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必能宝（PBI）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
必能宝的季度营收约是世纪互联的1.3倍（$477.6M vs $362.7M），必能宝净利率更高（5.7% vs -10.7%，领先16.4%），必能宝自由现金流更多（$201.4M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -4.3%）
必能宝（Pitney Bowes）是全球知名科技与物流服务商，提供电商配送、邮寄处理、订单履约及客户信息管理解决方案，服务零售、金融、医疗、政府等领域的各类大中小企业客户，助力企业优化物流配送与客户运营效率。
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。
PBI vs VNET — 直观对比
营收规模更大
PBI
是对方的1.3倍
$362.7M
净利率更高
PBI
高出16.4%
-10.7%
自由现金流更多
PBI
多$394.5M
$-193.1M
两年增速更快
VNET
近两年复合增速
-4.3%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $477.6M | $362.7M |
| 净利润 | $27.3M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 8.0% | 0.5% |
| 净利率 | 5.7% | -10.7% |
| 营收同比 | -7.5% | — |
| 净利润同比 | 173.1% | — |
| 每股收益（稀释后） | $0.18 | — |
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PBIVNET
| Q4 25 | $477.6M | — | ||
| Q3 25 | $459.7M | $362.7M | ||
| Q2 25 | $461.9M | — | ||
| Q1 25 | $493.4M | $309.5M | ||
| Q4 24 | $516.1M | — | ||
| Q3 24 | $499.5M | $302.2M | ||
| Q2 24 | $489.7M | $274.4M | ||
| Q1 24 | $521.3M | $262.9M |
净利润PBIVNET
| Q4 25 | $27.3M | — | ||
| Q3 25 | $52.0M | $-38.7M | ||
| Q2 25 | $30.0M | — | ||
| Q1 25 | $35.4M | $-2.4M | ||
| Q4 24 | $-37.4M | — | ||
| Q3 24 | $-138.5M | $-2.1M | ||
| Q2 24 | $-24.9M | $-1.1M | ||
| Q1 24 | $-2.9M | $-22.0M |
毛利率PBIVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | 53.8% | — | ||
| Q3 24 | 52.4% | 23.2% | ||
| Q2 24 | 51.1% | 21.3% | ||
| Q1 24 | 52.3% | 21.6% |
营业利润率PBIVNET
| Q4 25 | 8.0% | — | ||
| Q3 25 | 14.8% | 0.5% | ||
| Q2 25 | 8.5% | — | ||
| Q1 25 | 9.5% | 0.1% | ||
| Q4 24 | -9.3% | — | ||
| Q3 24 | -8.8% | 24.5% | ||
| Q2 24 | -1.6% | 0.2% | ||
| Q1 24 | 9.1% | 0.2% |
净利率PBIVNET
| Q4 25 | 5.7% | — | ||
| Q3 25 | 11.3% | -10.7% | ||
| Q2 25 | 6.5% | — | ||
| Q1 25 | 7.2% | -0.8% | ||
| Q4 24 | -7.2% | — | ||
| Q3 24 | -27.7% | -0.7% | ||
| Q2 24 | -5.1% | -0.4% | ||
| Q1 24 | -0.6% | -8.4% |
每股收益（稀释后）PBIVNET
| Q4 25 | $0.18 | — | ||
| Q3 25 | $0.30 | — | ||
| Q2 25 | $0.17 | — | ||
| Q1 25 | $0.19 | — | ||
| Q4 24 | $-0.21 | — | ||
| Q3 24 | $-0.75 | — | ||
| Q2 24 | $-0.14 | — | ||
| Q1 24 | $-0.02 | — |
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 | $297.1M | $492.1M |
| 总债务越低越好 | $2.0B | — |
| 股东权益账面价值 | $-802.4M | $890.8M |
| 总资产 | $3.2B | $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PBIVNET
| Q4 25 | $297.1M | — | ||
| Q3 25 | $336.0M | $492.1M | ||
| Q2 25 | $300.8M | — | ||
| Q1 25 | $340.0M | $544.3M | ||
| Q4 24 | $486.1M | — | ||
| Q3 24 | $575.5M | $219.5M | ||
| Q2 24 | $612.0M | $247.2M | ||
| Q1 24 | $538.0M | $246.9M |
总债务PBIVNET
| Q4 25 | $2.0B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $2.1B | $1.2B | ||
| Q2 24 | $2.1B | — | ||
| Q1 24 | $2.1B | — |
股东权益PBIVNET
| Q4 25 | $-802.4M | — | ||
| Q3 25 | $-661.5M | $890.8M | ||
| Q2 25 | $-536.8M | — | ||
| Q1 25 | $-535.9M | $927.8M | ||
| Q4 24 | $-578.4M | — | ||
| Q3 24 | $-518.9M | $902.9M | ||
| Q2 24 | $-427.9M | $900.6M | ||
| Q1 24 | $-392.4M | $895.1M |
总资产PBIVNET
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.3B | $6.1B | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.3B | $5.4B | ||
| Q4 24 | $3.4B | — | ||
| Q3 24 | $3.6B | $4.3B | ||
| Q2 24 | $4.1B | $4.0B | ||
| Q1 24 | $4.1B | $3.9B |
负债/权益比PBIVNET
| 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 | $221.7M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $201.4M | $-193.1M |
| 自由现金流率自由现金流/营收 | 42.2% | -53.2% |
| 资本支出强度资本支出/营收 | 4.2% | 84.6% |
| 现金转化率经营现金流/净利润 | 8.11× | — |
| 过去12个月自由现金流最近4个季度 | $317.0M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流PBIVNET
| Q4 25 | $221.7M | — | ||
| Q3 25 | $66.8M | $113.8M | ||
| Q2 25 | $111.4M | — | ||
| Q1 25 | $-16.7M | $27.0M | ||
| Q4 24 | $134.5M | — | ||
| Q3 24 | $14.7M | $108.3M | ||
| Q2 24 | $92.6M | $55.8M | ||
| Q1 24 | $-12.6M | $37.1M |
自由现金流PBIVNET
| Q4 25 | $201.4M | — | ||
| Q3 25 | $51.1M | $-193.1M | ||
| Q2 25 | $98.0M | — | ||
| Q1 25 | $-33.6M | $-220.0M | ||
| Q4 24 | $112.3M | — | ||
| Q3 24 | $-4.7M | $-95.0M | ||
| Q2 24 | $76.1M | $-81.6M | ||
| Q1 24 | $-26.9M | $-102.2M |
自由现金流率PBIVNET
| Q4 25 | 42.2% | — | ||
| Q3 25 | 11.1% | -53.2% | ||
| Q2 25 | 21.2% | — | ||
| Q1 25 | -6.8% | -71.1% | ||
| Q4 24 | 21.8% | — | ||
| Q3 24 | -0.9% | -31.4% | ||
| Q2 24 | 15.5% | -29.8% | ||
| Q1 24 | -5.2% | -38.9% |
资本支出强度PBIVNET
| Q4 25 | 4.2% | — | ||
| Q3 25 | 3.4% | 84.6% | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 3.4% | 79.8% | ||
| Q4 24 | 4.3% | — | ||
| Q3 24 | 3.9% | 67.3% | ||
| Q2 24 | 3.4% | 50.1% | ||
| Q1 24 | 2.7% | 53.0% |
现金转化率PBIVNET
| Q4 25 | 8.11× | — | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | 3.72× | — | ||
| Q1 25 | -0.47× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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
PBI
| Sales And Services | $218.4M | 46% |
| Presort Services | $159.7M | 33% |
| Financing And Other | $79.0M | 17% |
| Other | $20.5M | 4% |
VNET
暂无分部数据
