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HNI CORP（HNI）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
HNI CORP的季度营收约是世纪互联的1.9倍（$683.8M vs $362.7M），HNI CORP净利率更高（6.0% vs -10.7%，领先16.7%），HNI CORP自由现金流更多（$135.6M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 0.3%）
HNI公司是全球营收规模领先的办公家具制造商之一，同时也是全球壁炉产品行业的头部企业，生产销售燃气、电、燃木及生物质燃料壁炉、嵌入式炉具、取暖炉、饰面及相关配件。公司1944年由工程师C.麦克斯韦·斯坦利等三人联合创立，总部位于美国爱荷华州马斯卡廷。
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。
HNI vs VNET — 直观对比
营收规模更大
HNI
是对方的1.9倍
$362.7M
净利率更高
HNI
高出16.7%
-10.7%
自由现金流更多
HNI
多$328.7M
$-193.1M
两年增速更快
VNET
近两年复合增速
0.3%
损益表 — Q3 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $683.8M | $362.7M |
| 净利润 | $41.2M | $-38.7M |
| 毛利率 | 42.1% | 20.9% |
| 营业利润率 | 9.4% | 0.5% |
| 净利率 | 6.0% | -10.7% |
| 营收同比 | 1.7% | — |
| 净利润同比 | -13.3% | — |
| 每股收益（稀释后） | $0.88 | — |
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HNIVNET
| Q3 25 | $683.8M | $362.7M | ||
| Q2 25 | $667.1M | — | ||
| Q1 25 | $599.8M | $309.5M | ||
| Q4 24 | $642.5M | — | ||
| Q3 24 | $672.2M | $302.2M | ||
| Q2 24 | $623.7M | $274.4M | ||
| Q1 24 | $588.0M | $262.9M | ||
| Q4 23 | $679.8M | — |
净利润HNIVNET
| Q3 25 | $41.2M | $-38.7M | ||
| Q2 25 | $48.2M | — | ||
| Q1 25 | $13.9M | $-2.4M | ||
| Q4 24 | $38.3M | — | ||
| Q3 24 | $47.5M | $-2.1M | ||
| Q2 24 | $36.0M | $-1.1M | ||
| Q1 24 | $17.7M | $-22.0M | ||
| Q4 23 | $22.6M | — |
毛利率HNIVNET
| Q3 25 | 42.1% | 20.9% | ||
| Q2 25 | 42.9% | — | ||
| Q1 25 | 39.7% | 25.2% | ||
| Q4 24 | 40.5% | — | ||
| Q3 24 | 41.5% | 23.2% | ||
| Q2 24 | 41.9% | 21.3% | ||
| Q1 24 | 39.6% | 21.6% | ||
| Q4 23 | 40.2% | — |
营业利润率HNIVNET
| Q3 25 | 9.4% | 0.5% | ||
| Q2 25 | 10.2% | — | ||
| Q1 25 | 4.1% | 0.1% | ||
| Q4 24 | 8.5% | — | ||
| Q3 24 | 10.2% | 24.5% | ||
| Q2 24 | 8.6% | 0.2% | ||
| Q1 24 | 5.1% | 0.2% | ||
| Q4 23 | 4.5% | — |
净利率HNIVNET
| Q3 25 | 6.0% | -10.7% | ||
| Q2 25 | 7.2% | — | ||
| Q1 25 | 2.3% | -0.8% | ||
| Q4 24 | 6.0% | — | ||
| Q3 24 | 7.1% | -0.7% | ||
| Q2 24 | 5.8% | -0.4% | ||
| Q1 24 | 3.0% | -8.4% | ||
| Q4 23 | 3.3% | — |
每股收益（稀释后）HNIVNET
| Q3 25 | $0.88 | — | ||
| Q2 25 | $1.02 | — | ||
| Q1 25 | $0.29 | — | ||
| Q4 24 | $0.78 | — | ||
| Q3 24 | $0.98 | — | ||
| Q2 24 | $0.75 | — | ||
| Q1 24 | $0.37 | — | ||
| Q4 23 | $0.55 | — |
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 | $28.1M | $492.1M |
| 总债务越低越好 | $324.2M | — |
| 股东权益账面价值 | $835.9M | $890.8M |
| 总资产 | $1.8B | $6.1B |
| 负债/权益比越低杠杆越低 | 0.39× | — |
8季度趋势，按日历期对齐
现金及短期投资HNIVNET
| Q3 25 | $28.1M | $492.1M | ||
| Q2 25 | $38.2M | — | ||
| Q1 25 | $27.5M | $544.3M | ||
| Q4 24 | $28.9M | — | ||
| Q3 24 | $40.2M | $219.5M | ||
| Q2 24 | $33.5M | $247.2M | ||
| Q1 24 | $32.5M | $246.9M | ||
| Q4 23 | $34.5M | — |
总债务HNIVNET
| Q3 25 | $324.2M | — | ||
| Q2 25 | $444.4M | — | ||
| Q1 25 | $404.7M | — | ||
| Q4 24 | $344.6M | — | ||
| Q3 24 | $345.4M | $1.2B | ||
| Q2 24 | $462.3M | — | ||
| Q1 24 | $473.0M | — | ||
| Q4 23 | $435.8M | — |
股东权益HNIVNET
| Q3 25 | $835.9M | $890.8M | ||
| Q2 25 | $811.0M | — | ||
| Q1 25 | $803.6M | $927.8M | ||
| Q4 24 | $840.1M | — | ||
| Q3 24 | $846.6M | $902.9M | ||
| Q2 24 | $787.8M | $900.6M | ||
| Q1 24 | $771.5M | $895.1M | ||
| Q4 23 | $761.4M | — |
总资产HNIVNET
| Q3 25 | $1.8B | $6.1B | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.9B | $5.4B | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.9B | $4.3B | ||
| Q2 24 | $1.9B | $4.0B | ||
| Q1 24 | $1.9B | $3.9B | ||
| Q4 23 | $1.9B | — |
负债/权益比HNIVNET
| Q3 25 | 0.39× | — | ||
| Q2 25 | 0.55× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.41× | 1.28× | ||
| Q2 24 | 0.59× | — | ||
| Q1 24 | 0.61× | — | ||
| Q4 23 | 0.57× | — |
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 | $155.2M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $135.6M | $-193.1M |
| 自由现金流率自由现金流/营收 | 19.8% | -53.2% |
| 资本支出强度资本支出/营收 | 2.9% | 84.6% |
| 现金转化率经营现金流/净利润 | 3.77× | — |
| 过去12个月自由现金流最近4个季度 | $189.5M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流HNIVNET
| Q3 25 | $155.2M | $113.8M | ||
| Q2 25 | $31.1M | — | ||
| Q1 25 | $12.6M | $27.0M | ||
| Q4 24 | $51.2M | — | ||
| Q3 24 | $128.5M | $108.3M | ||
| Q2 24 | $51.3M | $55.8M | ||
| Q1 24 | $-4.3M | $37.1M | ||
| Q4 23 | $105.0M | — |
自由现金流HNIVNET
| Q3 25 | $135.6M | $-193.1M | ||
| Q2 25 | $16.1M | — | ||
| Q1 25 | $-3.7M | $-220.0M | ||
| Q4 24 | $41.5M | — | ||
| Q3 24 | $114.0M | $-95.0M | ||
| Q2 24 | $33.8M | $-81.6M | ||
| Q1 24 | $-15.5M | $-102.2M | ||
| Q4 23 | $88.6M | — |
自由现金流率HNIVNET
| Q3 25 | 19.8% | -53.2% | ||
| Q2 25 | 2.4% | — | ||
| Q1 25 | -0.6% | -71.1% | ||
| Q4 24 | 6.5% | — | ||
| Q3 24 | 17.0% | -31.4% | ||
| Q2 24 | 5.4% | -29.8% | ||
| Q1 24 | -2.6% | -38.9% | ||
| Q4 23 | 13.0% | — |
资本支出强度HNIVNET
| Q3 25 | 2.9% | 84.6% | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 2.7% | 79.8% | ||
| Q4 24 | 1.5% | — | ||
| Q3 24 | 2.2% | 67.3% | ||
| Q2 24 | 2.8% | 50.1% | ||
| Q1 24 | 1.9% | 53.0% | ||
| Q4 23 | 2.4% | — |
现金转化率HNIVNET
| Q3 25 | 3.77× | — | ||
| Q2 25 | 0.65× | — | ||
| Q1 25 | 0.91× | — | ||
| Q4 24 | 1.34× | — | ||
| Q3 24 | 2.71× | — | ||
| Q2 24 | 1.43× | — | ||
| Q1 24 | -0.24× | — | ||
| Q4 23 | 4.65× | — |
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
HNI
| Systems Storage And Table | $309.9M | 45% |
| Residential Building Products | $166.9M | 24% |
| Seating Products | $161.1M | 24% |
| Other Products | $45.9M | 7% |
VNET
暂无分部数据
