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Douglas Emmett Inc（DEI）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Douglas Emmett Inc的1.5倍（$362.7M vs $249.4M），Douglas Emmett Inc净利率更高（-2.7% vs -10.7%，领先7.9%），Douglas Emmett Inc自由现金流更多（$194.5M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 0.9%）
道格拉斯·艾米特公司是一家领先的房地产投资信托企业，主要持有、运营及收购优质写字楼与多户住宅物业，核心市场覆盖加州洛杉矶、夏威夷州檀香山等准入门槛较高的区域，服务高端商业及住宅租户群体。
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。
DEI vs VNET — 直观对比
营收规模更大
VNET
是对方的1.5倍
$249.4M
净利率更高
DEI
高出7.9%
-10.7%
自由现金流更多
DEI
多$387.5M
$-193.1M
两年增速更快
VNET
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $249.4M | $362.7M |
| 净利润 | $-6.8M | $-38.7M |
| 毛利率 | 62.2% | 20.9% |
| 营业利润率 | — | 0.5% |
| 净利率 | -2.7% | -10.7% |
| 营收同比 | 1.8% | — |
| 净利润同比 | -670.7% | — |
| 每股收益（稀释后） | $-0.04 | — |
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DEIVNET
| Q4 25 | $249.4M | — | ||
| Q3 25 | $250.6M | $362.7M | ||
| Q2 25 | $252.4M | — | ||
| Q1 25 | $251.5M | $309.5M | ||
| Q4 24 | $245.0M | — | ||
| Q3 24 | $250.8M | $302.2M | ||
| Q2 24 | $245.8M | $274.4M | ||
| Q1 24 | $245.0M | $262.9M |
净利润DEIVNET
| Q4 25 | $-6.8M | — | ||
| Q3 25 | $-10.9M | $-38.7M | ||
| Q2 25 | $-5.8M | — | ||
| Q1 25 | $39.8M | $-2.4M | ||
| Q4 24 | $-888.0K | — | ||
| Q3 24 | $4.6M | $-2.1M | ||
| Q2 24 | $10.9M | $-1.1M | ||
| Q1 24 | $8.9M | $-22.0M |
毛利率DEIVNET
| Q4 25 | 62.2% | — | ||
| Q3 25 | 63.6% | 20.9% | ||
| Q2 25 | 63.2% | — | ||
| Q1 25 | 64.4% | 25.2% | ||
| Q4 24 | 63.5% | — | ||
| Q3 24 | 62.2% | 23.2% | ||
| Q2 24 | 66.2% | 21.3% | ||
| Q1 24 | 66.1% | 21.6% |
营业利润率DEIVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 24.5% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.2% |
净利率DEIVNET
| Q4 25 | -2.7% | — | ||
| Q3 25 | -4.3% | -10.7% | ||
| Q2 25 | -2.3% | — | ||
| Q1 25 | 15.8% | -0.8% | ||
| Q4 24 | -0.4% | — | ||
| Q3 24 | 1.8% | -0.7% | ||
| Q2 24 | 4.4% | -0.4% | ||
| Q1 24 | 3.6% | -8.4% |
每股收益（稀释后）DEIVNET
| Q4 25 | $-0.04 | — | ||
| Q3 25 | $-0.07 | — | ||
| Q2 25 | $-0.04 | — | ||
| Q1 25 | $0.24 | — | ||
| Q4 24 | $-0.01 | — | ||
| Q3 24 | $0.03 | — | ||
| Q2 24 | $0.06 | — | ||
| Q1 24 | $0.05 | — |
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 | $340.8M | $492.1M |
| 总债务越低越好 | $5.5B | — |
| 股东权益账面价值 | $1.9B | $890.8M |
| 总资产 | $9.3B | $6.1B |
| 负债/权益比越低杠杆越低 | 2.91× | — |
8季度趋势，按日历期对齐
现金及短期投资DEIVNET
| Q4 25 | $340.8M | — | ||
| Q3 25 | $408.5M | $492.1M | ||
| Q2 25 | $426.9M | — | ||
| Q1 25 | $525.7M | $544.3M | ||
| Q4 24 | $444.6M | — | ||
| Q3 24 | $544.2M | $219.5M | ||
| Q2 24 | $561.1M | $247.2M | ||
| Q1 24 | $556.7M | $246.9M |
总债务DEIVNET
| Q4 25 | $5.5B | — | ||
| Q3 25 | $5.6B | — | ||
| Q2 25 | $5.6B | — | ||
| Q1 25 | $5.6B | — | ||
| Q4 24 | $5.5B | — | ||
| Q3 24 | $5.5B | $1.2B | ||
| Q2 24 | $5.5B | — | ||
| Q1 24 | $5.5B | — |
股东权益DEIVNET
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.9B | $890.8M | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $2.0B | $927.8M | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.1B | $902.9M | ||
| Q2 24 | $2.2B | $900.6M | ||
| Q1 24 | $2.2B | $895.1M |
总资产DEIVNET
| Q4 25 | $9.3B | — | ||
| Q3 25 | $9.4B | $6.1B | ||
| Q2 25 | $9.4B | — | ||
| Q1 25 | $9.6B | $5.4B | ||
| Q4 24 | $9.4B | — | ||
| Q3 24 | $9.5B | $4.3B | ||
| Q2 24 | $9.6B | $4.0B | ||
| Q1 24 | $9.6B | $3.9B |
负债/权益比DEIVNET
| Q4 25 | 2.91× | — | ||
| Q3 25 | 2.85× | — | ||
| Q2 25 | 2.78× | — | ||
| Q1 25 | 2.75× | — | ||
| Q4 24 | 2.67× | — | ||
| Q3 24 | 2.64× | 1.28× | ||
| Q2 24 | 2.56× | — | ||
| Q1 24 | 2.52× | — |
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 | $386.9M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $194.5M | $-193.1M |
| 自由现金流率自由现金流/营收 | 78.0% | -53.2% |
| 资本支出强度资本支出/营收 | 77.1% | 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 | $376.9M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流DEIVNET
| Q4 25 | $386.9M | — | ||
| Q3 25 | $109.8M | $113.8M | ||
| Q2 25 | $81.3M | — | ||
| Q1 25 | $132.6M | $27.0M | ||
| Q4 24 | $408.7M | — | ||
| Q3 24 | $103.7M | $108.3M | ||
| Q2 24 | $91.9M | $55.8M | ||
| Q1 24 | $139.0M | $37.1M |
自由现金流DEIVNET
| Q4 25 | $194.5M | — | ||
| Q3 25 | $61.9M | $-193.1M | ||
| Q2 25 | $30.2M | — | ||
| Q1 25 | $90.3M | $-220.0M | ||
| Q4 24 | $241.4M | — | ||
| Q3 24 | $63.2M | $-95.0M | ||
| Q2 24 | $52.2M | $-81.6M | ||
| Q1 24 | $90.9M | $-102.2M |
自由现金流率DEIVNET
| Q4 25 | 78.0% | — | ||
| Q3 25 | 24.7% | -53.2% | ||
| Q2 25 | 11.9% | — | ||
| Q1 25 | 35.9% | -71.1% | ||
| Q4 24 | 98.5% | — | ||
| Q3 24 | 25.2% | -31.4% | ||
| Q2 24 | 21.2% | -29.8% | ||
| Q1 24 | 37.1% | -38.9% |
资本支出强度DEIVNET
| Q4 25 | 77.1% | — | ||
| Q3 25 | 19.1% | 84.6% | ||
| Q2 25 | 20.3% | — | ||
| Q1 25 | 16.8% | 79.8% | ||
| Q4 24 | 68.3% | — | ||
| Q3 24 | 16.1% | 67.3% | ||
| Q2 24 | 16.1% | 50.1% | ||
| Q1 24 | 19.6% | 53.0% |
现金转化率DEIVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.33× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 22.46× | — | ||
| Q2 24 | 8.44× | — | ||
| Q1 24 | 15.60× | — |
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
DEI
| Rental Revenue And Tenant Recovery Revenue | $169.4M | 68% |
| Multifamily Segment | $49.9M | 20% |
| Parking Revenue And Other Income | $30.2M | 12% |
VNET
暂无分部数据
