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世纪互联（VNET）与Essential Utilities, Inc.（WTRG）财务数据对比。点击上方公司名可切换其他公司
Essential Utilities, Inc.的季度营收约是世纪互联的1.9倍（$699.1M vs $362.7M），Essential Utilities, Inc.净利率更高（19.0% vs -10.7%，领先29.6%），过去两年世纪互联的营收复合增速更高（17.4% vs 6.9%）
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。
Essential Utilities是美国公共事业企业，业务覆盖伊利诺伊、印第安纳、肯塔基、新泽西、北卡罗来纳、俄亥俄、宾夕法尼亚、得克萨斯、弗吉尼亚共九个州，主营饮用水供应、污水处理基础设施运营及天然气供应服务，作为上市公司（股票代码WTRG），是Aqua America和Peoples Natural Gas的母公司，两家子公司仍保留原有品牌独立运营。
VNET vs WTRG — 直观对比
营收规模更大
WTRG
是对方的1.9倍
$362.7M
净利率更高
WTRG
高出29.6%
-10.7%
两年增速更快
VNET
近两年复合增速
6.9%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $699.1M |
| 净利润 | $-38.7M | $132.7M |
| 毛利率 | 20.9% | — |
| 营业利润率 | 0.5% | 32.5% |
| 净利率 | -10.7% | 19.0% |
| 营收同比 | — | 15.7% |
| 净利润同比 | — | -28.2% |
| 每股收益（稀释后） | — | $0.46 |
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VNETWTRG
| Q4 25 | — | $699.1M | ||
| Q3 25 | $362.7M | $477.0M | ||
| Q2 25 | — | $514.9M | ||
| Q1 25 | $309.5M | $783.6M | ||
| Q4 24 | — | $604.4M | ||
| Q3 24 | $302.2M | $435.3M | ||
| Q2 24 | $274.4M | $434.4M | ||
| Q1 24 | $262.9M | $612.1M |
净利润VNETWTRG
| Q4 25 | — | $132.7M | ||
| Q3 25 | $-38.7M | $92.1M | ||
| Q2 25 | — | $107.8M | ||
| Q1 25 | $-2.4M | $283.8M | ||
| Q4 24 | — | $184.8M | ||
| Q3 24 | $-2.1M | $69.4M | ||
| Q2 24 | $-1.1M | $75.4M | ||
| Q1 24 | $-22.0M | $265.8M |
毛利率VNETWTRG
| 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VNETWTRG
| Q4 25 | — | 32.5% | ||
| Q3 25 | 0.5% | 35.6% | ||
| Q2 25 | — | 36.0% | ||
| Q1 25 | 0.1% | 43.2% | ||
| Q4 24 | — | 37.5% | ||
| Q3 24 | 24.5% | 35.6% | ||
| Q2 24 | 0.2% | 33.4% | ||
| Q1 24 | 0.2% | 37.7% |
净利率VNETWTRG
| Q4 25 | — | 19.0% | ||
| Q3 25 | -10.7% | 19.3% | ||
| Q2 25 | — | 20.9% | ||
| Q1 25 | -0.8% | 36.2% | ||
| Q4 24 | — | 30.6% | ||
| Q3 24 | -0.7% | 15.9% | ||
| Q2 24 | -0.4% | 17.4% | ||
| Q1 24 | -8.4% | 43.4% |
每股收益（稀释后）VNETWTRG
| Q4 25 | — | $0.46 | ||
| Q3 25 | — | $0.33 | ||
| Q2 25 | — | $0.38 | ||
| Q1 25 | — | $1.03 | ||
| Q4 24 | — | $0.67 | ||
| Q3 24 | — | $0.25 | ||
| Q2 24 | — | $0.28 | ||
| Q1 24 | — | $0.97 |
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 | $34.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $890.8M | $6.9B |
| 总资产 | $6.1B | $19.5B |
| 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VNETWTRG
| Q4 25 | — | $34.8M | ||
| Q3 25 | $492.1M | $6.4M | ||
| Q2 25 | — | $25.1M | ||
| Q1 25 | $544.3M | $20.8M | ||
| Q4 24 | — | $9.2M | ||
| Q3 24 | $219.5M | $8.4M | ||
| Q2 24 | $247.2M | $18.8M | ||
| Q1 24 | $246.9M | $35.2M |
总债务VNETWTRG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益VNETWTRG
| Q4 25 | — | $6.9B | ||
| Q3 25 | $890.8M | $6.8B | ||
| Q2 25 | — | $6.7B | ||
| Q1 25 | $927.8M | $6.5B | ||
| Q4 24 | — | $6.2B | ||
| Q3 24 | $902.9M | $6.2B | ||
| Q2 24 | $900.6M | $6.2B | ||
| Q1 24 | $895.1M | $6.1B |
总资产VNETWTRG
| Q4 25 | — | $19.5B | ||
| Q3 25 | $6.1B | $18.9B | ||
| Q2 25 | — | $18.6B | ||
| Q1 25 | $5.4B | $18.3B | ||
| Q4 24 | — | $18.0B | ||
| Q3 24 | $4.3B | $17.6B | ||
| Q2 24 | $4.0B | $17.3B | ||
| Q1 24 | $3.9B | $17.1B |
负债/权益比VNETWTRG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $206.1M |
| 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 | — | 1.55× |
| 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VNETWTRG
| Q4 25 | — | $206.1M | ||
| Q3 25 | $113.8M | $232.5M | ||
| Q2 25 | — | $272.3M | ||
| Q1 25 | $27.0M | $299.5M | ||
| Q4 24 | — | $147.8M | ||
| Q3 24 | $108.3M | $196.1M | ||
| Q2 24 | $55.8M | $185.7M | ||
| Q1 24 | $37.1M | $240.7M |
自由现金流VNETWTRG
| 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VNETWTRG
| 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VNETWTRG
| 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VNETWTRG
| Q4 25 | — | 1.55× | ||
| Q3 25 | — | 2.53× | ||
| Q2 25 | — | 2.53× | ||
| Q1 25 | — | 1.06× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | 2.83× | ||
| Q2 24 | — | 2.46× | ||
| Q1 24 | — | 0.91× |
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
WTRG
| Natural Gas | $371.7M | 53% |
| Water | $269.4M | 39% |
| Wastewater | $57.2M | 8% |
| Other | $2.7M | 0% |
