vs
优莎娜（USNA）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优莎娜的1.6倍（$362.7M vs $226.2M），优莎娜净利率更高（0.1% vs -10.7%，领先10.7%），过去两年世纪互联的营收复合增速更高（17.4% vs -0.4%）
USANA是总部位于美国犹他州盐湖城的多层次营销企业，以 revenue 计位列2021年全球第14大直销企业。公司主打营养产品、膳食补充剂与护肤产品，大部分产品在盐湖城自有工厂生产，产品通过独立经销商网络销往全球24个国家。
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。
USNA vs VNET — 直观对比
营收规模更大
VNET
是对方的1.6倍
$226.2M
净利率更高
USNA
高出10.7%
-10.7%
两年增速更快
VNET
近两年复合增速
-0.4%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $226.2M | $362.7M |
| 净利润 | $180.0K | $-38.7M |
| 毛利率 | 78.2% | 20.9% |
| 营业利润率 | 1.7% | 0.5% |
| 净利率 | 0.1% | -10.7% |
| 营收同比 | -10.0% | — |
| 净利润同比 | -74.0% | — |
| 每股收益（稀释后） | $-0.10 | — |
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USNAVNET
| Q4 25 | $226.2M | — | ||
| Q3 25 | $213.7M | $362.7M | ||
| Q2 25 | $235.8M | — | ||
| Q1 25 | $249.5M | $309.5M | ||
| Q4 24 | $213.6M | — | ||
| Q3 24 | $200.2M | $302.2M | ||
| Q2 24 | $212.9M | $274.4M | ||
| Q1 24 | $227.8M | $262.9M |
净利润USNAVNET
| Q4 25 | $180.0K | — | ||
| Q3 25 | $-6.5M | $-38.7M | ||
| Q2 25 | $9.7M | — | ||
| Q1 25 | $9.4M | $-2.4M | ||
| Q4 24 | $4.5M | — | ||
| Q3 24 | $10.6M | $-2.1M | ||
| Q2 24 | $10.4M | $-1.1M | ||
| Q1 24 | $16.5M | $-22.0M |
毛利率USNAVNET
| Q4 25 | 78.2% | — | ||
| Q3 25 | 77.2% | 20.9% | ||
| Q2 25 | 78.7% | — | ||
| Q1 25 | 79.0% | 25.2% | ||
| Q4 24 | 82.0% | — | ||
| Q3 24 | 80.4% | 23.2% | ||
| Q2 24 | 81.1% | 21.3% | ||
| Q1 24 | 81.1% | 21.6% |
营业利润率USNAVNET
| Q4 25 | 1.7% | — | ||
| Q3 25 | 0.6% | 0.5% | ||
| Q2 25 | 7.1% | — | ||
| Q1 25 | 6.3% | 0.1% | ||
| Q4 24 | 3.8% | — | ||
| Q3 24 | 7.8% | 24.5% | ||
| Q2 24 | 8.4% | 0.2% | ||
| Q1 24 | 10.8% | 0.2% |
净利率USNAVNET
| Q4 25 | 0.1% | — | ||
| Q3 25 | -3.1% | -10.7% | ||
| Q2 25 | 4.1% | — | ||
| Q1 25 | 3.8% | -0.8% | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 5.3% | -0.7% | ||
| Q2 24 | 4.9% | -0.4% | ||
| Q1 24 | 7.3% | -8.4% |
每股收益（稀释后）USNAVNET
| Q4 25 | $-0.10 | — | ||
| Q3 25 | $-0.36 | — | ||
| Q2 25 | $0.52 | — | ||
| Q1 25 | $0.49 | — | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $0.56 | — | ||
| Q2 24 | $0.54 | — | ||
| Q1 24 | $0.86 | — |
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 | $158.4M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $890.8M |
| 总资产 | $742.9M | $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USNAVNET
| Q4 25 | $158.4M | — | ||
| Q3 25 | $145.3M | $492.1M | ||
| Q2 25 | $151.3M | — | ||
| Q1 25 | $179.6M | $544.3M | ||
| Q4 24 | $181.8M | — | ||
| Q3 24 | $364.9M | $219.5M | ||
| Q2 24 | $332.4M | $247.2M | ||
| Q1 24 | $328.3M | $246.9M |
总债务USNAVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益USNAVNET
| Q4 25 | — | — | ||
| Q3 25 | $528.1M | $890.8M | ||
| Q2 25 | $531.1M | — | ||
| Q1 25 | $529.8M | $927.8M | ||
| Q4 24 | $532.1M | — | ||
| Q3 24 | $533.1M | $902.9M | ||
| Q2 24 | $512.2M | $900.6M | ||
| Q1 24 | $500.0M | $895.1M |
总资产USNAVNET
| Q4 25 | $742.9M | — | ||
| Q3 25 | $726.6M | $6.1B | ||
| Q2 25 | $734.5M | — | ||
| Q1 25 | $746.6M | $5.4B | ||
| Q4 24 | $748.2M | — | ||
| Q3 24 | $671.3M | $4.3B | ||
| Q2 24 | $631.4M | $4.0B | ||
| Q1 24 | $629.3M | $3.9B |
负债/权益比USNAVNET
| 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 | — | $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USNAVNET
| Q4 25 | — | — | ||
| Q3 25 | $-2.0M | $113.8M | ||
| Q2 25 | $12.2M | — | ||
| Q1 25 | $15.5M | $27.0M | ||
| Q4 24 | $5.8M | — | ||
| Q3 24 | $29.5M | $108.3M | ||
| Q2 24 | $8.0M | $55.8M | ||
| Q1 24 | $17.7M | $37.1M |
自由现金流USNAVNET
| Q4 25 | — | — | ||
| Q3 25 | $-5.2M | $-193.1M | ||
| Q2 25 | $7.2M | — | ||
| Q1 25 | $12.7M | $-220.0M | ||
| Q4 24 | $4.0M | — | ||
| Q3 24 | $27.1M | $-95.0M | ||
| Q2 24 | $5.3M | $-81.6M | ||
| Q1 24 | $14.5M | $-102.2M |
自由现金流率USNAVNET
| Q4 25 | — | — | ||
| Q3 25 | -2.4% | -53.2% | ||
| Q2 25 | 3.0% | — | ||
| Q1 25 | 5.1% | -71.1% | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 13.6% | -31.4% | ||
| Q2 24 | 2.5% | -29.8% | ||
| Q1 24 | 6.4% | -38.9% |
资本支出强度USNAVNET
| Q4 25 | — | — | ||
| Q3 25 | 1.5% | 84.6% | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 1.1% | 79.8% | ||
| Q4 24 | 0.8% | — | ||
| Q3 24 | 1.2% | 67.3% | ||
| Q2 24 | 1.3% | 50.1% | ||
| Q1 24 | 1.4% | 53.0% |
现金转化率USNAVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.27× | — | ||
| Q1 25 | 1.65× | — | ||
| Q4 24 | 1.29× | — | ||
| Q3 24 | 2.78× | — | ||
| Q2 24 | 0.77× | — | ||
| Q1 24 | 1.07× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
