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TXNM ENERGY INC（TXNM）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
TXNM ENERGY INC的季度营收约是世纪互联的1.4倍（$506.4M vs $362.7M），TXNM ENERGY INC净利率更高（-1.0% vs -10.7%，领先9.6%），TXNM ENERGY INC自由现金流更多（$-152.1M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 8.4%）
TXNM能源是总部位于美国新墨西哥州阿尔伯克基的能源控股企业，创立于1917年，前身为阿尔伯克基燃气电力公司，旗下拥有PNM、得克萨斯-新墨西哥电力公司（TNMP）两大运营主体，核心业务覆盖能源供应及相关公用事业服务领域。
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。
TXNM vs VNET — 直观对比
营收规模更大
TXNM
是对方的1.4倍
$362.7M
净利率更高
TXNM
高出9.6%
-10.7%
自由现金流更多
TXNM
多$41.0M
$-193.1M
两年增速更快
VNET
近两年复合增速
8.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $506.4M | $362.7M |
| 净利润 | $-5.3M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 18.5% | 0.5% |
| 净利率 | -1.0% | -10.7% |
| 营收同比 | 5.3% | — |
| 净利润同比 | -126.4% | — |
| 每股收益（稀释后） | $-0.06 | — |
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TXNMVNET
| Q4 25 | $506.4M | — | ||
| Q3 25 | $656.3M | $362.7M | ||
| Q2 25 | $493.8M | — | ||
| Q1 25 | $480.4M | $309.5M | ||
| Q4 24 | $481.0M | — | ||
| Q3 24 | $574.3M | $302.2M | ||
| Q2 24 | $473.2M | $274.4M | ||
| Q1 24 | $431.1M | $262.9M |
净利润TXNMVNET
| Q4 25 | $-5.3M | — | ||
| Q3 25 | $136.3M | $-38.7M | ||
| Q2 25 | $26.0M | — | ||
| Q1 25 | $12.8M | $-2.4M | ||
| Q4 24 | $20.0M | — | ||
| Q3 24 | $136.4M | $-2.1M | ||
| Q2 24 | $52.0M | $-1.1M | ||
| Q1 24 | $50.4M | $-22.0M |
毛利率TXNMVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | 51.8% | 23.2% | ||
| Q2 24 | 41.9% | 21.3% | ||
| Q1 24 | 40.8% | 21.6% |
营业利润率TXNMVNET
| Q4 25 | 18.5% | — | ||
| Q3 25 | 30.9% | 0.5% | ||
| Q2 25 | 14.7% | — | ||
| Q1 25 | 15.0% | 0.1% | ||
| Q4 24 | 15.8% | — | ||
| Q3 24 | 33.3% | 24.5% | ||
| Q2 24 | 22.3% | 0.2% | ||
| Q1 24 | 18.7% | 0.2% |
净利率TXNMVNET
| Q4 25 | -1.0% | — | ||
| Q3 25 | 20.8% | -10.7% | ||
| Q2 25 | 5.3% | — | ||
| Q1 25 | 2.7% | -0.8% | ||
| Q4 24 | 4.2% | — | ||
| Q3 24 | 23.7% | -0.7% | ||
| Q2 24 | 11.0% | -0.4% | ||
| Q1 24 | 11.7% | -8.4% |
每股收益（稀释后）TXNMVNET
| Q4 25 | $-0.06 | — | ||
| Q3 25 | $1.22 | — | ||
| Q2 25 | $0.22 | — | ||
| Q1 25 | $0.10 | — | ||
| Q4 24 | $0.17 | — | ||
| Q3 24 | $1.45 | — | ||
| Q2 24 | $0.53 | — | ||
| Q1 24 | $0.52 | — |
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 | $18.3M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.4B | $890.8M |
| 总资产 | $12.1B | $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TXNMVNET
| Q4 25 | $18.3M | — | ||
| Q3 25 | $32.1M | $492.1M | ||
| Q2 25 | $22.2M | — | ||
| Q1 25 | $6.1M | $544.3M | ||
| Q4 24 | $4.5M | — | ||
| Q3 24 | $7.2M | $219.5M | ||
| Q2 24 | $3.2M | $247.2M | ||
| Q1 24 | $3.0M | $246.9M |
总债务TXNMVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益TXNMVNET
| Q4 25 | $3.4B | — | ||
| Q3 25 | $3.4B | $890.8M | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $2.5B | $927.8M | ||
| Q4 24 | $2.5B | — | ||
| Q3 24 | $2.5B | $902.9M | ||
| Q2 24 | $2.4B | $900.6M | ||
| Q1 24 | $2.4B | $895.1M |
总资产TXNMVNET
| Q4 25 | $12.1B | — | ||
| Q3 25 | $12.0B | $6.1B | ||
| Q2 25 | $11.7B | — | ||
| Q1 25 | $11.4B | $5.4B | ||
| Q4 24 | $11.2B | — | ||
| Q3 24 | $10.8B | $4.3B | ||
| Q2 24 | $10.6B | $4.0B | ||
| Q1 24 | $10.3B | $3.9B |
负债/权益比TXNMVNET
| 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 | $157.7M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $-152.1M | $-193.1M |
| 自由现金流率自由现金流/营收 | -30.0% | -53.2% |
| 资本支出强度资本支出/营收 | 61.2% | 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 | $-611.4M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流TXNMVNET
| Q4 25 | $157.7M | — | ||
| Q3 25 | $282.0M | $113.8M | ||
| Q2 25 | $3.5M | — | ||
| Q1 25 | $141.3M | $27.0M | ||
| Q4 24 | $158.6M | — | ||
| Q3 24 | $180.0M | $108.3M | ||
| Q2 24 | $76.7M | $55.8M | ||
| Q1 24 | $92.8M | $37.1M |
自由现金流TXNMVNET
| Q4 25 | $-152.1M | — | ||
| Q3 25 | $4.7M | $-193.1M | ||
| Q2 25 | $-262.6M | — | ||
| Q1 25 | $-201.4M | $-220.0M | ||
| Q4 24 | $-182.9M | — | ||
| Q3 24 | $-143.7M | $-95.0M | ||
| Q2 24 | $-216.0M | $-81.6M | ||
| Q1 24 | $-196.3M | $-102.2M |
自由现金流率TXNMVNET
| Q4 25 | -30.0% | — | ||
| Q3 25 | 0.7% | -53.2% | ||
| Q2 25 | -53.2% | — | ||
| Q1 25 | -41.9% | -71.1% | ||
| Q4 24 | -38.0% | — | ||
| Q3 24 | -25.0% | -31.4% | ||
| Q2 24 | -45.6% | -29.8% | ||
| Q1 24 | -45.5% | -38.9% |
资本支出强度TXNMVNET
| Q4 25 | 61.2% | — | ||
| Q3 25 | 42.3% | 84.6% | ||
| Q2 25 | 53.9% | — | ||
| Q1 25 | 71.3% | 79.8% | ||
| Q4 24 | 71.0% | — | ||
| Q3 24 | 56.4% | 67.3% | ||
| Q2 24 | 61.9% | 50.1% | ||
| Q1 24 | 67.1% | 53.0% |
现金转化率TXNMVNET
| Q4 25 | — | — | ||
| Q3 25 | 2.07× | — | ||
| Q2 25 | 0.14× | — | ||
| Q1 25 | 11.04× | — | ||
| Q4 24 | 7.93× | — | ||
| Q3 24 | 1.32× | — | ||
| Q2 24 | 1.48× | — | ||
| Q1 24 | 1.84× | — |
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
TXNM
| Electricity | $348.8M | 69% |
| Other | $89.3M | 18% |
| Electric Transmission Service | $40.4M | 8% |
| Wholesale Energy Sales | $26.2M | 5% |
| Miscellaneous Revenue From Contracts With Customers | $1.7M | 0% |
VNET
暂无分部数据
