vs
U S PHYSICAL THERAPY INC（USPH）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U S PHYSICAL THERAPY INC的1.8倍（$362.7M vs $202.7M），U S PHYSICAL THERAPY INC净利率更高（2.0% vs -10.7%，领先12.7%），U S PHYSICAL THERAPY INC自由现金流更多（$21.0M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 14.1%）
该企业是美国领先的门诊康复服务提供商，运营数百间线下物理治疗门诊，为受伤、术后、慢性疼痛及行动障碍人群提供康复护理，同时覆盖运动医学、职业治疗、儿童康复等特色服务领域。
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。
USPH vs VNET — 直观对比
营收规模更大
VNET
是对方的1.8倍
$202.7M
净利率更高
USPH
高出12.7%
-10.7%
自由现金流更多
USPH
多$214.1M
$-193.1M
两年增速更快
VNET
近两年复合增速
14.1%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $202.7M | $362.7M |
| 净利润 | $4.2M | $-38.7M |
| 毛利率 | 19.8% | 20.9% |
| 营业利润率 | 8.3% | 0.5% |
| 净利率 | 2.0% | -10.7% |
| 营收同比 | 12.3% | — |
| 净利润同比 | -55.1% | — |
| 每股收益（稀释后） | $-0.44 | — |
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USPHVNET
| Q4 25 | $202.7M | — | ||
| Q3 25 | $197.1M | $362.7M | ||
| Q2 25 | $197.3M | — | ||
| Q1 25 | $183.8M | $309.5M | ||
| Q4 24 | $180.4M | — | ||
| Q3 24 | $168.0M | $302.2M | ||
| Q2 24 | $167.2M | $274.4M | ||
| Q1 24 | $155.7M | $262.9M |
净利润USPHVNET
| Q4 25 | $4.2M | — | ||
| Q3 25 | $13.1M | $-38.7M | ||
| Q2 25 | $12.4M | — | ||
| Q1 25 | $9.9M | $-2.4M | ||
| Q4 24 | $9.2M | — | ||
| Q3 24 | $6.6M | $-2.1M | ||
| Q2 24 | $7.5M | $-1.1M | ||
| Q1 24 | $8.0M | $-22.0M |
毛利率USPHVNET
| Q4 25 | 19.8% | — | ||
| Q3 25 | 18.7% | 20.9% | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 16.9% | 25.2% | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | 17.3% | 23.2% | ||
| Q2 24 | 20.3% | 21.3% | ||
| Q1 24 | 18.2% | 21.6% |
营业利润率USPHVNET
| Q4 25 | 8.3% | — | ||
| Q3 25 | 12.8% | 0.5% | ||
| Q2 25 | 12.6% | — | ||
| Q1 25 | 10.7% | 0.1% | ||
| Q4 24 | 10.9% | — | ||
| Q3 24 | 7.6% | 24.5% | ||
| Q2 24 | 9.3% | 0.2% | ||
| Q1 24 | 9.6% | 0.2% |
净利率USPHVNET
| Q4 25 | 2.0% | — | ||
| Q3 25 | 6.7% | -10.7% | ||
| Q2 25 | 6.3% | — | ||
| Q1 25 | 5.4% | -0.8% | ||
| Q4 24 | 5.1% | — | ||
| Q3 24 | 3.9% | -0.7% | ||
| Q2 24 | 4.5% | -0.4% | ||
| Q1 24 | 5.2% | -8.4% |
每股收益（稀释后）USPHVNET
| Q4 25 | $-0.44 | — | ||
| Q3 25 | $0.48 | — | ||
| Q2 25 | $0.58 | — | ||
| Q1 25 | $0.80 | — | ||
| Q4 24 | $0.52 | — | ||
| Q3 24 | $0.39 | — | ||
| Q2 24 | $0.47 | — | ||
| Q1 24 | $0.46 | — |
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 | $35.6M | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $476.4M | $890.8M |
| 总资产 | $1.2B | $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USPHVNET
| Q4 25 | $35.6M | — | ||
| Q3 25 | $31.1M | $492.1M | ||
| Q2 25 | $34.1M | — | ||
| Q1 25 | $39.2M | $544.3M | ||
| Q4 24 | $41.4M | — | ||
| Q3 24 | $117.0M | $219.5M | ||
| Q2 24 | $112.9M | $247.2M | ||
| Q1 24 | $132.3M | $246.9M |
总债务USPHVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益USPHVNET
| Q4 25 | $476.4M | — | ||
| Q3 25 | $503.6M | $890.8M | ||
| Q2 25 | $500.8M | — | ||
| Q1 25 | $497.3M | $927.8M | ||
| Q4 24 | $488.9M | — | ||
| Q3 24 | $482.8M | $902.9M | ||
| Q2 24 | $484.6M | $900.6M | ||
| Q1 24 | $479.8M | $895.1M |
总资产USPHVNET
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | $6.1B | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | $5.4B | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.0B | $4.3B | ||
| Q2 24 | $1.0B | $4.0B | ||
| Q1 24 | $1.0B | $3.9B |
负债/权益比USPHVNET
| 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 | $24.9M | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $21.0M | $-193.1M |
| 自由现金流率自由现金流/营收 | 10.4% | -53.2% |
| 资本支出强度资本支出/营收 | 1.9% | 84.6% |
| 现金转化率经营现金流/净利润 | 6.00× | — |
| 过去12个月自由现金流最近4个季度 | $61.0M | $-589.7M |
8季度趋势，按日历期对齐
经营现金流USPHVNET
| Q4 25 | $24.9M | — | ||
| Q3 25 | $19.9M | $113.8M | ||
| Q2 25 | $34.9M | — | ||
| Q1 25 | $-4.7M | $27.0M | ||
| Q4 24 | $19.4M | — | ||
| Q3 24 | $22.1M | $108.3M | ||
| Q2 24 | $29.0M | $55.8M | ||
| Q1 24 | $4.4M | $37.1M |
自由现金流USPHVNET
| Q4 25 | $21.0M | — | ||
| Q3 25 | $15.6M | $-193.1M | ||
| Q2 25 | $31.6M | — | ||
| Q1 25 | $-7.3M | $-220.0M | ||
| Q4 24 | $16.9M | — | ||
| Q3 24 | $19.6M | $-95.0M | ||
| Q2 24 | $26.7M | $-81.6M | ||
| Q1 24 | $2.6M | $-102.2M |
自由现金流率USPHVNET
| Q4 25 | 10.4% | — | ||
| Q3 25 | 7.9% | -53.2% | ||
| Q2 25 | 16.0% | — | ||
| Q1 25 | -3.9% | -71.1% | ||
| Q4 24 | 9.4% | — | ||
| Q3 24 | 11.7% | -31.4% | ||
| Q2 24 | 15.9% | -29.8% | ||
| Q1 24 | 1.7% | -38.9% |
资本支出强度USPHVNET
| Q4 25 | 1.9% | — | ||
| Q3 25 | 2.2% | 84.6% | ||
| Q2 25 | 1.6% | — | ||
| Q1 25 | 1.4% | 79.8% | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 1.5% | 67.3% | ||
| Q2 24 | 1.4% | 50.1% | ||
| Q1 24 | 1.2% | 53.0% |
现金转化率USPHVNET
| Q4 25 | 6.00× | — | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 2.81× | — | ||
| Q1 25 | -0.47× | — | ||
| Q4 24 | 2.10× | — | ||
| Q3 24 | 3.34× | — | ||
| Q2 24 | 3.86× | — | ||
| Q1 24 | 0.55× | — |
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
USPH
| Net Patient Revenues | $169.7M | 84% |
| Industrial Injury Prevention Services Revenues | $28.9M | 14% |
| Management Contract Revenues | $2.3M | 1% |
VNET
暂无分部数据
