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National Storage Affiliates Trust（NSA）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National Storage Affiliates Trust的1.9倍（$362.7M vs $187.0M），National Storage Affiliates Trust净利率更高（12.2% vs -10.7%，领先22.9%），National Storage Affiliates Trust自由现金流更多（$299.8M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -2.4%）
National Storage Affiliates Trust是一家总部位于美国的房地产投资信托，专注于自助仓储资产，在美国数十个州持有、运营及收购自助仓储设施，为居民和商业客户提供安全的存储服务。
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。
NSA vs VNET — 直观对比
营收规模更大
VNET
是对方的1.9倍
$187.0M
净利率更高
NSA
高出22.9%
-10.7%
自由现金流更多
NSA
多$492.9M
$-193.1M
两年增速更快
VNET
近两年复合增速
-2.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $187.0M | $362.7M |
| 净利润 | $22.9M | $-38.7M |
| 毛利率 | 72.5% | 20.9% |
| 营业利润率 | 20.2% | 0.5% |
| 净利率 | 12.2% | -10.7% |
| 营收同比 | -1.6% | — |
| 净利润同比 | 36.8% | — |
| 每股收益（稀释后） | $0.23 | — |
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NSAVNET
| Q4 25 | $187.0M | — | ||
| Q3 25 | $188.7M | $362.7M | ||
| Q2 25 | $188.8M | — | ||
| Q1 25 | $188.4M | $309.5M | ||
| Q4 24 | $190.1M | — | ||
| Q3 24 | $193.6M | $302.2M | ||
| Q2 24 | $190.4M | $274.4M | ||
| Q1 24 | $196.1M | $262.9M |
净利润NSAVNET
| Q4 25 | $22.9M | — | ||
| Q3 25 | $18.4M | $-38.7M | ||
| Q2 25 | $19.5M | — | ||
| Q1 25 | $13.0M | $-2.4M | ||
| Q4 24 | $16.7M | — | ||
| Q3 24 | $18.7M | $-2.1M | ||
| Q2 24 | $17.1M | $-1.1M | ||
| Q1 24 | $59.0M | $-22.0M |
毛利率NSAVNET
| Q4 25 | 72.5% | — | ||
| Q3 25 | 70.7% | 20.9% | ||
| Q2 25 | 70.5% | — | ||
| Q1 25 | 70.7% | 25.2% | ||
| Q4 24 | 72.5% | — | ||
| Q3 24 | 72.8% | 23.2% | ||
| Q2 24 | 72.6% | 21.3% | ||
| Q1 24 | 72.1% | 21.6% |
营业利润率NSAVNET
| Q4 25 | 20.2% | — | ||
| Q3 25 | 15.8% | 0.5% | ||
| Q2 25 | 16.5% | — | ||
| Q1 25 | 11.0% | 0.1% | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | 15.8% | 24.5% | ||
| Q2 24 | 17.2% | 0.2% | ||
| Q1 24 | 48.9% | 0.2% |
净利率NSAVNET
| Q4 25 | 12.2% | — | ||
| Q3 25 | 9.8% | -10.7% | ||
| Q2 25 | 10.3% | — | ||
| Q1 25 | 6.9% | -0.8% | ||
| Q4 24 | 8.8% | — | ||
| Q3 24 | 9.7% | -0.7% | ||
| Q2 24 | 9.0% | -0.4% | ||
| Q1 24 | 30.1% | -8.4% |
每股收益（稀释后）NSAVNET
| Q4 25 | $0.23 | — | ||
| Q3 25 | $0.17 | — | ||
| Q2 25 | $0.19 | — | ||
| Q1 25 | $0.10 | — | ||
| Q4 24 | $0.19 | — | ||
| Q3 24 | $0.18 | — | ||
| Q2 24 | $0.16 | — | ||
| Q1 24 | $0.65 | — |
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 | $23.3M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $946.0M | $890.8M |
| 总资产 | $5.1B | $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NSAVNET
| Q4 25 | $23.3M | — | ||
| Q3 25 | $26.3M | $492.1M | ||
| Q2 25 | $26.1M | — | ||
| Q1 25 | $19.3M | $544.3M | ||
| Q4 24 | $50.4M | — | ||
| Q3 24 | $69.9M | $219.5M | ||
| Q2 24 | $59.0M | $247.2M | ||
| Q1 24 | $64.2M | $246.9M |
总债务NSAVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益NSAVNET
| Q4 25 | $946.0M | — | ||
| Q3 25 | $973.1M | $890.8M | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $1.0B | $927.8M | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $986.9M | $902.9M | ||
| Q2 24 | $1.2B | $900.6M | ||
| Q1 24 | $1.3B | $895.1M |
总资产NSAVNET
| Q4 25 | $5.1B | — | ||
| Q3 25 | $5.1B | $6.1B | ||
| Q2 25 | $5.2B | — | ||
| Q1 25 | $5.3B | $5.4B | ||
| Q4 24 | $5.4B | — | ||
| Q3 24 | $5.4B | $4.3B | ||
| Q2 24 | $5.3B | $4.0B | ||
| Q1 24 | $5.4B | $3.9B |
负债/权益比NSAVNET
| 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 | $338.5M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $299.8M | $-193.1M |
| 自由现金流率自由现金流/营收 | 160.3% | -53.2% |
| 资本支出强度资本支出/营收 | 20.7% | 84.6% |
| 现金转化率经营现金流/净利润 | 14.79× | — |
| 过去12个月自由现金流最近4个季度 | $541.5M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流NSAVNET
| Q4 25 | $338.5M | — | ||
| Q3 25 | $100.2M | $113.8M | ||
| Q2 25 | $79.9M | — | ||
| Q1 25 | $85.6M | $27.0M | ||
| Q4 24 | $363.1M | — | ||
| Q3 24 | $105.7M | $108.3M | ||
| Q2 24 | $83.2M | $55.8M | ||
| Q1 24 | $94.0M | $37.1M |
自由现金流NSAVNET
| Q4 25 | $299.8M | — | ||
| Q3 25 | $88.0M | $-193.1M | ||
| Q2 25 | $73.8M | — | ||
| Q1 25 | $79.9M | $-220.0M | ||
| Q4 24 | $344.4M | — | ||
| Q3 24 | $101.8M | $-95.0M | ||
| Q2 24 | $79.5M | $-81.6M | ||
| Q1 24 | $88.6M | $-102.2M |
自由现金流率NSAVNET
| Q4 25 | 160.3% | — | ||
| Q3 25 | 46.6% | -53.2% | ||
| Q2 25 | 39.1% | — | ||
| Q1 25 | 42.4% | -71.1% | ||
| Q4 24 | 181.2% | — | ||
| Q3 24 | 52.6% | -31.4% | ||
| Q2 24 | 41.7% | -29.8% | ||
| Q1 24 | 45.2% | -38.9% |
资本支出强度NSAVNET
| Q4 25 | 20.7% | — | ||
| Q3 25 | 6.5% | 84.6% | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | 3.0% | 79.8% | ||
| Q4 24 | 9.8% | — | ||
| Q3 24 | 2.0% | 67.3% | ||
| Q2 24 | 1.9% | 50.1% | ||
| Q1 24 | 2.7% | 53.0% |
现金转化率NSAVNET
| Q4 25 | 14.79× | — | ||
| Q3 25 | 5.44× | — | ||
| Q2 25 | 4.10× | — | ||
| Q1 25 | 6.59× | — | ||
| Q4 24 | 21.70× | — | ||
| Q3 24 | 5.65× | — | ||
| Q2 24 | 4.88× | — | ||
| Q1 24 | 1.59× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
