vs
Wheels Up Experience Inc.（UP）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Wheels Up Experience Inc.的2.0倍（$362.7M vs $183.8M），世纪互联净利率更高（-10.7% vs -15.7%，领先5.0%），Wheels Up Experience Inc.自由现金流更多（$-58.3M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -3.4%）
Wheels Up是美国领先的按需私人航空服务提供商，也是全球规模最大的私人航空企业之一。公司由肯尼·迪希特创立于2013年，采用会员制按需服务的商业模式，会员可通过移动应用程序，从公司自有机队及第三方运营商处预订私人飞机出行。
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。
UP vs VNET — 直观对比
营收规模更大
VNET
是对方的2.0倍
$183.8M
净利率更高
VNET
高出5.0%
-15.7%
自由现金流更多
UP
多$134.8M
$-193.1M
两年增速更快
VNET
近两年复合增速
-3.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $183.8M | $362.7M |
| 净利润 | $-28.9M | $-38.7M |
| 毛利率 | 14.3% | 20.9% |
| 营业利润率 | -0.9% | 0.5% |
| 净利率 | -15.7% | -10.7% |
| 营收同比 | -10.2% | — |
| 净利润同比 | 67.0% | — |
| 每股收益（稀释后） | $-0.04 | — |
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UPVNET
| Q4 25 | $183.8M | — | ||
| Q3 25 | $185.5M | $362.7M | ||
| Q2 25 | $189.6M | — | ||
| Q1 25 | $177.5M | $309.5M | ||
| Q4 24 | $204.8M | — | ||
| Q3 24 | $193.9M | $302.2M | ||
| Q2 24 | $196.3M | $274.4M | ||
| Q1 24 | $197.1M | $262.9M |
净利润UPVNET
| Q4 25 | $-28.9M | — | ||
| Q3 25 | $-83.7M | $-38.7M | ||
| Q2 25 | $-82.3M | — | ||
| Q1 25 | $-99.3M | $-2.4M | ||
| Q4 24 | $-87.5M | — | ||
| Q3 24 | $-57.7M | $-2.1M | ||
| Q2 24 | $-97.0M | $-1.1M | ||
| Q1 24 | $-97.4M | $-22.0M |
毛利率UPVNET
| Q4 25 | 14.3% | — | ||
| Q3 25 | 6.8% | 20.9% | ||
| Q2 25 | 8.3% | — | ||
| Q1 25 | 10.8% | 25.2% | ||
| Q4 24 | 13.9% | — | ||
| Q3 24 | 13.9% | 23.2% | ||
| Q2 24 | 2.3% | 21.3% | ||
| Q1 24 | -0.6% | 21.6% |
营业利润率UPVNET
| Q4 25 | -0.9% | — | ||
| Q3 25 | -33.1% | 0.5% | ||
| Q2 25 | -31.4% | — | ||
| Q1 25 | -45.5% | 0.1% | ||
| Q4 24 | -26.0% | — | ||
| Q3 24 | -21.6% | 24.5% | ||
| Q2 24 | -40.3% | 0.2% | ||
| Q1 24 | -42.9% | 0.2% |
净利率UPVNET
| Q4 25 | -15.7% | — | ||
| Q3 25 | -45.1% | -10.7% | ||
| Q2 25 | -43.4% | — | ||
| Q1 25 | -55.9% | -0.8% | ||
| Q4 24 | -42.7% | — | ||
| Q3 24 | -29.8% | -0.7% | ||
| Q2 24 | -49.4% | -0.4% | ||
| Q1 24 | -49.4% | -8.4% |
每股收益（稀释后）UPVNET
| Q4 25 | $-0.04 | — | ||
| Q3 25 | $-0.12 | — | ||
| Q2 25 | $-0.12 | — | ||
| Q1 25 | $-0.14 | — | ||
| Q4 24 | $-0.13 | — | ||
| Q3 24 | $-0.08 | — | ||
| Q2 24 | $-0.14 | — | ||
| Q1 24 | $-0.14 | — |
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 | $133.9M | $492.1M |
| 总债务越低越好 | $671.3M | — |
| 股东权益账面价值 | $-392.1M | $890.8M |
| 总资产 | $968.8M | $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UPVNET
| Q4 25 | $133.9M | — | ||
| Q3 25 | $125.3M | $492.1M | ||
| Q2 25 | $107.0M | — | ||
| Q1 25 | $171.8M | $544.3M | ||
| Q4 24 | $216.4M | — | ||
| Q3 24 | $115.9M | $219.5M | ||
| Q2 24 | $141.5M | $247.2M | ||
| Q1 24 | $180.9M | $246.9M |
总债务UPVNET
| Q4 25 | $671.3M | — | ||
| Q3 25 | $766.5M | — | ||
| Q2 25 | $770.5M | — | ||
| Q1 25 | $765.8M | — | ||
| Q4 24 | $761.3M | — | ||
| Q3 24 | $596.9M | $1.2B | ||
| Q2 24 | $597.4M | — | ||
| Q1 24 | $603.2M | — |
股东权益UPVNET
| Q4 25 | $-392.1M | — | ||
| Q3 25 | $-374.5M | $890.8M | ||
| Q2 25 | $-347.8M | — | ||
| Q1 25 | $-288.1M | $927.8M | ||
| Q4 24 | $-202.1M | — | ||
| Q3 24 | $-117.7M | $902.9M | ||
| Q2 24 | $-72.2M | $900.6M | ||
| Q1 24 | $936.0K | $895.1M |
总资产UPVNET
| Q4 25 | $968.8M | — | ||
| Q3 25 | $973.0M | $6.1B | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $1.1B | $5.4B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.0B | $4.3B | ||
| Q2 24 | $1.1B | $4.0B | ||
| Q1 24 | $1.2B | $3.9B |
负债/权益比UPVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | — | — | ||
| Q1 24 | 644.43× | — |
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 | $-18.4M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $-58.3M | $-193.1M |
| 自由现金流率自由现金流/营收 | -31.7% | -53.2% |
| 资本支出强度资本支出/营收 | 21.7% | 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 | $-259.9M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流UPVNET
| Q4 25 | $-18.4M | — | ||
| Q3 25 | $-37.1M | $113.8M | ||
| Q2 25 | $-62.9M | — | ||
| Q1 25 | $-47.9M | $27.0M | ||
| Q4 24 | $37.9M | — | ||
| Q3 24 | $-16.9M | $108.3M | ||
| Q2 24 | $-25.2M | $55.8M | ||
| Q1 24 | $-73.8M | $37.1M |
自由现金流UPVNET
| Q4 25 | $-58.3M | — | ||
| Q3 25 | $-60.4M | $-193.1M | ||
| Q2 25 | $-78.6M | — | ||
| Q1 25 | $-62.6M | $-220.0M | ||
| Q4 24 | $-70.2M | — | ||
| Q3 24 | $-21.9M | $-95.0M | ||
| Q2 24 | $-30.8M | $-81.6M | ||
| Q1 24 | $-77.8M | $-102.2M |
自由现金流率UPVNET
| Q4 25 | -31.7% | — | ||
| Q3 25 | -32.6% | -53.2% | ||
| Q2 25 | -41.5% | — | ||
| Q1 25 | -35.3% | -71.1% | ||
| Q4 24 | -34.3% | — | ||
| Q3 24 | -11.3% | -31.4% | ||
| Q2 24 | -15.7% | -29.8% | ||
| Q1 24 | -39.5% | -38.9% |
资本支出强度UPVNET
| Q4 25 | 21.7% | — | ||
| Q3 25 | 12.5% | 84.6% | ||
| Q2 25 | 8.3% | — | ||
| Q1 25 | 8.3% | 79.8% | ||
| Q4 24 | 52.8% | — | ||
| Q3 24 | 2.6% | 67.3% | ||
| Q2 24 | 2.9% | 50.1% | ||
| Q1 24 | 2.0% | 53.0% |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
