vs
Teads Holding Co.（TEAD）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Teads Holding Co.的1.0倍（$362.7M vs $352.2M），世纪互联净利率更高（-10.7% vs -121.6%，领先110.9%），Teads Holding Co.自由现金流更多（$6.5M vs $-193.1M），过去两年Teads Holding Co.的营收复合增速更高（27.4% vs 17.4%）
Teads Holding Co.是全球领先的端到端数字视频广告平台运营商，与优质网络出版商及品牌广告主合作，在桌面端、移动端及联网电视设备投放定制化视频广告，服务覆盖全球主要市场，核心业务为面向数字营销领域的程序化广告技术解决方案。
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。
TEAD vs VNET — 直观对比
营收规模更大
VNET
是对方的1.0倍
$352.2M
净利率更高
VNET
高出110.9%
-121.6%
自由现金流更多
TEAD
多$199.6M
$-193.1M
两年增速更快
TEAD
近两年复合增速
17.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $352.2M | $362.7M |
| 净利润 | $-428.2M | $-38.7M |
| 毛利率 | 34.2% | 20.9% |
| 营业利润率 | -98.2% | 0.5% |
| 净利率 | -121.6% | -10.7% |
| 营收同比 | 50.2% | — |
| 净利润同比 | -256321.6% | — |
| 每股收益（稀释后） | $-4.63 | — |
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TEADVNET
| Q4 25 | $352.2M | — | ||
| Q3 25 | $318.8M | $362.7M | ||
| Q2 25 | $343.1M | — | ||
| Q1 25 | $286.4M | $309.5M | ||
| Q4 24 | $234.6M | — | ||
| Q3 24 | $224.2M | $302.2M | ||
| Q2 24 | $214.1M | $274.4M | ||
| Q1 24 | $217.0M | $262.9M |
净利润TEADVNET
| Q4 25 | $-428.2M | — | ||
| Q3 25 | $-19.7M | $-38.7M | ||
| Q2 25 | $-14.3M | — | ||
| Q1 25 | $-54.8M | $-2.4M | ||
| Q4 24 | $-167.0K | — | ||
| Q3 24 | $6.7M | $-2.1M | ||
| Q2 24 | $-2.2M | $-1.1M | ||
| Q1 24 | $-5.0M | $-22.0M |
毛利率TEADVNET
| Q4 25 | 34.2% | — | ||
| Q3 25 | 33.2% | 20.9% | ||
| Q2 25 | 35.1% | — | ||
| Q1 25 | 28.9% | 25.2% | ||
| Q4 24 | 23.9% | — | ||
| Q3 24 | 21.8% | 23.2% | ||
| Q2 24 | 21.3% | 21.3% | ||
| Q1 24 | 19.2% | 21.6% |
营业利润率TEADVNET
| Q4 25 | -98.2% | — | ||
| Q3 25 | -2.0% | 0.5% | ||
| Q2 25 | -0.7% | — | ||
| Q1 25 | -15.5% | 0.1% | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | -1.3% | 24.5% | ||
| Q2 24 | -2.6% | 0.2% | ||
| Q1 24 | -3.0% | 0.2% |
净利率TEADVNET
| Q4 25 | -121.6% | — | ||
| Q3 25 | -6.2% | -10.7% | ||
| Q2 25 | -4.2% | — | ||
| Q1 25 | -19.2% | -0.8% | ||
| Q4 24 | -0.1% | — | ||
| Q3 24 | 3.0% | -0.7% | ||
| Q2 24 | -1.0% | -0.4% | ||
| Q1 24 | -2.3% | -8.4% |
每股收益（稀释后）TEADVNET
| Q4 25 | $-4.63 | — | ||
| Q3 25 | $-0.21 | — | ||
| Q2 25 | $-0.15 | — | ||
| Q1 25 | $-0.70 | — | ||
| Q4 24 | $0.02 | — | ||
| Q3 24 | $0.01 | — | ||
| Q2 24 | $-0.04 | — | ||
| Q1 24 | $-0.10 | — |
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 | $138.7M | $492.1M |
| 总债务越低越好 | $605.1M | — |
| 股东权益账面价值 | $95.4M | $890.8M |
| 总资产 | $1.3B | $6.1B |
| 负债/权益比越低杠杆越低 | 6.34× | — |
8季度趋势，按日历期对齐
现金及短期投资TEADVNET
| Q4 25 | $138.7M | — | ||
| Q3 25 | $138.3M | $492.1M | ||
| Q2 25 | $166.1M | — | ||
| Q1 25 | $155.9M | $544.3M | ||
| Q4 24 | $166.1M | — | ||
| Q3 24 | $130.5M | $219.5M | ||
| Q2 24 | $162.7M | $247.2M | ||
| Q1 24 | $163.3M | $246.9M |
总债务TEADVNET
| Q4 25 | $605.1M | — | ||
| Q3 25 | $604.0M | — | ||
| Q2 25 | $603.0M | — | ||
| Q1 25 | $610.8M | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | $0 | $1.2B | ||
| Q2 24 | $118.0M | — | ||
| Q1 24 | $118.0M | — |
股东权益TEADVNET
| Q4 25 | $95.4M | — | ||
| Q3 25 | $519.3M | $890.8M | ||
| Q2 25 | $532.0M | — | ||
| Q1 25 | $474.7M | $927.8M | ||
| Q4 24 | $231.3M | — | ||
| Q3 24 | $227.2M | $902.9M | ||
| Q2 24 | $216.0M | $900.6M | ||
| Q1 24 | $216.9M | $895.1M |
总资产TEADVNET
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.7B | $6.1B | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.7B | $5.4B | ||
| Q4 24 | $549.2M | — | ||
| Q3 24 | $530.1M | $4.3B | ||
| Q2 24 | $626.2M | $4.0B | ||
| Q1 24 | $626.7M | $3.9B |
负债/权益比TEADVNET
| Q4 25 | 6.34× | — | ||
| Q3 25 | 1.16× | — | ||
| Q2 25 | 1.13× | — | ||
| Q1 25 | 1.29× | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | 0.00× | 1.28× | ||
| Q2 24 | 0.55× | — | ||
| Q1 24 | 0.54× | — |
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 | $7.3M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $6.5M | $-193.1M |
| 自由现金流率自由现金流/营收 | 1.8% | -53.2% |
| 资本支出强度资本支出/营收 | 0.2% | 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 | $2.0M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流TEADVNET
| Q4 25 | $7.3M | — | ||
| Q3 25 | $-23.7M | $113.8M | ||
| Q2 25 | $25.0M | — | ||
| Q1 25 | $-966.0K | $27.0M | ||
| Q4 24 | $42.7M | — | ||
| Q3 24 | $13.7M | $108.3M | ||
| Q2 24 | $3.6M | $55.8M | ||
| Q1 24 | $8.6M | $37.1M |
自由现金流TEADVNET
| Q4 25 | $6.5M | — | ||
| Q3 25 | $-24.5M | $-193.1M | ||
| Q2 25 | $23.9M | — | ||
| Q1 25 | $-3.9M | $-220.0M | ||
| Q4 24 | $40.0M | — | ||
| Q3 24 | $11.1M | $-95.0M | ||
| Q2 24 | $2.8M | $-81.6M | ||
| Q1 24 | $7.3M | $-102.2M |
自由现金流率TEADVNET
| Q4 25 | 1.8% | — | ||
| Q3 25 | -7.7% | -53.2% | ||
| Q2 25 | 7.0% | — | ||
| Q1 25 | -1.4% | -71.1% | ||
| Q4 24 | 17.0% | — | ||
| Q3 24 | 5.0% | -31.4% | ||
| Q2 24 | 1.3% | -29.8% | ||
| Q1 24 | 3.4% | -38.9% |
资本支出强度TEADVNET
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.2% | 84.6% | ||
| Q2 25 | 0.3% | — | ||
| Q1 25 | 1.0% | 79.8% | ||
| Q4 24 | 1.2% | — | ||
| Q3 24 | 1.1% | 67.3% | ||
| Q2 24 | 0.4% | 50.1% | ||
| Q1 24 | 0.6% | 53.0% |
现金转化率TEADVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.04× | — | ||
| 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
