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PJT Partners Inc.（PJT）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
PJT Partners Inc.的季度营收约是世纪互联的1.5倍（$531.4M vs $362.7M），PJT Partners Inc.净利率更高（10.0% vs -10.7%，领先20.7%），PJT Partners Inc.自由现金流更多（$138.6M vs $-193.1M），过去两年PJT Partners Inc.的营收复合增速更高（27.5% vs 17.4%）
PJT Partners Inc.是一家专注于顾问业务的全球投资银行，于2015年10月从黑石集团旗下拆分成立，独立运营原黑石的金融与战略咨询服务业务，为全球各类客户提供专业的投行顾问相关服务。
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。
PJT vs VNET — 直观对比
营收规模更大
PJT
是对方的1.5倍
$362.7M
净利率更高
PJT
高出20.7%
-10.7%
自由现金流更多
PJT
多$331.6M
$-193.1M
两年增速更快
PJT
近两年复合增速
17.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $531.4M | $362.7M |
| 净利润 | $53.4M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 23.1% | 0.5% |
| 净利率 | 10.0% | -10.7% |
| 营收同比 | 12.9% | — |
| 净利润同比 | 4.0% | — |
| 每股收益（稀释后） | — | — |
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PJTVNET
| Q4 25 | $531.4M | — | ||
| Q3 25 | $442.3M | $362.7M | ||
| Q2 25 | $401.1M | — | ||
| Q1 25 | $321.9M | $309.5M | ||
| Q4 24 | $470.5M | — | ||
| Q3 24 | $320.3M | $302.2M | ||
| Q2 24 | $358.1M | $274.4M | ||
| Q1 24 | $327.1M | $262.9M |
净利润PJTVNET
| Q4 25 | $53.4M | — | ||
| Q3 25 | $39.8M | $-38.7M | ||
| Q2 25 | $32.9M | — | ||
| Q1 25 | $54.0M | $-2.4M | ||
| Q4 24 | $51.3M | — | ||
| Q3 24 | $22.1M | $-2.1M | ||
| Q2 24 | $28.3M | $-1.1M | ||
| Q1 24 | $32.6M | $-22.0M |
毛利率PJTVNET
| 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PJTVNET
| Q4 25 | 23.1% | — | ||
| Q3 25 | 20.6% | 0.5% | ||
| Q2 25 | 19.1% | — | ||
| Q1 25 | 16.3% | 0.1% | ||
| Q4 24 | 21.9% | — | ||
| Q3 24 | 15.4% | 24.5% | ||
| Q2 24 | 18.0% | 0.2% | ||
| Q1 24 | 16.5% | 0.2% |
净利率PJTVNET
| Q4 25 | 10.0% | — | ||
| Q3 25 | 9.0% | -10.7% | ||
| Q2 25 | 8.2% | — | ||
| Q1 25 | 16.8% | -0.8% | ||
| Q4 24 | 10.9% | — | ||
| Q3 24 | 6.9% | -0.7% | ||
| Q2 24 | 7.9% | -0.4% | ||
| Q1 24 | 10.0% | -8.4% |
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 | $538.9M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $308.2M | $890.8M |
| 总资产 | $1.8B | $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PJTVNET
| Q4 25 | $538.9M | — | ||
| Q3 25 | $400.5M | $492.1M | ||
| Q2 25 | $214.6M | — | ||
| Q1 25 | $194.3M | $544.3M | ||
| Q4 24 | $483.9M | — | ||
| Q3 24 | $148.8M | $219.5M | ||
| Q2 24 | $164.2M | $247.2M | ||
| Q1 24 | $215.5M | $246.9M |
总债务PJTVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益PJTVNET
| Q4 25 | $308.2M | — | ||
| Q3 25 | $228.6M | $890.8M | ||
| Q2 25 | $167.4M | — | ||
| Q1 25 | $148.8M | $927.8M | ||
| Q4 24 | $187.0M | — | ||
| Q3 24 | $159.1M | $902.9M | ||
| Q2 24 | $133.8M | $900.6M | ||
| Q1 24 | $174.6M | $895.1M |
总资产PJTVNET
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.7B | $6.1B | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.4B | $5.4B | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.6B | $4.3B | ||
| Q2 24 | $1.4B | $4.0B | ||
| Q1 24 | $1.3B | $3.9B |
负债/权益比PJTVNET
| 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 | $155.7M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $138.6M | $-193.1M |
| 自由现金流率自由现金流/营收 | 26.1% | -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 | 2.92× | — |
| 过去12个月自由现金流最近4个季度 | $480.4M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流PJTVNET
| Q4 25 | $155.7M | — | ||
| Q3 25 | $256.1M | $113.8M | ||
| Q2 25 | $190.4M | — | ||
| Q1 25 | $-75.9M | $27.0M | ||
| Q4 24 | $195.7M | — | ||
| Q3 24 | $180.5M | $108.3M | ||
| Q2 24 | $193.6M | $55.8M | ||
| Q1 24 | $-38.8M | $37.1M |
自由现金流PJTVNET
| Q4 25 | $138.6M | — | ||
| Q3 25 | $240.9M | $-193.1M | ||
| Q2 25 | $178.9M | — | ||
| Q1 25 | $-77.9M | $-220.0M | ||
| Q4 24 | $195.3M | — | ||
| Q3 24 | $178.5M | $-95.0M | ||
| Q2 24 | $193.0M | $-81.6M | ||
| Q1 24 | $-39.2M | $-102.2M |
自由现金流率PJTVNET
| Q4 25 | 26.1% | — | ||
| Q3 25 | 54.5% | -53.2% | ||
| Q2 25 | 44.6% | — | ||
| Q1 25 | -24.2% | -71.1% | ||
| Q4 24 | 41.5% | — | ||
| Q3 24 | 55.7% | -31.4% | ||
| Q2 24 | 53.9% | -29.8% | ||
| Q1 24 | -12.0% | -38.9% |
资本支出强度PJTVNET
| Q4 25 | 3.2% | — | ||
| Q3 25 | 3.4% | 84.6% | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 0.6% | 79.8% | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.6% | 67.3% | ||
| Q2 24 | 0.1% | 50.1% | ||
| Q1 24 | 0.1% | 53.0% |
现金转化率PJTVNET
| Q4 25 | 2.92× | — | ||
| Q3 25 | 6.43× | — | ||
| Q2 25 | 5.79× | — | ||
| Q1 25 | -1.41× | — | ||
| Q4 24 | 3.81× | — | ||
| Q3 24 | 8.15× | — | ||
| Q2 24 | 6.84× | — | ||
| Q1 24 | -1.19× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
