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Freedom Holding Corp.（FRHC）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
Freedom Holding Corp.的季度营收约是世纪互联的1.7倍（$628.6M vs $362.7M），Freedom Holding Corp.净利率更高（12.1% vs -10.7%，领先22.8%），Freedom Holding Corp.自由现金流更多（$651.7M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 16.3%）
Freedom Holding Corp.是在美国内华达州注册的投资集团，业务覆盖零售证券经纪交易、资产管理、资本市场服务、投研咨询、投行承销、抵押贷款、保险、银行及其他消费金融服务，核心布局美股、欧洲及以哈萨克斯坦为核心的中亚市场。
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。
FRHC vs VNET — 直观对比
营收规模更大
FRHC
是对方的1.7倍
$362.7M
净利率更高
FRHC
高出22.8%
-10.7%
自由现金流更多
FRHC
多$844.8M
$-193.1M
两年增速更快
VNET
近两年复合增速
16.3%
损益表 — Q3 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $628.6M | $362.7M |
| 净利润 | $76.2M | $-38.7M |
| 毛利率 | 96.0% | 20.9% |
| 营业利润率 | 14.9% | 0.5% |
| 净利率 | 12.1% | -10.7% |
| 营收同比 | -4.1% | — |
| 净利润同比 | -2.6% | — |
| 每股收益（稀释后） | $1.25 | — |
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FRHCVNET
| Q4 25 | $628.6M | — | ||
| Q3 25 | $526.1M | $362.7M | ||
| Q2 25 | $533.4M | — | ||
| Q1 25 | $363.7M | $309.5M | ||
| Q4 24 | $655.2M | — | ||
| Q3 24 | $580.9M | $302.2M | ||
| Q2 24 | $450.7M | $274.4M | ||
| Q1 24 | $464.7M | $262.9M |
净利润FRHCVNET
| Q4 25 | $76.2M | — | ||
| Q3 25 | $38.7M | $-38.7M | ||
| Q2 25 | $30.4M | — | ||
| Q1 25 | $-142.7M | $-2.4M | ||
| Q4 24 | $78.3M | — | ||
| Q3 24 | $114.7M | $-2.1M | ||
| Q2 24 | $34.4M | $-1.1M | ||
| Q1 24 | $95.2M | $-22.0M |
毛利率FRHCVNET
| Q4 25 | 96.0% | — | ||
| Q3 25 | 97.1% | 20.9% | ||
| Q2 25 | 97.4% | — | ||
| Q1 25 | 96.6% | 25.2% | ||
| Q4 24 | 98.6% | — | ||
| Q3 24 | 99.1% | 23.2% | ||
| Q2 24 | 99.0% | 21.3% | ||
| Q1 24 | — | 21.6% |
营业利润率FRHCVNET
| Q4 25 | 14.9% | — | ||
| Q3 25 | 11.5% | 0.5% | ||
| Q2 25 | 7.6% | — | ||
| Q1 25 | -42.7% | 0.1% | ||
| Q4 24 | 15.0% | — | ||
| Q3 24 | 22.1% | 24.5% | ||
| Q2 24 | 9.2% | 0.2% | ||
| Q1 24 | 22.5% | 0.2% |
净利率FRHCVNET
| Q4 25 | 12.1% | — | ||
| Q3 25 | 7.4% | -10.7% | ||
| Q2 25 | 5.7% | — | ||
| Q1 25 | -39.2% | -0.8% | ||
| Q4 24 | 11.9% | — | ||
| Q3 24 | 19.7% | -0.7% | ||
| Q2 24 | 7.6% | -0.4% | ||
| Q1 24 | 20.5% | -8.4% |
每股收益（稀释后）FRHCVNET
| Q4 25 | $1.25 | — | ||
| Q3 25 | $0.63 | — | ||
| Q2 25 | $0.50 | — | ||
| Q1 25 | $-2.35 | — | ||
| Q4 24 | $1.29 | — | ||
| Q3 24 | $1.89 | — | ||
| Q2 24 | $0.57 | — | ||
| Q1 24 | $1.60 | — |
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 | $869.2M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | $890.8M |
| 总资产 | $12.4B | $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FRHCVNET
| Q4 25 | $869.2M | — | ||
| Q3 25 | $636.0M | $492.1M | ||
| Q2 25 | $567.9M | — | ||
| Q1 25 | $837.3M | $544.3M | ||
| Q4 24 | $577.9M | — | ||
| Q3 24 | $569.2M | $219.5M | ||
| Q2 24 | $718.7M | $247.2M | ||
| Q1 24 | $545.1M | $246.9M |
总债务FRHCVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益FRHCVNET
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.2B | $890.8M | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | $927.8M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | $902.9M | ||
| Q2 24 | $1.1B | $900.6M | ||
| Q1 24 | $1.2B | $895.1M |
总资产FRHCVNET
| Q4 25 | $12.4B | — | ||
| Q3 25 | $10.3B | $6.1B | ||
| Q2 25 | $9.7B | — | ||
| Q1 25 | $9.9B | $5.4B | ||
| Q4 24 | $9.1B | — | ||
| Q3 24 | $8.8B | $4.3B | ||
| Q2 24 | $8.5B | $4.0B | ||
| Q1 24 | $8.3B | $3.9B |
负债/权益比FRHCVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $717.8M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $651.7M | $-193.1M |
| 自由现金流率自由现金流/营收 | 103.7% | -53.2% |
| 资本支出强度资本支出/营收 | 10.5% | 84.6% |
| 现金转化率经营现金流/净利润 | 9.42× | — |
| 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FRHCVNET
| Q4 25 | $717.8M | — | ||
| Q3 25 | $535.3M | $113.8M | ||
| Q2 25 | $480.8M | — | ||
| Q1 25 | $1.3B | $27.0M | ||
| Q4 24 | $-72.8M | — | ||
| Q3 24 | $-438.0M | $108.3M | ||
| Q2 24 | $854.1M | $55.8M | ||
| Q1 24 | $309.0M | $37.1M |
自由现金流FRHCVNET
| Q4 25 | $651.7M | — | ||
| Q3 25 | $456.4M | $-193.1M | ||
| Q2 25 | $450.0M | — | ||
| Q1 25 | — | $-220.0M | ||
| Q4 24 | $-92.7M | — | ||
| Q3 24 | $-447.5M | $-95.0M | ||
| Q2 24 | $829.9M | $-81.6M | ||
| Q1 24 | — | $-102.2M |
自由现金流率FRHCVNET
| Q4 25 | 103.7% | — | ||
| Q3 25 | 86.7% | -53.2% | ||
| Q2 25 | 84.4% | — | ||
| Q1 25 | — | -71.1% | ||
| Q4 24 | -14.1% | — | ||
| Q3 24 | -77.0% | -31.4% | ||
| Q2 24 | 184.1% | -29.8% | ||
| Q1 24 | — | -38.9% |
资本支出强度FRHCVNET
| Q4 25 | 10.5% | — | ||
| Q3 25 | 15.0% | 84.6% | ||
| Q2 25 | 5.8% | — | ||
| Q1 25 | — | 79.8% | ||
| Q4 24 | 3.0% | — | ||
| Q3 24 | 1.6% | 67.3% | ||
| Q2 24 | 5.4% | 50.1% | ||
| Q1 24 | — | 53.0% |
现金转化率FRHCVNET
| Q4 25 | 9.42× | — | ||
| Q3 25 | 13.82× | — | ||
| Q2 25 | 15.82× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.93× | — | ||
| Q3 24 | -3.82× | — | ||
| Q2 24 | 24.83× | — | ||
| Q1 24 | 3.24× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
