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德太投资（TPG）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
德太投资的季度营收约是世纪互联的2.0倍（$715.1M vs $362.7M），德太投资净利率更高（10.8% vs -10.7%，领先21.4%），过去两年德太投资的营收复合增速更高（18.1% vs 17.4%）
TPG Inc.（原称德州太平洋集团、TPG Capital）是总部位于美国得克萨斯州沃斯堡的私募股权投资机构，旗下管理的基金覆盖成长资本、风险投资、公开股权、债权投资等品类，投资领域包含消费零售、传媒电信、工业、科技、旅游休闲、医疗健康等多个赛道。
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。
TPG vs VNET — 直观对比
营收规模更大
TPG
是对方的2.0倍
$362.7M
净利率更高
TPG
高出21.4%
-10.7%
两年增速更快
TPG
近两年复合增速
17.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $715.1M | $362.7M |
| 净利润 | $77.1M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | — | 0.5% |
| 净利率 | 10.8% | -10.7% |
| 营收同比 | 35.6% | — |
| 净利润同比 | 494.1% | — |
| 每股收益（稀释后） | $0.30 | — |
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TPGVNET
| Q4 25 | $715.1M | — | ||
| Q3 25 | $596.5M | $362.7M | ||
| Q2 25 | $569.1M | — | ||
| Q1 25 | $543.5M | $309.5M | ||
| Q4 24 | $527.2M | — | ||
| Q3 24 | $524.7M | $302.2M | ||
| Q2 24 | $522.8M | $274.4M | ||
| Q1 24 | $512.3M | $262.9M |
净利润TPGVNET
| Q4 25 | $77.1M | — | ||
| Q3 25 | $67.1M | $-38.7M | ||
| Q2 25 | $14.9M | — | ||
| Q1 25 | $25.4M | $-2.4M | ||
| Q4 24 | $13.0M | — | ||
| Q3 24 | $9.0M | $-2.1M | ||
| Q2 24 | $-14.0M | $-1.1M | ||
| Q1 24 | $15.5M | $-22.0M |
毛利率TPGVNET
| 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TPGVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 24.5% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.2% |
净利率TPGVNET
| Q4 25 | 10.8% | — | ||
| Q3 25 | 11.3% | -10.7% | ||
| Q2 25 | 2.6% | — | ||
| Q1 25 | 4.7% | -0.8% | ||
| Q4 24 | 2.5% | — | ||
| Q3 24 | 1.7% | -0.7% | ||
| Q2 24 | -2.7% | -0.4% | ||
| Q1 24 | 3.0% | -8.4% |
每股收益（稀释后）TPGVNET
| Q4 25 | $0.30 | — | ||
| Q3 25 | $0.20 | — | ||
| Q2 25 | $-0.05 | — | ||
| Q1 25 | $0.00 | — | ||
| Q4 24 | $-0.04 | — | ||
| Q3 24 | $-0.08 | — | ||
| Q2 24 | $-0.19 | — | ||
| Q1 24 | $-0.11 | — |
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 | $826.1M | $492.1M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $4.1B | $890.8M |
| 总资产 | $13.5B | $6.1B |
| 负债/权益比越低杠杆越低 | 0.42× | — |
8季度趋势，按日历期对齐
现金及短期投资TPGVNET
| Q4 25 | $826.1M | — | ||
| Q3 25 | $1.1B | $492.1M | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $822.0M | $544.3M | ||
| Q4 24 | $808.0M | — | ||
| Q3 24 | $1.2B | $219.5M | ||
| Q2 24 | $1.1B | $247.2M | ||
| Q1 24 | $1.1B | $246.9M |
总债务TPGVNET
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | $1.2B | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
股东权益TPGVNET
| Q4 25 | $4.1B | — | ||
| Q3 25 | $3.8B | $890.8M | ||
| Q2 25 | $3.6B | — | ||
| Q1 25 | $3.5B | $927.8M | ||
| Q4 24 | $3.6B | — | ||
| Q3 24 | $3.4B | $902.9M | ||
| Q2 24 | $3.3B | $900.6M | ||
| Q1 24 | $3.3B | $895.1M |
总资产TPGVNET
| Q4 25 | $13.5B | — | ||
| Q3 25 | $13.0B | $6.1B | ||
| Q2 25 | $12.0B | — | ||
| Q1 25 | $11.3B | $5.4B | ||
| Q4 24 | $10.5B | — | ||
| Q3 24 | $10.5B | $4.3B | ||
| Q2 24 | $10.1B | $4.0B | ||
| Q1 24 | $9.9B | $3.9B |
负债/权益比TPGVNET
| Q4 25 | 0.42× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.45× | — | ||
| Q1 25 | 0.42× | — | ||
| Q4 24 | 0.36× | — | ||
| Q3 24 | 0.39× | 1.28× | ||
| Q2 24 | 0.37× | — | ||
| Q1 24 | 0.37× | — |
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 | $-43.7M | $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 | -0.57× | — |
| 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TPGVNET
| Q4 25 | $-43.7M | — | ||
| Q3 25 | $492.0M | $113.8M | ||
| Q2 25 | $385.9M | — | ||
| Q1 25 | $198.2M | $27.0M | ||
| Q4 24 | $-188.1M | — | ||
| Q3 24 | $68.9M | $108.3M | ||
| Q2 24 | $214.6M | $55.8M | ||
| Q1 24 | $436.7M | $37.1M |
自由现金流TPGVNET
| 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TPGVNET
| 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TPGVNET
| 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TPGVNET
| Q4 25 | -0.57× | — | ||
| Q3 25 | 7.33× | — | ||
| Q2 25 | 25.83× | — | ||
| Q1 25 | 7.80× | — | ||
| Q4 24 | -14.49× | — | ||
| Q3 24 | 7.69× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 28.14× | — |
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
TPG
| Management Fees | $484.4M | 68% |
| Transaction Fees | $118.6M | 17% |
| Expense Reimbursements And Other | $76.3M | 11% |
| Incentive Fees | $29.0M | 4% |
| Monitoring Fees | $6.8M | 1% |
VNET
暂无分部数据
