vs
ADTRAN Holdings, Inc.（ADTN）与RBC Bearings INC（RBC）财务数据对比。点击上方公司名可切换其他公司
RBC Bearings INC的季度营收约是ADTRAN Holdings, Inc.的1.6倍（$461.6M vs $291.6M），RBC Bearings INC净利率更高（14.6% vs -1.2%，领先15.8%），ADTRAN Holdings, Inc.同比增速更快（20.1% vs 17.0%），RBC Bearings INC自由现金流更多（$99.1M vs $30.6M），过去两年ADTRAN Holdings, Inc.的营收复合增速更高（13.5% vs 5.6%）
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。
该文本实际介绍的并非RBC Bearings，而是美国多佛公司。多佛是一家工业产品综合制造商，1955年成立，总部位于伊利诺伊州当纳斯格罗夫。2021年其业务分为五大板块：工程产品、清洁能源与加注、成像与识别、泵与工艺解决方案、气候与可持续技术，是标普500成分股，在纽约证券交易所上市。
ADTN vs RBC — 直观对比
营收规模更大
RBC
是对方的1.6倍
$291.6M
营收增速更快
ADTN
高出3.0%
17.0%
净利率更高
RBC
高出15.8%
-1.2%
自由现金流更多
RBC
多$68.5M
$30.6M
两年增速更快
ADTN
近两年复合增速
5.6%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $291.6M | $461.6M |
| 净利润 | $-3.6M | $67.4M |
| 毛利率 | 39.0% | 44.3% |
| 营业利润率 | 1.5% | 22.3% |
| 净利率 | -1.2% | 14.6% |
| 营收同比 | 20.1% | 17.0% |
| 净利润同比 | 92.2% | 16.4% |
| 每股收益（稀释后） | $-0.02 | $2.13 |
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ADTNRBC
| Q4 25 | $291.6M | $461.6M | ||
| Q3 25 | $279.4M | $455.3M | ||
| Q2 25 | $265.1M | $436.0M | ||
| Q1 25 | $247.7M | $437.7M | ||
| Q4 24 | $242.9M | $394.4M | ||
| Q3 24 | $227.7M | $397.9M | ||
| Q2 24 | $226.0M | $406.3M | ||
| Q1 24 | $226.2M | $413.7M |
净利润ADTNRBC
| Q4 25 | $-3.6M | $67.4M | ||
| Q3 25 | $-10.3M | $60.0M | ||
| Q2 25 | $-20.5M | $68.5M | ||
| Q1 25 | $-11.3M | $72.7M | ||
| Q4 24 | $-46.1M | $57.9M | ||
| Q3 24 | $-33.3M | $54.2M | ||
| Q2 24 | $-49.7M | $61.4M | ||
| Q1 24 | $-330.8M | — |
毛利率ADTNRBC
| Q4 25 | 39.0% | 44.3% | ||
| Q3 25 | 38.3% | 44.1% | ||
| Q2 25 | 37.3% | 44.8% | ||
| Q1 25 | 38.4% | 44.2% | ||
| Q4 24 | 36.9% | 44.3% | ||
| Q3 24 | 36.5% | 43.7% | ||
| Q2 24 | 36.0% | 45.3% | ||
| Q1 24 | 31.1% | 43.1% |
营业利润率ADTNRBC
| Q4 25 | 1.5% | 22.3% | ||
| Q3 25 | -1.0% | 21.5% | ||
| Q2 25 | -5.0% | 23.2% | ||
| Q1 25 | -1.6% | 23.0% | ||
| Q4 24 | -6.9% | 21.7% | ||
| Q3 24 | -11.5% | 21.6% | ||
| Q2 24 | -17.0% | 24.0% | ||
| Q1 24 | -153.1% | 22.8% |
净利率ADTNRBC
| Q4 25 | -1.2% | 14.6% | ||
| Q3 25 | -3.7% | 13.2% | ||
| Q2 25 | -7.7% | 15.7% | ||
| Q1 25 | -4.5% | 16.6% | ||
| Q4 24 | -19.0% | 14.7% | ||
| Q3 24 | -14.6% | 13.6% | ||
| Q2 24 | -22.0% | 15.1% | ||
| Q1 24 | -146.2% | — |
每股收益（稀释后）ADTNRBC
| Q4 25 | $-0.02 | $2.13 | ||
| Q3 25 | $-0.12 | $1.90 | ||
| Q2 25 | $-0.24 | $2.17 | ||
| Q1 25 | $-0.14 | $2.33 | ||
| Q4 24 | $-0.58 | $1.82 | ||
| Q3 24 | $-0.38 | $1.65 | ||
| Q2 24 | $-0.63 | $1.90 | ||
| Q1 24 | $-4.20 | $1.92 |
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 | $107.6M |
| 总债务越低越好 | — | $990.2M |
| 股东权益账面价值 | $145.8M | $3.3B |
| 总资产 | $1.2B | $5.1B |
| 负债/权益比越低杠杆越低 | — | 0.30× |
8季度趋势，按日历期对齐
现金及短期投资ADTNRBC
| Q4 25 | $95.7M | $107.6M | ||
| Q3 25 | $93.7M | $91.2M | ||
| Q2 25 | $106.3M | $132.9M | ||
| Q1 25 | $101.3M | $36.8M | ||
| Q4 24 | $76.0M | — | ||
| Q3 24 | $88.5M | — | ||
| Q2 24 | $111.2M | $76.8M | ||
| Q1 24 | $106.8M | $63.5M |
总债务ADTNRBC
| Q4 25 | — | $990.2M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $915.6M | ||
| Q1 25 | — | $920.1M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $1.2B |
股东权益ADTNRBC
| Q4 25 | $145.8M | $3.3B | ||
| Q3 25 | $141.6M | $3.2B | ||
| Q2 25 | $169.6M | $3.1B | ||
| Q1 25 | $138.9M | $3.0B | ||
| Q4 24 | $127.0M | $2.9B | ||
| Q3 24 | $205.6M | $2.9B | ||
| Q2 24 | $213.6M | $2.8B | ||
| Q1 24 | $260.8M | $2.8B |
总资产ADTNRBC
| Q4 25 | $1.2B | $5.1B | ||
| Q3 25 | $1.2B | $5.1B | ||
| Q2 25 | $1.2B | $4.8B | ||
| Q1 25 | $1.2B | $4.7B | ||
| Q4 24 | $1.2B | $4.7B | ||
| Q3 24 | $1.3B | $4.7B | ||
| Q2 24 | $1.3B | $4.7B | ||
| Q1 24 | $1.3B | $4.7B |
负债/权益比ADTNRBC
| Q4 25 | — | 0.30× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.29× | ||
| Q1 25 | — | 0.30× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.43× |
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 | $122.1M |
| 自由现金流经营现金流 - 资本支出 | $30.6M | $99.1M |
| 自由现金流率自由现金流/营收 | 10.5% | 21.5% |
| 资本支出强度资本支出/营收 | 4.0% | 5.0% |
| 现金转化率经营现金流/净利润 | — | 1.81× |
| 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ADTNRBC
| Q4 25 | $42.2M | $122.1M | ||
| Q3 25 | $12.2M | $88.4M | ||
| Q2 25 | $32.2M | $120.0M | ||
| Q1 25 | $43.2M | — | ||
| Q4 24 | $2.4M | $84.0M | ||
| Q3 24 | $43.3M | — | ||
| Q2 24 | $19.9M | $97.4M | ||
| Q1 24 | $37.9M | — |
自由现金流ADTNRBC
| Q4 25 | $30.6M | $99.1M | ||
| Q3 25 | $4.2M | $71.7M | ||
| Q2 25 | $27.5M | $104.3M | ||
| Q1 25 | $35.8M | — | ||
| Q4 24 | $-895.0K | $73.6M | ||
| Q3 24 | $37.1M | — | ||
| Q2 24 | $8.4M | $88.4M | ||
| Q1 24 | $24.4M | — |
自由现金流率ADTNRBC
| Q4 25 | 10.5% | 21.5% | ||
| Q3 25 | 1.5% | 15.7% | ||
| Q2 25 | 10.4% | 23.9% | ||
| Q1 25 | 14.4% | — | ||
| Q4 24 | -0.4% | 18.7% | ||
| Q3 24 | 16.3% | — | ||
| Q2 24 | 3.7% | 21.8% | ||
| Q1 24 | 10.8% | — |
资本支出强度ADTNRBC
| Q4 25 | 4.0% | 5.0% | ||
| Q3 25 | 2.9% | 3.7% | ||
| Q2 25 | 1.8% | 3.6% | ||
| Q1 25 | 3.0% | 3.2% | ||
| Q4 24 | 1.4% | 2.6% | ||
| Q3 24 | 2.7% | 4.1% | ||
| Q2 24 | 5.1% | 2.2% | ||
| Q1 24 | 6.0% | — |
现金转化率ADTNRBC
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 1.47× | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.45× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.59× | ||
| Q1 24 | — | — |
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% |
RBC
| Domestic | $413.3M | 90% |
| Foreign | $48.3M | 10% |
