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世纪互联（VNET）与Voya Financial, Inc.（VOYA）财务数据对比。点击上方公司名可切换其他公司
Voya Financial, Inc.的季度营收约是世纪互联的1.7倍（$603.0M vs $362.7M），Voya Financial, Inc.净利率更高（23.2% vs -10.7%，领先33.9%），过去两年世纪互联的营收复合增速更高（17.4% vs 7.8%）
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。
Voya Financial是总部位于美国纽约的金融服务机构，业务覆盖退休规划、投资管理及保险领域。其前身为ING集团美国运营子公司，2013年完成分拆并通过首次公开募股获得独立资金支持，2014年4月正式启用Voya Financial品牌，旗下前身机构最早在1970年代就已进入美国市场。
VNET vs VOYA — 直观对比
营收规模更大
VOYA
是对方的1.7倍
$362.7M
净利率更高
VOYA
高出33.9%
-10.7%
两年增速更快
VNET
近两年复合增速
7.8%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $603.0M |
| 净利润 | $-38.7M | $140.0M |
| 毛利率 | 20.9% | — |
| 营业利润率 | 0.5% | 28.0% |
| 净利率 | -10.7% | 23.2% |
| 营收同比 | — | 7.5% |
| 净利润同比 | — | 44.3% |
| 每股收益（稀释后） | — | $1.41 |
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VNETVOYA
| Q4 25 | — | $603.0M | ||
| Q3 25 | $362.7M | $572.0M | ||
| Q2 25 | — | $542.0M | ||
| Q1 25 | $309.5M | $538.0M | ||
| Q4 24 | — | $561.0M | ||
| Q3 24 | $302.2M | $542.0M | ||
| Q2 24 | $274.4M | $528.0M | ||
| Q1 24 | $262.9M | $519.0M |
净利润VNETVOYA
| Q4 25 | — | $140.0M | ||
| Q3 25 | $-38.7M | $192.0M | ||
| Q2 25 | — | $166.0M | ||
| Q1 25 | $-2.4M | $156.0M | ||
| Q4 24 | — | $97.0M | ||
| Q3 24 | $-2.1M | $114.0M | ||
| Q2 24 | $-1.1M | $205.0M | ||
| Q1 24 | $-22.0M | $251.0M |
毛利率VNETVOYA
| 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VNETVOYA
| Q4 25 | — | 28.0% | ||
| Q3 25 | 0.5% | 53.7% | ||
| Q2 25 | — | 34.7% | ||
| Q1 25 | 0.1% | 32.2% | ||
| Q4 24 | — | 21.4% | ||
| Q3 24 | 24.5% | 21.4% | ||
| Q2 24 | 0.2% | 52.3% | ||
| Q1 24 | 0.2% | 55.3% |
净利率VNETVOYA
| Q4 25 | — | 23.2% | ||
| Q3 25 | -10.7% | 33.6% | ||
| Q2 25 | — | 30.6% | ||
| Q1 25 | -0.8% | 29.0% | ||
| Q4 24 | — | 17.3% | ||
| Q3 24 | -0.7% | 21.0% | ||
| Q2 24 | -0.4% | 38.8% | ||
| Q1 24 | -8.4% | 48.4% |
每股收益（稀释后）VNETVOYA
| Q4 25 | — | $1.41 | ||
| Q3 25 | — | $1.80 | ||
| Q2 25 | — | $1.66 | ||
| Q1 25 | — | $1.42 | ||
| Q4 24 | — | $0.99 | ||
| Q3 24 | — | $0.98 | ||
| Q2 24 | — | $1.96 | ||
| Q1 24 | — | $2.24 |
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 | $492.1M | — |
| 总债务越低越好 | — | $2.1B |
| 股东权益账面价值 | $890.8M | $5.0B |
| 总资产 | $6.1B | $178.9B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资VNETVOYA
| Q4 25 | — | — | ||
| Q3 25 | $492.1M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $544.3M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $219.5M | — | ||
| Q2 24 | $247.2M | — | ||
| Q1 24 | $246.9M | — |
总债务VNETVOYA
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.1B | ||
| Q4 24 | — | $2.5B | ||
| Q3 24 | $1.2B | $2.5B | ||
| Q2 24 | — | $2.1B | ||
| Q1 24 | — | $2.1B |
股东权益VNETVOYA
| Q4 25 | — | $5.0B | ||
| Q3 25 | $890.8M | $5.0B | ||
| Q2 25 | — | $4.6B | ||
| Q1 25 | $927.8M | $4.4B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | $902.9M | $4.7B | ||
| Q2 24 | $900.6M | $4.0B | ||
| Q1 24 | $895.1M | $4.2B |
总资产VNETVOYA
| Q4 25 | — | $178.9B | ||
| Q3 25 | $6.1B | $177.4B | ||
| Q2 25 | — | $172.4B | ||
| Q1 25 | $5.4B | $163.9B | ||
| Q4 24 | — | $163.9B | ||
| Q3 24 | $4.3B | $166.9B | ||
| Q2 24 | $4.0B | $161.3B | ||
| Q1 24 | $3.9B | $161.6B |
负债/权益比VNETVOYA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.45× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.62× | ||
| Q3 24 | 1.28× | 0.53× | ||
| Q2 24 | — | 0.52× | ||
| Q1 24 | — | 0.51× |
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 | $557.0M |
| 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 | — | 3.98× |
| 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VNETVOYA
| Q4 25 | — | $557.0M | ||
| Q3 25 | $113.8M | $168.0M | ||
| Q2 25 | — | $742.0M | ||
| Q1 25 | $27.0M | $-179.0M | ||
| Q4 24 | — | $79.0M | ||
| Q3 24 | $108.3M | $719.0M | ||
| Q2 24 | $55.8M | $316.0M | ||
| Q1 24 | $37.1M | $231.0M |
自由现金流VNETVOYA
| Q4 25 | — | — | ||
| Q3 25 | $-193.1M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $-220.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-95.0M | — | ||
| Q2 24 | $-81.6M | — | ||
| Q1 24 | $-102.2M | — |
自由现金流率VNETVOYA
| Q4 25 | — | — | ||
| Q3 25 | -53.2% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -71.1% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -31.4% | — | ||
| Q2 24 | -29.8% | — | ||
| Q1 24 | -38.9% | — |
资本支出强度VNETVOYA
| Q4 25 | — | — | ||
| Q3 25 | 84.6% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 79.8% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 67.3% | — | ||
| Q2 24 | 50.1% | — | ||
| Q1 24 | 53.0% | — |
现金转化率VNETVOYA
| Q4 25 | — | 3.98× | ||
| Q3 25 | — | 0.88× | ||
| Q2 25 | — | 4.47× | ||
| Q1 25 | — | -1.15× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 6.31× | ||
| Q2 24 | — | 1.54× | ||
| Q1 24 | — | 0.92× |
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
VNET
暂无分部数据
VOYA
| Other | $295.0M | 49% |
| Investment Management Segment | $274.0M | 45% |
| Distribution Fees Member | $34.0M | 6% |
