vs
CIENA CORP（CIEN）与Cloudflare, Inc.（NET）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Cloudflare, Inc.的2.0倍（$1.2B vs $614.5M），CIENA CORP净利率更高（4.1% vs -2.0%，领先6.1%），CIENA CORP自由现金流更多（$134.6M vs $105.2M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% 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。
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
CIEN vs NET — 直观对比
营收规模更大
CIEN
是对方的2.0倍
$614.5M
净利率更高
CIEN
高出6.1%
-2.0%
自由现金流更多
CIEN
多$29.4M
$105.2M
两年增速更快
NET
近两年复合增速
3.9%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $614.5M |
| 净利润 | $50.3M | $-12.1M |
| 毛利率 | 41.3% | 73.6% |
| 营业利润率 | 6.0% | -8.0% |
| 净利率 | 4.1% | -2.0% |
| 营收同比 | — | 33.6% |
| 净利润同比 | — | 6.0% |
| 每股收益（稀释后） | $0.35 | $-0.03 |
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CIENNET
| Q4 25 | — | $614.5M | ||
| Q3 25 | $1.2B | $562.0M | ||
| Q2 25 | $1.1B | $512.3M | ||
| Q1 25 | $1.1B | $479.1M | ||
| Q4 24 | $1.1B | $459.9M | ||
| Q3 24 | $942.3M | $430.1M | ||
| Q2 24 | $910.8M | $401.0M | ||
| Q1 24 | $1.0B | $378.6M |
净利润CIENNET
| Q4 25 | — | $-12.1M | ||
| Q3 25 | $50.3M | $-1.3M | ||
| Q2 25 | $9.0M | $-50.4M | ||
| Q1 25 | $44.6M | $-38.5M | ||
| Q4 24 | $37.0M | $-12.8M | ||
| Q3 24 | $14.2M | $-15.3M | ||
| Q2 24 | $-16.8M | $-15.1M | ||
| Q1 24 | $49.5M | $-35.5M |
毛利率CIENNET
| Q4 25 | — | 73.6% | ||
| Q3 25 | 41.3% | 74.0% | ||
| Q2 25 | 40.2% | 74.9% | ||
| Q1 25 | 44.0% | 75.9% | ||
| Q4 24 | 40.9% | 76.4% | ||
| Q3 24 | 42.9% | 77.7% | ||
| Q2 24 | 42.7% | 77.8% | ||
| Q1 24 | 45.0% | 77.5% |
营业利润率CIENNET
| Q4 25 | — | -8.0% | ||
| Q3 25 | 6.0% | -6.7% | ||
| Q2 25 | 2.9% | -13.1% | ||
| Q1 25 | 7.5% | -11.1% | ||
| Q4 24 | 5.3% | -7.5% | ||
| Q3 24 | 2.8% | -7.2% | ||
| Q2 24 | -0.4% | -8.7% | ||
| Q1 24 | 8.2% | -14.4% |
净利率CIENNET
| Q4 25 | — | -2.0% | ||
| Q3 25 | 4.1% | -0.2% | ||
| Q2 25 | 0.8% | -9.8% | ||
| Q1 25 | 4.2% | -8.0% | ||
| Q4 24 | 3.3% | -2.8% | ||
| Q3 24 | 1.5% | -3.6% | ||
| Q2 24 | -1.8% | -3.8% | ||
| Q1 24 | 4.8% | -9.4% |
每股收益（稀释后）CIENNET
| Q4 25 | — | $-0.03 | ||
| Q3 25 | $0.35 | $0.00 | ||
| Q2 25 | $0.06 | $-0.15 | ||
| Q1 25 | $0.31 | $-0.11 | ||
| Q4 24 | $0.26 | $-0.05 | ||
| Q3 24 | $0.10 | $-0.04 | ||
| Q2 24 | $-0.12 | $-0.04 | ||
| Q1 24 | $0.34 | $-0.10 |
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 | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.8B | $1.5B |
| 总资产 | $5.7B | $6.0B |
| 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CIENNET
| Q4 25 | — | $943.5M | ||
| Q3 25 | $1.3B | $1.1B | ||
| Q2 25 | $1.3B | $1.5B | ||
| Q1 25 | $1.2B | $204.5M | ||
| Q4 24 | $1.3B | $147.7M | ||
| Q3 24 | $1.1B | $182.9M | ||
| Q2 24 | $1.3B | $157.0M | ||
| Q1 24 | $1.4B | $254.4M |
股东权益CIENNET
| Q4 25 | — | $1.5B | ||
| Q3 25 | $2.8B | $1.3B | ||
| Q2 25 | $2.8B | $1.2B | ||
| Q1 25 | $2.8B | $1.4B | ||
| Q4 24 | $2.8B | $1.0B | ||
| Q3 24 | $2.9B | $973.1M | ||
| Q2 24 | $2.9B | $881.5M | ||
| Q1 24 | $2.9B | $797.2M |
总资产CIENNET
| Q4 25 | — | $6.0B | ||
| Q3 25 | $5.7B | $5.8B | ||
| Q2 25 | $5.7B | $5.6B | ||
| Q1 25 | $5.6B | $3.7B | ||
| Q4 24 | $5.6B | $3.3B | ||
| Q3 24 | $5.6B | $3.1B | ||
| Q2 24 | $5.6B | $2.9B | ||
| Q1 24 | $5.6B | $2.8B |
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 | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $134.6M | $105.2M |
| 自由现金流率自由现金流/营收 | 11.0% | 17.1% |
| 资本支出强度资本支出/营收 | 3.3% | 13.9% |
| 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 | $605.5M | $287.5M |
8季度趋势，按日历期对齐
经营现金流CIENNET
| Q4 25 | — | $190.4M | ||
| Q3 25 | $174.3M | $167.1M | ||
| Q2 25 | $156.9M | $99.8M | ||
| Q1 25 | $103.7M | $145.8M | ||
| Q4 24 | $349.4M | $127.3M | ||
| Q3 24 | $-159.4M | $104.7M | ||
| Q2 24 | $58.5M | $74.8M | ||
| Q1 24 | $266.1M | $73.6M |
自由现金流CIENNET
| Q4 25 | — | $105.2M | ||
| Q3 25 | $134.6M | $82.5M | ||
| Q2 25 | $128.2M | $39.9M | ||
| Q1 25 | $76.8M | $59.9M | ||
| Q4 24 | $265.8M | $54.2M | ||
| Q3 24 | $-179.0M | $54.5M | ||
| Q2 24 | $41.6M | $45.2M | ||
| Q1 24 | $249.5M | $41.5M |
自由现金流率CIENNET
| Q4 25 | — | 17.1% | ||
| Q3 25 | 11.0% | 14.7% | ||
| Q2 25 | 11.4% | 7.8% | ||
| Q1 25 | 7.2% | 12.5% | ||
| Q4 24 | 23.6% | 11.8% | ||
| Q3 24 | -19.0% | 12.7% | ||
| Q2 24 | 4.6% | 11.3% | ||
| Q1 24 | 24.0% | 11.0% |
资本支出强度CIENNET
| Q4 25 | — | 13.9% | ||
| Q3 25 | 3.3% | 15.1% | ||
| Q2 25 | 2.6% | 11.7% | ||
| Q1 25 | 2.5% | 17.9% | ||
| Q4 24 | 7.4% | 15.9% | ||
| Q3 24 | 2.1% | 11.7% | ||
| Q2 24 | 1.9% | 7.4% | ||
| Q1 24 | 1.6% | 8.5% |
现金转化率CIENNET
| 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
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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
