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赫氏（HXL）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
赫氏的季度营收约是世纪互联的1.4倍（$501.5M vs $362.7M），赫氏净利率更高（7.4% vs -10.7%，领先18.1%），过去两年世纪互联的营收复合增速更高（17.4% vs 0.1%）
赫氏是总部位于美国康涅狄格州斯坦福德的上市工业材料企业，专注于结构材料的研发与生产，由加州增强塑料公司、汽巴复合材料业务、赫克力士复合材料产品部门合并组建。其产品覆盖商用、军工、休闲等市场，广泛应用于军民飞机、航天运载火箭、卫星、风电叶片、运动器材等领域。
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。
HXL vs VNET — 直观对比
营收规模更大
HXL
是对方的1.4倍
$362.7M
净利率更高
HXL
高出18.1%
-10.7%
两年增速更快
VNET
近两年复合增速
0.1%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $501.5M | $362.7M |
| 净利润 | $37.2M | $-38.7M |
| 毛利率 | 26.9% | 20.9% |
| 营业利润率 | 11.5% | 0.5% |
| 净利率 | 7.4% | -10.7% |
| 营收同比 | 9.9% | — |
| 净利润同比 | 28.7% | — |
| 每股收益（稀释后） | $0.49 | — |
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HXLVNET
| Q1 26 | $501.5M | — | ||
| Q4 25 | $491.3M | — | ||
| Q3 25 | $456.2M | $362.7M | ||
| Q2 25 | $489.9M | — | ||
| Q1 25 | $456.5M | $309.5M | ||
| Q4 24 | $473.8M | — | ||
| Q3 24 | $456.5M | $302.2M | ||
| Q2 24 | $500.4M | $274.4M |
净利润HXLVNET
| Q1 26 | $37.2M | — | ||
| Q4 25 | $46.4M | — | ||
| Q3 25 | $20.6M | $-38.7M | ||
| Q2 25 | $13.5M | — | ||
| Q1 25 | $28.9M | $-2.4M | ||
| Q4 24 | $5.8M | — | ||
| Q3 24 | $39.8M | $-2.1M | ||
| Q2 24 | $50.0M | $-1.1M |
毛利率HXLVNET
| Q1 26 | 26.9% | — | ||
| Q4 25 | 24.6% | — | ||
| Q3 25 | 21.9% | 20.9% | ||
| Q2 25 | 22.8% | — | ||
| Q1 25 | 22.4% | 25.2% | ||
| Q4 24 | 25.0% | — | ||
| Q3 24 | 23.3% | 23.2% | ||
| Q2 24 | 25.3% | 21.3% |
营业利润率HXLVNET
| Q1 26 | 11.5% | — | ||
| Q4 25 | 12.5% | — | ||
| Q3 25 | 7.9% | 0.5% | ||
| Q2 25 | 6.1% | — | ||
| Q1 25 | 9.7% | 0.1% | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 11.5% | 24.5% | ||
| Q2 24 | 14.3% | 0.2% |
净利率HXLVNET
| Q1 26 | 7.4% | — | ||
| Q4 25 | 9.4% | — | ||
| Q3 25 | 4.5% | -10.7% | ||
| Q2 25 | 2.8% | — | ||
| Q1 25 | 6.3% | -0.8% | ||
| Q4 24 | 1.2% | — | ||
| Q3 24 | 8.7% | -0.7% | ||
| Q2 24 | 10.0% | -0.4% |
每股收益（稀释后）HXLVNET
| Q1 26 | $0.49 | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $54.1M | $492.1M |
| 总债务越低越好 | $998.1M | — |
| 股东权益账面价值 | $1.3B | $890.8M |
| 总资产 | $2.7B | $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HXLVNET
| Q1 26 | $54.1M | — | ||
| Q4 25 | $71.0M | — | ||
| Q3 25 | $90.5M | $492.1M | ||
| Q2 25 | $77.2M | — | ||
| Q1 25 | $89.2M | $544.3M | ||
| Q4 24 | $125.4M | — | ||
| Q3 24 | $98.2M | $219.5M | ||
| Q2 24 | $75.4M | $247.2M |
总债务HXLVNET
| Q1 26 | $998.1M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — |
股东权益HXLVNET
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.6B | $890.8M | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.5B | $927.8M | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.6B | $902.9M | ||
| Q2 24 | $1.6B | $900.6M |
总资产HXLVNET
| Q1 26 | $2.7B | — | ||
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.8B | $6.1B | ||
| Q2 25 | $2.8B | — | ||
| Q1 25 | $2.8B | $5.4B | ||
| Q4 24 | $2.7B | — | ||
| Q3 24 | $2.9B | $4.3B | ||
| Q2 24 | $2.8B | $4.0B |
负债/权益比HXLVNET
| Q1 26 | 0.79× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.28× | ||
| Q2 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 | — | $113.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-193.1M |
| 自由现金流率自由现金流/营收 | — | -53.2% |
| 资本支出强度资本支出/营收 | 3.2% | 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 | — | $-589.7M |
8季度趋势，按日历期对齐
经营现金流HXLVNET
| Q1 26 | — | — | ||
| Q4 25 | $125.5M | — | ||
| Q3 25 | $110.2M | $113.8M | ||
| Q2 25 | $23.3M | — | ||
| Q1 25 | $-28.5M | $27.0M | ||
| Q4 24 | $162.6M | — | ||
| Q3 24 | $90.1M | $108.3M | ||
| Q2 24 | $44.2M | $55.8M |
自由现金流HXLVNET
| Q1 26 | — | — | ||
| Q4 25 | $107.3M | — | ||
| Q3 25 | $96.5M | $-193.1M | ||
| Q2 25 | $8.0M | — | ||
| Q1 25 | $-54.6M | $-220.0M | ||
| Q4 24 | $144.0M | — | ||
| Q3 24 | $73.3M | $-95.0M | ||
| Q2 24 | $21.3M | $-81.6M |
自由现金流率HXLVNET
| Q1 26 | — | — | ||
| Q4 25 | 21.8% | — | ||
| Q3 25 | 21.2% | -53.2% | ||
| Q2 25 | 1.6% | — | ||
| Q1 25 | -12.0% | -71.1% | ||
| Q4 24 | 30.4% | — | ||
| Q3 24 | 16.1% | -31.4% | ||
| Q2 24 | 4.3% | -29.8% |
资本支出强度HXLVNET
| Q1 26 | 3.2% | — | ||
| Q4 25 | 3.7% | — | ||
| Q3 25 | 3.0% | 84.6% | ||
| Q2 25 | 3.1% | — | ||
| Q1 25 | 5.7% | 79.8% | ||
| Q4 24 | 3.9% | — | ||
| Q3 24 | 3.7% | 67.3% | ||
| Q2 24 | 4.6% | 50.1% |
现金转化率HXLVNET
| Q1 26 | — | — | ||
| Q4 25 | 2.70× | — | ||
| Q3 25 | 5.35× | — | ||
| Q2 25 | 1.73× | — | ||
| Q1 25 | -0.99× | — | ||
| Q4 24 | 28.03× | — | ||
| Q3 24 | 2.26× | — | ||
| Q2 24 | 0.88× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
