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INNOVATE Corp.（VATE）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
INNOVATE Corp.的季度营收约是世纪互联的1.1倍（$382.7M vs $362.7M），INNOVATE Corp.净利率更高（-1.9% vs -10.7%，领先8.7%），过去两年世纪互联的营收复合增速更高（17.4% vs 10.2%）
创新公司（Innovate Corp.）是一家美国上市金融服务企业，创立于1994年，深耕金融服务领域，面向市场提供多元专业金融相关服务，是美国本土具备多年运营经验的公众金融服务机构。
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。
VATE vs VNET — 直观对比
营收规模更大
VATE
是对方的1.1倍
$362.7M
净利率更高
VATE
高出8.7%
-10.7%
两年增速更快
VNET
近两年复合增速
10.2%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $382.7M | $362.7M |
| 净利润 | $-7.4M | $-38.7M |
| 毛利率 | 15.4% | 20.9% |
| 营业利润率 | 3.7% | 0.5% |
| 净利率 | -1.9% | -10.7% |
| 营收同比 | 61.7% | — |
| 净利润同比 | 55.4% | — |
| 每股收益（稀释后） | $-0.57 | — |
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VATEVNET
| Q4 25 | $382.7M | — | ||
| Q3 25 | $347.1M | $362.7M | ||
| Q2 25 | $242.0M | — | ||
| Q1 25 | $274.2M | $309.5M | ||
| Q4 24 | $236.6M | — | ||
| Q3 24 | $242.2M | $302.2M | ||
| Q2 24 | $313.1M | $274.4M | ||
| Q1 24 | $315.2M | $262.9M |
净利润VATEVNET
| Q4 25 | $-7.4M | — | ||
| Q3 25 | $-8.9M | $-38.7M | ||
| Q2 25 | $-19.8M | — | ||
| Q1 25 | $-24.5M | $-2.4M | ||
| Q4 24 | $-16.6M | — | ||
| Q3 24 | $-15.0M | $-2.1M | ||
| Q2 24 | $14.4M | $-1.1M | ||
| Q1 24 | $-17.4M | $-22.0M |
毛利率VATEVNET
| Q4 25 | 15.4% | — | ||
| Q3 25 | 14.3% | 20.9% | ||
| Q2 25 | 18.8% | — | ||
| Q1 25 | 16.6% | 25.2% | ||
| Q4 24 | 19.6% | — | ||
| Q3 24 | 19.9% | 23.2% | ||
| Q2 24 | 21.0% | 21.3% | ||
| Q1 24 | 15.4% | 21.6% |
营业利润率VATEVNET
| Q4 25 | 3.7% | — | ||
| Q3 25 | 1.8% | 0.5% | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | 1.2% | 0.1% | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 2.4% | 24.5% | ||
| Q2 24 | 9.2% | 0.2% | ||
| Q1 24 | 0.9% | 0.2% |
净利率VATEVNET
| Q4 25 | -1.9% | — | ||
| Q3 25 | -2.6% | -10.7% | ||
| Q2 25 | -8.2% | — | ||
| Q1 25 | -8.9% | -0.8% | ||
| Q4 24 | -7.0% | — | ||
| Q3 24 | -6.2% | -0.7% | ||
| Q2 24 | 4.6% | -0.4% | ||
| Q1 24 | -5.5% | -8.4% |
每股收益（稀释后）VATEVNET
| Q4 25 | $-0.57 | — | ||
| Q3 25 | $-0.71 | — | ||
| Q2 25 | $-1.67 | — | ||
| Q1 25 | $-1.89 | — | ||
| Q4 24 | $-0.72 | — | ||
| Q3 24 | $-1.18 | — | ||
| Q2 24 | $1.03 | — | ||
| Q1 24 | $-2.21 | — |
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 | $112.1M | $492.1M |
| 总债务越低越好 | $80.3M | — |
| 股东权益账面价值 | $-240.1M | $890.8M |
| 总资产 | $950.1M | $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VATEVNET
| Q4 25 | $112.1M | — | ||
| Q3 25 | $35.5M | $492.1M | ||
| Q2 25 | $33.4M | — | ||
| Q1 25 | $33.3M | $544.3M | ||
| Q4 24 | $48.8M | — | ||
| Q3 24 | $51.0M | $219.5M | ||
| Q2 24 | $80.2M | $247.2M | ||
| Q1 24 | $38.4M | $246.9M |
总债务VATEVNET
| Q4 25 | $80.3M | — | ||
| Q3 25 | $97.3M | — | ||
| Q2 25 | $160.1M | — | ||
| Q1 25 | $139.9M | — | ||
| Q4 24 | $500.6M | — | ||
| Q3 24 | $502.4M | $1.2B | ||
| Q2 24 | $638.3M | — | ||
| Q1 24 | $641.5M | — |
股东权益VATEVNET
| Q4 25 | $-240.1M | — | ||
| Q3 25 | $-233.3M | $890.8M | ||
| Q2 25 | $-224.8M | — | ||
| Q1 25 | $-204.2M | $927.8M | ||
| Q4 24 | $-180.4M | — | ||
| Q3 24 | $-163.1M | $902.9M | ||
| Q2 24 | $-149.0M | $900.6M | ||
| Q1 24 | $-184.4M | $895.1M |
总资产VATEVNET
| Q4 25 | $950.1M | — | ||
| Q3 25 | $913.2M | $6.1B | ||
| Q2 25 | $890.9M | — | ||
| Q1 25 | $868.0M | $5.4B | ||
| Q4 24 | $891.1M | — | ||
| Q3 24 | $897.2M | $4.3B | ||
| Q2 24 | $898.9M | $4.0B | ||
| Q1 24 | $943.5M | $3.9B |
负债/权益比VATEVNET
| 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 | $101.1M | $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VATEVNET
| Q4 25 | $101.1M | — | ||
| Q3 25 | $19.2M | $113.8M | ||
| Q2 25 | $40.4M | — | ||
| Q1 25 | $-14.1M | $27.0M | ||
| Q4 24 | $41.4M | — | ||
| Q3 24 | $-28.4M | $108.3M | ||
| Q2 24 | $21.5M | $55.8M | ||
| Q1 24 | $-25.4M | $37.1M |
自由现金流VATEVNET
| Q4 25 | — | — | ||
| Q3 25 | $19.0M | $-193.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | $-18.8M | $-220.0M | ||
| Q4 24 | $34.2M | — | ||
| Q3 24 | $-31.5M | $-95.0M | ||
| Q2 24 | $18.4M | $-81.6M | ||
| Q1 24 | $-31.0M | $-102.2M |
自由现金流率VATEVNET
| Q4 25 | — | — | ||
| Q3 25 | 5.5% | -53.2% | ||
| Q2 25 | — | — | ||
| Q1 25 | -6.9% | -71.1% | ||
| Q4 24 | 14.5% | — | ||
| Q3 24 | -13.0% | -31.4% | ||
| Q2 24 | 5.9% | -29.8% | ||
| Q1 24 | -9.8% | -38.9% |
资本支出强度VATEVNET
| Q4 25 | — | — | ||
| Q3 25 | 0.1% | 84.6% | ||
| Q2 25 | — | — | ||
| Q1 25 | 1.7% | 79.8% | ||
| Q4 24 | 3.0% | — | ||
| Q3 24 | 1.3% | 67.3% | ||
| Q2 24 | 1.0% | 50.1% | ||
| Q1 24 | 1.8% | 53.0% |
现金转化率VATEVNET
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.49× | — | ||
| 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
VATE
| Commercial Revenue | $126.1M | 33% |
| Industrial Revenue | $87.5M | 23% |
| Transportation Revenue | $58.4M | 15% |
| Healthcare Revenue | $48.4M | 13% |
| Government Revenue | $44.3M | 12% |
| Energy Revenue | $8.0M | 2% |
| Broadcast Station Revenue | $5.7M | 1% |
| Systems And Consumables Revenue | $3.1M | 1% |
| Leisure Revenue | $200.0K | 0% |
VNET
暂无分部数据
