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Inspire Medical Systems, Inc.（INSP）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Inspire Medical Systems, Inc.的1.3倍（$362.7M vs $269.1M），Inspire Medical Systems, Inc.净利率更高（50.6% vs -10.7%，领先61.2%），Inspire Medical Systems, Inc.自由现金流更多（$41.8M vs $-193.1M），过去两年Inspire Medical Systems, Inc.的营收复合增速更高（28.1% vs 17.4%）
Inspire Medical Systems是一家专注于阻塞性睡眠呼吸暂停治疗的医疗科技企业，研发、生产并销售植入式神经刺激设备，面向无法耐受持续气道正压通气治疗的患者，核心市场覆盖北美、欧洲及部分亚太地区，服务睡眠医学、耳鼻喉科等临床领域。
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。
INSP vs VNET — 直观对比
营收规模更大
VNET
是对方的1.3倍
$269.1M
净利率更高
INSP
高出61.2%
-10.7%
自由现金流更多
INSP
多$234.9M
$-193.1M
两年增速更快
INSP
近两年复合增速
17.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $269.1M | $362.7M |
| 净利润 | $136.1M | $-38.7M |
| 毛利率 | 86.6% | 20.9% |
| 营业利润率 | 17.1% | 0.5% |
| 净利率 | 50.6% | -10.7% |
| 营收同比 | 12.2% | — |
| 净利润同比 | 286.4% | — |
| 每股收益（稀释后） | $4.57 | — |
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INSPVNET
| Q4 25 | $269.1M | — | ||
| Q3 25 | $224.5M | $362.7M | ||
| Q2 25 | $217.1M | — | ||
| Q1 25 | $201.3M | $309.5M | ||
| Q4 24 | $239.7M | — | ||
| Q3 24 | $203.2M | $302.2M | ||
| Q2 24 | $195.9M | $274.4M | ||
| Q1 24 | $164.0M | $262.9M |
净利润INSPVNET
| Q4 25 | $136.1M | — | ||
| Q3 25 | $9.9M | $-38.7M | ||
| Q2 25 | $-3.6M | — | ||
| Q1 25 | $3.0M | $-2.4M | ||
| Q4 24 | $35.2M | — | ||
| Q3 24 | $18.5M | $-2.1M | ||
| Q2 24 | $9.8M | $-1.1M | ||
| Q1 24 | $-10.0M | $-22.0M |
毛利率INSPVNET
| Q4 25 | 86.6% | — | ||
| Q3 25 | 85.8% | 20.9% | ||
| Q2 25 | 84.0% | — | ||
| Q1 25 | 84.7% | 25.2% | ||
| Q4 24 | 85.0% | — | ||
| Q3 24 | 84.1% | 23.2% | ||
| Q2 24 | 84.8% | 21.3% | ||
| Q1 24 | 84.9% | 21.6% |
营业利润率INSPVNET
| Q4 25 | 17.1% | — | ||
| Q3 25 | 4.3% | 0.5% | ||
| Q2 25 | -1.5% | — | ||
| Q1 25 | -0.7% | 0.1% | ||
| Q4 24 | 13.3% | — | ||
| Q3 24 | 7.0% | 24.5% | ||
| Q2 24 | 2.6% | 0.2% | ||
| Q1 24 | -9.3% | 0.2% |
净利率INSPVNET
| Q4 25 | 50.6% | — | ||
| Q3 25 | 4.4% | -10.7% | ||
| Q2 25 | -1.7% | — | ||
| Q1 25 | 1.5% | -0.8% | ||
| Q4 24 | 14.7% | — | ||
| Q3 24 | 9.1% | -0.7% | ||
| Q2 24 | 5.0% | -0.4% | ||
| Q1 24 | -6.1% | -8.4% |
每股收益（稀释后）INSPVNET
| Q4 25 | $4.57 | — | ||
| Q3 25 | $0.34 | — | ||
| Q2 25 | $-0.12 | — | ||
| Q1 25 | $0.10 | — | ||
| Q4 24 | $1.17 | — | ||
| Q3 24 | $0.60 | — | ||
| Q2 24 | $0.32 | — | ||
| Q1 24 | $-0.34 | — |
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 | $308.3M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $781.2M | $890.8M |
| 总资产 | $907.3M | $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INSPVNET
| Q4 25 | $308.3M | — | ||
| Q3 25 | $322.6M | $492.1M | ||
| Q2 25 | $300.9M | — | ||
| Q1 25 | $369.2M | $544.3M | ||
| Q4 24 | $445.5M | — | ||
| Q3 24 | $411.0M | $219.5M | ||
| Q2 24 | $439.7M | $247.2M | ||
| Q1 24 | $441.4M | $246.9M |
总债务INSPVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益INSPVNET
| Q4 25 | $781.2M | — | ||
| Q3 25 | $666.5M | $890.8M | ||
| Q2 25 | $677.8M | — | ||
| Q1 25 | $635.7M | $927.8M | ||
| Q4 24 | $689.7M | — | ||
| Q3 24 | $696.6M | $902.9M | ||
| Q2 24 | $638.1M | $900.6M | ||
| Q1 24 | $589.0M | $895.1M |
总资产INSPVNET
| Q4 25 | $907.3M | — | ||
| Q3 25 | $807.7M | $6.1B | ||
| Q2 25 | $802.2M | — | ||
| Q1 25 | $730.8M | $5.4B | ||
| Q4 24 | $808.4M | — | ||
| Q3 24 | $796.2M | $4.3B | ||
| Q2 24 | $728.4M | $4.0B | ||
| Q1 24 | $685.8M | $3.9B |
负债/权益比INSPVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | — | — | ||
| 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 | $52.5M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $41.8M | $-193.1M |
| 自由现金流率自由现金流/营收 | 15.5% | -53.2% |
| 资本支出强度资本支出/营收 | 4.0% | 84.6% |
| 现金转化率经营现金流/净利润 | 0.39× | — |
| 过去12个月自由现金流最近4个季度 | $78.5M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流INSPVNET
| Q4 25 | $52.5M | — | ||
| Q3 25 | $68.5M | $113.8M | ||
| Q2 25 | $2.7M | — | ||
| Q1 25 | $-6.7M | $27.0M | ||
| Q4 24 | $69.2M | — | ||
| Q3 24 | $52.3M | $108.3M | ||
| Q2 24 | $-78.0K | $55.8M | ||
| Q1 24 | $8.9M | $37.1M |
自由现金流INSPVNET
| Q4 25 | $41.8M | — | ||
| Q3 25 | $58.1M | $-193.1M | ||
| Q2 25 | $-6.3M | — | ||
| Q1 25 | $-15.1M | $-220.0M | ||
| Q4 24 | $62.2M | — | ||
| Q3 24 | $44.3M | $-95.0M | ||
| Q2 24 | $-12.5M | $-81.6M | ||
| Q1 24 | $-2.8M | $-102.2M |
自由现金流率INSPVNET
| Q4 25 | 15.5% | — | ||
| Q3 25 | 25.9% | -53.2% | ||
| Q2 25 | -2.9% | — | ||
| Q1 25 | -7.5% | -71.1% | ||
| Q4 24 | 25.9% | — | ||
| Q3 24 | 21.8% | -31.4% | ||
| Q2 24 | -6.4% | -29.8% | ||
| Q1 24 | -1.7% | -38.9% |
资本支出强度INSPVNET
| Q4 25 | 4.0% | — | ||
| Q3 25 | 4.6% | 84.6% | ||
| Q2 25 | 4.1% | — | ||
| Q1 25 | 4.2% | 79.8% | ||
| Q4 24 | 2.9% | — | ||
| Q3 24 | 3.9% | 67.3% | ||
| Q2 24 | 6.3% | 50.1% | ||
| Q1 24 | 7.1% | 53.0% |
现金转化率INSPVNET
| Q4 25 | 0.39× | — | ||
| Q3 25 | 6.90× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -2.24× | — | ||
| Q4 24 | 1.96× | — | ||
| Q3 24 | 2.83× | — | ||
| Q2 24 | -0.01× | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
