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美乐棵（SMG）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
美乐棵的季度营收约是世纪互联的4.0倍（$1.5B vs $362.7M），美乐棵净利率更高（16.3% vs -10.7%，领先27.0%），过去两年世纪互联的营收复合增速更高（17.4% vs 10.2%）
美乐棵公司是一家总部位于俄亥俄州马里斯维尔的美国跨国企业，其前身可追溯至1868年O.M.斯科特开始销售草种的业务。公司主营草坪养护、园艺种植、虫害防治类消费产品以及无土室内园艺设备，旗下拥有Scotts、Miracle-Gro、Ortho等知名品牌，同时在美国及中国等多个国际市场销售和分销除草剂Roundup。
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。
SMG vs VNET — 直观对比
营收规模更大
SMG
是对方的4.0倍
$362.7M
净利率更高
SMG
高出27.0%
-10.7%
两年增速更快
VNET
近两年复合增速
10.2%
损益表 — Q2 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $362.7M |
| 净利润 | $238.6M | $-38.7M |
| 毛利率 | 41.8% | 20.9% |
| 营业利润率 | 27.5% | 0.5% |
| 净利率 | 16.3% | -10.7% |
| 营收同比 | -16.9% | — |
| 净利润同比 | 61.2% | — |
| 每股收益（稀释后） | $-2.00 | — |
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SMGVNET
| Q1 26 | $1.5B | — | ||
| Q4 25 | $354.4M | — | ||
| Q3 25 | $387.3M | $362.7M | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.4B | $309.5M | ||
| Q4 24 | $416.8M | — | ||
| Q3 24 | $414.7M | $302.2M | ||
| Q2 24 | $1.2B | $274.4M |
净利润SMGVNET
| Q1 26 | $238.6M | — | ||
| Q4 25 | $-125.0M | — | ||
| Q3 25 | — | $-38.7M | ||
| Q2 25 | $149.1M | — | ||
| Q1 25 | $217.5M | $-2.4M | ||
| Q4 24 | $-69.5M | — | ||
| Q3 24 | — | $-2.1M | ||
| Q2 24 | $132.1M | $-1.1M |
毛利率SMGVNET
| Q1 26 | 41.8% | — | ||
| Q4 25 | 25.0% | — | ||
| Q3 25 | 6.1% | 20.9% | ||
| Q2 25 | 31.8% | — | ||
| Q1 25 | 38.6% | 25.2% | ||
| Q4 24 | 22.7% | — | ||
| Q3 24 | -7.1% | 23.2% | ||
| Q2 24 | 29.5% | 21.3% |
营业利润率SMGVNET
| Q1 26 | 27.5% | — | ||
| Q4 25 | -6.2% | — | ||
| Q3 25 | -38.8% | 0.5% | ||
| Q2 25 | 18.1% | — | ||
| Q1 25 | 24.3% | 0.1% | ||
| Q4 24 | -12.2% | — | ||
| Q3 24 | -52.1% | 24.5% | ||
| Q2 24 | 16.6% | 0.2% |
净利率SMGVNET
| Q1 26 | 16.3% | — | ||
| Q4 25 | -35.3% | — | ||
| Q3 25 | — | -10.7% | ||
| Q2 25 | 12.6% | — | ||
| Q1 25 | 15.3% | -0.8% | ||
| Q4 24 | -16.7% | — | ||
| Q3 24 | — | -0.7% | ||
| Q2 24 | 11.0% | -0.4% |
每股收益（稀释后）SMGVNET
| Q1 26 | $-2.00 | — | ||
| Q4 25 | $-2.16 | — | ||
| Q3 25 | $-2.58 | — | ||
| Q2 25 | $2.54 | — | ||
| Q1 25 | $3.72 | — | ||
| Q4 24 | $-1.21 | — | ||
| Q3 24 | $-4.21 | — | ||
| Q2 24 | $2.28 | — |
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 | $6.2M | $492.1M |
| 总债务越低越好 | $2.3B | — |
| 股东权益账面价值 | — | $890.8M |
| 总资产 | $3.4B | $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SMGVNET
| Q1 26 | $6.2M | — | ||
| Q4 25 | $8.3M | — | ||
| Q3 25 | $36.6M | $492.1M | ||
| Q2 25 | $51.1M | — | ||
| Q1 25 | $16.9M | $544.3M | ||
| Q4 24 | $9.8M | — | ||
| Q3 24 | $71.6M | $219.5M | ||
| Q2 24 | $279.9M | $247.2M |
总债务SMGVNET
| Q1 26 | $2.3B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $2.2B | $1.2B | ||
| Q2 24 | — | — |
股东权益SMGVNET
| Q1 26 | — | — | ||
| Q4 25 | $-500.6M | — | ||
| Q3 25 | $-357.5M | $890.8M | ||
| Q2 25 | $-170.9M | — | ||
| Q1 25 | $-290.1M | $927.8M | ||
| Q4 24 | $-479.5M | — | ||
| Q3 24 | $-390.6M | $902.9M | ||
| Q2 24 | $-146.2M | $900.6M |
总资产SMGVNET
| Q1 26 | $3.4B | — | ||
| Q4 25 | $3.0B | — | ||
| Q3 25 | $2.7B | $6.1B | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $3.5B | $5.4B | ||
| Q4 24 | $3.2B | — | ||
| Q3 24 | $2.9B | $4.3B | ||
| Q2 24 | $3.5B | $4.0B |
负债/权益比SMGVNET
| 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 | — | $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SMGVNET
| Q1 26 | — | — | ||
| Q4 25 | $-370.4M | — | ||
| Q3 25 | $174.1M | $113.8M | ||
| Q2 25 | $454.4M | — | ||
| Q1 25 | $188.1M | $27.0M | ||
| Q4 24 | $-445.3M | — | ||
| Q3 24 | $118.5M | $108.3M | ||
| Q2 24 | $588.0M | $55.8M |
自由现金流SMGVNET
| Q1 26 | — | — | ||
| Q4 25 | $-390.4M | — | ||
| Q3 25 | $131.2M | $-193.1M | ||
| Q2 25 | $437.5M | — | ||
| Q1 25 | $179.8M | $-220.0M | ||
| Q4 24 | $-474.6M | — | ||
| Q3 24 | $101.9M | $-95.0M | ||
| Q2 24 | $574.8M | $-81.6M |
自由现金流率SMGVNET
| Q1 26 | — | — | ||
| Q4 25 | -110.2% | — | ||
| Q3 25 | 33.9% | -53.2% | ||
| Q2 25 | 36.8% | — | ||
| Q1 25 | 12.7% | -71.1% | ||
| Q4 24 | -113.9% | — | ||
| Q3 24 | 24.6% | -31.4% | ||
| Q2 24 | 47.8% | -29.8% |
资本支出强度SMGVNET
| Q1 26 | — | — | ||
| Q4 25 | 5.6% | — | ||
| Q3 25 | 11.1% | 84.6% | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 0.6% | 79.8% | ||
| Q4 24 | 7.0% | — | ||
| Q3 24 | 4.0% | 67.3% | ||
| Q2 24 | 1.1% | 50.1% |
现金转化率SMGVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.05× | — | ||
| Q1 25 | 0.86× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 4.45× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
