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CIENA CORP（CIEN）与帕森斯公司（PSN）财务数据对比。点击上方公司名可切换其他公司
帕森斯公司的季度营收约是CIENA CORP的1.3倍（$1.6B vs $1.2B），CIENA CORP净利率更高（4.1% vs 3.5%，领先0.7%），帕森斯公司自由现金流更多（$135.6M vs $134.6M），过去两年CIENA CORP的营收复合增速更高（3.9% vs 2.2%）
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。
帕森斯公司是一家总部位于美国弗吉尼亚州尚蒂利的跨国企业，1944年成立，核心业务覆盖国防、情报、基础设施工程领域，深耕技术研发，在全球30多个国家为政府及私营部门客户提供专业解决方案。
CIEN vs PSN — 直观对比
营收规模更大
PSN
是对方的1.3倍
$1.2B
净利率更高
CIEN
高出0.7%
3.5%
自由现金流更多
PSN
多$982.0K
$134.6M
两年增速更快
CIEN
近两年复合增速
2.2%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.6B |
| 净利润 | $50.3M | $55.6M |
| 毛利率 | 41.3% | 23.0% |
| 营业利润率 | 6.0% | 6.6% |
| 净利率 | 4.1% | 3.5% |
| 营收同比 | — | -7.5% |
| 净利润同比 | — | -72.4% |
| 每股收益（稀释后） | $0.35 | $0.51 |
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CIENPSN
| Q4 25 | — | $1.6B | ||
| Q3 25 | $1.2B | $1.6B | ||
| Q2 25 | $1.1B | $1.6B | ||
| Q1 25 | $1.1B | $1.6B | ||
| Q4 24 | $1.1B | $1.7B | ||
| Q3 24 | $942.3M | $1.8B | ||
| Q2 24 | $910.8M | $1.7B | ||
| Q1 24 | $1.0B | $1.5B |
净利润CIENPSN
| Q4 25 | — | $55.6M | ||
| Q3 25 | $50.3M | $64.1M | ||
| Q2 25 | $9.0M | $55.2M | ||
| Q1 25 | $44.6M | $66.2M | ||
| Q4 24 | $37.0M | $201.3M | ||
| Q3 24 | $14.2M | $72.0M | ||
| Q2 24 | $-16.8M | $69.2M | ||
| Q1 24 | $49.5M | $-107.4M |
毛利率CIENPSN
| Q4 25 | — | 23.0% | ||
| Q3 25 | 41.3% | 22.2% | ||
| Q2 25 | 40.2% | 22.0% | ||
| Q1 25 | 44.0% | 22.8% | ||
| Q4 24 | 40.9% | 21.3% | ||
| Q3 24 | 42.9% | 19.9% | ||
| Q2 24 | 42.7% | 21.0% | ||
| Q1 24 | 45.0% | 21.2% |
营业利润率CIENPSN
| Q4 25 | — | 6.6% | ||
| Q3 25 | 6.0% | 6.7% | ||
| Q2 25 | 2.9% | 6.0% | ||
| Q1 25 | 7.5% | 7.0% | ||
| Q4 24 | 5.3% | 5.8% | ||
| Q3 24 | 2.8% | 6.4% | ||
| Q2 24 | -0.4% | 6.7% | ||
| Q1 24 | 8.2% | 6.6% |
净利率CIENPSN
| Q4 25 | — | 3.5% | ||
| Q3 25 | 4.1% | 4.0% | ||
| Q2 25 | 0.8% | 3.5% | ||
| Q1 25 | 4.2% | 4.3% | ||
| Q4 24 | 3.3% | 11.6% | ||
| Q3 24 | 1.5% | 4.0% | ||
| Q2 24 | -1.8% | 4.1% | ||
| Q1 24 | 4.8% | -7.0% |
每股收益（稀释后）CIENPSN
| Q4 25 | — | $0.51 | ||
| Q3 25 | $0.35 | $0.59 | ||
| Q2 25 | $0.06 | $0.50 | ||
| Q1 25 | $0.31 | $0.60 | ||
| Q4 24 | $0.26 | $1.85 | ||
| Q3 24 | $0.10 | $0.65 | ||
| Q2 24 | $-0.12 | $0.63 | ||
| Q1 24 | $0.34 | $-1.01 |
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 | $466.4M |
| 总债务越低越好 | — | $1.2B |
| 股东权益账面价值 | $2.8B | $2.6B |
| 总资产 | $5.7B | $5.8B |
| 负债/权益比越低杠杆越低 | — | 0.47× |
8季度趋势，按日历期对齐
现金及短期投资CIENPSN
| Q4 25 | — | $466.4M | ||
| Q3 25 | $1.3B | $422.6M | ||
| Q2 25 | $1.3B | $411.3M | ||
| Q1 25 | $1.2B | $269.7M | ||
| Q4 24 | $1.3B | $453.5M | ||
| Q3 24 | $1.1B | $558.8M | ||
| Q2 24 | $1.3B | $528.5M | ||
| Q1 24 | $1.4B | $423.1M |
总债务CIENPSN
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $785.2M | ||
| Q4 24 | — | $784.1M | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
股东权益CIENPSN
| Q4 25 | — | $2.6B | ||
| Q3 25 | $2.8B | $2.6B | ||
| Q2 25 | $2.8B | $2.5B | ||
| Q1 25 | $2.8B | $2.5B | ||
| Q4 24 | $2.8B | $2.4B | ||
| Q3 24 | $2.9B | $2.3B | ||
| Q2 24 | $2.9B | $2.2B | ||
| Q1 24 | $2.9B | $2.1B |
总资产CIENPSN
| Q4 25 | — | $5.8B | ||
| Q3 25 | $5.7B | $5.7B | ||
| Q2 25 | $5.7B | $5.7B | ||
| Q1 25 | $5.6B | $5.4B | ||
| Q4 24 | $5.6B | $5.5B | ||
| Q3 24 | $5.6B | $5.4B | ||
| Q2 24 | $5.6B | $5.2B | ||
| Q1 24 | $5.6B | $5.1B |
负债/权益比CIENPSN
| Q4 25 | — | 0.47× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | — | 0.49× | ||
| Q1 25 | — | 0.32× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | 0.49× | ||
| Q2 24 | — | 0.56× | ||
| Q1 24 | — | 0.58× |
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 | $167.5M |
| 自由现金流经营现金流 - 资本支出 | $134.6M | $135.6M |
| 自由现金流率自由现金流/营收 | 11.0% | 8.5% |
| 资本支出强度资本支出/营收 | 3.3% | 2.0% |
| 现金转化率经营现金流/净利润 | 3.47× | 3.01× |
| 过去12个月自由现金流最近4个季度 | $605.5M | $410.4M |
8季度趋势，按日历期对齐
经营现金流CIENPSN
| Q4 25 | — | $167.5M | ||
| Q3 25 | $174.3M | $162.8M | ||
| Q2 25 | $156.9M | $159.8M | ||
| Q1 25 | $103.7M | $-11.8M | ||
| Q4 24 | $349.4M | $126.8M | ||
| Q3 24 | $-159.4M | $299.0M | ||
| Q2 24 | $58.5M | $161.2M | ||
| Q1 24 | $266.1M | $-63.4M |
自由现金流CIENPSN
| Q4 25 | — | $135.6M | ||
| Q3 25 | $134.6M | $149.7M | ||
| Q2 25 | $128.2M | $150.4M | ||
| Q1 25 | $76.8M | $-25.3M | ||
| Q4 24 | $265.8M | $108.0M | ||
| Q3 24 | $-179.0M | $287.3M | ||
| Q2 24 | $41.6M | $152.0M | ||
| Q1 24 | $249.5M | $-72.9M |
自由现金流率CIENPSN
| Q4 25 | — | 8.5% | ||
| Q3 25 | 11.0% | 9.2% | ||
| Q2 25 | 11.4% | 9.5% | ||
| Q1 25 | 7.2% | -1.6% | ||
| Q4 24 | 23.6% | 6.2% | ||
| Q3 24 | -19.0% | 15.9% | ||
| Q2 24 | 4.6% | 9.1% | ||
| Q1 24 | 24.0% | -4.7% |
资本支出强度CIENPSN
| Q4 25 | — | 2.0% | ||
| Q3 25 | 3.3% | 0.8% | ||
| Q2 25 | 2.6% | 0.6% | ||
| Q1 25 | 2.5% | 0.9% | ||
| Q4 24 | 7.4% | 1.1% | ||
| Q3 24 | 2.1% | 0.6% | ||
| Q2 24 | 1.9% | 0.6% | ||
| Q1 24 | 1.6% | 0.6% |
现金转化率CIENPSN
| Q4 25 | — | 3.01× | ||
| Q3 25 | 3.47× | 2.54× | ||
| Q2 25 | 17.50× | 2.89× | ||
| Q1 25 | 2.33× | -0.18× | ||
| Q4 24 | 9.44× | 0.63× | ||
| Q3 24 | -11.20× | 4.16× | ||
| Q2 24 | — | 2.33× | ||
| 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% |
PSN
| Unconsolidated Joint Ventures | $582.1M | 36% |
| Defense And Intelligence | $502.8M | 31% |
| Engineered Systems | $281.4M | 18% |
| Consolidated Joint Ventures | $216.7M | 14% |
| TRS Group Inc | $9.4M | 1% |
