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ADTRAN Holdings, Inc.（ADTN）与UiPath, Inc.（PATH）财务数据对比。点击上方公司名可切换其他公司
UiPath, Inc.的季度营收约是ADTRAN Holdings, Inc.的1.4倍（$411.1M vs $291.6M），UiPath, Inc.净利率更高（48.4% vs -1.2%，领先49.6%），ADTRAN Holdings, Inc.同比增速更快（20.1% vs 15.9%），ADTRAN Holdings, Inc.自由现金流更多（$30.6M vs $25.1M），过去两年ADTRAN Holdings, Inc.的营收复合增速更高（13.5% vs 0.7%）
ADTRAN Holdings, Inc.是一家总部位于美国阿拉巴马州亨茨维尔的光纤网络与电信企业，主要面向通信服务商、政府机构、企业及公共事业单位，供应面向住宅用户与企业级的网络硬件设备，同时提供用于网络管理与部署的管理软件。
UiPath是一家全球化软件企业，专注于开发人工智能、智能自动化及流程编排类软件，其产品支持用户搭建与调度AI代理，实现复杂业务流程、工作流的自动化运行，助力各行业客户提升运营效率、降低人力成本。
ADTN vs PATH — 直观对比
营收规模更大
PATH
是对方的1.4倍
$291.6M
营收增速更快
ADTN
高出4.1%
15.9%
净利率更高
PATH
高出49.6%
-1.2%
自由现金流更多
ADTN
多$5.5M
$25.1M
两年增速更快
ADTN
近两年复合增速
0.7%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $291.6M | $411.1M |
| 净利润 | $-3.6M | $198.8M |
| 毛利率 | 39.0% | 83.3% |
| 营业利润率 | 1.5% | 3.2% |
| 净利率 | -1.2% | 48.4% |
| 营收同比 | 20.1% | 15.9% |
| 净利润同比 | 92.2% | 1966.2% |
| 每股收益（稀释后） | $-0.02 | $0.37 |
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ADTNPATH
| Q4 25 | $291.6M | $411.1M | ||
| Q3 25 | $279.4M | $361.7M | ||
| Q2 25 | $265.1M | $356.6M | ||
| Q1 25 | $247.7M | $423.6M | ||
| Q4 24 | $242.9M | $354.7M | ||
| Q3 24 | $227.7M | $316.3M | ||
| Q2 24 | $226.0M | $335.1M | ||
| Q1 24 | $226.2M | $405.3M |
净利润ADTNPATH
| Q4 25 | $-3.6M | $198.8M | ||
| Q3 25 | $-10.3M | $1.6M | ||
| Q2 25 | $-20.5M | $-22.6M | ||
| Q1 25 | $-11.3M | $51.8M | ||
| Q4 24 | $-46.1M | $-10.7M | ||
| Q3 24 | $-33.3M | $-86.1M | ||
| Q2 24 | $-49.7M | $-28.7M | ||
| Q1 24 | $-330.8M | $33.9M |
毛利率ADTNPATH
| Q4 25 | 39.0% | 83.3% | ||
| Q3 25 | 38.3% | 82.2% | ||
| Q2 25 | 37.3% | 82.1% | ||
| Q1 25 | 38.4% | 84.8% | ||
| Q4 24 | 36.9% | 82.0% | ||
| Q3 24 | 36.5% | 80.0% | ||
| Q2 24 | 36.0% | 83.5% | ||
| Q1 24 | 31.1% | 86.8% |
营业利润率ADTNPATH
| Q4 25 | 1.5% | 3.2% | ||
| Q3 25 | -1.0% | -5.6% | ||
| Q2 25 | -5.0% | -4.6% | ||
| Q1 25 | -1.6% | 7.9% | ||
| Q4 24 | -6.9% | -12.2% | ||
| Q3 24 | -11.5% | -32.7% | ||
| Q2 24 | -17.0% | -14.8% | ||
| Q1 24 | -153.1% | 3.7% |
净利率ADTNPATH
| Q4 25 | -1.2% | 48.4% | ||
| Q3 25 | -3.7% | 0.4% | ||
| Q2 25 | -7.7% | -6.3% | ||
| Q1 25 | -4.5% | 12.2% | ||
| Q4 24 | -19.0% | -3.0% | ||
| Q3 24 | -14.6% | -27.2% | ||
| Q2 24 | -22.0% | -8.6% | ||
| Q1 24 | -146.2% | 8.4% |
每股收益（稀释后）ADTNPATH
| Q4 25 | $-0.02 | $0.37 | ||
| Q3 25 | $-0.12 | $0.00 | ||
| Q2 25 | $-0.24 | $-0.04 | ||
| Q1 25 | $-0.14 | $0.09 | ||
| Q4 24 | $-0.58 | $-0.02 | ||
| Q3 24 | $-0.38 | $-0.15 | ||
| Q2 24 | $-0.63 | $-0.05 | ||
| Q1 24 | $-4.20 | $0.07 |
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 | $95.7M | $1.4B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $145.8M | $1.9B |
| 总资产 | $1.2B | $2.9B |
| 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ADTNPATH
| Q4 25 | $95.7M | $1.4B | ||
| Q3 25 | $93.7M | $1.4B | ||
| Q2 25 | $106.3M | $1.6B | ||
| Q1 25 | $101.3M | $1.6B | ||
| Q4 24 | $76.0M | $1.6B | ||
| Q3 24 | $88.5M | $1.7B | ||
| Q2 24 | $111.2M | $1.9B | ||
| Q1 24 | $106.8M | $1.9B |
股东权益ADTNPATH
| Q4 25 | $145.8M | $1.9B | ||
| Q3 25 | $141.6M | $1.7B | ||
| Q2 25 | $169.6M | $1.7B | ||
| Q1 25 | $138.9M | $1.8B | ||
| Q4 24 | $127.0M | $1.7B | ||
| Q3 24 | $205.6M | $1.8B | ||
| Q2 24 | $213.6M | $2.0B | ||
| Q1 24 | $260.8M | $2.0B |
总资产ADTNPATH
| Q4 25 | $1.2B | $2.9B | ||
| Q3 25 | $1.2B | $2.6B | ||
| Q2 25 | $1.2B | $2.6B | ||
| Q1 25 | $1.2B | $2.9B | ||
| Q4 24 | $1.2B | $2.7B | ||
| Q3 24 | $1.3B | $2.7B | ||
| Q2 24 | $1.3B | $2.8B | ||
| Q1 24 | $1.3B | $3.0B |
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 | $42.2M | $28.3M |
| 自由现金流经营现金流 - 资本支出 | $30.6M | $25.1M |
| 自由现金流率自由现金流/营收 | 10.5% | 6.1% |
| 资本支出强度资本支出/营收 | 4.0% | 0.8% |
| 现金转化率经营现金流/净利润 | — | 0.14× |
| 过去12个月自由现金流最近4个季度 | $98.0M | — |
8季度趋势，按日历期对齐
经营现金流ADTNPATH
| Q4 25 | $42.2M | $28.3M | ||
| Q3 25 | $12.2M | $41.6M | ||
| Q2 25 | $32.2M | $119.0M | ||
| Q1 25 | $43.2M | $146.1M | ||
| Q4 24 | $2.4M | $28.1M | ||
| Q3 24 | $43.3M | $46.4M | ||
| Q2 24 | $19.9M | $100.0M | ||
| Q1 24 | $37.9M | $145.6M |
自由现金流ADTNPATH
| Q4 25 | $30.6M | $25.1M | ||
| Q3 25 | $4.2M | — | ||
| Q2 25 | $27.5M | $106.2M | ||
| Q1 25 | $35.8M | $138.7M | ||
| Q4 24 | $-895.0K | $23.2M | ||
| Q3 24 | $37.1M | $45.0M | ||
| Q2 24 | $8.4M | $98.8M | ||
| Q1 24 | $24.4M | $141.8M |
自由现金流率ADTNPATH
| Q4 25 | 10.5% | 6.1% | ||
| Q3 25 | 1.5% | — | ||
| Q2 25 | 10.4% | 29.8% | ||
| Q1 25 | 14.4% | 32.7% | ||
| Q4 24 | -0.4% | 6.5% | ||
| Q3 24 | 16.3% | 14.2% | ||
| Q2 24 | 3.7% | 29.5% | ||
| Q1 24 | 10.8% | 35.0% |
资本支出强度ADTNPATH
| Q4 25 | 4.0% | 0.8% | ||
| Q3 25 | 2.9% | 0.0% | ||
| Q2 25 | 1.8% | 3.6% | ||
| Q1 25 | 3.0% | 1.7% | ||
| Q4 24 | 1.4% | 1.4% | ||
| Q3 24 | 2.7% | 0.4% | ||
| Q2 24 | 5.1% | 0.4% | ||
| Q1 24 | 6.0% | 0.9% |
现金转化率ADTNPATH
| Q4 25 | — | 0.14× | ||
| Q3 25 | — | 26.25× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 2.82× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 4.29× |
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
ADTN
| Subscriber Solutions | $96.2M | 33% |
| Optical Networking Solutions | $81.8M | 28% |
| Access Aggregation Solutions | $64.6M | 22% |
| Services And Support | $48.9M | 17% |
PATH
| Subscription Services | $247.6M | 60% |
| License | $150.0M | 36% |
| Professional Services And Other | $13.5M | 3% |
