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Karman Holdings Inc.（KRMN）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
Ribbon Communications Inc.的季度营收约是Karman Holdings Inc.的1.2倍（$162.6M vs $134.5M），Ribbon Communications Inc.净利率更高（54.8% vs 5.7%，领先49.0%），Karman Holdings Inc.同比增速更快（47.4% vs -10.3%），过去两年Karman Holdings Inc.的营收复合增速更高（27.3% vs -8.1%）
Karman Holdings是一家美国航天与防务系统制造商，总部位于加利福尼亚州亨廷顿海滩，当前估值约40亿美元，近期已完成首次公开发行，专注为航天及国防领域提供相关系统产品及配套服务。
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。
KRMN vs RBBN — 直观对比
营收规模更大
RBBN
是对方的1.2倍
$134.5M
营收增速更快
KRMN
高出57.7%
-10.3%
净利率更高
RBBN
高出49.0%
5.7%
两年增速更快
KRMN
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $134.5M | $162.6M |
| 净利润 | $7.7M | $89.1M |
| 毛利率 | 39.9% | 42.9% |
| 营业利润率 | 15.7% | 37.6% |
| 净利率 | 5.7% | 54.8% |
| 营收同比 | 47.4% | -10.3% |
| 净利润同比 | 358.3% | — |
| 每股收益（稀释后） | $0.06 | $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KRMNRBBN
| Q1 26 | — | $162.6M | ||
| Q4 25 | $134.5M | $227.3M | ||
| Q3 25 | $121.8M | $215.4M | ||
| Q2 25 | $115.1M | $220.6M | ||
| Q1 25 | $100.1M | $181.3M | ||
| Q4 24 | $91.2M | $251.4M | ||
| Q3 24 | $86.0M | $210.2M | ||
| Q2 24 | $85.0M | $192.6M |
净利润KRMNRBBN
| Q1 26 | — | $89.1M | ||
| Q4 25 | $7.7M | — | ||
| Q3 25 | $7.6M | $-12.1M | ||
| Q2 25 | $6.8M | $-11.1M | ||
| Q1 25 | $-4.8M | $-26.2M | ||
| Q4 24 | $1.7M | — | ||
| Q3 24 | $4.3M | $-13.4M | ||
| Q2 24 | $4.6M | $-16.8M |
毛利率KRMNRBBN
| Q1 26 | — | 42.9% | ||
| Q4 25 | 39.9% | 53.3% | ||
| Q3 25 | 41.0% | 50.1% | ||
| Q2 25 | 40.9% | 49.6% | ||
| Q1 25 | 39.4% | 45.4% | ||
| Q4 24 | 38.1% | 55.7% | ||
| Q3 24 | 39.3% | 52.1% | ||
| Q2 24 | 40.7% | 50.8% |
营业利润率KRMNRBBN
| Q1 26 | — | 37.6% | ||
| Q4 25 | 15.7% | 4.1% | ||
| Q3 25 | 17.9% | 1.3% | ||
| Q2 25 | 17.5% | 1.9% | ||
| Q1 25 | 10.0% | -10.8% | ||
| Q4 24 | 15.8% | 13.2% | ||
| Q3 24 | 20.2% | -0.4% | ||
| Q2 24 | 21.5% | -1.0% |
净利率KRMNRBBN
| Q1 26 | — | 54.8% | ||
| Q4 25 | 5.7% | — | ||
| Q3 25 | 6.3% | -5.6% | ||
| Q2 25 | 5.9% | -5.0% | ||
| Q1 25 | -4.8% | -14.5% | ||
| Q4 24 | 1.8% | — | ||
| Q3 24 | 5.0% | -6.4% | ||
| Q2 24 | 5.4% | -8.7% |
每股收益（稀释后）KRMNRBBN
| Q1 26 | — | $0.50 | ||
| Q4 25 | $0.06 | $0.50 | ||
| Q3 25 | $0.06 | $-0.07 | ||
| Q2 25 | $0.05 | $-0.06 | ||
| Q1 25 | $-0.04 | $-0.15 | ||
| Q4 24 | $0.01 | $0.05 | ||
| Q3 24 | $0.03 | $-0.08 | ||
| Q2 24 | $0.03 | $-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 | $34.0M | $67.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $382.7M | $419.1M |
| 总资产 | $1.1B | — |
| 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KRMNRBBN
| Q1 26 | — | $67.6M | ||
| Q4 25 | $34.0M | $96.4M | ||
| Q3 25 | $18.7M | $74.8M | ||
| Q2 25 | $27.4M | $60.5M | ||
| Q1 25 | $113.7M | $71.2M | ||
| Q4 24 | $11.5M | $87.8M | ||
| Q3 24 | — | $37.2M | ||
| Q2 24 | — | $64.6M |
总债务KRMNRBBN
| Q1 26 | — | — | ||
| Q4 25 | — | $342.1M | ||
| Q3 25 | — | $344.3M | ||
| Q2 25 | — | $346.5M | ||
| Q1 25 | — | $347.4M | ||
| Q4 24 | — | $348.3M | ||
| Q3 24 | — | $349.1M | ||
| Q2 24 | — | $350.0M |
股东权益KRMNRBBN
| Q1 26 | — | $419.1M | ||
| Q4 25 | $382.7M | $449.0M | ||
| Q3 25 | $369.1M | $360.1M | ||
| Q2 25 | $361.5M | $370.4M | ||
| Q1 25 | $348.9M | $381.8M | ||
| Q4 24 | $196.0M | $404.6M | ||
| Q3 24 | $194.1M | $395.5M | ||
| Q2 24 | $189.6M | $405.0M |
总资产KRMNRBBN
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $968.1M | $1.1B | ||
| Q2 25 | $953.9M | $1.1B | ||
| Q1 25 | $875.4M | $1.1B | ||
| Q4 24 | $774.0M | $1.2B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B |
负债/权益比KRMNRBBN
| Q1 26 | — | — | ||
| Q4 25 | — | 0.76× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | 0.94× | ||
| Q1 25 | — | 0.91× | ||
| Q4 24 | — | 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 | $8.7M | — |
| 自由现金流经营现金流 - 资本支出 | $4.0M | — |
| 自由现金流率自由现金流/营收 | 3.0% | — |
| 资本支出强度资本支出/营收 | 3.5% | — |
| 现金转化率经营现金流/净利润 | 1.13× | — |
| 过去12个月自由现金流最近4个季度 | $-42.5M | — |
8季度趋势，按日历期对齐
经营现金流KRMNRBBN
| Q1 26 | — | — | ||
| Q4 25 | $8.7M | $29.2M | ||
| Q3 25 | $131.0K | $26.5M | ||
| Q2 25 | $-17.4M | $-795.0K | ||
| Q1 25 | $-13.6M | $-3.5M | ||
| Q4 24 | — | $61.8M | ||
| Q3 24 | — | $-14.8M | ||
| Q2 24 | — | $-9.8M |
自由现金流KRMNRBBN
| Q1 26 | — | — | ||
| Q4 25 | $4.0M | $27.3M | ||
| Q3 25 | $-6.8M | $21.0M | ||
| Q2 25 | $-21.0M | $-6.5M | ||
| Q1 25 | $-18.6M | $-15.7M | ||
| Q4 24 | — | $53.8M | ||
| Q3 24 | — | $-23.7M | ||
| Q2 24 | — | $-12.9M |
自由现金流率KRMNRBBN
| Q1 26 | — | — | ||
| Q4 25 | 3.0% | 12.0% | ||
| Q3 25 | -5.6% | 9.7% | ||
| Q2 25 | -18.2% | -2.9% | ||
| Q1 25 | -18.6% | -8.7% | ||
| Q4 24 | — | 21.4% | ||
| Q3 24 | — | -11.3% | ||
| Q2 24 | — | -6.7% |
资本支出强度KRMNRBBN
| Q1 26 | — | — | ||
| Q4 25 | 3.5% | 0.9% | ||
| Q3 25 | 5.7% | 2.6% | ||
| Q2 25 | 3.2% | 2.6% | ||
| Q1 25 | 5.0% | 6.7% | ||
| Q4 24 | — | 3.2% | ||
| Q3 24 | — | 4.2% | ||
| Q2 24 | — | 1.6% |
现金转化率KRMNRBBN
| Q1 26 | — | — | ||
| Q4 25 | 1.13× | — | ||
| Q3 25 | 0.02× | — | ||
| Q2 25 | -2.55× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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
KRMN
| Tactical Missile And Integrated Defense Systems | $50.5M | 38% |
| Hypersonic And Strategic Missile Defense | $48.4M | 36% |
| Space And Launch | $35.7M | 27% |
RBBN
| Service | $94.5M | 58% |
| Product | $68.1M | 42% |
