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FULLER H B CO（FUL）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
FULLER H B CO的季度营收约是朗美通的1.3倍（$892.0M vs $665.5M），朗美通净利率更高（11.8% vs 7.5%，领先4.2%），朗美通同比增速更快（65.5% vs -2.8%），FULLER H B CO自由现金流更多（$68.9M vs $43.1M），过去两年朗美通的营收复合增速更高（34.8% vs 5.0%）
H.B.富勒公司是总部位于美国明尼苏达州圣保罗的跨国粘合剂制造企业，全球第四大粘合剂及密封剂生产商。公司拥有超过20000种产品，广泛应用于建筑、工程、电子、卫生用品、食品包装等领域，在26个国家设有81座生产基地，2024年员工规模约7500人。
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。
FUL vs LITE — 直观对比
营收规模更大
FUL
是对方的1.3倍
$665.5M
营收增速更快
LITE
高出68.3%
-2.8%
净利率更高
LITE
高出4.2%
7.5%
自由现金流更多
FUL
多$25.8M
$43.1M
两年增速更快
LITE
近两年复合增速
5.0%
损益表 — Q3 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $892.0M | $665.5M |
| 净利润 | $67.2M | $78.2M |
| 毛利率 | 32.0% | 36.1% |
| 营业利润率 | 12.3% | 9.7% |
| 净利率 | 7.5% | 11.8% |
| 营收同比 | -2.8% | 65.5% |
| 净利润同比 | 21.3% | 228.4% |
| 每股收益（稀释后） | $1.22 | $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FULLITE
| Q4 25 | — | $665.5M | ||
| Q3 25 | $892.0M | $533.8M | ||
| Q2 25 | $898.1M | $480.7M | ||
| Q1 25 | — | $425.2M | ||
| Q4 24 | — | $402.2M | ||
| Q3 24 | $917.9M | $336.9M | ||
| Q2 24 | — | $308.3M | ||
| Q1 24 | $810.4M | $366.5M |
净利润FULLITE
| Q4 25 | — | $78.2M | ||
| Q3 25 | $67.2M | $4.2M | ||
| Q2 25 | $41.8M | $213.3M | ||
| Q1 25 | — | $-44.1M | ||
| Q4 24 | — | $-60.9M | ||
| Q3 24 | $55.4M | $-82.4M | ||
| Q2 24 | — | $-252.5M | ||
| Q1 24 | $31.0M | $-127.0M |
毛利率FULLITE
| Q4 25 | — | 36.1% | ||
| Q3 25 | 32.0% | 34.0% | ||
| Q2 25 | 31.9% | 33.3% | ||
| Q1 25 | — | 28.8% | ||
| Q4 24 | — | 24.8% | ||
| Q3 24 | 30.0% | 23.1% | ||
| Q2 24 | — | 16.6% | ||
| Q1 24 | 29.5% | 16.2% |
营业利润率FULLITE
| Q4 25 | — | 9.7% | ||
| Q3 25 | 12.3% | 1.3% | ||
| Q2 25 | 11.1% | -1.7% | ||
| Q1 25 | — | -8.9% | ||
| Q4 24 | — | -12.8% | ||
| Q3 24 | 11.4% | -24.5% | ||
| Q2 24 | — | -43.3% | ||
| Q1 24 | 8.3% | -31.3% |
净利率FULLITE
| Q4 25 | — | 11.8% | ||
| Q3 25 | 7.5% | 0.8% | ||
| Q2 25 | 4.7% | 44.4% | ||
| Q1 25 | — | -10.4% | ||
| Q4 24 | — | -15.1% | ||
| Q3 24 | 6.0% | -24.5% | ||
| Q2 24 | — | -81.9% | ||
| Q1 24 | 3.8% | -34.7% |
每股收益（稀释后）FULLITE
| Q4 25 | — | $0.89 | ||
| Q3 25 | $1.22 | $0.05 | ||
| Q2 25 | $0.76 | $3.10 | ||
| Q1 25 | — | $-0.64 | ||
| Q4 24 | — | $-0.88 | ||
| Q3 24 | $0.98 | $-1.21 | ||
| Q2 24 | — | $-3.75 | ||
| Q1 24 | $0.55 | $-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 | $122.5M | $1.2B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | $846.6M |
| 总资产 | $5.2B | $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FULLITE
| Q4 25 | — | $1.2B | ||
| Q3 25 | $122.5M | $1.1B | ||
| Q2 25 | $96.8M | $877.1M | ||
| Q1 25 | — | $866.7M | ||
| Q4 24 | — | $896.7M | ||
| Q3 24 | $131.4M | $916.1M | ||
| Q2 24 | — | $887.0M | ||
| Q1 24 | $165.2M | $870.9M |
股东权益FULLITE
| Q4 25 | — | $846.6M | ||
| Q3 25 | $2.0B | $780.8M | ||
| Q2 25 | $1.9B | $1.1B | ||
| Q1 25 | — | $879.5M | ||
| Q4 24 | — | $872.3M | ||
| Q3 24 | $1.8B | $895.9M | ||
| Q2 24 | — | $957.3M | ||
| Q1 24 | $1.8B | $1.2B |
总资产FULLITE
| Q4 25 | — | $4.8B | ||
| Q3 25 | $5.2B | $4.6B | ||
| Q2 25 | $5.1B | $4.2B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | $5.0B | $4.0B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | $4.7B | $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 | $99.0M | $126.7M |
| 自由现金流经营现金流 - 资本支出 | $68.9M | $43.1M |
| 自由现金流率自由现金流/营收 | 7.7% | 6.5% |
| 资本支出强度资本支出/营收 | 3.4% | 12.6% |
| 现金转化率经营现金流/净利润 | 1.47× | 1.62× |
| 过去12个月自由现金流最近4个季度 | — | $-29.5M |
8季度趋势，按日历期对齐
经营现金流FULLITE
| Q4 25 | — | $126.7M | ||
| Q3 25 | $99.0M | $57.9M | ||
| Q2 25 | — | $64.0M | ||
| Q1 25 | — | $-1.6M | ||
| Q4 24 | — | $24.3M | ||
| Q3 24 | $169.4M | $39.6M | ||
| Q2 24 | — | $35.5M | ||
| Q1 24 | $47.4M | $-7.0M |
自由现金流FULLITE
| Q4 25 | — | $43.1M | ||
| Q3 25 | $68.9M | $-18.3M | ||
| Q2 25 | — | $10.1M | ||
| Q1 25 | — | $-64.4M | ||
| Q4 24 | — | $-15.9M | ||
| Q3 24 | $99.9M | $-34.5M | ||
| Q2 24 | — | $10.9M | ||
| Q1 24 | $4.1M | $-26.6M |
自由现金流率FULLITE
| Q4 25 | — | 6.5% | ||
| Q3 25 | 7.7% | -3.4% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | — | -15.1% | ||
| Q4 24 | — | -4.0% | ||
| Q3 24 | 10.9% | -10.2% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | 0.5% | -7.3% |
资本支出强度FULLITE
| Q4 25 | — | 12.6% | ||
| Q3 25 | 3.4% | 14.3% | ||
| Q2 25 | — | 11.2% | ||
| Q1 25 | — | 14.8% | ||
| Q4 24 | — | 10.0% | ||
| Q3 24 | 7.6% | 22.0% | ||
| Q2 24 | — | 8.0% | ||
| Q1 24 | 5.3% | 5.3% |
现金转化率FULLITE
| Q4 25 | — | 1.62× | ||
| Q3 25 | 1.47× | 13.79× | ||
| Q2 25 | — | 0.30× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.06× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.53× | — |
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
FUL
| Hygiene Health And Consumable Adhesives | $386.1M | 43% |
| Engineering Adhesives | $272.3M | 31% |
| Building Adhesives Solutions | $233.7M | 26% |
LITE
| Components | $443.7M | 67% |
| Systems | $221.8M | 33% |
