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SM Energy Co（SM）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
SM Energy Co的季度营收约是世纪互联的1.9倍（$704.9M vs $362.7M），过去两年世纪互联的营收复合增速更高（17.4% vs 12.2%）
SM能源公司是一家专注于油气勘探开发的能源企业，注册地位于美国特拉华州，总部设立在科罗拉多州丹佛市，业务围绕 hydrocarbon 资源的勘探布局，在能源勘探领域拥有成熟的运营经验。
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。
SM vs VNET — 直观对比
营收规模更大
SM
是对方的1.9倍
$362.7M
两年增速更快
VNET
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $704.9M | $362.7M |
| 净利润 | — | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 25.9% | 0.5% |
| 净利率 | — | -10.7% |
| 营收同比 | -17.3% | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $0.94 | — |
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SMVNET
| Q4 25 | $704.9M | — | ||
| Q3 25 | $811.6M | $362.7M | ||
| Q2 25 | $792.9M | — | ||
| Q1 25 | $844.5M | $309.5M | ||
| Q4 24 | $852.0M | — | ||
| Q3 24 | $643.6M | $302.2M | ||
| Q2 24 | $634.6M | $274.4M | ||
| Q1 24 | $559.9M | $262.9M |
净利润SMVNET
| Q4 25 | — | — | ||
| Q3 25 | $155.1M | $-38.7M | ||
| Q2 25 | $201.7M | — | ||
| Q1 25 | $182.3M | $-2.4M | ||
| Q4 24 | — | — | ||
| Q3 24 | $240.5M | $-2.1M | ||
| Q2 24 | $210.3M | $-1.1M | ||
| Q1 24 | $131.2M | $-22.0M |
毛利率SMVNET
| 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SMVNET
| Q4 25 | 25.9% | — | ||
| Q3 25 | 30.4% | 0.5% | ||
| Q2 25 | 37.2% | — | ||
| Q1 25 | 32.7% | 0.1% | ||
| Q4 24 | 33.7% | — | ||
| Q3 24 | 51.4% | 24.5% | ||
| Q2 24 | 44.0% | 0.2% | ||
| Q1 24 | 31.9% | 0.2% |
净利率SMVNET
| Q4 25 | — | — | ||
| Q3 25 | 19.1% | -10.7% | ||
| Q2 25 | 25.4% | — | ||
| Q1 25 | 21.6% | -0.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | 37.4% | -0.7% | ||
| Q2 24 | 33.1% | -0.4% | ||
| Q1 24 | 23.4% | -8.4% |
每股收益（稀释后）SMVNET
| Q4 25 | $0.94 | — | ||
| Q3 25 | $1.35 | — | ||
| Q2 25 | $1.76 | — | ||
| Q1 25 | $1.59 | — | ||
| Q4 24 | $1.63 | — | ||
| Q3 24 | $2.09 | — | ||
| Q2 24 | $1.82 | — | ||
| Q1 24 | $1.13 | — |
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 | $368.0M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.8B | $890.8M |
| 总资产 | $9.3B | $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SMVNET
| Q4 25 | $368.0M | — | ||
| Q3 25 | $162.3M | $492.1M | ||
| Q2 25 | $101.9M | — | ||
| Q1 25 | $54.0K | $544.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.7B | $219.5M | ||
| Q2 24 | $487.9M | $247.2M | ||
| Q1 24 | $506.3M | $246.9M |
总债务SMVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益SMVNET
| Q4 25 | $4.8B | — | ||
| Q3 25 | $4.7B | $890.8M | ||
| Q2 25 | $4.6B | — | ||
| Q1 25 | $4.4B | $927.8M | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.1B | $902.9M | ||
| Q2 24 | $3.8B | $900.6M | ||
| Q1 24 | $3.7B | $895.1M |
总资产SMVNET
| Q4 25 | $9.3B | — | ||
| Q3 25 | $9.1B | $6.1B | ||
| Q2 25 | $9.0B | — | ||
| Q1 25 | $8.8B | $5.4B | ||
| Q4 24 | $8.6B | — | ||
| Q3 24 | $8.0B | $4.3B | ||
| Q2 24 | $6.7B | $4.0B | ||
| Q1 24 | $6.4B | $3.9B |
负债/权益比SMVNET
| 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 | $451.9M | $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 | — | — |
| 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SMVNET
| Q4 25 | $451.9M | — | ||
| Q3 25 | $505.0M | $113.8M | ||
| Q2 25 | $571.1M | — | ||
| Q1 25 | $483.0M | $27.0M | ||
| Q4 24 | $578.4M | — | ||
| Q3 24 | $452.3M | $108.3M | ||
| Q2 24 | $476.4M | $55.8M | ||
| Q1 24 | $276.0M | $37.1M |
自由现金流SMVNET
| 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SMVNET
| 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SMVNET
| 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SMVNET
| Q4 25 | — | — | ||
| Q3 25 | 3.26× | — | ||
| Q2 25 | 2.83× | — | ||
| Q1 25 | 2.65× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.88× | — | ||
| Q2 24 | 2.27× | — | ||
| Q1 24 | 2.10× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
