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世纪互联（VNET）与WINNEBAGO INDUSTRIES INC（WGO）财务数据对比。点击上方公司名可切换其他公司
WINNEBAGO INDUSTRIES INC的季度营收约是世纪互联的1.9倍（$702.7M vs $362.7M），WINNEBAGO INDUSTRIES INC净利率更高（0.8% vs -10.7%，领先11.4%），WINNEBAGO INDUSTRIES INC自由现金流更多（$19.8M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -4.5%）
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。
温尼贝戈工业是美国知名的房车制造商，主营 recreational vehicle（ recreational vehicle 即休闲旅居车）生产制造，2018年收购克里斯-克拉夫特公司后进军摩托艇制造领域，企业也曾产出中轻型多用途车等相关产品，公司名称源自其原总部所在地爱荷华州的温纳贝戈县。
VNET vs WGO — 直观对比
营收规模更大
WGO
是对方的1.9倍
$362.7M
净利率更高
WGO
高出11.4%
-10.7%
自由现金流更多
WGO
多$212.9M
$-193.1M
两年增速更快
VNET
近两年复合增速
-4.5%
损益表 — Q3 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $702.7M |
| 净利润 | $-38.7M | $5.5M |
| 毛利率 | 20.9% | 12.7% |
| 营业利润率 | 0.5% | 2.0% |
| 净利率 | -10.7% | 0.8% |
| 营收同比 | — | 12.3% |
| 净利润同比 | — | 205.8% |
| 每股收益（稀释后） | — | $0.19 |
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VNETWGO
| Q4 25 | — | $702.7M | ||
| Q3 25 | $362.7M | — | ||
| Q2 25 | — | $775.1M | ||
| Q1 25 | $309.5M | — | ||
| Q4 24 | — | $625.6M | ||
| Q3 24 | $302.2M | $720.9M | ||
| Q2 24 | $274.4M | $786.0M | ||
| Q1 24 | $262.9M | $703.6M |
净利润VNETWGO
| Q4 25 | — | $5.5M | ||
| Q3 25 | $-38.7M | — | ||
| Q2 25 | — | $17.6M | ||
| Q1 25 | $-2.4M | — | ||
| Q4 24 | — | $-5.2M | ||
| Q3 24 | $-2.1M | $-29.1M | ||
| Q2 24 | $-1.1M | $29.0M | ||
| Q1 24 | $-22.0M | $-12.7M |
毛利率VNETWGO
| Q4 25 | — | 12.7% | ||
| Q3 25 | 20.9% | — | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | 25.2% | — | ||
| Q4 24 | — | 12.3% | ||
| Q3 24 | 23.2% | 13.1% | ||
| Q2 24 | 21.3% | 15.0% | ||
| Q1 24 | 21.6% | 15.0% |
营业利润率VNETWGO
| Q4 25 | — | 2.0% | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | — | 3.9% | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | — | -0.1% | ||
| Q3 24 | 24.5% | -2.5% | ||
| Q2 24 | 0.2% | 5.5% | ||
| Q1 24 | 0.2% | 5.0% |
净利率VNETWGO
| Q4 25 | — | 0.8% | ||
| Q3 25 | -10.7% | — | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | -0.8% | — | ||
| Q4 24 | — | -0.8% | ||
| Q3 24 | -0.7% | -4.0% | ||
| Q2 24 | -0.4% | 3.7% | ||
| Q1 24 | -8.4% | -1.8% |
每股收益（稀释后）VNETWGO
| Q4 25 | — | $0.19 | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $0.62 | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $-0.18 | ||
| Q3 24 | — | $-0.87 | ||
| Q2 24 | — | $0.96 | ||
| Q1 24 | — | $-0.43 |
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 | $181.7M |
| 总债务越低越好 | — | $541.0M |
| 股东权益账面价值 | $890.8M | $1.2B |
| 总资产 | $6.1B | $2.1B |
| 负债/权益比越低杠杆越低 | — | 0.44× |
8季度趋势，按日历期对齐
现金及短期投资VNETWGO
| Q4 25 | — | $181.7M | ||
| Q3 25 | $492.1M | — | ||
| Q2 25 | — | $10.5M | ||
| Q1 25 | $544.3M | — | ||
| Q4 24 | — | $262.5M | ||
| Q3 24 | $219.5M | $330.9M | ||
| Q2 24 | $247.2M | $318.1M | ||
| Q1 24 | $246.9M | $265.7M |
总债务VNETWGO
| Q4 25 | — | $541.0M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $539.9M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $637.7M | ||
| Q3 24 | $1.2B | $637.1M | ||
| Q2 24 | — | $636.4M | ||
| Q1 24 | — | $694.8M |
股东权益VNETWGO
| Q4 25 | — | $1.2B | ||
| Q3 25 | $890.8M | — | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | $927.8M | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | $902.9M | $1.3B | ||
| Q2 24 | $900.6M | $1.3B | ||
| Q1 24 | $895.1M | $1.3B |
总资产VNETWGO
| Q4 25 | — | $2.1B | ||
| Q3 25 | $6.1B | — | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | $5.4B | — | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | $4.3B | $2.4B | ||
| Q2 24 | $4.0B | $2.4B | ||
| Q1 24 | $3.9B | $2.4B |
负债/权益比VNETWGO
| Q4 25 | — | 0.44× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.51× | ||
| Q3 24 | 1.28× | 0.50× | ||
| Q2 24 | — | 0.48× | ||
| Q1 24 | — | 0.52× |
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 | $25.4M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $19.8M |
| 自由现金流率自由现金流/营收 | -53.2% | 2.8% |
| 资本支出强度资本支出/营收 | 84.6% | 0.8% |
| 现金转化率经营现金流/净利润 | — | 4.62× |
| 过去12个月自由现金流最近4个季度 | $-589.7M | $-32.4M |
8季度趋势，按日历期对齐
经营现金流VNETWGO
| Q4 25 | — | $25.4M | ||
| Q3 25 | $113.8M | — | ||
| Q2 25 | — | $-35.8M | ||
| Q1 25 | $27.0M | — | ||
| Q4 24 | — | $-16.7M | ||
| Q3 24 | $108.3M | $40.7M | ||
| Q2 24 | $55.8M | $99.4M | ||
| Q1 24 | $37.1M | $25.2M |
自由现金流VNETWGO
| Q4 25 | — | $19.8M | ||
| Q3 25 | $-193.1M | — | ||
| Q2 25 | — | $-55.0M | ||
| Q1 25 | $-220.0M | — | ||
| Q4 24 | — | $-26.7M | ||
| Q3 24 | $-95.0M | $29.5M | ||
| Q2 24 | $-81.6M | $88.4M | ||
| Q1 24 | $-102.2M | $14.2M |
自由现金流率VNETWGO
| Q4 25 | — | 2.8% | ||
| Q3 25 | -53.2% | — | ||
| Q2 25 | — | -7.1% | ||
| Q1 25 | -71.1% | — | ||
| Q4 24 | — | -4.3% | ||
| Q3 24 | -31.4% | 4.1% | ||
| Q2 24 | -29.8% | 11.2% | ||
| Q1 24 | -38.9% | 2.0% |
资本支出强度VNETWGO
| Q4 25 | — | 0.8% | ||
| Q3 25 | 84.6% | — | ||
| Q2 25 | — | 2.5% | ||
| Q1 25 | 79.8% | — | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | 67.3% | 1.6% | ||
| Q2 24 | 50.1% | 1.4% | ||
| Q1 24 | 53.0% | 1.6% |
现金转化率VNETWGO
| Q4 25 | — | 4.62× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -2.03× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.43× | ||
| Q1 24 | — | — |
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
WGO
| Travel Trailer | $139.2M | 20% |
| Class C And Other | $131.0M | 19% |
| Fifth Wheel | $116.0M | 17% |
| Class A | $97.4M | 14% |
| Marine Segment | $79.2M | 11% |
| Class B | $76.3M | 11% |
| Other | $56.4M | 8% |
