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世纪互联（VNET）与ADVANCED DRAINAGE SYSTEMS, INC.（WMS）财务数据对比。点击上方公司名可切换其他公司
ADVANCED DRAINAGE SYSTEMS, INC.的季度营收约是世纪互联的1.9倍（$693.4M vs $362.7M），ADVANCED DRAINAGE SYSTEMS, INC.净利率更高（13.5% vs -10.7%，领先24.2%），ADVANCED DRAINAGE SYSTEMS, INC.自由现金流更多（$183.6M 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。
Advanced Drainage Systems（简称ADS）是一家美国企业，主营聚丙烯、聚乙烯管材，塑料渗滤场系统、化粪池及配套配件、雨水调蓄设施、PVC排水构件、管件、水过滤与分离设备的设计、生产及销售，是美国规模最大的高密度聚乙烯管道生产商，总部位于俄亥俄州希利厄德。
VNET vs WMS — 直观对比
营收规模更大
WMS
是对方的1.9倍
$362.7M
净利率更高
WMS
高出24.2%
-10.7%
自由现金流更多
WMS
多$376.7M
$-193.1M
两年增速更快
VNET
近两年复合增速
3.0%
损益表 — Q3 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $693.4M |
| 净利润 | $-38.7M | $93.6M |
| 毛利率 | 20.9% | 37.4% |
| 营业利润率 | 0.5% | 19.7% |
| 净利率 | -10.7% | 13.5% |
| 营收同比 | — | 0.4% |
| 净利润同比 | — | 15.3% |
| 每股收益（稀释后） | — | $1.19 |
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VNETWMS
| Q4 25 | — | $693.4M | ||
| Q3 25 | $362.7M | $850.4M | ||
| Q2 25 | — | $829.9M | ||
| Q1 25 | $309.5M | $615.8M | ||
| Q4 24 | — | $690.5M | ||
| Q3 24 | $302.2M | $782.6M | ||
| Q2 24 | $274.4M | $815.3M | ||
| Q1 24 | $262.9M | $653.8M |
净利润VNETWMS
| Q4 25 | — | $93.6M | ||
| Q3 25 | $-38.7M | $156.0M | ||
| Q2 25 | — | $143.9M | ||
| Q1 25 | $-2.4M | $77.2M | ||
| Q4 24 | — | $81.2M | ||
| Q3 24 | $-2.1M | $130.4M | ||
| Q2 24 | $-1.1M | $161.4M | ||
| Q1 24 | $-22.0M | $94.8M |
毛利率VNETWMS
| Q4 25 | — | 37.4% | ||
| Q3 25 | 20.9% | 40.0% | ||
| Q2 25 | — | 39.8% | ||
| Q1 25 | 25.2% | 36.7% | ||
| Q4 24 | — | 35.0% | ||
| Q3 24 | 23.2% | 37.6% | ||
| Q2 24 | 21.3% | 40.8% | ||
| Q1 24 | 21.6% | 38.5% |
营业利润率VNETWMS
| Q4 25 | — | 19.7% | ||
| Q3 25 | 0.5% | 26.3% | ||
| Q2 25 | — | 24.8% | ||
| Q1 25 | 0.1% | 19.0% | ||
| Q4 24 | — | 18.4% | ||
| Q3 24 | 24.5% | 23.9% | ||
| Q2 24 | 0.2% | 27.7% | ||
| Q1 24 | 0.2% | 20.7% |
净利率VNETWMS
| Q4 25 | — | 13.5% | ||
| Q3 25 | -10.7% | 18.3% | ||
| Q2 25 | — | 17.3% | ||
| Q1 25 | -0.8% | 12.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | -0.7% | 16.7% | ||
| Q2 24 | -0.4% | 19.8% | ||
| Q1 24 | -8.4% | 14.5% |
每股收益（稀释后）VNETWMS
| Q4 25 | — | $1.19 | ||
| Q3 25 | — | $1.99 | ||
| Q2 25 | — | $1.84 | ||
| Q1 25 | — | $0.99 | ||
| Q4 24 | — | $1.04 | ||
| Q3 24 | — | $1.67 | ||
| Q2 24 | — | $2.06 | ||
| Q1 24 | — | $1.22 |
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 | $1.0B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $890.8M | $1.9B |
| 总资产 | $6.1B | $4.1B |
| 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VNETWMS
| Q4 25 | — | $1.0B | ||
| Q3 25 | $492.1M | $812.9M | ||
| Q2 25 | — | $638.3M | ||
| Q1 25 | $544.3M | $463.3M | ||
| Q4 24 | — | $488.9M | ||
| Q3 24 | $219.5M | $613.0M | ||
| Q2 24 | $247.2M | $541.6M | ||
| Q1 24 | $246.9M | $490.2M |
总债务VNETWMS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.3B |
股东权益VNETWMS
| Q4 25 | — | $1.9B | ||
| Q3 25 | $890.8M | $1.8B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | $927.8M | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | $902.9M | $1.4B | ||
| Q2 24 | $900.6M | $1.3B | ||
| Q1 24 | $895.1M | $1.2B |
总资产VNETWMS
| Q4 25 | — | $4.1B | ||
| Q3 25 | $6.1B | $4.1B | ||
| Q2 25 | — | $3.9B | ||
| Q1 25 | $5.4B | $3.7B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | $4.3B | $3.5B | ||
| Q2 24 | $4.0B | $3.4B | ||
| Q1 24 | $3.9B | $3.3B |
负债/权益比VNETWMS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.83× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 1.11× |
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 | $269.3M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $183.6M |
| 自由现金流率自由现金流/营收 | -53.2% | 26.5% |
| 资本支出强度资本支出/营收 | 84.6% | 12.4% |
| 现金转化率经营现金流/净利润 | — | 2.88× |
| 过去12个月自由现金流最近4个季度 | $-589.7M | $577.1M |
8季度趋势，按日历期对齐
经营现金流VNETWMS
| Q4 25 | — | $269.3M | ||
| Q3 25 | $113.8M | $234.9M | ||
| Q2 25 | — | $275.0M | ||
| Q1 25 | $27.0M | $41.2M | ||
| Q4 24 | — | $189.9M | ||
| Q3 24 | $108.3M | $166.9M | ||
| Q2 24 | $55.8M | $183.4M | ||
| Q1 24 | $37.1M | $17.7M |
自由现金流VNETWMS
| Q4 25 | — | $183.6M | ||
| Q3 25 | $-193.1M | $176.4M | ||
| Q2 25 | — | $222.4M | ||
| Q1 25 | $-220.0M | $-5.3M | ||
| Q4 24 | — | $135.7M | ||
| Q3 24 | $-95.0M | $112.4M | ||
| Q2 24 | $-81.6M | $125.7M | ||
| Q1 24 | $-102.2M | $-29.8M |
自由现金流率VNETWMS
| Q4 25 | — | 26.5% | ||
| Q3 25 | -53.2% | 20.7% | ||
| Q2 25 | — | 26.8% | ||
| Q1 25 | -71.1% | -0.9% | ||
| Q4 24 | — | 19.7% | ||
| Q3 24 | -31.4% | 14.4% | ||
| Q2 24 | -29.8% | 15.4% | ||
| Q1 24 | -38.9% | -4.6% |
资本支出强度VNETWMS
| Q4 25 | — | 12.4% | ||
| Q3 25 | 84.6% | 6.9% | ||
| Q2 25 | — | 6.3% | ||
| Q1 25 | 79.8% | 7.6% | ||
| Q4 24 | — | 7.9% | ||
| Q3 24 | 67.3% | 7.0% | ||
| Q2 24 | 50.1% | 7.1% | ||
| Q1 24 | 53.0% | 7.3% |
现金转化率VNETWMS
| Q4 25 | — | 2.88× | ||
| Q3 25 | — | 1.51× | ||
| Q2 25 | — | 1.91× | ||
| Q1 25 | — | 0.53× | ||
| Q4 24 | — | 2.34× | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | — | 1.14× | ||
| Q1 24 | — | 0.19× |
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
WMS
| Reportable Segment Aggregation Before Other Operating Segment | $557.3M | 80% |
| Other | $85.5M | 12% |
| Pipe | $35.5M | 5% |
| Allied Products And Other | $15.0M | 2% |
