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棒约翰（PZZA）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
棒约翰的季度营收约是世纪互联的1.4倍（$498.2M vs $362.7M），棒约翰净利率更高（1.4% vs -10.7%，领先12.1%），棒约翰自由现金流更多（$2.1M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -1.5%）
棒约翰国际是源自美国的知名披萨餐饮连锁品牌，截至2023年，它是美国市场规模第四大披萨外送连锁餐饮集团，总部设于肯塔基州路易斯维尔与佐治亚州亚特兰大的都会区，在全球多地开设门店，主打披萨外卖业务。
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。
PZZA vs VNET — 直观对比
营收规模更大
PZZA
是对方的1.4倍
$362.7M
净利率更高
PZZA
高出12.1%
-10.7%
自由现金流更多
PZZA
多$195.2M
$-193.1M
两年增速更快
VNET
近两年复合增速
-1.5%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $498.2M | $362.7M |
| 净利润 | $7.1M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 4.9% | 0.5% |
| 净利率 | 1.4% | -10.7% |
| 营收同比 | -6.1% | — |
| 净利润同比 | -52.2% | — |
| 每股收益（稀释后） | $0.22 | — |
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PZZAVNET
| Q4 25 | $498.2M | — | ||
| Q3 25 | $508.2M | $362.7M | ||
| Q2 25 | $529.2M | — | ||
| Q1 25 | $518.3M | $309.5M | ||
| Q4 24 | $530.8M | — | ||
| Q3 24 | $506.8M | $302.2M | ||
| Q2 24 | $507.9M | $274.4M | ||
| Q1 24 | $513.9M | $262.9M |
净利润PZZAVNET
| Q4 25 | $7.1M | — | ||
| Q3 25 | $4.7M | $-38.7M | ||
| Q2 25 | $9.5M | — | ||
| Q1 25 | $9.2M | $-2.4M | ||
| Q4 24 | $14.8M | — | ||
| Q3 24 | $41.8M | $-2.1M | ||
| Q2 24 | $12.2M | $-1.1M | ||
| Q1 24 | $14.6M | $-22.0M |
毛利率PZZAVNET
| 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PZZAVNET
| Q4 25 | 4.9% | — | ||
| Q3 25 | 3.2% | 0.5% | ||
| Q2 25 | 4.6% | — | ||
| Q1 25 | 4.6% | 0.1% | ||
| Q4 24 | 5.6% | — | ||
| Q3 24 | 12.9% | 24.5% | ||
| Q2 24 | 5.6% | 0.2% | ||
| Q1 24 | 6.6% | 0.2% |
净利率PZZAVNET
| Q4 25 | 1.4% | — | ||
| Q3 25 | 0.9% | -10.7% | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 1.8% | -0.8% | ||
| Q4 24 | 2.8% | — | ||
| Q3 24 | 8.2% | -0.7% | ||
| Q2 24 | 2.4% | -0.4% | ||
| Q1 24 | 2.8% | -8.4% |
每股收益（稀释后）PZZAVNET
| Q4 25 | $0.22 | — | ||
| Q3 25 | $0.13 | — | ||
| Q2 25 | $0.28 | — | ||
| Q1 25 | $0.27 | — | ||
| Q4 24 | $0.46 | — | ||
| Q3 24 | $1.27 | — | ||
| Q2 24 | $0.37 | — | ||
| Q1 24 | $0.44 | — |
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 | $34.6M | $492.1M |
| 总债务越低越好 | $722.3M | — |
| 股东权益账面价值 | $-444.8M | $890.8M |
| 总资产 | $837.5M | $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PZZAVNET
| Q4 25 | $34.6M | — | ||
| Q3 25 | $39.0M | $492.1M | ||
| Q2 25 | $33.3M | — | ||
| Q1 25 | $44.0M | $544.3M | ||
| Q4 24 | $38.0M | — | ||
| Q3 24 | $17.6M | $219.5M | ||
| Q2 24 | $24.3M | $247.2M | ||
| Q1 24 | $27.8M | $246.9M |
总债务PZZAVNET
| Q4 25 | $722.3M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益PZZAVNET
| Q4 25 | $-444.8M | — | ||
| Q3 25 | $-439.3M | $890.8M | ||
| Q2 25 | $-432.0M | — | ||
| Q1 25 | $-431.9M | $927.8M | ||
| Q4 24 | $-429.5M | — | ||
| Q3 24 | $-430.9M | $902.9M | ||
| Q2 24 | $-461.7M | $900.6M | ||
| Q1 24 | $-461.9M | $895.1M |
总资产PZZAVNET
| Q4 25 | $837.5M | — | ||
| Q3 25 | $884.1M | $6.1B | ||
| Q2 25 | $890.4M | — | ||
| Q1 25 | $898.1M | $5.4B | ||
| Q4 24 | $889.0M | — | ||
| Q3 24 | $860.9M | $4.3B | ||
| Q2 24 | $838.4M | $4.0B | ||
| Q1 24 | $847.2M | $3.9B |
负债/权益比PZZAVNET
| 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 | $19.8M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $2.1M | $-193.1M |
| 自由现金流率自由现金流/营收 | 0.4% | -53.2% |
| 资本支出强度资本支出/营收 | 3.6% | 84.6% |
| 现金转化率经营现金流/净利润 | 2.80× | — |
| 过去12个月自由现金流最近4个季度 | $61.3M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流PZZAVNET
| Q4 25 | $19.8M | — | ||
| Q3 25 | $39.3M | $113.8M | ||
| Q2 25 | $35.5M | — | ||
| Q1 25 | $31.3M | $27.0M | ||
| Q4 24 | $50.7M | — | ||
| Q3 24 | $13.9M | $108.3M | ||
| Q2 24 | $30.0M | $55.8M | ||
| Q1 24 | $12.0M | $37.1M |
自由现金流PZZAVNET
| Q4 25 | $2.1M | — | ||
| Q3 25 | $22.7M | $-193.1M | ||
| Q2 25 | $17.4M | — | ||
| Q1 25 | $19.1M | $-220.0M | ||
| Q4 24 | $25.2M | — | ||
| Q3 24 | $-3.8M | $-95.0M | ||
| Q2 24 | $13.9M | $-81.6M | ||
| Q1 24 | $-1.1M | $-102.2M |
自由现金流率PZZAVNET
| Q4 25 | 0.4% | — | ||
| Q3 25 | 4.5% | -53.2% | ||
| Q2 25 | 3.3% | — | ||
| Q1 25 | 3.7% | -71.1% | ||
| Q4 24 | 4.7% | — | ||
| Q3 24 | -0.8% | -31.4% | ||
| Q2 24 | 2.7% | -29.8% | ||
| Q1 24 | -0.2% | -38.9% |
资本支出强度PZZAVNET
| Q4 25 | 3.6% | — | ||
| Q3 25 | 3.3% | 84.6% | ||
| Q2 25 | 3.4% | — | ||
| Q1 25 | 2.4% | 79.8% | ||
| Q4 24 | 4.8% | — | ||
| Q3 24 | 3.5% | 67.3% | ||
| Q2 24 | 3.2% | 50.1% | ||
| Q1 24 | 2.5% | 53.0% |
现金转化率PZZAVNET
| Q4 25 | 2.80× | — | ||
| Q3 25 | 8.36× | — | ||
| Q2 25 | 3.73× | — | ||
| Q1 25 | 3.40× | — | ||
| Q4 24 | 3.43× | — | ||
| Q3 24 | 0.33× | — | ||
| Q2 24 | 2.45× | — | ||
| Q1 24 | 0.82× | — |
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
PZZA
| Commissary | $236.8M | 48% |
| Company Owned Restaurant Sales | $154.4M | 31% |
| Franchisor | $47.5M | 10% |
| Advertising | $37.2M | 7% |
| Other | $22.2M | 4% |
VNET
暂无分部数据
