vs
世纪互联（VNET）与W. P. Carey Inc.（WPC）财务数据对比。点击上方公司名可切换其他公司
W. P. Carey Inc.的季度营收约是世纪互联的1.2倍（$444.5M vs $362.7M），W. P. Carey Inc.净利率更高（33.4% vs -10.7%，领先44.0%），过去两年世纪互联的营收复合增速更高（17.4% vs 6.8%）
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。
W.P.凯里是一家房地产投资信托企业，主打投资以三净租赁模式租予单一租户的物业。公司注册地位于美国马里兰州，核心办公地点设在纽约市，深耕商业地产投资领域，拥有成熟的运营经验与优质的项目资源。
VNET vs WPC — 直观对比
营收规模更大
WPC
是对方的1.2倍
$362.7M
净利率更高
WPC
高出44.0%
-10.7%
两年增速更快
VNET
近两年复合增速
6.8%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $444.5M |
| 净利润 | $-38.7M | $148.3M |
| 毛利率 | 20.9% | — |
| 营业利润率 | 0.5% | 34.5% |
| 净利率 | -10.7% | 33.4% |
| 营收同比 | — | 9.4% |
| 净利润同比 | — | 215.4% |
| 每股收益（稀释后） | — | — |
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VNETWPC
| Q4 25 | — | $444.5M | ||
| Q3 25 | $362.7M | $431.3M | ||
| Q2 25 | — | $430.8M | ||
| Q1 25 | $309.5M | $409.9M | ||
| Q4 24 | — | $406.2M | ||
| Q3 24 | $302.2M | $397.4M | ||
| Q2 24 | $274.4M | $389.7M | ||
| Q1 24 | $262.9M | $389.8M |
净利润VNETWPC
| Q4 25 | — | $148.3M | ||
| Q3 25 | $-38.7M | $141.0M | ||
| Q2 25 | — | $51.2M | ||
| Q1 25 | $-2.4M | $125.8M | ||
| Q4 24 | — | $47.0M | ||
| Q3 24 | $-2.1M | $111.7M | ||
| Q2 24 | $-1.1M | $142.9M | ||
| Q1 24 | $-22.0M | $159.2M |
毛利率VNETWPC
| 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VNETWPC
| Q4 25 | — | 34.5% | ||
| Q3 25 | 0.5% | 34.7% | ||
| Q2 25 | — | 15.0% | ||
| Q1 25 | 0.1% | 33.5% | ||
| Q4 24 | — | 13.5% | ||
| Q3 24 | 24.5% | 30.4% | ||
| Q2 24 | 0.2% | 38.3% | ||
| Q1 24 | 0.2% | 43.0% |
净利率VNETWPC
| Q4 25 | — | 33.4% | ||
| Q3 25 | -10.7% | 32.7% | ||
| Q2 25 | — | 11.9% | ||
| Q1 25 | -0.8% | 30.7% | ||
| Q4 24 | — | 11.6% | ||
| Q3 24 | -0.7% | 28.1% | ||
| Q2 24 | -0.4% | 36.7% | ||
| Q1 24 | -8.4% | 40.8% |
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 | $155.3M |
| 总债务越低越好 | — | $8.7B |
| 股东权益账面价值 | $890.8M | $8.1B |
| 总资产 | $6.1B | $18.0B |
| 负债/权益比越低杠杆越低 | — | 1.07× |
8季度趋势，按日历期对齐
现金及短期投资VNETWPC
| Q4 25 | — | $155.3M | ||
| Q3 25 | $492.1M | $249.0M | ||
| Q2 25 | — | $244.8M | ||
| Q1 25 | $544.3M | $187.8M | ||
| Q4 24 | — | $640.4M | ||
| Q3 24 | $219.5M | $818.2M | ||
| Q2 24 | $247.2M | $1.1B | ||
| Q1 24 | $246.9M | $777.0M |
总债务VNETWPC
| Q4 25 | — | $8.7B | ||
| Q3 25 | — | $8.7B | ||
| Q2 25 | — | $8.6B | ||
| Q1 25 | — | $7.9B | ||
| Q4 24 | — | $8.0B | ||
| Q3 24 | $1.2B | $8.0B | ||
| Q2 24 | — | $8.1B | ||
| Q1 24 | — | $7.9B |
股东权益VNETWPC
| Q4 25 | — | $8.1B | ||
| Q3 25 | $890.8M | $8.2B | ||
| Q2 25 | — | $8.2B | ||
| Q1 25 | $927.8M | $8.4B | ||
| Q4 24 | — | $8.4B | ||
| Q3 24 | $902.9M | $8.6B | ||
| Q2 24 | $900.6M | $8.6B | ||
| Q1 24 | $895.1M | $8.7B |
总资产VNETWPC
| Q4 25 | — | $18.0B | ||
| Q3 25 | $6.1B | $18.0B | ||
| Q2 25 | — | $18.0B | ||
| Q1 25 | $5.4B | $17.3B | ||
| Q4 24 | — | $17.5B | ||
| Q3 24 | $4.3B | $17.6B | ||
| Q2 24 | $4.0B | $17.8B | ||
| Q1 24 | $3.9B | $17.6B |
负债/权益比VNETWPC
| Q4 25 | — | 1.07× | ||
| Q3 25 | — | 1.06× | ||
| Q2 25 | — | 1.05× | ||
| Q1 25 | — | 0.94× | ||
| Q4 24 | — | 0.95× | ||
| Q3 24 | 1.28× | 0.93× | ||
| Q2 24 | — | 0.94× | ||
| Q1 24 | — | 0.91× |
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 | $304.6M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | — |
| 自由现金流率自由现金流/营收 | -53.2% | — |
| 资本支出强度资本支出/营收 | 84.6% | — |
| 现金转化率经营现金流/净利润 | — | 2.05× |
| 过去12个月自由现金流最近4个季度 | $-589.7M | — |
8季度趋势，按日历期对齐
经营现金流VNETWPC
| Q4 25 | — | $304.6M | ||
| Q3 25 | $113.8M | $300.5M | ||
| Q2 25 | — | $404.0M | ||
| Q1 25 | $27.0M | $273.2M | ||
| Q4 24 | — | $296.3M | ||
| Q3 24 | $108.3M | $280.2M | ||
| Q2 24 | $55.8M | $221.0M | ||
| Q1 24 | $37.1M | $1.0B |
自由现金流VNETWPC
| Q4 25 | — | — | ||
| Q3 25 | $-193.1M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $-220.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-95.0M | — | ||
| Q2 24 | $-81.6M | — | ||
| Q1 24 | $-102.2M | — |
自由现金流率VNETWPC
| Q4 25 | — | — | ||
| Q3 25 | -53.2% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -71.1% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -31.4% | — | ||
| Q2 24 | -29.8% | — | ||
| Q1 24 | -38.9% | — |
资本支出强度VNETWPC
| Q4 25 | — | — | ||
| Q3 25 | 84.6% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 79.8% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 67.3% | — | ||
| Q2 24 | 50.1% | — | ||
| Q1 24 | 53.0% | — |
现金转化率VNETWPC
| Q4 25 | — | 2.05× | ||
| Q3 25 | — | 2.13× | ||
| Q2 25 | — | 7.89× | ||
| Q1 25 | — | 2.17× | ||
| Q4 24 | — | 6.30× | ||
| Q3 24 | — | 2.51× | ||
| Q2 24 | — | 1.55× | ||
| Q1 24 | — | 6.50× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
