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世纪互联（VNET）与WABASH NATIONAL Corp（WNC）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WABASH NATIONAL Corp的1.1倍（$362.7M vs $321.5M），世纪互联净利率更高（-10.7% vs -15.5%，领先4.9%），WABASH NATIONAL Corp自由现金流更多（$-61.9M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -21.0%）
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。
沃巴什国家公司是美国多元化工业制造企业，也是北美最大的半挂车与卡车车身生产商之一。公司主营干货厢式半挂车、冷藏厢式半挂车、平板半挂车、液罐半挂车、卡车车身及复合材料产品的设计与生产，自2022年起产品主要以沃巴什品牌进行销售。
VNET vs WNC — 直观对比
营收规模更大
VNET
是对方的1.1倍
$321.5M
净利率更高
VNET
高出4.9%
-15.5%
自由现金流更多
WNC
多$131.1M
$-193.1M
两年增速更快
VNET
近两年复合增速
-21.0%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $321.5M |
| 净利润 | $-38.7M | $-49.9M |
| 毛利率 | 20.9% | -1.9% |
| 营业利润率 | 0.5% | -18.6% |
| 净利率 | -10.7% | -15.5% |
| 营收同比 | — | -22.9% |
| 净利润同比 | — | -4742.5% |
| 每股收益（稀释后） | — | $-1.03 |
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VNETWNC
| Q4 25 | — | $321.5M | ||
| Q3 25 | $362.7M | $381.6M | ||
| Q2 25 | — | $458.8M | ||
| Q1 25 | $309.5M | $380.9M | ||
| Q4 24 | — | $416.8M | ||
| Q3 24 | $302.2M | $464.0M | ||
| Q2 24 | $274.4M | $550.6M | ||
| Q1 24 | $262.9M | $515.3M |
净利润VNETWNC
| Q4 25 | — | $-49.9M | ||
| Q3 25 | $-38.7M | $40.0M | ||
| Q2 25 | — | $-9.6M | ||
| Q1 25 | $-2.4M | $230.9M | ||
| Q4 24 | — | $-1.0M | ||
| Q3 24 | $-2.1M | $-330.2M | ||
| Q2 24 | $-1.1M | $29.0M | ||
| Q1 24 | $-22.0M | $18.2M |
毛利率VNETWNC
| Q4 25 | — | -1.9% | ||
| Q3 25 | 20.9% | 4.1% | ||
| Q2 25 | — | 9.0% | ||
| Q1 25 | 25.2% | 5.0% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | 23.2% | 12.1% | ||
| Q2 24 | 21.3% | 16.3% | ||
| Q1 24 | 21.6% | 14.8% |
营业利润率VNETWNC
| Q4 25 | — | -18.6% | ||
| Q3 25 | 0.5% | 15.1% | ||
| Q2 25 | — | -1.0% | ||
| Q1 25 | 0.1% | 82.6% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | 24.5% | -93.3% | ||
| Q2 24 | 0.2% | 7.9% | ||
| Q1 24 | 0.2% | 5.7% |
净利率VNETWNC
| Q4 25 | — | -15.5% | ||
| Q3 25 | -10.7% | 10.5% | ||
| Q2 25 | — | -2.1% | ||
| Q1 25 | -0.8% | 60.6% | ||
| Q4 24 | — | -0.2% | ||
| Q3 24 | -0.7% | -71.2% | ||
| Q2 24 | -0.4% | 5.3% | ||
| Q1 24 | -8.4% | 3.5% |
每股收益（稀释后）VNETWNC
| Q4 25 | — | $-1.03 | ||
| Q3 25 | — | $0.97 | ||
| Q2 25 | — | $-0.23 | ||
| Q1 25 | — | $5.36 | ||
| Q4 24 | — | $0.10 | ||
| Q3 24 | — | $-7.53 | ||
| Q2 24 | — | $0.64 | ||
| Q1 24 | — | $0.39 |
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 | $31.9M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $890.8M | $367.4M |
| 总资产 | $6.1B | $1.2B |
| 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VNETWNC
| Q4 25 | — | $31.9M | ||
| Q3 25 | $492.1M | $91.7M | ||
| Q2 25 | — | $57.4M | ||
| Q1 25 | $544.3M | $81.0M | ||
| Q4 24 | — | $115.5M | ||
| Q3 24 | $219.5M | $81.8M | ||
| Q2 24 | $247.2M | $77.3M | ||
| Q1 24 | $246.9M | $115.8M |
总债务VNETWNC
| Q4 25 | — | — | ||
| Q3 25 | — | $425.0M | ||
| Q2 25 | — | $440.0M | ||
| Q1 25 | — | $420.0M | ||
| Q4 24 | — | $400.0M | ||
| Q3 24 | $1.2B | $400.0M | ||
| Q2 24 | — | $400.0M | ||
| Q1 24 | — | $400.0M |
股东权益VNETWNC
| Q4 25 | — | $367.4M | ||
| Q3 25 | $890.8M | $418.7M | ||
| Q2 25 | — | $385.2M | ||
| Q1 25 | $927.8M | $403.8M | ||
| Q4 24 | — | $188.8M | ||
| Q3 24 | $902.9M | $200.5M | ||
| Q2 24 | $900.6M | $550.4M | ||
| Q1 24 | $895.1M | $546.1M |
总资产VNETWNC
| Q4 25 | — | $1.2B | ||
| Q3 25 | $6.1B | $1.3B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | $5.4B | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $4.3B | $1.5B | ||
| Q2 24 | $4.0B | $1.3B | ||
| Q1 24 | $3.9B | $1.4B |
负债/权益比VNETWNC
| Q4 25 | — | — | ||
| Q3 25 | — | 1.01× | ||
| Q2 25 | — | 1.14× | ||
| Q1 25 | — | 1.04× | ||
| Q4 24 | — | 2.12× | ||
| Q3 24 | 1.28× | 1.99× | ||
| Q2 24 | — | 0.73× | ||
| Q1 24 | — | 0.73× |
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 | $-57.4M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $-61.9M |
| 自由现金流率自由现金流/营收 | -53.2% | -19.3% |
| 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 | $-13.0M |
8季度趋势，按日历期对齐
经营现金流VNETWNC
| Q4 25 | — | $-57.4M | ||
| Q3 25 | $113.8M | $85.2M | ||
| Q2 25 | — | $-15.8M | ||
| Q1 25 | $27.0M | $-272.0K | ||
| Q4 24 | — | $80.9M | ||
| Q3 24 | $108.3M | $42.8M | ||
| Q2 24 | $55.8M | $11.0M | ||
| Q1 24 | $37.1M | $-17.4M |
自由现金流VNETWNC
| Q4 25 | — | $-61.9M | ||
| Q3 25 | $-193.1M | $79.9M | ||
| Q2 25 | — | $-22.1M | ||
| Q1 25 | $-220.0M | $-9.0M | ||
| Q4 24 | — | $59.5M | ||
| Q3 24 | $-95.0M | $28.2M | ||
| Q2 24 | $-81.6M | $-6.1M | ||
| Q1 24 | $-102.2M | $-36.6M |
自由现金流率VNETWNC
| Q4 25 | — | -19.3% | ||
| Q3 25 | -53.2% | 20.9% | ||
| Q2 25 | — | -4.8% | ||
| Q1 25 | -71.1% | -2.4% | ||
| Q4 24 | — | 14.3% | ||
| Q3 24 | -31.4% | 6.1% | ||
| Q2 24 | -29.8% | -1.1% | ||
| Q1 24 | -38.9% | -7.1% |
资本支出强度VNETWNC
| Q4 25 | — | 1.4% | ||
| Q3 25 | 84.6% | 1.4% | ||
| Q2 25 | — | 1.4% | ||
| Q1 25 | 79.8% | 2.3% | ||
| Q4 24 | — | 5.1% | ||
| Q3 24 | 67.3% | 3.1% | ||
| Q2 24 | 50.1% | 3.1% | ||
| Q1 24 | 53.0% | 3.7% |
现金转化率VNETWNC
| Q4 25 | — | — | ||
| Q3 25 | — | 2.13× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -0.00× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.38× | ||
| Q1 24 | — | -0.96× |
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
WNC
| New Trailers | $222.7M | 69% |
| Parts Service Segment | $64.1M | 20% |
| Components Partsand Services | $30.5M | 9% |
