vs
世纪互联（VNET）与Select Water Solutions, Inc.（WTTR）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Select Water Solutions, Inc.的1.0倍（$362.7M vs $346.5M），Select Water Solutions, Inc.净利率更高（-0.1% vs -10.7%，领先10.6%），Select Water Solutions, Inc.自由现金流更多（$-6.0M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% vs -2.8%）
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。
Select Water Solutions是一家专注于油气领域的水务及环保解决方案供应商，主要服务北美陆上油气开采市场，核心业务涵盖水资源获取、处理、回收、处置及化学品解决方案，可帮助客户降低运营成本、减少环境影响。
VNET vs WTTR — 直观对比
营收规模更大
VNET
是对方的1.0倍
$346.5M
净利率更高
WTTR
高出10.6%
-10.7%
自由现金流更多
WTTR
多$187.0M
$-193.1M
两年增速更快
VNET
近两年复合增速
-2.8%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $362.7M | $346.5M |
| 净利润 | $-38.7M | $-346.0K |
| 毛利率 | 20.9% | 13.1% |
| 营业利润率 | 0.5% | -0.1% |
| 净利率 | -10.7% | -0.1% |
| 营收同比 | — | -0.7% |
| 净利润同比 | — | 78.9% |
| 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VNETWTTR
| Q4 25 | — | $346.5M | ||
| Q3 25 | $362.7M | $322.2M | ||
| Q2 25 | — | $364.2M | ||
| Q1 25 | $309.5M | $374.4M | ||
| Q4 24 | — | $349.0M | ||
| Q3 24 | $302.2M | $371.3M | ||
| Q2 24 | $274.4M | $365.1M | ||
| Q1 24 | $262.9M | $366.5M |
净利润VNETWTTR
| Q4 25 | — | $-346.0K | ||
| Q3 25 | $-38.7M | $2.7M | ||
| Q2 25 | — | $10.6M | ||
| Q1 25 | $-2.4M | $8.2M | ||
| Q4 24 | — | $-1.6M | ||
| Q3 24 | $-2.1M | $15.8M | ||
| Q2 24 | $-1.1M | $12.9M | ||
| Q1 24 | $-22.0M | $3.6M |
毛利率VNETWTTR
| Q4 25 | — | 13.1% | ||
| Q3 25 | 20.9% | 13.5% | ||
| Q2 25 | — | 15.9% | ||
| Q1 25 | 25.2% | 14.9% | ||
| Q4 24 | — | 12.7% | ||
| Q3 24 | 23.2% | 16.8% | ||
| Q2 24 | 21.3% | 16.5% | ||
| Q1 24 | 21.6% | 14.4% |
营业利润率VNETWTTR
| Q4 25 | — | -0.1% | ||
| Q3 25 | 0.5% | -0.5% | ||
| Q2 25 | — | 4.2% | ||
| Q1 25 | 0.1% | 4.2% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | 24.5% | 6.6% | ||
| Q2 24 | 0.2% | 5.6% | ||
| Q1 24 | 0.2% | 1.9% |
净利率VNETWTTR
| Q4 25 | — | -0.1% | ||
| Q3 25 | -10.7% | 0.8% | ||
| Q2 25 | — | 2.9% | ||
| Q1 25 | -0.8% | 2.2% | ||
| Q4 24 | — | -0.5% | ||
| Q3 24 | -0.7% | 4.3% | ||
| Q2 24 | -0.4% | 3.5% | ||
| Q1 24 | -8.4% | 1.0% |
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 | $18.1M |
| 总债务越低越好 | — | $320.0M |
| 股东权益账面价值 | $890.8M | $805.6M |
| 总资产 | $6.1B | $1.6B |
| 负债/权益比越低杠杆越低 | — | 0.40× |
8季度趋势，按日历期对齐
现金及短期投资VNETWTTR
| Q4 25 | — | $18.1M | ||
| Q3 25 | $492.1M | $17.8M | ||
| Q2 25 | — | $51.2M | ||
| Q1 25 | $544.3M | $27.9M | ||
| Q4 24 | — | $20.0M | ||
| Q3 24 | $219.5M | $10.9M | ||
| Q2 24 | $247.2M | $16.4M | ||
| Q1 24 | $246.9M | $12.8M |
总债务VNETWTTR
| Q4 25 | — | $320.0M | ||
| Q3 25 | — | $305.0M | ||
| Q2 25 | — | $275.0M | ||
| Q1 25 | — | $250.0M | ||
| Q4 24 | — | $85.0M | ||
| Q3 24 | $1.2B | $80.0M | ||
| Q2 24 | — | $90.0M | ||
| Q1 24 | — | $75.0M |
股东权益VNETWTTR
| Q4 25 | — | $805.6M | ||
| Q3 25 | $890.8M | $808.1M | ||
| Q2 25 | — | $799.3M | ||
| Q1 25 | $927.8M | $793.1M | ||
| Q4 24 | — | $793.5M | ||
| Q3 24 | $902.9M | $796.5M | ||
| Q2 24 | $900.6M | $782.0M | ||
| Q1 24 | $895.1M | $770.0M |
总资产VNETWTTR
| Q4 25 | — | $1.6B | ||
| Q3 25 | $6.1B | $1.6B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | $5.4B | $1.5B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | $4.3B | $1.3B | ||
| Q2 24 | $4.0B | $1.3B | ||
| Q1 24 | $3.9B | $1.3B |
负债/权益比VNETWTTR
| Q4 25 | — | 0.40× | ||
| Q3 25 | — | 0.38× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.32× | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | 1.28× | 0.10× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.10× |
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 | $65.5M |
| 自由现金流经营现金流 - 资本支出 | $-193.1M | $-6.0M |
| 自由现金流率自由现金流/营收 | -53.2% | -1.7% |
| 资本支出强度资本支出/营收 | 84.6% | 20.6% |
| 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 | $-79.9M |
8季度趋势，按日历期对齐
经营现金流VNETWTTR
| Q4 25 | — | $65.5M | ||
| Q3 25 | $113.8M | $71.7M | ||
| Q2 25 | — | $82.6M | ||
| Q1 25 | $27.0M | $-5.1M | ||
| Q4 24 | — | $67.8M | ||
| Q3 24 | $108.3M | $51.9M | ||
| Q2 24 | $55.8M | $83.1M | ||
| Q1 24 | $37.1M | $32.1M |
自由现金流VNETWTTR
| Q4 25 | — | $-6.0M | ||
| Q3 25 | $-193.1M | $-23.5M | ||
| Q2 25 | — | $3.2M | ||
| Q1 25 | $-220.0M | $-53.5M | ||
| Q4 24 | — | $12.7M | ||
| Q3 24 | $-95.0M | $16.7M | ||
| Q2 24 | $-81.6M | $34.0M | ||
| Q1 24 | $-102.2M | $-1.6M |
自由现金流率VNETWTTR
| Q4 25 | — | -1.7% | ||
| Q3 25 | -53.2% | -7.3% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | -71.1% | -14.3% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | -31.4% | 4.5% | ||
| Q2 24 | -29.8% | 9.3% | ||
| Q1 24 | -38.9% | -0.4% |
资本支出强度VNETWTTR
| Q4 25 | — | 20.6% | ||
| Q3 25 | 84.6% | 29.6% | ||
| Q2 25 | — | 21.8% | ||
| Q1 25 | 79.8% | 12.9% | ||
| Q4 24 | — | 15.8% | ||
| Q3 24 | 67.3% | 9.5% | ||
| Q2 24 | 50.1% | 13.5% | ||
| Q1 24 | 53.0% | 9.2% |
现金转化率VNETWTTR
| Q4 25 | — | — | ||
| Q3 25 | — | 26.72× | ||
| Q2 25 | — | 7.76× | ||
| Q1 25 | — | -0.61× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.29× | ||
| Q2 24 | — | 6.46× | ||
| Q1 24 | — | 8.86× |
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
WTTR
| Water Services | $178.3M | 51% |
| Marcellus Utica | $38.6M | 11% |
| Rockies | $38.3M | 11% |
| Eagle Ford | $28.2M | 8% |
| Midcon | $23.0M | 7% |
| Haynesville E.Texas | $19.1M | 6% |
| Bakken | $17.3M | 5% |
| Eliminations And Other Geographical Regions | $3.6M | 1% |
