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DNOW Inc.（DNOW）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
DNOW Inc.的季度营收约是朗美通的1.4倍（$959.0M vs $665.5M），朗美通净利率更高（11.8% vs -16.8%，领先28.5%），DNOW Inc.同比增速更快（68.0% vs 65.5%），DNOW Inc.自由现金流更多（$76.0M vs $43.1M），过去两年朗美通的营收复合增速更高（34.8% vs 30.5%）
DNOW Inc.（商业名称DistributionNOW）是一家全球工业及能源产品分销商，提供供应链管理、库存优化、技术支持服务，主营油气、可再生能源、制造、建筑等领域所需的零部件、设备及耗材，业务覆盖北美、欧洲及亚太地区。
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。
DNOW vs LITE — 直观对比
营收规模更大
DNOW
是对方的1.4倍
$665.5M
营收增速更快
DNOW
高出2.5%
65.5%
净利率更高
LITE
高出28.5%
-16.8%
自由现金流更多
DNOW
多$32.9M
$43.1M
两年增速更快
LITE
近两年复合增速
30.5%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $959.0M | $665.5M |
| 净利润 | $-161.0M | $78.2M |
| 毛利率 | 5.2% | 36.1% |
| 营业利润率 | -19.6% | 9.7% |
| 净利率 | -16.8% | 11.8% |
| 营收同比 | 68.0% | 65.5% |
| 净利润同比 | -905.0% | 228.4% |
| 每股收益（稀释后） | $-1.42 | $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DNOWLITE
| Q4 25 | $959.0M | $665.5M | ||
| Q3 25 | $634.0M | $533.8M | ||
| Q2 25 | $628.0M | $480.7M | ||
| Q1 25 | $599.0M | $425.2M | ||
| Q4 24 | $571.0M | $402.2M | ||
| Q3 24 | $606.0M | $336.9M | ||
| Q2 24 | $633.0M | $308.3M | ||
| Q1 24 | $563.0M | $366.5M |
净利润DNOWLITE
| Q4 25 | $-161.0M | $78.2M | ||
| Q3 25 | $25.0M | $4.2M | ||
| Q2 25 | $25.0M | $213.3M | ||
| Q1 25 | $22.0M | $-44.1M | ||
| Q4 24 | $20.0M | $-60.9M | ||
| Q3 24 | $13.0M | $-82.4M | ||
| Q2 24 | $24.0M | $-252.5M | ||
| Q1 24 | $21.0M | $-127.0M |
毛利率DNOWLITE
| Q4 25 | 5.2% | 36.1% | ||
| Q3 25 | 22.9% | 34.0% | ||
| Q2 25 | 22.9% | 33.3% | ||
| Q1 25 | 23.2% | 28.8% | ||
| Q4 24 | 22.6% | 24.8% | ||
| Q3 24 | 22.3% | 23.1% | ||
| Q2 24 | 21.8% | 16.6% | ||
| Q1 24 | 22.9% | 16.2% |
营业利润率DNOWLITE
| Q4 25 | -19.6% | 9.7% | ||
| Q3 25 | 5.2% | 1.3% | ||
| Q2 25 | 5.1% | -1.7% | ||
| Q1 25 | 5.0% | -8.9% | ||
| Q4 24 | 4.4% | -12.8% | ||
| Q3 24 | 3.8% | -24.5% | ||
| Q2 24 | 5.2% | -43.3% | ||
| Q1 24 | 5.0% | -31.3% |
净利率DNOWLITE
| Q4 25 | -16.8% | 11.8% | ||
| Q3 25 | 3.9% | 0.8% | ||
| Q2 25 | 4.0% | 44.4% | ||
| Q1 25 | 3.7% | -10.4% | ||
| Q4 24 | 3.5% | -15.1% | ||
| Q3 24 | 2.1% | -24.5% | ||
| Q2 24 | 3.8% | -81.9% | ||
| Q1 24 | 3.7% | -34.7% |
每股收益（稀释后）DNOWLITE
| Q4 25 | $-1.42 | $0.89 | ||
| Q3 25 | $0.23 | $0.05 | ||
| Q2 25 | $0.23 | $3.10 | ||
| Q1 25 | $0.20 | $-0.64 | ||
| Q4 24 | $0.19 | $-0.88 | ||
| Q3 24 | $0.12 | $-1.21 | ||
| Q2 24 | $0.21 | $-3.75 | ||
| Q1 24 | $0.19 | $-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 | $164.0M | $1.2B |
| 总债务越低越好 | $411.0M | — |
| 股东权益账面价值 | $2.2B | $846.6M |
| 总资产 | $3.9B | $4.8B |
| 负债/权益比越低杠杆越低 | 0.18× | — |
8季度趋势，按日历期对齐
现金及短期投资DNOWLITE
| Q4 25 | $164.0M | $1.2B | ||
| Q3 25 | $266.0M | $1.1B | ||
| Q2 25 | $232.0M | $877.1M | ||
| Q1 25 | $219.0M | $866.7M | ||
| Q4 24 | $256.0M | $896.7M | ||
| Q3 24 | $261.0M | $916.1M | ||
| Q2 24 | $197.0M | $887.0M | ||
| Q1 24 | $188.0M | $870.9M |
总债务DNOWLITE
| Q4 25 | $411.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益DNOWLITE
| Q4 25 | $2.2B | $846.6M | ||
| Q3 25 | $1.2B | $780.8M | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $1.1B | $879.5M | ||
| Q4 24 | $1.1B | $872.3M | ||
| Q3 24 | $1.1B | $895.9M | ||
| Q2 24 | $1.1B | $957.3M | ||
| Q1 24 | $1.1B | $1.2B |
总资产DNOWLITE
| Q4 25 | $3.9B | $4.8B | ||
| Q3 25 | $1.7B | $4.6B | ||
| Q2 25 | $1.7B | $4.2B | ||
| Q1 25 | $1.7B | $4.0B | ||
| Q4 24 | $1.6B | $4.0B | ||
| Q3 24 | $1.6B | $4.0B | ||
| Q2 24 | $1.6B | $3.9B | ||
| Q1 24 | $1.6B | $4.2B |
负债/权益比DNOWLITE
| Q4 25 | 0.18× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $83.0M | $126.7M |
| 自由现金流经营现金流 - 资本支出 | $76.0M | $43.1M |
| 自由现金流率自由现金流/营收 | 7.9% | 6.5% |
| 资本支出强度资本支出/营收 | 0.7% | 12.6% |
| 现金转化率经营现金流/净利润 | — | 1.62× |
| 过去12个月自由现金流最近4个季度 | $134.0M | $-29.5M |
8季度趋势，按日历期对齐
经营现金流DNOWLITE
| Q4 25 | $83.0M | $126.7M | ||
| Q3 25 | $43.0M | $57.9M | ||
| Q2 25 | $45.0M | $64.0M | ||
| Q1 25 | $-16.0M | $-1.6M | ||
| Q4 24 | $122.0M | $24.3M | ||
| Q3 24 | $74.0M | $39.6M | ||
| Q2 24 | $21.0M | $35.5M | ||
| Q1 24 | $81.0M | $-7.0M |
自由现金流DNOWLITE
| Q4 25 | $76.0M | $43.1M | ||
| Q3 25 | $39.0M | $-18.3M | ||
| Q2 25 | $41.0M | $10.1M | ||
| Q1 25 | $-22.0M | $-64.4M | ||
| Q4 24 | $119.0M | $-15.9M | ||
| Q3 24 | $72.0M | $-34.5M | ||
| Q2 24 | $18.0M | $10.9M | ||
| Q1 24 | $80.0M | $-26.6M |
自由现金流率DNOWLITE
| Q4 25 | 7.9% | 6.5% | ||
| Q3 25 | 6.2% | -3.4% | ||
| Q2 25 | 6.5% | 2.1% | ||
| Q1 25 | -3.7% | -15.1% | ||
| Q4 24 | 20.8% | -4.0% | ||
| Q3 24 | 11.9% | -10.2% | ||
| Q2 24 | 2.8% | 3.5% | ||
| Q1 24 | 14.2% | -7.3% |
资本支出强度DNOWLITE
| Q4 25 | 0.7% | 12.6% | ||
| Q3 25 | 0.6% | 14.3% | ||
| Q2 25 | 0.6% | 11.2% | ||
| Q1 25 | 1.0% | 14.8% | ||
| Q4 24 | 0.5% | 10.0% | ||
| Q3 24 | 0.3% | 22.0% | ||
| Q2 24 | 0.5% | 8.0% | ||
| Q1 24 | 0.2% | 5.3% |
现金转化率DNOWLITE
| Q4 25 | — | 1.62× | ||
| Q3 25 | 1.72× | 13.79× | ||
| Q2 25 | 1.80× | 0.30× | ||
| Q1 25 | -0.73× | — | ||
| Q4 24 | 6.10× | — | ||
| Q3 24 | 5.69× | — | ||
| Q2 24 | 0.88× | — | ||
| Q1 24 | 3.86× | — |
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
DNOW
| Pipelines | $455.0M | 47% |
| Downstream And Industrial | $196.0M | 20% |
| Gas Utilities | $183.0M | 19% |
| Oil And Gas Properties | $105.0M | 11% |
| Other | $20.0M | 2% |
LITE
| Components | $443.7M | 67% |
| Systems | $221.8M | 33% |
