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玛斯特锁（MBC）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
玛斯特锁的季度营收约是世纪互联的1.8倍（$644.6M vs $362.7M），玛斯特锁净利率更高（-6.5% vs -10.7%，领先4.1%），玛斯特锁自由现金流更多（$52.5M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 0.5%）
玛斯特锁是美国知名安防产品供应商，1921年由锁匠发明家哈里·索雷夫创立，总部位于威斯康星州奥克里克，主营挂锁、密码锁、保险箱及相关安防产品，现为富俊创新集团旗下子公司，在全球安防锁具领域拥有较高的市场认可度。
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。
MBC vs VNET — 直观对比
营收规模更大
MBC
是对方的1.8倍
$362.7M
净利率更高
MBC
高出4.1%
-10.7%
自由现金流更多
MBC
多$245.6M
$-193.1M
两年增速更快
VNET
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $644.6M | $362.7M |
| 净利润 | $-42.0M | $-38.7M |
| 毛利率 | 26.0% | 20.9% |
| 营业利润率 | -4.2% | 0.5% |
| 净利率 | -6.5% | -10.7% |
| 营收同比 | -3.5% | — |
| 净利润同比 | -400.0% | — |
| 每股收益（稀释后） | $-0.32 | — |
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MBCVNET
| Q4 25 | $644.6M | — | ||
| Q3 25 | $698.9M | $362.7M | ||
| Q2 25 | $730.9M | — | ||
| Q1 25 | $660.3M | $309.5M | ||
| Q4 24 | $667.7M | — | ||
| Q3 24 | $718.1M | $302.2M | ||
| Q2 24 | $676.5M | $274.4M | ||
| Q1 24 | $638.1M | $262.9M |
净利润MBCVNET
| Q4 25 | $-42.0M | — | ||
| Q3 25 | $18.1M | $-38.7M | ||
| Q2 25 | $37.3M | — | ||
| Q1 25 | $13.3M | $-2.4M | ||
| Q4 24 | $14.0M | — | ||
| Q3 24 | $29.1M | $-2.1M | ||
| Q2 24 | $45.3M | $-1.1M | ||
| Q1 24 | $37.5M | $-22.0M |
毛利率MBCVNET
| Q4 25 | 26.0% | — | ||
| Q3 25 | 31.2% | 20.9% | ||
| Q2 25 | 32.8% | — | ||
| Q1 25 | 30.6% | 25.2% | ||
| Q4 24 | 30.4% | — | ||
| Q3 24 | 33.1% | 23.2% | ||
| Q2 24 | 34.1% | 21.3% | ||
| Q1 24 | 32.1% | 21.6% |
营业利润率MBCVNET
| Q4 25 | -4.2% | — | ||
| Q3 25 | 6.0% | 0.5% | ||
| Q2 25 | 9.2% | — | ||
| Q1 25 | 5.6% | 0.1% | ||
| Q4 24 | 5.6% | — | ||
| Q3 24 | 8.0% | 24.5% | ||
| Q2 24 | 11.5% | 0.2% | ||
| Q1 24 | 9.8% | 0.2% |
净利率MBCVNET
| Q4 25 | -6.5% | — | ||
| Q3 25 | 2.6% | -10.7% | ||
| Q2 25 | 5.1% | — | ||
| Q1 25 | 2.0% | -0.8% | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 4.1% | -0.7% | ||
| Q2 24 | 6.7% | -0.4% | ||
| Q1 24 | 5.9% | -8.4% |
每股收益（稀释后）MBCVNET
| Q4 25 | $-0.32 | — | ||
| Q3 25 | $0.14 | — | ||
| Q2 25 | $0.29 | — | ||
| Q1 25 | $0.10 | — | ||
| Q4 24 | $0.10 | — | ||
| Q3 24 | $0.22 | — | ||
| Q2 24 | $0.35 | — | ||
| Q1 24 | $0.29 | — |
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 | $183.3M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.3B | $890.8M |
| 总资产 | $3.1B | $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MBCVNET
| Q4 25 | $183.3M | — | ||
| Q3 25 | $114.8M | $492.1M | ||
| Q2 25 | $120.1M | — | ||
| Q1 25 | $113.5M | $544.3M | ||
| Q4 24 | $120.6M | — | ||
| Q3 24 | $108.4M | $219.5M | ||
| Q2 24 | $189.4M | $247.2M | ||
| Q1 24 | $153.7M | $246.9M |
总债务MBCVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $1.1B | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MBCVNET
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.4B | $890.8M | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | $927.8M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | $902.9M | ||
| Q2 24 | $1.3B | $900.6M | ||
| Q1 24 | $1.2B | $895.1M |
总资产MBCVNET
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.0B | $6.1B | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.0B | $5.4B | ||
| Q4 24 | $2.9B | — | ||
| Q3 24 | $3.0B | $4.3B | ||
| Q2 24 | $2.4B | $4.0B | ||
| Q1 24 | $2.4B | $3.9B |
负债/权益比MBCVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.79× | — | ||
| Q3 24 | 0.83× | 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 | $86.9M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $52.5M | $-193.1M |
| 自由现金流率自由现金流/营收 | 8.1% | -53.2% |
| 资本支出强度资本支出/营收 | 5.3% | 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 | $117.5M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流MBCVNET
| Q4 25 | $86.9M | — | ||
| Q3 25 | $55.4M | $113.8M | ||
| Q2 25 | $84.8M | — | ||
| Q1 25 | $-31.4M | $27.0M | ||
| Q4 24 | $115.1M | — | ||
| Q3 24 | $80.8M | $108.3M | ||
| Q2 24 | $77.4M | $55.8M | ||
| Q1 24 | $18.7M | $37.1M |
自由现金流MBCVNET
| Q4 25 | $52.5M | — | ||
| Q3 25 | $39.5M | $-193.1M | ||
| Q2 25 | $66.7M | — | ||
| Q1 25 | $-41.2M | $-220.0M | ||
| Q4 24 | $68.8M | — | ||
| Q3 24 | $64.5M | $-95.0M | ||
| Q2 24 | $66.1M | $-81.6M | ||
| Q1 24 | $11.7M | $-102.2M |
自由现金流率MBCVNET
| Q4 25 | 8.1% | — | ||
| Q3 25 | 5.7% | -53.2% | ||
| Q2 25 | 9.1% | — | ||
| Q1 25 | -6.2% | -71.1% | ||
| Q4 24 | 10.3% | — | ||
| Q3 24 | 9.0% | -31.4% | ||
| Q2 24 | 9.8% | -29.8% | ||
| Q1 24 | 1.8% | -38.9% |
资本支出强度MBCVNET
| Q4 25 | 5.3% | — | ||
| Q3 25 | 2.3% | 84.6% | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | 1.5% | 79.8% | ||
| Q4 24 | 6.9% | — | ||
| Q3 24 | 2.3% | 67.3% | ||
| Q2 24 | 1.7% | 50.1% | ||
| Q1 24 | 1.1% | 53.0% |
现金转化率MBCVNET
| Q4 25 | — | — | ||
| Q3 25 | 3.06× | — | ||
| Q2 25 | 2.27× | — | ||
| Q1 25 | -2.36× | — | ||
| Q4 24 | 8.22× | — | ||
| Q3 24 | 2.78× | — | ||
| Q2 24 | 1.71× | — | ||
| Q1 24 | 0.50× | — |
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
MBC
| Dealers | $345.7M | 54% |
| Retail | $220.0M | 34% |
| Builders | $78.9M | 12% |
VNET
暂无分部数据
