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SUBURBAN PROPANE PARTNERS LP（SPH）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
SUBURBAN PROPANE PARTNERS LP的季度营收约是世纪互联的1.0倍（$370.4M vs $362.7M），SUBURBAN PROPANE PARTNERS LP净利率更高（12.4% vs -10.7%，领先23.0%），SUBURBAN PROPANE PARTNERS LP自由现金流更多（$-67.5M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -13.8%）
Suburban Propane Partners LP是美国领先的丙烷、天然气、取暖油及相关能源产品分销商，服务覆盖住宅、商业、工业、农业等各类客户，同时提供暖通空调系统的安装、维护与维修服务，业务范围遍布全美。
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。
SPH vs VNET — 直观对比
营收规模更大
SPH
是对方的1.0倍
$362.7M
净利率更高
SPH
高出23.0%
-10.7%
自由现金流更多
SPH
多$125.6M
$-193.1M
两年增速更快
VNET
近两年复合增速
-13.8%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $370.4M | $362.7M |
| 净利润 | $45.8M | $-38.7M |
| 毛利率 | 64.7% | 20.9% |
| 营业利润率 | 18.3% | 0.5% |
| 净利率 | 12.4% | -10.7% |
| 营收同比 | -0.8% | — |
| 净利润同比 | 135.7% | — |
| 每股收益（稀释后） | $0.69 | — |
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SPHVNET
| Q4 25 | $370.4M | — | ||
| Q3 25 | $211.4M | $362.7M | ||
| Q2 25 | $260.1M | — | ||
| Q1 25 | $587.7M | $309.5M | ||
| Q4 24 | $373.3M | — | ||
| Q3 24 | $208.6M | $302.2M | ||
| Q2 24 | $254.6M | $274.4M | ||
| Q1 24 | $498.1M | $262.9M |
净利润SPHVNET
| Q4 25 | $45.8M | — | ||
| Q3 25 | $-35.1M | $-38.7M | ||
| Q2 25 | $-14.8M | — | ||
| Q1 25 | $137.1M | $-2.4M | ||
| Q4 24 | $19.4M | — | ||
| Q3 24 | $-44.6M | $-2.1M | ||
| Q2 24 | $-17.2M | $-1.1M | ||
| Q1 24 | $111.5M | $-22.0M |
毛利率SPHVNET
| Q4 25 | 64.7% | — | ||
| Q3 25 | 64.7% | 20.9% | ||
| Q2 25 | 61.7% | — | ||
| Q1 25 | 58.8% | 25.2% | ||
| Q4 24 | 60.6% | — | ||
| Q3 24 | 59.4% | 23.2% | ||
| Q2 24 | 62.9% | 21.3% | ||
| Q1 24 | 61.8% | 21.6% |
营业利润率SPHVNET
| Q4 25 | 18.3% | — | ||
| Q3 25 | -7.9% | 0.5% | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 27.0% | 0.1% | ||
| Q4 24 | 15.8% | — | ||
| Q3 24 | -10.8% | 24.5% | ||
| Q2 24 | 3.2% | 0.2% | ||
| Q1 24 | 27.5% | 0.2% |
净利率SPHVNET
| Q4 25 | 12.4% | — | ||
| Q3 25 | -16.6% | -10.7% | ||
| Q2 25 | -5.7% | — | ||
| Q1 25 | 23.3% | -0.8% | ||
| Q4 24 | 5.2% | — | ||
| Q3 24 | -21.4% | -0.7% | ||
| Q2 24 | -6.8% | -0.4% | ||
| Q1 24 | 22.4% | -8.4% |
每股收益（稀释后）SPHVNET
| Q4 25 | $0.69 | — | ||
| Q3 25 | $-0.55 | — | ||
| Q2 25 | $-0.23 | — | ||
| Q1 25 | $2.10 | — | ||
| Q4 24 | $0.30 | — | ||
| Q3 24 | $-0.69 | — | ||
| Q2 24 | $-0.27 | — | ||
| Q1 24 | $1.72 | — |
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 | $1.3M | $492.1M |
| 总债务越低越好 | $1.3B | — |
| 股东权益账面价值 | — | $890.8M |
| 总资产 | $2.4B | $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SPHVNET
| Q4 25 | $1.3M | — | ||
| Q3 25 | $405.0K | $492.1M | ||
| Q2 25 | $1.3M | — | ||
| Q1 25 | $3.9M | $544.3M | ||
| Q4 24 | $4.4M | — | ||
| Q3 24 | $3.2M | $219.5M | ||
| Q2 24 | $4.9M | $247.2M | ||
| Q1 24 | $4.4M | $246.9M |
总债务SPHVNET
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
股东权益SPHVNET
| Q4 25 | — | — | ||
| Q3 25 | — | $890.8M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $927.8M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $902.9M | ||
| Q2 24 | — | $900.6M | ||
| Q1 24 | — | $895.1M |
总资产SPHVNET
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.3B | $6.1B | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.4B | $5.4B | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.3B | $4.3B | ||
| Q2 24 | $2.3B | $4.0B | ||
| Q1 24 | $2.3B | $3.9B |
负债/权益比SPHVNET
| 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 | $-47.7M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $-67.5M | $-193.1M |
| 自由现金流率自由现金流/营收 | -18.2% | -53.2% |
| 资本支出强度资本支出/营收 | 5.3% | 84.6% |
| 现金转化率经营现金流/净利润 | -1.04× | — |
| 过去12个月自由现金流最近4个季度 | $61.9M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流SPHVNET
| Q4 25 | $-47.7M | — | ||
| Q3 25 | $41.8M | $113.8M | ||
| Q2 25 | $95.5M | — | ||
| Q1 25 | $40.1M | $27.0M | ||
| Q4 24 | $8.8M | — | ||
| Q3 24 | $36.8M | $108.3M | ||
| Q2 24 | $61.4M | $55.8M | ||
| Q1 24 | $75.1M | $37.1M |
自由现金流SPHVNET
| Q4 25 | $-67.5M | — | ||
| Q3 25 | $27.7M | $-193.1M | ||
| Q2 25 | $80.9M | — | ||
| Q1 25 | $20.8M | $-220.0M | ||
| Q4 24 | $-15.1M | — | ||
| Q3 24 | $17.7M | $-95.0M | ||
| Q2 24 | $46.8M | $-81.6M | ||
| Q1 24 | $60.6M | $-102.2M |
自由现金流率SPHVNET
| Q4 25 | -18.2% | — | ||
| Q3 25 | 13.1% | -53.2% | ||
| Q2 25 | 31.1% | — | ||
| Q1 25 | 3.5% | -71.1% | ||
| Q4 24 | -4.0% | — | ||
| Q3 24 | 8.5% | -31.4% | ||
| Q2 24 | 18.4% | -29.8% | ||
| Q1 24 | 12.2% | -38.9% |
资本支出强度SPHVNET
| Q4 25 | 5.3% | — | ||
| Q3 25 | 6.7% | 84.6% | ||
| Q2 25 | 5.6% | — | ||
| Q1 25 | 3.3% | 79.8% | ||
| Q4 24 | 6.4% | — | ||
| Q3 24 | 9.1% | 67.3% | ||
| Q2 24 | 5.8% | 50.1% | ||
| Q1 24 | 2.9% | 53.0% |
现金转化率SPHVNET
| Q4 25 | -1.04× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.45× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.67× | — |
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
SPH
| Propane | $326.4M | 88% |
| Other Sales Revenue Net | $19.9M | 5% |
| Fuel Oil And Refined Fuels | $18.2M | 5% |
| Natural Gas And Electricity | $5.9M | 2% |
| Wholesale | $4.1M | 1% |
VNET
暂无分部数据
