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CIENA CORP（CIEN）与TRINET GROUP, INC.（TNET）财务数据对比。点击上方公司名可切换其他公司
TRINET GROUP, INC.的季度营收约是CIENA CORP的1.0倍（$1.2B vs $1.2B），CIENA CORP自由现金流更多（$134.6M vs $43.0M），过去两年CIENA CORP的营收复合增速更高（3.9% vs -0.6%）
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。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
CIEN vs TNET — 直观对比
营收规模更大
TNET
是对方的1.0倍
$1.2B
自由现金流更多
CIEN
多$91.6M
$43.0M
两年增速更快
CIEN
近两年复合增速
-0.6%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $50.3M | — |
| 毛利率 | 41.3% | — |
| 营业利润率 | 6.0% | 0.1% |
| 净利率 | 4.1% | — |
| 营收同比 | — | -2.2% |
| 净利润同比 | — | — |
| 每股收益（稀释后） | $0.35 | $0.02 |
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CIENTNET
| Q4 25 | — | $1.2B | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.1B | $1.3B | ||
| Q4 24 | $1.1B | $1.3B | ||
| Q3 24 | $942.3M | $1.2B | ||
| Q2 24 | $910.8M | $1.2B | ||
| Q1 24 | $1.0B | $1.3B |
净利润CIENTNET
| Q4 25 | — | — | ||
| Q3 25 | $50.3M | $34.0M | ||
| Q2 25 | $9.0M | $37.0M | ||
| Q1 25 | $44.6M | $85.0M | ||
| Q4 24 | $37.0M | — | ||
| Q3 24 | $14.2M | $45.0M | ||
| Q2 24 | $-16.8M | $60.0M | ||
| Q1 24 | $49.5M | $91.0M |
毛利率CIENTNET
| 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CIENTNET
| Q4 25 | — | 0.1% | ||
| Q3 25 | 6.0% | 4.1% | ||
| Q2 25 | 2.9% | 4.1% | ||
| Q1 25 | 7.5% | 8.9% | ||
| Q4 24 | 5.3% | -2.9% | ||
| Q3 24 | 2.8% | 4.7% | ||
| Q2 24 | -0.4% | 6.5% | ||
| Q1 24 | 8.2% | 9.7% |
净利率CIENTNET
| Q4 25 | — | — | ||
| Q3 25 | 4.1% | 2.8% | ||
| Q2 25 | 0.8% | 3.0% | ||
| Q1 25 | 4.2% | 6.6% | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | 1.5% | 3.6% | ||
| Q2 24 | -1.8% | 4.9% | ||
| Q1 24 | 4.8% | 7.2% |
每股收益（稀释后）CIENTNET
| Q4 25 | — | $0.02 | ||
| Q3 25 | $0.35 | $0.70 | ||
| Q2 25 | $0.06 | $0.77 | ||
| Q1 25 | $0.31 | $1.71 | ||
| Q4 24 | $0.26 | $-0.44 | ||
| Q3 24 | $0.10 | $0.89 | ||
| Q2 24 | $-0.12 | $1.20 | ||
| Q1 24 | $0.34 | $1.78 |
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 | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.8B | $54.0M |
| 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CIENTNET
| Q4 25 | — | $287.0M | ||
| Q3 25 | $1.3B | $321.0M | ||
| Q2 25 | $1.3B | $407.0M | ||
| Q1 25 | $1.2B | $349.0M | ||
| Q4 24 | $1.3B | $360.0M | ||
| Q3 24 | $1.1B | $301.0M | ||
| Q2 24 | $1.3B | $249.0M | ||
| Q1 24 | $1.4B | $383.0M |
股东权益CIENTNET
| Q4 25 | — | $54.0M | ||
| Q3 25 | $2.8B | $110.0M | ||
| Q2 25 | $2.8B | $107.0M | ||
| Q1 25 | $2.8B | $63.0M | ||
| Q4 24 | $2.8B | $69.0M | ||
| Q3 24 | $2.9B | $129.0M | ||
| Q2 24 | $2.9B | $100.0M | ||
| Q1 24 | $2.9B | $143.0M |
总资产CIENTNET
| Q4 25 | — | $3.8B | ||
| Q3 25 | $5.7B | $3.4B | ||
| Q2 25 | $5.7B | $3.7B | ||
| Q1 25 | $5.6B | $3.8B | ||
| Q4 24 | $5.6B | $4.1B | ||
| Q3 24 | $5.6B | $3.7B | ||
| Q2 24 | $5.6B | $3.7B | ||
| Q1 24 | $5.6B | $4.0B |
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 | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $134.6M | $43.0M |
| 自由现金流率自由现金流/营收 | 11.0% | 3.4% |
| 资本支出强度资本支出/营收 | 3.3% | 1.4% |
| 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 | $234.0M |
8季度趋势，按日历期对齐
经营现金流CIENTNET
| Q4 25 | — | $61.0M | ||
| Q3 25 | $174.3M | $72.0M | ||
| Q2 25 | $156.9M | $75.0M | ||
| Q1 25 | $103.7M | $95.0M | ||
| Q4 24 | $349.4M | $65.0M | ||
| Q3 24 | $-159.4M | $84.0M | ||
| Q2 24 | $58.5M | $39.0M | ||
| Q1 24 | $266.1M | $91.0M |
自由现金流CIENTNET
| Q4 25 | — | $43.0M | ||
| Q3 25 | $134.6M | $55.0M | ||
| Q2 25 | $128.2M | $57.0M | ||
| Q1 25 | $76.8M | $79.0M | ||
| Q4 24 | $265.8M | $47.0M | ||
| Q3 24 | $-179.0M | $59.0M | ||
| Q2 24 | $41.6M | $22.0M | ||
| Q1 24 | $249.5M | $73.0M |
自由现金流率CIENTNET
| Q4 25 | — | 3.4% | ||
| Q3 25 | 11.0% | 4.5% | ||
| Q2 25 | 11.4% | 4.6% | ||
| Q1 25 | 7.2% | 6.1% | ||
| Q4 24 | 23.6% | 3.7% | ||
| Q3 24 | -19.0% | 4.8% | ||
| Q2 24 | 4.6% | 1.8% | ||
| Q1 24 | 24.0% | 5.8% |
资本支出强度CIENTNET
| Q4 25 | — | 1.4% | ||
| Q3 25 | 3.3% | 1.4% | ||
| Q2 25 | 2.6% | 1.5% | ||
| Q1 25 | 2.5% | 1.2% | ||
| Q4 24 | 7.4% | 1.4% | ||
| Q3 24 | 2.1% | 2.0% | ||
| Q2 24 | 1.9% | 1.4% | ||
| Q1 24 | 1.6% | 1.4% |
现金转化率CIENTNET
| Q4 25 | — | — | ||
| Q3 25 | 3.47× | 2.12× | ||
| Q2 25 | 17.50× | 2.03× | ||
| Q1 25 | 2.33× | 1.12× | ||
| Q4 24 | 9.44× | — | ||
| Q3 24 | -11.20× | 1.87× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | 5.37× | 1.00× |
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% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
