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晨星（MORN）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
晨星的季度营收约是世纪互联的1.8倍（$641.1M vs $362.7M），晨星净利率更高（18.0% vs -10.7%，领先28.6%），晨星自由现金流更多（$161.3M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 8.7%）
晨星（Morningstar, Inc.）是总部位于美国伊利诺伊州芝加哥的金融服务机构，由乔·曼苏托于1984年创立，面向全球提供全方位的投资研究、投资管理等专业服务，是全球颇具知名度的投资资讯服务提供商。
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。
MORN vs VNET — 直观对比
营收规模更大
MORN
是对方的1.8倍
$362.7M
净利率更高
MORN
高出28.6%
-10.7%
自由现金流更多
MORN
多$354.4M
$-193.1M
两年增速更快
VNET
近两年复合增速
8.7%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $641.1M | $362.7M |
| 净利润 | $115.1M | $-38.7M |
| 毛利率 | 61.1% | 20.9% |
| 营业利润率 | 24.9% | 0.5% |
| 净利率 | 18.0% | -10.7% |
| 营收同比 | 8.5% | — |
| 净利润同比 | -1.5% | — |
| 每股收益（稀释后） | $2.79 | — |
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MORNVNET
| Q4 25 | $641.1M | — | ||
| Q3 25 | $617.4M | $362.7M | ||
| Q2 25 | $605.1M | — | ||
| Q1 25 | $581.9M | $309.5M | ||
| Q4 24 | $591.0M | — | ||
| Q3 24 | $569.4M | $302.2M | ||
| Q2 24 | $571.9M | $274.4M | ||
| Q1 24 | $542.8M | $262.9M |
净利润MORNVNET
| Q4 25 | $115.1M | — | ||
| Q3 25 | $91.6M | $-38.7M | ||
| Q2 25 | $89.0M | — | ||
| Q1 25 | $78.5M | $-2.4M | ||
| Q4 24 | $116.9M | — | ||
| Q3 24 | $119.7M | $-2.1M | ||
| Q2 24 | $69.1M | $-1.1M | ||
| Q1 24 | $64.2M | $-22.0M |
毛利率MORNVNET
| Q4 25 | 61.1% | — | ||
| Q3 25 | 60.9% | 20.9% | ||
| Q2 25 | 61.9% | — | ||
| Q1 25 | 60.2% | 25.2% | ||
| Q4 24 | 60.7% | — | ||
| Q3 24 | 60.9% | 23.2% | ||
| Q2 24 | 61.1% | 21.3% | ||
| Q1 24 | 59.8% | 21.6% |
营业利润率MORNVNET
| Q4 25 | 24.9% | — | ||
| Q3 25 | 20.7% | 0.5% | ||
| Q2 25 | 20.7% | — | ||
| Q1 25 | 19.6% | 0.1% | ||
| Q4 24 | 28.5% | — | ||
| Q3 24 | 20.3% | 24.5% | ||
| Q2 24 | 19.0% | 0.2% | ||
| Q1 24 | 17.1% | 0.2% |
净利率MORNVNET
| Q4 25 | 18.0% | — | ||
| Q3 25 | 14.8% | -10.7% | ||
| Q2 25 | 14.7% | — | ||
| Q1 25 | 13.5% | -0.8% | ||
| Q4 24 | 19.8% | — | ||
| Q3 24 | 21.0% | -0.7% | ||
| Q2 24 | 12.1% | -0.4% | ||
| Q1 24 | 11.8% | -8.4% |
每股收益（稀释后）MORNVNET
| Q4 25 | $2.79 | — | ||
| Q3 25 | $2.17 | — | ||
| Q2 25 | $2.09 | — | ||
| Q1 25 | $1.82 | — | ||
| Q4 24 | $2.72 | — | ||
| Q3 24 | $2.77 | — | ||
| Q2 24 | $1.60 | — | ||
| Q1 24 | $1.49 | — |
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 | $528.7M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $890.8M |
| 总资产 | $3.6B | $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MORNVNET
| Q4 25 | $528.7M | — | ||
| Q3 25 | $40.3M | $492.1M | ||
| Q2 25 | $38.1M | — | ||
| Q1 25 | $47.7M | $544.3M | ||
| Q4 24 | $551.0M | — | ||
| Q3 24 | $48.8M | $219.5M | ||
| Q2 24 | $48.0M | $247.2M | ||
| Q1 24 | $55.4M | $246.9M |
总债务MORNVNET
| Q4 25 | — | — | ||
| Q3 25 | $848.9M | — | ||
| Q2 25 | $838.8M | — | ||
| Q1 25 | $803.7M | — | ||
| Q4 24 | $698.6M | — | ||
| Q3 24 | $864.7M | $1.2B | ||
| Q2 24 | $899.6M | — | ||
| Q1 24 | $917.3M | — |
股东权益MORNVNET
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.5B | $890.8M | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.6B | $927.8M | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.6B | $902.9M | ||
| Q2 24 | $1.4B | $900.6M | ||
| Q1 24 | $1.4B | $895.1M |
总资产MORNVNET
| Q4 25 | $3.6B | — | ||
| Q3 25 | $3.6B | $6.1B | ||
| Q2 25 | $3.6B | — | ||
| Q1 25 | $3.6B | $5.4B | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | $3.6B | $4.3B | ||
| Q2 24 | $3.4B | $4.0B | ||
| Q1 24 | $3.4B | $3.9B |
负债/权益比MORNVNET
| Q4 25 | — | — | ||
| Q3 25 | 0.56× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 0.55× | 1.28× | ||
| Q2 24 | 0.63× | — | ||
| Q1 24 | 0.66× | — |
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 | $204.0M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $161.3M | $-193.1M |
| 自由现金流率自由现金流/营收 | 25.2% | -53.2% |
| 资本支出强度资本支出/营收 | 6.7% | 84.6% |
| 现金转化率经营现金流/净利润 | 1.77× | — |
| 过去12个月自由现金流最近4个季度 | $442.6M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流MORNVNET
| Q4 25 | $204.0M | — | ||
| Q3 25 | $195.7M | $113.8M | ||
| Q2 25 | $99.0M | — | ||
| Q1 25 | $91.0M | $27.0M | ||
| Q4 24 | $153.4M | — | ||
| Q3 24 | $191.9M | $108.3M | ||
| Q2 24 | $152.7M | $55.8M | ||
| Q1 24 | $93.6M | $37.1M |
自由现金流MORNVNET
| Q4 25 | $161.3M | — | ||
| Q3 25 | $160.1M | $-193.1M | ||
| Q2 25 | $62.4M | — | ||
| Q1 25 | $58.8M | $-220.0M | ||
| Q4 24 | $112.8M | — | ||
| Q3 24 | $155.8M | $-95.0M | ||
| Q2 24 | $120.8M | $-81.6M | ||
| Q1 24 | $59.5M | $-102.2M |
自由现金流率MORNVNET
| Q4 25 | 25.2% | — | ||
| Q3 25 | 25.9% | -53.2% | ||
| Q2 25 | 10.3% | — | ||
| Q1 25 | 10.1% | -71.1% | ||
| Q4 24 | 19.1% | — | ||
| Q3 24 | 27.4% | -31.4% | ||
| Q2 24 | 21.1% | -29.8% | ||
| Q1 24 | 11.0% | -38.9% |
资本支出强度MORNVNET
| Q4 25 | 6.7% | — | ||
| Q3 25 | 5.8% | 84.6% | ||
| Q2 25 | 6.0% | — | ||
| Q1 25 | 5.5% | 79.8% | ||
| Q4 24 | 6.9% | — | ||
| Q3 24 | 6.3% | 67.3% | ||
| Q2 24 | 5.6% | 50.1% | ||
| Q1 24 | 6.3% | 53.0% |
现金转化率MORNVNET
| Q4 25 | 1.77× | — | ||
| Q3 25 | 2.14× | — | ||
| Q2 25 | 1.11× | — | ||
| Q1 25 | 1.16× | — | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | 1.60× | — | ||
| Q2 24 | 2.21× | — | ||
| Q1 24 | 1.46× | — |
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
MORN
| Pitch Book Segment | $172.6M | 27% |
| Morningstar Credit Segment | $166.7M | 26% |
| Transaction Based | $113.1M | 18% |
| Asset Based | $90.2M | 14% |
| Morningstar Retirement Segment | $38.1M | 6% |
| Morningstar Sustainalytics | $27.8M | 4% |
| Morningstar Indexes | $22.5M | 4% |
| Morningstar Wealth Segment | $2.3M | 0% |
VNET
暂无分部数据
