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DROPBOX, INC.（DBX）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
朗美通的季度营收约是DROPBOX, INC.的1.0倍（$665.5M vs $636.2M），DROPBOX, INC.净利率更高（17.1% vs 11.8%，领先5.3%），朗美通同比增速更快（65.5% vs -1.1%），DROPBOX, INC.自由现金流更多（$224.9M vs $43.1M），过去两年朗美通的营收复合增速更高（34.8% vs 0.4%）
Dropbox是总部位于美国加利福尼亚州旧金山的云服务企业，2007年由麻省理工学院学生德鲁·休斯顿与阿拉什·费尔多西创立，初创阶段获得创业孵化器Y Combinator的种子投资，核心业务包含云存储、文件同步、个人云及配套客户端软件等服务。
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。
DBX vs LITE — 直观对比
营收规模更大
LITE
是对方的1.0倍
$636.2M
营收增速更快
LITE
高出66.6%
-1.1%
净利率更高
DBX
高出5.3%
11.8%
自由现金流更多
DBX
多$181.8M
$43.1M
两年增速更快
LITE
近两年复合增速
0.4%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $636.2M | $665.5M |
| 净利润 | $108.7M | $78.2M |
| 毛利率 | 79.2% | 36.1% |
| 营业利润率 | 25.5% | 9.7% |
| 净利率 | 17.1% | 11.8% |
| 营收同比 | -1.1% | 65.5% |
| 净利润同比 | 5.7% | 228.4% |
| 每股收益（稀释后） | $0.43 | $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DBXLITE
| Q4 25 | $636.2M | $665.5M | ||
| Q3 25 | $634.4M | $533.8M | ||
| Q2 25 | $625.7M | $480.7M | ||
| Q1 25 | $624.7M | $425.2M | ||
| Q4 24 | $643.6M | $402.2M | ||
| Q3 24 | $638.8M | $336.9M | ||
| Q2 24 | $634.5M | $308.3M | ||
| Q1 24 | $631.3M | $366.5M |
净利润DBXLITE
| Q4 25 | $108.7M | $78.2M | ||
| Q3 25 | $123.8M | $4.2M | ||
| Q2 25 | $125.6M | $213.3M | ||
| Q1 25 | $150.3M | $-44.1M | ||
| Q4 24 | $102.8M | $-60.9M | ||
| Q3 24 | $106.7M | $-82.4M | ||
| Q2 24 | $110.5M | $-252.5M | ||
| Q1 24 | $132.3M | $-127.0M |
毛利率DBXLITE
| Q4 25 | 79.2% | 36.1% | ||
| Q3 25 | 79.8% | 34.0% | ||
| Q2 25 | 80.2% | 33.3% | ||
| Q1 25 | 81.3% | 28.8% | ||
| Q4 24 | 81.2% | 24.8% | ||
| Q3 24 | 82.5% | 23.1% | ||
| Q2 24 | 83.1% | 16.6% | ||
| Q1 24 | 83.2% | 16.2% |
营业利润率DBXLITE
| Q4 25 | 25.5% | 9.7% | ||
| Q3 25 | 27.5% | 1.3% | ||
| Q2 25 | 26.9% | -1.7% | ||
| Q1 25 | 29.4% | -8.9% | ||
| Q4 24 | 13.7% | -12.8% | ||
| Q3 24 | 20.0% | -24.5% | ||
| Q2 24 | 20.0% | -43.3% | ||
| Q1 24 | 22.7% | -31.3% |
净利率DBXLITE
| Q4 25 | 17.1% | 11.8% | ||
| Q3 25 | 19.5% | 0.8% | ||
| Q2 25 | 20.1% | 44.4% | ||
| Q1 25 | 24.1% | -10.4% | ||
| Q4 24 | 16.0% | -15.1% | ||
| Q3 24 | 16.7% | -24.5% | ||
| Q2 24 | 17.4% | -81.9% | ||
| Q1 24 | 21.0% | -34.7% |
每股收益（稀释后）DBXLITE
| Q4 25 | $0.43 | $0.89 | ||
| Q3 25 | $0.47 | $0.05 | ||
| Q2 25 | $0.45 | $3.10 | ||
| Q1 25 | $0.51 | $-0.64 | ||
| Q4 24 | $0.33 | $-0.88 | ||
| Q3 24 | $0.34 | $-1.21 | ||
| Q2 24 | $0.34 | $-3.75 | ||
| Q1 24 | $0.39 | $-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 | $891.3M | $1.2B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-1.8B | $846.6M |
| 总资产 | $2.8B | $4.8B |
| 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DBXLITE
| Q4 25 | $891.3M | $1.2B | ||
| Q3 25 | $730.7M | $1.1B | ||
| Q2 25 | $736.3M | $877.1M | ||
| Q1 25 | $942.2M | $866.7M | ||
| Q4 24 | $1.3B | $896.7M | ||
| Q3 24 | $517.6M | $916.1M | ||
| Q2 24 | $515.1M | $887.0M | ||
| Q1 24 | $548.9M | $870.9M |
股东权益DBXLITE
| Q4 25 | $-1.8B | $846.6M | ||
| Q3 25 | $-1.5B | $780.8M | ||
| Q2 25 | $-1.3B | $1.1B | ||
| Q1 25 | $-1.1B | $879.5M | ||
| Q4 24 | $-752.4M | $872.3M | ||
| Q3 24 | $-546.1M | $895.9M | ||
| Q2 24 | $-371.3M | $957.3M | ||
| Q1 24 | $-277.2M | $1.2B |
总资产DBXLITE
| Q4 25 | $2.8B | $4.8B | ||
| Q3 25 | $2.8B | $4.6B | ||
| Q2 25 | $2.8B | $4.2B | ||
| Q1 25 | $3.0B | $4.0B | ||
| Q4 24 | $3.3B | $4.0B | ||
| Q3 24 | $2.6B | $4.0B | ||
| Q2 24 | $2.7B | $3.9B | ||
| Q1 24 | $2.8B | $4.2B |
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 | $235.4M | $126.7M |
| 自由现金流经营现金流 - 资本支出 | $224.9M | $43.1M |
| 自由现金流率自由现金流/营收 | 35.4% | 6.5% |
| 资本支出强度资本支出/营收 | 1.7% | 12.6% |
| 现金转化率经营现金流/净利润 | 2.17× | 1.62× |
| 过去12个月自由现金流最近4个季度 | $930.8M | $-29.5M |
8季度趋势，按日历期对齐
经营现金流DBXLITE
| Q4 25 | $235.4M | $126.7M | ||
| Q3 25 | $302.1M | $57.9M | ||
| Q2 25 | $260.5M | $64.0M | ||
| Q1 25 | $153.8M | $-1.6M | ||
| Q4 24 | $213.8M | $24.3M | ||
| Q3 24 | $274.2M | $39.6M | ||
| Q2 24 | $230.6M | $35.5M | ||
| Q1 24 | $175.5M | $-7.0M |
自由现金流DBXLITE
| Q4 25 | $224.9M | $43.1M | ||
| Q3 25 | $293.7M | $-18.3M | ||
| Q2 25 | $258.5M | $10.1M | ||
| Q1 25 | $153.7M | $-64.4M | ||
| Q4 24 | $210.5M | $-15.9M | ||
| Q3 24 | $270.1M | $-34.5M | ||
| Q2 24 | $224.7M | $10.9M | ||
| Q1 24 | $166.3M | $-26.6M |
自由现金流率DBXLITE
| Q4 25 | 35.4% | 6.5% | ||
| Q3 25 | 46.3% | -3.4% | ||
| Q2 25 | 41.3% | 2.1% | ||
| Q1 25 | 24.6% | -15.1% | ||
| Q4 24 | 32.7% | -4.0% | ||
| Q3 24 | 42.3% | -10.2% | ||
| Q2 24 | 35.4% | 3.5% | ||
| Q1 24 | 26.3% | -7.3% |
资本支出强度DBXLITE
| Q4 25 | 1.7% | 12.6% | ||
| Q3 25 | 1.3% | 14.3% | ||
| Q2 25 | 0.3% | 11.2% | ||
| Q1 25 | 0.0% | 14.8% | ||
| Q4 24 | 0.5% | 10.0% | ||
| Q3 24 | 0.6% | 22.0% | ||
| Q2 24 | 0.9% | 8.0% | ||
| Q1 24 | 1.5% | 5.3% |
现金转化率DBXLITE
| Q4 25 | 2.17× | 1.62× | ||
| Q3 25 | 2.44× | 13.79× | ||
| Q2 25 | 2.07× | 0.30× | ||
| Q1 25 | 1.02× | — | ||
| Q4 24 | 2.08× | — | ||
| Q3 24 | 2.57× | — | ||
| Q2 24 | 2.09× | — | ||
| Q1 24 | 1.33× | — |
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
DBX
| US | $355.3M | 56% |
| Non Us | $280.9M | 44% |
LITE
| Components | $443.7M | 67% |
| Systems | $221.8M | 33% |
