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ADTRAN Holdings, Inc.（ADTN）与BRC Group Holdings, Inc.（RILY）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BRC Group Holdings, Inc.的1.5倍（$291.6M vs $188.3M），BRC Group Holdings, Inc.净利率更高（47.9% vs -1.2%，领先49.2%），ADTRAN Holdings, Inc.同比增速更快（20.1% vs -21.9%），过去两年ADTRAN Holdings, Inc.的营收复合增速更高（13.5% vs -15.4%）
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。
ADTN vs RILY — 直观对比
营收规模更大
ADTN
是对方的1.5倍
$188.3M
营收增速更快
ADTN
高出41.9%
-21.9%
净利率更高
RILY
高出49.2%
-1.2%
两年增速更快
ADTN
近两年复合增速
-15.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $291.6M | $188.3M |
| 净利润 | $-3.6M | $90.3M |
| 毛利率 | 39.0% | 79.5% |
| 营业利润率 | 1.5% | 32.3% |
| 净利率 | -1.2% | 47.9% |
| 营收同比 | 20.1% | -21.9% |
| 净利润同比 | 92.2% | 1710.8% |
| 每股收益（稀释后） | $-0.02 | $2.78 |
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ADTNRILY
| Q4 25 | $291.6M | $188.3M | ||
| Q3 25 | $279.4M | $215.3M | ||
| Q2 25 | $265.1M | $188.2M | ||
| Q1 25 | $247.7M | $197.2M | ||
| Q4 24 | $242.9M | $241.0M | ||
| Q3 24 | $227.7M | $225.5M | ||
| Q2 24 | $226.0M | $256.0M | ||
| Q1 24 | $226.2M | $263.4M |
净利润ADTNRILY
| Q4 25 | $-3.6M | $90.3M | ||
| Q3 25 | $-10.3M | $91.1M | ||
| Q2 25 | $-20.5M | $139.5M | ||
| Q1 25 | $-11.3M | $-10.0M | ||
| Q4 24 | $-46.1M | $-5.6M | ||
| Q3 24 | $-33.3M | $-284.4M | ||
| Q2 24 | $-49.7M | $-433.6M | ||
| Q1 24 | $-330.8M | $-49.2M |
毛利率ADTNRILY
| Q4 25 | 39.0% | 79.5% | ||
| Q3 25 | 38.3% | 83.7% | ||
| Q2 25 | 37.3% | 81.3% | ||
| Q1 25 | 38.4% | 81.4% | ||
| Q4 24 | 36.9% | 79.8% | ||
| Q3 24 | 36.5% | 82.1% | ||
| Q2 24 | 36.0% | 84.5% | ||
| Q1 24 | 31.1% | 85.3% |
营业利润率ADTNRILY
| Q4 25 | 1.5% | 32.3% | ||
| Q3 25 | -1.0% | 30.4% | ||
| Q2 25 | -5.0% | 5.7% | ||
| Q1 25 | -1.6% | -31.2% | ||
| Q4 24 | -6.9% | -69.2% | ||
| Q3 24 | -11.5% | -36.4% | ||
| Q2 24 | -17.0% | -90.8% | ||
| Q1 24 | -153.1% | -6.1% |
净利率ADTNRILY
| Q4 25 | -1.2% | 47.9% | ||
| Q3 25 | -3.7% | 42.3% | ||
| Q2 25 | -7.7% | 74.1% | ||
| Q1 25 | -4.5% | -5.1% | ||
| Q4 24 | -19.0% | -2.3% | ||
| Q3 24 | -14.6% | -126.1% | ||
| Q2 24 | -22.0% | -169.4% | ||
| Q1 24 | -146.2% | -18.7% |
每股收益（稀释后）ADTNRILY
| Q4 25 | $-0.02 | $2.78 | ||
| Q3 25 | $-0.12 | $2.91 | ||
| Q2 25 | $-0.24 | $4.50 | ||
| Q1 25 | $-0.14 | $-0.39 | ||
| Q4 24 | $-0.58 | $-0.01 | ||
| Q3 24 | $-0.38 | $-9.39 | ||
| Q2 24 | $-0.63 | $-14.35 | ||
| Q1 24 | $-4.20 | $-1.71 |
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 | $226.6M |
| 总债务越低越好 | — | $1.4B |
| 股东权益账面价值 | $145.8M | $-171.5M |
| 总资产 | $1.2B | $1.7B |
| 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ADTNRILY
| Q4 25 | $95.7M | $226.6M | ||
| Q3 25 | $93.7M | $184.2M | ||
| Q2 25 | $106.3M | $267.4M | ||
| Q1 25 | $101.3M | $138.3M | ||
| Q4 24 | $76.0M | $146.9M | ||
| Q3 24 | $88.5M | $159.2M | ||
| Q2 24 | $111.2M | $236.9M | ||
| Q1 24 | $106.8M | $190.7M |
总债务ADTNRILY
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ADTNRILY
| Q4 25 | $145.8M | $-171.5M | ||
| Q3 25 | $141.6M | $-260.5M | ||
| Q2 25 | $169.6M | $-351.7M | ||
| Q1 25 | $138.9M | $-496.8M | ||
| Q4 24 | $127.0M | $-488.2M | ||
| Q3 24 | $205.6M | $-497.6M | ||
| Q2 24 | $213.6M | $-218.3M | ||
| Q1 24 | $260.8M | $228.4M |
总资产ADTNRILY
| Q4 25 | $1.2B | $1.7B | ||
| Q3 25 | $1.2B | $1.7B | ||
| Q2 25 | $1.2B | $1.5B | ||
| Q1 25 | $1.2B | $1.5B | ||
| Q4 24 | $1.2B | $1.8B | ||
| Q3 24 | $1.3B | $2.2B | ||
| Q2 24 | $1.3B | $3.2B | ||
| Q1 24 | $1.3B | $5.0B |
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 | $26.2M |
| 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 | — | 0.29× |
| 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ADTNRILY
| Q4 25 | $42.2M | $26.2M | ||
| Q3 25 | $12.2M | $-60.6M | ||
| Q2 25 | $32.2M | $-25.6M | ||
| Q1 25 | $43.2M | $184.0K | ||
| Q4 24 | $2.4M | $-2.7M | ||
| Q3 24 | $43.3M | $19.5M | ||
| Q2 24 | $19.9M | $111.5M | ||
| Q1 24 | $37.9M | $135.4M |
自由现金流ADTNRILY
| 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ADTNRILY
| 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ADTNRILY
| 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ADTNRILY
| Q4 25 | — | 0.29× | ||
| Q3 25 | — | -0.66× | ||
| Q2 25 | — | -0.18× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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% |
RILY
| Transferred At Point In Time | $101.4M | 54% |
| Wealth Management Segment | $30.7M | 16% |
| Corporate Finance Consulting And Investment Banking Fees | $27.1M | 14% |
| Services And Fees | $24.8M | 13% |
| Commissions Fees And Reimbursed Expenses | $4.8M | 3% |
