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STARWOOD PROPERTY TRUST, INC.（STWD）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
STARWOOD PROPERTY TRUST, INC.的季度营收约是世纪互联的1.4倍（$492.9M vs $362.7M），STARWOOD PROPERTY TRUST, INC.净利率更高（19.7% vs -10.7%，领先30.3%），过去两年世纪互联的营收复合增速更高（17.4% vs -2.9%）
喜达屋酒店及度假村国际集团是全球规模最大的酒店企业之一，业务涵盖酒店、度假村、水疗中心、住宅及度假产权物业的持有、运营、特许经营与管理。集团前身为1969年成立的房地产投资信托基金，1995年完成收购重组，旗下共11个品牌，管理及特许经营的物业共计1297处。
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。
STWD vs VNET — 直观对比
营收规模更大
STWD
是对方的1.4倍
$362.7M
净利率更高
STWD
高出30.3%
-10.7%
两年增速更快
VNET
近两年复合增速
-2.9%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $492.9M | $362.7M |
| 净利润 | $96.9M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 26.6% | 0.5% |
| 净利率 | 19.7% | -10.7% |
| 营收同比 | 8.5% | — |
| 净利润同比 | 87.7% | — |
| 每股收益（稀释后） | $0.25 | — |
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STWDVNET
| Q4 25 | $492.9M | — | ||
| Q3 25 | $488.9M | $362.7M | ||
| Q2 25 | $444.3M | — | ||
| Q1 25 | $418.2M | $309.5M | ||
| Q4 24 | $454.4M | — | ||
| Q3 24 | $479.5M | $302.2M | ||
| Q2 24 | $489.8M | $274.4M | ||
| Q1 24 | $523.1M | $262.9M |
净利润STWDVNET
| Q4 25 | $96.9M | — | ||
| Q3 25 | $72.6M | $-38.7M | ||
| Q2 25 | $129.8M | — | ||
| Q1 25 | $112.3M | $-2.4M | ||
| Q4 24 | $51.6M | — | ||
| Q3 24 | $76.1M | $-2.1M | ||
| Q2 24 | $77.9M | $-1.1M | ||
| Q1 24 | $154.3M | $-22.0M |
毛利率STWDVNET
| 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STWDVNET
| Q4 25 | 26.6% | — | ||
| Q3 25 | 19.1% | 0.5% | ||
| Q2 25 | 30.5% | — | ||
| Q1 25 | 28.7% | 0.1% | ||
| Q4 24 | 15.1% | — | ||
| Q3 24 | 17.2% | 24.5% | ||
| Q2 24 | 19.1% | 0.2% | ||
| Q1 24 | 30.8% | 0.2% |
净利率STWDVNET
| Q4 25 | 19.7% | — | ||
| Q3 25 | 14.8% | -10.7% | ||
| Q2 25 | 29.2% | — | ||
| Q1 25 | 26.8% | -0.8% | ||
| Q4 24 | 11.4% | — | ||
| Q3 24 | 15.9% | -0.7% | ||
| Q2 24 | 15.9% | -0.4% | ||
| Q1 24 | 29.5% | -8.4% |
每股收益（稀释后）STWDVNET
| Q4 25 | $0.25 | — | ||
| Q3 25 | $0.19 | — | ||
| Q2 25 | $0.38 | — | ||
| Q1 25 | $0.33 | — | ||
| Q4 24 | $0.15 | — | ||
| Q3 24 | $0.23 | — | ||
| Q2 24 | $0.24 | — | ||
| Q1 24 | $0.48 | — |
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 | $499.5M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $6.8B | $890.8M |
| 总资产 | $63.2B | $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STWDVNET
| Q4 25 | $499.5M | — | ||
| Q3 25 | $301.1M | $492.1M | ||
| Q2 25 | $259.9M | — | ||
| Q1 25 | $440.6M | $544.3M | ||
| Q4 24 | $377.8M | — | ||
| Q3 24 | $357.9M | $219.5M | ||
| Q2 24 | $259.3M | $247.2M | ||
| Q1 24 | $327.4M | $246.9M |
总债务STWDVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益STWDVNET
| Q4 25 | $6.8B | — | ||
| Q3 25 | $6.9B | $890.8M | ||
| Q2 25 | $6.4B | — | ||
| Q1 25 | $6.4B | $927.8M | ||
| Q4 24 | $6.4B | — | ||
| Q3 24 | $6.5B | $902.9M | ||
| Q2 24 | $6.2B | $900.6M | ||
| Q1 24 | $6.3B | $895.1M |
总资产STWDVNET
| Q4 25 | $63.2B | — | ||
| Q3 25 | $62.4B | $6.1B | ||
| Q2 25 | $62.4B | — | ||
| Q1 25 | $62.2B | $5.4B | ||
| Q4 24 | $62.6B | — | ||
| Q3 24 | $64.2B | $4.3B | ||
| Q2 24 | $64.1B | $4.0B | ||
| Q1 24 | $66.2B | $3.9B |
负债/权益比STWDVNET
| 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 | $488.8M | $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 | 5.04× | — |
| 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STWDVNET
| Q4 25 | $488.8M | — | ||
| Q3 25 | $337.6M | $113.8M | ||
| Q2 25 | $-87.4M | — | ||
| Q1 25 | $238.9M | $27.0M | ||
| Q4 24 | $295.6M | — | ||
| Q3 24 | $241.8M | $108.3M | ||
| Q2 24 | $53.3M | $55.8M | ||
| Q1 24 | $55.9M | $37.1M |
自由现金流STWDVNET
| 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STWDVNET
| 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STWDVNET
| 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STWDVNET
| Q4 25 | 5.04× | — | ||
| Q3 25 | 4.65× | — | ||
| Q2 25 | -0.67× | — | ||
| Q1 25 | 2.13× | — | ||
| Q4 24 | 5.72× | — | ||
| Q3 24 | 3.18× | — | ||
| Q2 24 | 0.68× | — | ||
| Q1 24 | 0.36× | — |
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
STWD
| Commercial And Residential Lending Segment | $335.2M | 68% |
| Infrastructure Lending Segment | $70.3M | 14% |
| Property Segment | $57.8M | 12% |
| Other | $29.7M | 6% |
VNET
暂无分部数据
