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哈雷戴维森（HOG）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
哈雷戴维森的季度营收约是世纪互联的1.1倍（$390.5M vs $362.7M），世纪互联净利率更高（-10.7% vs -72.3%，领先61.7%），哈雷戴维森自由现金流更多（$100.4M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -48.6%）
哈雷戴维森是源自美国的摩托车制造商与生活方式品牌，总部位于威斯康星州密尔沃基，创立于1903年。它是大萧条时期幸存下来的两大美国摩托车厂商之一，历经多次股权变动、子公司调整、经营困境与全球竞争，如今已是全球知名的标志性品牌。
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。
HOG vs VNET — 直观对比
营收规模更大
HOG
是对方的1.1倍
$362.7M
净利率更高
VNET
高出61.7%
-72.3%
自由现金流更多
HOG
多$293.5M
$-193.1M
两年增速更快
VNET
近两年复合增速
-48.6%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $390.5M | $362.7M |
| 净利润 | $-282.6M | $-38.7M |
| 毛利率 | -7.9% | 20.9% |
| 营业利润率 | -92.4% | 0.5% |
| 净利率 | -72.3% | -10.7% |
| 营收同比 | -9.4% | — |
| 净利润同比 | -138.6% | — |
| 每股收益（稀释后） | $-2.27 | — |
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HOGVNET
| Q4 25 | $390.5M | — | ||
| Q3 25 | $1.1B | $362.7M | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $1.1B | $309.5M | ||
| Q4 24 | $430.9M | — | ||
| Q3 24 | $881.2M | $302.2M | ||
| Q2 24 | $1.4B | $274.4M | ||
| Q1 24 | $1.5B | $262.9M |
净利润HOGVNET
| Q4 25 | $-282.6M | — | ||
| Q3 25 | $377.4M | $-38.7M | ||
| Q2 25 | $107.6M | — | ||
| Q1 25 | $133.1M | $-2.4M | ||
| Q4 24 | $-118.4M | — | ||
| Q3 24 | $119.0M | $-2.1M | ||
| Q2 24 | $218.3M | $-1.1M | ||
| Q1 24 | $234.9M | $-22.0M |
毛利率HOGVNET
| Q4 25 | -7.9% | — | ||
| Q3 25 | 26.0% | 20.9% | ||
| Q2 25 | 28.5% | — | ||
| Q1 25 | 28.9% | 25.2% | ||
| Q4 24 | -2.0% | — | ||
| Q3 24 | 29.8% | 23.2% | ||
| Q2 24 | 31.8% | 21.3% | ||
| Q1 24 | 30.9% | 21.6% |
营业利润率HOGVNET
| Q4 25 | -92.4% | — | ||
| Q3 25 | 44.0% | 0.5% | ||
| Q2 25 | 10.7% | — | ||
| Q1 25 | 14.8% | 0.1% | ||
| Q4 24 | -44.9% | — | ||
| Q3 24 | 12.0% | 24.5% | ||
| Q2 24 | 17.8% | 0.2% | ||
| Q1 24 | 17.8% | 0.2% |
净利率HOGVNET
| Q4 25 | -72.3% | — | ||
| Q3 25 | 35.0% | -10.7% | ||
| Q2 25 | 10.2% | — | ||
| Q1 25 | 12.3% | -0.8% | ||
| Q4 24 | -27.5% | — | ||
| Q3 24 | 13.5% | -0.7% | ||
| Q2 24 | 16.1% | -0.4% | ||
| Q1 24 | 15.9% | -8.4% |
每股收益（稀释后）HOGVNET
| Q4 25 | $-2.27 | — | ||
| Q3 25 | $3.10 | — | ||
| Q2 25 | $0.88 | — | ||
| Q1 25 | $1.07 | — | ||
| Q4 24 | $-0.82 | — | ||
| Q3 24 | $0.91 | — | ||
| Q2 24 | $1.63 | — | ||
| Q1 24 | $1.72 | — |
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 | $3.1B | $492.1M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $3.1B | $890.8M |
| 总资产 | $8.0B | $6.1B |
| 负债/权益比越低杠杆越低 | 0.79× | — |
8季度趋势，按日历期对齐
现金及短期投资HOGVNET
| Q4 25 | $3.1B | — | ||
| Q3 25 | $1.8B | $492.1M | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.9B | $544.3M | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $2.2B | $219.5M | ||
| Q2 24 | $1.8B | $247.2M | ||
| Q1 24 | $1.5B | $246.9M |
总债务HOGVNET
| Q4 25 | $2.5B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $6.4B | — | ||
| Q1 25 | $6.8B | — | ||
| Q4 24 | $6.3B | — | ||
| Q3 24 | $7.3B | $1.2B | ||
| Q2 24 | $7.0B | — | ||
| Q1 24 | $6.3B | — |
股东权益HOGVNET
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.6B | $890.8M | ||
| Q2 25 | $3.3B | — | ||
| Q1 25 | $3.2B | $927.8M | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $3.4B | $902.9M | ||
| Q2 24 | $3.4B | $900.6M | ||
| Q1 24 | $3.3B | $895.1M |
总资产HOGVNET
| Q4 25 | $8.0B | — | ||
| Q3 25 | $10.6B | $6.1B | ||
| Q2 25 | $12.1B | — | ||
| Q1 25 | $12.4B | $5.4B | ||
| Q4 24 | $11.9B | — | ||
| Q3 24 | $13.0B | $4.3B | ||
| Q2 24 | $12.8B | $4.0B | ||
| Q1 24 | $12.3B | $3.9B |
负债/权益比HOGVNET
| Q4 25 | 0.79× | — | ||
| Q3 25 | 1.25× | — | ||
| Q2 25 | 1.91× | — | ||
| Q1 25 | 2.14× | — | ||
| Q4 24 | 2.00× | — | ||
| Q3 24 | 2.13× | 1.28× | ||
| Q2 24 | 2.03× | — | ||
| Q1 24 | 1.88× | — |
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 | $152.0M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $100.4M | $-193.1M |
| 自由现金流率自由现金流/营收 | 25.7% | -53.2% |
| 资本支出强度资本支出/营收 | 13.2% | 84.6% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $415.2M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流HOGVNET
| Q4 25 | $152.0M | — | ||
| Q3 25 | $-92.6M | $113.8M | ||
| Q2 25 | $368.0M | — | ||
| Q1 25 | $141.5M | $27.0M | ||
| Q4 24 | $133.2M | — | ||
| Q3 24 | $353.0M | $108.3M | ||
| Q2 24 | $473.6M | $55.8M | ||
| Q1 24 | $104.0M | $37.1M |
自由现金流HOGVNET
| Q4 25 | $100.4M | — | ||
| Q3 25 | $-129.1M | $-193.1M | ||
| Q2 25 | $332.4M | — | ||
| Q1 25 | $111.6M | $-220.0M | ||
| Q4 24 | $77.0M | — | ||
| Q3 24 | $300.4M | $-95.0M | ||
| Q2 24 | $432.2M | $-81.6M | ||
| Q1 24 | $57.6M | $-102.2M |
自由现金流率HOGVNET
| Q4 25 | 25.7% | — | ||
| Q3 25 | -12.0% | -53.2% | ||
| Q2 25 | 31.7% | — | ||
| Q1 25 | 10.3% | -71.1% | ||
| Q4 24 | 17.9% | — | ||
| Q3 24 | 34.1% | -31.4% | ||
| Q2 24 | 31.9% | -29.8% | ||
| Q1 24 | 3.9% | -38.9% |
资本支出强度HOGVNET
| Q4 25 | 13.2% | — | ||
| Q3 25 | 3.4% | 84.6% | ||
| Q2 25 | 3.4% | — | ||
| Q1 25 | 2.8% | 79.8% | ||
| Q4 24 | 13.0% | — | ||
| Q3 24 | 6.0% | 67.3% | ||
| Q2 24 | 3.1% | 50.1% | ||
| Q1 24 | 3.1% | 53.0% |
现金转化率HOGVNET
| Q4 25 | — | — | ||
| Q3 25 | -0.25× | — | ||
| Q2 25 | 3.42× | — | ||
| Q1 25 | 1.06× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.97× | — | ||
| Q2 24 | 2.17× | — | ||
| Q1 24 | 0.44× | — |
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
HOG
| Motorcycles | $193.9M | 50% |
| Other | $63.8M | 16% |
| Other Income Financial Services | $59.8M | 15% |
| Apparel | $47.2M | 12% |
| Livewire Segment | $11.4M | 3% |
VNET
暂无分部数据
