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Mid-America Apartment Communities（MAA）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
Mid-America Apartment Communities的季度营收约是世纪互联的1.5倍（$553.7M vs $362.7M），过去两年世纪互联的营收复合增速更高（17.4% vs 0.7%）
Mid-America Apartment Communities（股票代码：MAA）是一家公开上市的房地产投资信托基金，总部位于美国田纳西州孟菲斯市，核心业务为投资美国东南部及西南部地区的公寓物业，深耕美国高增长区域住宅不动产赛道，为股东创造稳定的长期投资回报。
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。
MAA vs VNET — 直观对比
营收规模更大
MAA
是对方的1.5倍
$362.7M
两年增速更快
VNET
近两年复合增速
0.7%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $553.7M | $362.7M |
| 净利润 | — | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | — | 0.5% |
| 净利率 | — | -10.7% |
| 营收同比 | 438.7% | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $4.34 | — |
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MAAVNET
| Q1 26 | $553.7M | — | ||
| Q4 25 | $555.6M | — | ||
| Q3 25 | $554.4M | $362.7M | ||
| Q2 25 | $549.9M | — | ||
| Q1 25 | $549.3M | $309.5M | ||
| Q4 24 | $549.8M | — | ||
| Q3 24 | $551.1M | $302.2M | ||
| Q2 24 | $546.4M | $274.4M |
净利润MAAVNET
| Q1 26 | — | — | ||
| Q4 25 | $57.6M | — | ||
| Q3 25 | $99.5M | $-38.7M | ||
| Q2 25 | $108.1M | — | ||
| Q1 25 | $181.7M | $-2.4M | ||
| Q4 24 | $166.6M | — | ||
| Q3 24 | $115.2M | $-2.1M | ||
| Q2 24 | $102.0M | $-1.1M |
毛利率MAAVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.3% |
营业利润率MAAVNET
| Q1 26 | — | — | ||
| Q4 25 | 10.4% | — | ||
| Q3 25 | 18.7% | 0.5% | ||
| Q2 25 | 20.2% | — | ||
| Q1 25 | 34.0% | 0.1% | ||
| Q4 24 | 31.3% | — | ||
| Q3 24 | 21.5% | 24.5% | ||
| Q2 24 | 19.3% | 0.2% |
净利率MAAVNET
| Q1 26 | — | — | ||
| Q4 25 | 10.4% | — | ||
| Q3 25 | 18.0% | -10.7% | ||
| Q2 25 | 19.7% | — | ||
| Q1 25 | 33.1% | -0.8% | ||
| Q4 24 | 30.3% | — | ||
| Q3 24 | 20.9% | -0.7% | ||
| Q2 24 | 18.7% | -0.4% |
每股收益（稀释后）MAAVNET
| Q1 26 | $4.34 | — | ||
| Q4 25 | $0.48 | — | ||
| Q3 25 | $0.84 | — | ||
| Q2 25 | $0.92 | — | ||
| Q1 25 | $1.54 | — | ||
| Q4 24 | $1.43 | — | ||
| Q3 24 | $0.98 | — | ||
| Q2 24 | $0.86 | — |
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 | — | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $890.8M |
| 总资产 | — | $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MAAVNET
| Q1 26 | — | — | ||
| Q4 25 | $60.3M | — | ||
| Q3 25 | $32.2M | $492.1M | ||
| Q2 25 | $54.5M | — | ||
| Q1 25 | $55.8M | $544.3M | ||
| Q4 24 | $43.0M | — | ||
| Q3 24 | $50.2M | $219.5M | ||
| Q2 24 | $62.8M | $247.2M |
总债务MAAVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — |
股东权益MAAVNET
| Q1 26 | — | — | ||
| Q4 25 | $5.7B | — | ||
| Q3 25 | $5.8B | $890.8M | ||
| Q2 25 | $5.9B | — | ||
| Q1 25 | $5.9B | $927.8M | ||
| Q4 24 | $5.9B | — | ||
| Q3 24 | $5.9B | $902.9M | ||
| Q2 24 | $6.0B | $900.6M |
总资产MAAVNET
| Q1 26 | — | — | ||
| Q4 25 | $12.0B | — | ||
| Q3 25 | $11.9B | $6.1B | ||
| Q2 25 | $11.8B | — | ||
| Q1 25 | $11.8B | $5.4B | ||
| Q4 24 | $11.8B | — | ||
| Q3 24 | $11.8B | $4.3B | ||
| Q2 24 | $11.6B | $4.0B |
负债/权益比MAAVNET
| Q1 26 | — | — | ||
| 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 | — | 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MAAVNET
| Q1 26 | — | — | ||
| Q4 25 | $261.7M | — | ||
| Q3 25 | $266.4M | $113.8M | ||
| Q2 25 | $353.4M | — | ||
| Q1 25 | $196.6M | $27.0M | ||
| Q4 24 | $239.1M | — | ||
| Q3 24 | $309.5M | $108.3M | ||
| Q2 24 | $349.4M | $55.8M |
自由现金流MAAVNET
| Q1 26 | — | — | ||
| Q4 25 | $158.6M | — | ||
| Q3 25 | $170.8M | $-193.1M | ||
| Q2 25 | $264.5M | — | ||
| Q1 25 | $124.0M | $-220.0M | ||
| Q4 24 | $152.6M | — | ||
| Q3 24 | $215.5M | $-95.0M | ||
| Q2 24 | $259.7M | $-81.6M |
自由现金流率MAAVNET
| Q1 26 | — | — | ||
| Q4 25 | 28.5% | — | ||
| Q3 25 | 30.8% | -53.2% | ||
| Q2 25 | 48.1% | — | ||
| Q1 25 | 22.6% | -71.1% | ||
| Q4 24 | 27.8% | — | ||
| Q3 24 | 39.1% | -31.4% | ||
| Q2 24 | 47.5% | -29.8% |
资本支出强度MAAVNET
| Q1 26 | — | — | ||
| Q4 25 | 18.6% | — | ||
| Q3 25 | 17.2% | 84.6% | ||
| Q2 25 | 16.2% | — | ||
| Q1 25 | 13.2% | 79.8% | ||
| Q4 24 | 15.7% | — | ||
| Q3 24 | 17.1% | 67.3% | ||
| Q2 24 | 16.4% | 50.1% |
现金转化率MAAVNET
| Q1 26 | — | — | ||
| Q4 25 | 4.55× | — | ||
| Q3 25 | 2.68× | — | ||
| Q2 25 | 3.27× | — | ||
| Q1 25 | 1.08× | — | ||
| Q4 24 | 1.43× | — | ||
| Q3 24 | 2.69× | — | ||
| Q2 24 | 3.43× | — |
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
MAA
| Same Store Communities | $517.0M | 93% |
| Non-Same Store Communities | $22.1M | 4% |
| Lease-up/Development Communities | $7.7M | 1% |
| Commercial Property/Land | $7.0M | 1% |
VNET
暂无分部数据
