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Sphere Entertainment Co.（SPHR）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
Sphere Entertainment Co.的季度营收约是世纪互联的1.1倍（$393.8M vs $362.7M），Sphere Entertainment Co.净利率更高（16.4% vs -10.7%，领先27.1%），过去两年世纪互联的营收复合增速更高（17.4% vs 12.1%）
Sphere Entertainment Co.是总部位于纽约的美国娱乐控股企业，由查尔斯·多兰家族掌控，旗下拥有位于内华达州拉斯维加斯谷帕拉代斯的Sphere演艺场馆，以及总部位于纽约的区域体育网络连锁品牌MSG Networks。
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。
SPHR vs VNET — 直观对比
营收规模更大
SPHR
是对方的1.1倍
$362.7M
净利率更高
SPHR
高出27.1%
-10.7%
两年增速更快
VNET
近两年复合增速
12.1%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $393.8M | $362.7M |
| 净利润 | $64.7M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 7.3% | 0.5% |
| 净利率 | 16.4% | -10.7% |
| 营收同比 | — | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $2.42 | — |
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SPHRVNET
| Q4 25 | $393.8M | — | ||
| Q3 25 | $262.1M | $362.7M | ||
| Q2 25 | $282.2M | — | ||
| Q1 25 | $280.1M | $309.5M | ||
| Q3 24 | $227.1M | $302.2M | ||
| Q2 24 | $272.6M | $274.4M | ||
| Q1 24 | $320.6M | $262.9M | ||
| Q4 23 | $313.4M | — |
净利润SPHRVNET
| Q4 25 | $64.7M | — | ||
| Q3 25 | $-101.2M | $-38.7M | ||
| Q2 25 | $151.8M | — | ||
| Q1 25 | $-82.0M | $-2.4M | ||
| Q3 24 | $-105.3M | $-2.1M | ||
| Q2 24 | $-46.6M | $-1.1M | ||
| Q1 24 | $-47.2M | $-22.0M | ||
| Q4 23 | $-173.2M | — |
毛利率SPHRVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 25.2% | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 21.6% | ||
| Q4 23 | — | — |
营业利润率SPHRVNET
| Q4 25 | 7.3% | — | ||
| Q3 25 | -49.5% | 0.5% | ||
| Q2 25 | -17.8% | — | ||
| Q1 25 | -28.1% | 0.1% | ||
| Q3 24 | -51.8% | 24.5% | ||
| Q2 24 | -66.3% | 0.2% | ||
| Q1 24 | -12.6% | 0.2% | ||
| Q4 23 | — | — |
净利率SPHRVNET
| Q4 25 | 16.4% | — | ||
| Q3 25 | -38.6% | -10.7% | ||
| Q2 25 | 53.8% | — | ||
| Q1 25 | -29.3% | -0.8% | ||
| Q3 24 | -46.4% | -0.7% | ||
| Q2 24 | -17.1% | -0.4% | ||
| Q1 24 | -14.7% | -8.4% | ||
| Q4 23 | -55.3% | — |
每股收益（稀释后）SPHRVNET
| Q4 25 | $2.42 | — | ||
| Q3 25 | $-2.80 | — | ||
| Q2 25 | $3.39 | — | ||
| Q1 25 | $-2.27 | — | ||
| Q3 24 | $-2.95 | — | ||
| Q2 24 | $-1.33 | — | ||
| Q1 24 | $-1.33 | — | ||
| Q4 23 | $-4.91 | — |
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 | — | $492.1M |
| 总债务越低越好 | $692.7M | — |
| 股东权益账面价值 | $2.2B | $890.8M |
| 总资产 | $4.2B | $6.1B |
| 负债/权益比越低杠杆越低 | 0.31× | — |
8季度趋势，按日历期对齐
现金及短期投资SPHRVNET
| Q4 25 | — | — | ||
| Q3 25 | $384.8M | $492.1M | ||
| Q2 25 | $355.7M | — | ||
| Q1 25 | $465.0M | $544.3M | ||
| Q3 24 | — | $219.5M | ||
| Q2 24 | $559.8M | $247.2M | ||
| Q1 24 | — | $246.9M | ||
| Q4 23 | $614.5M | — |
总债务SPHRVNET
| Q4 25 | $692.7M | — | ||
| Q3 25 | $733.8M | — | ||
| Q2 25 | $743.8M | — | ||
| Q1 25 | $1.3B | — | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — | ||
| Q4 23 | $1.4B | — |
股东权益SPHRVNET
| Q4 25 | $2.2B | — | ||
| Q3 25 | $2.2B | $890.8M | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.1B | $927.8M | ||
| Q3 24 | $2.3B | $902.9M | ||
| Q2 24 | $2.4B | $900.6M | ||
| Q1 24 | $2.4B | $895.1M | ||
| Q4 23 | $2.5B | — |
总资产SPHRVNET
| Q4 25 | $4.2B | — | ||
| Q3 25 | $4.1B | $6.1B | ||
| Q2 25 | $4.2B | — | ||
| Q1 25 | $4.4B | $5.4B | ||
| Q3 24 | $4.6B | $4.3B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | $4.9B | $3.9B | ||
| Q4 23 | $4.9B | — |
负债/权益比SPHRVNET
| Q4 25 | 0.31× | — | ||
| Q3 25 | 0.34× | — | ||
| Q2 25 | 0.32× | — | ||
| Q1 25 | 0.62× | — | ||
| Q3 24 | 0.59× | 1.28× | ||
| Q2 24 | 0.57× | — | ||
| Q1 24 | 0.57× | — | ||
| Q4 23 | 0.58× | — |
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 | $180.2M | $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 | 2.78× | — |
| 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SPHRVNET
| Q4 25 | $180.2M | — | ||
| Q3 25 | $115.8M | $113.8M | ||
| Q2 25 | $-59.1M | — | ||
| Q1 25 | $6.3M | $27.0M | ||
| Q3 24 | $34.1M | $108.3M | ||
| Q2 24 | $-72.4M | $55.8M | ||
| Q1 24 | $101.0M | $37.1M | ||
| Q4 23 | $46.4M | — |
自由现金流SPHRVNET
| Q4 25 | — | — | ||
| Q3 25 | — | $-193.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $-220.0M | ||
| Q3 24 | — | $-95.0M | ||
| Q2 24 | — | $-81.6M | ||
| Q1 24 | — | $-102.2M | ||
| Q4 23 | — | — |
自由现金流率SPHRVNET
| Q4 25 | — | — | ||
| Q3 25 | — | -53.2% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -71.1% | ||
| Q3 24 | — | -31.4% | ||
| Q2 24 | — | -29.8% | ||
| Q1 24 | — | -38.9% | ||
| Q4 23 | — | — |
资本支出强度SPHRVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 84.6% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 79.8% | ||
| Q3 24 | — | 67.3% | ||
| Q2 24 | — | 50.1% | ||
| Q1 24 | — | 53.0% | ||
| Q4 23 | — | — |
现金转化率SPHRVNET
| Q4 25 | 2.78× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -0.39× | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — |
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
SPHR
| Ticketing And Venue License Fee Revenues | $198.5M | 50% |
| Media Networks Revenue | $120.1M | 30% |
| Sponsorship Signage Exosphere Advertising And Suite Licenses | $32.2M | 8% |
| Food Beverage And Merchandise Revenues | $27.6M | 7% |
| Other | $13.2M | 3% |
| Related Party | $2.3M | 1% |
VNET
暂无分部数据
