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合众银行（CUBI）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合众银行的1.5倍（$362.7M vs $236.9M），合众银行自由现金流更多（$481.0M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 14.2%）
合众银行是总部位于美国明尼苏达州明尼阿波利斯、在特拉华州注册的跨国银行机构，2025年位列美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为具有系统重要性。旗下核心运营主体为美国合众银行全国协会，提供银行、投资、按揭等多元金融服务。
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。
CUBI vs VNET — 直观对比
营收规模更大
VNET
是对方的1.5倍
$236.9M
自由现金流更多
CUBI
多$674.1M
$-193.1M
两年增速更快
VNET
近两年复合增速
14.2%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $236.9M | $362.7M |
| 净利润 | — | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 41.1% | 0.5% |
| 净利率 | — | -10.7% |
| 营收同比 | 21.8% | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $2.04 | — |
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CUBIVNET
| Q4 25 | $236.9M | — | ||
| Q3 25 | $232.1M | $362.7M | ||
| Q2 25 | $206.3M | — | ||
| Q1 25 | $143.0M | $309.5M | ||
| Q4 24 | $167.8M | — | ||
| Q3 24 | $167.1M | $302.2M | ||
| Q2 24 | $198.7M | $274.4M | ||
| Q1 24 | $181.6M | $262.9M |
净利润CUBIVNET
| Q4 25 | — | — | ||
| Q3 25 | $75.7M | $-38.7M | ||
| Q2 25 | $60.9M | — | ||
| Q1 25 | $12.9M | $-2.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | $46.7M | $-2.1M | ||
| Q2 24 | $58.1M | $-1.1M | ||
| Q1 24 | $49.7M | $-22.0M |
毛利率CUBIVNET
| 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CUBIVNET
| Q4 25 | 41.1% | — | ||
| Q3 25 | 43.2% | 0.5% | ||
| Q2 25 | 38.2% | — | ||
| Q1 25 | 8.3% | 0.1% | ||
| Q4 24 | 21.4% | — | ||
| Q3 24 | 27.5% | 24.5% | ||
| Q2 24 | 38.8% | 0.2% | ||
| Q1 24 | 36.0% | 0.2% |
净利率CUBIVNET
| Q4 25 | — | — | ||
| Q3 25 | 32.6% | -10.7% | ||
| Q2 25 | 29.5% | — | ||
| Q1 25 | 9.0% | -0.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | 28.0% | -0.7% | ||
| Q2 24 | 29.2% | -0.4% | ||
| Q1 24 | 27.4% | -8.4% |
每股收益（稀释后）CUBIVNET
| Q4 25 | $2.04 | — | ||
| Q3 25 | $2.20 | — | ||
| Q2 25 | $1.73 | — | ||
| Q1 25 | $0.29 | — | ||
| Q4 24 | $0.72 | — | ||
| Q3 24 | $1.31 | — | ||
| Q2 24 | $1.66 | — | ||
| Q1 24 | $1.40 | — |
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 | $4.4B | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.1B | $890.8M |
| 总资产 | $24.9B | $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CUBIVNET
| Q4 25 | $4.4B | — | ||
| Q3 25 | $4.2B | $492.1M | ||
| Q2 25 | $3.5B | — | ||
| Q1 25 | $3.4B | $544.3M | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $3.1B | $219.5M | ||
| Q2 24 | $3.0B | $247.2M | ||
| Q1 24 | $3.7B | $246.9M |
总债务CUBIVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CUBIVNET
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | $890.8M | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.9B | $927.8M | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.8B | $902.9M | ||
| Q2 24 | $1.7B | $900.6M | ||
| Q1 24 | $1.7B | $895.1M |
总资产CUBIVNET
| Q4 25 | $24.9B | — | ||
| Q3 25 | $24.3B | $6.1B | ||
| Q2 25 | $22.6B | — | ||
| Q1 25 | $22.4B | $5.4B | ||
| Q4 24 | $22.3B | — | ||
| Q3 24 | $21.5B | $4.3B | ||
| Q2 24 | $20.9B | $4.0B | ||
| Q1 24 | $21.3B | $3.9B |
负债/权益比CUBIVNET
| 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 | $494.8M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $481.0M | $-193.1M |
| 自由现金流率自由现金流/营收 | 203.0% | -53.2% |
| 资本支出强度资本支出/营收 | 5.8% | 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 | $843.0M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流CUBIVNET
| Q4 25 | $494.8M | — | ||
| Q3 25 | $116.9M | $113.8M | ||
| Q2 25 | $162.2M | — | ||
| Q1 25 | $94.1M | $27.0M | ||
| Q4 24 | $145.1M | — | ||
| Q3 24 | $24.4M | $108.3M | ||
| Q2 24 | $6.1M | $55.8M | ||
| Q1 24 | $-18.8M | $37.1M |
自由现金流CUBIVNET
| Q4 25 | $481.0M | — | ||
| Q3 25 | $106.4M | $-193.1M | ||
| Q2 25 | $162.1M | — | ||
| Q1 25 | $93.4M | $-220.0M | ||
| Q4 24 | $143.6M | — | ||
| Q3 24 | $24.1M | $-95.0M | ||
| Q2 24 | $5.8M | $-81.6M | ||
| Q1 24 | $-19.2M | $-102.2M |
自由现金流率CUBIVNET
| Q4 25 | 203.0% | — | ||
| Q3 25 | 45.9% | -53.2% | ||
| Q2 25 | 78.6% | — | ||
| Q1 25 | 65.4% | -71.1% | ||
| Q4 24 | 85.5% | — | ||
| Q3 24 | 14.4% | -31.4% | ||
| Q2 24 | 2.9% | -29.8% | ||
| Q1 24 | -10.6% | -38.9% |
资本支出强度CUBIVNET
| Q4 25 | 5.8% | — | ||
| Q3 25 | 4.5% | 84.6% | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.5% | 79.8% | ||
| Q4 24 | 0.9% | — | ||
| Q3 24 | 0.2% | 67.3% | ||
| Q2 24 | 0.2% | 50.1% | ||
| Q1 24 | 0.2% | 53.0% |
现金转化率CUBIVNET
| Q4 25 | — | — | ||
| Q3 25 | 1.54× | — | ||
| Q2 25 | 2.66× | — | ||
| Q1 25 | 7.29× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.52× | — | ||
| Q2 24 | 0.10× | — | ||
| Q1 24 | -0.38× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
