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dLocal Ltd（DLO）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dLocal Ltd的1.1倍（$362.7M vs $337.9M），dLocal Ltd净利率更高（16.5% vs -10.7%，领先27.1%），dLocal Ltd自由现金流更多（$99.8M vs $-193.1M）
dLocal是一家总部位于乌拉圭的金融科技企业，专注于提供跨境支付解决方案，搭建全球商户与新兴市场之间的支付链路，助力国际商户顺畅接入新兴市场本地支付网络，高效开展跨境业务。
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。
DLO vs VNET — 直观对比
营收规模更大
VNET
是对方的1.1倍
$337.9M
净利率更高
DLO
高出27.1%
-10.7%
自由现金流更多
DLO
多$292.9M
$-193.1M
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $337.9M | $362.7M |
| 净利润 | $55.6M | $-38.7M |
| 毛利率 | 34.3% | 20.9% |
| 营业利润率 | 18.6% | 0.5% |
| 净利率 | 16.5% | -10.7% |
| 营收同比 | 65.2% | — |
| 净利润同比 | 87.3% | — |
| 每股收益（稀释后） | $0.18 | — |
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DLOVNET
| Q4 25 | $337.9M | — | ||
| Q3 25 | $282.5M | $362.7M | ||
| Q1 25 | — | $309.5M | ||
| Q4 24 | $204.5M | — | ||
| Q3 24 | $185.8M | $302.2M | ||
| Q2 24 | — | $274.4M | ||
| Q1 24 | — | $262.9M | ||
| Q3 23 | — | $258.6M |
净利润DLOVNET
| Q4 25 | $55.6M | — | ||
| Q3 25 | $141.3M | $-38.7M | ||
| Q1 25 | — | $-2.4M | ||
| Q4 24 | $29.7M | — | ||
| Q3 24 | $90.8M | $-2.1M | ||
| Q2 24 | — | $-1.1M | ||
| Q1 24 | — | $-22.0M | ||
| Q3 23 | — | $-5.5M |
毛利率DLOVNET
| Q4 25 | 34.3% | — | ||
| Q3 25 | 36.5% | 20.9% | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | 40.9% | — | ||
| Q3 24 | 42.1% | 23.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 21.6% | ||
| Q3 23 | — | 16.2% |
营业利润率DLOVNET
| Q4 25 | 18.6% | — | ||
| Q3 25 | 19.7% | 0.5% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | 20.7% | — | ||
| Q3 24 | 22.1% | 24.5% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.2% | ||
| Q3 23 | — | 1.7% |
净利率DLOVNET
| Q4 25 | 16.5% | — | ||
| Q3 25 | 50.0% | -10.7% | ||
| Q1 25 | — | -0.8% | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 48.9% | -0.7% | ||
| Q2 24 | — | -0.4% | ||
| Q1 24 | — | -8.4% | ||
| Q3 23 | — | -2.1% |
每股收益（稀释后）DLOVNET
| Q4 25 | $0.18 | — | ||
| Q3 25 | $0.17 | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0.09 | — | ||
| Q3 24 | $0.09 | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — |
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 | $719.9M | $492.1M |
| 总债务越低越好 | $86.7M | — |
| 股东权益账面价值 | $569.4M | $890.8M |
| 总资产 | $1.5B | $6.1B |
| 负债/权益比越低杠杆越低 | 0.15× | — |
8季度趋势，按日历期对齐
现金及短期投资DLOVNET
| Q4 25 | $719.9M | — | ||
| Q3 25 | $604.5M | $492.1M | ||
| Q1 25 | — | $544.3M | ||
| Q4 24 | $425.2M | — | ||
| Q3 24 | $560.5M | $219.5M | ||
| Q2 24 | — | $247.2M | ||
| Q1 24 | — | $246.9M | ||
| Q3 23 | — | $370.4M |
总债务DLOVNET
| Q4 25 | $86.7M | — | ||
| Q3 25 | $63.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $39.8M | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — |
股东权益DLOVNET
| Q4 25 | $569.4M | — | ||
| Q3 25 | $504.7M | $890.8M | ||
| Q1 25 | — | $927.8M | ||
| Q4 24 | $489.0M | — | ||
| Q3 24 | $457.0M | $902.9M | ||
| Q2 24 | — | $900.6M | ||
| Q1 24 | — | $895.1M | ||
| Q3 23 | — | $942.7M |
总资产DLOVNET
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $6.1B | ||
| Q1 25 | — | $5.4B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | — | $3.9B | ||
| Q3 23 | — | $4.1B |
负债/权益比DLOVNET
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.12× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.08× | — | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — |
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 | $100.4M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $99.8M | $-193.1M |
| 自由现金流率自由现金流/营收 | 29.5% | -53.2% |
| 资本支出强度资本支出/营收 | 0.2% | 84.6% |
| 现金转化率经营现金流/净利润 | 1.80× | — |
| 过去12个月自由现金流最近4个季度 | $378.7M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流DLOVNET
| Q4 25 | $100.4M | — | ||
| Q3 25 | $315.0M | $113.8M | ||
| Q1 25 | — | $27.0M | ||
| Q4 24 | $-141.1M | — | ||
| Q3 24 | $108.3M | $108.3M | ||
| Q2 24 | — | $55.8M | ||
| Q1 24 | — | $37.1M | ||
| Q3 23 | — | $62.3M |
自由现金流DLOVNET
| Q4 25 | $99.8M | — | ||
| Q3 25 | $313.4M | $-193.1M | ||
| Q1 25 | — | $-220.0M | ||
| Q4 24 | $-141.6M | — | ||
| Q3 24 | $107.1M | $-95.0M | ||
| Q2 24 | — | $-81.6M | ||
| Q1 24 | — | $-102.2M | ||
| Q3 23 | — | $-67.5M |
自由现金流率DLOVNET
| Q4 25 | 29.5% | — | ||
| Q3 25 | 110.9% | -53.2% | ||
| Q1 25 | — | -71.1% | ||
| Q4 24 | -69.2% | — | ||
| Q3 24 | 57.6% | -31.4% | ||
| Q2 24 | — | -29.8% | ||
| Q1 24 | — | -38.9% | ||
| Q3 23 | — | -26.1% |
资本支出强度DLOVNET
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.6% | 84.6% | ||
| Q1 25 | — | 79.8% | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 0.7% | 67.3% | ||
| Q2 24 | — | 50.1% | ||
| Q1 24 | — | 53.0% | ||
| Q3 23 | — | 50.2% |
现金转化率DLOVNET
| Q4 25 | 1.80× | — | ||
| Q3 25 | 2.23× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -4.75× | — | ||
| Q3 24 | 1.19× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
