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网件（NTGR）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网件的2.0倍（$362.7M vs $182.5M），网件自由现金流更多（$13.6M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 5.3%）
网件是总部位于美国加利福尼亚州圣何塞的计算机网络设备企业，在全球约22个国家设有分支机构，面向个人消费者、企业及服务提供商研发生产各类网络硬件，业务分为零售、商业客户、服务供应商三大板块。
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。
NTGR vs VNET — 直观对比
营收规模更大
VNET
是对方的2.0倍
$182.5M
自由现金流更多
NTGR
多$206.7M
$-193.1M
两年增速更快
VNET
近两年复合增速
5.3%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $182.5M | $362.7M |
| 净利润 | — | $-38.7M |
| 毛利率 | 40.4% | 20.9% |
| 营业利润率 | -2.6% | 0.5% |
| 净利率 | — | -10.7% |
| 营收同比 | 0.0% | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $-0.03 | — |
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NTGRVNET
| Q4 25 | $182.5M | — | ||
| Q3 25 | $184.6M | $362.7M | ||
| Q2 25 | $170.5M | — | ||
| Q1 25 | $162.1M | $309.5M | ||
| Q4 24 | $182.4M | — | ||
| Q3 24 | $182.9M | $302.2M | ||
| Q2 24 | $143.9M | $274.4M | ||
| Q1 24 | $164.6M | $262.9M |
净利润NTGRVNET
| Q4 25 | — | — | ||
| Q3 25 | $-4.8M | $-38.7M | ||
| Q2 25 | $-6.4M | — | ||
| Q1 25 | $-6.0M | $-2.4M | ||
| Q4 24 | $-8.9M | — | ||
| Q3 24 | $85.1M | $-2.1M | ||
| Q2 24 | $-45.2M | $-1.1M | ||
| Q1 24 | $-18.6M | $-22.0M |
毛利率NTGRVNET
| Q4 25 | 40.4% | — | ||
| Q3 25 | 39.1% | 20.9% | ||
| Q2 25 | 37.5% | — | ||
| Q1 25 | 34.8% | 25.2% | ||
| Q4 24 | 32.6% | — | ||
| Q3 24 | 30.9% | 23.2% | ||
| Q2 24 | 22.1% | 21.3% | ||
| Q1 24 | 29.3% | 21.6% |
营业利润率NTGRVNET
| Q4 25 | -2.6% | — | ||
| Q3 25 | -3.8% | 0.5% | ||
| Q2 25 | -5.6% | — | ||
| Q1 25 | -7.9% | 0.1% | ||
| Q4 24 | -8.3% | — | ||
| Q3 24 | 52.4% | 24.5% | ||
| Q2 24 | -32.6% | 0.2% | ||
| Q1 24 | -13.2% | 0.2% |
净利率NTGRVNET
| Q4 25 | — | — | ||
| Q3 25 | -2.6% | -10.7% | ||
| Q2 25 | -3.8% | — | ||
| Q1 25 | -3.7% | -0.8% | ||
| Q4 24 | -4.9% | — | ||
| Q3 24 | 46.5% | -0.7% | ||
| Q2 24 | -31.4% | -0.4% | ||
| Q1 24 | -11.3% | -8.4% |
每股收益（稀释后）NTGRVNET
| Q4 25 | $-0.03 | — | ||
| Q3 25 | $-0.17 | — | ||
| Q2 25 | $-0.22 | — | ||
| Q1 25 | $-0.21 | — | ||
| Q4 24 | $-0.29 | — | ||
| Q3 24 | $2.90 | — | ||
| Q2 24 | $-1.56 | — | ||
| Q1 24 | $-0.63 | — |
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 | $323.0M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $497.8M | $890.8M |
| 总资产 | $836.3M | $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NTGRVNET
| Q4 25 | $323.0M | — | ||
| Q3 25 | $326.4M | $492.1M | ||
| Q2 25 | $363.5M | — | ||
| Q1 25 | $391.9M | $544.3M | ||
| Q4 24 | $408.7M | — | ||
| Q3 24 | $395.7M | $219.5M | ||
| Q2 24 | $294.3M | $247.2M | ||
| Q1 24 | $289.4M | $246.9M |
总债务NTGRVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益NTGRVNET
| Q4 25 | $497.8M | — | ||
| Q3 25 | $506.8M | $890.8M | ||
| Q2 25 | $523.2M | — | ||
| Q1 25 | $534.2M | $927.8M | ||
| Q4 24 | $541.1M | — | ||
| Q3 24 | $550.3M | $902.9M | ||
| Q2 24 | $459.4M | $900.6M | ||
| Q1 24 | $511.4M | $895.1M |
总资产NTGRVNET
| Q4 25 | $836.3M | — | ||
| Q3 25 | $810.8M | $6.1B | ||
| Q2 25 | $803.5M | — | ||
| Q1 25 | $814.2M | $5.4B | ||
| Q4 24 | $850.2M | — | ||
| Q3 24 | $862.6M | $4.3B | ||
| Q2 24 | $754.1M | $4.0B | ||
| Q1 24 | $801.3M | $3.9B |
负债/权益比NTGRVNET
| 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 | $19.5M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $13.6M | $-193.1M |
| 自由现金流率自由现金流/营收 | 7.5% | -53.2% |
| 资本支出强度资本支出/营收 | 3.2% | 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 | $-18.9M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流NTGRVNET
| Q4 25 | $19.5M | — | ||
| Q3 25 | $-7.4M | $113.8M | ||
| Q2 25 | $-1.8M | — | ||
| Q1 25 | $-8.7M | $27.0M | ||
| Q4 24 | $21.5M | — | ||
| Q3 24 | $107.7M | $108.3M | ||
| Q2 24 | $18.4M | $55.8M | ||
| Q1 24 | $17.2M | $37.1M |
自由现金流NTGRVNET
| Q4 25 | $13.6M | — | ||
| Q3 25 | $-17.1M | $-193.1M | ||
| Q2 25 | $-5.3M | — | ||
| Q1 25 | $-10.1M | $-220.0M | ||
| Q4 24 | $19.0M | — | ||
| Q3 24 | $106.0M | $-95.0M | ||
| Q2 24 | $16.1M | $-81.6M | ||
| Q1 24 | $14.7M | $-102.2M |
自由现金流率NTGRVNET
| Q4 25 | 7.5% | — | ||
| Q3 25 | -9.3% | -53.2% | ||
| Q2 25 | -3.1% | — | ||
| Q1 25 | -6.3% | -71.1% | ||
| Q4 24 | 10.4% | — | ||
| Q3 24 | 58.0% | -31.4% | ||
| Q2 24 | 11.2% | -29.8% | ||
| Q1 24 | 8.9% | -38.9% |
资本支出强度NTGRVNET
| Q4 25 | 3.2% | — | ||
| Q3 25 | 5.3% | 84.6% | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 0.9% | 79.8% | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 0.9% | 67.3% | ||
| Q2 24 | 1.6% | 50.1% | ||
| Q1 24 | 1.5% | 53.0% |
现金转化率NTGRVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.27× | — | ||
| 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
NTGR
| Other | $93.4M | 51% |
| Sales Channel Directly To Consumer | $89.1M | 49% |
VNET
暂无分部数据
