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PIPER SANDLER COMPANIES（PIPR）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
PIPER SANDLER COMPANIES的季度营收约是世纪互联的1.8倍（$667.0M vs $362.7M），PIPER SANDLER COMPANIES净利率更高（17.1% vs -10.7%，领先27.8%），过去两年PIPER SANDLER COMPANIES的营收复合增速更高（39.2% vs 17.4%）
Piper Sandler是一家美国跨国投资银行及金融服务提供商，核心业务覆盖并购重组、财务重整、公开募股、公共财政、机构经纪、投资管理、证券研究等领域，通过旗下核心子公司Piper Sandler & Co.为企业、机构投资者及公共组织提供专业金融服务。
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。
PIPR vs VNET — 直观对比
营收规模更大
PIPR
是对方的1.8倍
$362.7M
净利率更高
PIPR
高出27.8%
-10.7%
两年增速更快
PIPR
近两年复合增速
17.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $667.0M | $362.7M |
| 净利润 | $114.0M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 28.3% | 0.5% |
| 净利率 | 17.1% | -10.7% |
| 营收同比 | 37.4% | — |
| 净利润同比 | 65.0% | — |
| 每股收益（稀释后） | $6.41 | — |
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PIPRVNET
| Q4 25 | $667.0M | — | ||
| Q3 25 | $480.1M | $362.7M | ||
| Q2 25 | $398.6M | — | ||
| Q1 25 | $358.6M | $309.5M | ||
| Q4 24 | $485.4M | — | ||
| Q3 24 | $360.9M | $302.2M | ||
| Q2 24 | $340.8M | $274.4M | ||
| Q1 24 | $344.4M | $262.9M |
净利润PIPRVNET
| Q4 25 | $114.0M | — | ||
| Q3 25 | $60.3M | $-38.7M | ||
| Q2 25 | $42.2M | — | ||
| Q1 25 | $64.9M | $-2.4M | ||
| Q4 24 | $69.1M | — | ||
| Q3 24 | $34.8M | $-2.1M | ||
| Q2 24 | $34.8M | $-1.1M | ||
| Q1 24 | $42.5M | $-22.0M |
毛利率PIPRVNET
| 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PIPRVNET
| Q4 25 | 28.3% | — | ||
| Q3 25 | 22.4% | 0.5% | ||
| Q2 25 | 12.3% | — | ||
| Q1 25 | 8.2% | 0.1% | ||
| Q4 24 | 16.9% | — | ||
| Q3 24 | 15.4% | 24.5% | ||
| Q2 24 | 8.3% | 0.2% | ||
| Q1 24 | 15.2% | 0.2% |
净利率PIPRVNET
| Q4 25 | 17.1% | — | ||
| Q3 25 | 12.6% | -10.7% | ||
| Q2 25 | 10.6% | — | ||
| Q1 25 | 18.1% | -0.8% | ||
| Q4 24 | 14.2% | — | ||
| Q3 24 | 9.6% | -0.7% | ||
| Q2 24 | 10.2% | -0.4% | ||
| Q1 24 | 12.3% | -8.4% |
每股收益（稀释后）PIPRVNET
| Q4 25 | $6.41 | — | ||
| Q3 25 | $3.38 | — | ||
| Q2 25 | $2.38 | — | ||
| Q1 25 | $3.65 | — | ||
| Q4 24 | $3.88 | — | ||
| Q3 24 | $1.96 | — | ||
| Q2 24 | $1.97 | — | ||
| Q1 24 | $2.43 | — |
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 | — | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | $890.8M |
| 总资产 | $2.6B | $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PIPRVNET
| Q4 25 | — | — | ||
| Q3 25 | — | $492.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $544.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $219.5M | ||
| Q2 24 | — | $247.2M | ||
| Q1 24 | — | $246.9M |
总债务PIPRVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益PIPRVNET
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.3B | $890.8M | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | $927.8M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | $902.9M | ||
| Q2 24 | $1.1B | $900.6M | ||
| Q1 24 | $1.1B | $895.1M |
总资产PIPRVNET
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.2B | $6.1B | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $1.8B | $5.4B | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.0B | $4.3B | ||
| Q2 24 | $1.9B | $4.0B | ||
| Q1 24 | $1.8B | $3.9B |
负债/权益比PIPRVNET
| 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 | $729.8M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | — | $-193.1M |
| 自由现金流率自由现金流/营收 | — | -53.2% |
| 资本支出强度资本支出/营收 | — | 84.6% |
| 现金转化率经营现金流/净利润 | 6.40× | — |
| 过去12个月自由现金流最近4个季度 | — | $-589.7M |
8季度趋势，按日历期对齐
经营现金流PIPRVNET
| Q4 25 | $729.8M | — | ||
| Q3 25 | $31.9M | $113.8M | ||
| Q2 25 | $32.1M | — | ||
| Q1 25 | $-207.2M | $27.0M | ||
| Q4 24 | $163.8M | — | ||
| Q3 24 | $80.1M | $108.3M | ||
| Q2 24 | $266.5M | $55.8M | ||
| Q1 24 | $-197.2M | $37.1M |
自由现金流PIPRVNET
| Q4 25 | — | — | ||
| Q3 25 | — | $-193.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-220.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-95.0M | ||
| Q2 24 | — | $-81.6M | ||
| Q1 24 | — | $-102.2M |
自由现金流率PIPRVNET
| Q4 25 | — | — | ||
| Q3 25 | — | -53.2% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -71.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -31.4% | ||
| Q2 24 | — | -29.8% | ||
| Q1 24 | — | -38.9% |
资本支出强度PIPRVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 84.6% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 79.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 67.3% | ||
| Q2 24 | — | 50.1% | ||
| Q1 24 | — | 53.0% |
现金转化率PIPRVNET
| Q4 25 | 6.40× | — | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.76× | — | ||
| Q1 25 | -3.19× | — | ||
| Q4 24 | 2.37× | — | ||
| Q3 24 | 2.30× | — | ||
| Q2 24 | 7.66× | — | ||
| Q1 24 | -4.64× | — |
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
PIPR
| Advisory Services | $402.6M | 60% |
| Equities Financing | $66.7M | 10% |
| Equity Salesand Trading | $64.2M | 10% |
| Fixed Income Salesand Trading | $47.9M | 7% |
| Other | $46.7M | 7% |
| Debt Financing | $38.9M | 6% |
VNET
暂无分部数据
