vs
世纪互联（VNET）与WAFD INC（WAFD）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WAFD INC的1.9倍（$362.7M vs $191.4M），WAFD INC净利率更高（33.5% vs -10.7%，领先44.2%），WAFD INC自由现金流更多（$50.0M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs 5.5%）
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。
WAFD银行总部位于美国华盛顿州西雅图市，是美国头部银行之一，业务覆盖华盛顿州、俄勒冈州、爱达荷州、内华达州、犹他州、亚利桑那州、新墨西哥州、加利福尼亚州及得克萨斯州，共设有210家实体营业网点，为多州客户提供专业金融服务。
VNET vs WAFD — 直观对比
营收规模更大
VNET
是对方的1.9倍
$191.4M
净利率更高
WAFD
高出44.2%
-10.7%
自由现金流更多
WAFD
多$243.1M
$-193.1M
两年增速更快
VNET
近两年复合增速
5.5%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $191.4M |
| 净利润 | $-38.7M | $64.2M |
| 毛利率 | 20.9% | — |
| 营业利润率 | 0.5% | 43.0% |
| 净利率 | -10.7% | 33.5% |
| 营收同比 | — | 11.8% |
| 净利润同比 | — | 35.8% |
| 每股收益（稀释后） | — | $0.79 |
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VNETWAFD
| Q4 25 | — | $191.4M | ||
| Q3 25 | $362.7M | $188.3M | ||
| Q2 25 | — | $186.3M | ||
| Q1 25 | $309.5M | $179.8M | ||
| Q4 24 | — | $171.1M | ||
| Q3 24 | $302.2M | $188.7M | ||
| Q2 24 | $274.4M | $194.4M | ||
| Q1 24 | $262.9M | $172.0M |
净利润VNETWAFD
| Q4 25 | — | $64.2M | ||
| Q3 25 | $-38.7M | $60.6M | ||
| Q2 25 | — | $62.0M | ||
| Q1 25 | $-2.4M | $56.3M | ||
| Q4 24 | — | $47.3M | ||
| Q3 24 | $-2.1M | $61.1M | ||
| Q2 24 | $-1.1M | $64.6M | ||
| Q1 24 | $-22.0M | $15.9M |
毛利率VNETWAFD
| 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VNETWAFD
| Q4 25 | — | 43.0% | ||
| Q3 25 | 0.5% | 41.2% | ||
| Q2 25 | — | 42.8% | ||
| Q1 25 | 0.1% | 40.1% | ||
| Q4 24 | — | 35.2% | ||
| Q3 24 | 24.5% | 42.8% | ||
| Q2 24 | 0.2% | 42.6% | ||
| Q1 24 | 0.2% | 12.2% |
净利率VNETWAFD
| Q4 25 | — | 33.5% | ||
| Q3 25 | -10.7% | 32.2% | ||
| Q2 25 | — | 33.3% | ||
| Q1 25 | -0.8% | 31.3% | ||
| Q4 24 | — | 27.6% | ||
| Q3 24 | -0.7% | 32.4% | ||
| Q2 24 | -0.4% | 33.2% | ||
| Q1 24 | -8.4% | 9.2% |
每股收益（稀释后）VNETWAFD
| Q4 25 | — | $0.79 | ||
| Q3 25 | — | $0.71 | ||
| Q2 25 | — | $0.73 | ||
| Q1 25 | — | $0.65 | ||
| Q4 24 | — | $0.54 | ||
| Q3 24 | — | $0.73 | ||
| Q2 24 | — | $0.75 | ||
| Q1 24 | — | $0.17 |
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 | $734.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $890.8M | $3.0B |
| 总资产 | $6.1B | $27.3B |
| 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VNETWAFD
| Q4 25 | — | $734.9M | ||
| Q3 25 | $492.1M | $657.3M | ||
| Q2 25 | — | $809.3M | ||
| Q1 25 | $544.3M | $1.2B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $219.5M | $2.4B | ||
| Q2 24 | $247.2M | $2.5B | ||
| Q1 24 | $246.9M | $1.5B |
总债务VNETWAFD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益VNETWAFD
| Q4 25 | — | $3.0B | ||
| Q3 25 | $890.8M | $3.0B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | $927.8M | $3.0B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | $902.9M | $3.0B | ||
| Q2 24 | $900.6M | $3.0B | ||
| Q1 24 | $895.1M | $2.9B |
总资产VNETWAFD
| Q4 25 | — | $27.3B | ||
| Q3 25 | $6.1B | $26.7B | ||
| Q2 25 | — | $26.7B | ||
| Q1 25 | $5.4B | $27.6B | ||
| Q4 24 | — | $27.7B | ||
| Q3 24 | $4.3B | $28.1B | ||
| Q2 24 | $4.0B | $28.6B | ||
| Q1 24 | $3.9B | $30.1B |
负债/权益比VNETWAFD
| 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 | $113.8M | $60.5M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $50.0M |
| 自由现金流率自由现金流/营收 | -53.2% | 26.1% |
| 资本支出强度资本支出/营收 | 84.6% | 5.5% |
| 现金转化率经营现金流/净利润 | — | 0.94× |
| 过去12个月自由现金流最近4个季度 | $-589.7M | $377.9M |
8季度趋势，按日历期对齐
经营现金流VNETWAFD
| Q4 25 | — | $60.5M | ||
| Q3 25 | $113.8M | $237.0M | ||
| Q2 25 | — | $58.0M | ||
| Q1 25 | $27.0M | $72.1M | ||
| Q4 24 | — | $49.4M | ||
| Q3 24 | $108.3M | $439.2M | ||
| Q2 24 | $55.8M | $63.1M | ||
| Q1 24 | $37.1M | $169.2M |
自由现金流VNETWAFD
| Q4 25 | — | $50.0M | ||
| Q3 25 | $-193.1M | $208.2M | ||
| Q2 25 | — | $53.1M | ||
| Q1 25 | $-220.0M | $66.6M | ||
| Q4 24 | — | $43.0M | ||
| Q3 24 | $-95.0M | $414.6M | ||
| Q2 24 | $-81.6M | $58.3M | ||
| Q1 24 | $-102.2M | $164.8M |
自由现金流率VNETWAFD
| Q4 25 | — | 26.1% | ||
| Q3 25 | -53.2% | 110.6% | ||
| Q2 25 | — | 28.5% | ||
| Q1 25 | -71.1% | 37.0% | ||
| Q4 24 | — | 25.1% | ||
| Q3 24 | -31.4% | 219.7% | ||
| Q2 24 | -29.8% | 30.0% | ||
| Q1 24 | -38.9% | 95.8% |
资本支出强度VNETWAFD
| Q4 25 | — | 5.5% | ||
| Q3 25 | 84.6% | 15.2% | ||
| Q2 25 | — | 2.6% | ||
| Q1 25 | 79.8% | 3.1% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | 67.3% | 13.1% | ||
| Q2 24 | 50.1% | 2.5% | ||
| Q1 24 | 53.0% | 2.6% |
现金转化率VNETWAFD
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | 3.91× | ||
| Q2 25 | — | 0.94× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | — | 1.05× | ||
| Q3 24 | — | 7.18× | ||
| Q2 24 | — | 0.98× | ||
| Q1 24 | — | 10.65× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
