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CALIFORNIA WATER SERVICE GROUP（CWT）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CALIFORNIA WATER SERVICE GROUP的1.7倍（$362.7M vs $210.7M），CALIFORNIA WATER SERVICE GROUP净利率更高（5.4% vs -10.7%，领先16.1%），过去两年世纪互联的营收复合增速更高（17.4% vs 16.6%）
加利福尼亚水务集团是美国公共事业企业，主营饮用水及污水处理服务，是美国第三大上市投资者所有水务公司，通过加利福尼亚、夏威夷、新墨西哥、华盛顿等州的子公司，为约200万民众提供服务。集团成立于1997年，作为加州水务的控股主体，推动业务向美国其他各州拓展。
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。
CWT vs VNET — 直观对比
营收规模更大
VNET
是对方的1.7倍
$210.7M
净利率更高
CWT
高出16.1%
-10.7%
两年增速更快
VNET
近两年复合增速
16.6%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $210.7M | $362.7M |
| 净利润 | $11.5M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 12.2% | 0.5% |
| 净利率 | 5.4% | -10.7% |
| 营收同比 | -3.3% | — |
| 净利润同比 | -41.0% | — |
| 每股收益（稀释后） | $0.19 | — |
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CWTVNET
| Q4 25 | $210.7M | — | ||
| Q3 25 | $314.1M | $362.7M | ||
| Q2 25 | $256.2M | — | ||
| Q1 25 | $182.7M | $309.5M | ||
| Q4 24 | $217.8M | — | ||
| Q3 24 | $306.2M | $302.2M | ||
| Q2 24 | $226.7M | $274.4M | ||
| Q1 24 | $154.9M | $262.9M |
净利润CWTVNET
| Q4 25 | $11.5M | — | ||
| Q3 25 | $61.2M | $-38.7M | ||
| Q2 25 | $42.2M | — | ||
| Q1 25 | $13.3M | $-2.4M | ||
| Q4 24 | $19.5M | — | ||
| Q3 24 | $60.7M | $-2.1M | ||
| Q2 24 | $40.6M | $-1.1M | ||
| Q1 24 | $69.9M | $-22.0M |
毛利率CWTVNET
| 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CWTVNET
| Q4 25 | 12.2% | — | ||
| Q3 25 | 22.5% | 0.5% | ||
| Q2 25 | 20.2% | — | ||
| Q1 25 | 12.2% | 0.1% | ||
| Q4 24 | 14.8% | — | ||
| Q3 24 | 21.8% | 24.5% | ||
| Q2 24 | 21.2% | 0.2% | ||
| Q1 24 | 50.3% | 0.2% |
净利率CWTVNET
| Q4 25 | 5.4% | — | ||
| Q3 25 | 19.5% | -10.7% | ||
| Q2 25 | 16.5% | — | ||
| Q1 25 | 7.3% | -0.8% | ||
| Q4 24 | 8.9% | — | ||
| Q3 24 | 19.8% | -0.7% | ||
| Q2 24 | 17.9% | -0.4% | ||
| Q1 24 | 45.1% | -8.4% |
每股收益（稀释后）CWTVNET
| Q4 25 | $0.19 | — | ||
| Q3 25 | $1.03 | — | ||
| Q2 25 | $0.71 | — | ||
| Q1 25 | $0.22 | — | ||
| Q4 24 | $0.31 | — | ||
| Q3 24 | $1.03 | — | ||
| Q2 24 | $0.70 | — | ||
| Q1 24 | $1.21 | — |
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 | $51.8M | $492.1M |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $1.7B | $890.8M |
| 总资产 | $5.7B | $6.1B |
| 负债/权益比越低杠杆越低 | 0.87× | — |
8季度趋势，按日历期对齐
现金及短期投资CWTVNET
| Q4 25 | $51.8M | — | ||
| Q3 25 | $76.0M | $492.1M | ||
| Q2 25 | $50.5M | — | ||
| Q1 25 | $44.5M | $544.3M | ||
| Q4 24 | $50.1M | — | ||
| Q3 24 | $59.6M | $219.5M | ||
| Q2 24 | $37.3M | $247.2M | ||
| Q1 24 | $42.8M | $246.9M |
总债务CWTVNET
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益CWTVNET
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | $890.8M | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.6B | $927.8M | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.6B | $902.9M | ||
| Q2 24 | $1.5B | $900.6M | ||
| Q1 24 | $1.5B | $895.1M |
总资产CWTVNET
| Q4 25 | $5.7B | — | ||
| Q3 25 | $5.5B | $6.1B | ||
| Q2 25 | $5.4B | — | ||
| Q1 25 | $5.3B | $5.4B | ||
| Q4 24 | $5.2B | — | ||
| Q3 24 | $5.0B | $4.3B | ||
| Q2 24 | $4.9B | $4.0B | ||
| Q1 24 | $4.8B | $3.9B |
负债/权益比CWTVNET
| Q4 25 | 0.87× | — | ||
| Q3 25 | 0.65× | — | ||
| Q2 25 | 0.67× | — | ||
| Q1 25 | 0.68× | — | ||
| Q4 24 | 0.67× | — | ||
| 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 | $47.9M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-193.1M |
| 自由现金流率自由现金流/营收 | — | -53.2% |
| 资本支出强度资本支出/营收 | — | 84.6% |
| 现金转化率经营现金流/净利润 | 4.17× | — |
| 过去12个月自由现金流最近4个季度 | — | $-589.7M |
8季度趋势，按日历期对齐
经营现金流CWTVNET
| Q4 25 | $47.9M | — | ||
| Q3 25 | $167.3M | $113.8M | ||
| Q2 25 | $48.9M | — | ||
| Q1 25 | $38.4M | $27.0M | ||
| Q4 24 | $68.1M | — | ||
| Q3 24 | $101.8M | $108.3M | ||
| Q2 24 | $94.4M | $55.8M | ||
| Q1 24 | $26.5M | $37.1M |
自由现金流CWTVNET
| Q4 25 | — | — | ||
| Q3 25 | — | $-193.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-220.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-95.0M | ||
| Q2 24 | — | $-81.6M | ||
| Q1 24 | — | $-102.2M |
自由现金流率CWTVNET
| Q4 25 | — | — | ||
| Q3 25 | — | -53.2% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -71.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -31.4% | ||
| Q2 24 | — | -29.8% | ||
| Q1 24 | — | -38.9% |
资本支出强度CWTVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 84.6% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 79.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 67.3% | ||
| Q2 24 | — | 50.1% | ||
| Q1 24 | — | 53.0% |
现金转化率CWTVNET
| Q4 25 | 4.17× | — | ||
| Q3 25 | 2.73× | — | ||
| Q2 25 | 1.16× | — | ||
| Q1 25 | 2.88× | — | ||
| Q4 24 | 3.50× | — | ||
| Q3 24 | 1.68× | — | ||
| Q2 24 | 2.33× | — | ||
| 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
业务分部营收拆解
CWT
| Residential | $133.2M | 63% |
| Business | $47.7M | 23% |
| Public Authorities | $13.4M | 6% |
| Industrial | $6.9M | 3% |
| Non Regulated Services | $4.8M | 2% |
| Other Non Regulated Service | $1.2M | 1% |
VNET
暂无分部数据
