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哈雷戴维森（HOG）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哈雷戴维森的1.7倍（$665.5M vs $390.5M），朗美通净利率更高（11.8% vs -72.3%，领先84.1%），朗美通同比增速更快（65.5% vs -9.4%），哈雷戴维森自由现金流更多（$100.4M vs $43.1M），过去两年朗美通的营收复合增速更高（34.8% vs -48.6%）
哈雷戴维森是源自美国的摩托车制造商与生活方式品牌，总部位于威斯康星州密尔沃基，创立于1903年。它是大萧条时期幸存下来的两大美国摩托车厂商之一，历经多次股权变动、子公司调整、经营困境与全球竞争，如今已是全球知名的标志性品牌。
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。
HOG vs LITE — 直观对比
营收规模更大
LITE
是对方的1.7倍
$390.5M
营收增速更快
LITE
高出74.8%
-9.4%
净利率更高
LITE
高出84.1%
-72.3%
自由现金流更多
HOG
多$57.3M
$43.1M
两年增速更快
LITE
近两年复合增速
-48.6%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $390.5M | $665.5M |
| 净利润 | $-282.6M | $78.2M |
| 毛利率 | -7.9% | 36.1% |
| 营业利润率 | -92.4% | 9.7% |
| 净利率 | -72.3% | 11.8% |
| 营收同比 | -9.4% | 65.5% |
| 净利润同比 | -138.6% | 228.4% |
| 每股收益（稀释后） | $-2.27 | $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HOGLITE
| Q4 25 | $390.5M | $665.5M | ||
| Q3 25 | $1.1B | $533.8M | ||
| Q2 25 | $1.0B | $480.7M | ||
| Q1 25 | $1.1B | $425.2M | ||
| Q4 24 | $430.9M | $402.2M | ||
| Q3 24 | $881.2M | $336.9M | ||
| Q2 24 | $1.4B | $308.3M | ||
| Q1 24 | $1.5B | $366.5M |
净利润HOGLITE
| Q4 25 | $-282.6M | $78.2M | ||
| Q3 25 | $377.4M | $4.2M | ||
| Q2 25 | $107.6M | $213.3M | ||
| Q1 25 | $133.1M | $-44.1M | ||
| Q4 24 | $-118.4M | $-60.9M | ||
| Q3 24 | $119.0M | $-82.4M | ||
| Q2 24 | $218.3M | $-252.5M | ||
| Q1 24 | $234.9M | $-127.0M |
毛利率HOGLITE
| Q4 25 | -7.9% | 36.1% | ||
| Q3 25 | 26.0% | 34.0% | ||
| Q2 25 | 28.5% | 33.3% | ||
| Q1 25 | 28.9% | 28.8% | ||
| Q4 24 | -2.0% | 24.8% | ||
| Q3 24 | 29.8% | 23.1% | ||
| Q2 24 | 31.8% | 16.6% | ||
| Q1 24 | 30.9% | 16.2% |
营业利润率HOGLITE
| Q4 25 | -92.4% | 9.7% | ||
| Q3 25 | 44.0% | 1.3% | ||
| Q2 25 | 10.7% | -1.7% | ||
| Q1 25 | 14.8% | -8.9% | ||
| Q4 24 | -44.9% | -12.8% | ||
| Q3 24 | 12.0% | -24.5% | ||
| Q2 24 | 17.8% | -43.3% | ||
| Q1 24 | 17.8% | -31.3% |
净利率HOGLITE
| Q4 25 | -72.3% | 11.8% | ||
| Q3 25 | 35.0% | 0.8% | ||
| Q2 25 | 10.2% | 44.4% | ||
| Q1 25 | 12.3% | -10.4% | ||
| Q4 24 | -27.5% | -15.1% | ||
| Q3 24 | 13.5% | -24.5% | ||
| Q2 24 | 16.1% | -81.9% | ||
| Q1 24 | 15.9% | -34.7% |
每股收益（稀释后）HOGLITE
| Q4 25 | $-2.27 | $0.89 | ||
| Q3 25 | $3.10 | $0.05 | ||
| Q2 25 | $0.88 | $3.10 | ||
| Q1 25 | $1.07 | $-0.64 | ||
| Q4 24 | $-0.82 | $-0.88 | ||
| Q3 24 | $0.91 | $-1.21 | ||
| Q2 24 | $1.63 | $-3.75 | ||
| Q1 24 | $1.72 | $-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 | $3.1B | $1.2B |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $3.1B | $846.6M |
| 总资产 | $8.0B | $4.8B |
| 负债/权益比越低杠杆越低 | 0.79× | — |
8季度趋势，按日历期对齐
现金及短期投资HOGLITE
| Q4 25 | $3.1B | $1.2B | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $1.6B | $877.1M | ||
| Q1 25 | $1.9B | $866.7M | ||
| Q4 24 | $1.6B | $896.7M | ||
| Q3 24 | $2.2B | $916.1M | ||
| Q2 24 | $1.8B | $887.0M | ||
| Q1 24 | $1.5B | $870.9M |
总债务HOGLITE
| Q4 25 | $2.5B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $6.4B | — | ||
| Q1 25 | $6.8B | — | ||
| Q4 24 | $6.3B | — | ||
| Q3 24 | $7.3B | — | ||
| Q2 24 | $7.0B | — | ||
| Q1 24 | $6.3B | — |
股东权益HOGLITE
| Q4 25 | $3.1B | $846.6M | ||
| Q3 25 | $3.6B | $780.8M | ||
| Q2 25 | $3.3B | $1.1B | ||
| Q1 25 | $3.2B | $879.5M | ||
| Q4 24 | $3.2B | $872.3M | ||
| Q3 24 | $3.4B | $895.9M | ||
| Q2 24 | $3.4B | $957.3M | ||
| Q1 24 | $3.3B | $1.2B |
总资产HOGLITE
| Q4 25 | $8.0B | $4.8B | ||
| Q3 25 | $10.6B | $4.6B | ||
| Q2 25 | $12.1B | $4.2B | ||
| Q1 25 | $12.4B | $4.0B | ||
| Q4 24 | $11.9B | $4.0B | ||
| Q3 24 | $13.0B | $4.0B | ||
| Q2 24 | $12.8B | $3.9B | ||
| Q1 24 | $12.3B | $4.2B |
负债/权益比HOGLITE
| Q4 25 | 0.79× | — | ||
| Q3 25 | 1.25× | — | ||
| Q2 25 | 1.91× | — | ||
| Q1 25 | 2.14× | — | ||
| Q4 24 | 2.00× | — | ||
| Q3 24 | 2.13× | — | ||
| Q2 24 | 2.03× | — | ||
| Q1 24 | 1.88× | — |
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 | $152.0M | $126.7M |
| 自由现金流经营现金流 - 资本支出 | $100.4M | $43.1M |
| 自由现金流率自由现金流/营收 | 25.7% | 6.5% |
| 资本支出强度资本支出/营收 | 13.2% | 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 | $415.2M | $-29.5M |
8季度趋势，按日历期对齐
经营现金流HOGLITE
| Q4 25 | $152.0M | $126.7M | ||
| Q3 25 | $-92.6M | $57.9M | ||
| Q2 25 | $368.0M | $64.0M | ||
| Q1 25 | $141.5M | $-1.6M | ||
| Q4 24 | $133.2M | $24.3M | ||
| Q3 24 | $353.0M | $39.6M | ||
| Q2 24 | $473.6M | $35.5M | ||
| Q1 24 | $104.0M | $-7.0M |
自由现金流HOGLITE
| Q4 25 | $100.4M | $43.1M | ||
| Q3 25 | $-129.1M | $-18.3M | ||
| Q2 25 | $332.4M | $10.1M | ||
| Q1 25 | $111.6M | $-64.4M | ||
| Q4 24 | $77.0M | $-15.9M | ||
| Q3 24 | $300.4M | $-34.5M | ||
| Q2 24 | $432.2M | $10.9M | ||
| Q1 24 | $57.6M | $-26.6M |
自由现金流率HOGLITE
| Q4 25 | 25.7% | 6.5% | ||
| Q3 25 | -12.0% | -3.4% | ||
| Q2 25 | 31.7% | 2.1% | ||
| Q1 25 | 10.3% | -15.1% | ||
| Q4 24 | 17.9% | -4.0% | ||
| Q3 24 | 34.1% | -10.2% | ||
| Q2 24 | 31.9% | 3.5% | ||
| Q1 24 | 3.9% | -7.3% |
资本支出强度HOGLITE
| Q4 25 | 13.2% | 12.6% | ||
| Q3 25 | 3.4% | 14.3% | ||
| Q2 25 | 3.4% | 11.2% | ||
| Q1 25 | 2.8% | 14.8% | ||
| Q4 24 | 13.0% | 10.0% | ||
| Q3 24 | 6.0% | 22.0% | ||
| Q2 24 | 3.1% | 8.0% | ||
| Q1 24 | 3.1% | 5.3% |
现金转化率HOGLITE
| Q4 25 | — | 1.62× | ||
| Q3 25 | -0.25× | 13.79× | ||
| Q2 25 | 3.42× | 0.30× | ||
| Q1 25 | 1.06× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.97× | — | ||
| Q2 24 | 2.17× | — | ||
| Q1 24 | 0.44× | — |
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
HOG
| Motorcycles | $193.9M | 50% |
| Other | $63.8M | 16% |
| Other Income Financial Services | $59.8M | 15% |
| Apparel | $47.2M | 12% |
| Livewire Segment | $11.4M | 3% |
LITE
| Components | $443.7M | 67% |
| Systems | $221.8M | 33% |
