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LivaNova PLC（LIVN）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LivaNova PLC的1.0倍（$362.7M vs $360.9M），LivaNova PLC净利率更高（8.6% vs -10.7%，领先19.2%），LivaNova PLC自由现金流更多（$50.2M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 10.6%）
LivaNova PLC是一家深耕医疗设备领域的企业，总部位于英国，核心业务为研发心脏外科及神经调控类医疗设备。该公司由美国Cyberonics公司与意大利Sorin公司于2015年以27亿美元对价合并成立，目前在纳斯达克挂牌交易，股票代码为LIVN。
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。
LIVN vs VNET — 直观对比
营收规模更大
VNET
是对方的1.0倍
$360.9M
净利率更高
LIVN
高出19.2%
-10.7%
自由现金流更多
LIVN
多$243.2M
$-193.1M
两年增速更快
VNET
近两年复合增速
10.6%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $360.9M | $362.7M |
| 净利润 | $30.9M | $-38.7M |
| 毛利率 | 65.2% | 20.9% |
| 营业利润率 | 11.8% | 0.5% |
| 净利率 | 8.6% | -10.7% |
| 营收同比 | 12.1% | — |
| 净利润同比 | -44.7% | — |
| 每股收益（稀释后） | $0.57 | — |
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LIVNVNET
| Q4 25 | $360.9M | — | ||
| Q3 25 | $357.8M | $362.7M | ||
| Q2 25 | $352.5M | — | ||
| Q1 25 | $316.9M | $309.5M | ||
| Q4 24 | $321.8M | — | ||
| Q3 24 | $318.1M | $302.2M | ||
| Q2 24 | $318.6M | $274.4M | ||
| Q1 24 | $294.9M | $262.9M |
净利润LIVNVNET
| Q4 25 | $30.9M | — | ||
| Q3 25 | $26.8M | $-38.7M | ||
| Q2 25 | $27.2M | — | ||
| Q1 25 | $-327.3M | $-2.4M | ||
| Q4 24 | $55.9M | — | ||
| Q3 24 | $33.0M | $-2.1M | ||
| Q2 24 | $16.3M | $-1.1M | ||
| Q1 24 | $-41.9M | $-22.0M |
毛利率LIVNVNET
| Q4 25 | 65.2% | — | ||
| Q3 25 | 68.4% | 20.9% | ||
| Q2 25 | 67.8% | — | ||
| Q1 25 | 69.7% | 25.2% | ||
| Q4 24 | 68.2% | — | ||
| Q3 24 | 70.8% | 23.2% | ||
| Q2 24 | 68.7% | 21.3% | ||
| Q1 24 | 70.3% | 21.6% |
营业利润率LIVNVNET
| Q4 25 | 11.8% | — | ||
| Q3 25 | 15.1% | 0.5% | ||
| Q2 25 | 15.4% | — | ||
| Q1 25 | 15.3% | 0.1% | ||
| Q4 24 | 11.5% | — | ||
| Q3 24 | 11.2% | 24.5% | ||
| Q2 24 | 12.6% | 0.2% | ||
| Q1 24 | 5.5% | 0.2% |
净利率LIVNVNET
| Q4 25 | 8.6% | — | ||
| Q3 25 | 7.5% | -10.7% | ||
| Q2 25 | 7.7% | — | ||
| Q1 25 | -103.3% | -0.8% | ||
| Q4 24 | 17.4% | — | ||
| Q3 24 | 10.4% | -0.7% | ||
| Q2 24 | 5.1% | -0.4% | ||
| Q1 24 | -14.2% | -8.4% |
每股收益（稀释后）LIVNVNET
| Q4 25 | $0.57 | — | ||
| Q3 25 | $0.49 | — | ||
| Q2 25 | $0.50 | — | ||
| Q1 25 | $-6.01 | — | ||
| Q4 24 | $1.04 | — | ||
| Q3 24 | $0.60 | — | ||
| Q2 24 | $0.30 | — | ||
| Q1 24 | $-0.78 | — |
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 | $635.6M | $492.1M |
| 总债务越低越好 | $376.1M | — |
| 股东权益账面价值 | $1.2B | $890.8M |
| 总资产 | $2.6B | $6.1B |
| 负债/权益比越低杠杆越低 | 0.31× | — |
8季度趋势，按日历期对齐
现金及短期投资LIVNVNET
| Q4 25 | $635.6M | — | ||
| Q3 25 | $646.1M | $492.1M | ||
| Q2 25 | $593.6M | — | ||
| Q1 25 | $738.4M | $544.3M | ||
| Q4 24 | $428.9M | — | ||
| Q3 24 | $346.4M | $219.5M | ||
| Q2 24 | $329.2M | $247.2M | ||
| Q1 24 | $309.2M | $246.9M |
总债务LIVNVNET
| Q4 25 | $376.1M | — | ||
| Q3 25 | $434.5M | — | ||
| Q2 25 | $430.6M | — | ||
| Q1 25 | $628.2M | — | ||
| Q4 24 | $627.0M | — | ||
| Q3 24 | $625.5M | $1.2B | ||
| Q2 24 | $624.5M | — | ||
| Q1 24 | $623.8M | — |
股东权益LIVNVNET
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | $890.8M | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.0B | $927.8M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | $902.9M | ||
| Q2 24 | $1.2B | $900.6M | ||
| Q1 24 | $1.2B | $895.1M |
总资产LIVNVNET
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.6B | $6.1B | ||
| Q2 25 | $2.5B | — | ||
| Q1 25 | $2.6B | $5.4B | ||
| Q4 24 | $2.5B | — | ||
| Q3 24 | $2.5B | $4.3B | ||
| Q2 24 | $2.5B | $4.0B | ||
| Q1 24 | $2.5B | $3.9B |
负债/权益比LIVNVNET
| Q4 25 | 0.31× | — | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | 0.38× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | 0.47× | — | ||
| Q3 24 | 0.48× | 1.28× | ||
| Q2 24 | 0.50× | — | ||
| Q1 24 | 0.51× | — |
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 | $82.4M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $50.2M | $-193.1M |
| 自由现金流率自由现金流/营收 | 13.9% | -53.2% |
| 资本支出强度资本支出/营收 | 8.9% | 84.6% |
| 现金转化率经营现金流/净利润 | 2.67× | — |
| 过去12个月自由现金流最近4个季度 | $173.3M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流LIVNVNET
| Q4 25 | $82.4M | — | ||
| Q3 25 | $85.1M | $113.8M | ||
| Q2 25 | $62.9M | — | ||
| Q1 25 | $24.0M | $27.0M | ||
| Q4 24 | $78.7M | — | ||
| Q3 24 | $51.0M | $108.3M | ||
| Q2 24 | $43.4M | $55.8M | ||
| Q1 24 | $10.0M | $37.1M |
自由现金流LIVNVNET
| Q4 25 | $50.2M | — | ||
| Q3 25 | $62.2M | $-193.1M | ||
| Q2 25 | $47.8M | — | ||
| Q1 25 | $13.2M | $-220.0M | ||
| Q4 24 | $68.3M | — | ||
| Q3 24 | $32.8M | $-95.0M | ||
| Q2 24 | $31.2M | $-81.6M | ||
| Q1 24 | $3.6M | $-102.2M |
自由现金流率LIVNVNET
| Q4 25 | 13.9% | — | ||
| Q3 25 | 17.4% | -53.2% | ||
| Q2 25 | 13.6% | — | ||
| Q1 25 | 4.2% | -71.1% | ||
| Q4 24 | 21.2% | — | ||
| Q3 24 | 10.3% | -31.4% | ||
| Q2 24 | 9.8% | -29.8% | ||
| Q1 24 | 1.2% | -38.9% |
资本支出强度LIVNVNET
| Q4 25 | 8.9% | — | ||
| Q3 25 | 6.4% | 84.6% | ||
| Q2 25 | 4.3% | — | ||
| Q1 25 | 3.4% | 79.8% | ||
| Q4 24 | 3.2% | — | ||
| Q3 24 | 5.7% | 67.3% | ||
| Q2 24 | 3.8% | 50.1% | ||
| Q1 24 | 2.2% | 53.0% |
现金转化率LIVNVNET
| Q4 25 | 2.67× | — | ||
| Q3 25 | 3.18× | — | ||
| Q2 25 | 2.32× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.41× | — | ||
| Q3 24 | 1.55× | — | ||
| Q2 24 | 2.65× | — | ||
| Q1 24 | — | — |
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
LIVN
| Other | $169.4M | 47% |
| Neuromodulation Segment | $119.7M | 33% |
| Cardiopulmonary Segment | $71.8M | 20% |
VNET
暂无分部数据
