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SPORTSMAN'S WAREHOUSE HOLDINGS, INC.（SPWH）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
世纪互联的季度营收约是SPORTSMAN'S WAREHOUSE HOLDINGS, INC.的1.1倍（$362.7M vs $331.3M），SPORTSMAN'S WAREHOUSE HOLDINGS, INC.净利率更高（0.0% vs -10.7%，领先10.7%），SPORTSMAN'S WAREHOUSE HOLDINGS, INC.自由现金流更多（$8.7M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -5.4%）
运动员仓库控股（Sportsman's Warehouse）是美国户外体育用品零售商，门店遍布全美29个州，主要面向狩猎、射击、露营、垂钓等各类户外休闲运动爱好者，销售户外服饰、鞋履及专业运动装备。
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。
SPWH vs VNET — 直观对比
营收规模更大
VNET
是对方的1.1倍
$331.3M
净利率更高
SPWH
高出10.7%
-10.7%
自由现金流更多
SPWH
多$201.8M
$-193.1M
两年增速更快
VNET
近两年复合增速
-5.4%
损益表 — Q3 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $331.3M | $362.7M |
| 净利润 | $8.0K | $-38.7M |
| 毛利率 | 32.8% | 20.9% |
| 营业利润率 | 1.3% | 0.5% |
| 净利率 | 0.0% | -10.7% |
| 营收同比 | 2.2% | — |
| 净利润同比 | -97.8% | — |
| 每股收益（稀释后） | $0.00 | — |
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SPWHVNET
| Q4 25 | $331.3M | — | ||
| Q3 25 | $293.9M | $362.7M | ||
| Q2 25 | $249.1M | — | ||
| Q1 25 | $340.4M | $309.5M | ||
| Q4 24 | $324.3M | — | ||
| Q3 24 | $288.7M | $302.2M | ||
| Q2 24 | $244.2M | $274.4M | ||
| Q1 24 | $370.4M | $262.9M |
净利润SPWHVNET
| Q4 25 | $8.0K | — | ||
| Q3 25 | $-7.1M | $-38.7M | ||
| Q2 25 | $-21.3M | — | ||
| Q1 25 | $-8.7M | $-2.4M | ||
| Q4 24 | $-364.0K | — | ||
| Q3 24 | $-5.9M | $-2.1M | ||
| Q2 24 | $-18.1M | $-1.1M | ||
| Q1 24 | $-8.7M | $-22.0M |
毛利率SPWHVNET
| Q4 25 | 32.8% | — | ||
| Q3 25 | 32.0% | 20.9% | ||
| Q2 25 | 30.4% | — | ||
| Q1 25 | 30.4% | 25.2% | ||
| Q4 24 | 31.8% | — | ||
| Q3 24 | 31.2% | 23.2% | ||
| Q2 24 | 30.2% | 21.3% | ||
| Q1 24 | 26.8% | 21.6% |
营业利润率SPWHVNET
| Q4 25 | 1.3% | — | ||
| Q3 25 | -1.1% | 0.5% | ||
| Q2 25 | -7.9% | — | ||
| Q1 25 | 1.1% | 0.1% | ||
| Q4 24 | 1.0% | — | ||
| Q3 24 | -1.5% | 24.5% | ||
| Q2 24 | -8.4% | 0.2% | ||
| Q1 24 | -2.1% | 0.2% |
净利率SPWHVNET
| Q4 25 | 0.0% | — | ||
| Q3 25 | -2.4% | -10.7% | ||
| Q2 25 | -8.5% | — | ||
| Q1 25 | -2.6% | -0.8% | ||
| Q4 24 | -0.1% | — | ||
| Q3 24 | -2.0% | -0.7% | ||
| Q2 24 | -7.4% | -0.4% | ||
| Q1 24 | -2.4% | -8.4% |
每股收益（稀释后）SPWHVNET
| Q4 25 | $0.00 | — | ||
| Q3 25 | $-0.18 | — | ||
| Q2 25 | $-0.56 | — | ||
| Q1 25 | $-0.22 | — | ||
| Q4 24 | $-0.01 | — | ||
| Q3 24 | $-0.16 | — | ||
| Q2 24 | $-0.48 | — | ||
| Q1 24 | $-0.22 | — |
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 | $2.2M | $492.1M |
| 总债务越低越好 | $44.0M | — |
| 股东权益账面价值 | $209.5M | $890.8M |
| 总资产 | $913.9M | $6.1B |
| 负债/权益比越低杠杆越低 | 0.21× | — |
8季度趋势，按日历期对齐
现金及短期投资SPWHVNET
| Q4 25 | $2.2M | — | ||
| Q3 25 | $1.8M | $492.1M | ||
| Q2 25 | $3.6M | — | ||
| Q1 25 | $2.8M | $544.3M | ||
| Q4 24 | $2.7M | — | ||
| Q3 24 | $2.6M | $219.5M | ||
| Q2 24 | $2.2M | $247.2M | ||
| Q1 24 | $3.1M | $246.9M |
总债务SPWHVNET
| Q4 25 | $44.0M | — | ||
| Q3 25 | $43.9M | — | ||
| Q2 25 | $24.1M | — | ||
| Q1 25 | $24.1M | — | ||
| Q4 24 | $24.0M | — | ||
| Q3 24 | $24.0M | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益SPWHVNET
| Q4 25 | $209.5M | — | ||
| Q3 25 | $208.9M | $890.8M | ||
| Q2 25 | $215.1M | — | ||
| Q1 25 | $235.7M | $927.8M | ||
| Q4 24 | $243.6M | — | ||
| Q3 24 | $243.0M | $902.9M | ||
| Q2 24 | $247.5M | $900.6M | ||
| Q1 24 | $264.6M | $895.1M |
总资产SPWHVNET
| Q4 25 | $913.9M | — | ||
| Q3 25 | $948.9M | $6.1B | ||
| Q2 25 | $929.7M | — | ||
| Q1 25 | $852.1M | $5.4B | ||
| Q4 24 | $967.7M | — | ||
| Q3 24 | $901.9M | $4.3B | ||
| Q2 24 | $930.4M | $4.0B | ||
| Q1 24 | $886.2M | $3.9B |
负债/权益比SPWHVNET
| Q4 25 | 0.21× | — | ||
| Q3 25 | 0.21× | — | ||
| Q2 25 | 0.11× | — | ||
| Q1 25 | 0.10× | — | ||
| Q4 24 | 0.10× | — | ||
| Q3 24 | 0.10× | 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 | $16.3M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $8.7M | $-193.1M |
| 自由现金流率自由现金流/营收 | 2.6% | -53.2% |
| 资本支出强度资本支出/营收 | 2.3% | 84.6% |
| 现金转化率经营现金流/净利润 | 2038.00× | — |
| 过去12个月自由现金流最近4个季度 | $-39.7M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流SPWHVNET
| Q4 25 | $16.3M | — | ||
| Q3 25 | $-26.6M | $113.8M | ||
| Q2 25 | $-60.2M | — | ||
| Q1 25 | $52.8M | $27.0M | ||
| Q4 24 | $-2.5M | — | ||
| Q3 24 | $18.5M | $108.3M | ||
| Q2 24 | $-34.6M | $55.8M | ||
| Q1 24 | $68.9M | $37.1M |
自由现金流SPWHVNET
| Q4 25 | $8.7M | — | ||
| Q3 25 | $-33.9M | $-193.1M | ||
| Q2 25 | $-64.0M | — | ||
| Q1 25 | $49.6M | $-220.0M | ||
| Q4 24 | $-6.2M | — | ||
| Q3 24 | $14.1M | $-95.0M | ||
| Q2 24 | $-38.0M | $-81.6M | ||
| Q1 24 | $60.2M | $-102.2M |
自由现金流率SPWHVNET
| Q4 25 | 2.6% | — | ||
| Q3 25 | -11.5% | -53.2% | ||
| Q2 25 | -25.7% | — | ||
| Q1 25 | 14.6% | -71.1% | ||
| Q4 24 | -1.9% | — | ||
| Q3 24 | 4.9% | -31.4% | ||
| Q2 24 | -15.5% | -29.8% | ||
| Q1 24 | 16.2% | -38.9% |
资本支出强度SPWHVNET
| Q4 25 | 2.3% | — | ||
| Q3 25 | 2.5% | 84.6% | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | 1.0% | 79.8% | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 1.5% | 67.3% | ||
| Q2 24 | 1.4% | 50.1% | ||
| Q1 24 | 2.4% | 53.0% |
现金转化率SPWHVNET
| Q4 25 | 2038.00× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
