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Marcus & Millichap, Inc.（MMI）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Marcus & Millichap, Inc.的1.5倍（$362.7M vs $243.9M），Marcus & Millichap, Inc.净利率更高（5.5% vs -10.7%，领先16.1%），Marcus & Millichap, Inc.自由现金流更多（$43.9M vs $-193.1M），过去两年Marcus & Millichap, Inc.的营收复合增速更高（37.5% vs 17.4%）
马库斯-米利查普是一家美国商业地产服务企业，在美国和加拿大开展业务，核心服务涵盖商业地产经纪、抵押贷款经纪、市场研究及顾问咨询，业内首创了单经纪机构独家代理房源挂牌模式，目前在美加两国设有超过80家办事处，员工规模超1800人。
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。
MMI vs VNET — 直观对比
营收规模更大
VNET
是对方的1.5倍
$243.9M
净利率更高
MMI
高出16.1%
-10.7%
自由现金流更多
MMI
多$237.0M
$-193.1M
两年增速更快
MMI
近两年复合增速
17.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $243.9M | $362.7M |
| 净利润 | $13.3M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 6.3% | 0.5% |
| 净利率 | 5.5% | -10.7% |
| 营收同比 | 1.6% | — |
| 净利润同比 | 55.7% | — |
| 每股收益（稀释后） | $0.33 | — |
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MMIVNET
| Q4 25 | $243.9M | — | ||
| Q3 25 | $193.9M | $362.7M | ||
| Q2 25 | $172.3M | — | ||
| Q1 25 | $145.0M | $309.5M | ||
| Q4 24 | $240.1M | — | ||
| Q3 24 | $168.5M | $302.2M | ||
| Q2 24 | $158.4M | $274.4M | ||
| Q1 24 | $129.1M | $262.9M |
净利润MMIVNET
| Q4 25 | $13.3M | — | ||
| Q3 25 | $240.0K | $-38.7M | ||
| Q2 25 | $-11.0M | — | ||
| Q1 25 | $-4.4M | $-2.4M | ||
| Q4 24 | $8.5M | — | ||
| Q3 24 | $-5.4M | $-2.1M | ||
| Q2 24 | $-5.5M | $-1.1M | ||
| Q1 24 | $-10.0M | $-22.0M |
毛利率MMIVNET
| 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MMIVNET
| Q4 25 | 6.3% | — | ||
| Q3 25 | -1.2% | 0.5% | ||
| Q2 25 | -5.3% | — | ||
| Q1 25 | -12.2% | 0.1% | ||
| Q4 24 | 2.8% | — | ||
| Q3 24 | -6.8% | 24.5% | ||
| Q2 24 | -5.1% | 0.2% | ||
| Q1 24 | -15.6% | 0.2% |
净利率MMIVNET
| Q4 25 | 5.5% | — | ||
| Q3 25 | 0.1% | -10.7% | ||
| Q2 25 | -6.4% | — | ||
| Q1 25 | -3.0% | -0.8% | ||
| Q4 24 | 3.6% | — | ||
| Q3 24 | -3.2% | -0.7% | ||
| Q2 24 | -3.5% | -0.4% | ||
| Q1 24 | -7.7% | -8.4% |
每股收益（稀释后）MMIVNET
| Q4 25 | $0.33 | — | ||
| Q3 25 | $0.01 | — | ||
| Q2 25 | $-0.28 | — | ||
| Q1 25 | $-0.11 | — | ||
| Q4 24 | $0.22 | — | ||
| Q3 24 | $-0.14 | — | ||
| Q2 24 | $-0.14 | — | ||
| Q1 24 | $-0.26 | — |
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 | — | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $603.1M | $890.8M |
| 总资产 | $827.2M | $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MMIVNET
| Q4 25 | — | — | ||
| Q3 25 | — | $492.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $544.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $219.5M | ||
| Q2 24 | — | $247.2M | ||
| Q1 24 | — | $246.9M |
总债务MMIVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MMIVNET
| Q4 25 | $603.1M | — | ||
| Q3 25 | $602.2M | $890.8M | ||
| Q2 25 | $607.8M | — | ||
| Q1 25 | $617.6M | $927.8M | ||
| Q4 24 | $630.8M | — | ||
| Q3 24 | $617.7M | $902.9M | ||
| Q2 24 | $626.7M | $900.6M | ||
| Q1 24 | $625.6M | $895.1M |
总资产MMIVNET
| Q4 25 | $827.2M | — | ||
| Q3 25 | $812.5M | $6.1B | ||
| Q2 25 | $792.2M | — | ||
| Q1 25 | $802.0M | $5.4B | ||
| Q4 24 | $869.8M | — | ||
| Q3 24 | $833.7M | $4.3B | ||
| Q2 24 | $825.4M | $4.0B | ||
| Q1 24 | $826.7M | $3.9B |
负债/权益比MMIVNET
| 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 | $46.3M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $43.9M | $-193.1M |
| 自由现金流率自由现金流/营收 | 18.0% | -53.2% |
| 资本支出强度资本支出/营收 | 1.0% | 84.6% |
| 现金转化率经营现金流/净利润 | 3.48× | — |
| 过去12个月自由现金流最近4个季度 | $58.8M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流MMIVNET
| Q4 25 | $46.3M | — | ||
| Q3 25 | $52.2M | $113.8M | ||
| Q2 25 | $21.0M | — | ||
| Q1 25 | $-52.8M | $27.0M | ||
| Q4 24 | $56.7M | — | ||
| Q3 24 | $15.2M | $108.3M | ||
| Q2 24 | $851.0K | $55.8M | ||
| Q1 24 | $-51.0M | $37.1M |
自由现金流MMIVNET
| Q4 25 | $43.9M | — | ||
| Q3 25 | $50.0M | $-193.1M | ||
| Q2 25 | $19.3M | — | ||
| Q1 25 | $-54.3M | $-220.0M | ||
| Q4 24 | $55.1M | — | ||
| Q3 24 | $13.2M | $-95.0M | ||
| Q2 24 | $-806.0K | $-81.6M | ||
| Q1 24 | $-53.7M | $-102.2M |
自由现金流率MMIVNET
| Q4 25 | 18.0% | — | ||
| Q3 25 | 25.8% | -53.2% | ||
| Q2 25 | 11.2% | — | ||
| Q1 25 | -37.5% | -71.1% | ||
| Q4 24 | 23.0% | — | ||
| Q3 24 | 7.8% | -31.4% | ||
| Q2 24 | -0.5% | -29.8% | ||
| Q1 24 | -41.6% | -38.9% |
资本支出强度MMIVNET
| Q4 25 | 1.0% | — | ||
| Q3 25 | 1.2% | 84.6% | ||
| Q2 25 | 1.0% | — | ||
| Q1 25 | 1.0% | 79.8% | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 1.2% | 67.3% | ||
| Q2 24 | 1.0% | 50.1% | ||
| Q1 24 | 2.0% | 53.0% |
现金转化率MMIVNET
| Q4 25 | 3.48× | — | ||
| Q3 25 | 217.54× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.63× | — | ||
| 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
MMI
| Real Estate Brokerage Commissions | $205.3M | 84% |
| Financing Fees | $33.2M | 14% |
| Other Revenues | $5.4M | 2% |
VNET
暂无分部数据
