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麦格劳希尔（MH）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
麦格劳希尔的季度营收约是世纪互联的1.2倍（$434.2M vs $362.7M），麦格劳希尔净利率更高（-4.7% vs -10.7%，领先6.0%），麦格劳希尔自由现金流更多（$285.4M vs $-193.1M）
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。
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。
MH vs VNET — 直观对比
营收规模更大
MH
是对方的1.2倍
$362.7M
净利率更高
MH
高出6.0%
-10.7%
自由现金流更多
MH
多$478.5M
$-193.1M
损益表 — Q3 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $434.2M | $362.7M |
| 净利润 | $-20.2M | $-38.7M |
| 毛利率 | 85.3% | 20.9% |
| 营业利润率 | 7.0% | 0.5% |
| 净利率 | -4.7% | -10.7% |
| 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MHVNET
| Q4 25 | $434.2M | — | ||
| Q3 25 | $669.2M | $362.7M | ||
| Q2 25 | $535.7M | — | ||
| Q1 25 | — | $309.5M | ||
| Q3 24 | — | $302.2M | ||
| Q2 24 | — | $274.4M | ||
| Q1 24 | — | $262.9M | ||
| Q3 23 | — | $258.6M |
净利润MHVNET
| Q4 25 | $-20.2M | — | ||
| Q3 25 | $105.3M | $-38.7M | ||
| Q2 25 | $502.0K | — | ||
| Q1 25 | — | $-2.4M | ||
| Q3 24 | — | $-2.1M | ||
| Q2 24 | — | $-1.1M | ||
| Q1 24 | — | $-22.0M | ||
| Q3 23 | — | $-5.5M |
毛利率MHVNET
| Q4 25 | 85.3% | — | ||
| Q3 25 | 79.2% | 20.9% | ||
| Q2 25 | 77.0% | — | ||
| Q1 25 | — | 25.2% | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 21.6% | ||
| Q3 23 | — | 16.2% |
营业利润率MHVNET
| Q4 25 | 7.0% | — | ||
| Q3 25 | 23.4% | 0.5% | ||
| Q2 25 | 18.0% | — | ||
| Q1 25 | — | 0.1% | ||
| Q3 24 | — | 24.5% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.2% | ||
| Q3 23 | — | 1.7% |
净利率MHVNET
| Q4 25 | -4.7% | — | ||
| Q3 25 | 15.7% | -10.7% | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | — | -0.8% | ||
| Q3 24 | — | -0.7% | ||
| Q2 24 | — | -0.4% | ||
| Q1 24 | — | -8.4% | ||
| Q3 23 | — | -2.1% |
每股收益（稀释后）MHVNET
| Q4 25 | $-0.11 | — | ||
| Q3 25 | $0.57 | — | ||
| Q2 25 | $0.00 | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — |
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 | $492.1M |
| 总债务越低越好 | $2.6B | — |
| 股东权益账面价值 | $775.3M | $890.8M |
| 总资产 | $5.6B | $6.1B |
| 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MHVNET
| Q4 25 | $514.4M | — | ||
| Q3 25 | $463.2M | $492.1M | ||
| Q2 25 | $247.3M | — | ||
| Q1 25 | — | $544.3M | ||
| Q3 24 | — | $219.5M | ||
| Q2 24 | — | $247.2M | ||
| Q1 24 | — | $246.9M | ||
| Q3 23 | — | $370.4M |
总债务MHVNET
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.8B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — |
股东权益MHVNET
| Q4 25 | $775.3M | — | ||
| Q3 25 | $794.6M | $890.8M | ||
| Q2 25 | $283.3M | — | ||
| Q1 25 | — | $927.8M | ||
| Q3 24 | — | $902.9M | ||
| Q2 24 | — | $900.6M | ||
| Q1 24 | — | $895.1M | ||
| Q3 23 | — | $942.7M |
总资产MHVNET
| Q4 25 | $5.6B | — | ||
| Q3 25 | $6.0B | $6.1B | ||
| Q2 25 | $5.7B | — | ||
| Q1 25 | — | $5.4B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | — | $3.9B | ||
| Q3 23 | — | $4.1B |
负债/权益比MHVNET
| Q4 25 | 3.36× | — | ||
| Q3 25 | 3.52× | — | ||
| Q2 25 | 11.17× | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — |
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 | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $285.4M | $-193.1M |
| 自由现金流率自由现金流/营收 | 65.7% | -53.2% |
| 资本支出强度资本支出/营收 | 5.4% | 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MHVNET
| Q4 25 | $309.0M | — | ||
| Q3 25 | $265.0M | $113.8M | ||
| Q2 25 | $-96.7M | — | ||
| Q1 25 | — | $27.0M | ||
| Q3 24 | — | $108.3M | ||
| Q2 24 | — | $55.8M | ||
| Q1 24 | — | $37.1M | ||
| Q3 23 | — | $62.3M |
自由现金流MHVNET
| Q4 25 | $285.4M | — | ||
| Q3 25 | $243.8M | $-193.1M | ||
| Q2 25 | $-112.9M | — | ||
| Q1 25 | — | $-220.0M | ||
| Q3 24 | — | $-95.0M | ||
| Q2 24 | — | $-81.6M | ||
| Q1 24 | — | $-102.2M | ||
| Q3 23 | — | $-67.5M |
自由现金流率MHVNET
| Q4 25 | 65.7% | — | ||
| Q3 25 | 36.4% | -53.2% | ||
| Q2 25 | -21.1% | — | ||
| Q1 25 | — | -71.1% | ||
| Q3 24 | — | -31.4% | ||
| Q2 24 | — | -29.8% | ||
| Q1 24 | — | -38.9% | ||
| Q3 23 | — | -26.1% |
资本支出强度MHVNET
| Q4 25 | 5.4% | — | ||
| Q3 25 | 3.2% | 84.6% | ||
| Q2 25 | 3.0% | — | ||
| Q1 25 | — | 79.8% | ||
| Q3 24 | — | 67.3% | ||
| Q2 24 | — | 50.1% | ||
| Q1 24 | — | 53.0% | ||
| Q3 23 | — | 50.2% |
现金转化率MHVNET
| Q4 25 | — | — | ||
| Q3 25 | 2.52× | — | ||
| Q2 25 | -192.53× | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q3 23 | — | — |
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% |
VNET
暂无分部数据
