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康耐视（CGNX）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康耐视的1.4倍（$362.7M vs $252.3M），康耐视净利率更高（12.9% vs -10.7%，领先23.6%），康耐视自由现金流更多（$72.3M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 9.4%）
康耐视（Cognex Corporation）是总部位于美国马萨诸塞州内蒂克的机器视觉系统、软件及传感器制造商，业务覆盖全球20余个国家和地区，为各工业领域客户提供高性能的视觉相关产品及解决方案。
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。
CGNX vs VNET — 直观对比
营收规模更大
VNET
是对方的1.4倍
$252.3M
净利率更高
CGNX
高出23.6%
-10.7%
自由现金流更多
CGNX
多$265.4M
$-193.1M
两年增速更快
VNET
近两年复合增速
9.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $252.3M | $362.7M |
| 净利润 | $32.7M | $-38.7M |
| 毛利率 | 65.7% | 20.9% |
| 营业利润率 | 14.0% | 0.5% |
| 净利率 | 12.9% | -10.7% |
| 营收同比 | 9.9% | — |
| 净利润同比 | 15.2% | — |
| 每股收益（稀释后） | $0.20 | — |
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CGNXVNET
| Q4 25 | $252.3M | — | ||
| Q3 25 | $276.9M | $362.7M | ||
| Q2 25 | $249.1M | — | ||
| Q1 25 | $216.0M | $309.5M | ||
| Q4 24 | $229.7M | — | ||
| Q3 24 | $234.7M | $302.2M | ||
| Q2 24 | $239.3M | $274.4M | ||
| Q1 24 | $210.8M | $262.9M |
净利润CGNXVNET
| Q4 25 | $32.7M | — | ||
| Q3 25 | $17.7M | $-38.7M | ||
| Q2 25 | $40.5M | — | ||
| Q1 25 | $23.6M | $-2.4M | ||
| Q4 24 | $28.3M | — | ||
| Q3 24 | $29.6M | $-2.1M | ||
| Q2 24 | $36.2M | $-1.1M | ||
| Q1 24 | $12.0M | $-22.0M |
毛利率CGNXVNET
| Q4 25 | 65.7% | — | ||
| Q3 25 | 67.6% | 20.9% | ||
| Q2 25 | 67.4% | — | ||
| Q1 25 | 66.8% | 25.2% | ||
| Q4 24 | 68.7% | — | ||
| Q3 24 | 67.9% | 23.2% | ||
| Q2 24 | 69.6% | 21.3% | ||
| Q1 24 | 67.3% | 21.6% |
营业利润率CGNXVNET
| Q4 25 | 14.0% | — | ||
| Q3 25 | 20.9% | 0.5% | ||
| Q2 25 | 17.4% | — | ||
| Q1 25 | 12.1% | 0.1% | ||
| Q4 24 | 13.4% | — | ||
| Q3 24 | 13.4% | 24.5% | ||
| Q2 24 | 16.1% | 0.2% | ||
| Q1 24 | 6.7% | 0.2% |
净利率CGNXVNET
| Q4 25 | 12.9% | — | ||
| Q3 25 | 6.4% | -10.7% | ||
| Q2 25 | 16.3% | — | ||
| Q1 25 | 10.9% | -0.8% | ||
| Q4 24 | 12.3% | — | ||
| Q3 24 | 12.6% | -0.7% | ||
| Q2 24 | 15.1% | -0.4% | ||
| Q1 24 | 5.7% | -8.4% |
每股收益（稀释后）CGNXVNET
| Q4 25 | $0.20 | — | ||
| Q3 25 | $0.10 | — | ||
| Q2 25 | $0.24 | — | ||
| Q1 25 | $0.14 | — | ||
| Q4 24 | $0.17 | — | ||
| Q3 24 | $0.17 | — | ||
| Q2 24 | $0.21 | — | ||
| Q1 24 | $0.07 | — |
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 | $262.9M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $890.8M |
| 总资产 | $2.0B | $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CGNXVNET
| Q4 25 | $262.9M | — | ||
| Q3 25 | $245.9M | $492.1M | ||
| Q2 25 | $179.3M | — | ||
| Q1 25 | $143.7M | $544.3M | ||
| Q4 24 | $186.1M | — | ||
| Q3 24 | $197.1M | $219.5M | ||
| Q2 24 | $176.6M | $247.2M | ||
| Q1 24 | $138.9M | $246.9M |
总债务CGNXVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CGNXVNET
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | $890.8M | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.4B | $927.8M | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.6B | $902.9M | ||
| Q2 24 | $1.5B | $900.6M | ||
| Q1 24 | $1.5B | $895.1M |
总资产CGNXVNET
| Q4 25 | $2.0B | — | ||
| Q3 25 | $2.0B | $6.1B | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $1.9B | $5.4B | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.1B | $4.3B | ||
| Q2 24 | $2.0B | $4.0B | ||
| Q1 24 | $2.0B | $3.9B |
负债/权益比CGNXVNET
| 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 | $74.9M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $72.3M | $-193.1M |
| 自由现金流率自由现金流/营收 | 28.7% | -53.2% |
| 资本支出强度资本支出/营收 | 1.0% | 84.6% |
| 现金转化率经营现金流/净利润 | 2.29× | — |
| 过去12个月自由现金流最近4个季度 | $236.8M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流CGNXVNET
| Q4 25 | $74.9M | — | ||
| Q3 25 | $87.5M | $113.8M | ||
| Q2 25 | $42.6M | — | ||
| Q1 25 | $40.5M | $27.0M | ||
| Q4 24 | $51.4M | — | ||
| Q3 24 | $56.3M | $108.3M | ||
| Q2 24 | $27.8M | $55.8M | ||
| Q1 24 | $13.6M | $37.1M |
自由现金流CGNXVNET
| Q4 25 | $72.3M | — | ||
| Q3 25 | $86.0M | $-193.1M | ||
| Q2 25 | $40.4M | — | ||
| Q1 25 | $38.0M | $-220.0M | ||
| Q4 24 | $49.3M | — | ||
| Q3 24 | $51.9M | $-95.0M | ||
| Q2 24 | $23.3M | $-81.6M | ||
| Q1 24 | $9.6M | $-102.2M |
自由现金流率CGNXVNET
| Q4 25 | 28.7% | — | ||
| Q3 25 | 31.1% | -53.2% | ||
| Q2 25 | 16.2% | — | ||
| Q1 25 | 17.6% | -71.1% | ||
| Q4 24 | 21.5% | — | ||
| Q3 24 | 22.1% | -31.4% | ||
| Q2 24 | 9.7% | -29.8% | ||
| Q1 24 | 4.5% | -38.9% |
资本支出强度CGNXVNET
| Q4 25 | 1.0% | — | ||
| Q3 25 | 0.5% | 84.6% | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 1.2% | 79.8% | ||
| Q4 24 | 0.9% | — | ||
| Q3 24 | 1.9% | 67.3% | ||
| Q2 24 | 1.9% | 50.1% | ||
| Q1 24 | 1.9% | 53.0% |
现金转化率CGNXVNET
| Q4 25 | 2.29× | — | ||
| Q3 25 | 4.95× | — | ||
| Q2 25 | 1.05× | — | ||
| Q1 25 | 1.72× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.90× | — | ||
| Q2 24 | 0.77× | — | ||
| Q1 24 | 1.13× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
