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CIENA CORP（CIEN）与康宝莱（HLF）财务数据对比。点击上方公司名可切换其他公司
康宝莱的季度营收约是CIENA CORP的1.1倍（$1.3B vs $1.2B），康宝莱净利率更高（6.7% vs 4.1%，领先2.5%），CIENA CORP自由现金流更多（$134.6M vs $79.8M），过去两年CIENA CORP的营收复合增速更高（3.9% vs 0.7%）
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。
康宝莱是美国跨国多层次营销企业，主营膳食补充剂的研发与销售。该公司曾被指控涉嫌金字塔骗局欺诈运营，2016年与美国证监会达成协议后调整了薪酬体系，将经销商奖励与可核实的实际销售额挂钩。此外其部分产品曾被曝出引发急性肝炎的相关问题。
CIEN vs HLF — 直观对比
营收规模更大
HLF
是对方的1.1倍
$1.2B
净利率更高
HLF
高出2.5%
4.1%
自由现金流更多
CIEN
多$54.8M
$79.8M
两年增速更快
CIEN
近两年复合增速
0.7%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.3B |
| 净利润 | $50.3M | $85.4M |
| 毛利率 | 41.3% | 77.5% |
| 营业利润率 | 6.0% | 7.8% |
| 净利率 | 4.1% | 6.7% |
| 营收同比 | — | 6.3% |
| 净利润同比 | — | -52.0% |
| 每股收益（稀释后） | $0.35 | $0.81 |
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CIENHLF
| Q4 25 | — | $1.3B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.1B | $1.3B | ||
| Q1 25 | $1.1B | $1.2B | ||
| Q4 24 | $1.1B | $1.2B | ||
| Q3 24 | $942.3M | $1.2B | ||
| Q2 24 | $910.8M | $1.3B | ||
| Q1 24 | $1.0B | $1.3B |
净利润CIENHLF
| Q4 25 | — | $85.4M | ||
| Q3 25 | $50.3M | $43.2M | ||
| Q2 25 | $9.0M | $49.3M | ||
| Q1 25 | $44.6M | $50.4M | ||
| Q4 24 | $37.0M | $177.9M | ||
| Q3 24 | $14.2M | $47.4M | ||
| Q2 24 | $-16.8M | $4.7M | ||
| Q1 24 | $49.5M | $24.3M |
毛利率CIENHLF
| Q4 25 | — | 77.5% | ||
| Q3 25 | 41.3% | 77.7% | ||
| Q2 25 | 40.2% | 78.0% | ||
| Q1 25 | 44.0% | 78.3% | ||
| Q4 24 | 40.9% | 77.8% | ||
| Q3 24 | 42.9% | 78.3% | ||
| Q2 24 | 42.7% | 77.9% | ||
| Q1 24 | 45.0% | 77.5% |
营业利润率CIENHLF
| Q4 25 | — | 7.8% | ||
| Q3 25 | 6.0% | 9.9% | ||
| Q2 25 | 2.9% | 10.5% | ||
| Q1 25 | 7.5% | 10.1% | ||
| Q4 24 | 5.3% | 8.8% | ||
| Q3 24 | 2.8% | 10.2% | ||
| Q2 24 | -0.4% | 6.3% | ||
| Q1 24 | 8.2% | 5.7% |
净利率CIENHLF
| Q4 25 | — | 6.7% | ||
| Q3 25 | 4.1% | 3.4% | ||
| Q2 25 | 0.8% | 3.9% | ||
| Q1 25 | 4.2% | 4.1% | ||
| Q4 24 | 3.3% | 14.7% | ||
| Q3 24 | 1.5% | 3.8% | ||
| Q2 24 | -1.8% | 0.4% | ||
| Q1 24 | 4.8% | 1.9% |
每股收益（稀释后）CIENHLF
| Q4 25 | — | $0.81 | ||
| Q3 25 | $0.35 | $0.42 | ||
| Q2 25 | $0.06 | $0.48 | ||
| Q1 25 | $0.31 | $0.49 | ||
| Q4 24 | $0.26 | $1.75 | ||
| Q3 24 | $0.10 | $0.46 | ||
| Q2 24 | $-0.12 | $0.05 | ||
| Q1 24 | $0.34 | $0.24 |
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 | $1.3B | $353.1M |
| 总债务越低越好 | — | $2.0B |
| 股东权益账面价值 | $2.8B | $-515.1M |
| 总资产 | $5.7B | $2.8B |
| 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CIENHLF
| Q4 25 | — | $353.1M | ||
| Q3 25 | $1.3B | $305.5M | ||
| Q2 25 | $1.3B | $320.9M | ||
| Q1 25 | $1.2B | $329.4M | ||
| Q4 24 | $1.3B | $415.3M | ||
| Q3 24 | $1.1B | $402.5M | ||
| Q2 24 | $1.3B | $374.0M | ||
| Q1 24 | $1.4B | $398.3M |
总债务CIENHLF
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.4B |
股东权益CIENHLF
| Q4 25 | — | $-515.1M | ||
| Q3 25 | $2.8B | $-612.0M | ||
| Q2 25 | $2.8B | $-660.5M | ||
| Q1 25 | $2.8B | $-736.0M | ||
| Q4 24 | $2.8B | $-801.1M | ||
| Q3 24 | $2.9B | $-954.2M | ||
| Q2 24 | $2.9B | $-1.0B | ||
| Q1 24 | $2.9B | $-1.0B |
总资产CIENHLF
| Q4 25 | — | $2.8B | ||
| Q3 25 | $5.7B | $2.7B | ||
| Q2 25 | $5.7B | $2.7B | ||
| Q1 25 | $5.6B | $2.7B | ||
| Q4 24 | $5.6B | $2.7B | ||
| Q3 24 | $5.6B | $2.7B | ||
| Q2 24 | $5.6B | $2.6B | ||
| Q1 24 | $5.6B | $2.6B |
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 | $174.3M | $98.3M |
| 自由现金流经营现金流 - 资本支出 | $134.6M | $79.8M |
| 自由现金流率自由现金流/营收 | 11.0% | 6.2% |
| 资本支出强度资本支出/营收 | 3.3% | 1.4% |
| 现金转化率经营现金流/净利润 | 3.47× | 1.15× |
| 过去12个月自由现金流最近4个季度 | $605.5M | $252.9M |
8季度趋势，按日历期对齐
经营现金流CIENHLF
| Q4 25 | — | $98.3M | ||
| Q3 25 | $174.3M | $138.8M | ||
| Q2 25 | $156.9M | $96.0M | ||
| Q1 25 | $103.7M | $200.0K | ||
| Q4 24 | $349.4M | $69.6M | ||
| Q3 24 | $-159.4M | $99.5M | ||
| Q2 24 | $58.5M | $102.5M | ||
| Q1 24 | $266.1M | $13.8M |
自由现金流CIENHLF
| Q4 25 | — | $79.8M | ||
| Q3 25 | $134.6M | $118.0M | ||
| Q2 25 | $128.2M | $73.2M | ||
| Q1 25 | $76.8M | $-18.1M | ||
| Q4 24 | $265.8M | $43.9M | ||
| Q3 24 | $-179.0M | $72.4M | ||
| Q2 24 | $41.6M | $66.2M | ||
| Q1 24 | $249.5M | $-19.1M |
自由现金流率CIENHLF
| Q4 25 | — | 6.2% | ||
| Q3 25 | 11.0% | 9.3% | ||
| Q2 25 | 11.4% | 5.8% | ||
| Q1 25 | 7.2% | -1.5% | ||
| Q4 24 | 23.6% | 3.6% | ||
| Q3 24 | -19.0% | 5.8% | ||
| Q2 24 | 4.6% | 5.2% | ||
| Q1 24 | 24.0% | -1.5% |
资本支出强度CIENHLF
| Q4 25 | — | 1.4% | ||
| Q3 25 | 3.3% | 1.6% | ||
| Q2 25 | 2.6% | 1.8% | ||
| Q1 25 | 2.5% | 1.5% | ||
| Q4 24 | 7.4% | 2.1% | ||
| Q3 24 | 2.1% | 2.2% | ||
| Q2 24 | 1.9% | 2.8% | ||
| Q1 24 | 1.6% | 2.6% |
现金转化率CIENHLF
| Q4 25 | — | 1.15× | ||
| Q3 25 | 3.47× | 3.21× | ||
| Q2 25 | 17.50× | 1.95× | ||
| Q1 25 | 2.33× | 0.00× | ||
| Q4 24 | 9.44× | 0.39× | ||
| Q3 24 | -11.20× | 2.10× | ||
| Q2 24 | — | 21.81× | ||
| Q1 24 | 5.37× | 0.57× |
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
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% |
HLF
| Others | $514.4M | 40% |
| Other | $300.0M | 23% |
| IN | $250.3M | 20% |
| MX | $147.2M | 11% |
| VN | $71.1M | 6% |
