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树莓派（ARM）与VIAVI SOLUTIONS INC.（VIAV）财务数据对比。点击上方公司名可切换其他公司
树莓派的季度营收约是VIAVI SOLUTIONS INC.的3.4倍（$1.2B vs $369.3M），树莓派净利率更高（18.0% vs -13.0%，领先31.0%），VIAVI SOLUTIONS INC.同比增速更快（36.4% vs 26.3%），树莓派自由现金流更多（$186.0M vs $36.9M），过去两年树莓派的营收复合增速更高（24.1% vs 22.5%）
树莓派是英国科技企业，设计并销售同名品牌的单板计算机、半导体及相关配件。初代产品由树莓派基金会研发，旨在推广计算机科学教育，推出后迅速受到爱好者和专业人士欢迎，目前已广泛应用于工业及嵌入式领域。
VIAVI Solutions前身为JDS Uniphase（JDSU）的一部分，是总部位于美国亚利桑那州钱德勒的网络测试、测量与保障技术企业，主营网络测试和监控设备，同时研发的光学技术可应用于材料质量管控、货币防伪、3D动作传感等多个领域，微软Kinect体感游戏控制器的相关技术也来自该公司。
ARM vs VIAV — 直观对比
营收规模更大
ARM
是对方的3.4倍
$369.3M
营收增速更快
VIAV
高出10.0%
26.3%
净利率更高
ARM
高出31.0%
-13.0%
自由现金流更多
ARM
多$149.1M
$36.9M
两年增速更快
ARM
近两年复合增速
22.5%
损益表 — Q3 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $369.3M |
| 净利润 | $223.0M | $-48.1M |
| 毛利率 | 97.6% | 57.0% |
| 营业利润率 | 14.9% | 3.1% |
| 净利率 | 18.0% | -13.0% |
| 营收同比 | 26.3% | 36.4% |
| 净利润同比 | -11.5% | -628.6% |
| 每股收益（稀释后） | $0.21 | $-0.21 |
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ARMVIAV
| Q4 25 | $1.2B | $369.3M | ||
| Q3 25 | $1.1B | $299.1M | ||
| Q2 25 | $1.1B | $290.5M | ||
| Q1 25 | — | $284.8M | ||
| Q4 24 | $983.0M | $270.8M | ||
| Q3 24 | $844.0M | $238.2M | ||
| Q2 24 | $939.0M | $252.0M | ||
| Q1 24 | — | $246.0M |
净利润ARMVIAV
| Q4 25 | $223.0M | $-48.1M | ||
| Q3 25 | $238.0M | $-21.4M | ||
| Q2 25 | $130.0M | $8.0M | ||
| Q1 25 | — | $19.5M | ||
| Q4 24 | $252.0M | $9.1M | ||
| Q3 24 | $107.0M | $-1.8M | ||
| Q2 24 | $223.0M | $-21.7M | ||
| Q1 24 | — | $-24.6M |
毛利率ARMVIAV
| Q4 25 | 97.6% | 57.0% | ||
| Q3 25 | 97.4% | 56.5% | ||
| Q2 25 | 97.2% | 56.3% | ||
| Q1 25 | — | 56.4% | ||
| Q4 24 | 97.2% | 59.4% | ||
| Q3 24 | 96.2% | 57.1% | ||
| Q2 24 | 96.5% | 57.8% | ||
| Q1 24 | — | 56.1% |
营业利润率ARMVIAV
| Q4 25 | 14.9% | 3.1% | ||
| Q3 25 | 14.4% | 2.5% | ||
| Q2 25 | 10.8% | 5.3% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | 17.8% | 8.2% | ||
| Q3 24 | 7.6% | 4.8% | ||
| Q2 24 | 19.4% | -2.3% | ||
| Q1 24 | — | -4.8% |
净利率ARMVIAV
| Q4 25 | 18.0% | -13.0% | ||
| Q3 25 | 21.0% | -7.2% | ||
| Q2 25 | 12.3% | 2.8% | ||
| Q1 25 | — | 6.8% | ||
| Q4 24 | 25.6% | 3.4% | ||
| Q3 24 | 12.7% | -0.8% | ||
| Q2 24 | 23.7% | -8.6% | ||
| Q1 24 | — | -10.0% |
每股收益（稀释后）ARMVIAV
| Q4 25 | $0.21 | $-0.21 | ||
| Q3 25 | $0.22 | $-0.10 | ||
| Q2 25 | $0.12 | $0.03 | ||
| Q1 25 | — | $0.09 | ||
| Q4 24 | $0.24 | $0.04 | ||
| Q3 24 | $0.10 | $-0.01 | ||
| Q2 24 | $0.21 | $-0.10 | ||
| Q1 24 | — | $-0.11 |
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 | $3.5B | $767.4M |
| 总债务越低越好 | — | $1.2B |
| 股东权益账面价值 | $7.8B | $834.3M |
| 总资产 | $10.2B | $2.8B |
| 负债/权益比越低杠杆越低 | — | 1.46× |
8季度趋势，按日历期对齐
现金及短期投资ARMVIAV
| Q4 25 | $3.5B | $767.4M | ||
| Q3 25 | $3.3B | $545.6M | ||
| Q2 25 | $2.9B | $425.3M | ||
| Q1 25 | — | $396.8M | ||
| Q4 24 | $2.7B | $509.4M | ||
| Q3 24 | $2.4B | $493.1M | ||
| Q2 24 | $2.5B | $491.2M | ||
| Q1 24 | — | $482.6M |
总债务ARMVIAV
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $640.5M | ||
| Q2 25 | — | $396.3M | ||
| Q1 25 | — | $396.1M | ||
| Q4 24 | — | $639.3M | ||
| Q3 24 | — | $637.6M | ||
| Q2 24 | — | $636.0M | ||
| Q1 24 | — | $634.4M |
股东权益ARMVIAV
| Q4 25 | $7.8B | $834.3M | ||
| Q3 25 | $7.4B | $723.9M | ||
| Q2 25 | $7.0B | $780.2M | ||
| Q1 25 | — | $728.8M | ||
| Q4 24 | $6.4B | $682.8M | ||
| Q3 24 | $6.0B | $702.1M | ||
| Q2 24 | $5.7B | $681.6M | ||
| Q1 24 | — | $705.1M |
总资产ARMVIAV
| Q4 25 | $10.2B | $2.8B | ||
| Q3 25 | $9.7B | $2.1B | ||
| Q2 25 | $9.4B | $2.0B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | $8.5B | $1.7B | ||
| Q3 24 | $8.1B | $1.7B | ||
| Q2 24 | $7.9B | $1.7B | ||
| Q1 24 | — | $1.7B |
负债/权益比ARMVIAV
| Q4 25 | — | 1.46× | ||
| Q3 25 | — | 0.88× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.54× | ||
| Q4 24 | — | 0.94× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 0.93× | ||
| Q1 24 | — | 0.90× |
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 | $365.0M | $42.5M |
| 自由现金流经营现金流 - 资本支出 | $186.0M | $36.9M |
| 自由现金流率自由现金流/营收 | 15.0% | 10.0% |
| 资本支出强度资本支出/营收 | 14.4% | 1.5% |
| 现金转化率经营现金流/净利润 | 1.64× | — |
| 过去12个月自由现金流最近4个季度 | $1.2B | $78.7M |
8季度趋势，按日历期对齐
经营现金流ARMVIAV
| Q4 25 | $365.0M | $42.5M | ||
| Q3 25 | $567.0M | $31.0M | ||
| Q2 25 | $332.0M | $23.8M | ||
| Q1 25 | — | $7.8M | ||
| Q4 24 | $423.0M | $44.7M | ||
| Q3 24 | $6.0M | $13.5M | ||
| Q2 24 | $-290.0M | $26.2M | ||
| Q1 24 | — | $19.5M |
自由现金流ARMVIAV
| Q4 25 | $186.0M | $36.9M | ||
| Q3 25 | $429.0M | $22.5M | ||
| Q2 25 | $178.0M | $18.3M | ||
| Q1 25 | — | $1.0M | ||
| Q4 24 | $360.0M | $36.5M | ||
| Q3 24 | $-47.0M | $6.2M | ||
| Q2 24 | $-319.0M | $22.4M | ||
| Q1 24 | — | $16.3M |
自由现金流率ARMVIAV
| Q4 25 | 15.0% | 10.0% | ||
| Q3 25 | 37.8% | 7.5% | ||
| Q2 25 | 16.9% | 6.3% | ||
| Q1 25 | — | 0.4% | ||
| Q4 24 | 36.6% | 13.5% | ||
| Q3 24 | -5.6% | 2.6% | ||
| Q2 24 | -34.0% | 8.9% | ||
| Q1 24 | — | 6.6% |
资本支出强度ARMVIAV
| Q4 25 | 14.4% | 1.5% | ||
| Q3 25 | 12.2% | 2.8% | ||
| Q2 25 | 14.6% | 1.9% | ||
| Q1 25 | — | 2.4% | ||
| Q4 24 | 6.4% | 3.0% | ||
| Q3 24 | 6.3% | 3.1% | ||
| Q2 24 | 3.1% | 1.5% | ||
| Q1 24 | — | 1.3% |
现金转化率ARMVIAV
| Q4 25 | 1.64× | — | ||
| Q3 25 | 2.38× | — | ||
| Q2 25 | 2.55× | 2.98× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | 1.68× | 4.91× | ||
| Q3 24 | 0.06× | — | ||
| Q2 24 | -1.30× | — | ||
| 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
ARM
| Royalty | $737.0M | 59% |
| Transferred Over Time | $294.0M | 24% |
| Transferred At Point In Time | $211.0M | 17% |
VIAV
| Products | $317.3M | 86% |
| Services | $52.0M | 14% |
