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IREN Ltd（IREN）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IREN Ltd的2.0倍（$362.7M vs $184.7M），世纪互联净利率更高（-10.7% vs -84.1%，领先73.5%），世纪互联自由现金流更多（$-193.1M vs $-468.0M）
IREN Ltd是一家垂直整合的数据中心企业，依托可再生能源为比特币、人工智能等前沿领域发展提供算力支撑，旗下设施策略性布局于美国及加拿大境内可再生能源丰富、光纤网络完善的区域。
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。
IREN vs VNET — 直观对比
营收规模更大
VNET
是对方的2.0倍
$184.7M
净利率更高
VNET
高出73.5%
-84.1%
自由现金流更多
VNET
多$275.0M
$-468.0M
损益表 — Q2 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $184.7M | $362.7M |
| 净利润 | $-155.4M | $-38.7M |
| 毛利率 | 64.4% | 20.9% |
| 营业利润率 | -63.0% | 0.5% |
| 净利率 | -84.1% | -10.7% |
| 营收同比 | 59.0% | — |
| 净利润同比 | -610.0% | — |
| 每股收益（稀释后） | $-0.52 | — |
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IRENVNET
| Q4 25 | $184.7M | — | ||
| Q3 25 | $240.3M | $362.7M | ||
| Q1 25 | — | $309.5M | ||
| Q4 24 | $116.1M | — | ||
| Q3 24 | $52.8M | $302.2M | ||
| Q2 24 | — | $274.4M | ||
| Q1 24 | $54.3M | $262.9M | ||
| Q4 23 | $42.6M | — |
净利润IRENVNET
| Q4 25 | $-155.4M | — | ||
| Q3 25 | $384.6M | $-38.7M | ||
| Q1 25 | — | $-2.4M | ||
| Q4 24 | $-21.9M | — | ||
| Q3 24 | $-51.7M | $-2.1M | ||
| Q2 24 | — | $-1.1M | ||
| Q1 24 | $8.6M | $-22.0M | ||
| Q4 23 | $-5.2M | — |
毛利率IRENVNET
| Q4 25 | 64.4% | — | ||
| Q3 25 | 66.4% | 20.9% | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 39.6% | 23.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 21.6% | ||
| Q4 23 | — | — |
营业利润率IRENVNET
| Q4 25 | -63.0% | — | ||
| Q3 25 | -31.8% | 0.5% | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | 14.9% | — | ||
| Q3 24 | -89.2% | 24.5% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | 11.1% | 0.2% | ||
| Q4 23 | -5.2% | — |
净利率IRENVNET
| Q4 25 | -84.1% | — | ||
| Q3 25 | 160.1% | -10.7% | ||
| Q1 25 | — | -0.8% | ||
| Q4 24 | -18.8% | — | ||
| Q3 24 | -98.0% | -0.7% | ||
| Q2 24 | — | -0.4% | ||
| Q1 24 | 15.9% | -8.4% | ||
| Q4 23 | -12.3% | — |
每股收益（稀释后）IRENVNET
| Q4 25 | $-0.52 | — | ||
| Q3 25 | $1.08 | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-0.10 | — | ||
| Q3 24 | $-0.27 | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $0.00 | — | ||
| Q4 23 | $-0.00 | — |
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 | $3.3B | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.5B | $890.8M |
| 总资产 | $7.0B | $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IRENVNET
| Q4 25 | $3.3B | — | ||
| Q3 25 | $1.0B | $492.1M | ||
| Q1 25 | — | $544.3M | ||
| Q4 24 | $427.3M | — | ||
| Q3 24 | $98.6M | $219.5M | ||
| Q2 24 | — | $247.2M | ||
| Q1 24 | $259.7M | $246.9M | ||
| Q4 23 | $90.3M | — |
总债务IRENVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
股东权益IRENVNET
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.9B | $890.8M | ||
| Q1 25 | — | $927.8M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.1B | $902.9M | ||
| Q2 24 | — | $900.6M | ||
| Q1 24 | $677.2M | $895.1M | ||
| Q4 23 | $381.8M | — |
总资产IRENVNET
| Q4 25 | $7.0B | — | ||
| Q3 25 | $4.3B | $6.1B | ||
| Q1 25 | — | $5.4B | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.3B | $4.3B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | $723.6M | $3.9B | ||
| Q4 23 | $417.2M | — |
负债/权益比IRENVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
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 | $71.7M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $-468.0M | $-193.1M |
| 自由现金流率自由现金流/营收 | -253.4% | -53.2% |
| 资本支出强度资本支出/营收 | 292.2% | 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 | $-701.2M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流IRENVNET
| Q4 25 | $71.7M | — | ||
| Q3 25 | $142.4M | $113.8M | ||
| Q1 25 | — | $27.0M | ||
| Q4 24 | $53.6M | — | ||
| Q3 24 | $-3.9M | $108.3M | ||
| Q2 24 | — | $55.8M | ||
| Q1 24 | $-27.1M | $37.1M | ||
| Q4 23 | $17.4M | — |
自由现金流IRENVNET
| Q4 25 | $-468.0M | — | ||
| Q3 25 | $-38.0M | $-193.1M | ||
| Q1 25 | — | $-220.0M | ||
| Q4 24 | $-85.5M | — | ||
| Q3 24 | $-109.7M | $-95.0M | ||
| Q2 24 | — | $-81.6M | ||
| Q1 24 | $-108.3M | $-102.2M | ||
| Q4 23 | — | — |
自由现金流率IRENVNET
| Q4 25 | -253.4% | — | ||
| Q3 25 | -15.8% | -53.2% | ||
| Q1 25 | — | -71.1% | ||
| Q4 24 | -73.6% | — | ||
| Q3 24 | -208.0% | -31.4% | ||
| Q2 24 | — | -29.8% | ||
| Q1 24 | -199.4% | -38.9% | ||
| Q4 23 | — | — |
资本支出强度IRENVNET
| Q4 25 | 292.2% | — | ||
| Q3 25 | 75.0% | 84.6% | ||
| Q1 25 | — | 79.8% | ||
| Q4 24 | 119.7% | — | ||
| Q3 24 | 200.6% | 67.3% | ||
| Q2 24 | — | 50.1% | ||
| Q1 24 | 149.5% | 53.0% | ||
| Q4 23 | — | — |
现金转化率IRENVNET
| Q4 25 | — | — | ||
| Q3 25 | 0.37× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -3.13× | — | ||
| Q4 23 | — | — |
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
IREN
| Bitcoin Mining Revenue | $167.4M | 91% |
| AI Cloud Services | $17.3M | 9% |
VNET
暂无分部数据
