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Equinix（EQIX）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
Vistra Corp.的季度营收约是Equinix的2.0倍（$4.8B vs $2.4B），Equinix净利率更高（11.0% vs 4.8%，领先6.1%），Vistra Corp.同比增速更快（31.2% vs 8.8%），过去两年Vistra Corp.的营收复合增速更高（23.3% vs 5.9%）
Equinix是总部位于美国加利福尼亚州雷德伍德城的跨国企业，主营互联网连接服务与数据中心托管业务，旗下数据中心此前常被业内称为“运营商酒店”，2015年1月公司正式转型为房地产投资信托基金（REIT）。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
EQIX vs VST — 直观对比
营收规模更大
VST
是对方的2.0倍
$2.4B
营收增速更快
VST
高出22.4%
8.8%
净利率更高
EQIX
高出6.1%
4.8%
两年增速更快
VST
近两年复合增速
5.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.4B | $4.8B |
| 净利润 | $265.0M | $233.0M |
| 毛利率 | 50.5% | — |
| 营业利润率 | 17.4% | 9.9% |
| 净利率 | 11.0% | 4.8% |
| 营收同比 | 8.8% | 31.2% |
| 净利润同比 | -22.7% | -47.2% |
| 每股收益（稀释后） | $2.70 | $0.55 |
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EQIXVST
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.4B | $4.8B | ||
| Q3 25 | $2.3B | $4.8B | ||
| Q2 25 | $2.3B | $3.8B | ||
| Q1 25 | $2.2B | $4.3B | ||
| Q4 24 | $2.3B | $3.7B | ||
| Q3 24 | $2.2B | $4.3B | ||
| Q2 24 | $2.2B | $3.6B |
净利润EQIXVST
| Q1 26 | $265.0M | — | ||
| Q4 25 | $265.0M | $233.0M | ||
| Q3 25 | $374.0M | $652.0M | ||
| Q2 25 | $368.0M | $327.0M | ||
| Q1 25 | $343.0M | $-268.0M | ||
| Q4 24 | $-14.0M | $441.0M | ||
| Q3 24 | $297.0M | $1.9B | ||
| Q2 24 | $301.0M | $365.0M |
毛利率EQIXVST
| Q1 26 | 50.5% | — | ||
| Q4 25 | 50.5% | — | ||
| Q3 25 | 50.7% | — | ||
| Q2 25 | 52.0% | — | ||
| Q1 25 | 51.3% | — | ||
| Q4 24 | 47.1% | — | ||
| Q3 24 | 50.1% | — | ||
| Q2 24 | 49.9% | — |
营业利润率EQIXVST
| Q1 26 | 17.4% | — | ||
| Q4 25 | 17.4% | 9.9% | ||
| Q3 25 | 20.5% | 21.7% | ||
| Q2 25 | 21.9% | 13.7% | ||
| Q1 25 | 20.6% | -2.8% | ||
| Q4 24 | 4.6% | 16.4% | ||
| Q3 24 | 19.3% | 59.6% | ||
| Q2 24 | 20.2% | 22.5% |
净利率EQIXVST
| Q1 26 | 11.0% | — | ||
| Q4 25 | 11.0% | 4.8% | ||
| Q3 25 | 16.1% | 13.6% | ||
| Q2 25 | 16.3% | 8.7% | ||
| Q1 25 | 15.4% | -6.3% | ||
| Q4 24 | -0.6% | 12.0% | ||
| Q3 24 | 13.5% | 43.5% | ||
| Q2 24 | 13.9% | 10.1% |
每股收益（稀释后）EQIXVST
| Q1 26 | $2.70 | — | ||
| Q4 25 | $2.70 | $0.55 | ||
| Q3 25 | $3.81 | $1.75 | ||
| Q2 25 | $3.75 | $0.81 | ||
| Q1 25 | $3.50 | $-0.93 | ||
| Q4 24 | $-0.19 | $1.09 | ||
| Q3 24 | $3.10 | $5.25 | ||
| Q2 24 | $3.16 | $0.90 |
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 | $3.2B | $785.0M |
| 总债务越低越好 | — | $15.8B |
| 股东权益账面价值 | $14.2B | $5.1B |
| 总资产 | $40.1B | $41.5B |
| 负债/权益比越低杠杆越低 | — | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资EQIXVST
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $785.0M | ||
| Q3 25 | $2.9B | $602.0M | ||
| Q2 25 | $4.5B | $458.0M | ||
| Q1 25 | $3.7B | $561.0M | ||
| Q4 24 | $3.6B | $1.2B | ||
| Q3 24 | $3.2B | $905.0M | ||
| Q2 24 | $2.0B | $1.6B |
总债务EQIXVST
| Q1 26 | — | — | ||
| Q4 25 | — | $15.8B | ||
| Q3 25 | $17.3B | $15.8B | ||
| Q2 25 | $18.1B | $15.5B | ||
| Q1 25 | $15.9B | $15.4B | ||
| Q4 24 | $15.3B | $15.4B | ||
| Q3 24 | $15.4B | $13.9B | ||
| Q2 24 | $14.5B | $13.9B |
股东权益EQIXVST
| Q1 26 | $14.2B | — | ||
| Q4 25 | $14.2B | $5.1B | ||
| Q3 25 | $14.2B | $5.2B | ||
| Q2 25 | $14.1B | $4.8B | ||
| Q1 25 | $13.9B | $4.8B | ||
| Q4 24 | $13.5B | $5.6B | ||
| Q3 24 | $13.6B | $5.4B | ||
| Q2 24 | $12.3B | $5.6B |
总资产EQIXVST
| Q1 26 | $40.1B | — | ||
| Q4 25 | $40.1B | $41.5B | ||
| Q3 25 | $38.1B | $38.0B | ||
| Q2 25 | $38.8B | $38.1B | ||
| Q1 25 | $36.1B | $38.2B | ||
| Q4 24 | $35.1B | $37.8B | ||
| Q3 24 | $35.4B | $37.9B | ||
| Q2 24 | $32.9B | $39.1B |
负债/权益比EQIXVST
| Q1 26 | — | — | ||
| Q4 25 | — | 3.11× | ||
| Q3 25 | 1.22× | 3.02× | ||
| Q2 25 | 1.28× | 3.22× | ||
| Q1 25 | 1.14× | 3.20× | ||
| Q4 24 | 1.13× | 2.77× | ||
| Q3 24 | 1.13× | 2.56× | ||
| Q2 24 | 1.18× | 2.49× |
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 | — | $1.4B |
| 自由现金流经营现金流 - 资本支出 | — | $596.0M |
| 自由现金流率自由现金流/营收 | — | 12.4% |
| 资本支出强度资本支出/营收 | — | 17.4% |
| 现金转化率经营现金流/净利润 | — | 6.15× |
| 过去12个月自由现金流最近4个季度 | — | $1.3B |
8季度趋势，按日历期对齐
经营现金流EQIXVST
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $1.4B | ||
| Q3 25 | $1.0B | $1.5B | ||
| Q2 25 | $944.0M | $572.0M | ||
| Q1 25 | $809.0M | $599.0M | ||
| Q4 24 | $981.0M | $1.4B | ||
| Q3 24 | $758.0M | $1.7B | ||
| Q2 24 | $912.0M | $1.2B |
自由现金流EQIXVST
| Q1 26 | — | — | ||
| Q4 25 | $-292.0M | $596.0M | ||
| Q3 25 | $-122.0M | $1.0B | ||
| Q2 25 | $-45.0M | $-118.0M | ||
| Q1 25 | $59.0M | $-169.0M | ||
| Q4 24 | $-6.0M | $923.0M | ||
| Q3 24 | $34.0M | $1.0B | ||
| Q2 24 | $264.0M | $698.0M |
自由现金流率EQIXVST
| Q1 26 | — | — | ||
| Q4 25 | -12.1% | 12.4% | ||
| Q3 25 | -5.3% | 21.1% | ||
| Q2 25 | -2.0% | -3.1% | ||
| Q1 25 | 2.7% | -4.0% | ||
| Q4 24 | -0.3% | 25.2% | ||
| Q3 24 | 1.5% | 23.4% | ||
| Q2 24 | 12.2% | 19.4% |
资本支出强度EQIXVST
| Q1 26 | — | — | ||
| Q4 25 | 59.3% | 17.4% | ||
| Q3 25 | 49.1% | 9.6% | ||
| Q2 25 | 43.8% | 18.4% | ||
| Q1 25 | 33.7% | 18.1% | ||
| Q4 24 | 43.7% | 11.7% | ||
| Q3 24 | 32.9% | 15.8% | ||
| Q2 24 | 30.0% | 13.8% |
现金转化率EQIXVST
| Q1 26 | — | — | ||
| Q4 25 | 4.32× | 6.15× | ||
| Q3 25 | 2.71× | 2.25× | ||
| Q2 25 | 2.57× | 1.75× | ||
| Q1 25 | 2.36× | — | ||
| Q4 24 | — | 3.07× | ||
| Q3 24 | 2.55× | 0.90× | ||
| Q2 24 | 3.03× | 3.28× |
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
EQIX
暂无分部数据
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
