vs
世纪互联（VNET）与Vestis Corp（VSTS）财务数据对比。点击上方公司名可切换其他公司
Vestis Corp的季度营收约是世纪互联的1.8倍（$663.4M vs $362.7M），Vestis Corp净利率更高（-1.0% vs -10.7%，领先9.7%），Vestis Corp自由现金流更多（$28.3M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -3.0%）
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。
Vestis Corp是北美领先的工作制服、安全防护服饰及配套设施服务供应商，服务覆盖医疗、制造、零售、餐饮住宿、公共服务等多个领域，为企业客户提供定制化的制服租赁、清洁与日常维护解决方案。
VNET vs VSTS — 直观对比
营收规模更大
VSTS
是对方的1.8倍
$362.7M
净利率更高
VSTS
高出9.7%
-10.7%
自由现金流更多
VSTS
多$221.4M
$-193.1M
两年增速更快
VNET
近两年复合增速
-3.0%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $663.4M |
| 净利润 | $-38.7M | $-6.4M |
| 毛利率 | 20.9% | — |
| 营业利润率 | 0.5% | 2.5% |
| 净利率 | -10.7% | -1.0% |
| 营收同比 | — | -3.0% |
| 净利润同比 | — | -868.1% |
| 每股收益（稀释后） | — | $-0.05 |
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VNETVSTS
| Q1 26 | — | $663.4M | ||
| Q4 25 | — | $712.0M | ||
| Q3 25 | $362.7M | — | ||
| Q2 25 | — | $673.8M | ||
| Q1 25 | $309.5M | $665.2M | ||
| Q4 24 | — | $683.8M | ||
| Q3 24 | $302.2M | $684.3M | ||
| Q2 24 | $274.4M | $698.2M |
净利润VNETVSTS
| Q1 26 | — | $-6.4M | ||
| Q4 25 | — | $-12.5M | ||
| Q3 25 | $-38.7M | — | ||
| Q2 25 | — | $-676.0K | ||
| Q1 25 | $-2.4M | $-27.8M | ||
| Q4 24 | — | $832.0K | ||
| Q3 24 | $-2.1M | $-2.3M | ||
| Q2 24 | $-1.1M | $5.0M |
毛利率VNETVSTS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 20.9% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 25.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 23.2% | — | ||
| Q2 24 | 21.3% | — |
营业利润率VNETVSTS
| Q1 26 | — | 2.5% | ||
| Q4 25 | — | 2.5% | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | — | 3.7% | ||
| Q1 25 | 0.1% | -1.3% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | 24.5% | 4.4% | ||
| Q2 24 | 0.2% | 5.4% |
净利率VNETVSTS
| Q1 26 | — | -1.0% | ||
| Q4 25 | — | -1.8% | ||
| Q3 25 | -10.7% | — | ||
| Q2 25 | — | -0.1% | ||
| Q1 25 | -0.8% | -4.2% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | -0.7% | -0.3% | ||
| Q2 24 | -0.4% | 0.7% |
每股收益（稀释后）VNETVSTS
| Q1 26 | — | $-0.05 | ||
| Q4 25 | — | $-0.10 | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $-0.01 | ||
| Q1 25 | — | $-0.21 | ||
| Q4 24 | — | $0.01 | ||
| Q3 24 | — | $-0.02 | ||
| Q2 24 | — | $0.04 |
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 | $41.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $890.8M | $864.4M |
| 总资产 | $6.1B | $2.9B |
| 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VNETVSTS
| Q1 26 | — | $41.5M | ||
| Q4 25 | — | $29.7M | ||
| Q3 25 | $492.1M | — | ||
| Q2 25 | — | $23.7M | ||
| Q1 25 | $544.3M | $28.8M | ||
| Q4 24 | — | $18.6M | ||
| Q3 24 | $219.5M | $31.0M | ||
| Q2 24 | $247.2M | $29.1M |
总债务VNETVSTS
| Q1 26 | — | — | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | — | — |
股东权益VNETVSTS
| Q1 26 | — | $864.4M | ||
| Q4 25 | — | $865.6M | ||
| Q3 25 | $890.8M | — | ||
| Q2 25 | — | $882.2M | ||
| Q1 25 | $927.8M | $876.3M | ||
| Q4 24 | — | $899.6M | ||
| Q3 24 | $902.9M | $903.1M | ||
| Q2 24 | $900.6M | $901.2M |
总资产VNETVSTS
| Q1 26 | — | $2.9B | ||
| Q4 25 | — | $2.9B | ||
| Q3 25 | $6.1B | — | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | $5.4B | $2.9B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | $4.3B | $2.9B | ||
| Q2 24 | $4.0B | $3.1B |
负债/权益比VNETVSTS
| Q1 26 | — | — | ||
| Q4 25 | — | 1.35× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.28× | 1.29× | ||
| Q2 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 | $37.7M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $28.3M |
| 自由现金流率自由现金流/营收 | -53.2% | 4.3% |
| 资本支出强度资本支出/营收 | 84.6% | 1.4% |
| 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 | $45.0M |
8季度趋势，按日历期对齐
经营现金流VNETVSTS
| Q1 26 | — | $37.7M | ||
| Q4 25 | — | $30.9M | ||
| Q3 25 | $113.8M | — | ||
| Q2 25 | — | $22.9M | ||
| Q1 25 | $27.0M | $6.7M | ||
| Q4 24 | — | $3.8M | ||
| Q3 24 | $108.3M | $295.6M | ||
| Q2 24 | $55.8M | $48.7M |
自由现金流VNETVSTS
| Q1 26 | — | $28.3M | ||
| Q4 25 | — | $15.6M | ||
| Q3 25 | $-193.1M | — | ||
| Q2 25 | — | $8.0M | ||
| Q1 25 | $-220.0M | $-6.9M | ||
| Q4 24 | — | $-11.0M | ||
| Q3 24 | $-95.0M | $267.5M | ||
| Q2 24 | $-81.6M | $27.7M |
自由现金流率VNETVSTS
| Q1 26 | — | 4.3% | ||
| Q4 25 | — | 2.2% | ||
| Q3 25 | -53.2% | — | ||
| Q2 25 | — | 1.2% | ||
| Q1 25 | -71.1% | -1.0% | ||
| Q4 24 | — | -1.6% | ||
| Q3 24 | -31.4% | 39.1% | ||
| Q2 24 | -29.8% | 4.0% |
资本支出强度VNETVSTS
| Q1 26 | — | 1.4% | ||
| Q4 25 | — | 2.2% | ||
| Q3 25 | 84.6% | — | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | 79.8% | 2.0% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | 67.3% | 4.1% | ||
| Q2 24 | 50.1% | 3.0% |
现金转化率VNETVSTS
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.54× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 9.66× |
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
VSTS
| Workplace Supplies | $375.2M | 57% |
| Uniforms | $227.7M | 34% |
| Other | $60.5M | 9% |
