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朗美通（LITE）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
明晟的季度营收约是朗美通的1.2倍（$822.5M vs $665.5M），明晟净利率更高（34.6% vs 11.8%，领先22.9%），朗美通同比增速更快（65.5% vs 10.6%），明晟自由现金流更多（$488.7M vs $43.1M），过去两年朗美通的营收复合增速更高（34.8% vs 10.0%）
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。
MSCI（明晟）是总部位于美国纽约的金融服务企业，为全球市场提供股票、固定收益、房地产指数、多资产组合分析工具及ESG、气候金融相关产品，旗下运营MSCI全球指数、MSCI新兴市场指数、MSCI全球所有国家（ACWI）指数等多款知名指数产品。
LITE vs MSCI — 直观对比
营收规模更大
MSCI
是对方的1.2倍
$665.5M
营收增速更快
LITE
高出54.8%
10.6%
净利率更高
MSCI
高出22.9%
11.8%
自由现金流更多
MSCI
多$445.6M
$43.1M
两年增速更快
LITE
近两年复合增速
10.0%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $665.5M | $822.5M |
| 净利润 | $78.2M | $284.7M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 9.7% | 56.4% |
| 净利率 | 11.8% | 34.6% |
| 营收同比 | 65.5% | 10.6% |
| 净利润同比 | 228.4% | -6.8% |
| 每股收益（稀释后） | $0.89 | $3.81 |
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LITEMSCI
| Q4 25 | $665.5M | $822.5M | ||
| Q3 25 | $533.8M | $793.4M | ||
| Q2 25 | $480.7M | $772.7M | ||
| Q1 25 | $425.2M | $745.8M | ||
| Q4 24 | $402.2M | $743.5M | ||
| Q3 24 | $336.9M | $724.7M | ||
| Q2 24 | $308.3M | $707.9M | ||
| Q1 24 | $366.5M | $680.0M |
净利润LITEMSCI
| Q4 25 | $78.2M | $284.7M | ||
| Q3 25 | $4.2M | $325.4M | ||
| Q2 25 | $213.3M | $303.6M | ||
| Q1 25 | $-44.1M | $288.6M | ||
| Q4 24 | $-60.9M | $305.5M | ||
| Q3 24 | $-82.4M | $280.9M | ||
| Q2 24 | $-252.5M | $266.8M | ||
| Q1 24 | $-127.0M | $256.0M |
毛利率LITEMSCI
| 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LITEMSCI
| Q4 25 | 9.7% | 56.4% | ||
| Q3 25 | 1.3% | 56.4% | ||
| Q2 25 | -1.7% | 55.0% | ||
| Q1 25 | -8.9% | 50.6% | ||
| Q4 24 | -12.8% | 54.5% | ||
| Q3 24 | -24.5% | 55.4% | ||
| Q2 24 | -43.3% | 54.0% | ||
| Q1 24 | -31.3% | 49.9% |
净利率LITEMSCI
| Q4 25 | 11.8% | 34.6% | ||
| Q3 25 | 0.8% | 41.0% | ||
| Q2 25 | 44.4% | 39.3% | ||
| Q1 25 | -10.4% | 38.7% | ||
| Q4 24 | -15.1% | 41.1% | ||
| Q3 24 | -24.5% | 38.8% | ||
| Q2 24 | -81.9% | 37.7% | ||
| Q1 24 | -34.7% | 37.6% |
每股收益（稀释后）LITEMSCI
| Q4 25 | $0.89 | $3.81 | ||
| Q3 25 | $0.05 | $4.25 | ||
| Q2 25 | $3.10 | $3.92 | ||
| Q1 25 | $-0.64 | $3.71 | ||
| Q4 24 | $-0.88 | $3.89 | ||
| Q3 24 | $-1.21 | $3.57 | ||
| Q2 24 | $-3.75 | $3.37 | ||
| Q1 24 | $-1.88 | $3.22 |
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 | $1.2B | $515.3M |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $846.6M | $-2.7B |
| 总资产 | $4.8B | $5.7B |
| 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LITEMSCI
| Q4 25 | $1.2B | $515.3M | ||
| Q3 25 | $1.1B | $400.1M | ||
| Q2 25 | $877.1M | $347.3M | ||
| Q1 25 | $866.7M | $360.7M | ||
| Q4 24 | $896.7M | $409.4M | ||
| Q3 24 | $916.1M | $501.0M | ||
| Q2 24 | $887.0M | $451.4M | ||
| Q1 24 | $870.9M | $519.3M |
总债务LITEMSCI
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | — | $4.5B |
股东权益LITEMSCI
| Q4 25 | $846.6M | $-2.7B | ||
| Q3 25 | $780.8M | $-1.9B | ||
| Q2 25 | $1.1B | $-886.2M | ||
| Q1 25 | $879.5M | $-958.6M | ||
| Q4 24 | $872.3M | $-940.0M | ||
| Q3 24 | $895.9M | $-751.0M | ||
| Q2 24 | $957.3M | $-734.5M | ||
| Q1 24 | $1.2B | $-650.5M |
总资产LITEMSCI
| Q4 25 | $4.8B | $5.7B | ||
| Q3 25 | $4.6B | $5.4B | ||
| Q2 25 | $4.2B | $5.4B | ||
| Q1 25 | $4.0B | $5.3B | ||
| Q4 24 | $4.0B | $5.4B | ||
| Q3 24 | $4.0B | $5.4B | ||
| Q2 24 | $3.9B | $5.5B | ||
| Q1 24 | $4.2B | $5.5B |
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 | $126.7M | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $43.1M | $488.7M |
| 自由现金流率自由现金流/营收 | 6.5% | 59.4% |
| 资本支出强度资本支出/营收 | 12.6% | 1.5% |
| 现金转化率经营现金流/净利润 | 1.62× | 1.76× |
| 过去12个月自由现金流最近4个季度 | $-29.5M | $1.5B |
8季度趋势，按日历期对齐
经营现金流LITEMSCI
| Q4 25 | $126.7M | $501.1M | ||
| Q3 25 | $57.9M | $449.4M | ||
| Q2 25 | $64.0M | $336.1M | ||
| Q1 25 | $-1.6M | $301.7M | ||
| Q4 24 | $24.3M | $430.6M | ||
| Q3 24 | $39.6M | $421.6M | ||
| Q2 24 | $35.5M | $349.2M | ||
| Q1 24 | $-7.0M | $300.1M |
自由现金流LITEMSCI
| Q4 25 | $43.1M | $488.7M | ||
| Q3 25 | $-18.3M | $445.5M | ||
| Q2 25 | $10.1M | $324.7M | ||
| Q1 25 | $-64.4M | $290.2M | ||
| Q4 24 | $-15.9M | $416.4M | ||
| Q3 24 | $-34.5M | $415.0M | ||
| Q2 24 | $10.9M | $340.6M | ||
| Q1 24 | $-26.6M | $295.9M |
自由现金流率LITEMSCI
| Q4 25 | 6.5% | 59.4% | ||
| Q3 25 | -3.4% | 56.2% | ||
| Q2 25 | 2.1% | 42.0% | ||
| Q1 25 | -15.1% | 38.9% | ||
| Q4 24 | -4.0% | 56.0% | ||
| Q3 24 | -10.2% | 57.3% | ||
| Q2 24 | 3.5% | 48.1% | ||
| Q1 24 | -7.3% | 43.5% |
资本支出强度LITEMSCI
| Q4 25 | 12.6% | 1.5% | ||
| Q3 25 | 14.3% | 0.5% | ||
| Q2 25 | 11.2% | 1.5% | ||
| Q1 25 | 14.8% | 1.5% | ||
| Q4 24 | 10.0% | 1.9% | ||
| Q3 24 | 22.0% | 0.9% | ||
| Q2 24 | 8.0% | 1.2% | ||
| Q1 24 | 5.3% | 0.6% |
现金转化率LITEMSCI
| Q4 25 | 1.62× | 1.76× | ||
| Q3 25 | 13.79× | 1.38× | ||
| Q2 25 | 0.30× | 1.11× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | — | 1.31× | ||
| Q1 24 | — | 1.17× |
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
LITE
| Components | $443.7M | 67% |
| Systems | $221.8M | 33% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
