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CIENA CORP（CIEN）与欧文斯科宁（OC）财务数据对比。点击上方公司名可切换其他公司
欧文斯科宁的季度营收约是CIENA CORP的1.8倍（$2.1B vs $1.2B），CIENA CORP净利率更高（4.1% vs -13.9%，领先18.0%），欧文斯科宁自由现金流更多（$333.0M vs $134.6M），过去两年CIENA CORP的营收复合增速更高（3.9% vs -3.5%）
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。
欧文斯科宁是美国知名建材及复合材料企业，1935年由康宁玻璃厂与欧文斯-伊利诺伊公司合资组建。主营保温材料、屋面材料、玻璃纤维复合材料及相关产品，是全球最大的玻璃纤维复合材料生产商，全球员工约1.9万人，自1955年《财富》500强榜单创立以来连年上榜。
CIEN vs OC — 直观对比
营收规模更大
OC
是对方的1.8倍
$1.2B
净利率更高
CIEN
高出18.0%
-13.9%
自由现金流更多
OC
多$198.4M
$134.6M
两年增速更快
CIEN
近两年复合增速
-3.5%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $2.1B |
| 净利润 | $50.3M | $-298.0M |
| 毛利率 | 41.3% | 23.2% |
| 营业利润率 | 6.0% | -10.5% |
| 净利率 | 4.1% | -13.9% |
| 营收同比 | — | -24.6% |
| 净利润同比 | — | -15.5% |
| 每股收益（稀释后） | $0.35 | $-3.47 |
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CIENOC
| Q4 25 | — | $2.1B | ||
| Q3 25 | $1.2B | $2.7B | ||
| Q2 25 | $1.1B | $2.7B | ||
| Q1 25 | $1.1B | $2.5B | ||
| Q4 24 | $1.1B | $2.8B | ||
| Q3 24 | $942.3M | $3.0B | ||
| Q2 24 | $910.8M | $2.8B | ||
| Q1 24 | $1.0B | $2.3B |
净利润CIENOC
| Q4 25 | — | $-298.0M | ||
| Q3 25 | $50.3M | $-494.0M | ||
| Q2 25 | $9.0M | $363.0M | ||
| Q1 25 | $44.6M | $-93.0M | ||
| Q4 24 | $37.0M | $-258.0M | ||
| Q3 24 | $14.2M | $321.0M | ||
| Q2 24 | $-16.8M | $285.0M | ||
| Q1 24 | $49.5M | $299.0M |
毛利率CIENOC
| Q4 25 | — | 23.2% | ||
| Q3 25 | 41.3% | 28.2% | ||
| Q2 25 | 40.2% | 31.2% | ||
| Q1 25 | 44.0% | 28.7% | ||
| Q4 24 | 40.9% | 28.1% | ||
| Q3 24 | 42.9% | 29.8% | ||
| Q2 24 | 42.7% | 31.1% | ||
| Q1 24 | 45.0% | 29.6% |
营业利润率CIENOC
| Q4 25 | — | -10.5% | ||
| Q3 25 | 6.0% | -12.2% | ||
| Q2 25 | 2.9% | 18.4% | ||
| Q1 25 | 7.5% | 16.1% | ||
| Q4 24 | 5.3% | -8.5% | ||
| Q3 24 | 2.8% | 16.7% | ||
| Q2 24 | -0.4% | 16.4% | ||
| Q1 24 | 8.2% | 17.5% |
净利率CIENOC
| Q4 25 | — | -13.9% | ||
| Q3 25 | 4.1% | -18.4% | ||
| Q2 25 | 0.8% | 13.2% | ||
| Q1 25 | 4.2% | -3.7% | ||
| Q4 24 | 3.3% | -9.1% | ||
| Q3 24 | 1.5% | 10.5% | ||
| Q2 24 | -1.8% | 10.2% | ||
| Q1 24 | 4.8% | 13.0% |
每股收益（稀释后）CIENOC
| Q4 25 | — | $-3.47 | ||
| Q3 25 | $0.35 | $-5.92 | ||
| Q2 25 | $0.06 | $4.25 | ||
| Q1 25 | $0.31 | $-1.08 | ||
| Q4 24 | $0.26 | $-2.92 | ||
| Q3 24 | $0.10 | $3.65 | ||
| Q2 24 | $-0.12 | $3.24 | ||
| Q1 24 | $0.34 | $3.40 |
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 | $345.0M |
| 总债务越低越好 | — | $4.7B |
| 股东权益账面价值 | $2.8B | $3.9B |
| 总资产 | $5.7B | $13.0B |
| 负债/权益比越低杠杆越低 | — | 1.22× |
8季度趋势，按日历期对齐
现金及短期投资CIENOC
| Q4 25 | — | $345.0M | ||
| Q3 25 | $1.3B | $286.0M | ||
| Q2 25 | $1.3B | $230.0M | ||
| Q1 25 | $1.2B | $400.0M | ||
| Q4 24 | $1.3B | $361.0M | ||
| Q3 24 | $1.1B | $499.0M | ||
| Q2 24 | $1.3B | $254.0M | ||
| Q1 24 | $1.4B | $1.3B |
总债务CIENOC
| Q4 25 | — | $4.7B | ||
| Q3 25 | — | $4.7B | ||
| Q2 25 | — | $5.1B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | $5.0B | ||
| Q2 24 | — | $5.0B | ||
| Q1 24 | — | $2.6B |
股东权益CIENOC
| Q4 25 | — | $3.9B | ||
| Q3 25 | $2.8B | $4.4B | ||
| Q2 25 | $2.8B | $5.2B | ||
| Q1 25 | $2.8B | $4.9B | ||
| Q4 24 | $2.8B | $5.1B | ||
| Q3 24 | $2.9B | $5.6B | ||
| Q2 24 | $2.9B | $5.5B | ||
| Q1 24 | $2.9B | $5.2B |
总资产CIENOC
| Q4 25 | — | $13.0B | ||
| Q3 25 | $5.7B | $13.5B | ||
| Q2 25 | $5.7B | $14.5B | ||
| Q1 25 | $5.6B | $14.3B | ||
| Q4 24 | $5.6B | $14.1B | ||
| Q3 24 | $5.6B | $15.1B | ||
| Q2 24 | $5.6B | $15.0B | ||
| Q1 24 | $5.6B | $11.3B |
负债/权益比CIENOC
| Q4 25 | — | 1.22× | ||
| Q3 25 | — | 1.06× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | — | 1.01× | ||
| Q3 24 | — | 0.89× | ||
| Q2 24 | — | 0.92× | ||
| Q1 24 | — | 0.51× |
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 | $590.0M |
| 自由现金流经营现金流 - 资本支出 | $134.6M | $333.0M |
| 自由现金流率自由现金流/营收 | 11.0% | 15.5% |
| 资本支出强度资本支出/营收 | 3.3% | 12.0% |
| 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 | $962.0M |
8季度趋势，按日历期对齐
经营现金流CIENOC
| Q4 25 | — | $590.0M | ||
| Q3 25 | $174.3M | $918.0M | ||
| Q2 25 | $156.9M | $327.0M | ||
| Q1 25 | $103.7M | $-49.0M | ||
| Q4 24 | $349.4M | $676.0M | ||
| Q3 24 | $-159.4M | $699.0M | ||
| Q2 24 | $58.5M | $493.0M | ||
| Q1 24 | $266.1M | $24.0M |
自由现金流CIENOC
| Q4 25 | — | $333.0M | ||
| Q3 25 | $134.6M | $752.0M | ||
| Q2 25 | $128.2M | $129.0M | ||
| Q1 25 | $76.8M | $-252.0M | ||
| Q4 24 | $265.8M | $479.0M | ||
| Q3 24 | $-179.0M | $558.0M | ||
| Q2 24 | $41.6M | $336.0M | ||
| Q1 24 | $249.5M | $-128.0M |
自由现金流率CIENOC
| Q4 25 | — | 15.5% | ||
| Q3 25 | 11.0% | 28.0% | ||
| Q2 25 | 11.4% | 4.7% | ||
| Q1 25 | 7.2% | -10.0% | ||
| Q4 24 | 23.6% | 16.9% | ||
| Q3 24 | -19.0% | 18.3% | ||
| Q2 24 | 4.6% | 12.0% | ||
| Q1 24 | 24.0% | -5.6% |
资本支出强度CIENOC
| Q4 25 | — | 12.0% | ||
| Q3 25 | 3.3% | 6.2% | ||
| Q2 25 | 2.6% | 7.2% | ||
| Q1 25 | 2.5% | 8.0% | ||
| Q4 24 | 7.4% | 6.9% | ||
| Q3 24 | 2.1% | 4.6% | ||
| Q2 24 | 1.9% | 5.6% | ||
| Q1 24 | 1.6% | 6.6% |
现金转化率CIENOC
| Q4 25 | — | — | ||
| Q3 25 | 3.47× | — | ||
| Q2 25 | 17.50× | 0.90× | ||
| Q1 25 | 2.33× | — | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | -11.20× | 2.18× | ||
| Q2 24 | — | 1.73× | ||
| Q1 24 | 5.37× | 0.08× |
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% |
OC
| Insulation | $724.0M | 34% |
| Residential | $625.0M | 29% |
| Doors | $427.0M | 20% |
| Discontinued Operations Disposed Of By Sale | $299.0M | 14% |
| Commercial And Industrial Sector | $101.0M | 5% |
