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医疗房产信托（SVC）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医疗房产信托的1.2倍（$362.7M vs $296.5M），医疗房产信托净利率更高（-0.3% vs -10.7%，领先10.4%），医疗房产信托自由现金流更多（$-95.2M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -6.1%）
医疗房产信托（MPT）是总部位于阿拉巴马州伯明翰的国际房地产投资信托（REIT），主要在美国和欧洲地区收购投资医疗设施与营利性医疗控股公司。该公司的房产收购多采用售后回租模式，原产权方出售房产给MPT后成为承租租户，其租户普遍签订长期三净租约。
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。
SVC vs VNET — 直观对比
营收规模更大
VNET
是对方的1.2倍
$296.5M
净利率更高
SVC
高出10.4%
-10.7%
自由现金流更多
SVC
多$97.9M
$-193.1M
两年增速更快
VNET
近两年复合增速
-6.1%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $296.5M | $362.7M |
| 净利润 | $-782.0K | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | -3.9% | 0.5% |
| 净利率 | -0.3% | -10.7% |
| 营收同比 | -17.0% | — |
| 净利润同比 | 99.0% | — |
| 每股收益（稀释后） | $-0.01 | — |
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SVCVNET
| Q4 25 | $296.5M | — | ||
| Q3 25 | $377.6M | $362.7M | ||
| Q2 25 | $404.4M | — | ||
| Q1 25 | $335.0M | $309.5M | ||
| Q4 24 | $357.0M | — | ||
| Q3 24 | $390.9M | $302.2M | ||
| Q2 24 | $412.5M | $274.4M | ||
| Q1 24 | $336.2M | $262.9M |
净利润SVCVNET
| Q4 25 | $-782.0K | — | ||
| Q3 25 | $-46.9M | $-38.7M | ||
| Q2 25 | $-38.2M | — | ||
| Q1 25 | $-116.4M | $-2.4M | ||
| Q4 24 | $-76.4M | — | ||
| Q3 24 | $-46.9M | $-2.1M | ||
| Q2 24 | $-73.8M | $-1.1M | ||
| Q1 24 | $-78.4M | $-22.0M |
毛利率SVCVNET
| 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SVCVNET
| Q4 25 | -3.9% | — | ||
| Q3 25 | -12.8% | 0.5% | ||
| Q2 25 | -9.2% | — | ||
| Q1 25 | -33.3% | 0.1% | ||
| Q4 24 | -19.4% | — | ||
| Q3 24 | -12.8% | 24.5% | ||
| Q2 24 | -17.1% | 0.2% | ||
| Q1 24 | -21.4% | 0.2% |
净利率SVCVNET
| Q4 25 | -0.3% | — | ||
| Q3 25 | -12.4% | -10.7% | ||
| Q2 25 | -9.4% | — | ||
| Q1 25 | -34.8% | -0.8% | ||
| Q4 24 | -21.4% | — | ||
| Q3 24 | -12.0% | -0.7% | ||
| Q2 24 | -17.9% | -0.4% | ||
| Q1 24 | -23.3% | -8.4% |
每股收益（稀释后）SVCVNET
| Q4 25 | $-0.01 | — | ||
| Q3 25 | $-0.28 | — | ||
| Q2 25 | $-0.23 | — | ||
| Q1 25 | $-0.70 | — | ||
| Q4 24 | $-0.46 | — | ||
| Q3 24 | $-0.28 | — | ||
| Q2 24 | $-0.45 | — | ||
| 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 | $346.8M | $492.1M |
| 总债务越低越好 | $5.5B | — |
| 股东权益账面价值 | $646.1M | $890.8M |
| 总资产 | $6.5B | $6.1B |
| 负债/权益比越低杠杆越低 | 8.52× | — |
8季度趋势，按日历期对齐
现金及短期投资SVCVNET
| Q4 25 | $346.8M | — | ||
| Q3 25 | $417.4M | $492.1M | ||
| Q2 25 | $63.2M | — | ||
| Q1 25 | $80.1M | $544.3M | ||
| Q4 24 | $143.5M | — | ||
| Q3 24 | $48.6M | $219.5M | ||
| Q2 24 | $14.6M | $247.2M | ||
| Q1 24 | $71.3M | $246.9M |
总债务SVCVNET
| Q4 25 | $5.5B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $5.8B | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益SVCVNET
| Q4 25 | $646.1M | — | ||
| Q3 25 | $647.9M | $890.8M | ||
| Q2 25 | $695.9M | — | ||
| Q1 25 | $734.6M | $927.8M | ||
| Q4 24 | $851.9M | — | ||
| Q3 24 | $929.0M | $902.9M | ||
| Q2 24 | $1.0B | $900.6M | ||
| Q1 24 | $1.1B | $895.1M |
总资产SVCVNET
| Q4 25 | $6.5B | — | ||
| Q3 25 | $7.0B | $6.1B | ||
| Q2 25 | $6.9B | — | ||
| Q1 25 | $7.0B | $5.4B | ||
| Q4 24 | $7.1B | — | ||
| Q3 24 | $7.1B | $4.3B | ||
| Q2 24 | $7.1B | $4.0B | ||
| Q1 24 | $7.2B | $3.9B |
负债/权益比SVCVNET
| Q4 25 | 8.52× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 6.85× | — | ||
| 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 | $-18.5M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $-95.2M | $-193.1M |
| 自由现金流率自由现金流/营收 | -32.1% | -53.2% |
| 资本支出强度资本支出/营收 | 25.9% | 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 | $-107.0M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流SVCVNET
| Q4 25 | $-18.5M | — | ||
| Q3 25 | $98.1M | $113.8M | ||
| Q2 25 | $-7.0K | — | ||
| Q1 25 | $38.2M | $27.0M | ||
| Q4 24 | $-9.7M | — | ||
| Q3 24 | $106.2M | $108.3M | ||
| Q2 24 | $43.8M | $55.8M | ||
| Q1 24 | $-926.0K | $37.1M |
自由现金流SVCVNET
| Q4 25 | $-95.2M | — | ||
| Q3 25 | $57.9M | $-193.1M | ||
| Q2 25 | $-46.6M | — | ||
| Q1 25 | $-23.2M | $-220.0M | ||
| Q4 24 | $-88.9M | — | ||
| Q3 24 | $24.1M | $-95.0M | ||
| Q2 24 | $-22.3M | $-81.6M | ||
| Q1 24 | $-77.2M | $-102.2M |
自由现金流率SVCVNET
| Q4 25 | -32.1% | — | ||
| Q3 25 | 15.3% | -53.2% | ||
| Q2 25 | -11.5% | — | ||
| Q1 25 | -6.9% | -71.1% | ||
| Q4 24 | -24.9% | — | ||
| Q3 24 | 6.2% | -31.4% | ||
| Q2 24 | -5.4% | -29.8% | ||
| Q1 24 | -23.0% | -38.9% |
资本支出强度SVCVNET
| Q4 25 | 25.9% | — | ||
| Q3 25 | 10.6% | 84.6% | ||
| Q2 25 | 11.5% | — | ||
| Q1 25 | 18.3% | 79.8% | ||
| Q4 24 | 22.2% | — | ||
| Q3 24 | 21.0% | 67.3% | ||
| Q2 24 | 16.0% | 50.1% | ||
| Q1 24 | 22.7% | 53.0% |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
