vs
MACERICH CO（MAC）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MACERICH CO的1.4倍（$362.7M vs $261.7M），MACERICH CO净利率更高（-7.2% vs -10.7%，领先3.5%），过去两年世纪互联的营收复合增速更高（17.4% vs 12.0%）
Macerich是一家专注于购物中心投资的房地产投资信托基金，为美国第三大购物中心持有及运营商。截至2024年12月31日，公司共持有43处物业的权益，可租赁总面积达4300万平方英尺，公司名称由创始人Mace Siegel与Richard Cohen的名字组合而来。
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。
MAC vs VNET — 直观对比
营收规模更大
VNET
是对方的1.4倍
$261.7M
净利率更高
MAC
高出3.5%
-10.7%
两年增速更快
VNET
近两年复合增速
12.0%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $261.7M | $362.7M |
| 净利润 | $-18.8M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | — | 0.5% |
| 净利率 | -7.2% | -10.7% |
| 营收同比 | -4.4% | — |
| 净利润同比 | 91.1% | — |
| 每股收益（稀释后） | $-0.08 | — |
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MACVNET
| Q4 25 | $261.7M | — | ||
| Q3 25 | $253.3M | $362.7M | ||
| Q2 25 | $249.8M | — | ||
| Q1 25 | $249.2M | $309.5M | ||
| Q4 24 | $273.7M | — | ||
| Q3 24 | $220.2M | $302.2M | ||
| Q2 24 | $215.5M | $274.4M | ||
| Q1 24 | $208.8M | $262.9M |
净利润MACVNET
| Q4 25 | $-18.8M | — | ||
| Q3 25 | $-87.4M | $-38.7M | ||
| Q2 25 | $-40.9M | — | ||
| Q1 25 | $-50.1M | $-2.4M | ||
| Q4 24 | $-211.2M | — | ||
| Q3 24 | $-108.2M | $-2.1M | ||
| Q2 24 | $252.0M | $-1.1M | ||
| Q1 24 | $-126.7M | $-22.0M |
毛利率MACVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 21.6% |
营业利润率MACVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 24.5% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.2% |
净利率MACVNET
| Q4 25 | -7.2% | — | ||
| Q3 25 | -34.5% | -10.7% | ||
| Q2 25 | -16.4% | — | ||
| Q1 25 | -20.1% | -0.8% | ||
| Q4 24 | -77.2% | — | ||
| Q3 24 | -49.1% | -0.7% | ||
| Q2 24 | 116.9% | -0.4% | ||
| Q1 24 | -60.7% | -8.4% |
每股收益（稀释后）MACVNET
| Q4 25 | $-0.08 | — | ||
| Q3 25 | $-0.34 | — | ||
| Q2 25 | $-0.16 | — | ||
| Q1 25 | $-0.20 | — | ||
| Q4 24 | $-0.95 | — | ||
| Q3 24 | $-0.50 | — | ||
| Q2 24 | $1.16 | — | ||
| Q1 24 | $-0.59 | — |
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 | $280.2M | $492.1M |
| 总债务越低越好 | $5.1B | — |
| 股东权益账面价值 | $2.4B | $890.8M |
| 总资产 | $8.4B | $6.1B |
| 负债/权益比越低杠杆越低 | 2.07× | — |
8季度趋势，按日历期对齐
现金及短期投资MACVNET
| Q4 25 | $280.2M | — | ||
| Q3 25 | $290.2M | $492.1M | ||
| Q2 25 | $131.1M | — | ||
| Q1 25 | $253.2M | $544.3M | ||
| Q4 24 | $89.9M | — | ||
| Q3 24 | $116.5M | $219.5M | ||
| Q2 24 | $70.7M | $247.2M | ||
| Q1 24 | $120.1M | $246.9M |
总债务MACVNET
| Q4 25 | $5.1B | — | ||
| Q3 25 | $5.1B | — | ||
| Q2 25 | $5.2B | — | ||
| Q1 25 | $5.2B | — | ||
| Q4 24 | $4.9B | — | ||
| Q3 24 | $4.3B | $1.2B | ||
| Q2 24 | $4.4B | — | ||
| Q1 24 | $4.1B | — |
股东权益MACVNET
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.5B | $890.8M | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.7B | $927.8M | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.5B | $902.9M | ||
| Q2 24 | $2.5B | $900.6M | ||
| Q1 24 | $2.3B | $895.1M |
总资产MACVNET
| Q4 25 | $8.4B | — | ||
| Q3 25 | $8.4B | $6.1B | ||
| Q2 25 | $8.7B | — | ||
| Q1 25 | $8.7B | $5.4B | ||
| Q4 24 | $8.6B | — | ||
| Q3 24 | $7.6B | $4.3B | ||
| Q2 24 | $7.8B | $4.0B | ||
| Q1 24 | $7.4B | $3.9B |
负债/权益比MACVNET
| Q4 25 | 2.07× | — | ||
| Q3 25 | 2.02× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 1.96× | — | ||
| Q4 24 | 1.78× | — | ||
| Q3 24 | 1.73× | 1.28× | ||
| Q2 24 | 1.75× | — | ||
| Q1 24 | 1.79× | — |
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 | $50.2M | $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MACVNET
| Q4 25 | $50.2M | — | ||
| Q3 25 | $112.4M | $113.8M | ||
| Q2 25 | $70.5M | — | ||
| Q1 25 | $88.5M | $27.0M | ||
| Q4 24 | $54.9M | — | ||
| Q3 24 | $100.0M | $108.3M | ||
| Q2 24 | $67.4M | $55.8M | ||
| Q1 24 | $61.1M | $37.1M |
自由现金流MACVNET
| Q4 25 | — | — | ||
| Q3 25 | — | $-193.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-220.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-95.0M | ||
| Q2 24 | — | $-81.6M | ||
| Q1 24 | — | $-102.2M |
自由现金流率MACVNET
| Q4 25 | — | — | ||
| Q3 25 | — | -53.2% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -71.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -31.4% | ||
| Q2 24 | — | -29.8% | ||
| Q1 24 | — | -38.9% |
资本支出强度MACVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 84.6% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 79.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 67.3% | ||
| Q2 24 | — | 50.1% | ||
| Q1 24 | — | 53.0% |
现金转化率MACVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.27× | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
