vs
Tradeweb Markets Inc.（TW）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
Tradeweb Markets Inc.的季度营收约是世纪互联的1.7倍（$617.8M vs $362.7M），Tradeweb Markets Inc.净利率更高（37.7% vs -10.7%，领先48.4%），Tradeweb Markets Inc.自由现金流更多（$2.0M vs $-193.1M），过去两年Tradeweb Markets Inc.的营收复合增速更高（23.5% vs 17.4%）
Tradeweb Markets Inc.总部位于美国纽约，运营面向机构投资者的电子交易平台，支持固定收益产品、ETF及衍生品交易，服务覆盖银行、资管机构、央行、养老基金、保险公司等超3000家客户。2024年其83%营收来自交易手续费及佣金，17%来自订阅费，52%营收来自利率相关产品。
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。
TW vs VNET — 直观对比
营收规模更大
TW
是对方的1.7倍
$362.7M
净利率更高
TW
高出48.4%
-10.7%
自由现金流更多
TW
多$195.1M
$-193.1M
两年增速更快
TW
近两年复合增速
17.4%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $617.8M | $362.7M |
| 净利润 | $233.2M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 46.5% | 0.5% |
| 净利率 | 37.7% | -10.7% |
| 营收同比 | 21.2% | — |
| 净利润同比 | 38.5% | — |
| 每股收益（稀释后） | $0.96 | — |
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TWVNET
| Q1 26 | $617.8M | — | ||
| Q4 25 | $521.2M | — | ||
| Q3 25 | $508.6M | $362.7M | ||
| Q2 25 | $513.0M | — | ||
| Q1 25 | $509.7M | $309.5M | ||
| Q4 24 | $463.3M | — | ||
| Q3 24 | $448.9M | $302.2M | ||
| Q2 24 | $405.0M | $274.4M |
净利润TWVNET
| Q1 26 | $233.2M | — | ||
| Q4 25 | $325.0M | — | ||
| Q3 25 | $185.6M | $-38.7M | ||
| Q2 25 | $153.8M | — | ||
| Q1 25 | $148.4M | $-2.4M | ||
| Q4 24 | $142.2M | — | ||
| Q3 24 | $113.9M | $-2.1M | ||
| Q2 24 | $119.2M | $-1.1M |
毛利率TWVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.3% |
营业利润率TWVNET
| Q1 26 | 46.5% | — | ||
| Q4 25 | 42.4% | — | ||
| Q3 25 | 41.4% | 0.5% | ||
| Q2 25 | 39.0% | — | ||
| Q1 25 | 40.0% | 0.1% | ||
| Q4 24 | 40.7% | — | ||
| Q3 24 | 35.5% | 24.5% | ||
| Q2 24 | 40.1% | 0.2% |
净利率TWVNET
| Q1 26 | 37.7% | — | ||
| Q4 25 | 62.4% | — | ||
| Q3 25 | 36.5% | -10.7% | ||
| Q2 25 | 30.0% | — | ||
| Q1 25 | 29.1% | -0.8% | ||
| Q4 24 | 30.7% | — | ||
| Q3 24 | 25.4% | -0.7% | ||
| Q2 24 | 29.4% | -0.4% |
每股收益（稀释后）TWVNET
| Q1 26 | $0.96 | — | ||
| Q4 25 | $1.52 | — | ||
| Q3 25 | $0.86 | — | ||
| Q2 25 | $0.71 | — | ||
| Q1 25 | $0.69 | — | ||
| Q4 24 | $0.66 | — | ||
| Q3 24 | $0.53 | — | ||
| Q2 24 | $0.55 | — |
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 | — | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $890.8M |
| 总资产 | — | $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TWVNET
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | — | ||
| Q3 25 | $1.9B | $492.1M | ||
| Q2 25 | $1.6B | — | ||
| Q1 25 | $1.3B | $544.3M | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.2B | $219.5M | ||
| Q2 24 | $1.7B | $247.2M |
总债务TWVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — |
股东权益TWVNET
| Q1 26 | — | — | ||
| Q4 25 | $6.5B | — | ||
| Q3 25 | $6.3B | $890.8M | ||
| Q2 25 | $6.1B | — | ||
| Q1 25 | $5.9B | $927.8M | ||
| Q4 24 | $5.8B | — | ||
| Q3 24 | $5.7B | $902.9M | ||
| Q2 24 | $5.6B | $900.6M |
总资产TWVNET
| Q1 26 | — | — | ||
| Q4 25 | $8.2B | — | ||
| Q3 25 | $8.0B | $6.1B | ||
| Q2 25 | $8.1B | — | ||
| Q1 25 | $7.4B | $5.4B | ||
| Q4 24 | $7.3B | — | ||
| Q3 24 | $7.3B | $4.3B | ||
| Q2 24 | $7.3B | $4.0B |
负债/权益比TWVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.28× | ||
| Q2 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 | — | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $2.0M | $-193.1M |
| 自由现金流率自由现金流/营收 | 0.3% | -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 | — | — |
| 过去12个月自由现金流最近4个季度 | $1.1B | $-589.7M |
8季度趋势，按日历期对齐
经营现金流TWVNET
| Q1 26 | — | — | ||
| Q4 25 | $355.9M | — | ||
| Q3 25 | $342.3M | $113.8M | ||
| Q2 25 | $409.2M | — | ||
| Q1 25 | $60.2M | $27.0M | ||
| Q4 24 | $282.0M | — | ||
| Q3 24 | $292.1M | $108.3M | ||
| Q2 24 | $285.7M | $55.8M |
自由现金流TWVNET
| Q1 26 | $2.0M | — | ||
| Q4 25 | $336.5M | — | ||
| Q3 25 | $328.3M | $-193.1M | ||
| Q2 25 | $403.7M | — | ||
| Q1 25 | $58.6M | $-220.0M | ||
| Q4 24 | $256.8M | — | ||
| Q3 24 | $287.8M | $-95.0M | ||
| Q2 24 | $280.8M | $-81.6M |
自由现金流率TWVNET
| Q1 26 | 0.3% | — | ||
| Q4 25 | 64.6% | — | ||
| Q3 25 | 64.5% | -53.2% | ||
| Q2 25 | 78.7% | — | ||
| Q1 25 | 11.5% | -71.1% | ||
| Q4 24 | 55.4% | — | ||
| Q3 24 | 64.1% | -31.4% | ||
| Q2 24 | 69.4% | -29.8% |
资本支出强度TWVNET
| Q1 26 | — | — | ||
| Q4 25 | 3.7% | — | ||
| Q3 25 | 2.8% | 84.6% | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 0.3% | 79.8% | ||
| Q4 24 | 5.4% | — | ||
| Q3 24 | 1.0% | 67.3% | ||
| Q2 24 | 1.2% | 50.1% |
现金转化率TWVNET
| Q1 26 | — | — | ||
| Q4 25 | 1.10× | — | ||
| Q3 25 | 1.84× | — | ||
| Q2 25 | 2.66× | — | ||
| Q1 25 | 0.41× | — | ||
| Q4 24 | 1.98× | — | ||
| Q3 24 | 2.56× | — | ||
| Q2 24 | 2.40× | — |
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
TW
| Transaction fees and commissions | $523.8M | 85% |
| Subscription fees | $60.3M | 10% |
| LSEG market data fees | $26.7M | 4% |
VNET
暂无分部数据
