vs
缤客控股（BKNG）与CIENA CORP（CIEN）财务数据对比。点击上方公司名可切换其他公司
缤客控股的季度营收约是CIENA CORP的5.2倍（$6.3B vs $1.2B）。缤客控股自由现金流更多（$1.4B vs $134.6M）。过去两年缤客控股的营收复合增速更高（19.9% vs 3.9%）
缤客控股是全球领先的旅行服务集团，旗下运营Booking.com、Priceline、Agoda、Kayak等知名在线平台，为休闲及商务旅客提供酒店预订、机票订购、租车服务、度假套餐、餐厅预约等服务，业务覆盖全球绝大多数国家和地区，合作数百万家旅游及餐饮商户。
Ciena是总部位于美国马里兰州汉诺威的光网络系统及软件提供商，是光连接领域的核心参与者。截至2025年11月，公司营收达48亿美元，全球员工超9000人，由加里·史密斯担任总裁兼首席执行官。
BKNG vs CIEN — 直观对比
营收规模更大
BKNG
是对方的5.2倍
$1.2B
自由现金流更多
BKNG
多$1.3B
$134.6M
两年增速更快
BKNG
近两年复合增速
3.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.3B | $1.2B |
| 净利润 | — | $50.3M |
| 毛利率 | — | 41.3% |
| 营业利润率 | 32.0% | 6.0% |
| 净利率 | — | 4.1% |
| 营收同比 | 16.0% | — |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $43.66 | $0.35 |
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BKNGCIEN
| Q4 25 | $6.3B | — | ||
| Q3 25 | $9.0B | $1.2B | ||
| Q2 25 | $6.8B | $1.1B | ||
| Q1 25 | $4.8B | $1.1B | ||
| Q4 24 | $5.5B | $1.1B | ||
| Q3 24 | $8.0B | $942.3M | ||
| Q2 24 | $5.9B | $910.8M | ||
| Q1 24 | $4.4B | $1.0B |
净利润BKNGCIEN
| Q4 25 | — | — | ||
| Q3 25 | — | $50.3M | ||
| Q2 25 | — | $9.0M | ||
| Q1 25 | — | $44.6M | ||
| Q4 24 | — | $37.0M | ||
| Q3 24 | — | $14.2M | ||
| Q2 24 | — | $-16.8M | ||
| Q1 24 | — | $49.5M |
毛利率BKNGCIEN
| Q4 25 | — | — | ||
| Q3 25 | — | 41.3% | ||
| Q2 25 | — | 40.2% | ||
| Q1 25 | — | 44.0% | ||
| Q4 24 | — | 40.9% | ||
| Q3 24 | — | 42.9% | ||
| Q2 24 | — | 42.7% | ||
| Q1 24 | — | 45.0% |
营业利润率BKNGCIEN
| Q4 25 | 32.0% | — | ||
| Q3 25 | 38.7% | 6.0% | ||
| Q2 25 | 33.1% | 2.9% | ||
| Q1 25 | 22.3% | 7.5% | ||
| Q4 24 | 31.6% | 5.3% | ||
| Q3 24 | 39.8% | 2.8% | ||
| Q2 24 | 31.7% | -0.4% | ||
| Q1 24 | 17.9% | 8.2% |
净利率BKNGCIEN
| Q4 25 | — | — | ||
| Q3 25 | — | 4.1% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 3.3% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | -1.8% | ||
| Q1 24 | — | 4.8% |
每股收益（稀释后）BKNGCIEN
| Q4 25 | $43.66 | — | ||
| Q3 25 | $84.41 | $0.35 | ||
| Q2 25 | $27.43 | $0.06 | ||
| Q1 25 | $10.07 | $0.31 | ||
| Q4 24 | $31.60 | $0.26 | ||
| Q3 24 | $74.34 | $0.10 | ||
| Q2 24 | $44.38 | $-0.12 | ||
| Q1 24 | $22.37 | $0.34 |
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 | $17.2B | $1.3B |
| 总债务越低越好 | $18.7B | — |
| 股东权益账面价值 | $-5.6B | $2.8B |
| 总资产 | $29.3B | $5.7B |
| 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BKNGCIEN
| Q4 25 | $17.2B | — | ||
| Q3 25 | $16.5B | $1.3B | ||
| Q2 25 | $17.6B | $1.3B | ||
| Q1 25 | $15.6B | $1.2B | ||
| Q4 24 | $16.2B | $1.3B | ||
| Q3 24 | $15.8B | $1.1B | ||
| Q2 24 | $16.3B | $1.3B | ||
| Q1 24 | $16.0B | $1.4B |
总债务BKNGCIEN
| Q4 25 | $18.7B | — | ||
| Q3 25 | $17.0B | — | ||
| Q2 25 | $18.5B | — | ||
| Q1 25 | $16.0B | — | ||
| Q4 24 | $16.6B | — | ||
| Q3 24 | $16.2B | — | ||
| Q2 24 | $16.8B | — | ||
| Q1 24 | $16.9B | — |
股东权益BKNGCIEN
| Q4 25 | $-5.6B | — | ||
| Q3 25 | $-4.7B | $2.8B | ||
| Q2 25 | $-6.7B | $2.8B | ||
| Q1 25 | $-6.1B | $2.8B | ||
| Q4 24 | $-4.0B | $2.8B | ||
| Q3 24 | $-3.7B | $2.9B | ||
| Q2 24 | $-4.3B | $2.9B | ||
| Q1 24 | $-4.1B | $2.9B |
总资产BKNGCIEN
| Q4 25 | $29.3B | — | ||
| Q3 25 | $28.8B | $5.7B | ||
| Q2 25 | $30.7B | $5.7B | ||
| Q1 25 | $27.2B | $5.6B | ||
| Q4 24 | $27.7B | $5.6B | ||
| Q3 24 | $28.0B | $5.6B | ||
| Q2 24 | $28.5B | $5.6B | ||
| Q1 24 | $27.7B | $5.6B |
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 | $1.5B | $174.3M |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $134.6M |
| 自由现金流率自由现金流/营收 | 22.3% | 11.0% |
| 资本支出强度资本支出/营收 | 1.1% | 3.3% |
| 现金转化率经营现金流/净利润 | — | 3.47× |
| 过去12个月自由现金流最近4个季度 | $9.1B | $605.5M |
8季度趋势，按日历期对齐
经营现金流BKNGCIEN
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $174.3M | ||
| Q2 25 | $3.2B | $156.9M | ||
| Q1 25 | $3.3B | $103.7M | ||
| Q4 24 | $721.0M | $349.4M | ||
| Q3 24 | $2.4B | $-159.4M | ||
| Q2 24 | $2.5B | $58.5M | ||
| Q1 24 | $2.7B | $266.1M |
自由现金流BKNGCIEN
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | $134.6M | ||
| Q2 25 | $3.1B | $128.2M | ||
| Q1 25 | $3.2B | $76.8M | ||
| Q4 24 | $645.0M | $265.8M | ||
| Q3 24 | $2.3B | $-179.0M | ||
| Q2 24 | $2.4B | $41.6M | ||
| Q1 24 | $2.6B | $249.5M |
自由现金流率BKNGCIEN
| Q4 25 | 22.3% | — | ||
| Q3 25 | 15.2% | 11.0% | ||
| Q2 25 | 46.1% | 11.4% | ||
| Q1 25 | 66.4% | 7.2% | ||
| Q4 24 | 11.8% | 23.6% | ||
| Q3 24 | 28.7% | -19.0% | ||
| Q2 24 | 40.6% | 4.6% | ||
| Q1 24 | 58.3% | 24.0% |
资本支出强度BKNGCIEN
| Q4 25 | 1.1% | — | ||
| Q3 25 | 0.7% | 3.3% | ||
| Q2 25 | 0.9% | 2.6% | ||
| Q1 25 | 2.5% | 2.5% | ||
| Q4 24 | 1.4% | 7.4% | ||
| Q3 24 | 1.0% | 2.1% | ||
| Q2 24 | 2.5% | 1.9% | ||
| Q1 24 | 2.9% | 1.6% |
现金转化率BKNGCIEN
| Q4 25 | — | — | ||
| Q3 25 | — | 3.47× | ||
| Q2 25 | — | 17.50× | ||
| Q1 25 | — | 2.33× | ||
| Q4 24 | — | 9.44× | ||
| Q3 24 | — | -11.20× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 5.37× |
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
BKNG
| Merchant Revenue | $4.2B | 67% |
| Agency Revenue | $1.8B | 28% |
| Advertisingandotherrevenues | $309.0M | 5% |
CIEN
| Optical Networking | $815.5M | 67% |
| Routing And Switching | $125.9M | 10% |
| Platform Softwareand Services Segment | $90.0M | 7% |
| Maintenance Support And Training | $80.7M | 7% |
| Installation And Deployment | $65.9M | 5% |
| Blue Planet Automation Softwareand Services Segment | $27.8M | 2% |
| Consulting And Network Design | $13.6M | 1% |
