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Arista Networks（ANET）与凯悦酒店集团（H）财务数据对比。点击上方公司名可切换其他公司
Arista Networks的季度营收约是凯悦酒店集团的1.4倍（$2.5B vs $1.8B），Arista Networks净利率更高（38.4% vs -1.1%，领先39.5%），Arista Networks同比增速更快（28.9% vs 11.7%），过去两年Arista Networks的营收复合增速更高（25.8% vs 2.2%）
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。
凯悦酒店集团是来自美国的跨国酒店管理企业，总部位于芝加哥河畔广场区域，由普利兹克家族运营管理。集团主营高端及商务酒店、度假村、度假物业的管理与特许经营业务，目前在全球69个国家拥有逾1350家酒店及一价全包物业，覆盖六大洲。
ANET vs H — 直观对比
营收规模更大
ANET
是对方的1.4倍
$1.8B
营收增速更快
ANET
高出17.2%
11.7%
净利率更高
ANET
高出39.5%
-1.1%
两年增速更快
ANET
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $1.8B |
| 净利润 | $955.8M | $-20.0M |
| 毛利率 | 62.9% | — |
| 营业利润率 | 41.5% | 0.4% |
| 净利率 | 38.4% | -1.1% |
| 营收同比 | 28.9% | 11.7% |
| 净利润同比 | 19.3% | 64.3% |
| 每股收益（稀释后） | $0.74 | $-0.20 |
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ANETH
| Q4 25 | $2.5B | $1.8B | ||
| Q3 25 | $2.3B | $1.8B | ||
| Q2 25 | $2.2B | $1.8B | ||
| Q1 25 | $2.0B | $1.7B | ||
| Q4 24 | $1.9B | $1.6B | ||
| Q3 24 | $1.8B | $1.6B | ||
| Q2 24 | $1.7B | $1.7B | ||
| Q1 24 | $1.6B | $1.7B |
净利润ANETH
| Q4 25 | $955.8M | $-20.0M | ||
| Q3 25 | $853.0M | $-49.0M | ||
| Q2 25 | $888.8M | $-3.0M | ||
| Q1 25 | $813.8M | $20.0M | ||
| Q4 24 | $801.0M | $-56.0M | ||
| Q3 24 | $747.9M | $471.0M | ||
| Q2 24 | $665.4M | $359.0M | ||
| Q1 24 | $637.7M | $522.0M |
毛利率ANETH
| Q4 25 | 62.9% | — | ||
| Q3 25 | 64.6% | — | ||
| Q2 25 | 65.2% | — | ||
| Q1 25 | 63.7% | — | ||
| Q4 24 | 63.8% | — | ||
| Q3 24 | 64.2% | — | ||
| Q2 24 | 64.9% | — | ||
| Q1 24 | 63.7% | — |
营业利润率ANETH
| Q4 25 | 41.5% | 0.4% | ||
| Q3 25 | 42.4% | -1.0% | ||
| Q2 25 | 44.7% | 2.1% | ||
| Q1 25 | 42.8% | 3.0% | ||
| Q4 24 | 41.4% | -3.0% | ||
| Q3 24 | 43.4% | 37.3% | ||
| Q2 24 | 41.4% | 27.1% | ||
| Q1 24 | 42.0% | 31.6% |
净利率ANETH
| Q4 25 | 38.4% | -1.1% | ||
| Q3 25 | 37.0% | -2.7% | ||
| Q2 25 | 40.3% | -0.2% | ||
| Q1 25 | 40.6% | 1.2% | ||
| Q4 24 | 41.5% | -3.5% | ||
| Q3 24 | 41.3% | 28.9% | ||
| Q2 24 | 39.4% | 21.1% | ||
| Q1 24 | 40.6% | 30.5% |
每股收益（稀释后）ANETH
| Q4 25 | $0.74 | $-0.20 | ||
| Q3 25 | $0.67 | $-0.51 | ||
| Q2 25 | $0.70 | $-0.03 | ||
| Q1 25 | $0.64 | $0.19 | ||
| Q4 24 | $-4.17 | $-0.37 | ||
| Q3 24 | $2.33 | $4.63 | ||
| Q2 24 | $2.08 | $3.46 | ||
| Q1 24 | $1.99 | $4.93 |
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 | $813.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $12.4B | $3.3B |
| 总资产 | $19.4B | $14.0B |
| 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ANETH
| Q4 25 | $2.0B | $813.0M | ||
| Q3 25 | $2.3B | $749.0M | ||
| Q2 25 | $2.2B | $912.0M | ||
| Q1 25 | $1.8B | $1.8B | ||
| Q4 24 | $2.8B | $1.4B | ||
| Q3 24 | $3.2B | $1.1B | ||
| Q2 24 | $2.4B | $2.0B | ||
| Q1 24 | $2.1B | $794.0M |
总债务ANETH
| Q4 25 | — | — | ||
| Q3 25 | — | $6.0B | ||
| Q2 25 | — | $6.0B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | — | $3.1B |
股东权益ANETH
| Q4 25 | $12.4B | $3.3B | ||
| Q3 25 | $11.9B | $3.5B | ||
| Q2 25 | $10.9B | $3.6B | ||
| Q1 25 | $10.1B | $3.5B | ||
| Q4 24 | $10.0B | $3.5B | ||
| Q3 24 | $9.2B | $3.7B | ||
| Q2 24 | $8.4B | $3.9B | ||
| Q1 24 | $7.9B | $3.7B |
总资产ANETH
| Q4 25 | $19.4B | $14.0B | ||
| Q3 25 | $18.0B | $15.7B | ||
| Q2 25 | $16.5B | $15.9B | ||
| Q1 25 | $14.5B | $14.0B | ||
| Q4 24 | $14.0B | $13.3B | ||
| Q3 24 | $12.8B | $11.9B | ||
| Q2 24 | $11.6B | $12.8B | ||
| Q1 24 | $10.6B | $11.7B |
负债/权益比ANETH
| Q4 25 | — | — | ||
| Q3 25 | — | 1.73× | ||
| Q2 25 | — | 1.69× | ||
| Q1 25 | — | 1.25× | ||
| Q4 24 | — | 1.07× | ||
| Q3 24 | — | 0.85× | ||
| Q2 24 | — | 1.01× | ||
| Q1 24 | — | 0.84× |
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 | $313.0M |
| 自由现金流经营现金流 - 资本支出 | — | $236.0M |
| 自由现金流率自由现金流/营收 | — | 13.2% |
| 资本支出强度资本支出/营收 | — | 4.3% |
| 现金转化率经营现金流/净利润 | 1.32× | — |
| 过去12个月自由现金流最近4个季度 | — | $159.0M |
8季度趋势，按日历期对齐
经营现金流ANETH
| Q4 25 | $1.3B | $313.0M | ||
| Q3 25 | $1.3B | $-20.0M | ||
| Q2 25 | $1.2B | $-67.0M | ||
| Q1 25 | $641.7M | $153.0M | ||
| Q4 24 | $1.0B | $235.0M | ||
| Q3 24 | $1.2B | $-21.0M | ||
| Q2 24 | $989.0M | $177.0M | ||
| Q1 24 | $513.8M | $242.0M |
自由现金流ANETH
| Q4 25 | — | $236.0M | ||
| Q3 25 | $1.2B | $-89.0M | ||
| Q2 25 | $1.2B | $-111.0M | ||
| Q1 25 | $613.3M | $123.0M | ||
| Q4 24 | — | $184.0M | ||
| Q3 24 | $1.2B | $-64.0M | ||
| Q2 24 | $985.9M | $135.0M | ||
| Q1 24 | $504.4M | $208.0M |
自由现金流率ANETH
| Q4 25 | — | 13.2% | ||
| Q3 25 | 53.6% | -5.0% | ||
| Q2 25 | 53.3% | -6.1% | ||
| Q1 25 | 30.6% | 7.2% | ||
| Q4 24 | — | 11.5% | ||
| Q3 24 | 64.5% | -3.9% | ||
| Q2 24 | 58.3% | 7.9% | ||
| Q1 24 | 32.1% | 12.1% |
资本支出强度ANETH
| Q4 25 | — | 4.3% | ||
| Q3 25 | 1.3% | 3.9% | ||
| Q2 25 | 1.1% | 2.4% | ||
| Q1 25 | 1.4% | 1.7% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | 0.4% | 2.6% | ||
| Q2 24 | 0.2% | 2.5% | ||
| Q1 24 | 0.6% | 2.0% |
现金转化率ANETH
| Q4 25 | 1.32× | — | ||
| Q3 25 | 1.49× | — | ||
| Q2 25 | 1.35× | — | ||
| Q1 25 | 0.79× | 7.65× | ||
| Q4 24 | 1.29× | — | ||
| Q3 24 | 1.57× | -0.04× | ||
| Q2 24 | 1.49× | 0.49× | ||
| Q1 24 | 0.81× | 0.46× |
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% |
H
| Other | $627.0M | 35% |
| Rooms Revenue | $326.0M | 18% |
| Net Fees | $290.0M | 16% |
| Distribution Segment | $177.0M | 10% |
| Franchise And Other Fees | $114.0M | 6% |
| Base Management Fees | $112.0M | 6% |
| Incentive Management Fees | $81.0M | 5% |
| Other Owned And Leased Hotel Revenue | $41.0M | 2% |
| Contra Revenue | $17.0M | 1% |
| Other Revenues | $4.0M | 0% |
