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ADTRAN Holdings, Inc.（ADTN）与Ribbon Communications Inc.（RBBN）财务数据对比。点击上方公司名可切换其他公司
ADTRAN Holdings, Inc.的季度营收约是Ribbon Communications Inc.的1.8倍（$291.6M vs $162.6M），Ribbon Communications Inc.净利率更高（54.8% vs -1.2%，领先56.0%），ADTRAN Holdings, Inc.同比增速更快（20.1% vs -10.3%），过去两年ADTRAN Holdings, Inc.的营收复合增速更高（13.5% vs -8.1%）
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。
睿宾通信公司（Ribbon Communications Inc.）主要为电信运营商、企业及关键基础设施领域提供软件、IP与光网络解决方案。公司于2017年由Genband与Sonus Networks合并成立，总部位于美国得克萨斯州普莱诺，是一家上市科技企业。
ADTN vs RBBN — 直观对比
营收规模更大
ADTN
是对方的1.8倍
$162.6M
营收增速更快
ADTN
高出30.4%
-10.3%
净利率更高
RBBN
高出56.0%
-1.2%
两年增速更快
ADTN
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $291.6M | $162.6M |
| 净利润 | $-3.6M | $89.1M |
| 毛利率 | 39.0% | 42.9% |
| 营业利润率 | 1.5% | 37.6% |
| 净利率 | -1.2% | 54.8% |
| 营收同比 | 20.1% | -10.3% |
| 净利润同比 | 92.2% | — |
| 每股收益（稀释后） | $-0.02 | $0.50 |
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ADTNRBBN
| Q1 26 | — | $162.6M | ||
| Q4 25 | $291.6M | $227.3M | ||
| Q3 25 | $279.4M | $215.4M | ||
| Q2 25 | $265.1M | $220.6M | ||
| Q1 25 | $247.7M | $181.3M | ||
| Q4 24 | $242.9M | $251.4M | ||
| Q3 24 | $227.7M | $210.2M | ||
| Q2 24 | $226.0M | $192.6M |
净利润ADTNRBBN
| Q1 26 | — | $89.1M | ||
| Q4 25 | $-3.6M | — | ||
| Q3 25 | $-10.3M | $-12.1M | ||
| Q2 25 | $-20.5M | $-11.1M | ||
| Q1 25 | $-11.3M | $-26.2M | ||
| Q4 24 | $-46.1M | — | ||
| Q3 24 | $-33.3M | $-13.4M | ||
| Q2 24 | $-49.7M | $-16.8M |
毛利率ADTNRBBN
| Q1 26 | — | 42.9% | ||
| Q4 25 | 39.0% | 53.3% | ||
| Q3 25 | 38.3% | 50.1% | ||
| Q2 25 | 37.3% | 49.6% | ||
| Q1 25 | 38.4% | 45.4% | ||
| Q4 24 | 36.9% | 55.7% | ||
| Q3 24 | 36.5% | 52.1% | ||
| Q2 24 | 36.0% | 50.8% |
营业利润率ADTNRBBN
| Q1 26 | — | 37.6% | ||
| Q4 25 | 1.5% | 4.1% | ||
| Q3 25 | -1.0% | 1.3% | ||
| Q2 25 | -5.0% | 1.9% | ||
| Q1 25 | -1.6% | -10.8% | ||
| Q4 24 | -6.9% | 13.2% | ||
| Q3 24 | -11.5% | -0.4% | ||
| Q2 24 | -17.0% | -1.0% |
净利率ADTNRBBN
| Q1 26 | — | 54.8% | ||
| Q4 25 | -1.2% | — | ||
| Q3 25 | -3.7% | -5.6% | ||
| Q2 25 | -7.7% | -5.0% | ||
| Q1 25 | -4.5% | -14.5% | ||
| Q4 24 | -19.0% | — | ||
| Q3 24 | -14.6% | -6.4% | ||
| Q2 24 | -22.0% | -8.7% |
每股收益（稀释后）ADTNRBBN
| Q1 26 | — | $0.50 | ||
| Q4 25 | $-0.02 | $0.50 | ||
| Q3 25 | $-0.12 | $-0.07 | ||
| Q2 25 | $-0.24 | $-0.06 | ||
| Q1 25 | $-0.14 | $-0.15 | ||
| Q4 24 | $-0.58 | $0.05 | ||
| Q3 24 | $-0.38 | $-0.08 | ||
| Q2 24 | $-0.63 | $-0.10 |
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 | $67.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $145.8M | $419.1M |
| 总资产 | $1.2B | — |
| 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ADTNRBBN
| Q1 26 | — | $67.6M | ||
| Q4 25 | $95.7M | $96.4M | ||
| Q3 25 | $93.7M | $74.8M | ||
| Q2 25 | $106.3M | $60.5M | ||
| Q1 25 | $101.3M | $71.2M | ||
| Q4 24 | $76.0M | $87.8M | ||
| Q3 24 | $88.5M | $37.2M | ||
| Q2 24 | $111.2M | $64.6M |
总债务ADTNRBBN
| Q1 26 | — | — | ||
| Q4 25 | — | $342.1M | ||
| Q3 25 | — | $344.3M | ||
| Q2 25 | — | $346.5M | ||
| Q1 25 | — | $347.4M | ||
| Q4 24 | — | $348.3M | ||
| Q3 24 | — | $349.1M | ||
| Q2 24 | — | $350.0M |
股东权益ADTNRBBN
| Q1 26 | — | $419.1M | ||
| Q4 25 | $145.8M | $449.0M | ||
| Q3 25 | $141.6M | $360.1M | ||
| Q2 25 | $169.6M | $370.4M | ||
| Q1 25 | $138.9M | $381.8M | ||
| Q4 24 | $127.0M | $404.6M | ||
| Q3 24 | $205.6M | $395.5M | ||
| Q2 24 | $213.6M | $405.0M |
总资产ADTNRBBN
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.2B | $1.1B | ||
| Q4 24 | $1.2B | $1.2B | ||
| Q3 24 | $1.3B | $1.1B | ||
| Q2 24 | $1.3B | $1.1B |
负债/权益比ADTNRBBN
| Q1 26 | — | — | ||
| Q4 25 | — | 0.76× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | 0.94× | ||
| Q1 25 | — | 0.91× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | — | 0.88× | ||
| Q2 24 | — | 0.86× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $30.6M | — |
| 自由现金流率自由现金流/营收 | 10.5% | — |
| 资本支出强度资本支出/营收 | 4.0% | — |
| 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 | $98.0M | — |
8季度趋势，按日历期对齐
经营现金流ADTNRBBN
| Q1 26 | — | — | ||
| Q4 25 | $42.2M | $29.2M | ||
| Q3 25 | $12.2M | $26.5M | ||
| Q2 25 | $32.2M | $-795.0K | ||
| Q1 25 | $43.2M | $-3.5M | ||
| Q4 24 | $2.4M | $61.8M | ||
| Q3 24 | $43.3M | $-14.8M | ||
| Q2 24 | $19.9M | $-9.8M |
自由现金流ADTNRBBN
| Q1 26 | — | — | ||
| Q4 25 | $30.6M | $27.3M | ||
| Q3 25 | $4.2M | $21.0M | ||
| Q2 25 | $27.5M | $-6.5M | ||
| Q1 25 | $35.8M | $-15.7M | ||
| Q4 24 | $-895.0K | $53.8M | ||
| Q3 24 | $37.1M | $-23.7M | ||
| Q2 24 | $8.4M | $-12.9M |
自由现金流率ADTNRBBN
| Q1 26 | — | — | ||
| Q4 25 | 10.5% | 12.0% | ||
| Q3 25 | 1.5% | 9.7% | ||
| Q2 25 | 10.4% | -2.9% | ||
| Q1 25 | 14.4% | -8.7% | ||
| Q4 24 | -0.4% | 21.4% | ||
| Q3 24 | 16.3% | -11.3% | ||
| Q2 24 | 3.7% | -6.7% |
资本支出强度ADTNRBBN
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 0.9% | ||
| Q3 25 | 2.9% | 2.6% | ||
| Q2 25 | 1.8% | 2.6% | ||
| Q1 25 | 3.0% | 6.7% | ||
| Q4 24 | 1.4% | 3.2% | ||
| Q3 24 | 2.7% | 4.2% | ||
| Q2 24 | 5.1% | 1.6% |
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% |
RBBN
| Service | $94.5M | 58% |
| Product | $68.1M | 42% |
