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麦格劳希尔（MH）与VinFast Auto Ltd.（VFS）财务数据对比。点击上方公司名可切换其他公司
VinFast Auto Ltd.的季度营收约是麦格劳希尔的1.7倍（$718.6M vs $434.2M），VinFast Auto Ltd.净利率更高（-2.8% vs -4.7%，领先1.9%）
麦格劳希尔是美国知名教育科技企业，面向K12、高等教育及职业领域的师生提供多元教育内容、软件与服务。核心产品包含教材、数字学习工具及自适应技术，助力优化学习体验、提升学习效果，是与霍顿米夫林哈考特、培生教育齐名的全球三大教育出版商之一。
VinFast Auto Ltd.是越南跨国汽车企业，由越南最大私营综合企业集团之一Vingroup创立。Vingroup由越南知名企业家潘日旺创办，业务覆盖地产、零售、医疗、科技等多个领域，是越南本土头部企业集团。
MH vs VFS — 直观对比
营收规模更大
VFS
是对方的1.7倍
$434.2M
净利率更高
VFS
高出1.9%
-4.7%
损益表 — Q3 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $434.2M | $718.6M |
| 净利润 | $-20.2M | $-20.0M |
| 毛利率 | 85.3% | — |
| 营业利润率 | 7.0% | -96.1% |
| 净利率 | -4.7% | -2.8% |
| 营收同比 | -35.1% | — |
| 净利润同比 | -119.2% | — |
| 每股收益（稀释后） | $-0.11 | — |
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MHVFS
| Q4 25 | $434.2M | — | ||
| Q3 25 | $669.2M | $718.6M | ||
| Q2 25 | $535.7M | $663.0M | ||
| Q1 25 | — | $656.5M | ||
| Q3 24 | — | $511.6M | ||
| Q1 24 | — | $302.6M |
净利润MHVFS
| Q4 25 | $-20.2M | — | ||
| Q3 25 | $105.3M | $-20.0M | ||
| Q2 25 | $502.0K | $-51.8M | ||
| Q1 25 | — | $-26.1M | ||
| Q3 24 | — | $-10.4M | ||
| Q1 24 | — | $-618.3M |
毛利率MHVFS
| Q4 25 | 85.3% | — | ||
| Q3 25 | 79.2% | — | ||
| Q2 25 | 77.0% | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — |
营业利润率MHVFS
| Q4 25 | 7.0% | — | ||
| Q3 25 | 23.4% | -96.1% | ||
| Q2 25 | 18.0% | -79.0% | ||
| Q1 25 | — | -74.0% | ||
| Q3 24 | — | -65.9% | ||
| Q1 24 | — | -139.4% |
净利率MHVFS
| Q4 25 | -4.7% | — | ||
| Q3 25 | 15.7% | -2.8% | ||
| Q2 25 | 0.1% | -7.8% | ||
| Q1 25 | — | -4.0% | ||
| Q3 24 | — | -2.0% | ||
| Q1 24 | — | -204.3% |
每股收益（稀释后）MHVFS
| Q4 25 | $-0.11 | — | ||
| Q3 25 | $0.57 | — | ||
| Q2 25 | $0.00 | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — |
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 | $514.4M | $8.8M |
| 总债务越低越好 | $2.6B | — |
| 股东权益账面价值 | $775.3M | — |
| 总资产 | $5.6B | $183.2M |
| 负债/权益比越低杠杆越低 | 3.36× | — |
8季度趋势，按日历期对齐
现金及短期投资MHVFS
| Q4 25 | $514.4M | — | ||
| Q3 25 | $463.2M | $8.8M | ||
| Q2 25 | $247.3M | $650.0M | ||
| Q1 25 | — | $2.4M | ||
| Q3 24 | — | $1.9M | ||
| Q1 24 | — | $3.0M |
总债务MHVFS
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.8B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — |
股东权益MHVFS
| Q4 25 | $775.3M | — | ||
| Q3 25 | $794.6M | — | ||
| Q2 25 | $283.3M | $-7.2B | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — |
总资产MHVFS
| Q4 25 | $5.6B | — | ||
| Q3 25 | $6.0B | $183.2M | ||
| Q2 25 | $5.7B | $7.2B | ||
| Q1 25 | — | $158.2M | ||
| Q3 24 | — | $151.8M | ||
| Q1 24 | — | $145.6M |
负债/权益比MHVFS
| Q4 25 | 3.36× | — | ||
| Q3 25 | 3.52× | — | ||
| Q2 25 | 11.17× | — | ||
| Q1 25 | — | — | ||
| Q3 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 | $309.0M | — |
| 自由现金流经营现金流 - 资本支出 | $285.4M | — |
| 自由现金流率自由现金流/营收 | 65.7% | — |
| 资本支出强度资本支出/营收 | 5.4% | — |
| 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 | — | — |
8季度趋势，按日历期对齐
经营现金流MHVFS
| Q4 25 | $309.0M | — | ||
| Q3 25 | $265.0M | — | ||
| Q2 25 | $-96.7M | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — |
自由现金流MHVFS
| Q4 25 | $285.4M | — | ||
| Q3 25 | $243.8M | — | ||
| Q2 25 | $-112.9M | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率MHVFS
| Q4 25 | 65.7% | — | ||
| Q3 25 | 36.4% | — | ||
| Q2 25 | -21.1% | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度MHVFS
| Q4 25 | 5.4% | — | ||
| Q3 25 | 3.2% | — | ||
| Q2 25 | 3.0% | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q1 24 | — | — |
现金转化率MHVFS
| Q4 25 | — | — | ||
| Q3 25 | 2.52× | — | ||
| Q2 25 | -192.53× | — | ||
| Q1 25 | — | — | ||
| Q3 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
MH
| Higher Education | $225.4M | 52% |
| Digital | $103.5M | 24% |
| Other | $44.4M | 10% |
| Global Professional | $36.2M | 8% |
| $24.7M | 6% |
VFS
| Sales of vehicles | $662.9M | 92% |
| Sales of spare parts and components | $41.3M | 6% |
| Revenue from leasing activities | $12.3M | 2% |
| Finance income | $2.4M | 0% |
| Rendering of services | $1.2M | 0% |
