，资产主要布局于华盛顿大都会区的近郊区域，核心租户为美国政府及国防军工行业企业。截至2024年12月31日，公司旗下共持有164栋写字楼，总面积达1650万平方英尺，同时运营31个单租户数据中心，总面积590万平方英尺。
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。
CDP vs VNET — 直观对比
营收规模更大
VNET
是对方的1.8倍
$197.4M
净利率更高
CDP
高出30.6%
-10.7%
自由现金流更多
CDP
多$482.0M
$-193.1M
两年增速更快
VNET
近两年复合增速
1.1%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $197.4M | $362.7M |
| 净利润 | $39.4M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 19.9% | 0.5% |
| 净利率 | 20.0% | -10.7% |
| 营收同比 | 7.6% | — |
| 净利润同比 | 8.0% | — |
| 每股收益（稀释后） | $0.32 | — |
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CDPVNET
| Q4 25 | $197.4M | — | ||
| Q3 25 | $188.8M | $362.7M | ||
| Q2 25 | $189.9M | — | ||
| Q1 25 | $187.9M | $309.5M | ||
| Q4 24 | $183.4M | — | ||
| Q3 24 | $189.2M | $302.2M | ||
| Q2 24 | $187.3M | $274.4M | ||
| Q1 24 | $193.3M | $262.9M |
净利润CDPVNET
| Q4 25 | $39.4M | — | ||
| Q3 25 | $43.7M | $-38.7M | ||
| Q2 25 | $40.2M | — | ||
| Q1 25 | $36.2M | $-2.4M | ||
| Q4 24 | $36.5M | — | ||
| Q3 24 | $37.4M | $-2.1M | ||
| Q2 24 | $36.4M | $-1.1M | ||
| Q1 24 | $33.7M | $-22.0M |
毛利率CDPVNET
| 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CDPVNET
| Q4 25 | 19.9% | — | ||
| Q3 25 | 22.5% | 0.5% | ||
| Q2 25 | 21.0% | — | ||
| Q1 25 | 19.1% | 0.1% | ||
| Q4 24 | 19.7% | — | ||
| Q3 24 | 19.8% | 24.5% | ||
| Q2 24 | 19.4% | 0.2% | ||
| Q1 24 | 17.5% | 0.2% |
净利率CDPVNET
| Q4 25 | 20.0% | — | ||
| Q3 25 | 23.2% | -10.7% | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 19.3% | -0.8% | ||
| Q4 24 | 19.9% | — | ||
| Q3 24 | 19.8% | -0.7% | ||
| Q2 24 | 19.4% | -0.4% | ||
| Q1 24 | 17.4% | -8.4% |
每股收益（稀释后）CDPVNET
| Q4 25 | $0.32 | — | ||
| Q3 25 | $0.37 | — | ||
| Q2 25 | $0.34 | — | ||
| Q1 25 | $0.31 | — | ||
| Q4 24 | $0.31 | — | ||
| Q3 24 | $0.32 | — | ||
| Q2 24 | $0.31 | — | ||
| Q1 24 | $0.29 | — |
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 | $275.0M | $492.1M |
| 总债务越低越好 | $2.8B | — |
| 股东权益账面价值 | $1.5B | $890.8M |
| 总资产 | $4.7B | $6.1B |
| 负债/权益比越低杠杆越低 | 1.83× | — |
8季度趋势，按日历期对齐
现金及短期投资CDPVNET
| Q4 25 | $275.0M | — | ||
| Q3 25 | $23.7M | $492.1M | ||
| Q2 25 | $21.3M | — | ||
| Q1 25 | $24.3M | $544.3M | ||
| Q4 24 | $38.3M | — | ||
| Q3 24 | $34.5M | $219.5M | ||
| Q2 24 | $100.4M | $247.2M | ||
| Q1 24 | $123.1M | $246.9M |
总债务CDPVNET
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.4B | — | ||
| Q1 25 | $2.4B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.4B | $1.2B | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.4B | — |
股东权益CDPVNET
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | $890.8M | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | $927.8M | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.5B | $902.9M | ||
| Q2 24 | $1.5B | $900.6M | ||
| Q1 24 | $1.5B | $895.1M |
总资产CDPVNET
| Q4 25 | $4.7B | — | ||
| Q3 25 | $4.4B | $6.1B | ||
| Q2 25 | $4.3B | — | ||
| Q1 25 | $4.3B | $5.4B | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.2B | $4.3B | ||
| Q2 24 | $4.2B | $4.0B | ||
| Q1 24 | $4.2B | $3.9B |
负债/权益比CDPVNET
| Q4 25 | 1.83× | — | ||
| Q3 25 | 1.62× | — | ||
| Q2 25 | 1.63× | — | ||
| Q1 25 | 1.62× | — | ||
| Q4 24 | 1.60× | — | ||
| Q3 24 | 1.61× | 1.28× | ||
| Q2 24 | 1.61× | — | ||
| Q1 24 | 1.63× | — |
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 | $309.9M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $288.9M | $-193.1M |
| 自由现金流率自由现金流/营收 | 146.4% | -53.2% |
| 资本支出强度资本支出/营收 | 10.7% | 84.6% |
| 现金转化率经营现金流/净利润 | 7.87× | — |
| 过去12个月自由现金流最近4个季度 | $501.5M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流CDPVNET
| Q4 25 | $309.9M | — | ||
| Q3 25 | $68.6M | $113.8M | ||
| Q2 25 | $87.9M | — | ||
| Q1 25 | $72.1M | $27.0M | ||
| Q4 24 | $331.0M | — | ||
| Q3 24 | $65.1M | $108.3M | ||
| Q2 24 | $93.8M | $55.8M | ||
| Q1 24 | $71.0M | $37.1M |
自由现金流CDPVNET
| Q4 25 | $288.9M | — | ||
| Q3 25 | $62.9M | $-193.1M | ||
| Q2 25 | $84.5M | — | ||
| Q1 25 | $65.1M | $-220.0M | ||
| Q4 24 | $299.6M | — | ||
| Q3 24 | $61.0M | $-95.0M | ||
| Q2 24 | $88.4M | $-81.6M | ||
| Q1 24 | $57.9M | $-102.2M |
自由现金流率CDPVNET
| Q4 25 | 146.4% | — | ||
| Q3 25 | 33.3% | -53.2% | ||
| Q2 25 | 44.5% | — | ||
| Q1 25 | 34.7% | -71.1% | ||
| Q4 24 | 163.3% | — | ||
| Q3 24 | 32.3% | -31.4% | ||
| Q2 24 | 47.2% | -29.8% | ||
| Q1 24 | 30.0% | -38.9% |
资本支出强度CDPVNET
| Q4 25 | 10.7% | — | ||
| Q3 25 | 3.0% | 84.6% | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 3.7% | 79.8% | ||
| Q4 24 | 17.1% | — | ||
| Q3 24 | 2.1% | 67.3% | ||
| Q2 24 | 2.9% | 50.1% | ||
| Q1 24 | 6.8% | 53.0% |
现金转化率CDPVNET
| Q4 25 | 7.87× | — | ||
| Q3 25 | 1.57× | — | ||
| Q2 25 | 2.19× | — | ||
| Q1 25 | 1.99× | — | ||
| Q4 24 | 9.08× | — | ||
| Q3 24 | 1.74× | — | ||
| Q2 24 | 2.58× | — | ||
| Q1 24 | 2.11× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
