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世纪互联（VNET）与Walker & Dunlop, Inc.（WD）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Walker & Dunlop, Inc.的1.1倍（$362.7M vs $340.0M），世纪互联净利率更高（-10.7% vs -12.9%，领先2.2%），世纪互联自由现金流更多（$-193.1M vs $-680.1M），过去两年Walker & Dunlop, Inc.的营收复合增速更高（22.1% vs 17.4%）
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。
Walker & Dunlop, Inc.是美国乃至全球规模领先的商业地产金融与咨询服务机构，为客户提供覆盖商业地产领域的多元金融解决方案及专业咨询服务，业务辐射全球多个市场，在行业内拥有深厚的资源积累与广泛的市场认可度。
VNET vs WD — 直观对比
营收规模更大
VNET
是对方的1.1倍
$340.0M
净利率更高
VNET
高出2.2%
-12.9%
自由现金流更多
VNET
多$487.0M
$-680.1M
两年增速更快
WD
近两年复合增速
17.4%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $340.0M |
| 净利润 | $-38.7M | $-13.9M |
| 毛利率 | 20.9% | — |
| 营业利润率 | 0.5% | -17.2% |
| 净利率 | -10.7% | -12.9% |
| 营收同比 | — | -0.4% |
| 净利润同比 | — | -131.0% |
| 每股收益（稀释后） | — | $-0.41 |
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VNETWD
| Q4 25 | — | $340.0M | ||
| Q3 25 | $362.7M | $337.7M | ||
| Q2 25 | — | $319.2M | ||
| Q1 25 | $309.5M | $237.4M | ||
| Q4 24 | — | $341.5M | ||
| Q3 24 | $302.2M | $292.3M | ||
| Q2 24 | $274.4M | $270.7M | ||
| Q1 24 | $262.9M | $228.1M |
净利润VNETWD
| Q4 25 | — | $-13.9M | ||
| Q3 25 | $-38.7M | $33.5M | ||
| Q2 25 | — | $34.0M | ||
| Q1 25 | $-2.4M | $2.8M | ||
| Q4 24 | — | $44.8M | ||
| Q3 24 | $-2.1M | $28.8M | ||
| Q2 24 | $-1.1M | $22.7M | ||
| Q1 24 | $-22.0M | $11.9M |
毛利率VNETWD
| 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VNETWD
| Q4 25 | — | -17.2% | ||
| Q3 25 | 0.5% | 13.6% | ||
| Q2 25 | — | 14.5% | ||
| Q1 25 | 0.1% | 2.2% | ||
| Q4 24 | — | 15.3% | ||
| Q3 24 | 24.5% | 12.8% | ||
| Q2 24 | 0.2% | 10.4% | ||
| Q1 24 | 0.2% | 6.0% |
净利率VNETWD
| Q4 25 | — | -12.9% | ||
| Q3 25 | -10.7% | 9.9% | ||
| Q2 25 | — | 10.6% | ||
| Q1 25 | -0.8% | 1.2% | ||
| Q4 24 | — | 13.1% | ||
| Q3 24 | -0.7% | 9.9% | ||
| Q2 24 | -0.4% | 8.4% | ||
| Q1 24 | -8.4% | 5.2% |
每股收益（稀释后）VNETWD
| Q4 25 | — | $-0.41 | ||
| Q3 25 | — | $0.98 | ||
| Q2 25 | — | $0.99 | ||
| Q1 25 | — | $0.08 | ||
| Q4 24 | — | $1.32 | ||
| Q3 24 | — | $0.85 | ||
| Q2 24 | — | $0.67 | ||
| Q1 24 | — | $0.35 |
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 | $299.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $890.8M | $1.7B |
| 总资产 | $6.1B | $5.1B |
| 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VNETWD
| Q4 25 | — | $299.3M | ||
| Q3 25 | $492.1M | $274.8M | ||
| Q2 25 | — | $233.7M | ||
| Q1 25 | $544.3M | $181.0M | ||
| Q4 24 | — | $279.3M | ||
| Q3 24 | $219.5M | $179.8M | ||
| Q2 24 | $247.2M | $208.1M | ||
| Q1 24 | $246.9M | $216.5M |
总债务VNETWD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益VNETWD
| Q4 25 | — | $1.7B | ||
| Q3 25 | $890.8M | $1.8B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | $927.8M | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $902.9M | $1.7B | ||
| Q2 24 | $900.6M | $1.7B | ||
| Q1 24 | $895.1M | $1.7B |
总资产VNETWD
| Q4 25 | — | $5.1B | ||
| Q3 25 | $6.1B | $5.8B | ||
| Q2 25 | — | $4.7B | ||
| Q1 25 | $5.4B | $4.5B | ||
| Q4 24 | — | $4.4B | ||
| Q3 24 | $4.3B | $4.6B | ||
| Q2 24 | $4.0B | $4.2B | ||
| Q1 24 | $3.9B | $3.8B |
负债/权益比VNETWD
| 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 | $-664.3M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $-680.1M |
| 自由现金流率自由现金流/营收 | -53.2% | -200.0% |
| 资本支出强度资本支出/营收 | 84.6% | 4.6% |
| 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 | $-2.2B |
8季度趋势，按日历期对齐
经营现金流VNETWD
| Q4 25 | — | $-664.3M | ||
| Q3 25 | $113.8M | $-948.1M | ||
| Q2 25 | — | $-238.5M | ||
| Q1 25 | $27.0M | $-281.1M | ||
| Q4 24 | — | $129.4M | ||
| Q3 24 | $108.3M | $-202.0M | ||
| Q2 24 | $55.8M | $-237.8M | ||
| Q1 24 | $37.1M | $38.4M |
自由现金流VNETWD
| Q4 25 | — | $-680.1M | ||
| Q3 25 | $-193.1M | $-950.4M | ||
| Q2 25 | — | $-241.0M | ||
| Q1 25 | $-220.0M | $-284.7M | ||
| Q4 24 | — | $116.4M | ||
| Q3 24 | $-95.0M | $-204.0M | ||
| Q2 24 | $-81.6M | $-241.7M | ||
| Q1 24 | $-102.2M | $35.2M |
自由现金流率VNETWD
| Q4 25 | — | -200.0% | ||
| Q3 25 | -53.2% | -281.5% | ||
| Q2 25 | — | -75.5% | ||
| Q1 25 | -71.1% | -120.0% | ||
| Q4 24 | — | 34.1% | ||
| Q3 24 | -31.4% | -69.8% | ||
| Q2 24 | -29.8% | -89.3% | ||
| Q1 24 | -38.9% | 15.4% |
资本支出强度VNETWD
| Q4 25 | — | 4.6% | ||
| Q3 25 | 84.6% | 0.7% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | 79.8% | 1.5% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | 67.3% | 0.7% | ||
| Q2 24 | 50.1% | 1.4% | ||
| Q1 24 | 53.0% | 1.4% |
现金转化率VNETWD
| Q4 25 | — | — | ||
| Q3 25 | — | -28.34× | ||
| Q2 25 | — | -7.02× | ||
| Q1 25 | — | -102.07× | ||
| Q4 24 | — | 2.89× | ||
| Q3 24 | — | -7.01× | ||
| Q2 24 | — | -10.49× | ||
| Q1 24 | — | 3.24× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
