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MARA Holdings, Inc.（MARA）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MARA Holdings, Inc.的1.8倍（$362.7M vs $202.3M），世纪互联净利率更高（-10.7% vs -14298.3%，领先14287.6%），世纪互联自由现金流更多（$-193.1M vs $-1.2B），过去两年世纪互联的营收复合增速更高（17.4% vs 10.7%）
MARA Holdings, Inc.是一家美国数字资产技术及加密货币挖矿企业，总部位于佛罗里达州劳德代尔堡。公司成立于2010年，最初以专利控股公司的模式运营，2010年代后期转向专注于区块链基础设施与数字资产相关业务。
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。
MARA vs VNET — 直观对比
营收规模更大
VNET
是对方的1.8倍
$202.3M
净利率更高
VNET
高出14287.6%
-14298.3%
自由现金流更多
VNET
多$1.0B
$-1.2B
两年增速更快
VNET
近两年复合增速
10.7%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $202.3M | $362.7M |
| 净利润 | $-1.7B | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | -11795.9% | 0.5% |
| 净利率 | -14298.3% | -10.7% |
| 营收同比 | -5.6% | — |
| 净利润同比 | -423.5% | — |
| 每股收益（稀释后） | $-4.25 | — |
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MARAVNET
| Q4 25 | $202.3M | — | ||
| Q3 25 | $252.4M | $362.7M | ||
| Q2 25 | $238.5M | — | ||
| Q1 25 | $213.9M | $309.5M | ||
| Q4 24 | $214.4M | — | ||
| Q3 24 | $131.6M | $302.2M | ||
| Q2 24 | $145.1M | $274.4M | ||
| Q1 24 | $165.2M | $262.9M |
净利润MARAVNET
| Q4 25 | $-1.7B | — | ||
| Q3 25 | $123.1M | $-38.7M | ||
| Q2 25 | $808.2M | — | ||
| Q1 25 | $-533.4M | $-2.4M | ||
| Q4 24 | $528.5M | — | ||
| Q3 24 | $-124.8M | $-2.1M | ||
| Q2 24 | $-199.7M | $-1.1M | ||
| Q1 24 | $337.2M | $-22.0M |
毛利率MARAVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | -2613.4% | — | ||
| Q3 24 | -1065.0% | 23.2% | ||
| Q2 24 | -587.6% | 21.3% | ||
| Q1 24 | -289.4% | 21.6% |
营业利润率MARAVNET
| Q4 25 | -11795.9% | — | ||
| Q3 25 | 18.9% | 0.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | -253.0% | 0.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | -130.8% | 24.5% | ||
| Q2 24 | -160.1% | 0.2% | ||
| Q1 24 | — | 0.2% |
净利率MARAVNET
| Q4 25 | -14298.3% | — | ||
| Q3 25 | 48.8% | -10.7% | ||
| Q2 25 | 338.9% | — | ||
| Q1 25 | -249.4% | -0.8% | ||
| Q4 24 | 5367.4% | — | ||
| Q3 24 | -94.8% | -0.7% | ||
| Q2 24 | -137.6% | -0.4% | ||
| Q1 24 | 204.1% | -8.4% |
每股收益（稀释后）MARAVNET
| Q4 25 | $-4.25 | — | ||
| Q3 25 | $0.27 | — | ||
| Q2 25 | $1.84 | — | ||
| Q1 25 | $-1.55 | — | ||
| Q4 24 | $1.60 | — | ||
| Q3 24 | $-0.42 | — | ||
| Q2 24 | $-0.72 | — | ||
| Q1 24 | $1.26 | — |
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 | $547.1M | $492.1M |
| 总债务越低越好 | $3.6B | — |
| 股东权益账面价值 | $3.5B | $890.8M |
| 总资产 | $7.3B | $6.1B |
| 负债/权益比越低杠杆越低 | 1.04× | — |
8季度趋势，按日历期对齐
现金及短期投资MARAVNET
| Q4 25 | $547.1M | — | ||
| Q3 25 | $826.4M | $492.1M | ||
| Q2 25 | $109.5M | — | ||
| Q1 25 | $196.2M | $544.3M | ||
| Q4 24 | $391.8M | — | ||
| Q3 24 | $164.3M | $219.5M | ||
| Q2 24 | $256.0M | $247.2M | ||
| Q1 24 | $324.3M | $246.9M |
总债务MARAVNET
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $618.7M | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MARAVNET
| Q4 25 | $3.5B | — | ||
| Q3 25 | $5.2B | $890.8M | ||
| Q2 25 | $4.8B | — | ||
| Q1 25 | $3.7B | $927.8M | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $2.9B | $902.9M | ||
| Q2 24 | $2.6B | $900.6M | ||
| Q1 24 | $2.5B | $895.1M |
总资产MARAVNET
| Q4 25 | $7.3B | — | ||
| Q3 25 | $9.2B | $6.1B | ||
| Q2 25 | $7.7B | — | ||
| Q1 25 | $6.4B | $5.4B | ||
| Q4 24 | $6.8B | — | ||
| Q3 24 | $3.6B | $4.3B | ||
| Q2 24 | $3.1B | $4.0B | ||
| Q1 24 | $3.0B | $3.9B |
负债/权益比MARAVNET
| Q4 25 | 1.04× | — | ||
| Q3 25 | 0.63× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.62× | — | ||
| Q4 24 | 0.59× | — | ||
| Q3 24 | 0.22× | 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 | $-802.7M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $-193.1M |
| 自由现金流率自由现金流/营收 | -598.0% | -53.2% |
| 资本支出强度资本支出/营收 | 201.2% | 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 | $-2.0B | $-589.7M |
8季度趋势，按日历期对齐
经营现金流MARAVNET
| Q4 25 | $-802.7M | — | ||
| Q3 25 | $-199.0M | $113.8M | ||
| Q2 25 | $-163.4M | — | ||
| Q1 25 | $-215.5M | $27.0M | ||
| Q4 24 | $-677.0M | — | ||
| Q3 24 | $-160.1M | $108.3M | ||
| Q2 24 | $-115.2M | $55.8M | ||
| Q1 24 | $-88.3M | $37.1M |
自由现金流MARAVNET
| Q4 25 | $-1.2B | — | ||
| Q3 25 | $-283.9M | $-193.1M | ||
| Q2 25 | $-282.4M | — | ||
| Q1 25 | $-254.3M | $-220.0M | ||
| Q4 24 | $-927.8M | — | ||
| Q3 24 | $-198.1M | $-95.0M | ||
| Q2 24 | $-132.4M | $-81.6M | ||
| Q1 24 | $-97.4M | $-102.2M |
自由现金流率MARAVNET
| Q4 25 | -598.0% | — | ||
| Q3 25 | -112.5% | -53.2% | ||
| Q2 25 | -118.4% | — | ||
| Q1 25 | -118.9% | -71.1% | ||
| Q4 24 | -432.8% | — | ||
| Q3 24 | -150.5% | -31.4% | ||
| Q2 24 | -91.2% | -29.8% | ||
| Q1 24 | -59.0% | -38.9% |
资本支出强度MARAVNET
| Q4 25 | 201.2% | — | ||
| Q3 25 | 33.6% | 84.6% | ||
| Q2 25 | 49.9% | — | ||
| Q1 25 | 18.2% | 79.8% | ||
| Q4 24 | 117.0% | — | ||
| Q3 24 | 28.9% | 67.3% | ||
| Q2 24 | 11.9% | 50.1% | ||
| Q1 24 | 5.5% | 53.0% |
现金转化率MARAVNET
| Q4 25 | — | — | ||
| Q3 25 | -1.62× | — | ||
| Q2 25 | -0.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.28× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -0.26× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
