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MarketAxess（MKTX）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MarketAxess的1.7倍（$362.7M vs $209.4M），MarketAxess净利率更高（44.0% vs -10.7%，领先54.7%），MarketAxess自由现金流更多（$373.9M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -0.2%）
MarketAxess Holdings Inc.是一家国际金融科技企业，运营面向机构信贷市场的电子交易平台，同时提供市场数据及交易后服务，支持机构投资者、经纪自营商开展企业债券等各类固定收益类信用工具的交易。
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。
MKTX vs VNET — 直观对比
营收规模更大
VNET
是对方的1.7倍
$209.4M
净利率更高
MKTX
高出54.7%
-10.7%
自由现金流更多
MKTX
多$567.0M
$-193.1M
两年增速更快
VNET
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $209.4M | $362.7M |
| 净利润 | $92.2M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 36.3% | 0.5% |
| 净利率 | 44.0% | -10.7% |
| 营收同比 | 3.5% | — |
| 净利润同比 | 41.6% | — |
| 每股收益（稀释后） | $2.49 | — |
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MKTXVNET
| Q4 25 | $209.4M | — | ||
| Q3 25 | $208.8M | $362.7M | ||
| Q2 25 | $219.5M | — | ||
| Q1 25 | $208.6M | $309.5M | ||
| Q4 24 | $202.4M | — | ||
| Q3 24 | $206.7M | $302.2M | ||
| Q2 24 | $197.7M | $274.4M | ||
| Q1 24 | $210.3M | $262.9M |
净利润MKTXVNET
| Q4 25 | $92.2M | — | ||
| Q3 25 | $68.2M | $-38.7M | ||
| Q2 25 | $71.1M | — | ||
| Q1 25 | $15.1M | $-2.4M | ||
| Q4 24 | $65.1M | — | ||
| Q3 24 | $71.5M | $-2.1M | ||
| Q2 24 | $64.9M | $-1.1M | ||
| Q1 24 | $72.6M | $-22.0M |
毛利率MKTXVNET
| 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MKTXVNET
| Q4 25 | 36.3% | — | ||
| Q3 25 | 41.0% | 0.5% | ||
| Q2 25 | 41.9% | — | ||
| Q1 25 | 42.4% | 0.1% | ||
| Q4 24 | 39.5% | — | ||
| Q3 24 | 42.1% | 24.5% | ||
| Q2 24 | 41.2% | 0.2% | ||
| Q1 24 | 44.0% | 0.2% |
净利率MKTXVNET
| Q4 25 | 44.0% | — | ||
| Q3 25 | 32.6% | -10.7% | ||
| Q2 25 | 32.4% | — | ||
| Q1 25 | 7.2% | -0.8% | ||
| Q4 24 | 32.2% | — | ||
| Q3 24 | 34.6% | -0.7% | ||
| Q2 24 | 32.9% | -0.4% | ||
| Q1 24 | 34.5% | -8.4% |
每股收益（稀释后）MKTXVNET
| Q4 25 | $2.49 | — | ||
| Q3 25 | $1.84 | — | ||
| Q2 25 | $1.91 | — | ||
| Q1 25 | $0.40 | — | ||
| Q4 24 | $1.74 | — | ||
| Q3 24 | $1.90 | — | ||
| Q2 24 | $1.72 | — | ||
| Q1 24 | $1.92 | — |
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 | $519.7M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.1B | $890.8M |
| 总资产 | $1.9B | $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MKTXVNET
| Q4 25 | $519.7M | — | ||
| Q3 25 | $473.3M | $492.1M | ||
| Q2 25 | $462.8M | — | ||
| Q1 25 | $486.2M | $544.3M | ||
| Q4 24 | $544.5M | — | ||
| Q3 24 | $446.3M | $219.5M | ||
| Q2 24 | $434.1M | $247.2M | ||
| Q1 24 | $376.7M | $246.9M |
总债务MKTXVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MKTXVNET
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.4B | $890.8M | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | $927.8M | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | $902.9M | ||
| Q2 24 | $1.3B | $900.6M | ||
| Q1 24 | $1.3B | $895.1M |
总资产MKTXVNET
| Q4 25 | $1.9B | — | ||
| Q3 25 | $2.0B | $6.1B | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $1.9B | $5.4B | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.8B | $4.3B | ||
| Q2 24 | $1.9B | $4.0B | ||
| Q1 24 | $1.9B | $3.9B |
负债/权益比MKTXVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 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 | $382.1M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $373.9M | $-193.1M |
| 自由现金流率自由现金流/营收 | 178.6% | -53.2% |
| 资本支出强度资本支出/营收 | 3.9% | 84.6% |
| 现金转化率经营现金流/净利润 | 4.14× | — |
| 过去12个月自由现金流最近4个季度 | $592.8M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流MKTXVNET
| Q4 25 | $382.1M | — | ||
| Q3 25 | $90.2M | $113.8M | ||
| Q2 25 | $103.7M | — | ||
| Q1 25 | $29.6M | $27.0M | ||
| Q4 24 | $385.2M | — | ||
| Q3 24 | $95.1M | $108.3M | ||
| Q2 24 | $118.8M | $55.8M | ||
| Q1 24 | $-4.9M | $37.1M |
自由现金流MKTXVNET
| Q4 25 | $373.9M | — | ||
| Q3 25 | $88.7M | $-193.1M | ||
| Q2 25 | $102.5M | — | ||
| Q1 25 | $27.7M | $-220.0M | ||
| Q4 24 | $375.3M | — | ||
| Q3 24 | $94.3M | $-95.0M | ||
| Q2 24 | $111.2M | $-81.6M | ||
| Q1 24 | $-6.1M | $-102.2M |
自由现金流率MKTXVNET
| Q4 25 | 178.6% | — | ||
| Q3 25 | 42.5% | -53.2% | ||
| Q2 25 | 46.7% | — | ||
| Q1 25 | 13.3% | -71.1% | ||
| Q4 24 | 185.4% | — | ||
| Q3 24 | 45.6% | -31.4% | ||
| Q2 24 | 56.2% | -29.8% | ||
| Q1 24 | -2.9% | -38.9% |
资本支出强度MKTXVNET
| Q4 25 | 3.9% | — | ||
| Q3 25 | 0.7% | 84.6% | ||
| Q2 25 | 0.5% | — | ||
| Q1 25 | 0.9% | 79.8% | ||
| Q4 24 | 4.9% | — | ||
| Q3 24 | 0.4% | 67.3% | ||
| Q2 24 | 3.9% | 50.1% | ||
| Q1 24 | 0.6% | 53.0% |
现金转化率MKTXVNET
| Q4 25 | 4.14× | — | ||
| Q3 25 | 1.32× | — | ||
| Q2 25 | 1.46× | — | ||
| Q1 25 | 1.97× | — | ||
| Q4 24 | 5.91× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.83× | — | ||
| Q1 24 | -0.07× | — |
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
MKTX
| Commission Revenue | $181.3M | 87% |
| Information Services | $13.5M | 6% |
| Post Trade Services | $11.0M | 5% |
| Technology Services | $3.6M | 2% |
VNET
暂无分部数据
