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PROASSURANCE CORP（PRA）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PROASSURANCE CORP的1.3倍（$362.7M vs $269.6M），PROASSURANCE CORP净利率更高（12.4% vs -10.7%，领先23.0%），过去两年世纪互联的营收复合增速更高（17.4% vs -2.7%）
保信集团（ProAssurance）总部位于美国阿拉巴马州伯明翰，是一家财产意外保险公司，主打面向医生的职业责任保险业务。公司前身为1976年成立的Mutual Assurance，1997年更名为Medical Assurance，2001年与Professionals Group合并后改为现名，目前是全美第四大医疗职业责任险承保机构，总资产超60亿美元。
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。
PRA vs VNET — 直观对比
营收规模更大
VNET
是对方的1.3倍
$269.6M
净利率更高
PRA
高出23.0%
-10.7%
两年增速更快
VNET
近两年复合增速
-2.7%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $269.6M | $362.7M |
| 净利润 | $33.4M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 17.3% | 0.5% |
| 净利率 | 12.4% | -10.7% |
| 营收同比 | -7.1% | — |
| 净利润同比 | 106.4% | — |
| 每股收益（稀释后） | $0.65 | — |
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PRAVNET
| Q4 25 | $269.6M | — | ||
| Q3 25 | $279.6M | $362.7M | ||
| Q2 25 | $276.8M | — | ||
| Q1 25 | $272.1M | $309.5M | ||
| Q4 24 | $290.1M | — | ||
| Q3 24 | $285.3M | $302.2M | ||
| Q2 24 | $290.4M | $274.4M | ||
| Q1 24 | $284.7M | $262.9M |
净利润PRAVNET
| Q4 25 | $33.4M | — | ||
| Q3 25 | $1.4M | $-38.7M | ||
| Q2 25 | $21.9M | — | ||
| Q1 25 | $-5.8M | $-2.4M | ||
| Q4 24 | $16.2M | — | ||
| Q3 24 | $16.4M | $-2.1M | ||
| Q2 24 | $15.5M | $-1.1M | ||
| Q1 24 | $4.6M | $-22.0M |
毛利率PRAVNET
| 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PRAVNET
| Q4 25 | 17.3% | — | ||
| Q3 25 | 1.6% | 0.5% | ||
| Q2 25 | 9.9% | — | ||
| Q1 25 | -2.3% | 0.1% | ||
| Q4 24 | 6.5% | — | ||
| Q3 24 | 7.4% | 24.5% | ||
| Q2 24 | 6.2% | 0.2% | ||
| Q1 24 | 1.9% | 0.2% |
净利率PRAVNET
| Q4 25 | 12.4% | — | ||
| Q3 25 | 0.5% | -10.7% | ||
| Q2 25 | 7.9% | — | ||
| Q1 25 | -2.1% | -0.8% | ||
| Q4 24 | 5.6% | — | ||
| Q3 24 | 5.8% | -0.7% | ||
| Q2 24 | 5.3% | -0.4% | ||
| Q1 24 | 1.6% | -8.4% |
每股收益（稀释后）PRAVNET
| Q4 25 | $0.65 | — | ||
| Q3 25 | $0.03 | — | ||
| Q2 25 | $0.42 | — | ||
| Q1 25 | $-0.11 | — | ||
| Q4 24 | $0.32 | — | ||
| Q3 24 | $0.32 | — | ||
| Q2 24 | $0.30 | — | ||
| Q1 24 | $0.09 | — |
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 | $36.5M | $492.1M |
| 总债务越低越好 | $420.4M | — |
| 股东权益账面价值 | $1.3B | $890.8M |
| 总资产 | $5.4B | $6.1B |
| 负债/权益比越低杠杆越低 | 0.31× | — |
8季度趋势，按日历期对齐
现金及短期投资PRAVNET
| Q4 25 | $36.5M | — | ||
| Q3 25 | $54.5M | $492.1M | ||
| Q2 25 | $41.6M | — | ||
| Q1 25 | $43.5M | $544.3M | ||
| Q4 24 | $54.9M | — | ||
| Q3 24 | $45.3M | $219.5M | ||
| Q2 24 | $36.9M | $247.2M | ||
| Q1 24 | $65.4M | $246.9M |
总债务PRAVNET
| Q4 25 | $420.4M | — | ||
| Q3 25 | $421.5M | — | ||
| Q2 25 | $422.6M | — | ||
| Q1 25 | $423.7M | — | ||
| Q4 24 | $424.9M | — | ||
| Q3 24 | $425.9M | $1.2B | ||
| Q2 24 | $426.9M | — | ||
| Q1 24 | $427.8M | — |
股东权益PRAVNET
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | $890.8M | ||
| Q2 25 | $1.3B | — | ||
| 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PRAVNET
| Q4 25 | $5.4B | — | ||
| Q3 25 | $5.6B | $6.1B | ||
| Q2 25 | $5.5B | — | ||
| Q1 25 | $5.5B | $5.4B | ||
| Q4 24 | $5.6B | — | ||
| Q3 24 | $5.7B | $4.3B | ||
| Q2 24 | $5.6B | $4.0B | ||
| Q1 24 | $5.7B | $3.9B |
负债/权益比PRAVNET
| Q4 25 | 0.31× | — | ||
| Q3 25 | 0.32× | — | ||
| Q2 25 | 0.33× | — | ||
| Q1 25 | 0.34× | — | ||
| Q4 24 | 0.35× | — | ||
| Q3 24 | 0.35× | 1.28× | ||
| Q2 24 | 0.38× | — | ||
| Q1 24 | 0.38× | — |
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 | $-25.6M | $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 | -0.77× | — |
| 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PRAVNET
| Q4 25 | $-25.6M | — | ||
| Q3 25 | $27.2M | $113.8M | ||
| Q2 25 | $-28.1M | — | ||
| Q1 25 | $-11.6M | $27.0M | ||
| Q4 24 | $-10.7M | — | ||
| Q3 24 | $14.0M | $108.3M | ||
| Q2 24 | $-12.8M | $55.8M | ||
| Q1 24 | $-11.6M | $37.1M |
自由现金流PRAVNET
| 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PRAVNET
| 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PRAVNET
| 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PRAVNET
| Q4 25 | -0.77× | — | ||
| Q3 25 | 18.81× | — | ||
| Q2 25 | -1.28× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -0.66× | — | ||
| Q3 24 | 0.85× | — | ||
| Q2 24 | -0.83× | — | ||
| Q1 24 | -2.52× | — |
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
PRA
| Workers Compensation Insurance Segment | $164.4M | 61% |
| Other | $59.6M | 22% |
| Segregated Portfolio Cell Reinsurance | $45.7M | 17% |
VNET
暂无分部数据
