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朗美通（LITE）与Cloudflare, Inc.（NET）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Cloudflare, Inc.的1.1倍（$665.5M vs $614.5M），朗美通净利率更高（11.8% vs -2.0%，领先13.7%），朗美通同比增速更快（65.5% vs 33.6%），Cloudflare, Inc.自由现金流更多（$105.2M vs $43.1M），过去两年朗美通的营收复合增速更高（34.8% vs 27.4%）
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。
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
LITE vs NET — 直观对比
营收规模更大
LITE
是对方的1.1倍
$614.5M
营收增速更快
LITE
高出31.9%
33.6%
净利率更高
LITE
高出13.7%
-2.0%
自由现金流更多
NET
多$62.1M
$43.1M
两年增速更快
LITE
近两年复合增速
27.4%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $665.5M | $614.5M |
| 净利润 | $78.2M | $-12.1M |
| 毛利率 | 36.1% | 73.6% |
| 营业利润率 | 9.7% | -8.0% |
| 净利率 | 11.8% | -2.0% |
| 营收同比 | 65.5% | 33.6% |
| 净利润同比 | 228.4% | 6.0% |
| 每股收益（稀释后） | $0.89 | $-0.03 |
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LITENET
| Q4 25 | $665.5M | $614.5M | ||
| Q3 25 | $533.8M | $562.0M | ||
| Q2 25 | $480.7M | $512.3M | ||
| Q1 25 | $425.2M | $479.1M | ||
| Q4 24 | $402.2M | $459.9M | ||
| Q3 24 | $336.9M | $430.1M | ||
| Q2 24 | $308.3M | $401.0M | ||
| Q1 24 | $366.5M | $378.6M |
净利润LITENET
| Q4 25 | $78.2M | $-12.1M | ||
| Q3 25 | $4.2M | $-1.3M | ||
| Q2 25 | $213.3M | $-50.4M | ||
| Q1 25 | $-44.1M | $-38.5M | ||
| Q4 24 | $-60.9M | $-12.8M | ||
| Q3 24 | $-82.4M | $-15.3M | ||
| Q2 24 | $-252.5M | $-15.1M | ||
| Q1 24 | $-127.0M | $-35.5M |
毛利率LITENET
| Q4 25 | 36.1% | 73.6% | ||
| Q3 25 | 34.0% | 74.0% | ||
| Q2 25 | 33.3% | 74.9% | ||
| Q1 25 | 28.8% | 75.9% | ||
| Q4 24 | 24.8% | 76.4% | ||
| Q3 24 | 23.1% | 77.7% | ||
| Q2 24 | 16.6% | 77.8% | ||
| Q1 24 | 16.2% | 77.5% |
营业利润率LITENET
| Q4 25 | 9.7% | -8.0% | ||
| Q3 25 | 1.3% | -6.7% | ||
| Q2 25 | -1.7% | -13.1% | ||
| Q1 25 | -8.9% | -11.1% | ||
| Q4 24 | -12.8% | -7.5% | ||
| Q3 24 | -24.5% | -7.2% | ||
| Q2 24 | -43.3% | -8.7% | ||
| Q1 24 | -31.3% | -14.4% |
净利率LITENET
| Q4 25 | 11.8% | -2.0% | ||
| Q3 25 | 0.8% | -0.2% | ||
| Q2 25 | 44.4% | -9.8% | ||
| Q1 25 | -10.4% | -8.0% | ||
| Q4 24 | -15.1% | -2.8% | ||
| Q3 24 | -24.5% | -3.6% | ||
| Q2 24 | -81.9% | -3.8% | ||
| Q1 24 | -34.7% | -9.4% |
每股收益（稀释后）LITENET
| Q4 25 | $0.89 | $-0.03 | ||
| Q3 25 | $0.05 | $0.00 | ||
| Q2 25 | $3.10 | $-0.15 | ||
| Q1 25 | $-0.64 | $-0.11 | ||
| Q4 24 | $-0.88 | $-0.05 | ||
| Q3 24 | $-1.21 | $-0.04 | ||
| Q2 24 | $-3.75 | $-0.04 | ||
| Q1 24 | $-1.88 | $-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 | $1.2B | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $846.6M | $1.5B |
| 总资产 | $4.8B | $6.0B |
| 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LITENET
| Q4 25 | $1.2B | $943.5M | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $877.1M | $1.5B | ||
| Q1 25 | $866.7M | $204.5M | ||
| Q4 24 | $896.7M | $147.7M | ||
| Q3 24 | $916.1M | $182.9M | ||
| Q2 24 | $887.0M | $157.0M | ||
| Q1 24 | $870.9M | $254.4M |
股东权益LITENET
| Q4 25 | $846.6M | $1.5B | ||
| Q3 25 | $780.8M | $1.3B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $879.5M | $1.4B | ||
| Q4 24 | $872.3M | $1.0B | ||
| Q3 24 | $895.9M | $973.1M | ||
| Q2 24 | $957.3M | $881.5M | ||
| Q1 24 | $1.2B | $797.2M |
总资产LITENET
| Q4 25 | $4.8B | $6.0B | ||
| Q3 25 | $4.6B | $5.8B | ||
| Q2 25 | $4.2B | $5.6B | ||
| Q1 25 | $4.0B | $3.7B | ||
| Q4 24 | $4.0B | $3.3B | ||
| Q3 24 | $4.0B | $3.1B | ||
| Q2 24 | $3.9B | $2.9B | ||
| Q1 24 | $4.2B | $2.8B |
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 | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $43.1M | $105.2M |
| 自由现金流率自由现金流/营收 | 6.5% | 17.1% |
| 资本支出强度资本支出/营收 | 12.6% | 13.9% |
| 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 | $-29.5M | $287.5M |
8季度趋势，按日历期对齐
经营现金流LITENET
| Q4 25 | $126.7M | $190.4M | ||
| Q3 25 | $57.9M | $167.1M | ||
| Q2 25 | $64.0M | $99.8M | ||
| Q1 25 | $-1.6M | $145.8M | ||
| Q4 24 | $24.3M | $127.3M | ||
| Q3 24 | $39.6M | $104.7M | ||
| Q2 24 | $35.5M | $74.8M | ||
| Q1 24 | $-7.0M | $73.6M |
自由现金流LITENET
| Q4 25 | $43.1M | $105.2M | ||
| Q3 25 | $-18.3M | $82.5M | ||
| Q2 25 | $10.1M | $39.9M | ||
| Q1 25 | $-64.4M | $59.9M | ||
| Q4 24 | $-15.9M | $54.2M | ||
| Q3 24 | $-34.5M | $54.5M | ||
| Q2 24 | $10.9M | $45.2M | ||
| Q1 24 | $-26.6M | $41.5M |
自由现金流率LITENET
| Q4 25 | 6.5% | 17.1% | ||
| Q3 25 | -3.4% | 14.7% | ||
| Q2 25 | 2.1% | 7.8% | ||
| Q1 25 | -15.1% | 12.5% | ||
| Q4 24 | -4.0% | 11.8% | ||
| Q3 24 | -10.2% | 12.7% | ||
| Q2 24 | 3.5% | 11.3% | ||
| Q1 24 | -7.3% | 11.0% |
资本支出强度LITENET
| Q4 25 | 12.6% | 13.9% | ||
| Q3 25 | 14.3% | 15.1% | ||
| Q2 25 | 11.2% | 11.7% | ||
| Q1 25 | 14.8% | 17.9% | ||
| Q4 24 | 10.0% | 15.9% | ||
| Q3 24 | 22.0% | 11.7% | ||
| Q2 24 | 8.0% | 7.4% | ||
| Q1 24 | 5.3% | 8.5% |
现金转化率LITENET
| Q4 25 | 1.62× | — | ||
| Q3 25 | 13.79× | — | ||
| Q2 25 | 0.30× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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
LITE
| Components | $443.7M | 67% |
| Systems | $221.8M | 33% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
