vs
Texas Pacific Land Corporation（TPL）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Texas Pacific Land Corporation的1.7倍（$362.7M vs $211.6M），Texas Pacific Land Corporation净利率更高（58.3% vs -10.7%，领先69.0%），过去两年世纪互联的营收复合增速更高（17.4% vs 10.2%）
Texas Pacific Land Corporation（简称TPL）是一家公开上市的不动产运营企业，行政总部位于美国得克萨斯州达拉斯市。公司在得州西部20个郡拥有逾88万英亩（约3600平方公里）土地，是得州规模最大的私人土地所有者之一，前身为得克萨斯太平洋土地信托。
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。
TPL vs VNET — 直观对比
营收规模更大
VNET
是对方的1.7倍
$211.6M
净利率更高
TPL
高出69.0%
-10.7%
两年增速更快
VNET
近两年复合增速
10.2%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $211.6M | $362.7M |
| 净利润 | $123.3M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 70.5% | 0.5% |
| 净利率 | 58.3% | -10.7% |
| 营收同比 | 13.9% | — |
| 净利润同比 | 4.2% | — |
| 每股收益（稀释后） | $-8.59 | — |
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TPLVNET
| Q4 25 | $211.6M | — | ||
| Q3 25 | $203.1M | $362.7M | ||
| Q2 25 | $187.5M | — | ||
| Q1 25 | $196.0M | $309.5M | ||
| Q4 24 | $185.8M | — | ||
| Q3 24 | $173.6M | $302.2M | ||
| Q2 24 | $172.3M | $274.4M | ||
| Q1 24 | $174.1M | $262.9M |
净利润TPLVNET
| Q4 25 | $123.3M | — | ||
| Q3 25 | $121.2M | $-38.7M | ||
| Q2 25 | $116.1M | — | ||
| Q1 25 | $120.7M | $-2.4M | ||
| Q4 24 | $118.4M | — | ||
| Q3 24 | $106.6M | $-2.1M | ||
| Q2 24 | $114.6M | $-1.1M | ||
| Q1 24 | $114.4M | $-22.0M |
毛利率TPLVNET
| 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TPLVNET
| Q4 25 | 70.5% | — | ||
| Q3 25 | 73.4% | 0.5% | ||
| Q2 25 | 76.6% | — | ||
| Q1 25 | 76.6% | 0.1% | ||
| Q4 24 | 76.7% | — | ||
| Q3 24 | 73.4% | 24.5% | ||
| Q2 24 | 77.3% | 0.2% | ||
| Q1 24 | 78.1% | 0.2% |
净利率TPLVNET
| Q4 25 | 58.3% | — | ||
| Q3 25 | 59.7% | -10.7% | ||
| Q2 25 | 61.9% | — | ||
| Q1 25 | 61.6% | -0.8% | ||
| Q4 24 | 63.7% | — | ||
| Q3 24 | 61.4% | -0.7% | ||
| Q2 24 | 66.5% | -0.4% | ||
| Q1 24 | 65.7% | -8.4% |
每股收益（稀释后）TPLVNET
| Q4 25 | $-8.59 | — | ||
| Q3 25 | $5.27 | — | ||
| Q2 25 | $5.05 | — | ||
| Q1 25 | $5.24 | — | ||
| Q4 24 | $5.14 | — | ||
| Q3 24 | $4.63 | — | ||
| Q2 24 | $4.98 | — | ||
| Q1 24 | $4.97 | — |
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 | $144.8M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $890.8M |
| 总资产 | $1.6B | $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TPLVNET
| Q4 25 | $144.8M | — | ||
| Q3 25 | $531.8M | $492.1M | ||
| Q2 25 | $543.9M | — | ||
| Q1 25 | $460.4M | $544.3M | ||
| Q4 24 | $369.8M | — | ||
| Q3 24 | $533.9M | $219.5M | ||
| Q2 24 | $894.7M | $247.2M | ||
| Q1 24 | $837.1M | $246.9M |
总债务TPLVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益TPLVNET
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $890.8M | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.2B | $927.8M | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | $902.9M | ||
| Q2 24 | $1.2B | $900.6M | ||
| Q1 24 | $1.1B | $895.1M |
总资产TPLVNET
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.5B | $6.1B | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | $5.4B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | $4.3B | ||
| Q2 24 | $1.3B | $4.0B | ||
| Q1 24 | $1.3B | $3.9B |
负债/权益比TPLVNET
| 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 | $113.7M | $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 | 0.92× | — |
| 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TPLVNET
| Q4 25 | $113.7M | — | ||
| Q3 25 | $154.6M | $113.8M | ||
| Q2 25 | $120.9M | — | ||
| Q1 25 | $156.7M | $27.0M | ||
| Q4 24 | $126.6M | — | ||
| Q3 24 | $118.6M | $108.3M | ||
| Q2 24 | $98.3M | $55.8M | ||
| Q1 24 | $147.2M | $37.1M |
自由现金流TPLVNET
| 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TPLVNET
| 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TPLVNET
| 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TPLVNET
| Q4 25 | 0.92× | — | ||
| Q3 25 | 1.28× | — | ||
| Q2 25 | 1.04× | — | ||
| Q1 25 | 1.30× | — | ||
| Q4 24 | 1.07× | — | ||
| Q3 24 | 1.11× | — | ||
| Q2 24 | 0.86× | — | ||
| Q1 24 | 1.29× | — |
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
TPL
| Water Serviceand Operations Segment | $98.2M | 46% |
| Water Sales And Royalties | $60.7M | 29% |
| Produced Water Royalties | $33.5M | 16% |
| Easementand Sundry | $20.6M | 10% |
VNET
暂无分部数据
