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Arista Networks（ANET）与博思艾伦汉密尔顿（BAH）财务数据对比。点击上方公司名可切换其他公司
博思艾伦汉密尔顿的季度营收约是Arista Networks的1.1倍（$2.6B vs $2.5B），Arista Networks净利率更高（38.4% vs 7.6%，领先30.8%），Arista Networks同比增速更快（28.9% vs -10.2%），过去两年Arista Networks的营收复合增速更高（25.8% vs -2.8%）
Arista Networks是总部位于美国加利福尼亚州圣克拉拉的计算机网络企业，专注于设计销售多层网络交换机，为大型数据中心、云计算、高性能计算、高频交易等场景提供软件定义网络（SDN）解决方案，旗下拥有10G至800G系列低延迟直通以太网交换机，搭载自研基于Linux的可扩展操作系统EOS。
博思艾伦汉密尔顿控股集团是美国知名专业服务企业，深耕数字化转型与人工智能领域，为公共部门、私营机构及非营利组织提供咨询、分析与工程服务，总部位于弗吉尼亚州麦克莱恩，属华盛顿大都会区，在全球另设有80个办事处。
ANET vs BAH — 直观对比
营收规模更大
BAH
是对方的1.1倍
$2.5B
营收增速更快
ANET
高出39.1%
-10.2%
净利率更高
ANET
高出30.8%
7.6%
两年增速更快
ANET
近两年复合增速
-2.8%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $2.6B |
| 净利润 | $955.8M | $200.0M |
| 毛利率 | 62.9% | 51.9% |
| 营业利润率 | 41.5% | 8.8% |
| 净利率 | 38.4% | 7.6% |
| 营收同比 | 28.9% | -10.2% |
| 净利润同比 | 19.3% | 7.0% |
| 每股收益（稀释后） | $0.74 | $1.63 |
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ANETBAH
| Q4 25 | $2.5B | $2.6B | ||
| Q3 25 | $2.3B | $2.9B | ||
| Q2 25 | $2.2B | $2.9B | ||
| Q1 25 | $2.0B | $3.0B | ||
| Q4 24 | $1.9B | $2.9B | ||
| Q3 24 | $1.8B | $3.1B | ||
| Q2 24 | $1.7B | $2.9B | ||
| Q1 24 | $1.6B | $2.8B |
净利润ANETBAH
| Q4 25 | $955.8M | $200.0M | ||
| Q3 25 | $853.0M | $175.0M | ||
| Q2 25 | $888.8M | $271.0M | ||
| Q1 25 | $813.8M | $192.7M | ||
| Q4 24 | $801.0M | $186.9M | ||
| Q3 24 | $747.9M | $390.1M | ||
| Q2 24 | $665.4M | $165.2M | ||
| Q1 24 | $637.7M | $128.0M |
毛利率ANETBAH
| Q4 25 | 62.9% | 51.9% | ||
| Q3 25 | 64.6% | 53.6% | ||
| Q2 25 | 65.2% | 51.3% | ||
| Q1 25 | 63.7% | 53.6% | ||
| Q4 24 | 63.8% | 55.2% | ||
| Q3 24 | 64.2% | 56.7% | ||
| Q2 24 | 64.9% | 53.4% | ||
| Q1 24 | 63.7% | 54.7% |
营业利润率ANETBAH
| Q4 25 | 41.5% | 8.8% | ||
| Q3 25 | 42.4% | 9.8% | ||
| Q2 25 | 44.7% | 8.8% | ||
| Q1 25 | 42.8% | 9.2% | ||
| Q4 24 | 41.4% | 10.0% | ||
| Q3 24 | 43.4% | 17.4% | ||
| Q2 24 | 41.4% | 8.7% | ||
| Q1 24 | 42.0% | 9.5% |
净利率ANETBAH
| Q4 25 | 38.4% | 7.6% | ||
| Q3 25 | 37.0% | 6.1% | ||
| Q2 25 | 40.3% | 9.3% | ||
| Q1 25 | 40.6% | 6.5% | ||
| Q4 24 | 41.5% | 6.4% | ||
| Q3 24 | 41.3% | 12.4% | ||
| Q2 24 | 39.4% | 5.6% | ||
| Q1 24 | 40.6% | 4.6% |
每股收益（稀释后）ANETBAH
| Q4 25 | $0.74 | $1.63 | ||
| Q3 25 | $0.67 | $1.42 | ||
| Q2 25 | $0.70 | $2.16 | ||
| Q1 25 | $0.64 | $1.52 | ||
| Q4 24 | $-4.17 | $1.45 | ||
| Q3 24 | $2.33 | $3.01 | ||
| Q2 24 | $2.08 | $1.27 | ||
| Q1 24 | $1.99 | $0.97 |
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 | $2.0B | $882.0M |
| 总债务越低越好 | — | $3.9B |
| 股东权益账面价值 | $12.4B | $1.0B |
| 总资产 | $19.4B | $7.1B |
| 负债/权益比越低杠杆越低 | — | 3.84× |
8季度趋势，按日历期对齐
现金及短期投资ANETBAH
| Q4 25 | $2.0B | $882.0M | ||
| Q3 25 | $2.3B | $816.0M | ||
| Q2 25 | $2.2B | $711.0M | ||
| Q1 25 | $1.8B | $885.0M | ||
| Q4 24 | $2.8B | $453.5M | ||
| Q3 24 | $3.2B | $558.7M | ||
| Q2 24 | $2.4B | $297.7M | ||
| Q1 24 | $2.1B | $554.3M |
总债务ANETBAH
| Q4 25 | — | $3.9B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | — | $3.4B | ||
| Q2 24 | — | $3.4B | ||
| Q1 24 | — | $3.4B |
股东权益ANETBAH
| Q4 25 | $12.4B | $1.0B | ||
| Q3 25 | $11.9B | $996.0M | ||
| Q2 25 | $10.9B | $1.1B | ||
| Q1 25 | $10.1B | $1.0B | ||
| Q4 24 | $10.0B | $1.2B | ||
| Q3 24 | $9.2B | $1.2B | ||
| Q2 24 | $8.4B | $1.1B | ||
| Q1 24 | $7.9B | $1.0B |
总资产ANETBAH
| Q4 25 | $19.4B | $7.1B | ||
| Q3 25 | $18.0B | $7.2B | ||
| Q2 25 | $16.5B | $7.2B | ||
| Q1 25 | $14.5B | $7.3B | ||
| Q4 24 | $14.0B | $6.8B | ||
| Q3 24 | $12.8B | $6.9B | ||
| Q2 24 | $11.6B | $6.6B | ||
| Q1 24 | $10.6B | $6.6B |
负债/权益比ANETBAH
| Q4 25 | — | 3.84× | ||
| Q3 25 | — | 3.98× | ||
| Q2 25 | — | 3.74× | ||
| Q1 25 | — | 3.99× | ||
| Q4 24 | — | 2.79× | ||
| Q3 24 | — | 2.83× | ||
| Q2 24 | — | 3.14× | ||
| Q1 24 | — | 3.26× |
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 | $1.3B | $261.0M |
| 自由现金流经营现金流 - 资本支出 | — | $248.0M |
| 自由现金流率自由现金流/营收 | — | 9.5% |
| 资本支出强度资本支出/营收 | — | 0.5% |
| 现金转化率经营现金流/净利润 | 1.32× | 1.30× |
| 过去12个月自由现金流最近4个季度 | — | $933.4M |
8季度趋势，按日历期对齐
经营现金流ANETBAH
| Q4 25 | $1.3B | $261.0M | ||
| Q3 25 | $1.3B | $421.0M | ||
| Q2 25 | $1.2B | $119.0M | ||
| Q1 25 | $641.7M | $219.0M | ||
| Q4 24 | $1.0B | $150.8M | ||
| Q3 24 | $1.2B | $587.1M | ||
| Q2 24 | $989.0M | $52.1M | ||
| Q1 24 | $513.8M | $143.8M |
自由现金流ANETBAH
| Q4 25 | — | $248.0M | ||
| Q3 25 | $1.2B | $395.0M | ||
| Q2 25 | $1.2B | $96.0M | ||
| Q1 25 | $613.3M | $194.4M | ||
| Q4 24 | — | $133.6M | ||
| Q3 24 | $1.2B | $563.3M | ||
| Q2 24 | $985.9M | $19.7M | ||
| Q1 24 | $504.4M | $127.6M |
自由现金流率ANETBAH
| Q4 25 | — | 9.5% | ||
| Q3 25 | 53.6% | 13.7% | ||
| Q2 25 | 53.3% | 3.3% | ||
| Q1 25 | 30.6% | 6.5% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | 64.5% | 17.9% | ||
| Q2 24 | 58.3% | 0.7% | ||
| Q1 24 | 32.1% | 4.6% |
资本支出强度ANETBAH
| Q4 25 | — | 0.5% | ||
| Q3 25 | 1.3% | 0.9% | ||
| Q2 25 | 1.1% | 0.8% | ||
| Q1 25 | 1.4% | 0.8% | ||
| Q4 24 | — | 0.6% | ||
| Q3 24 | 0.4% | 0.8% | ||
| Q2 24 | 0.2% | 1.1% | ||
| Q1 24 | 0.6% | 0.6% |
现金转化率ANETBAH
| Q4 25 | 1.32× | 1.30× | ||
| Q3 25 | 1.49× | 2.41× | ||
| Q2 25 | 1.35× | 0.44× | ||
| Q1 25 | 0.79× | 1.14× | ||
| Q4 24 | 1.29× | 0.81× | ||
| Q3 24 | 1.57× | 1.50× | ||
| Q2 24 | 1.49× | 0.32× | ||
| Q1 24 | 0.81× | 1.12× |
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
ANET
| Products | $2.1B | 84% |
| Services | $392.1M | 16% |
BAH
| Defense Clients | $1.5B | 55% |
| Civil Clients | $732.0M | 28% |
| Intelligence Clients | $434.0M | 17% |
