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派安盈（PAYO）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派安盈的1.7倍（$362.7M vs $217.0M），派安盈净利率更高（8.8% vs -10.7%，领先19.4%），派安盈自由现金流更多（$40.3M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 16.3%）
派安盈（Payoneer）是一家美国金融服务企业，主要为全球用户提供在线跨境汇款、数字支付解决方案及营运资金支持，助力中小企业、跨境电商及自由职业者高效处理全球收付款业务，降低跨境资金流转成本。
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。
PAYO vs VNET — 直观对比
营收规模更大
VNET
是对方的1.7倍
$217.0M
净利率更高
PAYO
高出19.4%
-10.7%
自由现金流更多
PAYO
多$233.4M
$-193.1M
两年增速更快
VNET
近两年复合增速
16.3%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $217.0M | $362.7M |
| 净利润 | $19.0M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 13.3% | 0.5% |
| 净利率 | 8.8% | -10.7% |
| 营收同比 | 9.5% | — |
| 净利润同比 | 4.5% | — |
| 每股收益（稀释后） | $0.05 | — |
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PAYOVNET
| Q4 25 | $217.0M | — | ||
| Q3 25 | $209.7M | $362.7M | ||
| Q2 25 | $200.5M | — | ||
| Q1 25 | $186.3M | $309.5M | ||
| Q4 24 | $198.2M | — | ||
| Q3 24 | $180.4M | $302.2M | ||
| Q2 24 | $171.2M | $274.4M | ||
| Q1 24 | $160.5M | $262.9M |
净利润PAYOVNET
| Q4 25 | $19.0M | — | ||
| Q3 25 | $14.1M | $-38.7M | ||
| Q2 25 | $19.5M | — | ||
| Q1 25 | $20.6M | $-2.4M | ||
| Q4 24 | $18.2M | — | ||
| Q3 24 | $41.6M | $-2.1M | ||
| Q2 24 | $32.4M | $-1.1M | ||
| Q1 24 | $29.0M | $-22.0M |
毛利率PAYOVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 21.6% |
营业利润率PAYOVNET
| Q4 25 | 13.3% | — | ||
| Q3 25 | 17.3% | 0.5% | ||
| Q2 25 | 15.0% | — | ||
| Q1 25 | 15.7% | 0.1% | ||
| Q4 24 | 14.7% | — | ||
| Q3 24 | 19.5% | 24.5% | ||
| Q2 24 | 27.0% | 0.2% | ||
| Q1 24 | 23.9% | 0.2% |
净利率PAYOVNET
| Q4 25 | 8.8% | — | ||
| Q3 25 | 6.7% | -10.7% | ||
| Q2 25 | 9.7% | — | ||
| Q1 25 | 11.0% | -0.8% | ||
| Q4 24 | 9.2% | — | ||
| Q3 24 | 23.1% | -0.7% | ||
| Q2 24 | 18.9% | -0.4% | ||
| Q1 24 | 18.1% | -8.4% |
每股收益（稀释后）PAYOVNET
| Q4 25 | $0.05 | — | ||
| Q3 25 | $0.04 | — | ||
| Q2 25 | $0.05 | — | ||
| Q1 25 | $0.05 | — | ||
| Q4 24 | $0.03 | — | ||
| Q3 24 | $0.11 | — | ||
| Q2 24 | $0.09 | — | ||
| Q1 24 | $0.08 | — |
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 | $415.5M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $704.4M | $890.8M |
| 总资产 | $9.0B | $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PAYOVNET
| Q4 25 | $415.5M | — | ||
| Q3 25 | $479.4M | $492.1M | ||
| Q2 25 | $497.1M | — | ||
| Q1 25 | $524.1M | $544.3M | ||
| Q4 24 | $497.5M | — | ||
| Q3 24 | $534.2M | $219.5M | ||
| Q2 24 | $575.7M | $247.2M | ||
| Q1 24 | $587.2M | $246.9M |
总债务PAYOVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益PAYOVNET
| Q4 25 | $704.4M | — | ||
| Q3 25 | $750.5M | $890.8M | ||
| Q2 25 | $770.9M | — | ||
| Q1 25 | $750.7M | $927.8M | ||
| Q4 24 | $724.8M | — | ||
| Q3 24 | $727.9M | $902.9M | ||
| Q2 24 | $669.4M | $900.6M | ||
| Q1 24 | $661.5M | $895.1M |
总资产PAYOVNET
| Q4 25 | $9.0B | — | ||
| Q3 25 | $8.2B | $6.1B | ||
| Q2 25 | $8.1B | — | ||
| Q1 25 | $7.6B | $5.4B | ||
| Q4 24 | $7.9B | — | ||
| Q3 24 | $7.1B | $4.3B | ||
| Q2 24 | $6.9B | $4.0B | ||
| Q1 24 | $6.8B | $3.9B |
负债/权益比PAYOVNET
| 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 | $54.9M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $40.3M | $-193.1M |
| 自由现金流率自由现金流/营收 | 18.6% | -53.2% |
| 资本支出强度资本支出/营收 | 6.7% | 84.6% |
| 现金转化率经营现金流/净利润 | 2.89× | — |
| 过去12个月自由现金流最近4个季度 | $206.6M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流PAYOVNET
| Q4 25 | $54.9M | — | ||
| Q3 25 | $54.2M | $113.8M | ||
| Q2 25 | $70.7M | — | ||
| Q1 25 | $53.7M | $27.0M | ||
| Q4 24 | $45.9M | — | ||
| Q3 24 | $50.1M | $108.3M | ||
| Q2 24 | $41.4M | $55.8M | ||
| Q1 24 | $39.5M | $37.1M |
自由现金流PAYOVNET
| Q4 25 | $40.3M | — | ||
| Q3 25 | $49.2M | $-193.1M | ||
| Q2 25 | $68.1M | — | ||
| Q1 25 | $49.0M | $-220.0M | ||
| Q4 24 | $42.1M | — | ||
| Q3 24 | $48.5M | $-95.0M | ||
| Q2 24 | $40.2M | $-81.6M | ||
| Q1 24 | $37.9M | $-102.2M |
自由现金流率PAYOVNET
| Q4 25 | 18.6% | — | ||
| Q3 25 | 23.5% | -53.2% | ||
| Q2 25 | 34.0% | — | ||
| Q1 25 | 26.3% | -71.1% | ||
| Q4 24 | 21.3% | — | ||
| Q3 24 | 26.9% | -31.4% | ||
| Q2 24 | 23.5% | -29.8% | ||
| Q1 24 | 23.6% | -38.9% |
资本支出强度PAYOVNET
| Q4 25 | 6.7% | — | ||
| Q3 25 | 2.4% | 84.6% | ||
| Q2 25 | 1.3% | — | ||
| Q1 25 | 2.5% | 79.8% | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 0.9% | 67.3% | ||
| Q2 24 | 0.7% | 50.1% | ||
| Q1 24 | 1.0% | 53.0% |
现金转化率PAYOVNET
| Q4 25 | 2.89× | — | ||
| Q3 25 | 3.84× | — | ||
| Q2 25 | 3.63× | — | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 2.52× | — | ||
| Q3 24 | 1.21× | — | ||
| Q2 24 | 1.28× | — | ||
| Q1 24 | 1.36× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
