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Paymentus Holdings, Inc.（PAY）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Paymentus Holdings, Inc.的1.1倍（$362.7M vs $330.5M），Paymentus Holdings, Inc.净利率更高（6.3% vs -10.7%，领先16.9%），Paymentus Holdings, Inc.自由现金流更多（$45.0M vs $-193.1M），过去两年Paymentus Holdings, Inc.的营收复合增速更高（33.7% vs 17.4%）
Paymentus Holdings, Inc.是领先的云原生账单支付与客户互动技术服务商，面向公用事业、金融服务、政府、医疗、电信等领域企业提供集成数字支付解决方案、账单自动化工具和自助服务门户，核心业务覆盖北美市场。
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。
PAY vs VNET — 直观对比
营收规模更大
VNET
是对方的1.1倍
$330.5M
净利率更高
PAY
高出16.9%
-10.7%
自由现金流更多
PAY
多$238.1M
$-193.1M
两年增速更快
PAY
近两年复合增速
17.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $330.5M | $362.7M |
| 净利润 | $20.7M | $-38.7M |
| 毛利率 | 25.4% | 20.9% |
| 营业利润率 | 7.3% | 0.5% |
| 净利率 | 6.3% | -10.7% |
| 营收同比 | 28.1% | — |
| 净利润同比 | 57.2% | — |
| 每股收益（稀释后） | $0.16 | — |
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PAYVNET
| Q4 25 | $330.5M | — | ||
| Q3 25 | $310.7M | $362.7M | ||
| Q2 25 | $280.1M | — | ||
| Q1 25 | $275.2M | $309.5M | ||
| Q4 24 | $257.9M | — | ||
| Q3 24 | $231.6M | $302.2M | ||
| Q2 24 | $197.4M | $274.4M | ||
| Q1 24 | $184.9M | $262.9M |
净利润PAYVNET
| Q4 25 | $20.7M | — | ||
| Q3 25 | $17.7M | $-38.7M | ||
| Q2 25 | $14.7M | — | ||
| Q1 25 | $13.8M | $-2.4M | ||
| Q4 24 | $13.1M | — | ||
| Q3 24 | $14.4M | $-2.1M | ||
| Q2 24 | $9.4M | $-1.1M | ||
| Q1 24 | $7.2M | $-22.0M |
毛利率PAYVNET
| Q4 25 | 25.4% | — | ||
| Q3 25 | 24.1% | 20.9% | ||
| Q2 25 | 25.5% | — | ||
| Q1 25 | 24.0% | 25.2% | ||
| Q4 24 | 25.6% | — | ||
| Q3 24 | 26.2% | 23.2% | ||
| Q2 24 | 29.8% | 21.3% | ||
| Q1 24 | 28.5% | 21.6% |
营业利润率PAYVNET
| Q4 25 | 7.3% | — | ||
| Q3 25 | 6.4% | 0.5% | ||
| Q2 25 | 5.7% | — | ||
| Q1 25 | 5.7% | 0.1% | ||
| Q4 24 | 5.5% | — | ||
| Q3 24 | 5.2% | 24.5% | ||
| Q2 24 | 5.2% | 0.2% | ||
| Q1 24 | 4.5% | 0.2% |
净利率PAYVNET
| Q4 25 | 6.3% | — | ||
| Q3 25 | 5.7% | -10.7% | ||
| Q2 25 | 5.3% | — | ||
| Q1 25 | 5.0% | -0.8% | ||
| Q4 24 | 5.1% | — | ||
| Q3 24 | 6.2% | -0.7% | ||
| Q2 24 | 4.7% | -0.4% | ||
| Q1 24 | 3.9% | -8.4% |
每股收益（稀释后）PAYVNET
| Q4 25 | $0.16 | — | ||
| Q3 25 | $0.14 | — | ||
| Q2 25 | $0.11 | — | ||
| Q1 25 | $0.11 | — | ||
| Q4 24 | $0.11 | — | ||
| Q3 24 | $0.11 | — | ||
| Q2 24 | $0.07 | — | ||
| Q1 24 | $0.06 | — |
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 | $320.9M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $560.4M | $890.8M |
| 总资产 | $667.9M | $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PAYVNET
| Q4 25 | $320.9M | — | ||
| Q3 25 | $287.9M | $492.1M | ||
| Q2 25 | $266.4M | — | ||
| Q1 25 | $245.8M | $544.3M | ||
| Q4 24 | $205.9M | — | ||
| Q3 24 | $187.5M | $219.5M | ||
| Q2 24 | $188.8M | $247.2M | ||
| Q1 24 | $180.1M | $246.9M |
总债务PAYVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益PAYVNET
| Q4 25 | $560.4M | — | ||
| Q3 25 | $537.4M | $890.8M | ||
| Q2 25 | $516.7M | — | ||
| Q1 25 | $500.4M | $927.8M | ||
| Q4 24 | $485.6M | — | ||
| Q3 24 | $468.8M | $902.9M | ||
| Q2 24 | $451.6M | $900.6M | ||
| Q1 24 | $439.4M | $895.1M |
总资产PAYVNET
| Q4 25 | $667.9M | — | ||
| Q3 25 | $644.4M | $6.1B | ||
| Q2 25 | $609.5M | — | ||
| Q1 25 | $590.9M | $5.4B | ||
| Q4 24 | $576.2M | — | ||
| Q3 24 | $552.9M | $4.3B | ||
| Q2 24 | $527.7M | $4.0B | ||
| Q1 24 | $514.0M | $3.9B |
负债/权益比PAYVNET
| 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 | $45.1M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $45.0M | $-193.1M |
| 自由现金流率自由现金流/营收 | 13.6% | -53.2% |
| 资本支出强度资本支出/营收 | 0.0% | 84.6% |
| 现金转化率经营现金流/净利润 | 2.18× | — |
| 过去12个月自由现金流最近4个季度 | $161.8M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流PAYVNET
| Q4 25 | $45.1M | — | ||
| Q3 25 | $35.1M | $113.8M | ||
| Q2 25 | $31.5M | — | ||
| Q1 25 | $50.4M | $27.0M | ||
| Q4 24 | $27.9M | — | ||
| Q3 24 | $6.7M | $108.3M | ||
| Q2 24 | $18.0M | $55.8M | ||
| Q1 24 | $11.0M | $37.1M |
自由现金流PAYVNET
| Q4 25 | $45.0M | — | ||
| Q3 25 | $35.0M | $-193.1M | ||
| Q2 25 | $31.4M | — | ||
| Q1 25 | $50.4M | $-220.0M | ||
| Q4 24 | $27.8M | — | ||
| Q3 24 | $6.7M | $-95.0M | ||
| Q2 24 | $17.8M | $-81.6M | ||
| Q1 24 | $10.8M | $-102.2M |
自由现金流率PAYVNET
| Q4 25 | 13.6% | — | ||
| Q3 25 | 11.3% | -53.2% | ||
| Q2 25 | 11.2% | — | ||
| Q1 25 | 18.3% | -71.1% | ||
| Q4 24 | 10.8% | — | ||
| Q3 24 | 2.9% | -31.4% | ||
| Q2 24 | 9.0% | -29.8% | ||
| Q1 24 | 5.9% | -38.9% |
资本支出强度PAYVNET
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.0% | 84.6% | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.0% | 79.8% | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.0% | 67.3% | ||
| Q2 24 | 0.1% | 50.1% | ||
| Q1 24 | 0.1% | 53.0% |
现金转化率PAYVNET
| Q4 25 | 2.18× | — | ||
| Q3 25 | 1.98× | — | ||
| Q2 25 | 2.14× | — | ||
| Q1 25 | 3.65× | — | ||
| Q4 24 | 2.12× | — | ||
| Q3 24 | 0.47× | — | ||
| Q2 24 | 1.93× | — | ||
| Q1 24 | 1.52× | — |
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
PAY
| Payment Transaction Processing Revenue | $326.9M | 99% |
| Other | $3.5M | 1% |
VNET
暂无分部数据
