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杜比实验室（DLB）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
杜比实验室的季度营收约是世纪互联的1.1倍（$395.6M vs $362.7M），杜比实验室净利率更高（24.0% vs -10.7%，领先34.7%），过去两年世纪互联的营收复合增速更高（17.4% vs 13.9%）
杜比实验室是一家美国科技企业，专注于音频降噪、音频编码压缩、空间音频及高动态范围（HDR）影像等技术的研发，旗下技术广泛授权给全球各地的消费电子制造商使用，助力终端产品为用户带来更出色的视听体验。
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。
DLB vs VNET — 直观对比
营收规模更大
DLB
是对方的1.1倍
$362.7M
净利率更高
DLB
高出34.7%
-10.7%
两年增速更快
VNET
近两年复合增速
13.9%
损益表 — Q3 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $395.6M | $362.7M |
| 净利润 | $94.9M | $-38.7M |
| 毛利率 | 88.7% | 20.9% |
| 营业利润率 | 28.5% | 0.5% |
| 净利率 | 24.0% | -10.7% |
| 营收同比 | 7.1% | — |
| 净利润同比 | 3.4% | — |
| 每股收益（稀释后） | $0.99 | — |
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DLBVNET
| Q2 26 | $395.6M | — | ||
| Q1 26 | $346.7M | — | ||
| Q4 25 | $346.7M | — | ||
| Q3 25 | $307.0M | $362.7M | ||
| Q2 25 | $315.5M | — | ||
| Q1 25 | $369.6M | $309.5M | ||
| Q4 24 | $357.0M | — | ||
| Q3 24 | $304.8M | $302.2M |
净利润DLBVNET
| Q2 26 | $94.9M | — | ||
| Q1 26 | $53.3M | — | ||
| Q4 25 | $53.3M | — | ||
| Q3 25 | $49.3M | $-38.7M | ||
| Q2 25 | $46.1M | — | ||
| Q1 25 | $91.8M | $-2.4M | ||
| Q4 24 | $67.8M | — | ||
| Q3 24 | $58.6M | $-2.1M |
毛利率DLBVNET
| Q2 26 | 88.7% | — | ||
| Q1 26 | 87.5% | — | ||
| Q4 25 | 87.5% | — | ||
| Q3 25 | 87.1% | 20.9% | ||
| Q2 25 | 86.1% | — | ||
| Q1 25 | 90.3% | 25.2% | ||
| Q4 24 | 88.6% | — | ||
| Q3 24 | 88.8% | 23.2% |
营业利润率DLBVNET
| Q2 26 | 28.5% | — | ||
| Q1 26 | 17.9% | — | ||
| Q4 25 | 17.9% | — | ||
| Q3 25 | 9.7% | 0.5% | ||
| Q2 25 | 15.1% | — | ||
| Q1 25 | 29.2% | 0.1% | ||
| Q4 24 | 22.4% | — | ||
| Q3 24 | 15.2% | 24.5% |
净利率DLBVNET
| Q2 26 | 24.0% | — | ||
| Q1 26 | 15.4% | — | ||
| Q4 25 | 15.4% | — | ||
| Q3 25 | 16.1% | -10.7% | ||
| Q2 25 | 14.6% | — | ||
| Q1 25 | 24.8% | -0.8% | ||
| Q4 24 | 19.0% | — | ||
| Q3 24 | 19.2% | -0.7% |
每股收益（稀释后）DLBVNET
| Q2 26 | $0.99 | — | ||
| Q1 26 | $0.55 | — | ||
| Q4 25 | $0.55 | — | ||
| Q3 25 | $0.50 | — | ||
| Q2 25 | $0.48 | — | ||
| Q1 25 | $0.94 | — | ||
| Q4 24 | $0.70 | — | ||
| Q3 24 | $0.59 | — |
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 | $594.7M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.6B | $890.8M |
| 总资产 | $3.2B | $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DLBVNET
| Q2 26 | $594.7M | — | ||
| Q1 26 | $644.6M | — | ||
| Q4 25 | $644.6M | — | ||
| Q3 25 | $702.6M | $492.1M | ||
| Q2 25 | $699.3M | — | ||
| Q1 25 | $626.6M | $544.3M | ||
| Q4 24 | $520.8M | — | ||
| Q3 24 | $482.0M | $219.5M |
总债务DLBVNET
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B |
股东权益DLBVNET
| Q2 26 | $2.6B | — | ||
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.6B | $890.8M | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.6B | $927.8M | ||
| Q4 24 | $2.5B | — | ||
| Q3 24 | $2.5B | $902.9M |
总资产DLBVNET
| Q2 26 | $3.2B | — | ||
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.2B | $6.1B | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.2B | $5.4B | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $3.1B | $4.3B |
负债/权益比DLBVNET
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.28× |
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 | $147.3M | $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 | 1.55× | — |
| 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DLBVNET
| Q2 26 | $147.3M | — | ||
| Q1 26 | $54.8M | — | ||
| Q4 25 | $54.8M | — | ||
| Q3 25 | $472.2M | $113.8M | ||
| Q2 25 | $67.7M | — | ||
| Q1 25 | $174.9M | $27.0M | ||
| Q4 24 | $106.8M | — | ||
| Q3 24 | $327.3M | $108.3M |
自由现金流DLBVNET
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | $50.2M | — | ||
| Q3 25 | $435.9M | $-193.1M | ||
| Q2 25 | $61.3M | — | ||
| Q1 25 | $168.0M | $-220.0M | ||
| Q4 24 | $100.0M | — | ||
| Q3 24 | $297.2M | $-95.0M |
自由现金流率DLBVNET
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 14.5% | — | ||
| Q3 25 | 142.0% | -53.2% | ||
| Q2 25 | 19.4% | — | ||
| Q1 25 | 45.5% | -71.1% | ||
| Q4 24 | 28.0% | — | ||
| Q3 24 | 97.5% | -31.4% |
资本支出强度DLBVNET
| Q2 26 | — | — | ||
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | — | ||
| Q3 25 | 11.8% | 84.6% | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | 1.9% | 79.8% | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 9.8% | 67.3% |
现金转化率DLBVNET
| Q2 26 | 1.55× | — | ||
| Q1 26 | 1.03× | — | ||
| Q4 25 | 1.03× | — | ||
| Q3 25 | 9.57× | — | ||
| Q2 25 | 1.47× | — | ||
| Q1 25 | 1.91× | — | ||
| Q4 24 | 1.57× | — | ||
| Q3 24 | 5.59× | — |
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
DLB
| Licensing | $372.2M | 94% |
| Products and services | $23.4M | 6% |
VNET
暂无分部数据
