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INSMED Inc（INSM）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INSMED Inc的1.4倍（$362.7M vs $263.8M），世纪互联净利率更高（-10.7% vs -124.5%，领先113.8%），世纪互联自由现金流更多（$-193.1M vs $-264.2M），过去两年INSMED Inc的营收复合增速更高（86.9% vs 17.4%）
Insmed Inc.是一家全球性生物制药公司，专注于为存在高度未满足医疗需求的严重罕见病患者开发、商业化创新疗法，核心布局肺部、内分泌类罕见病治疗赛道，服务覆盖北美、欧洲及亚太地区的患者群体。
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。
INSM vs VNET — 直观对比
营收规模更大
VNET
是对方的1.4倍
$263.8M
净利率更高
VNET
高出113.8%
-124.5%
自由现金流更多
VNET
多$71.1M
$-264.2M
两年增速更快
INSM
近两年复合增速
17.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $263.8M | $362.7M |
| 净利润 | $-328.5M | $-38.7M |
| 毛利率 | 83.2% | 20.9% |
| 营业利润率 | -121.2% | 0.5% |
| 净利率 | -124.5% | -10.7% |
| 营收同比 | 152.6% | — |
| 净利润同比 | -39.5% | — |
| 每股收益（稀释后） | $-1.55 | — |
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INSMVNET
| Q4 25 | $263.8M | — | ||
| Q3 25 | $142.3M | $362.7M | ||
| Q2 25 | $107.4M | — | ||
| Q1 25 | $92.8M | $309.5M | ||
| Q4 24 | $104.4M | — | ||
| Q3 24 | $93.4M | $302.2M | ||
| Q2 24 | $90.3M | $274.4M | ||
| Q1 24 | $75.5M | $262.9M |
净利润INSMVNET
| Q4 25 | $-328.5M | — | ||
| Q3 25 | $-370.0M | $-38.7M | ||
| Q2 25 | $-321.7M | — | ||
| Q1 25 | $-256.6M | $-2.4M | ||
| Q4 24 | $-235.5M | — | ||
| Q3 24 | $-220.5M | $-2.1M | ||
| Q2 24 | $-300.6M | $-1.1M | ||
| Q1 24 | $-157.1M | $-22.0M |
毛利率INSMVNET
| Q4 25 | 83.2% | — | ||
| Q3 25 | 79.4% | 20.9% | ||
| Q2 25 | 73.9% | — | ||
| Q1 25 | 77.1% | 25.2% | ||
| Q4 24 | 75.0% | — | ||
| Q3 24 | 77.3% | 23.2% | ||
| Q2 24 | 76.8% | 21.3% | ||
| Q1 24 | 76.9% | 21.6% |
营业利润率INSMVNET
| Q4 25 | -121.2% | — | ||
| Q3 25 | -257.1% | 0.5% | ||
| Q2 25 | -291.3% | — | ||
| Q1 25 | -267.3% | 0.1% | ||
| Q4 24 | -220.6% | — | ||
| Q3 24 | -228.4% | 24.5% | ||
| Q2 24 | -319.8% | 0.2% | ||
| Q1 24 | -192.7% | 0.2% |
净利率INSMVNET
| Q4 25 | -124.5% | — | ||
| Q3 25 | -260.0% | -10.7% | ||
| Q2 25 | -299.5% | — | ||
| Q1 25 | -276.4% | -0.8% | ||
| Q4 24 | -225.5% | — | ||
| Q3 24 | -236.0% | -0.7% | ||
| Q2 24 | -332.8% | -0.4% | ||
| Q1 24 | -208.1% | -8.4% |
每股收益（稀释后）INSMVNET
| Q4 25 | $-1.55 | — | ||
| Q3 25 | $-1.75 | — | ||
| Q2 25 | $-1.70 | — | ||
| Q1 25 | $-1.42 | — | ||
| Q4 24 | $-1.30 | — | ||
| Q3 24 | $-1.27 | — | ||
| Q2 24 | $-1.94 | — | ||
| Q1 24 | $-1.06 | — |
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 | $1.4B | $492.1M |
| 总债务越低越好 | $546.8M | — |
| 股东权益账面价值 | $739.0M | $890.8M |
| 总资产 | $2.3B | $6.1B |
| 负债/权益比越低杠杆越低 | 0.74× | — |
8季度趋势，按日历期对齐
现金及短期投资INSMVNET
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.7B | $492.1M | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.2B | $544.3M | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.5B | $219.5M | ||
| Q2 24 | $1.2B | $247.2M | ||
| Q1 24 | $595.7M | $246.9M |
总债务INSMVNET
| Q4 25 | $546.8M | — | ||
| Q3 25 | $546.8M | — | ||
| Q2 25 | $546.8M | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $971.8M | $1.2B | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
股东权益INSMVNET
| Q4 25 | $739.0M | — | ||
| Q3 25 | $945.6M | $890.8M | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $99.2M | $927.8M | ||
| Q4 24 | $285.4M | — | ||
| Q3 24 | $483.4M | $902.9M | ||
| Q2 24 | $38.8M | $900.6M | ||
| Q1 24 | $-464.8M | $895.1M |
总资产INSMVNET
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.4B | $6.1B | ||
| Q2 25 | $2.5B | — | ||
| Q1 25 | $1.8B | $5.4B | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $2.1B | $4.3B | ||
| Q2 24 | $1.8B | $4.0B | ||
| Q1 24 | $1.2B | $3.9B |
负债/权益比INSMVNET
| Q4 25 | 0.74× | — | ||
| Q3 25 | 0.58× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 11.31× | — | ||
| Q4 24 | 3.93× | — | ||
| Q3 24 | 2.01× | 1.28× | ||
| Q2 24 | 30.66× | — | ||
| 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 | $-247.6M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $-264.2M | $-193.1M |
| 自由现金流率自由现金流/营收 | -100.1% | -53.2% |
| 资本支出强度资本支出/营收 | 6.3% | 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 | $-967.6M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流INSMVNET
| Q4 25 | $-247.6M | — | ||
| Q3 25 | $-219.8M | $113.8M | ||
| Q2 25 | $-205.6M | — | ||
| Q1 25 | $-262.1M | $27.0M | ||
| Q4 24 | $-196.0M | — | ||
| Q3 24 | $-180.9M | $108.3M | ||
| Q2 24 | $-123.0M | $55.8M | ||
| Q1 24 | $-184.0M | $37.1M |
自由现金流INSMVNET
| Q4 25 | $-264.2M | — | ||
| Q3 25 | $-222.2M | $-193.1M | ||
| Q2 25 | $-209.1M | — | ||
| Q1 25 | $-272.2M | $-220.0M | ||
| Q4 24 | $-202.8M | — | ||
| Q3 24 | $-184.6M | $-95.0M | ||
| Q2 24 | $-129.7M | $-81.6M | ||
| Q1 24 | $-188.7M | $-102.2M |
自由现金流率INSMVNET
| Q4 25 | -100.1% | — | ||
| Q3 25 | -156.1% | -53.2% | ||
| Q2 25 | -194.6% | — | ||
| Q1 25 | -293.2% | -71.1% | ||
| Q4 24 | -194.1% | — | ||
| Q3 24 | -197.6% | -31.4% | ||
| Q2 24 | -143.6% | -29.8% | ||
| Q1 24 | -250.0% | -38.9% |
资本支出强度INSMVNET
| Q4 25 | 6.3% | — | ||
| Q3 25 | 1.7% | 84.6% | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | 10.8% | 79.8% | ||
| Q4 24 | 6.5% | — | ||
| Q3 24 | 3.9% | 67.3% | ||
| Q2 24 | 7.5% | 50.1% | ||
| Q1 24 | 6.2% | 53.0% |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
