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Upstart Holdings, Inc.（UPST）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Upstart Holdings, Inc.的1.2倍（$362.7M vs $296.1M），Upstart Holdings, Inc.净利率更高（6.3% vs -10.7%，领先17.0%），Upstart Holdings, Inc.自由现金流更多（$108.4M vs $-193.1M），过去两年Upstart Holdings, Inc.的营收复合增速更高（52.2% vs 17.4%）
Upstart是一家AI信贷平台服务商，与银行及信用合作社合作，将教育背景、就业情况等非传统指标纳入信用评估模型，更精准地预测借款人的信用状况，为用户提供消费贷款服务，助力金融机构提升信贷效率、扩大服务覆盖范围。
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。
UPST vs VNET — 直观对比
营收规模更大
VNET
是对方的1.2倍
$296.1M
净利率更高
UPST
高出17.0%
-10.7%
自由现金流更多
UPST
多$301.5M
$-193.1M
两年增速更快
UPST
近两年复合增速
17.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $296.1M | $362.7M |
| 净利润 | $18.6M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 6.4% | 0.5% |
| 净利率 | 6.3% | -10.7% |
| 营收同比 | 35.2% | — |
| 净利润同比 | 776.4% | — |
| 每股收益（稀释后） | $0.20 | — |
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UPSTVNET
| Q4 25 | $296.1M | — | ||
| Q3 25 | $277.1M | $362.7M | ||
| Q2 25 | $257.3M | — | ||
| Q1 25 | $213.4M | $309.5M | ||
| Q4 24 | $219.0M | — | ||
| Q3 24 | $162.1M | $302.2M | ||
| Q2 24 | $127.6M | $274.4M | ||
| Q1 24 | $127.8M | $262.9M |
净利润UPSTVNET
| Q4 25 | $18.6M | — | ||
| Q3 25 | $31.8M | $-38.7M | ||
| Q2 25 | $5.6M | — | ||
| Q1 25 | $-2.4M | $-2.4M | ||
| Q4 24 | $-2.8M | — | ||
| Q3 24 | $-6.8M | $-2.1M | ||
| Q2 24 | $-54.5M | $-1.1M | ||
| Q1 24 | $-64.6M | $-22.0M |
毛利率UPSTVNET
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 25.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 23.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 21.6% |
营业利润率UPSTVNET
| Q4 25 | 6.4% | — | ||
| Q3 25 | 8.5% | 0.5% | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | -2.1% | 0.1% | ||
| Q4 24 | -2.2% | — | ||
| Q3 24 | -27.8% | 24.5% | ||
| Q2 24 | -43.5% | 0.2% | ||
| Q1 24 | -52.8% | 0.2% |
净利率UPSTVNET
| Q4 25 | 6.3% | — | ||
| Q3 25 | 11.5% | -10.7% | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | -1.1% | -0.8% | ||
| Q4 24 | -1.3% | — | ||
| Q3 24 | -4.2% | -0.7% | ||
| Q2 24 | -42.7% | -0.4% | ||
| Q1 24 | -50.5% | -8.4% |
每股收益（稀释后）UPSTVNET
| Q4 25 | $0.20 | — | ||
| Q3 25 | $0.23 | — | ||
| Q2 25 | $0.05 | — | ||
| Q1 25 | $-0.03 | — | ||
| Q4 24 | $-0.01 | — | ||
| Q3 24 | $-0.07 | — | ||
| Q2 24 | $-0.62 | — | ||
| Q1 24 | $-0.74 | — |
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 | $652.4M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $798.8M | $890.8M |
| 总资产 | $3.0B | $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UPSTVNET
| Q4 25 | $652.4M | — | ||
| Q3 25 | $489.8M | $492.1M | ||
| Q2 25 | $395.9M | — | ||
| Q1 25 | $599.8M | $544.3M | ||
| Q4 24 | $788.4M | — | ||
| Q3 24 | — | $219.5M | ||
| Q2 24 | — | $247.2M | ||
| Q1 24 | — | $246.9M |
总债务UPSTVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益UPSTVNET
| Q4 25 | $798.8M | — | ||
| Q3 25 | $743.7M | $890.8M | ||
| Q2 25 | $722.0M | — | ||
| Q1 25 | $676.6M | $927.8M | ||
| Q4 24 | $633.2M | — | ||
| Q3 24 | $595.5M | $902.9M | ||
| Q2 24 | $594.7M | $900.6M | ||
| Q1 24 | $612.8M | $895.1M |
总资产UPSTVNET
| Q4 25 | $3.0B | — | ||
| Q3 25 | $2.9B | $6.1B | ||
| Q2 25 | $2.5B | — | ||
| Q1 25 | $2.3B | $5.4B | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $1.8B | $4.3B | ||
| Q2 24 | $1.8B | $4.0B | ||
| Q1 24 | $1.9B | $3.9B |
负债/权益比UPSTVNET
| 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 | $108.6M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $108.4M | $-193.1M |
| 自由现金流率自由现金流/营收 | 36.6% | -53.2% |
| 资本支出强度资本支出/营收 | 0.1% | 84.6% |
| 现金转化率经营现金流/净利润 | 5.82× | — |
| 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UPSTVNET
| Q4 25 | $108.6M | — | ||
| Q3 25 | $-122.6M | $113.8M | ||
| Q2 25 | $-120.2M | — | ||
| Q1 25 | $-13.5M | $27.0M | ||
| Q4 24 | $-110.9M | — | ||
| Q3 24 | $179.3M | $108.3M | ||
| Q2 24 | $65.3M | $55.8M | ||
| Q1 24 | $52.6M | $37.1M |
自由现金流UPSTVNET
| Q4 25 | $108.4M | — | ||
| Q3 25 | $-122.7M | $-193.1M | ||
| Q2 25 | $-120.3M | — | ||
| Q1 25 | — | $-220.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | $179.2M | $-95.0M | ||
| Q2 24 | $65.3M | $-81.6M | ||
| Q1 24 | $51.9M | $-102.2M |
自由现金流率UPSTVNET
| Q4 25 | 36.6% | — | ||
| Q3 25 | -44.3% | -53.2% | ||
| Q2 25 | -46.7% | — | ||
| Q1 25 | — | -71.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | 110.5% | -31.4% | ||
| Q2 24 | 51.1% | -29.8% | ||
| Q1 24 | 40.6% | -38.9% |
资本支出强度UPSTVNET
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.0% | 84.6% | ||
| Q2 25 | 0.0% | — | ||
| Q1 25 | 0.0% | 79.8% | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.1% | 67.3% | ||
| Q2 24 | 0.0% | 50.1% | ||
| Q1 24 | 0.5% | 53.0% |
现金转化率UPSTVNET
| Q4 25 | 5.82× | — | ||
| Q3 25 | -3.86× | — | ||
| Q2 25 | -21.43× | — | ||
| 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
业务分部营收拆解
UPST
| Personal Lending Segment | $201.4M | 68% |
| Servicing Fees Net | $39.5M | 13% |
| Servicing Fees | $27.5M | 9% |
| Other | $15.7M | 5% |
| Borrower Fees | $8.4M | 3% |
| Collection Agency Fees | $3.5M | 1% |
VNET
暂无分部数据
