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NMI Holdings, Inc.（NMIH）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NMI Holdings, Inc.的2.0倍（$362.7M vs $183.5M），NMI Holdings, Inc.净利率更高（54.1% vs -10.7%，领先64.8%），过去两年世纪互联的营收复合增速更高（17.4% vs 6.4%）
NMI控股是美国头部私人抵押贷款保险服务商，主要为贷款机构提供抵押贷款担保保险产品，降低住房抵押贷款信用风险，服务美国本土住宅市场，助力符合资质的购房者获得购房便利，同时保护放贷机构免受违约损失。
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。
NMIH vs VNET — 直观对比
营收规模更大
VNET
是对方的2.0倍
$183.5M
净利率更高
NMIH
高出64.8%
-10.7%
两年增速更快
VNET
近两年复合增速
6.4%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $183.5M | $362.7M |
| 净利润 | $99.3M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | — | 0.5% |
| 净利率 | 54.1% | -10.7% |
| 营收同比 | 5.9% | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $1.28 | — |
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NMIHVNET
| Q1 26 | $183.5M | — | ||
| Q4 25 | $180.7M | — | ||
| Q3 25 | $178.7M | $362.7M | ||
| Q2 25 | $173.8M | — | ||
| Q1 25 | $173.2M | $309.5M | ||
| Q4 24 | $166.5M | — | ||
| Q3 24 | $166.1M | $302.2M | ||
| Q2 24 | $162.1M | $274.4M |
净利润NMIHVNET
| Q1 26 | $99.3M | — | ||
| Q4 25 | $94.2M | — | ||
| Q3 25 | $96.0M | $-38.7M | ||
| Q2 25 | $96.2M | — | ||
| Q1 25 | $102.6M | $-2.4M | ||
| Q4 24 | $86.2M | — | ||
| Q3 24 | $92.8M | $-2.1M | ||
| Q2 24 | $92.1M | $-1.1M |
毛利率NMIHVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.3% |
营业利润率NMIHVNET
| Q1 26 | — | — | ||
| Q4 25 | 67.0% | — | ||
| Q3 25 | 69.2% | 0.5% | ||
| Q2 25 | 71.1% | — | ||
| Q1 25 | 75.8% | 0.1% | ||
| Q4 24 | 66.6% | — | ||
| Q3 24 | 71.8% | 24.5% | ||
| Q2 24 | 73.2% | 0.2% |
净利率NMIHVNET
| Q1 26 | 54.1% | — | ||
| Q4 25 | 52.1% | — | ||
| Q3 25 | 53.7% | -10.7% | ||
| Q2 25 | 55.3% | — | ||
| Q1 25 | 59.2% | -0.8% | ||
| Q4 24 | 51.8% | — | ||
| Q3 24 | 55.9% | -0.7% | ||
| Q2 24 | 56.8% | -0.4% |
每股收益（稀释后）NMIHVNET
| Q1 26 | $1.28 | — | ||
| Q4 25 | $1.21 | — | ||
| Q3 25 | $1.22 | — | ||
| Q2 25 | $1.21 | — | ||
| Q1 25 | $1.28 | — | ||
| Q4 24 | $1.07 | — | ||
| Q3 24 | $1.15 | — | ||
| Q2 24 | $1.13 | — |
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 | $70.7M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.6B | $890.8M |
| 总资产 | $3.9B | $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NMIHVNET
| Q1 26 | $70.7M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $492.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $544.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $219.5M | ||
| Q2 24 | — | $247.2M |
总债务NMIHVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — |
股东权益NMIHVNET
| Q1 26 | $2.6B | — | ||
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.5B | $890.8M | ||
| Q2 25 | $2.4B | — | ||
| Q1 25 | $2.3B | $927.8M | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $2.2B | $902.9M | ||
| Q2 24 | $2.0B | $900.6M |
总资产NMIHVNET
| Q1 26 | $3.9B | — | ||
| Q4 25 | $3.8B | — | ||
| Q3 25 | $3.7B | $6.1B | ||
| Q2 25 | $3.6B | — | ||
| Q1 25 | $3.5B | $5.4B | ||
| Q4 24 | $3.3B | — | ||
| Q3 24 | $3.3B | $4.3B | ||
| Q2 24 | $3.1B | $4.0B |
负债/权益比NMIHVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.28× | ||
| Q2 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 | — | $113.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-193.1M |
| 自由现金流率自由现金流/营收 | — | -53.2% |
| 资本支出强度资本支出/营收 | — | 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NMIHVNET
| Q1 26 | — | — | ||
| Q4 25 | $419.3M | — | ||
| Q3 25 | $128.0M | $113.8M | ||
| Q2 25 | $128.4M | — | ||
| Q1 25 | $101.2M | $27.0M | ||
| Q4 24 | $393.6M | — | ||
| Q3 24 | $128.4M | $108.3M | ||
| Q2 24 | $117.8M | $55.8M |
自由现金流NMIHVNET
| Q1 26 | — | — | ||
| Q4 25 | $412.5M | — | ||
| Q3 25 | $126.3M | $-193.1M | ||
| Q2 25 | $126.7M | — | ||
| Q1 25 | $99.4M | $-220.0M | ||
| Q4 24 | $386.7M | — | ||
| Q3 24 | $126.9M | $-95.0M | ||
| Q2 24 | $115.9M | $-81.6M |
自由现金流率NMIHVNET
| Q1 26 | — | — | ||
| Q4 25 | 228.2% | — | ||
| Q3 25 | 70.7% | -53.2% | ||
| Q2 25 | 72.9% | — | ||
| Q1 25 | 57.4% | -71.1% | ||
| Q4 24 | 232.2% | — | ||
| Q3 24 | 76.4% | -31.4% | ||
| Q2 24 | 71.5% | -29.8% |
资本支出强度NMIHVNET
| Q1 26 | — | — | ||
| Q4 25 | 3.8% | — | ||
| Q3 25 | 1.0% | 84.6% | ||
| Q2 25 | 0.9% | — | ||
| Q1 25 | 1.0% | 79.8% | ||
| Q4 24 | 4.1% | — | ||
| Q3 24 | 0.9% | 67.3% | ||
| Q2 24 | 1.1% | 50.1% |
现金转化率NMIHVNET
| Q1 26 | — | — | ||
| Q4 25 | 4.45× | — | ||
| Q3 25 | 1.33× | — | ||
| Q2 25 | 1.33× | — | ||
| Q1 25 | 0.99× | — | ||
| Q4 24 | 4.57× | — | ||
| Q3 24 | 1.38× | — | ||
| Q2 24 | 1.28× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
