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柯蒂斯-莱特（CW）与朗美通（LITE）财务数据对比。点击上方公司名可切换其他公司
柯蒂斯-莱特的季度营收约是朗美通的1.4倍（$947.0M vs $665.5M），柯蒂斯-莱特净利率更高（14.5% vs 11.8%，领先2.7%），朗美通同比增速更快（65.5% vs 14.9%），柯蒂斯-莱特自由现金流更多（$315.1M vs $43.1M），过去两年朗美通的营收复合增速更高（34.8% vs 15.2%）
柯蒂斯-莱特公司是总部位于美国北卡罗来纳州戴维森的制造与服务提供商，在美国内外均设有工厂及业务网点。公司1929年由柯蒂斯、莱特及多家供应商合并成立，成立之初即为美国最大航空企业，二战期间为美军生产了超14.2万台航空发动机。
朗美通控股（Lumentum Holdings Inc.）是全球知名光电产品供应商，前身为美国捷迪讯（JDSU）旗下光电器件及激光业务板块，2015年8月随捷迪讯分拆独立运营，总部位于美国加利福尼亚州米尔皮塔斯，主营光通信网络设备、激光器、定制光学解决方案等多元产品。
CW vs LITE — 直观对比
营收规模更大
CW
是对方的1.4倍
$665.5M
营收增速更快
LITE
高出50.6%
14.9%
净利率更高
CW
高出2.7%
11.8%
自由现金流更多
CW
多$272.0M
$43.1M
两年增速更快
LITE
近两年复合增速
15.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $947.0M | $665.5M |
| 净利润 | $137.0M | $78.2M |
| 毛利率 | 37.5% | 36.1% |
| 营业利润率 | 19.2% | 9.7% |
| 净利率 | 14.5% | 11.8% |
| 营收同比 | 14.9% | 65.5% |
| 净利润同比 | 16.2% | 228.4% |
| 每股收益（稀释后） | $3.69 | $0.89 |
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CWLITE
| Q4 25 | $947.0M | $665.5M | ||
| Q3 25 | $869.2M | $533.8M | ||
| Q2 25 | $876.6M | $480.7M | ||
| Q1 25 | $805.6M | $425.2M | ||
| Q4 24 | $824.3M | $402.2M | ||
| Q3 24 | $798.9M | $336.9M | ||
| Q2 24 | $784.8M | $308.3M | ||
| Q1 24 | $713.2M | $366.5M |
净利润CWLITE
| Q4 25 | $137.0M | $78.2M | ||
| Q3 25 | $124.8M | $4.2M | ||
| Q2 25 | $121.1M | $213.3M | ||
| Q1 25 | $101.3M | $-44.1M | ||
| Q4 24 | $117.9M | $-60.9M | ||
| Q3 24 | $111.2M | $-82.4M | ||
| Q2 24 | $99.5M | $-252.5M | ||
| Q1 24 | $76.5M | $-127.0M |
毛利率CWLITE
| Q4 25 | 37.5% | 36.1% | ||
| Q3 25 | 37.7% | 34.0% | ||
| Q2 25 | 37.2% | 33.3% | ||
| Q1 25 | 36.3% | 28.8% | ||
| Q4 24 | 38.5% | 24.8% | ||
| Q3 24 | 37.3% | 23.1% | ||
| Q2 24 | 36.2% | 16.6% | ||
| Q1 24 | 35.6% | 16.2% |
营业利润率CWLITE
| Q4 25 | 19.2% | 9.7% | ||
| Q3 25 | 19.1% | 1.3% | ||
| Q2 25 | 17.8% | -1.7% | ||
| Q1 25 | 16.0% | -8.9% | ||
| Q4 24 | 18.8% | -12.8% | ||
| Q3 24 | 18.1% | -24.5% | ||
| Q2 24 | 16.4% | -43.3% | ||
| Q1 24 | 14.0% | -31.3% |
净利率CWLITE
| Q4 25 | 14.5% | 11.8% | ||
| Q3 25 | 14.4% | 0.8% | ||
| Q2 25 | 13.8% | 44.4% | ||
| Q1 25 | 12.6% | -10.4% | ||
| Q4 24 | 14.3% | -15.1% | ||
| Q3 24 | 13.9% | -24.5% | ||
| Q2 24 | 12.7% | -81.9% | ||
| Q1 24 | 10.7% | -34.7% |
每股收益（稀释后）CWLITE
| Q4 25 | $3.69 | $0.89 | ||
| Q3 25 | $3.31 | $0.05 | ||
| Q2 25 | $3.19 | $3.10 | ||
| Q1 25 | $2.68 | $-0.64 | ||
| Q4 24 | $3.09 | $-0.88 | ||
| Q3 24 | $2.89 | $-1.21 | ||
| Q2 24 | $2.58 | $-3.75 | ||
| Q1 24 | $1.99 | $-1.88 |
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 | — | $1.2B |
| 总债务越低越好 | $957.9M | — |
| 股东权益账面价值 | $2.5B | $846.6M |
| 总资产 | $5.2B | $4.8B |
| 负债/权益比越低杠杆越低 | 0.38× | — |
8季度趋势，按日历期对齐
现金及短期投资CWLITE
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $877.1M | ||
| Q1 25 | $226.5M | $866.7M | ||
| Q4 24 | $385.0M | $896.7M | ||
| Q3 24 | — | $916.1M | ||
| Q2 24 | — | $887.0M | ||
| Q1 24 | $338.0M | $870.9M |
总债务CWLITE
| Q4 25 | $957.9M | — | ||
| Q3 25 | $968.6M | — | ||
| Q2 25 | $958.4M | — | ||
| Q1 25 | $958.6M | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.1B | — |
股东权益CWLITE
| Q4 25 | $2.5B | $846.6M | ||
| Q3 25 | $2.5B | $780.8M | ||
| Q2 25 | $2.7B | $1.1B | ||
| Q1 25 | $2.6B | $879.5M | ||
| Q4 24 | $2.4B | $872.3M | ||
| Q3 24 | $2.5B | $895.9M | ||
| Q2 24 | $2.5B | $957.3M | ||
| Q1 24 | $2.4B | $1.2B |
总资产CWLITE
| Q4 25 | $5.2B | $4.8B | ||
| Q3 25 | $5.1B | $4.6B | ||
| Q2 25 | $5.2B | $4.2B | ||
| Q1 25 | $5.0B | $4.0B | ||
| Q4 24 | $5.0B | $4.0B | ||
| Q3 24 | $4.9B | $4.0B | ||
| Q2 24 | $4.7B | $3.9B | ||
| Q1 24 | $4.6B | $4.2B |
负债/权益比CWLITE
| Q4 25 | 0.38× | — | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.37× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 0.42× | — | ||
| Q2 24 | 0.43× | — | ||
| Q1 24 | 0.44× | — |
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 | $352.7M | $126.7M |
| 自由现金流经营现金流 - 资本支出 | $315.1M | $43.1M |
| 自由现金流率自由现金流/营收 | 33.3% | 6.5% |
| 资本支出强度资本支出/营收 | 4.0% | 12.6% |
| 现金转化率经营现金流/净利润 | 2.57× | 1.62× |
| 过去12个月自由现金流最近4个季度 | $553.7M | $-29.5M |
8季度趋势，按日历期对齐
经营现金流CWLITE
| Q4 25 | $352.7M | $126.7M | ||
| Q3 25 | $192.8M | $57.9M | ||
| Q2 25 | $136.6M | $64.0M | ||
| Q1 25 | $-38.8M | $-1.6M | ||
| Q4 24 | $301.3M | $24.3M | ||
| Q3 24 | $177.3M | $39.6M | ||
| Q2 24 | $111.3M | $35.5M | ||
| Q1 24 | $-45.6M | $-7.0M |
自由现金流CWLITE
| Q4 25 | $315.1M | $43.1M | ||
| Q3 25 | $175.9M | $-18.3M | ||
| Q2 25 | $117.2M | $10.1M | ||
| Q1 25 | $-54.5M | $-64.4M | ||
| Q4 24 | $278.0M | $-15.9M | ||
| Q3 24 | $162.7M | $-34.5M | ||
| Q2 24 | $100.3M | $10.9M | ||
| Q1 24 | $-57.7M | $-26.6M |
自由现金流率CWLITE
| Q4 25 | 33.3% | 6.5% | ||
| Q3 25 | 20.2% | -3.4% | ||
| Q2 25 | 13.4% | 2.1% | ||
| Q1 25 | -6.8% | -15.1% | ||
| Q4 24 | 33.7% | -4.0% | ||
| Q3 24 | 20.4% | -10.2% | ||
| Q2 24 | 12.8% | 3.5% | ||
| Q1 24 | -8.1% | -7.3% |
资本支出强度CWLITE
| Q4 25 | 4.0% | 12.6% | ||
| Q3 25 | 1.9% | 14.3% | ||
| Q2 25 | 2.2% | 11.2% | ||
| Q1 25 | 2.0% | 14.8% | ||
| Q4 24 | 2.8% | 10.0% | ||
| Q3 24 | 1.8% | 22.0% | ||
| Q2 24 | 1.4% | 8.0% | ||
| Q1 24 | 1.7% | 5.3% |
现金转化率CWLITE
| Q4 25 | 2.57× | 1.62× | ||
| Q3 25 | 1.54× | 13.79× | ||
| Q2 25 | 1.13× | 0.30× | ||
| Q1 25 | -0.38× | — | ||
| Q4 24 | 2.56× | — | ||
| Q3 24 | 1.59× | — | ||
| Q2 24 | 1.12× | — | ||
| Q1 24 | -0.60× | — |
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
CW
| Naval Power | $417.4M | 44% |
| Defense Electronics | $268.3M | 28% |
| Aerospace Industrial | $262.4M | 28% |
LITE
| Components | $443.7M | 67% |
| Systems | $221.8M | 33% |
