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美世（MERC）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
美世的季度营收约是世纪互联的1.2倍（$449.5M vs $362.7M），世纪互联净利率更高（-10.7% vs -68.7%，领先58.0%），美世自由现金流更多（$32.0M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -9.9%）
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
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。
MERC vs VNET — 直观对比
营收规模更大
MERC
是对方的1.2倍
$362.7M
净利率更高
VNET
高出58.0%
-68.7%
自由现金流更多
MERC
多$225.1M
$-193.1M
两年增速更快
VNET
近两年复合增速
-9.9%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $449.5M | $362.7M |
| 净利润 | $-308.7M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | -62.0% | 0.5% |
| 净利率 | -68.7% | -10.7% |
| 营收同比 | -8.0% | — |
| 净利润同比 | -1947.7% | — |
| 每股收益（稀释后） | $-4.61 | — |
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MERCVNET
| Q4 25 | $449.5M | — | ||
| Q3 25 | $458.1M | $362.7M | ||
| Q2 25 | $453.5M | — | ||
| Q1 25 | $507.0M | $309.5M | ||
| Q4 24 | $488.4M | — | ||
| Q3 24 | $502.1M | $302.2M | ||
| Q2 24 | $499.4M | $274.4M | ||
| Q1 24 | $553.4M | $262.9M |
净利润MERCVNET
| Q4 25 | $-308.7M | — | ||
| Q3 25 | $-80.8M | $-38.7M | ||
| Q2 25 | $-86.1M | — | ||
| Q1 25 | $-22.3M | $-2.4M | ||
| Q4 24 | $16.7M | — | ||
| Q3 24 | $-17.6M | $-2.1M | ||
| Q2 24 | $-67.6M | $-1.1M | ||
| Q1 24 | $-16.7M | $-22.0M |
毛利率MERCVNET
| 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MERCVNET
| Q4 25 | -62.0% | — | ||
| Q3 25 | -14.8% | 0.5% | ||
| Q2 25 | -12.9% | — | ||
| Q1 25 | 1.3% | 0.1% | ||
| Q4 24 | 10.3% | — | ||
| Q3 24 | 1.8% | 24.5% | ||
| Q2 24 | -8.8% | 0.2% | ||
| Q1 24 | -0.1% | 0.2% |
净利率MERCVNET
| Q4 25 | -68.7% | — | ||
| Q3 25 | -17.6% | -10.7% | ||
| Q2 25 | -19.0% | — | ||
| Q1 25 | -4.4% | -0.8% | ||
| Q4 24 | 3.4% | — | ||
| Q3 24 | -3.5% | -0.7% | ||
| Q2 24 | -13.5% | -0.4% | ||
| Q1 24 | -3.0% | -8.4% |
每股收益（稀释后）MERCVNET
| Q4 25 | $-4.61 | — | ||
| Q3 25 | $-1.21 | — | ||
| Q2 25 | $-1.29 | — | ||
| Q1 25 | $-0.33 | — | ||
| Q4 24 | $0.25 | — | ||
| Q3 24 | $-0.26 | — | ||
| Q2 24 | $-1.01 | — | ||
| Q1 24 | $-0.25 | — |
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 | $186.8M | $492.1M |
| 总债务越低越好 | $1.6B | — |
| 股东权益账面价值 | $68.1M | $890.8M |
| 总资产 | $2.0B | $6.1B |
| 负债/权益比越低杠杆越低 | 23.58× | — |
8季度趋势，按日历期对齐
现金及短期投资MERCVNET
| Q4 25 | $186.8M | — | ||
| Q3 25 | $98.1M | $492.1M | ||
| Q2 25 | $146.5M | — | ||
| Q1 25 | $181.5M | $544.3M | ||
| Q4 24 | $184.9M | — | ||
| Q3 24 | $239.0M | $219.5M | ||
| Q2 24 | $263.2M | $247.2M | ||
| Q1 24 | $274.3M | $246.9M |
总债务MERCVNET
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $1.6B | $1.2B | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.6B | — |
股东权益MERCVNET
| Q4 25 | $68.1M | — | ||
| Q3 25 | $359.5M | $890.8M | ||
| Q2 25 | $446.5M | — | ||
| Q1 25 | $437.4M | $927.8M | ||
| Q4 24 | $429.8M | — | ||
| Q3 24 | $516.8M | $902.9M | ||
| Q2 24 | $487.7M | $900.6M | ||
| Q1 24 | $573.6M | $895.1M |
总资产MERCVNET
| Q4 25 | $2.0B | — | ||
| Q3 25 | $2.3B | $6.1B | ||
| Q2 25 | $2.4B | — | ||
| Q1 25 | $2.3B | $5.4B | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.5B | $4.3B | ||
| Q2 24 | $2.5B | $4.0B | ||
| Q1 24 | $2.6B | $3.9B |
负债/权益比MERCVNET
| Q4 25 | 23.58× | — | ||
| Q3 25 | 4.30× | — | ||
| Q2 25 | 3.42× | — | ||
| Q1 25 | 3.44× | — | ||
| Q4 24 | 3.43× | — | ||
| Q3 24 | 3.09× | 1.28× | ||
| Q2 24 | 3.22× | — | ||
| Q1 24 | 2.82× | — |
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 | $46.2M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $32.0M | $-193.1M |
| 自由现金流率自由现金流/营收 | 7.1% | -53.2% |
| 资本支出强度资本支出/营收 | 3.1% | 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 | $-80.0M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流MERCVNET
| Q4 25 | $46.2M | — | ||
| Q3 25 | $-30.1M | $113.8M | ||
| Q2 25 | $-4.5M | — | ||
| Q1 25 | $-3.0M | $27.0M | ||
| Q4 24 | $71.2M | — | ||
| Q3 24 | $-13.9M | $108.3M | ||
| Q2 24 | $62.2M | $55.8M | ||
| Q1 24 | $-29.2M | $37.1M |
自由现金流MERCVNET
| Q4 25 | $32.0M | — | ||
| Q3 25 | $-60.1M | $-193.1M | ||
| Q2 25 | $-28.9M | — | ||
| Q1 25 | $-23.1M | $-220.0M | ||
| Q4 24 | $50.4M | — | ||
| Q3 24 | $-41.2M | $-95.0M | ||
| Q2 24 | $44.3M | $-81.6M | ||
| Q1 24 | $-47.7M | $-102.2M |
自由现金流率MERCVNET
| Q4 25 | 7.1% | — | ||
| Q3 25 | -13.1% | -53.2% | ||
| Q2 25 | -6.4% | — | ||
| Q1 25 | -4.6% | -71.1% | ||
| Q4 24 | 10.3% | — | ||
| Q3 24 | -8.2% | -31.4% | ||
| Q2 24 | 8.9% | -29.8% | ||
| Q1 24 | -8.6% | -38.9% |
资本支出强度MERCVNET
| Q4 25 | 3.1% | — | ||
| Q3 25 | 6.6% | 84.6% | ||
| Q2 25 | 5.4% | — | ||
| Q1 25 | 4.0% | 79.8% | ||
| Q4 24 | 4.2% | — | ||
| Q3 24 | 5.4% | 67.3% | ||
| Q2 24 | 3.6% | 50.1% | ||
| Q1 24 | 3.3% | 53.0% |
现金转化率MERCVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.26× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
VNET
暂无分部数据
