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朗美通（LITE）与罗塞塔石碑（STEP）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罗塞塔石碑的1.1倍（$665.5M vs $586.5M），朗美通净利率更高（11.8% vs -21.0%，领先32.8%），罗塞塔石碑同比增速更快（73.0% vs 65.5%），朗美通自由现金流更多（$43.1M vs $26.7M），过去两年朗美通的营收复合增速更高（34.8% vs 28.2%）
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。
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
LITE vs STEP — 直观对比
营收规模更大
LITE
是对方的1.1倍
$586.5M
营收增速更快
STEP
高出7.5%
65.5%
净利率更高
LITE
高出32.8%
-21.0%
自由现金流更多
LITE
多$16.4M
$26.7M
两年增速更快
LITE
近两年复合增速
28.2%
损益表 — Q2 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $665.5M | $586.5M |
| 净利润 | $78.2M | $-123.5M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 9.7% | -33.2% |
| 净利率 | 11.8% | -21.0% |
| 营收同比 | 65.5% | 73.0% |
| 净利润同比 | 228.4% | 35.7% |
| 每股收益（稀释后） | $0.89 | $-1.55 |
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LITESTEP
| Q4 25 | $665.5M | $586.5M | ||
| Q3 25 | $533.8M | $454.2M | ||
| Q2 25 | $480.7M | $364.3M | ||
| Q1 25 | $425.2M | $377.7M | ||
| Q4 24 | $402.2M | $339.0M | ||
| Q3 24 | $336.9M | $271.7M | ||
| Q2 24 | $308.3M | $186.4M | ||
| Q1 24 | $366.5M | $356.8M |
净利润LITESTEP
| Q4 25 | $78.2M | $-123.5M | ||
| Q3 25 | $4.2M | $-366.1M | ||
| Q2 25 | $213.3M | $-38.4M | ||
| Q1 25 | $-44.1M | $-18.5M | ||
| Q4 24 | $-60.9M | $-192.0M | ||
| Q3 24 | $-82.4M | $17.6M | ||
| Q2 24 | $-252.5M | $13.3M | ||
| Q1 24 | $-127.0M | $30.8M |
毛利率LITESTEP
| 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LITESTEP
| Q4 25 | 9.7% | -33.2% | ||
| Q3 25 | 1.3% | -148.8% | ||
| Q2 25 | -1.7% | -5.6% | ||
| Q1 25 | -8.9% | 2.6% | ||
| Q4 24 | -12.8% | -101.7% | ||
| Q3 24 | -24.5% | 21.3% | ||
| Q2 24 | -43.3% | 29.4% | ||
| Q1 24 | -31.3% | 26.5% |
净利率LITESTEP
| Q4 25 | 11.8% | -21.0% | ||
| Q3 25 | 0.8% | -80.6% | ||
| Q2 25 | 44.4% | -10.5% | ||
| Q1 25 | -10.4% | -4.9% | ||
| Q4 24 | -15.1% | -56.6% | ||
| Q3 24 | -24.5% | 6.5% | ||
| Q2 24 | -81.9% | 7.2% | ||
| Q1 24 | -34.7% | 8.6% |
每股收益（稀释后）LITESTEP
| Q4 25 | $0.89 | $-1.55 | ||
| Q3 25 | $0.05 | $-4.66 | ||
| Q2 25 | $3.10 | $-0.49 | ||
| Q1 25 | $-0.64 | $-0.37 | ||
| Q4 24 | $-0.88 | $-2.61 | ||
| Q3 24 | $-1.21 | $0.26 | ||
| Q2 24 | $-3.75 | $0.20 | ||
| Q1 24 | $-1.88 | $0.47 |
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 | — |
| 总债务越低越好 | — | $270.2M |
| 股东权益账面价值 | $846.6M | $-378.8M |
| 总资产 | $4.8B | $5.2B |
| 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LITESTEP
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $877.1M | — | ||
| Q1 25 | $866.7M | — | ||
| Q4 24 | $896.7M | — | ||
| Q3 24 | $916.1M | — | ||
| Q2 24 | $887.0M | — | ||
| Q1 24 | $870.9M | — |
总债务LITESTEP
| Q4 25 | — | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | — | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | — | $148.8M |
股东权益LITESTEP
| Q4 25 | $846.6M | $-378.8M | ||
| Q3 25 | $780.8M | $-233.5M | ||
| Q2 25 | $1.1B | $153.9M | ||
| Q1 25 | $879.5M | $179.4M | ||
| Q4 24 | $872.3M | $209.8M | ||
| Q3 24 | $895.9M | $397.5M | ||
| Q2 24 | $957.3M | $366.9M | ||
| Q1 24 | $1.2B | $324.5M |
总资产LITESTEP
| Q4 25 | $4.8B | $5.2B | ||
| Q3 25 | $4.6B | $5.3B | ||
| Q2 25 | $4.2B | $4.8B | ||
| Q1 25 | $4.0B | $4.6B | ||
| Q4 24 | $4.0B | $4.3B | ||
| Q3 24 | $4.0B | $4.0B | ||
| Q2 24 | $3.9B | $3.8B | ||
| Q1 24 | $4.2B | $3.8B |
负债/权益比LITESTEP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.46× |
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 | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $43.1M | $26.7M |
| 自由现金流率自由现金流/营收 | 6.5% | 4.6% |
| 资本支出强度资本支出/营收 | 12.6% | 0.1% |
| 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 | $18.6M |
8季度趋势，按日历期对齐
经营现金流LITESTEP
| Q4 25 | $126.7M | $27.2M | ||
| Q3 25 | $57.9M | $16.2M | ||
| Q2 25 | $64.0M | $46.3M | ||
| Q1 25 | $-1.6M | $-66.5M | ||
| Q4 24 | $24.3M | $27.6M | ||
| Q3 24 | $39.6M | $53.7M | ||
| Q2 24 | $35.5M | $50.2M | ||
| Q1 24 | $-7.0M | $7.6M |
自由现金流LITESTEP
| Q4 25 | $43.1M | $26.7M | ||
| Q3 25 | $-18.3M | $15.9M | ||
| Q2 25 | $10.1M | $45.2M | ||
| Q1 25 | $-64.4M | $-69.2M | ||
| Q4 24 | $-15.9M | $27.0M | ||
| Q3 24 | $-34.5M | $52.4M | ||
| Q2 24 | $10.9M | $49.6M | ||
| Q1 24 | $-26.6M | $6.7M |
自由现金流率LITESTEP
| Q4 25 | 6.5% | 4.6% | ||
| Q3 25 | -3.4% | 3.5% | ||
| Q2 25 | 2.1% | 12.4% | ||
| Q1 25 | -15.1% | -18.3% | ||
| Q4 24 | -4.0% | 8.0% | ||
| Q3 24 | -10.2% | 19.3% | ||
| Q2 24 | 3.5% | 26.6% | ||
| Q1 24 | -7.3% | 1.9% |
资本支出强度LITESTEP
| Q4 25 | 12.6% | 0.1% | ||
| Q3 25 | 14.3% | 0.1% | ||
| Q2 25 | 11.2% | 0.3% | ||
| Q1 25 | 14.8% | 0.7% | ||
| Q4 24 | 10.0% | 0.2% | ||
| Q3 24 | 22.0% | 0.5% | ||
| Q2 24 | 8.0% | 0.3% | ||
| Q1 24 | 5.3% | 0.3% |
现金转化率LITESTEP
| Q4 25 | 1.62× | — | ||
| Q3 25 | 13.79× | — | ||
| Q2 25 | 0.30× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.05× | ||
| Q2 24 | — | 3.76× | ||
| Q1 24 | — | 0.25× |
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% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
