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TIDEWATER INC（TDW）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TIDEWATER INC的1.1倍（$362.7M vs $336.8M），TIDEWATER INC净利率更高（65.3% vs -10.7%，领先75.9%），TIDEWATER INC自由现金流更多（$147.8M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 2.4%）
Tidewater Inc.是一家公开上市的国际石油服务企业，总部位于美国得克萨斯州休斯敦。公司运营专业船舶船队，主要为海上油气、海上风电行业提供船舶租赁及相关海事服务，是全球海洋能源服务领域的重要参与者。
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。
TDW vs VNET — 直观对比
营收规模更大
VNET
是对方的1.1倍
$336.8M
净利率更高
TDW
高出75.9%
-10.7%
自由现金流更多
TDW
多$340.9M
$-193.1M
两年增速更快
VNET
近两年复合增速
2.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $336.8M | $362.7M |
| 净利润 | $219.9M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 19.0% | 0.5% |
| 净利率 | 65.3% | -10.7% |
| 营收同比 | -2.4% | — |
| 净利润同比 | 495.8% | — |
| 每股收益（稀释后） | $4.37 | — |
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TDWVNET
| Q4 25 | $336.8M | — | ||
| Q3 25 | $341.1M | $362.7M | ||
| Q2 25 | $341.4M | — | ||
| Q1 25 | $333.4M | $309.5M | ||
| Q4 24 | $345.1M | — | ||
| Q3 24 | $340.4M | $302.2M | ||
| Q2 24 | $339.2M | $274.4M | ||
| Q1 24 | $321.2M | $262.9M |
净利润TDWVNET
| Q4 25 | $219.9M | — | ||
| Q3 25 | $-806.0K | $-38.7M | ||
| Q2 25 | $72.9M | — | ||
| Q1 25 | $42.7M | $-2.4M | ||
| Q4 24 | $36.9M | — | ||
| Q3 24 | $46.4M | $-2.1M | ||
| Q2 24 | $50.4M | $-1.1M | ||
| Q1 24 | $47.0M | $-22.0M |
毛利率TDWVNET
| 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TDWVNET
| Q4 25 | 19.0% | — | ||
| Q3 25 | 18.4% | 0.5% | ||
| Q2 25 | 23.7% | — | ||
| Q1 25 | 22.5% | 0.1% | ||
| Q4 24 | 23.6% | — | ||
| Q3 24 | 20.6% | 24.5% | ||
| Q2 24 | 23.0% | 0.2% | ||
| Q1 24 | 25.5% | 0.2% |
净利率TDWVNET
| Q4 25 | 65.3% | — | ||
| Q3 25 | -0.2% | -10.7% | ||
| Q2 25 | 21.4% | — | ||
| Q1 25 | 12.8% | -0.8% | ||
| Q4 24 | 10.7% | — | ||
| Q3 24 | 13.6% | -0.7% | ||
| Q2 24 | 14.8% | -0.4% | ||
| Q1 24 | 14.6% | -8.4% |
每股收益（稀释后）TDWVNET
| Q4 25 | $4.37 | — | ||
| Q3 25 | $-0.02 | — | ||
| Q2 25 | $1.46 | — | ||
| Q1 25 | $0.83 | — | ||
| Q4 24 | $0.70 | — | ||
| Q3 24 | $0.87 | — | ||
| Q2 24 | $0.94 | — | ||
| Q1 24 | $0.89 | — |
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 | $578.8M | $492.1M |
| 总债务越低越好 | $670.1M | — |
| 股东权益账面价值 | $1.4B | $890.8M |
| 总资产 | $2.4B | $6.1B |
| 负债/权益比越低杠杆越低 | 0.49× | — |
8季度趋势，按日历期对齐
现金及短期投资TDWVNET
| Q4 25 | $578.8M | — | ||
| Q3 25 | $428.2M | $492.1M | ||
| Q2 25 | $369.4M | — | ||
| Q1 25 | $341.8M | $544.3M | ||
| Q4 24 | $324.9M | — | ||
| Q3 24 | $280.8M | $219.5M | ||
| Q2 24 | $315.9M | $247.2M | ||
| Q1 24 | $280.9M | $246.9M |
总债务TDWVNET
| Q4 25 | $670.1M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $647.9M | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益TDWVNET
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.1B | $890.8M | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | $927.8M | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | $902.9M | ||
| Q2 24 | $1.1B | $900.6M | ||
| Q1 24 | $1.1B | $895.1M |
总资产TDWVNET
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.1B | $6.1B | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.1B | $5.4B | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.0B | $4.3B | ||
| Q2 24 | $2.1B | $4.0B | ||
| Q1 24 | $2.1B | $3.9B |
负债/权益比TDWVNET
| Q4 25 | 0.49× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.58× | — | ||
| 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 | $153.0M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $147.8M | $-193.1M |
| 自由现金流率自由现金流/营收 | 43.9% | -53.2% |
| 资本支出强度资本支出/营收 | 1.5% | 84.6% |
| 现金转化率经营现金流/净利润 | 0.70× | — |
| 过去12个月自由现金流最近4个季度 | $353.3M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流TDWVNET
| Q4 25 | $153.0M | — | ||
| Q3 25 | $54.7M | $113.8M | ||
| Q2 25 | $85.4M | — | ||
| Q1 25 | $86.0M | $27.0M | ||
| Q4 24 | $100.0M | — | ||
| Q3 24 | $49.0M | $108.3M | ||
| Q2 24 | $78.6M | $55.8M | ||
| Q1 24 | $54.8M | $37.1M |
自由现金流TDWVNET
| Q4 25 | $147.8M | — | ||
| Q3 25 | $49.6M | $-193.1M | ||
| Q2 25 | $80.2M | — | ||
| Q1 25 | $75.7M | $-220.0M | ||
| Q4 24 | $95.5M | — | ||
| Q3 24 | $43.3M | $-95.0M | ||
| Q2 24 | $72.3M | $-81.6M | ||
| Q1 24 | $43.8M | $-102.2M |
自由现金流率TDWVNET
| Q4 25 | 43.9% | — | ||
| Q3 25 | 14.5% | -53.2% | ||
| Q2 25 | 23.5% | — | ||
| Q1 25 | 22.7% | -71.1% | ||
| Q4 24 | 27.7% | — | ||
| Q3 24 | 12.7% | -31.4% | ||
| Q2 24 | 21.3% | -29.8% | ||
| Q1 24 | 13.6% | -38.9% |
资本支出强度TDWVNET
| Q4 25 | 1.5% | — | ||
| Q3 25 | 1.5% | 84.6% | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | 3.1% | 79.8% | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 1.7% | 67.3% | ||
| Q2 24 | 1.9% | 50.1% | ||
| Q1 24 | 3.4% | 53.0% |
现金转化率TDWVNET
| Q4 25 | 0.70× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.17× | — | ||
| Q1 25 | 2.02× | — | ||
| Q4 24 | 2.71× | — | ||
| Q3 24 | 1.06× | — | ||
| Q2 24 | 1.56× | — | ||
| Q1 24 | 1.16× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
