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QWEST CORP（CTBB）与斑马技术（ZBRA）财务数据对比。点击上方公司名可切换其他公司
斑马技术的季度营收约是QWEST CORP的1.3倍（$1.5B vs $1.1B），斑马技术净利率更高（4.7% vs -187.5%，领先192.2%），斑马技术同比增速更快（10.6% vs -15.0%），斑马技术自由现金流更多（$327.0M vs $160.0M），过去两年斑马技术的营收复合增速更高（12.0% vs -8.6%）
奎斯特公司（以CenturyLink QC名义运营）是一家隶属于 lumen Technologies 的地区性贝尔运营公司。其前身为1911年成立的山地电话电报公司，先后更名为山地贝尔、美国西部通讯，2000年改为现名，业务整合了原Malheur Bell、西北贝尔、太平洋西北贝尔的运营资源。
斑马技术（Zebra Technologies）是源自美国的跨国科技企业，专注于智能数据采集系统领域的研发与落地。公司总部位于芝加哥郊外的伊利诺伊州林肯郡，目前在全球57个国家和地区开展业务，雇员总数达10700名。
CTBB vs ZBRA — 直观对比
营收规模更大
ZBRA
是对方的1.3倍
$1.1B
营收增速更快
ZBRA
高出25.6%
-15.0%
净利率更高
ZBRA
高出192.2%
-187.5%
自由现金流更多
ZBRA
多$167.0M
$160.0M
两年增速更快
ZBRA
近两年复合增速
-8.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.5B |
| 净利润 | $-2.1B | $70.0M |
| 毛利率 | 67.9% | 47.3% |
| 营业利润率 | -183.2% | 9.4% |
| 净利率 | -187.5% | 4.7% |
| 营收同比 | -15.0% | 10.6% |
| 净利润同比 | -627.9% | -57.1% |
| 每股收益（稀释后） | — | $1.40 |
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CTBBZBRA
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $1.1B | $1.3B | ||
| Q2 25 | $1.1B | $1.3B | ||
| Q1 25 | $1.2B | $1.3B | ||
| Q4 24 | $1.3B | $1.3B | ||
| Q3 24 | $1.3B | $1.3B | ||
| Q2 24 | $1.3B | $1.2B | ||
| Q1 24 | $1.3B | $1.2B |
净利润CTBBZBRA
| Q4 25 | $-2.1B | $70.0M | ||
| Q3 25 | $176.0M | $101.0M | ||
| Q2 25 | $277.0M | $112.0M | ||
| Q1 25 | $284.0M | $136.0M | ||
| Q4 24 | $391.0M | $163.0M | ||
| Q3 24 | $365.0M | $137.0M | ||
| Q2 24 | $378.0M | $113.0M | ||
| Q1 24 | $353.0M | $115.0M |
毛利率CTBBZBRA
| Q4 25 | 67.9% | 47.3% | ||
| Q3 25 | 65.3% | 48.0% | ||
| Q2 25 | 68.2% | 47.6% | ||
| Q1 25 | 69.3% | 49.3% | ||
| Q4 24 | 71.2% | 48.6% | ||
| Q3 24 | 69.9% | 48.8% | ||
| Q2 24 | 71.6% | 48.4% | ||
| Q1 24 | 71.9% | 47.9% |
营业利润率CTBBZBRA
| Q4 25 | -183.2% | 9.4% | ||
| Q3 25 | 22.3% | 13.9% | ||
| Q2 25 | 33.1% | 14.2% | ||
| Q1 25 | 33.7% | 14.9% | ||
| Q4 24 | 40.7% | 16.9% | ||
| Q3 24 | 38.5% | 15.2% | ||
| Q2 24 | 40.3% | 13.7% | ||
| Q1 24 | 37.6% | 13.5% |
净利率CTBBZBRA
| Q4 25 | -187.5% | 4.7% | ||
| Q3 25 | 16.1% | 7.7% | ||
| Q2 25 | 24.3% | 8.7% | ||
| Q1 25 | 24.7% | 10.4% | ||
| Q4 24 | 30.2% | 12.2% | ||
| Q3 24 | 28.2% | 10.9% | ||
| Q2 24 | 28.7% | 9.3% | ||
| Q1 24 | 26.8% | 9.8% |
每股收益（稀释后）CTBBZBRA
| Q4 25 | — | $1.40 | ||
| Q3 25 | — | $1.97 | ||
| Q2 25 | — | $2.19 | ||
| Q1 25 | — | $2.62 | ||
| Q4 24 | — | $3.14 | ||
| Q3 24 | — | $2.64 | ||
| Q2 24 | — | $2.17 | ||
| Q1 24 | — | $2.23 |
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 | $39.0M | $125.0M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $10.9B | $3.6B |
| 总资产 | $15.8B | $8.5B |
| 负债/权益比越低杠杆越低 | 0.15× | — |
8季度趋势，按日历期对齐
现金及短期投资CTBBZBRA
| Q4 25 | $39.0M | $125.0M | ||
| Q3 25 | $36.0M | $1.1B | ||
| Q2 25 | $25.0M | $872.0M | ||
| Q1 25 | $40.0M | $879.0M | ||
| Q4 24 | $26.0M | $901.0M | ||
| Q3 24 | $22.0M | $676.0M | ||
| Q2 24 | $18.0M | $411.0M | ||
| Q1 24 | $14.0M | $127.0M |
总债务CTBBZBRA
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | $2.2B | ||
| Q2 25 | $1.7B | $2.2B | ||
| Q1 25 | $1.7B | $2.2B | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.7B | $2.2B | ||
| Q2 24 | $1.9B | $2.2B | ||
| Q1 24 | $1.9B | $2.1B |
股东权益CTBBZBRA
| Q4 25 | $10.9B | $3.6B | ||
| Q3 25 | $13.0B | $3.7B | ||
| Q2 25 | $12.8B | $3.6B | ||
| Q1 25 | $12.5B | $3.6B | ||
| Q4 24 | $12.2B | $3.6B | ||
| Q3 24 | $11.9B | $3.4B | ||
| Q2 24 | $11.5B | $3.3B | ||
| Q1 24 | $11.1B | $3.2B |
总资产CTBBZBRA
| Q4 25 | $15.8B | $8.5B | ||
| Q3 25 | $17.9B | $8.1B | ||
| Q2 25 | $17.8B | $7.9B | ||
| Q1 25 | $17.6B | $7.9B | ||
| Q4 24 | $17.4B | $8.0B | ||
| Q3 24 | $17.0B | $7.7B | ||
| Q2 24 | $16.6B | $7.5B | ||
| Q1 24 | $16.4B | $7.3B |
负债/权益比CTBBZBRA
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.13× | 0.58× | ||
| Q2 25 | 0.13× | 0.60× | ||
| Q1 25 | 0.13× | 0.60× | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.14× | 0.64× | ||
| Q2 24 | 0.17× | 0.66× | ||
| Q1 24 | 0.17× | 0.66× |
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 | $402.0M | $357.0M |
| 自由现金流经营现金流 - 资本支出 | $160.0M | $327.0M |
| 自由现金流率自由现金流/营收 | 14.5% | 22.2% |
| 资本支出强度资本支出/营收 | 22.0% | 2.0% |
| 现金转化率经营现金流/净利润 | — | 5.10× |
| 过去12个月自由现金流最近4个季度 | $938.0M | $831.0M |
8季度趋势，按日历期对齐
经营现金流CTBBZBRA
| Q4 25 | $402.0M | $357.0M | ||
| Q3 25 | $427.0M | $235.0M | ||
| Q2 25 | $480.0M | $147.0M | ||
| Q1 25 | $453.0M | $178.0M | ||
| Q4 24 | $548.0M | $306.0M | ||
| Q3 24 | $627.0M | $294.0M | ||
| Q2 24 | $548.0M | $288.0M | ||
| Q1 24 | $471.0M | $125.0M |
自由现金流CTBBZBRA
| Q4 25 | $160.0M | $327.0M | ||
| Q3 25 | $252.0M | $216.0M | ||
| Q2 25 | $276.0M | $130.0M | ||
| Q1 25 | $250.0M | $158.0M | ||
| Q4 24 | $277.0M | $288.0M | ||
| Q3 24 | $396.0M | $277.0M | ||
| Q2 24 | $280.0M | $278.0M | ||
| Q1 24 | $194.0M | $111.0M |
自由现金流率CTBBZBRA
| Q4 25 | 14.5% | 22.2% | ||
| Q3 25 | 23.1% | 16.4% | ||
| Q2 25 | 24.2% | 10.1% | ||
| Q1 25 | 21.7% | 12.1% | ||
| Q4 24 | 21.4% | 21.6% | ||
| Q3 24 | 30.6% | 22.1% | ||
| Q2 24 | 21.3% | 22.8% | ||
| Q1 24 | 14.7% | 9.4% |
资本支出强度CTBBZBRA
| Q4 25 | 22.0% | 2.0% | ||
| Q3 25 | 16.0% | 1.4% | ||
| Q2 25 | 17.9% | 1.3% | ||
| Q1 25 | 17.6% | 1.5% | ||
| Q4 24 | 20.9% | 1.3% | ||
| Q3 24 | 17.9% | 1.4% | ||
| Q2 24 | 20.4% | 0.8% | ||
| Q1 24 | 21.0% | 1.2% |
现金转化率CTBBZBRA
| Q4 25 | — | 5.10× | ||
| Q3 25 | 2.43× | 2.33× | ||
| Q2 25 | 1.73× | 1.31× | ||
| Q1 25 | 1.60× | 1.31× | ||
| Q4 24 | 1.40× | 1.88× | ||
| Q3 24 | 1.72× | 2.15× | ||
| Q2 24 | 1.45× | 2.55× | ||
| Q1 24 | 1.33× | 1.09× |
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
CTBB
| Nonrelated Party | $665.0M | 60% |
| Other | $436.0M | 40% |
ZBRA
| Tangible Products | $1.2B | 83% |
| Service And Software | $255.0M | 17% |
