vs
SBA Communications（SBAC）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
SBA Communications的季度营收约是世纪互联的1.9倍（$703.4M vs $362.7M），SBA Communications净利率更高（26.3% vs -10.7%，领先36.9%），过去两年世纪互联的营收复合增速更高（17.4% vs 3.2%）
SBA Communications是一家房地产投资信托企业，核心业务为持有、运营无线通信基础设施，市场覆盖美国、加拿大、中南美洲及南非地区。公司由Steven Bernstein于1989年创立，前身为Steven Bernstein and Associates。
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。
SBAC vs VNET — 直观对比
营收规模更大
SBAC
是对方的1.9倍
$362.7M
净利率更高
SBAC
高出36.9%
-10.7%
两年增速更快
VNET
近两年复合增速
3.2%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $703.4M | $362.7M |
| 净利润 | $184.9M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 48.7% | 0.5% |
| 净利率 | 26.3% | -10.7% |
| 营收同比 | -1.6% | — |
| 净利润同比 | -15.1% | — |
| 每股收益（稀释后） | $1.74 | — |
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SBACVNET
| Q1 26 | $703.4M | — | ||
| Q4 25 | $719.6M | — | ||
| Q3 25 | $732.3M | $362.7M | ||
| Q2 25 | $699.0M | — | ||
| Q1 25 | $664.2M | $309.5M | ||
| Q4 24 | $693.7M | — | ||
| Q3 24 | $667.6M | $302.2M | ||
| Q2 24 | $660.5M | $274.4M |
净利润SBACVNET
| Q1 26 | $184.9M | — | ||
| Q4 25 | $370.4M | — | ||
| Q3 25 | $236.8M | $-38.7M | ||
| Q2 25 | $225.8M | — | ||
| Q1 25 | $220.7M | $-2.4M | ||
| Q4 24 | $178.8M | — | ||
| Q3 24 | $258.5M | $-2.1M | ||
| Q2 24 | $162.8M | $-1.1M |
毛利率SBACVNET
| Q1 26 | — | — | ||
| Q4 25 | 75.6% | — | ||
| Q3 25 | 74.1% | 20.9% | ||
| Q2 25 | 75.4% | — | ||
| Q1 25 | 76.9% | 25.2% | ||
| Q4 24 | 78.1% | — | ||
| Q3 24 | 77.5% | 23.2% | ||
| Q2 24 | 78.6% | 21.3% |
营业利润率SBACVNET
| Q1 26 | 48.7% | — | ||
| Q4 25 | 41.5% | — | ||
| Q3 25 | 51.1% | 0.5% | ||
| Q2 25 | 47.9% | — | ||
| Q1 25 | 50.4% | 0.1% | ||
| Q4 24 | 55.1% | — | ||
| Q3 24 | 56.3% | 24.5% | ||
| Q2 24 | 53.7% | 0.2% |
净利率SBACVNET
| Q1 26 | 26.3% | — | ||
| Q4 25 | 51.5% | — | ||
| Q3 25 | 32.3% | -10.7% | ||
| Q2 25 | 32.3% | — | ||
| Q1 25 | 33.2% | -0.8% | ||
| Q4 24 | 25.8% | — | ||
| Q3 24 | 38.7% | -0.7% | ||
| Q2 24 | 24.7% | -0.4% |
每股收益（稀释后）SBACVNET
| Q1 26 | $1.74 | — | ||
| Q4 25 | $3.47 | — | ||
| Q3 25 | $2.20 | — | ||
| Q2 25 | $2.09 | — | ||
| Q1 25 | $2.04 | — | ||
| Q4 24 | $1.61 | — | ||
| Q3 24 | $2.40 | — | ||
| Q2 24 | $1.51 | — |
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 | $269.1M | $492.1M |
| 总债务越低越好 | $2.7B | — |
| 股东权益账面价值 | — | $890.8M |
| 总资产 | $11.7B | $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SBACVNET
| Q1 26 | $269.1M | — | ||
| Q4 25 | $271.2M | — | ||
| Q3 25 | $431.1M | $492.1M | ||
| Q2 25 | $276.8M | — | ||
| Q1 25 | $702.2M | $544.3M | ||
| Q4 24 | $444.4M | — | ||
| Q3 24 | $202.6M | $219.5M | ||
| Q2 24 | $250.9M | $247.2M |
总债务SBACVNET
| Q1 26 | $2.7B | — | ||
| Q4 25 | $12.9B | — | ||
| Q3 25 | $12.7B | — | ||
| Q2 25 | $12.5B | — | ||
| Q1 25 | $12.4B | — | ||
| Q4 24 | $13.6B | — | ||
| Q3 24 | $12.3B | $1.2B | ||
| Q2 24 | $12.3B | — |
股东权益SBACVNET
| Q1 26 | — | — | ||
| Q4 25 | $-4.9B | — | ||
| Q3 25 | $-4.9B | $890.8M | ||
| Q2 25 | $-4.9B | — | ||
| Q1 25 | $-5.0B | $927.8M | ||
| Q4 24 | $-5.1B | — | ||
| Q3 24 | $-5.2B | $902.9M | ||
| Q2 24 | $-5.3B | $900.6M |
总资产SBACVNET
| Q1 26 | $11.7B | — | ||
| Q4 25 | $11.6B | — | ||
| Q3 25 | $11.3B | $6.1B | ||
| Q2 25 | $10.8B | — | ||
| Q1 25 | $10.4B | $5.4B | ||
| Q4 24 | $11.4B | — | ||
| Q3 24 | $10.2B | $4.3B | ||
| Q2 24 | $9.8B | $4.0B |
负债/权益比SBACVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.28× | ||
| Q2 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 | $255.1M | $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 | 9.5% | 84.6% |
| 现金转化率经营现金流/净利润 | 1.38× | — |
| 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SBACVNET
| Q1 26 | $255.1M | — | ||
| Q4 25 | $1.3B | — | ||
| Q3 25 | $318.0M | $113.8M | ||
| Q2 25 | $368.1M | — | ||
| Q1 25 | $301.2M | $27.0M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $304.7M | $108.3M | ||
| Q2 24 | $425.6M | $55.8M |
自由现金流SBACVNET
| Q1 26 | — | — | ||
| Q4 25 | $833.3M | — | ||
| Q3 25 | $258.0M | $-193.1M | ||
| Q2 25 | $312.2M | — | ||
| Q1 25 | $255.0M | $-220.0M | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $239.9M | $-95.0M | ||
| Q2 24 | $375.6M | $-81.6M |
自由现金流率SBACVNET
| Q1 26 | — | — | ||
| Q4 25 | 115.8% | — | ||
| Q3 25 | 35.2% | -53.2% | ||
| Q2 25 | 44.7% | — | ||
| Q1 25 | 38.4% | -71.1% | ||
| Q4 24 | 179.9% | — | ||
| Q3 24 | 35.9% | -31.4% | ||
| Q2 24 | 56.9% | -29.8% |
资本支出强度SBACVNET
| Q1 26 | 9.5% | — | ||
| Q4 25 | 63.7% | — | ||
| Q3 25 | 8.2% | 84.6% | ||
| Q2 25 | 8.0% | — | ||
| Q1 25 | 7.0% | 79.8% | ||
| Q4 24 | 12.6% | — | ||
| Q3 24 | 9.7% | 67.3% | ||
| Q2 24 | 7.6% | 50.1% |
现金转化率SBACVNET
| Q1 26 | 1.38× | — | ||
| Q4 25 | 3.49× | — | ||
| Q3 25 | 1.34× | — | ||
| Q2 25 | 1.63× | — | ||
| Q1 25 | 1.36× | — | ||
| Q4 24 | 7.47× | — | ||
| Q3 24 | 1.18× | — | ||
| Q2 24 | 2.61× | — |
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
SBAC
| Site leasing | $656.1M | 93% |
| Site development | $47.3M | 7% |
VNET
暂无分部数据
