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世纪互联（VNET）与WillScot Holdings Corp（WSC）财务数据对比。点击上方公司名可切换其他公司
WillScot Holdings Corp的季度营收约是世纪互联的1.6倍（$566.0M vs $362.7M），世纪互联净利率更高（-10.7% vs -33.1%，领先22.4%），WillScot Holdings Corp自由现金流更多（$149.7M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -1.8%）
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。
WillScot Holdings Corp是北美领先的模块化空间及便携式存储服务供应商，服务覆盖建筑、商业开发、教育、医疗、政府项目、特殊活动等多个领域，为客户提供灵活可扩展的临时及半永久空间解决方案。
VNET vs WSC — 直观对比
营收规模更大
WSC
是对方的1.6倍
$362.7M
净利率更高
VNET
高出22.4%
-33.1%
自由现金流更多
WSC
多$342.8M
$-193.1M
两年增速更快
VNET
近两年复合增速
-1.8%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $566.0M |
| 净利润 | $-38.7M | $-187.3M |
| 毛利率 | 20.9% | 50.4% |
| 营业利润率 | 0.5% | -32.5% |
| 净利率 | -10.7% | -33.1% |
| 营收同比 | — | -6.1% |
| 净利润同比 | — | -310.0% |
| 每股收益（稀释后） | — | $-1.02 |
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VNETWSC
| Q4 25 | — | $566.0M | ||
| Q3 25 | $362.7M | $566.8M | ||
| Q2 25 | — | $589.1M | ||
| Q1 25 | $309.5M | $559.6M | ||
| Q4 24 | — | $602.5M | ||
| Q3 24 | $302.2M | $601.4M | ||
| Q2 24 | $274.4M | $604.6M | ||
| Q1 24 | $262.9M | $587.2M |
净利润VNETWSC
| Q4 25 | — | $-187.3M | ||
| Q3 25 | $-38.7M | $43.3M | ||
| Q2 25 | — | $47.9M | ||
| Q1 25 | $-2.4M | $43.1M | ||
| Q4 24 | — | $89.2M | ||
| Q3 24 | $-2.1M | $-70.5M | ||
| Q2 24 | $-1.1M | $-46.9M | ||
| Q1 24 | $-22.0M | $56.2M |
毛利率VNETWSC
| Q4 25 | — | 50.4% | ||
| Q3 25 | 20.9% | 49.7% | ||
| Q2 25 | — | 50.3% | ||
| Q1 25 | 25.2% | 53.7% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | 23.2% | 53.5% | ||
| Q2 24 | 21.3% | 54.1% | ||
| Q1 24 | 21.6% | 54.0% |
营业利润率VNETWSC
| Q4 25 | — | -32.5% | ||
| Q3 25 | 0.5% | 21.0% | ||
| Q2 25 | — | 21.5% | ||
| Q1 25 | 0.1% | 21.3% | ||
| Q4 24 | — | 28.9% | ||
| Q3 24 | 24.5% | -5.9% | ||
| Q2 24 | 0.2% | -0.9% | ||
| Q1 24 | 0.2% | 22.1% |
净利率VNETWSC
| Q4 25 | — | -33.1% | ||
| Q3 25 | -10.7% | 7.6% | ||
| Q2 25 | — | 8.1% | ||
| Q1 25 | -0.8% | 7.7% | ||
| Q4 24 | — | 14.8% | ||
| Q3 24 | -0.7% | -11.7% | ||
| Q2 24 | -0.4% | -7.7% | ||
| Q1 24 | -8.4% | 9.6% |
每股收益（稀释后）VNETWSC
| Q4 25 | — | $-1.02 | ||
| Q3 25 | — | $0.24 | ||
| Q2 25 | — | $0.26 | ||
| Q1 25 | — | $0.23 | ||
| Q4 24 | — | $0.48 | ||
| Q3 24 | — | $-0.37 | ||
| Q2 24 | — | $-0.25 | ||
| Q1 24 | — | $0.29 |
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 | $14.6M |
| 总债务越低越好 | — | $3.6B |
| 股东权益账面价值 | $890.8M | $856.3M |
| 总资产 | $6.1B | $5.8B |
| 负债/权益比越低杠杆越低 | — | 4.15× |
8季度趋势，按日历期对齐
现金及短期投资VNETWSC
| Q4 25 | — | $14.6M | ||
| Q3 25 | $492.1M | $14.8M | ||
| Q2 25 | — | $12.8M | ||
| Q1 25 | $544.3M | $10.7M | ||
| Q4 24 | — | $9.0M | ||
| Q3 24 | $219.5M | $11.0M | ||
| Q2 24 | $247.2M | $5.9M | ||
| Q1 24 | $246.9M | $13.1M |
总债务VNETWSC
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.6B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | $1.2B | $3.6B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | — | $3.5B |
股东权益VNETWSC
| Q4 25 | — | $856.3M | ||
| Q3 25 | $890.8M | $1.1B | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | $927.8M | $1.0B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | $902.9M | $1.1B | ||
| Q2 24 | $900.6M | $1.2B | ||
| Q1 24 | $895.1M | $1.3B |
总资产VNETWSC
| Q4 25 | — | $5.8B | ||
| Q3 25 | $6.1B | $6.1B | ||
| Q2 25 | — | $6.1B | ||
| Q1 25 | $5.4B | $6.0B | ||
| Q4 24 | — | $6.0B | ||
| Q3 24 | $4.3B | $6.0B | ||
| Q2 24 | $4.0B | $6.0B | ||
| Q1 24 | $3.9B | $6.2B |
负债/权益比VNETWSC
| Q4 25 | — | 4.15× | ||
| Q3 25 | — | 3.39× | ||
| Q2 25 | — | 3.55× | ||
| Q1 25 | — | 3.56× | ||
| Q4 24 | — | 3.62× | ||
| Q3 24 | 1.28× | 3.42× | ||
| Q2 24 | — | 2.88× | ||
| Q1 24 | — | 2.63× |
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 | $158.9M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $149.7M |
| 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% | 1.6% |
| 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 | $737.7M |
8季度趋势，按日历期对齐
经营现金流VNETWSC
| Q4 25 | — | $158.9M | ||
| Q3 25 | $113.8M | $191.2M | ||
| Q2 25 | — | $205.3M | ||
| Q1 25 | $27.0M | $206.6M | ||
| Q4 24 | — | $178.9M | ||
| Q3 24 | $108.3M | $-1.6M | ||
| Q2 24 | $55.8M | $175.6M | ||
| Q1 24 | $37.1M | $208.7M |
自由现金流VNETWSC
| Q4 25 | — | $149.7M | ||
| Q3 25 | $-193.1M | $186.9M | ||
| Q2 25 | — | $199.0M | ||
| Q1 25 | $-220.0M | $202.0M | ||
| Q4 24 | — | $176.6M | ||
| Q3 24 | $-95.0M | $-4.9M | ||
| Q2 24 | $-81.6M | $169.4M | ||
| Q1 24 | $-102.2M | $202.1M |
自由现金流率VNETWSC
| Q4 25 | — | 26.5% | ||
| Q3 25 | -53.2% | 33.0% | ||
| Q2 25 | — | 33.8% | ||
| Q1 25 | -71.1% | 36.1% | ||
| Q4 24 | — | 29.3% | ||
| Q3 24 | -31.4% | -0.8% | ||
| Q2 24 | -29.8% | 28.0% | ||
| Q1 24 | -38.9% | 34.4% |
资本支出强度VNETWSC
| Q4 25 | — | 1.6% | ||
| Q3 25 | 84.6% | 0.7% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | 79.8% | 0.8% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | 67.3% | 0.6% | ||
| Q2 24 | 50.1% | 1.0% | ||
| Q1 24 | 53.0% | 1.1% |
现金转化率VNETWSC
| Q4 25 | — | — | ||
| Q3 25 | — | 4.41× | ||
| Q2 25 | — | 4.28× | ||
| Q1 25 | — | 4.80× | ||
| Q4 24 | — | 2.01× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 3.71× |
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
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
