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CIENA CORP（CIEN）与林肯电气（LECO）财务数据对比。点击上方公司名可切换其他公司
CIENA CORP的季度营收约是林肯电气的1.1倍（$1.2B vs $1.1B），林肯电气净利率更高（12.6% vs 4.1%，领先8.5%），CIENA CORP自由现金流更多（$134.6M vs $52.0M），过去两年林肯电气的营收复合增速更高（4.9% vs 3.9%）
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。
林肯电气是美国跨国焊接产品制造企业，总部位于俄亥俄州欧几里得市，主营弧焊设备、焊接配件、等离子及氧燃料切割设备、焊接机器人系统等，业务覆盖160余个国家和地区，在全球设有42个生产基地，同时在19个国家布局了生产联盟及合资企业。
CIEN vs LECO — 直观对比
营收规模更大
CIEN
是对方的1.1倍
$1.1B
净利率更高
LECO
高出8.5%
4.1%
自由现金流更多
CIEN
多$82.6M
$52.0M
两年增速更快
LECO
近两年复合增速
3.9%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.1B |
| 净利润 | $50.3M | $136.0M |
| 毛利率 | 41.3% | 34.7% |
| 营业利润率 | 6.0% | 17.1% |
| 净利率 | 4.1% | 12.6% |
| 营收同比 | — | 5.5% |
| 净利润同比 | — | -3.0% |
| 每股收益（稀释后） | $0.35 | $2.45 |
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CIENLECO
| Q4 25 | — | $1.1B | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $1.1B | $1.1B | ||
| Q1 25 | $1.1B | $1.0B | ||
| Q4 24 | $1.1B | $1.0B | ||
| Q3 24 | $942.3M | $983.8M | ||
| Q2 24 | $910.8M | $1.0B | ||
| Q1 24 | $1.0B | $981.2M |
净利润CIENLECO
| Q4 25 | — | $136.0M | ||
| Q3 25 | $50.3M | $122.6M | ||
| Q2 25 | $9.0M | $143.4M | ||
| Q1 25 | $44.6M | $118.5M | ||
| Q4 24 | $37.0M | $140.2M | ||
| Q3 24 | $14.2M | $100.8M | ||
| Q2 24 | $-16.8M | $101.7M | ||
| Q1 24 | $49.5M | $123.4M |
毛利率CIENLECO
| Q4 25 | — | 34.7% | ||
| Q3 25 | 41.3% | 36.7% | ||
| Q2 25 | 40.2% | 37.3% | ||
| Q1 25 | 44.0% | 36.4% | ||
| Q4 24 | 40.9% | 36.1% | ||
| Q3 24 | 42.9% | 35.8% | ||
| Q2 24 | 42.7% | 37.6% | ||
| Q1 24 | 45.0% | 37.5% |
营业利润率CIENLECO
| Q4 25 | — | 17.1% | ||
| Q3 25 | 6.0% | 16.6% | ||
| Q2 25 | 2.9% | 17.6% | ||
| Q1 25 | 7.5% | 16.4% | ||
| Q4 24 | 5.3% | 17.3% | ||
| Q3 24 | 2.8% | 14.8% | ||
| Q2 24 | -0.4% | 14.6% | ||
| Q1 24 | 8.2% | 16.8% |
净利率CIENLECO
| Q4 25 | — | 12.6% | ||
| Q3 25 | 4.1% | 11.6% | ||
| Q2 25 | 0.8% | 13.2% | ||
| Q1 25 | 4.2% | 11.8% | ||
| Q4 24 | 3.3% | 13.7% | ||
| Q3 24 | 1.5% | 10.2% | ||
| Q2 24 | -1.8% | 10.0% | ||
| Q1 24 | 4.8% | 12.6% |
每股收益（稀释后）CIENLECO
| Q4 25 | — | $2.45 | ||
| Q3 25 | $0.35 | $2.21 | ||
| Q2 25 | $0.06 | $2.56 | ||
| Q1 25 | $0.31 | $2.10 | ||
| Q4 24 | $0.26 | $2.47 | ||
| Q3 24 | $0.10 | $1.77 | ||
| Q2 24 | $-0.12 | $1.77 | ||
| Q1 24 | $0.34 | $2.14 |
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 | $308.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.8B | $1.5B |
| 总资产 | $5.7B | $3.8B |
| 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CIENLECO
| Q4 25 | — | $308.8M | ||
| Q3 25 | $1.3B | $293.0M | ||
| Q2 25 | $1.3B | $299.5M | ||
| Q1 25 | $1.2B | $394.7M | ||
| Q4 24 | $1.3B | $377.3M | ||
| Q3 24 | $1.1B | $404.2M | ||
| Q2 24 | $1.3B | $272.7M | ||
| Q1 24 | $1.4B | $375.0M |
股东权益CIENLECO
| Q4 25 | — | $1.5B | ||
| Q3 25 | $2.8B | $1.4B | ||
| Q2 25 | $2.8B | $1.4B | ||
| Q1 25 | $2.8B | $1.3B | ||
| Q4 24 | $2.8B | $1.3B | ||
| Q3 24 | $2.9B | $1.3B | ||
| Q2 24 | $2.9B | $1.3B | ||
| Q1 24 | $2.9B | $1.3B |
总资产CIENLECO
| Q4 25 | — | $3.8B | ||
| Q3 25 | $5.7B | $3.8B | ||
| Q2 25 | $5.7B | $3.7B | ||
| Q1 25 | $5.6B | $3.6B | ||
| Q4 24 | $5.6B | $3.5B | ||
| Q3 24 | $5.6B | $3.7B | ||
| Q2 24 | $5.6B | $3.4B | ||
| Q1 24 | $5.6B | $3.4B |
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 | $95.0M |
| 自由现金流经营现金流 - 资本支出 | $134.6M | $52.0M |
| 自由现金流率自由现金流/营收 | 11.0% | 4.8% |
| 资本支出强度资本支出/营收 | 3.3% | 4.0% |
| 现金转化率经营现金流/净利润 | 3.47× | 0.70× |
| 过去12个月自由现金流最近4个季度 | $605.5M | $534.2M |
8季度趋势，按日历期对齐
经营现金流CIENLECO
| Q4 25 | — | $95.0M | ||
| Q3 25 | $174.3M | $236.7M | ||
| Q2 25 | $156.9M | $143.8M | ||
| Q1 25 | $103.7M | $185.7M | ||
| Q4 24 | $349.4M | $95.8M | ||
| Q3 24 | $-159.4M | $199.2M | ||
| Q2 24 | $58.5M | $170.7M | ||
| Q1 24 | $266.1M | $133.3M |
自由现金流CIENLECO
| Q4 25 | — | $52.0M | ||
| Q3 25 | $134.6M | $205.1M | ||
| Q2 25 | $128.2M | $118.4M | ||
| Q1 25 | $76.8M | $158.7M | ||
| Q4 24 | $265.8M | $64.3M | ||
| Q3 24 | $-179.0M | $163.5M | ||
| Q2 24 | $41.6M | $147.5M | ||
| Q1 24 | $249.5M | $107.0M |
自由现金流率CIENLECO
| Q4 25 | — | 4.8% | ||
| Q3 25 | 11.0% | 19.3% | ||
| Q2 25 | 11.4% | 10.9% | ||
| Q1 25 | 7.2% | 15.8% | ||
| Q4 24 | 23.6% | 6.3% | ||
| Q3 24 | -19.0% | 16.6% | ||
| Q2 24 | 4.6% | 14.4% | ||
| Q1 24 | 24.0% | 10.9% |
资本支出强度CIENLECO
| Q4 25 | — | 4.0% | ||
| Q3 25 | 3.3% | 3.0% | ||
| Q2 25 | 2.6% | 2.3% | ||
| Q1 25 | 2.5% | 2.7% | ||
| Q4 24 | 7.4% | 3.1% | ||
| Q3 24 | 2.1% | 3.6% | ||
| Q2 24 | 1.9% | 2.3% | ||
| Q1 24 | 1.6% | 2.7% |
现金转化率CIENLECO
| Q4 25 | — | 0.70× | ||
| Q3 25 | 3.47× | 1.93× | ||
| Q2 25 | 17.50× | 1.00× | ||
| Q1 25 | 2.33× | 1.57× | ||
| Q4 24 | 9.44× | 0.68× | ||
| Q3 24 | -11.20× | 1.98× | ||
| Q2 24 | — | 1.68× | ||
| Q1 24 | 5.37× | 1.08× |
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% |
LECO
| Americas Welding | $681.9M | 63% |
| International Welding | $259.4M | 24% |
| Harris Products Group | $137.4M | 13% |
