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BOSTON BEER CO INC（SAM）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
BOSTON BEER CO INC的季度营收约是世纪互联的1.1倍（$385.7M vs $362.7M），BOSTON BEER CO INC净利率更高（-5.8% vs -10.7%，领先4.8%），BOSTON BEER CO INC自由现金流更多（$22.1M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -4.9%）
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
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。
SAM vs VNET — 直观对比
营收规模更大
SAM
是对方的1.1倍
$362.7M
净利率更高
SAM
高出4.8%
-10.7%
自由现金流更多
SAM
多$215.2M
$-193.1M
两年增速更快
VNET
近两年复合增速
-4.9%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $385.7M | $362.7M |
| 净利润 | $-22.5M | $-38.7M |
| 毛利率 | 43.5% | 20.9% |
| 营业利润率 | -8.6% | 0.5% |
| 净利率 | -5.8% | -10.7% |
| 营收同比 | -4.1% | — |
| 净利润同比 | 41.9% | — |
| 每股收益（稀释后） | $-1.97 | — |
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SAMVNET
| Q4 25 | $385.7M | — | ||
| Q3 25 | $537.5M | $362.7M | ||
| Q2 25 | $587.9M | — | ||
| Q1 25 | $453.9M | $309.5M | ||
| Q4 24 | $402.3M | — | ||
| Q3 24 | $605.5M | $302.2M | ||
| Q2 24 | $579.1M | $274.4M | ||
| Q1 24 | $426.1M | $262.9M |
净利润SAMVNET
| Q4 25 | $-22.5M | — | ||
| Q3 25 | $46.2M | $-38.7M | ||
| Q2 25 | $60.4M | — | ||
| Q1 25 | $24.4M | $-2.4M | ||
| Q4 24 | $-38.8M | — | ||
| Q3 24 | $33.5M | $-2.1M | ||
| Q2 24 | $52.3M | $-1.1M | ||
| Q1 24 | $12.6M | $-22.0M |
毛利率SAMVNET
| Q4 25 | 43.5% | — | ||
| Q3 25 | 50.8% | 20.9% | ||
| Q2 25 | 49.8% | — | ||
| Q1 25 | 48.3% | 25.2% | ||
| Q4 24 | 39.9% | — | ||
| Q3 24 | 46.3% | 23.2% | ||
| Q2 24 | 46.0% | 21.3% | ||
| Q1 24 | 43.7% | 21.6% |
营业利润率SAMVNET
| Q4 25 | -8.6% | — | ||
| Q3 25 | 11.5% | 0.5% | ||
| Q2 25 | 14.0% | — | ||
| Q1 25 | 7.4% | 0.1% | ||
| Q4 24 | -13.9% | — | ||
| Q3 24 | 7.6% | 24.5% | ||
| Q2 24 | 12.2% | 0.2% | ||
| Q1 24 | 3.6% | 0.2% |
净利率SAMVNET
| Q4 25 | -5.8% | — | ||
| Q3 25 | 8.6% | -10.7% | ||
| Q2 25 | 10.3% | — | ||
| Q1 25 | 5.4% | -0.8% | ||
| Q4 24 | -9.6% | — | ||
| Q3 24 | 5.5% | -0.7% | ||
| Q2 24 | 9.0% | -0.4% | ||
| Q1 24 | 3.0% | -8.4% |
每股收益（稀释后）SAMVNET
| Q4 25 | $-1.97 | — | ||
| Q3 25 | $4.25 | — | ||
| Q2 25 | $5.45 | — | ||
| Q1 25 | $2.16 | — | ||
| Q4 24 | $-3.23 | — | ||
| Q3 24 | $2.86 | — | ||
| Q2 24 | $4.39 | — | ||
| Q1 24 | $1.04 | — |
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 | $223.4M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $846.3M | $890.8M |
| 总资产 | $1.2B | $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SAMVNET
| Q4 25 | $223.4M | — | ||
| Q3 25 | $250.5M | $492.1M | ||
| Q2 25 | $212.4M | — | ||
| Q1 25 | $152.5M | $544.3M | ||
| Q4 24 | $211.8M | — | ||
| Q3 24 | $255.6M | $219.5M | ||
| Q2 24 | $219.3M | $247.2M | ||
| Q1 24 | $205.4M | $246.9M |
总债务SAMVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益SAMVNET
| Q4 25 | $846.3M | — | ||
| Q3 25 | $911.0M | $890.8M | ||
| Q2 25 | $912.3M | — | ||
| Q1 25 | $897.0M | $927.8M | ||
| Q4 24 | $916.2M | — | ||
| Q3 24 | $1.0B | $902.9M | ||
| Q2 24 | $1.0B | $900.6M | ||
| Q1 24 | $1.0B | $895.1M |
总资产SAMVNET
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | $6.1B | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.2B | $5.4B | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.4B | $4.3B | ||
| Q2 24 | $1.4B | $4.0B | ||
| Q1 24 | $1.4B | $3.9B |
负债/权益比SAMVNET
| 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 | $39.9M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $22.1M | $-193.1M |
| 自由现金流率自由现金流/营收 | 5.7% | -53.2% |
| 资本支出强度资本支出/营收 | 4.6% | 84.6% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $215.6M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流SAMVNET
| Q4 25 | $39.9M | — | ||
| Q3 25 | $101.8M | $113.8M | ||
| Q2 25 | $126.5M | — | ||
| Q1 25 | $1.9M | $27.0M | ||
| Q4 24 | $41.9M | — | ||
| Q3 24 | $115.9M | $108.3M | ||
| Q2 24 | $96.0M | $55.8M | ||
| Q1 24 | $-4.9M | $37.1M |
自由现金流SAMVNET
| Q4 25 | $22.1M | — | ||
| Q3 25 | $89.2M | $-193.1M | ||
| Q2 25 | $112.2M | — | ||
| Q1 25 | $-8.0M | $-220.0M | ||
| Q4 24 | $18.4M | — | ||
| Q3 24 | $99.2M | $-95.0M | ||
| Q2 24 | $75.6M | $-81.6M | ||
| Q1 24 | $-20.6M | $-102.2M |
自由现金流率SAMVNET
| Q4 25 | 5.7% | — | ||
| Q3 25 | 16.6% | -53.2% | ||
| Q2 25 | 19.1% | — | ||
| Q1 25 | -1.8% | -71.1% | ||
| Q4 24 | 4.6% | — | ||
| Q3 24 | 16.4% | -31.4% | ||
| Q2 24 | 13.1% | -29.8% | ||
| Q1 24 | -4.8% | -38.9% |
资本支出强度SAMVNET
| Q4 25 | 4.6% | — | ||
| Q3 25 | 2.3% | 84.6% | ||
| Q2 25 | 2.4% | — | ||
| Q1 25 | 2.2% | 79.8% | ||
| Q4 24 | 5.8% | — | ||
| Q3 24 | 2.8% | 67.3% | ||
| Q2 24 | 3.5% | 50.1% | ||
| Q1 24 | 3.7% | 53.0% |
现金转化率SAMVNET
| Q4 25 | — | — | ||
| Q3 25 | 2.21× | — | ||
| Q2 25 | 2.09× | — | ||
| Q1 25 | 0.08× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.46× | — | ||
| Q2 24 | 1.83× | — | ||
| Q1 24 | -0.39× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
