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Hess Midstream LP（HESM）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
Hess Midstream LP的季度营收约是世纪互联的1.1倍（$404.2M vs $362.7M），Hess Midstream LP净利率更高（23.1% vs -10.7%，领先33.7%），Hess Midstream LP自由现金流更多（$178.9M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 6.6%）
赫斯是美国全球化独立能源企业，主要从事原油与天然气的勘探、生产业务。公司于1968年由赫斯石油化工和阿美拉达石油合并成立，2023年10月同意被雪佛龙收购，相关交易已于2025年7月完成交割。
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。
HESM vs VNET — 直观对比
营收规模更大
HESM
是对方的1.1倍
$362.7M
净利率更高
HESM
高出33.7%
-10.7%
自由现金流更多
HESM
多$372.0M
$-193.1M
两年增速更快
VNET
近两年复合增速
6.6%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $404.2M | $362.7M |
| 净利润 | $93.3M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 62.2% | 0.5% |
| 净利率 | 23.1% | -10.7% |
| 营收同比 | 2.1% | — |
| 净利润同比 | 32.5% | — |
| 每股收益（稀释后） | — | — |
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HESMVNET
| Q4 25 | $404.2M | — | ||
| Q3 25 | $420.9M | $362.7M | ||
| Q2 25 | $414.2M | — | ||
| Q1 25 | $382.0M | $309.5M | ||
| Q4 24 | $395.9M | — | ||
| Q3 24 | $378.5M | $302.2M | ||
| Q2 24 | $365.5M | $274.4M | ||
| Q1 24 | $355.6M | $262.9M |
净利润HESMVNET
| Q4 25 | $93.3M | — | ||
| Q3 25 | $97.7M | $-38.7M | ||
| Q2 25 | $90.3M | — | ||
| Q1 25 | $71.6M | $-2.4M | ||
| Q4 24 | $70.4M | — | ||
| Q3 24 | $58.6M | $-2.1M | ||
| Q2 24 | $49.5M | $-1.1M | ||
| Q1 24 | $44.6M | $-22.0M |
毛利率HESMVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 21.6% |
营业利润率HESMVNET
| Q4 25 | 62.2% | — | ||
| Q3 25 | 61.5% | 0.5% | ||
| Q2 25 | 62.8% | — | ||
| Q1 25 | 62.1% | 0.1% | ||
| Q4 24 | 61.4% | — | ||
| Q3 24 | 61.2% | 24.5% | ||
| Q2 24 | 60.8% | 0.2% | ||
| Q1 24 | 62.4% | 0.2% |
净利率HESMVNET
| Q4 25 | 23.1% | — | ||
| Q3 25 | 23.2% | -10.7% | ||
| Q2 25 | 21.8% | — | ||
| Q1 25 | 18.7% | -0.8% | ||
| Q4 24 | 17.8% | — | ||
| Q3 24 | 15.5% | -0.7% | ||
| Q2 24 | 13.5% | -0.4% | ||
| Q1 24 | 12.5% | -8.4% |
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 | $1.9M | $492.1M |
| 总债务越低越好 | $3.8B | — |
| 股东权益账面价值 | — | $890.8M |
| 总资产 | $4.4B | $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HESMVNET
| Q4 25 | $1.9M | — | ||
| Q3 25 | $5.5M | $492.1M | ||
| Q2 25 | $4.5M | — | ||
| Q1 25 | $6.1M | $544.3M | ||
| Q4 24 | $4.3M | — | ||
| Q3 24 | $10.3M | $219.5M | ||
| Q2 24 | $99.6M | $247.2M | ||
| Q1 24 | $4.2M | $246.9M |
总债务HESMVNET
| Q4 25 | $3.8B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HESMVNET
| Q4 25 | — | — | ||
| Q3 25 | — | $890.8M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $927.8M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $902.9M | ||
| Q2 24 | — | $900.6M | ||
| Q1 24 | — | $895.1M |
总资产HESMVNET
| Q4 25 | $4.4B | — | ||
| Q3 25 | $4.4B | $6.1B | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.3B | $5.4B | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.1B | $4.3B | ||
| Q2 24 | $4.1B | $4.0B | ||
| Q1 24 | $3.9B | $3.9B |
负债/权益比HESMVNET
| 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 | $245.6M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $178.9M | $-193.1M |
| 自由现金流率自由现金流/营收 | 44.3% | -53.2% |
| 资本支出强度资本支出/营收 | 16.5% | 84.6% |
| 现金转化率经营现金流/净利润 | 2.63× | — |
| 过去12个月自由现金流最近4个季度 | $728.2M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流HESMVNET
| Q4 25 | $245.6M | — | ||
| Q3 25 | $258.9M | $113.8M | ||
| Q2 25 | $276.9M | — | ||
| Q1 25 | $202.4M | $27.0M | ||
| Q4 24 | $258.5M | — | ||
| Q3 24 | $224.9M | $108.3M | ||
| Q2 24 | $271.6M | $55.8M | ||
| Q1 24 | $185.3M | $37.1M |
自由现金流HESMVNET
| Q4 25 | $178.9M | — | ||
| Q3 25 | $178.9M | $-193.1M | ||
| Q2 25 | $213.5M | — | ||
| Q1 25 | $156.9M | $-220.0M | ||
| Q4 24 | $163.4M | — | ||
| Q3 24 | $132.6M | $-95.0M | ||
| Q2 24 | $207.7M | $-81.6M | ||
| Q1 24 | $130.5M | $-102.2M |
自由现金流率HESMVNET
| Q4 25 | 44.3% | — | ||
| Q3 25 | 42.5% | -53.2% | ||
| Q2 25 | 51.5% | — | ||
| Q1 25 | 41.1% | -71.1% | ||
| Q4 24 | 41.3% | — | ||
| Q3 24 | 35.0% | -31.4% | ||
| Q2 24 | 56.8% | -29.8% | ||
| Q1 24 | 36.7% | -38.9% |
资本支出强度HESMVNET
| Q4 25 | 16.5% | — | ||
| Q3 25 | 19.0% | 84.6% | ||
| Q2 25 | 15.3% | — | ||
| Q1 25 | 11.9% | 79.8% | ||
| Q4 24 | 24.0% | — | ||
| Q3 24 | 24.4% | 67.3% | ||
| Q2 24 | 17.5% | 50.1% | ||
| Q1 24 | 15.4% | 53.0% |
现金转化率HESMVNET
| Q4 25 | 2.63× | — | ||
| Q3 25 | 2.65× | — | ||
| Q2 25 | 3.07× | — | ||
| Q1 25 | 2.83× | — | ||
| Q4 24 | 3.67× | — | ||
| Q3 24 | 3.84× | — | ||
| Q2 24 | 5.49× | — | ||
| Q1 24 | 4.15× | — |
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
HESM
| Gathering | $217.3M | 54% |
| Processing And Storage | $154.7M | 38% |
| Terminaling And Export | $32.2M | 8% |
VNET
暂无分部数据
