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H&R BLOCK INC（HRB）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H&R BLOCK INC的1.8倍（$362.7M vs $198.9M），世纪互联净利率更高（-10.7% vs -121.8%，领先111.1%），世纪互联自由现金流更多（$-193.1M vs $-649.5M），过去两年世纪互联的营收复合增速更高（17.4% vs -69.8%）
H&R Block是美国知名税务服务企业，1955年由亨利·布洛克与理查德·布洛克兄弟在密苏里州堪萨斯城创立，目前业务范围覆盖美国、加拿大、澳大利亚三地，为个人及企业客户提供专业的税务申报、咨询等相关服务，在行业内拥有较高知名度。
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。
HRB vs VNET — 直观对比
营收规模更大
VNET
是对方的1.8倍
$198.9M
净利率更高
VNET
高出111.1%
-121.8%
自由现金流更多
VNET
多$456.4M
$-649.5M
两年增速更快
VNET
近两年复合增速
-69.8%
损益表 — Q2 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $198.9M | $362.7M |
| 净利润 | $-242.2M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | -160.5% | 0.5% |
| 净利率 | -121.8% | -10.7% |
| 营收同比 | 11.1% | — |
| 净利润同比 | 0.5% | — |
| 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HRBVNET
| Q4 25 | $198.9M | — | ||
| Q3 25 | $203.6M | $362.7M | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $2.3B | $309.5M | ||
| Q4 24 | $179.1M | — | ||
| Q3 24 | $193.8M | $302.2M | ||
| Q2 24 | $1.1B | $274.4M | ||
| Q1 24 | $2.2B | $262.9M |
净利润HRBVNET
| Q4 25 | $-242.2M | — | ||
| Q3 25 | $-165.8M | $-38.7M | ||
| Q2 25 | $299.4M | — | ||
| Q1 25 | $722.3M | $-2.4M | ||
| Q4 24 | $-243.4M | — | ||
| Q3 24 | $-172.6M | $-2.1M | ||
| Q2 24 | $257.8M | $-1.1M | ||
| Q1 24 | $690.7M | $-22.0M |
毛利率HRBVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | 57.4% | 25.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | 57.6% | 21.6% |
营业利润率HRBVNET
| Q4 25 | -160.5% | — | ||
| Q3 25 | -106.3% | 0.5% | ||
| Q2 25 | 33.1% | — | ||
| Q1 25 | 42.1% | 0.1% | ||
| Q4 24 | -174.4% | — | ||
| Q3 24 | -119.8% | 24.5% | ||
| Q2 24 | 33.0% | 0.2% | ||
| Q1 24 | 41.5% | 0.2% |
净利率HRBVNET
| Q4 25 | -121.8% | — | ||
| Q3 25 | -81.5% | -10.7% | ||
| Q2 25 | 27.0% | — | ||
| Q1 25 | 31.7% | -0.8% | ||
| Q4 24 | -135.9% | — | ||
| Q3 24 | -89.0% | -0.7% | ||
| Q2 24 | 24.3% | -0.4% | ||
| Q1 24 | 31.6% | -8.4% |
每股收益（稀释后）HRBVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $5.31 | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $4.86 | — |
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 | $349.2M | $492.1M |
| 总债务越低越好 | $2.4B | — |
| 股东权益账面价值 | $-823.1M | $890.8M |
| 总资产 | $2.9B | $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HRBVNET
| Q4 25 | $349.2M | — | ||
| Q3 25 | $376.4M | $492.1M | ||
| Q2 25 | $983.3M | — | ||
| Q1 25 | $772.9M | $544.3M | ||
| Q4 24 | $320.1M | — | ||
| Q3 24 | $415.9M | $219.5M | ||
| Q2 24 | $1.1B | $247.2M | ||
| Q1 24 | $794.6M | $246.9M |
总债务HRBVNET
| Q4 25 | $2.4B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.5B | $1.2B | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $1.5B | — |
股东权益HRBVNET
| Q4 25 | $-823.1M | — | ||
| Q3 25 | $-550.9M | $890.8M | ||
| Q2 25 | $88.9M | — | ||
| Q1 25 | $-192.8M | $927.8M | ||
| Q4 24 | $-872.5M | — | ||
| Q3 24 | $-368.1M | $902.9M | ||
| Q2 24 | $90.6M | $900.6M | ||
| Q1 24 | $-129.8M | $895.1M |
总资产HRBVNET
| Q4 25 | $2.9B | — | ||
| Q3 25 | $2.6B | $6.1B | ||
| Q2 25 | $3.3B | — | ||
| Q1 25 | $3.2B | $5.4B | ||
| Q4 24 | $2.7B | — | ||
| Q3 24 | $2.5B | $4.3B | ||
| Q2 24 | $3.2B | $4.0B | ||
| Q1 24 | $3.2B | $3.9B |
负债/权益比HRBVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 12.86× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | 16.46× | — | ||
| 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 | $-614.0M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $-649.5M | $-193.1M |
| 自由现金流率自由现金流/营收 | -326.6% | -53.2% |
| 资本支出强度资本支出/营收 | 17.9% | 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 | $524.1M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流HRBVNET
| Q4 25 | $-614.0M | — | ||
| Q3 25 | $-356.8M | $113.8M | ||
| Q2 25 | $251.6M | — | ||
| Q1 25 | $1.3B | $27.0M | ||
| Q4 24 | $-567.1M | — | ||
| Q3 24 | $-328.6M | $108.3M | ||
| Q2 24 | $300.6M | $55.8M | ||
| Q1 24 | $1.4B | $37.1M |
自由现金流HRBVNET
| Q4 25 | $-649.5M | — | ||
| Q3 25 | $-370.0M | $-193.1M | ||
| Q2 25 | $241.3M | — | ||
| Q1 25 | $1.3B | $-220.0M | ||
| Q4 24 | $-597.4M | — | ||
| Q3 24 | $-347.3M | $-95.0M | ||
| Q2 24 | $290.7M | $-81.6M | ||
| Q1 24 | $1.3B | $-102.2M |
自由现金流率HRBVNET
| Q4 25 | -326.6% | — | ||
| Q3 25 | -181.8% | -53.2% | ||
| Q2 25 | 21.7% | — | ||
| Q1 25 | 57.2% | -71.1% | ||
| Q4 24 | -333.6% | — | ||
| Q3 24 | -179.2% | -31.4% | ||
| Q2 24 | 27.4% | -29.8% | ||
| Q1 24 | 61.4% | -38.9% |
资本支出强度HRBVNET
| Q4 25 | 17.9% | — | ||
| Q3 25 | 6.5% | 84.6% | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 1.0% | 79.8% | ||
| Q4 24 | 17.0% | — | ||
| Q3 24 | 9.7% | 67.3% | ||
| Q2 24 | 0.9% | 50.1% | ||
| Q1 24 | 1.0% | 53.0% |
现金转化率HRBVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.84× | — | ||
| Q1 25 | 1.83× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.17× | — | ||
| Q1 24 | 1.97× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
