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NNN REIT, INC.（NNN）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NNN REIT, INC.的1.5倍（$362.7M vs $240.4M），NNN REIT, INC.净利率更高（39.1% vs -10.7%，领先49.7%），过去两年世纪互联的营收复合增速更高（17.4% vs 5.3%）
NNN REIT是一家专业房地产投资信托机构，主要投资附带长期三净租约的餐饮类物业，交易多采用售后回租模式。公司注册地为美国马里兰州，总部位于佛罗里达州奥兰多市。
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。
NNN vs VNET — 直观对比
营收规模更大
VNET
是对方的1.5倍
$240.4M
净利率更高
NNN
高出49.7%
-10.7%
两年增速更快
VNET
近两年复合增速
5.3%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $240.4M | $362.7M |
| 净利润 | $94.0M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 61.0% | 0.5% |
| 净利率 | 39.1% | -10.7% |
| 营收同比 | 4.1% | — |
| 净利润同比 | -2.6% | — |
| 每股收益（稀释后） | $0.50 | — |
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NNNVNET
| Q1 26 | $240.4M | — | ||
| Q4 25 | $238.4M | — | ||
| Q3 25 | $230.2M | $362.7M | ||
| Q2 25 | $226.8M | — | ||
| Q1 25 | $230.9M | $309.5M | ||
| Q4 24 | $218.5M | — | ||
| Q3 24 | $218.6M | $302.2M | ||
| Q2 24 | $216.8M | $274.4M |
净利润NNNVNET
| Q1 26 | $94.0M | — | ||
| Q4 25 | $96.0M | — | ||
| Q3 25 | $96.8M | $-38.7M | ||
| Q2 25 | $100.5M | — | ||
| Q1 25 | $96.5M | $-2.4M | ||
| Q4 24 | $97.9M | — | ||
| Q3 24 | $97.9M | $-2.1M | ||
| Q2 24 | $106.7M | $-1.1M |
毛利率NNNVNET
| 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NNNVNET
| Q1 26 | 61.0% | — | ||
| Q4 25 | 62.3% | — | ||
| Q3 25 | 64.0% | 0.5% | ||
| Q2 25 | 66.0% | — | ||
| Q1 25 | 62.3% | 0.1% | ||
| Q4 24 | 65.8% | — | ||
| Q3 24 | 65.7% | 24.5% | ||
| Q2 24 | 70.2% | 0.2% |
净利率NNNVNET
| Q1 26 | 39.1% | — | ||
| Q4 25 | 40.2% | — | ||
| Q3 25 | 42.1% | -10.7% | ||
| Q2 25 | 44.3% | — | ||
| Q1 25 | 41.8% | -0.8% | ||
| Q4 24 | 44.8% | — | ||
| Q3 24 | 44.8% | -0.7% | ||
| Q2 24 | 49.2% | -0.4% |
每股收益（稀释后）NNNVNET
| Q1 26 | $0.50 | — | ||
| Q4 25 | $0.51 | — | ||
| Q3 25 | $0.51 | — | ||
| Q2 25 | $0.54 | — | ||
| Q1 25 | $0.51 | — | ||
| Q4 24 | $0.52 | — | ||
| Q3 24 | $0.53 | — | ||
| Q2 24 | $0.58 | — |
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 | $4.6M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.4B | $890.8M |
| 总资产 | $9.4B | $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NNNVNET
| Q1 26 | $4.6M | — | ||
| Q4 25 | $5.0M | — | ||
| Q3 25 | $157.9M | $492.1M | ||
| Q2 25 | $6.0M | — | ||
| Q1 25 | $5.1M | $544.3M | ||
| Q4 24 | $8.7M | — | ||
| Q3 24 | $173.5M | $219.5M | ||
| Q2 24 | $2.1M | $247.2M |
总债务NNNVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — |
股东权益NNNVNET
| Q1 26 | $4.4B | — | ||
| Q4 25 | $4.4B | — | ||
| Q3 25 | $4.4B | $890.8M | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.4B | $927.8M | ||
| Q4 24 | $4.4B | — | ||
| Q3 24 | $4.4B | $902.9M | ||
| Q2 24 | $4.2B | $900.6M |
总资产NNNVNET
| Q1 26 | $9.4B | — | ||
| Q4 25 | $9.4B | — | ||
| Q3 25 | $9.5B | $6.1B | ||
| Q2 25 | $9.1B | — | ||
| Q1 25 | $9.0B | $5.4B | ||
| Q4 24 | $8.9B | — | ||
| Q3 24 | $8.9B | $4.3B | ||
| Q2 24 | $8.7B | $4.0B |
负债/权益比NNNVNET
| 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NNNVNET
| Q1 26 | — | — | ||
| Q4 25 | $667.1M | — | ||
| Q3 25 | $218.3M | $113.8M | ||
| Q2 25 | $119.4M | — | ||
| Q1 25 | $203.3M | $27.0M | ||
| Q4 24 | $635.5M | — | ||
| Q3 24 | $206.6M | $108.3M | ||
| Q2 24 | $120.5M | $55.8M |
自由现金流NNNVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $-193.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-220.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-95.0M | ||
| Q2 24 | — | $-81.6M |
自由现金流率NNNVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | -53.2% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -71.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -31.4% | ||
| Q2 24 | — | -29.8% |
资本支出强度NNNVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 84.6% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 79.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 67.3% | ||
| Q2 24 | — | 50.1% |
现金转化率NNNVNET
| Q1 26 | — | — | ||
| Q4 25 | 6.95× | — | ||
| Q3 25 | 2.25× | — | ||
| Q2 25 | 1.19× | — | ||
| Q1 25 | 2.11× | — | ||
| Q4 24 | 6.49× | — | ||
| Q3 24 | 2.11× | — | ||
| Q2 24 | 1.13× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
