vs
Global Business Travel Group, Inc.（GBTG）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
Global Business Travel Group, Inc.的季度营收约是朗美通的1.2倍（$792.0M vs $665.5M），朗美通净利率更高（11.8% vs 10.5%，领先1.3%），朗美通同比增速更快（65.5% vs 34.0%），朗美通自由现金流更多（$43.1M vs $13.0M），过去两年朗美通的营收复合增速更高（34.8% vs 13.9%）
环球商旅集团（GBTG）是专业的差旅管理服务商，致力于为各类企业及机构提供全链路商务出行解决方案。核心服务涵盖智能线上预订工具、移动端应用、差旅项目管控与咨询、高管专属出行服务、会议活动支持、差旅数据分析以及出行安全保障等，可满足不同规模客户的多元化商务出行管理需求。
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。
GBTG vs LITE — 直观对比
营收规模更大
GBTG
是对方的1.2倍
$665.5M
营收增速更快
LITE
高出31.5%
34.0%
净利率更高
LITE
高出1.3%
10.5%
自由现金流更多
LITE
多$30.1M
$13.0M
两年增速更快
LITE
近两年复合增速
13.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $792.0M | $665.5M |
| 净利润 | $83.0M | $78.2M |
| 毛利率 | — | 36.1% |
| 营业利润率 | 3.7% | 9.7% |
| 净利率 | 10.5% | 11.8% |
| 营收同比 | 34.0% | 65.5% |
| 净利润同比 | 692.9% | 228.4% |
| 每股收益（稀释后） | $0.16 | $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GBTGLITE
| Q4 25 | $792.0M | $665.5M | ||
| Q3 25 | $674.0M | $533.8M | ||
| Q2 25 | $631.0M | $480.7M | ||
| Q1 25 | $621.0M | $425.2M | ||
| Q4 24 | $591.0M | $402.2M | ||
| Q3 24 | $597.0M | $336.9M | ||
| Q2 24 | $625.0M | $308.3M | ||
| Q1 24 | $610.0M | $366.5M |
净利润GBTGLITE
| Q4 25 | $83.0M | $78.2M | ||
| Q3 25 | $-62.0M | $4.2M | ||
| Q2 25 | $15.0M | $213.3M | ||
| Q1 25 | $75.0M | $-44.1M | ||
| Q4 24 | $-14.0M | $-60.9M | ||
| Q3 24 | $-128.0M | $-82.4M | ||
| Q2 24 | $27.0M | $-252.5M | ||
| Q1 24 | $-19.0M | $-127.0M |
毛利率GBTGLITE
| Q4 25 | — | 36.1% | ||
| Q3 25 | — | 34.0% | ||
| Q2 25 | — | 33.3% | ||
| Q1 25 | — | 28.8% | ||
| Q4 24 | — | 24.8% | ||
| Q3 24 | — | 23.1% | ||
| Q2 24 | — | 16.6% | ||
| Q1 24 | — | 16.2% |
营业利润率GBTGLITE
| Q4 25 | 3.7% | 9.7% | ||
| Q3 25 | 1.8% | 1.3% | ||
| Q2 25 | 5.4% | -1.7% | ||
| Q1 25 | 8.9% | -8.9% | ||
| Q4 24 | 5.1% | -12.8% | ||
| Q3 24 | 4.5% | -24.5% | ||
| Q2 24 | 6.7% | -43.3% | ||
| Q1 24 | 2.6% | -31.3% |
净利率GBTGLITE
| Q4 25 | 10.5% | 11.8% | ||
| Q3 25 | -9.2% | 0.8% | ||
| Q2 25 | 2.4% | 44.4% | ||
| Q1 25 | 12.1% | -10.4% | ||
| Q4 24 | -2.4% | -15.1% | ||
| Q3 24 | -21.4% | -24.5% | ||
| Q2 24 | 4.3% | -81.9% | ||
| Q1 24 | -3.1% | -34.7% |
每股收益（稀释后）GBTGLITE
| Q4 25 | $0.16 | $0.89 | ||
| Q3 25 | $-0.13 | $0.05 | ||
| Q2 25 | $0.03 | $3.10 | ||
| Q1 25 | $0.16 | $-0.64 | ||
| Q4 24 | $-0.04 | $-0.88 | ||
| Q3 24 | $-0.28 | $-1.21 | ||
| Q2 24 | $0.06 | $-3.75 | ||
| Q1 24 | $-0.04 | $-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 | $434.0M | $1.2B |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $1.6B | $846.6M |
| 总资产 | $4.9B | $4.8B |
| 负债/权益比越低杠杆越低 | 0.88× | — |
8季度趋势，按日历期对齐
现金及短期投资GBTGLITE
| Q4 25 | $434.0M | $1.2B | ||
| Q3 25 | $427.0M | $1.1B | ||
| Q2 25 | $601.0M | $877.1M | ||
| Q1 25 | $552.0M | $866.7M | ||
| Q4 24 | $536.0M | $896.7M | ||
| Q3 24 | $524.0M | $916.1M | ||
| Q2 24 | $515.0M | $887.0M | ||
| Q1 24 | $475.0M | $870.9M |
总债务GBTGLITE
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益GBTGLITE
| Q4 25 | $1.6B | $846.6M | ||
| Q3 25 | $1.5B | $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 | $1.2B | $957.3M | ||
| Q1 24 | $1.2B | $1.2B |
总资产GBTGLITE
| Q4 25 | $4.9B | $4.8B | ||
| Q3 25 | $4.8B | $4.6B | ||
| Q2 25 | $3.9B | $4.2B | ||
| Q1 25 | $3.8B | $4.0B | ||
| Q4 24 | $3.6B | $4.0B | ||
| Q3 24 | $3.8B | $4.0B | ||
| Q2 24 | $3.8B | $3.9B | ||
| Q1 24 | $3.8B | $4.2B |
负债/权益比GBTGLITE
| Q4 25 | 0.88× | — | ||
| Q3 25 | 0.91× | — | ||
| Q2 25 | 1.15× | — | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 1.32× | — | ||
| Q3 24 | 1.26× | — | ||
| 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 | $52.0M | $126.7M |
| 自由现金流经营现金流 - 资本支出 | $13.0M | $43.1M |
| 自由现金流率自由现金流/营收 | 1.6% | 6.5% |
| 资本支出强度资本支出/营收 | 4.9% | 12.6% |
| 现金转化率经营现金流/净利润 | 0.63× | 1.62× |
| 过去12个月自由现金流最近4个季度 | $104.0M | $-29.5M |
8季度趋势，按日历期对齐
经营现金流GBTGLITE
| Q4 25 | $52.0M | $126.7M | ||
| Q3 25 | $71.0M | $57.9M | ||
| Q2 25 | $57.0M | $64.0M | ||
| Q1 25 | $53.0M | $-1.6M | ||
| Q4 24 | $65.0M | $24.3M | ||
| Q3 24 | $85.0M | $39.6M | ||
| Q2 24 | $73.0M | $35.5M | ||
| Q1 24 | $49.0M | $-7.0M |
自由现金流GBTGLITE
| Q4 25 | $13.0M | $43.1M | ||
| Q3 25 | $38.0M | $-18.3M | ||
| Q2 25 | $27.0M | $10.1M | ||
| Q1 25 | $26.0M | $-64.4M | ||
| Q4 24 | $33.0M | $-15.9M | ||
| Q3 24 | $59.0M | $-34.5M | ||
| Q2 24 | $49.0M | $10.9M | ||
| Q1 24 | $24.0M | $-26.6M |
自由现金流率GBTGLITE
| Q4 25 | 1.6% | 6.5% | ||
| Q3 25 | 5.6% | -3.4% | ||
| Q2 25 | 4.3% | 2.1% | ||
| Q1 25 | 4.2% | -15.1% | ||
| Q4 24 | 5.6% | -4.0% | ||
| Q3 24 | 9.9% | -10.2% | ||
| Q2 24 | 7.8% | 3.5% | ||
| Q1 24 | 3.9% | -7.3% |
资本支出强度GBTGLITE
| Q4 25 | 4.9% | 12.6% | ||
| Q3 25 | 4.9% | 14.3% | ||
| Q2 25 | 4.8% | 11.2% | ||
| Q1 25 | 4.3% | 14.8% | ||
| Q4 24 | 5.4% | 10.0% | ||
| Q3 24 | 4.4% | 22.0% | ||
| Q2 24 | 3.8% | 8.0% | ||
| Q1 24 | 4.1% | 5.3% |
现金转化率GBTGLITE
| Q4 25 | 0.63× | 1.62× | ||
| Q3 25 | — | 13.79× | ||
| Q2 25 | 3.80× | 0.30× | ||
| Q1 25 | 0.71× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.70× | — | ||
| Q1 24 | — | — |
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
GBTG
| Travel | $620.0M | 78% |
| Other | $172.0M | 22% |
LITE
| Components | $443.7M | 67% |
| Systems | $221.8M | 33% |
