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世纪互联（VNET）与Vroom, Inc.（VRM）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Vroom, Inc.的1.5倍（$362.7M vs $235.9M），世纪互联净利率更高（-10.7% vs -59.8%，领先49.1%），Vroom, Inc.自由现金流更多（$-108.8M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -49.5%）
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。
Vroom, Inc.是联合汽车信贷公司（UACC）与CarStory的母公司。该公司此前是二手车零售电商企业，可为消费者提供线上购车、卖车以及汽车金融服务，已于2024年1月22日停止电商汽车销售业务。
VNET vs VRM — 直观对比
营收规模更大
VNET
是对方的1.5倍
$235.9M
净利率更高
VNET
高出49.1%
-59.8%
自由现金流更多
VRM
多$84.3M
$-193.1M
两年增速更快
VNET
近两年复合增速
-49.5%
损益表 — Q3 FY2025 vs Q4 FY2023
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $235.9M |
| 净利润 | $-38.7M | $-141.1M |
| 毛利率 | 20.9% | 12.3% |
| 营业利润率 | 0.5% | -11.5% |
| 净利率 | -10.7% | -59.8% |
| 营收同比 | — | 12.9% |
| 净利润同比 | — | -669.8% |
| 每股收益（稀释后） | — | $-80.66 |
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VNETVRM
| Q3 25 | $362.7M | — | ||
| Q1 25 | $309.5M | — | ||
| Q3 24 | $302.2M | — | ||
| Q2 24 | $274.4M | — | ||
| Q1 24 | $262.9M | — | ||
| Q4 23 | — | $235.9M | ||
| Q3 23 | $258.6M | $235.6M | ||
| Q2 23 | $251.2M | $225.2M |
净利润VNETVRM
| Q3 25 | $-38.7M | — | ||
| Q1 25 | $-2.4M | — | ||
| Q3 24 | $-2.1M | — | ||
| Q2 24 | $-1.1M | — | ||
| Q1 24 | $-22.0M | — | ||
| Q4 23 | — | $-141.1M | ||
| Q3 23 | $-5.5M | $-82.7M | ||
| Q2 23 | — | $-66.0M |
毛利率VNETVRM
| Q3 25 | 20.9% | — | ||
| Q1 25 | 25.2% | — | ||
| Q3 24 | 23.2% | — | ||
| Q2 24 | 21.3% | — | ||
| Q1 24 | 21.6% | — | ||
| Q4 23 | — | 12.3% | ||
| Q3 23 | 16.2% | 20.4% | ||
| Q2 23 | 18.8% | 20.4% |
营业利润率VNETVRM
| Q3 25 | 0.5% | — | ||
| Q1 25 | 0.1% | — | ||
| Q3 24 | 24.5% | — | ||
| Q2 24 | 0.2% | — | ||
| Q1 24 | 0.2% | — | ||
| Q4 23 | — | -11.5% | ||
| Q3 23 | 1.7% | -18.0% | ||
| Q2 23 | 5.1% | -23.4% |
净利率VNETVRM
| Q3 25 | -10.7% | — | ||
| Q1 25 | -0.8% | — | ||
| Q3 24 | -0.7% | — | ||
| Q2 24 | -0.4% | — | ||
| Q1 24 | -8.4% | — | ||
| Q4 23 | — | -59.8% | ||
| Q3 23 | -2.1% | -35.1% | ||
| Q2 23 | — | -29.3% |
每股收益（稀释后）VNETVRM
| Q3 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | $-80.66 | ||
| Q3 23 | — | $-47.38 | ||
| Q2 23 | — | $-37.97 |
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 | $135.6M |
| 总债务越低越好 | — | $454.2M |
| 股东权益账面价值 | $890.8M | $127.7M |
| 总资产 | $6.1B | $1.5B |
| 负债/权益比越低杠杆越低 | — | 3.56× |
8季度趋势，按日历期对齐
现金及短期投资VNETVRM
| Q3 25 | $492.1M | — | ||
| Q1 25 | $544.3M | — | ||
| Q3 24 | $219.5M | — | ||
| Q2 24 | $247.2M | — | ||
| Q1 24 | $246.9M | — | ||
| Q4 23 | — | $135.6M | ||
| Q3 23 | $370.4M | $208.6M | ||
| Q2 23 | $325.9M | $237.9M |
总债务VNETVRM
| Q3 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | $454.2M | ||
| Q3 23 | — | $521.4M | ||
| Q2 23 | — | $544.9M |
股东权益VNETVRM
| Q3 25 | $890.8M | — | ||
| Q1 25 | $927.8M | — | ||
| Q3 24 | $902.9M | — | ||
| Q2 24 | $900.6M | — | ||
| Q1 24 | $895.1M | — | ||
| Q4 23 | — | $127.7M | ||
| Q3 23 | $942.7M | $263.6M | ||
| Q2 23 | $952.6M | $343.4M |
总资产VNETVRM
| Q3 25 | $6.1B | — | ||
| Q1 25 | $5.4B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.0B | — | ||
| Q1 24 | $3.9B | — | ||
| Q4 23 | — | $1.5B | ||
| Q3 23 | $4.1B | $1.6B | ||
| Q2 23 | $4.0B | $1.6B |
负债/权益比VNETVRM
| Q3 25 | — | — | ||
| Q1 25 | — | — | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | 3.56× | ||
| Q3 23 | — | 1.98× | ||
| Q2 23 | — | 1.59× |
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 | $-108.1M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $-108.8M |
| 自由现金流率自由现金流/营收 | -53.2% | -46.1% |
| 资本支出强度资本支出/营收 | 84.6% | 0.3% |
| 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 | $-536.3M |
8季度趋势，按日历期对齐
经营现金流VNETVRM
| Q3 25 | $113.8M | — | ||
| Q1 25 | $27.0M | — | ||
| Q3 24 | $108.3M | — | ||
| Q2 24 | $55.8M | — | ||
| Q1 24 | $37.1M | — | ||
| Q4 23 | — | $-108.1M | ||
| Q3 23 | $62.3M | $-193.5M | ||
| Q2 23 | $58.4M | $-147.1M |
自由现金流VNETVRM
| Q3 25 | $-193.1M | — | ||
| Q1 25 | $-220.0M | — | ||
| Q3 24 | $-95.0M | — | ||
| Q2 24 | $-81.6M | — | ||
| Q1 24 | $-102.2M | — | ||
| Q4 23 | — | $-108.8M | ||
| Q3 23 | $-67.5M | $-194.2M | ||
| Q2 23 | $4.0M | $-147.5M |
自由现金流率VNETVRM
| Q3 25 | -53.2% | — | ||
| Q1 25 | -71.1% | — | ||
| Q3 24 | -31.4% | — | ||
| Q2 24 | -29.8% | — | ||
| Q1 24 | -38.9% | — | ||
| Q4 23 | — | -46.1% | ||
| Q3 23 | -26.1% | -82.4% | ||
| Q2 23 | 1.6% | -65.5% |
资本支出强度VNETVRM
| Q3 25 | 84.6% | — | ||
| Q1 25 | 79.8% | — | ||
| Q3 24 | 67.3% | — | ||
| Q2 24 | 50.1% | — | ||
| Q1 24 | 53.0% | — | ||
| Q4 23 | — | 0.3% | ||
| Q3 23 | 50.2% | 0.3% | ||
| Q2 23 | 21.7% | 0.2% |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
