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HEALTHEQUITY, INC.（HQY）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
世纪互联的季度营收约是HEALTHEQUITY, INC.的1.1倍（$362.7M vs $322.2M），HEALTHEQUITY, INC.净利率更高（16.0% vs -10.7%，领先26.7%），HEALTHEQUITY, INC.自由现金流更多（$137.8M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 10.8%）
HealthEquity, Inc.是美国一家金融科技及商业服务企业，拥有美国国税局授予的非银行类健康储蓄受托人资质，无论用户资金存入哪家金融机构，该公司均可作为对应健康储蓄账户的托管方，提供专业账户管理服务。
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。
HQY vs VNET — 直观对比
营收规模更大
VNET
是对方的1.1倍
$322.2M
净利率更高
HQY
高出26.7%
-10.7%
自由现金流更多
HQY
多$330.9M
$-193.1M
两年增速更快
VNET
近两年复合增速
10.8%
损益表 — Q3 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $322.2M | $362.7M |
| 净利润 | $51.7M | $-38.7M |
| 毛利率 | 70.8% | 20.9% |
| 营业利润率 | 24.4% | 0.5% |
| 净利率 | 16.0% | -10.7% |
| 营收同比 | 7.2% | — |
| 净利润同比 | 806.4% | — |
| 每股收益（稀释后） | $0.59 | — |
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HQYVNET
| Q4 25 | $322.2M | — | ||
| Q3 25 | $325.8M | $362.7M | ||
| Q2 25 | $330.8M | — | ||
| Q1 25 | $311.8M | $309.5M | ||
| Q4 24 | $300.4M | — | ||
| Q3 24 | $299.9M | $302.2M | ||
| Q2 24 | $287.6M | $274.4M | ||
| Q1 24 | $262.4M | $262.9M |
净利润HQYVNET
| Q4 25 | $51.7M | — | ||
| Q3 25 | $59.9M | $-38.7M | ||
| Q2 25 | $53.9M | — | ||
| Q1 25 | $26.4M | $-2.4M | ||
| Q4 24 | $5.7M | — | ||
| Q3 24 | $35.8M | $-2.1M | ||
| Q2 24 | $28.8M | $-1.1M | ||
| Q1 24 | $26.4M | $-22.0M |
毛利率HQYVNET
| Q4 25 | 70.8% | — | ||
| Q3 25 | 71.4% | 20.9% | ||
| Q2 25 | 67.8% | — | ||
| Q1 25 | 60.6% | 25.2% | ||
| Q4 24 | 65.6% | — | ||
| Q3 24 | 68.0% | 23.2% | ||
| Q2 24 | 65.1% | 21.3% | ||
| Q1 24 | 63.1% | 21.6% |
营业利润率HQYVNET
| Q4 25 | 24.4% | — | ||
| Q3 25 | 27.5% | 0.5% | ||
| Q2 25 | 25.1% | — | ||
| Q1 25 | 13.5% | 0.1% | ||
| Q4 24 | 6.5% | — | ||
| Q3 24 | 19.6% | 24.5% | ||
| Q2 24 | 14.5% | 0.2% | ||
| Q1 24 | 14.8% | 0.2% |
净利率HQYVNET
| Q4 25 | 16.0% | — | ||
| Q3 25 | 18.4% | -10.7% | ||
| Q2 25 | 16.3% | — | ||
| Q1 25 | 8.5% | -0.8% | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 11.9% | -0.7% | ||
| Q2 24 | 10.0% | -0.4% | ||
| Q1 24 | 10.0% | -8.4% |
每股收益（稀释后）HQYVNET
| Q4 25 | $0.59 | — | ||
| Q3 25 | $0.68 | — | ||
| Q2 25 | $0.61 | — | ||
| Q1 25 | $0.30 | — | ||
| Q4 24 | $0.06 | — | ||
| Q3 24 | $0.40 | — | ||
| Q2 24 | $0.33 | — | ||
| Q1 24 | $0.30 | — |
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 | $309.3M | $492.1M |
| 总债务越低越好 | $982.1M | — |
| 股东权益账面价值 | $2.1B | $890.8M |
| 总资产 | $3.4B | $6.1B |
| 负债/权益比越低杠杆越低 | 0.46× | — |
8季度趋势，按日历期对齐
现金及短期投资HQYVNET
| Q4 25 | $309.3M | — | ||
| Q3 25 | $304.5M | $492.1M | ||
| Q2 25 | $287.9M | — | ||
| Q1 25 | $295.9M | $544.3M | ||
| Q4 24 | $322.2M | — | ||
| Q3 24 | $326.9M | $219.5M | ||
| Q2 24 | $251.2M | $247.2M | ||
| Q1 24 | $404.0M | $246.9M |
总债务HQYVNET
| Q4 25 | $982.1M | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | $1.2B | ||
| Q2 24 | $925.7M | — | ||
| Q1 24 | $875.0M | — |
股东权益HQYVNET
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | $890.8M | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.1B | $927.8M | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.2B | $902.9M | ||
| Q2 24 | $2.1B | $900.6M | ||
| Q1 24 | $2.0B | $895.1M |
总资产HQYVNET
| Q4 25 | $3.4B | — | ||
| Q3 25 | $3.4B | $6.1B | ||
| Q2 25 | $3.4B | — | ||
| Q1 25 | $3.4B | $5.4B | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | $3.5B | $4.3B | ||
| Q2 24 | $3.2B | $4.0B | ||
| Q1 24 | $3.2B | $3.9B |
负债/权益比HQYVNET
| Q4 25 | 0.46× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.50× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.51× | 1.28× | ||
| Q2 24 | 0.44× | — | ||
| Q1 24 | 0.43× | — |
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 | $138.6M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $137.8M | $-193.1M |
| 自由现金流率自由现金流/营收 | 42.8% | -53.2% |
| 资本支出强度资本支出/营收 | 0.2% | 84.6% |
| 现金转化率经营现金流/净利润 | 2.68× | — |
| 过去12个月自由现金流最近4个季度 | $413.0M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流HQYVNET
| Q4 25 | $138.6M | — | ||
| Q3 25 | $135.9M | $113.8M | ||
| Q2 25 | $64.7M | — | ||
| Q1 25 | $75.7M | $27.0M | ||
| Q4 24 | $90.5M | — | ||
| Q3 24 | $108.1M | $108.3M | ||
| Q2 24 | $65.4M | $55.8M | ||
| Q1 24 | $77.1M | $37.1M |
自由现金流HQYVNET
| Q4 25 | $137.8M | — | ||
| Q3 25 | $135.1M | $-193.1M | ||
| Q2 25 | $64.7M | — | ||
| Q1 25 | $75.4M | $-220.0M | ||
| Q4 24 | $90.3M | — | ||
| Q3 24 | $107.4M | $-95.0M | ||
| Q2 24 | $64.7M | $-81.6M | ||
| Q1 24 | $76.5M | $-102.2M |
自由现金流率HQYVNET
| Q4 25 | 42.8% | — | ||
| Q3 25 | 41.5% | -53.2% | ||
| Q2 25 | 19.5% | — | ||
| Q1 25 | 24.2% | -71.1% | ||
| Q4 24 | 30.0% | — | ||
| Q3 24 | 35.8% | -31.4% | ||
| Q2 24 | 22.5% | -29.8% | ||
| Q1 24 | 29.2% | -38.9% |
资本支出强度HQYVNET
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.2% | 84.6% | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.1% | 79.8% | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.2% | 67.3% | ||
| Q2 24 | 0.3% | 50.1% | ||
| Q1 24 | 0.2% | 53.0% |
现金转化率HQYVNET
| Q4 25 | 2.68× | — | ||
| Q3 25 | 2.27× | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | 2.87× | — | ||
| Q4 24 | 15.88× | — | ||
| Q3 24 | 3.02× | — | ||
| Q2 24 | 2.27× | — | ||
| Q1 24 | 2.92× | — |
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
HQY
| Financial Service Other | $159.1M | 49% |
| Services | $120.3M | 37% |
| Credit And Debit Card | $42.8M | 13% |
VNET
暂无分部数据
