vs
UL Solutions Inc.（ULS）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UL Solutions Inc.的1.1倍（$362.7M vs $340.0M），过去两年世纪互联的营收复合增速更高（17.4% vs -31.8%）
UL是总部位于美国伊利诺伊州诺斯布鲁克的全球私营安全领域企业，旗下设有三大机构：UL研究院、UL标准与倡议部门以及UL Solutions，为全球各行业客户提供标准制定、检测认证、风险管控等专业安全服务，保障产品与运营的合规性与安全性，助力企业可持续发展。
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。
ULS vs VNET — 直观对比
营收规模更大
VNET
是对方的1.1倍
$340.0M
两年增速更快
VNET
近两年复合增速
-31.8%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $340.0M | $362.7M |
| 净利润 | — | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 24.4% | 0.5% |
| 净利率 | — | -10.7% |
| 营收同比 | -12.4% | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | — | — |
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ULSVNET
| Q1 26 | $340.0M | — | ||
| Q4 25 | $789.0M | — | ||
| Q3 25 | $783.0M | $362.7M | ||
| Q2 25 | $776.0M | — | ||
| Q1 25 | $705.0M | $309.5M | ||
| Q4 24 | $739.0M | — | ||
| Q3 24 | $731.0M | $302.2M | ||
| Q2 24 | $730.0M | $274.4M |
净利润ULSVNET
| Q1 26 | — | — | ||
| Q4 25 | $67.0M | — | ||
| Q3 25 | $100.0M | $-38.7M | ||
| Q2 25 | $91.0M | — | ||
| Q1 25 | $67.0M | $-2.4M | ||
| Q4 24 | $81.0M | — | ||
| Q3 24 | $88.0M | $-2.1M | ||
| Q2 24 | $101.0M | $-1.1M |
毛利率ULSVNET
| Q1 26 | — | — | ||
| Q4 25 | 49.7% | — | ||
| Q3 25 | 50.3% | 20.9% | ||
| Q2 25 | 49.4% | — | ||
| Q1 25 | 48.4% | 25.2% | ||
| Q4 24 | 47.4% | — | ||
| Q3 24 | 49.0% | 23.2% | ||
| Q2 24 | 50.1% | 21.3% |
营业利润率ULSVNET
| Q1 26 | 24.4% | — | ||
| Q4 25 | 15.0% | — | ||
| Q3 25 | 19.9% | 0.5% | ||
| Q2 25 | 17.9% | — | ||
| Q1 25 | 15.5% | 0.1% | ||
| Q4 24 | 15.6% | — | ||
| Q3 24 | 17.8% | 24.5% | ||
| Q2 24 | 17.3% | 0.2% |
净利率ULSVNET
| Q1 26 | — | — | ||
| Q4 25 | 8.5% | — | ||
| Q3 25 | 12.8% | -10.7% | ||
| Q2 25 | 11.7% | — | ||
| Q1 25 | 9.5% | -0.8% | ||
| Q4 24 | 11.0% | — | ||
| Q3 24 | 12.0% | -0.7% | ||
| Q2 24 | 13.8% | -0.4% |
每股收益（稀释后）ULSVNET
| Q1 26 | — | — | ||
| Q4 25 | $0.33 | — | ||
| Q3 25 | $0.49 | — | ||
| Q2 25 | $0.45 | — | ||
| Q1 25 | $0.33 | — | ||
| Q4 24 | $0.40 | — | ||
| Q3 24 | $0.44 | — | ||
| Q2 24 | $0.50 | — |
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ULSVNET
| Q1 26 | — | — | ||
| Q4 25 | $295.0M | — | ||
| Q3 25 | $255.0M | $492.1M | ||
| Q2 25 | $272.0M | — | ||
| Q1 25 | $267.0M | $544.3M | ||
| Q4 24 | $298.0M | — | ||
| Q3 24 | $327.0M | $219.5M | ||
| Q2 24 | $295.0M | $247.2M |
总债务ULSVNET
| Q1 26 | — | — | ||
| Q4 25 | $491.0M | — | ||
| Q3 25 | $544.0M | — | ||
| Q2 25 | $608.0M | — | ||
| Q1 25 | $653.0M | — | ||
| Q4 24 | $742.0M | — | ||
| Q3 24 | $797.0M | $1.2B | ||
| Q2 24 | $810.0M | — |
股东权益ULSVNET
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.2B | $890.8M | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $970.0M | $927.8M | ||
| Q4 24 | $904.0M | — | ||
| Q3 24 | $872.0M | $902.9M | ||
| Q2 24 | $769.0M | $900.6M |
总资产ULSVNET
| Q1 26 | — | — | ||
| Q4 25 | $2.9B | — | ||
| Q3 25 | $2.9B | $6.1B | ||
| Q2 25 | $2.9B | — | ||
| Q1 25 | $2.9B | $5.4B | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.9B | $4.3B | ||
| Q2 24 | $2.7B | $4.0B |
负债/权益比ULSVNET
| Q1 26 | — | — | ||
| Q4 25 | 0.39× | — | ||
| Q3 25 | 0.46× | — | ||
| Q2 25 | 0.56× | — | ||
| Q1 25 | 0.67× | — | ||
| Q4 24 | 0.82× | — | ||
| Q3 24 | 0.91× | 1.28× | ||
| Q2 24 | 1.05× | — |
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 | — | $-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 | — | — |
| 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ULSVNET
| Q1 26 | — | — | ||
| Q4 25 | $144.0M | — | ||
| Q3 25 | $155.0M | $113.8M | ||
| Q2 25 | $147.0M | — | ||
| Q1 25 | $154.0M | $27.0M | ||
| Q4 24 | $130.0M | — | ||
| Q3 24 | $150.0M | $108.3M | ||
| Q2 24 | $103.0M | $55.8M |
自由现金流ULSVNET
| Q1 26 | — | — | ||
| Q4 25 | $86.0M | — | ||
| Q3 25 | $109.0M | $-193.1M | ||
| Q2 25 | $105.0M | — | ||
| Q1 25 | $103.0M | $-220.0M | ||
| Q4 24 | $72.0M | — | ||
| Q3 24 | $84.0M | $-95.0M | ||
| Q2 24 | $47.0M | $-81.6M |
自由现金流率ULSVNET
| Q1 26 | — | — | ||
| Q4 25 | 10.9% | — | ||
| Q3 25 | 13.9% | -53.2% | ||
| Q2 25 | 13.5% | — | ||
| Q1 25 | 14.6% | -71.1% | ||
| Q4 24 | 9.7% | — | ||
| Q3 24 | 11.5% | -31.4% | ||
| Q2 24 | 6.4% | -29.8% |
资本支出强度ULSVNET
| Q1 26 | — | — | ||
| Q4 25 | 7.4% | — | ||
| Q3 25 | 5.9% | 84.6% | ||
| Q2 25 | 5.4% | — | ||
| Q1 25 | 7.2% | 79.8% | ||
| Q4 24 | 7.8% | — | ||
| Q3 24 | 9.0% | 67.3% | ||
| Q2 24 | 7.7% | 50.1% |
现金转化率ULSVNET
| Q1 26 | — | — | ||
| Q4 25 | 2.15× | — | ||
| Q3 25 | 1.55× | — | ||
| Q2 25 | 1.62× | — | ||
| Q1 25 | 2.30× | — | ||
| Q4 24 | 1.60× | — | ||
| Q3 24 | 1.70× | — | ||
| Q2 24 | 1.02× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
