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Udemy, Inc.（UDMY）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Udemy, Inc.的1.9倍（$362.7M vs $194.0M），Udemy, Inc.净利率更高（-1.2% vs -10.7%，领先9.5%），Udemy, Inc.自由现金流更多（$15.0M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -0.7%）
Udemy是一家总部位于美国的教育科技企业，2010年成立，最初定位为大规模开放在线课程提供商，目前核心办公地点位于加州旧金山，在美、澳、印、爱、墨、土多国均设有分支机构。它主打在线教育平台，支持用户自主创建并分享课程，平台课程以按需点播的视频内容为主，截至2025年初已拥有数百万个人用户。
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。
UDMY vs VNET — 直观对比
营收规模更大
VNET
是对方的1.9倍
$194.0M
净利率更高
UDMY
高出9.5%
-10.7%
自由现金流更多
UDMY
多$208.1M
$-193.1M
两年增速更快
VNET
近两年复合增速
-0.7%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $194.0M | $362.7M |
| 净利润 | $-2.3M | $-38.7M |
| 毛利率 | 66.0% | 20.9% |
| 营业利润率 | -1.8% | 0.5% |
| 净利率 | -1.2% | -10.7% |
| 营收同比 | -3.0% | — |
| 净利润同比 | 76.4% | — |
| 每股收益（稀释后） | $-0.01 | — |
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UDMYVNET
| Q4 25 | $194.0M | — | ||
| Q3 25 | $195.7M | $362.7M | ||
| Q2 25 | $199.9M | — | ||
| Q1 25 | $200.3M | $309.5M | ||
| Q4 24 | $199.9M | — | ||
| Q3 24 | $195.4M | $302.2M | ||
| Q2 24 | $194.4M | $274.4M | ||
| Q1 24 | $196.8M | $262.9M |
净利润UDMYVNET
| Q4 25 | $-2.3M | — | ||
| Q3 25 | $1.6M | $-38.7M | ||
| Q2 25 | $6.3M | — | ||
| Q1 25 | $-1.8M | $-2.4M | ||
| Q4 24 | $-9.9M | — | ||
| Q3 24 | $-25.3M | $-2.1M | ||
| Q2 24 | $-31.8M | $-1.1M | ||
| Q1 24 | $-18.3M | $-22.0M |
毛利率UDMYVNET
| Q4 25 | 66.0% | — | ||
| Q3 25 | 65.9% | 20.9% | ||
| Q2 25 | 66.1% | — | ||
| Q1 25 | 64.6% | 25.2% | ||
| Q4 24 | 63.6% | — | ||
| Q3 24 | 63.0% | 23.2% | ||
| Q2 24 | 62.3% | 21.3% | ||
| Q1 24 | 61.2% | 21.6% |
营业利润率UDMYVNET
| Q4 25 | -1.8% | — | ||
| Q3 25 | -0.1% | 0.5% | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | -2.2% | 0.1% | ||
| Q4 24 | -5.8% | — | ||
| Q3 24 | -15.1% | 24.5% | ||
| Q2 24 | -13.1% | 0.2% | ||
| Q1 24 | -11.5% | 0.2% |
净利率UDMYVNET
| Q4 25 | -1.2% | — | ||
| Q3 25 | 0.8% | -10.7% | ||
| Q2 25 | 3.1% | — | ||
| Q1 25 | -0.9% | -0.8% | ||
| Q4 24 | -4.9% | — | ||
| Q3 24 | -12.9% | -0.7% | ||
| Q2 24 | -16.4% | -0.4% | ||
| Q1 24 | -9.3% | -8.4% |
每股收益（稀释后）UDMYVNET
| Q4 25 | $-0.01 | — | ||
| Q3 25 | $0.01 | — | ||
| Q2 25 | $0.04 | — | ||
| Q1 25 | $-0.01 | — | ||
| Q4 24 | $-0.06 | — | ||
| Q3 24 | $-0.17 | — | ||
| Q2 24 | $-0.21 | — | ||
| Q1 24 | $-0.12 | — |
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 | $358.7M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $210.5M | $890.8M |
| 总资产 | $617.7M | $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UDMYVNET
| Q4 25 | $358.7M | — | ||
| Q3 25 | $371.2M | $492.1M | ||
| Q2 25 | $392.0M | — | ||
| Q1 25 | $357.0M | $544.3M | ||
| Q4 24 | $354.4M | — | ||
| Q3 24 | $357.1M | $219.5M | ||
| Q2 24 | $420.9M | $247.2M | ||
| Q1 24 | $430.7M | $246.9M |
总债务UDMYVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益UDMYVNET
| Q4 25 | $210.5M | — | ||
| Q3 25 | $221.8M | $890.8M | ||
| Q2 25 | $233.4M | — | ||
| Q1 25 | $209.4M | $927.8M | ||
| Q4 24 | $197.4M | — | ||
| Q3 24 | $196.3M | $902.9M | ||
| Q2 24 | $252.3M | $900.6M | ||
| Q1 24 | $296.5M | $895.1M |
总资产UDMYVNET
| Q4 25 | $617.7M | — | ||
| Q3 25 | $618.9M | $6.1B | ||
| Q2 25 | $644.0M | — | ||
| Q1 25 | $639.0M | $5.4B | ||
| Q4 24 | $605.6M | — | ||
| Q3 24 | $608.9M | $4.3B | ||
| Q2 24 | $671.9M | $4.0B | ||
| Q1 24 | $708.5M | $3.9B |
负债/权益比UDMYVNET
| 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 | $15.5M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $15.0M | $-193.1M |
| 自由现金流率自由现金流/营收 | 7.7% | -53.2% |
| 资本支出强度资本支出/营收 | 0.3% | 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 | $81.9M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流UDMYVNET
| Q4 25 | $15.5M | — | ||
| Q3 25 | $15.7M | $113.8M | ||
| Q2 25 | $44.2M | — | ||
| Q1 25 | $12.2M | $27.0M | ||
| Q4 24 | $9.6M | — | ||
| Q3 24 | $-6.1M | $108.3M | ||
| Q2 24 | $28.6M | $55.8M | ||
| Q1 24 | $21.0M | $37.1M |
自由现金流UDMYVNET
| Q4 25 | $15.0M | — | ||
| Q3 25 | $15.1M | $-193.1M | ||
| Q2 25 | $41.9M | — | ||
| Q1 25 | $9.8M | $-220.0M | ||
| Q4 24 | $8.4M | — | ||
| Q3 24 | $-6.7M | $-95.0M | ||
| Q2 24 | $28.2M | $-81.6M | ||
| Q1 24 | $20.8M | $-102.2M |
自由现金流率UDMYVNET
| Q4 25 | 7.7% | — | ||
| Q3 25 | 7.7% | -53.2% | ||
| Q2 25 | 21.0% | — | ||
| Q1 25 | 4.9% | -71.1% | ||
| Q4 24 | 4.2% | — | ||
| Q3 24 | -3.4% | -31.4% | ||
| Q2 24 | 14.5% | -29.8% | ||
| Q1 24 | 10.6% | -38.9% |
资本支出强度UDMYVNET
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.3% | 84.6% | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 1.2% | 79.8% | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.3% | 67.3% | ||
| Q2 24 | 0.2% | 50.1% | ||
| Q1 24 | 0.1% | 53.0% |
现金转化率UDMYVNET
| Q4 25 | — | — | ||
| Q3 25 | 9.58× | — | ||
| Q2 25 | 7.06× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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
