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ADTRAN Holdings, Inc.（ADTN）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
ROYAL GOLD INC的季度营收约是ADTRAN Holdings, Inc.的1.3倍（$375.3M vs $291.6M），ROYAL GOLD INC净利率更高（24.9% vs -1.2%，领先26.2%），ROYAL GOLD INC同比增速更快（85.3% vs 20.1%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% vs 13.5%）
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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
ADTN vs RGLD — 直观对比
营收规模更大
RGLD
是对方的1.3倍
$291.6M
营收增速更快
RGLD
高出65.2%
20.1%
净利率更高
RGLD
高出26.2%
-1.2%
两年增速更快
RGLD
近两年复合增速
13.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $291.6M | $375.3M |
| 净利润 | $-3.6M | $93.6M |
| 毛利率 | 39.0% | 64.6% |
| 营业利润率 | 1.5% | 56.2% |
| 净利率 | -1.2% | 24.9% |
| 营收同比 | 20.1% | 85.3% |
| 净利润同比 | 92.2% | -12.8% |
| 每股收益（稀释后） | $-0.02 | $1.04 |
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ADTNRGLD
| Q4 25 | $291.6M | $375.3M | ||
| Q3 25 | $279.4M | $252.1M | ||
| Q2 25 | $265.1M | $209.6M | ||
| Q1 25 | $247.7M | $193.4M | ||
| Q4 24 | $242.9M | $202.6M | ||
| Q3 24 | $227.7M | $193.8M | ||
| Q2 24 | $226.0M | $174.1M | ||
| Q1 24 | $226.2M | $148.9M |
净利润ADTNRGLD
| Q4 25 | $-3.6M | $93.6M | ||
| Q3 25 | $-10.3M | $126.8M | ||
| Q2 25 | $-20.5M | $132.3M | ||
| Q1 25 | $-11.3M | $113.5M | ||
| Q4 24 | $-46.1M | $107.4M | ||
| Q3 24 | $-33.3M | $96.2M | ||
| Q2 24 | $-49.7M | $81.2M | ||
| Q1 24 | $-330.8M | $47.2M |
毛利率ADTNRGLD
| Q4 25 | 39.0% | 64.6% | ||
| Q3 25 | 38.3% | 73.6% | ||
| Q2 25 | 37.3% | 72.6% | ||
| Q1 25 | 38.4% | 69.4% | ||
| Q4 24 | 36.9% | 70.3% | ||
| Q3 24 | 36.5% | 66.6% | ||
| Q2 24 | 36.0% | 64.7% | ||
| Q1 24 | 31.1% | 58.4% |
营业利润率ADTNRGLD
| Q4 25 | 1.5% | 56.2% | ||
| Q3 25 | -1.0% | 64.4% | ||
| Q2 25 | -5.0% | 67.7% | ||
| Q1 25 | -1.6% | 63.6% | ||
| Q4 24 | -6.9% | 65.9% | ||
| Q3 24 | -11.5% | 61.3% | ||
| Q2 24 | -17.0% | 58.6% | ||
| Q1 24 | -153.1% | 50.7% |
净利率ADTNRGLD
| Q4 25 | -1.2% | 24.9% | ||
| Q3 25 | -3.7% | 50.3% | ||
| Q2 25 | -7.7% | 63.1% | ||
| Q1 25 | -4.5% | 58.7% | ||
| Q4 24 | -19.0% | 53.0% | ||
| Q3 24 | -14.6% | 49.7% | ||
| Q2 24 | -22.0% | 46.6% | ||
| Q1 24 | -146.2% | 31.7% |
每股收益（稀释后）ADTNRGLD
| Q4 25 | $-0.02 | $1.04 | ||
| Q3 25 | $-0.12 | $1.92 | ||
| Q2 25 | $-0.24 | $2.01 | ||
| Q1 25 | $-0.14 | $1.72 | ||
| Q4 24 | $-0.58 | $1.63 | ||
| Q3 24 | $-0.38 | $1.46 | ||
| Q2 24 | $-0.63 | $1.23 | ||
| Q1 24 | $-4.20 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $145.8M | $7.2B |
| 总资产 | $1.2B | $9.5B |
| 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ADTNRGLD
| Q4 25 | $95.7M | $233.7M | ||
| Q3 25 | $93.7M | $172.8M | ||
| Q2 25 | $106.3M | $248.2M | ||
| Q1 25 | $101.3M | $240.8M | ||
| Q4 24 | $76.0M | $195.5M | ||
| Q3 24 | $88.5M | $127.9M | ||
| Q2 24 | $111.2M | $74.2M | ||
| Q1 24 | $106.8M | $137.9M |
总债务ADTNRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $50.0M | ||
| Q1 24 | — | — |
股东权益ADTNRGLD
| Q4 25 | $145.8M | $7.2B | ||
| Q3 25 | $141.6M | $3.4B | ||
| Q2 25 | $169.6M | $3.3B | ||
| Q1 25 | $138.9M | $3.2B | ||
| Q4 24 | $127.0M | $3.1B | ||
| Q3 24 | $205.6M | $3.0B | ||
| Q2 24 | $213.6M | $3.0B | ||
| Q1 24 | $260.8M | $2.9B |
总资产ADTNRGLD
| Q4 25 | $1.2B | $9.5B | ||
| Q3 25 | $1.2B | $4.5B | ||
| Q2 25 | $1.2B | $3.6B | ||
| Q1 25 | $1.2B | $3.5B | ||
| Q4 24 | $1.2B | $3.4B | ||
| Q3 24 | $1.3B | $3.3B | ||
| Q2 24 | $1.3B | $3.3B | ||
| Q1 24 | $1.3B | $3.3B |
负债/权益比ADTNRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.02× | ||
| 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 | $42.2M | $241.7M |
| 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 | — | 2.58× |
| 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ADTNRGLD
| Q4 25 | $42.2M | $241.7M | ||
| Q3 25 | $12.2M | $174.0M | ||
| Q2 25 | $32.2M | $152.8M | ||
| Q1 25 | $43.2M | $136.4M | ||
| Q4 24 | $2.4M | $141.1M | ||
| Q3 24 | $43.3M | $136.7M | ||
| Q2 24 | $19.9M | $113.5M | ||
| Q1 24 | $37.9M | $138.3M |
自由现金流ADTNRGLD
| Q4 25 | $30.6M | — | ||
| Q3 25 | $4.2M | — | ||
| Q2 25 | $27.5M | — | ||
| Q1 25 | $35.8M | — | ||
| Q4 24 | $-895.0K | — | ||
| Q3 24 | $37.1M | — | ||
| Q2 24 | $8.4M | — | ||
| Q1 24 | $24.4M | — |
自由现金流率ADTNRGLD
| Q4 25 | 10.5% | — | ||
| Q3 25 | 1.5% | — | ||
| Q2 25 | 10.4% | — | ||
| Q1 25 | 14.4% | — | ||
| Q4 24 | -0.4% | — | ||
| Q3 24 | 16.3% | — | ||
| Q2 24 | 3.7% | — | ||
| Q1 24 | 10.8% | — |
资本支出强度ADTNRGLD
| Q4 25 | 4.0% | — | ||
| Q3 25 | 2.9% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 3.0% | — | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 2.7% | — | ||
| Q2 24 | 5.1% | — | ||
| Q1 24 | 6.0% | — |
现金转化率ADTNRGLD
| Q4 25 | — | 2.58× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | — | 1.20× | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | — | 1.40× | ||
| Q1 24 | — | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
