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DT Midstream, Inc.（DTM）与Ribbon Communications Inc.（RBBN）财务数据对比。点击上方公司名可切换其他公司
DT Midstream, Inc.的季度营收约是Ribbon Communications Inc.的1.9倍（$317.0M vs $162.6M），Ribbon Communications Inc.净利率更高（54.8% vs 35.0%，领先19.8%），DT Midstream, Inc.同比增速更快（27.3% vs -10.3%），过去两年DT Midstream, Inc.的营收复合增速更高（14.9% vs -8.1%）
ONEOK是美国油气中游运营商，总部位于俄克拉荷马州塔尔萨，为油气行业提供收集、处理、分馏、运输及存储服务，是财富500强企业及标普500指数成分股。公司1906年成立时名为俄克拉荷马天然气公司，1980年更为现名。
睿宾通信公司（Ribbon Communications Inc.）主要为电信运营商、企业及关键基础设施领域提供软件、IP与光网络解决方案。公司于2017年由Genband与Sonus Networks合并成立，总部位于美国得克萨斯州普莱诺，是一家上市科技企业。
DTM vs RBBN — 直观对比
营收规模更大
DTM
是对方的1.9倍
$162.6M
营收增速更快
DTM
高出37.6%
-10.3%
净利率更高
RBBN
高出19.8%
35.0%
两年增速更快
DTM
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $317.0M | $162.6M |
| 净利润 | $111.0M | $89.1M |
| 毛利率 | — | 42.9% |
| 营业利润率 | 49.2% | 37.6% |
| 净利率 | 35.0% | 54.8% |
| 营收同比 | 27.3% | -10.3% |
| 净利润同比 | 52.1% | — |
| 每股收益（稀释后） | $1.07 | $0.50 |
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DTMRBBN
| Q1 26 | — | $162.6M | ||
| Q4 25 | $317.0M | $227.3M | ||
| Q3 25 | $314.0M | $215.4M | ||
| Q2 25 | $309.0M | $220.6M | ||
| Q1 25 | $303.0M | $181.3M | ||
| Q4 24 | $249.0M | $251.4M | ||
| Q3 24 | $248.0M | $210.2M | ||
| Q2 24 | $244.0M | $192.6M |
净利润DTMRBBN
| Q1 26 | — | $89.1M | ||
| Q4 25 | $111.0M | — | ||
| Q3 25 | $115.0M | $-12.1M | ||
| Q2 25 | $107.0M | $-11.1M | ||
| Q1 25 | $108.0M | $-26.2M | ||
| Q4 24 | $73.0M | — | ||
| Q3 24 | $88.0M | $-13.4M | ||
| Q2 24 | $96.0M | $-16.8M |
毛利率DTMRBBN
| Q1 26 | — | 42.9% | ||
| Q4 25 | — | 53.3% | ||
| Q3 25 | — | 50.1% | ||
| Q2 25 | — | 49.6% | ||
| Q1 25 | — | 45.4% | ||
| Q4 24 | — | 55.7% | ||
| Q3 24 | — | 52.1% | ||
| Q2 24 | — | 50.8% |
营业利润率DTMRBBN
| Q1 26 | — | 37.6% | ||
| Q4 25 | 49.2% | 4.1% | ||
| Q3 25 | 49.4% | 1.3% | ||
| Q2 25 | 50.2% | 1.9% | ||
| Q1 25 | 48.8% | -10.8% | ||
| Q4 24 | 45.4% | 13.2% | ||
| Q3 24 | 49.2% | -0.4% | ||
| Q2 24 | 53.3% | -1.0% |
净利率DTMRBBN
| Q1 26 | — | 54.8% | ||
| Q4 25 | 35.0% | — | ||
| Q3 25 | 36.6% | -5.6% | ||
| Q2 25 | 34.6% | -5.0% | ||
| Q1 25 | 35.6% | -14.5% | ||
| Q4 24 | 29.3% | — | ||
| Q3 24 | 35.5% | -6.4% | ||
| Q2 24 | 39.3% | -8.7% |
每股收益（稀释后）DTMRBBN
| Q1 26 | — | $0.50 | ||
| Q4 25 | $1.07 | $0.50 | ||
| Q3 25 | $1.13 | $-0.07 | ||
| Q2 25 | $1.04 | $-0.06 | ||
| Q1 25 | $1.06 | $-0.15 | ||
| Q4 24 | $0.73 | $0.05 | ||
| Q3 24 | $0.90 | $-0.08 | ||
| Q2 24 | $0.98 | $-0.10 |
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 | $54.0M | $67.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.7B | $419.1M |
| 总资产 | $10.1B | — |
| 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DTMRBBN
| Q1 26 | — | $67.6M | ||
| Q4 25 | $54.0M | $96.4M | ||
| Q3 25 | $98.0M | $74.8M | ||
| Q2 25 | $74.0M | $60.5M | ||
| Q1 25 | $83.0M | $71.2M | ||
| Q4 24 | $68.0M | $87.8M | ||
| Q3 24 | $77.0M | $37.2M | ||
| Q2 24 | $73.0M | $64.6M |
总债务DTMRBBN
| Q1 26 | — | — | ||
| Q4 25 | — | $342.1M | ||
| Q3 25 | — | $344.3M | ||
| Q2 25 | — | $346.5M | ||
| Q1 25 | — | $347.4M | ||
| Q4 24 | $3.4B | $348.3M | ||
| Q3 24 | — | $349.1M | ||
| Q2 24 | — | $350.0M |
股东权益DTMRBBN
| Q1 26 | — | $419.1M | ||
| Q4 25 | $4.7B | $449.0M | ||
| Q3 25 | $4.7B | $360.1M | ||
| Q2 25 | $4.7B | $370.4M | ||
| Q1 25 | $4.6B | $381.8M | ||
| Q4 24 | $4.6B | $404.6M | ||
| Q3 24 | $4.2B | $395.5M | ||
| Q2 24 | $4.2B | $405.0M |
总资产DTMRBBN
| Q1 26 | — | — | ||
| Q4 25 | $10.1B | $1.2B | ||
| Q3 25 | $10.1B | $1.1B | ||
| Q2 25 | $10.0B | $1.1B | ||
| Q1 25 | $9.9B | $1.1B | ||
| Q4 24 | $9.9B | $1.2B | ||
| Q3 24 | $8.6B | $1.1B | ||
| Q2 24 | $9.0B | $1.1B |
负债/权益比DTMRBBN
| Q1 26 | — | — | ||
| Q4 25 | — | 0.76× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | 0.94× | ||
| Q1 25 | — | 0.91× | ||
| Q4 24 | 0.72× | 0.86× | ||
| Q3 24 | — | 0.88× | ||
| Q2 24 | — | 0.86× |
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 | $161.0M | — |
| 自由现金流经营现金流 - 资本支出 | $30.0M | — |
| 自由现金流率自由现金流/营收 | 9.5% | — |
| 资本支出强度资本支出/营收 | 41.3% | — |
| 现金转化率经营现金流/净利润 | 1.45× | — |
| 过去12个月自由现金流最近4个季度 | $441.0M | — |
8季度趋势，按日历期对齐
经营现金流DTMRBBN
| Q1 26 | — | — | ||
| Q4 25 | $161.0M | $29.2M | ||
| Q3 25 | $274.0M | $26.5M | ||
| Q2 25 | $185.0M | $-795.0K | ||
| Q1 25 | $247.0M | $-3.5M | ||
| Q4 24 | $152.0M | $61.8M | ||
| Q3 24 | $205.0M | $-14.8M | ||
| Q2 24 | $165.0M | $-9.8M |
自由现金流DTMRBBN
| Q1 26 | — | — | ||
| Q4 25 | $30.0M | $27.3M | ||
| Q3 25 | $131.0M | $21.0M | ||
| Q2 25 | $104.0M | $-6.5M | ||
| Q1 25 | $176.0M | $-15.7M | ||
| Q4 24 | $62.0M | $53.8M | ||
| Q3 24 | $124.0M | $-23.7M | ||
| Q2 24 | $84.0M | $-12.9M |
自由现金流率DTMRBBN
| Q1 26 | — | — | ||
| Q4 25 | 9.5% | 12.0% | ||
| Q3 25 | 41.7% | 9.7% | ||
| Q2 25 | 33.7% | -2.9% | ||
| Q1 25 | 58.1% | -8.7% | ||
| Q4 24 | 24.9% | 21.4% | ||
| Q3 24 | 50.0% | -11.3% | ||
| Q2 24 | 34.4% | -6.7% |
资本支出强度DTMRBBN
| Q1 26 | — | — | ||
| Q4 25 | 41.3% | 0.9% | ||
| Q3 25 | 45.5% | 2.6% | ||
| Q2 25 | 26.2% | 2.6% | ||
| Q1 25 | 23.4% | 6.7% | ||
| Q4 24 | 36.1% | 3.2% | ||
| Q3 24 | 32.7% | 4.2% | ||
| Q2 24 | 33.2% | 1.6% |
现金转化率DTMRBBN
| Q1 26 | — | — | ||
| Q4 25 | 1.45× | — | ||
| Q3 25 | 2.38× | — | ||
| Q2 25 | 1.73× | — | ||
| Q1 25 | 2.29× | — | ||
| Q4 24 | 2.08× | — | ||
| Q3 24 | 2.33× | — | ||
| Q2 24 | 1.72× | — |
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
DTM
| Pipeline Segment | $173.0M | 55% |
| Gathering Segment | $144.0M | 45% |
RBBN
| Service | $94.5M | 58% |
| Product | $68.1M | 42% |
