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CIENA CORP（CIEN）与Sunrun Inc.（RUN）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Sunrun Inc.的1.1倍（$1.2B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs 4.1%，领先4.8%），过去两年Sunrun Inc.的营收复合增速更高（59.0% 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。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
CIEN vs RUN — 直观对比
营收规模更大
CIEN
是对方的1.1倍
$1.2B
净利率更高
RUN
高出4.8%
4.1%
两年增速更快
RUN
近两年复合增速
3.9%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $50.3M | $103.6M |
| 毛利率 | 41.3% | — |
| 营业利润率 | 6.0% | 8.4% |
| 净利率 | 4.1% | 8.9% |
| 营收同比 | — | 123.5% |
| 净利润同比 | — | 103.7% |
| 每股收益（稀释后） | $0.35 | $0.38 |
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CIENRUN
| Q4 25 | — | $1.2B | ||
| Q3 25 | $1.2B | $724.6M | ||
| Q2 25 | $1.1B | $569.3M | ||
| Q1 25 | $1.1B | $504.3M | ||
| Q4 24 | $1.1B | $518.5M | ||
| Q3 24 | $942.3M | $537.2M | ||
| Q2 24 | $910.8M | $523.9M | ||
| Q1 24 | $1.0B | $458.2M |
净利润CIENRUN
| Q4 25 | — | $103.6M | ||
| Q3 25 | $50.3M | $16.6M | ||
| Q2 25 | $9.0M | $279.8M | ||
| Q1 25 | $44.6M | $50.0M | ||
| Q4 24 | $37.0M | $-2.8B | ||
| Q3 24 | $14.2M | $-83.8M | ||
| Q2 24 | $-16.8M | $139.1M | ||
| Q1 24 | $49.5M | $-87.8M |
毛利率CIENRUN
| Q4 25 | — | — | ||
| Q3 25 | 41.3% | — | ||
| Q2 25 | 40.2% | — | ||
| Q1 25 | 44.0% | — | ||
| Q4 24 | 40.9% | — | ||
| Q3 24 | 42.9% | — | ||
| Q2 24 | 42.7% | — | ||
| Q1 24 | 45.0% | — |
营业利润率CIENRUN
| Q4 25 | — | 8.4% | ||
| Q3 25 | 6.0% | 0.5% | ||
| Q2 25 | 2.9% | -19.7% | ||
| Q1 25 | 7.5% | -22.8% | ||
| Q4 24 | 5.3% | -628.0% | ||
| Q3 24 | 2.8% | -23.8% | ||
| Q2 24 | -0.4% | -24.4% | ||
| Q1 24 | 8.2% | -40.0% |
净利率CIENRUN
| Q4 25 | — | 8.9% | ||
| Q3 25 | 4.1% | 2.3% | ||
| Q2 25 | 0.8% | 49.1% | ||
| Q1 25 | 4.2% | 9.9% | ||
| Q4 24 | 3.3% | -542.7% | ||
| Q3 24 | 1.5% | -15.6% | ||
| Q2 24 | -1.8% | 26.5% | ||
| Q1 24 | 4.8% | -19.2% |
每股收益（稀释后）CIENRUN
| Q4 25 | — | $0.38 | ||
| Q3 25 | $0.35 | $0.06 | ||
| Q2 25 | $0.06 | $1.07 | ||
| Q1 25 | $0.31 | $0.20 | ||
| Q4 24 | $0.26 | $-12.59 | ||
| Q3 24 | $0.10 | $-0.37 | ||
| Q2 24 | $-0.12 | $0.55 | ||
| Q1 24 | $0.34 | $-0.40 |
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 | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $2.8B | $3.1B |
| 总资产 | $5.7B | $22.6B |
| 负债/权益比越低杠杆越低 | — | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资CIENRUN
| Q4 25 | — | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.4B | — |
总债务CIENRUN
| Q4 25 | — | $14.7B | ||
| Q3 25 | — | $14.6B | ||
| Q2 25 | — | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益CIENRUN
| Q4 25 | — | $3.1B | ||
| Q3 25 | $2.8B | $3.0B | ||
| Q2 25 | $2.8B | $2.9B | ||
| Q1 25 | $2.8B | $2.6B | ||
| Q4 24 | $2.8B | $2.6B | ||
| Q3 24 | $2.9B | $5.3B | ||
| Q2 24 | $2.9B | $5.4B | ||
| Q1 24 | $2.9B | $5.2B |
总资产CIENRUN
| Q4 25 | — | $22.6B | ||
| Q3 25 | $5.7B | $22.2B | ||
| Q2 25 | $5.7B | $21.2B | ||
| Q1 25 | $5.6B | $20.4B | ||
| Q4 24 | $5.6B | $19.9B | ||
| Q3 24 | $5.6B | $22.1B | ||
| Q2 24 | $5.6B | $21.4B | ||
| Q1 24 | $5.6B | $20.8B |
负债/权益比CIENRUN
| Q4 25 | — | 4.69× | ||
| Q3 25 | — | 4.90× | ||
| Q2 25 | — | 4.80× | ||
| Q1 25 | — | 5.19× | ||
| Q4 24 | — | 5.05× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | — | 2.23× | ||
| Q1 24 | — | 2.15× |
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 | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $134.6M | — |
| 自由现金流率自由现金流/营收 | 11.0% | — |
| 资本支出强度资本支出/营收 | 3.3% | — |
| 现金转化率经营现金流/净利润 | 3.47× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $605.5M | — |
8季度趋势，按日历期对齐
经营现金流CIENRUN
| Q4 25 | — | $96.9M | ||
| Q3 25 | $174.3M | $-121.5M | ||
| Q2 25 | $156.9M | $-292.7M | ||
| Q1 25 | $103.7M | $-104.2M | ||
| Q4 24 | $349.4M | $-258.4M | ||
| Q3 24 | $-159.4M | $-156.2M | ||
| Q2 24 | $58.5M | $-208.5M | ||
| Q1 24 | $266.1M | $-143.1M |
自由现金流CIENRUN
| Q4 25 | — | — | ||
| Q3 25 | $134.6M | — | ||
| Q2 25 | $128.2M | — | ||
| Q1 25 | $76.8M | — | ||
| Q4 24 | $265.8M | — | ||
| Q3 24 | $-179.0M | $-156.4M | ||
| Q2 24 | $41.6M | — | ||
| Q1 24 | $249.5M | — |
自由现金流率CIENRUN
| Q4 25 | — | — | ||
| Q3 25 | 11.0% | — | ||
| Q2 25 | 11.4% | — | ||
| Q1 25 | 7.2% | — | ||
| Q4 24 | 23.6% | — | ||
| Q3 24 | -19.0% | -29.1% | ||
| Q2 24 | 4.6% | — | ||
| Q1 24 | 24.0% | — |
资本支出强度CIENRUN
| Q4 25 | — | — | ||
| Q3 25 | 3.3% | — | ||
| Q2 25 | 2.6% | — | ||
| Q1 25 | 2.5% | — | ||
| Q4 24 | 7.4% | — | ||
| Q3 24 | 2.1% | 0.0% | ||
| Q2 24 | 1.9% | — | ||
| Q1 24 | 1.6% | — |
现金转化率CIENRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | 3.47× | -7.33× | ||
| Q2 25 | 17.50× | -1.05× | ||
| Q1 25 | 2.33× | -2.08× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | -11.20× | — | ||
| Q2 24 | — | -1.50× | ||
| 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% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
