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朗美通（LITE）与MARRIOTT VACATIONS WORLDWIDE Corp（VAC）财务数据对比。点击上方公司名可切换其他公司
MARRIOTT VACATIONS WORLDWIDE Corp的季度营收约是朗美通的1.8倍（$1.2B vs $665.5M），朗美通净利率更高（11.8% vs -35.0%，领先46.8%），朗美通同比增速更快（65.5% vs -0.7%），朗美通自由现金流更多（$43.1M vs $-6.0M），过去两年朗美通的营收复合增速更高（34.8% vs 5.2%）
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。
万豪度假环球集团是专注于分时度假业务的公众企业，原为万豪国际集团旗下业务板块，2011年11月分拆为独立上市公司，核心业务为度假所有权运营。目前集团运营超过120家度假村，在万豪度假俱乐部品牌矩阵下拥有超70万名业主及会员，产品覆盖多个度假消费场景。
LITE vs VAC — 直观对比
营收规模更大
VAC
是对方的1.8倍
$665.5M
营收增速更快
LITE
高出66.2%
-0.7%
净利率更高
LITE
高出46.8%
-35.0%
自由现金流更多
LITE
多$49.1M
$-6.0M
两年增速更快
LITE
近两年复合增速
5.2%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $665.5M | $1.2B |
| 净利润 | $78.2M | $-431.0M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 9.7% | — |
| 净利率 | 11.8% | -35.0% |
| 营收同比 | 65.5% | -0.7% |
| 净利润同比 | 228.4% | -962.0% |
| 每股收益（稀释后） | $0.89 | $-12.00 |
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LITEVAC
| Q4 25 | $665.5M | $1.2B | ||
| Q3 25 | $533.8M | $1.2B | ||
| Q2 25 | $480.7M | $1.2B | ||
| Q1 25 | $425.2M | $1.1B | ||
| Q4 24 | $402.2M | $1.2B | ||
| Q3 24 | $336.9M | $1.2B | ||
| Q2 24 | $308.3M | $1.1B | ||
| Q1 24 | $366.5M | $1.1B |
净利润LITEVAC
| Q4 25 | $78.2M | $-431.0M | ||
| Q3 25 | $4.2M | $-2.0M | ||
| Q2 25 | $213.3M | $69.0M | ||
| Q1 25 | $-44.1M | $56.0M | ||
| Q4 24 | $-60.9M | $50.0M | ||
| Q3 24 | $-82.4M | $84.0M | ||
| Q2 24 | $-252.5M | $37.0M | ||
| Q1 24 | $-127.0M | $47.0M |
毛利率LITEVAC
| 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LITEVAC
| Q4 25 | 9.7% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | -1.7% | — | ||
| Q1 25 | -8.9% | — | ||
| Q4 24 | -12.8% | — | ||
| Q3 24 | -24.5% | — | ||
| Q2 24 | -43.3% | — | ||
| Q1 24 | -31.3% | — |
净利率LITEVAC
| Q4 25 | 11.8% | -35.0% | ||
| Q3 25 | 0.8% | -0.2% | ||
| Q2 25 | 44.4% | 6.0% | ||
| Q1 25 | -10.4% | 5.0% | ||
| Q4 24 | -15.1% | 4.0% | ||
| Q3 24 | -24.5% | 6.9% | ||
| Q2 24 | -81.9% | 3.5% | ||
| Q1 24 | -34.7% | 4.2% |
每股收益（稀释后）LITEVAC
| Q4 25 | $0.89 | $-12.00 | ||
| Q3 25 | $0.05 | $-0.07 | ||
| Q2 25 | $3.10 | $1.77 | ||
| Q1 25 | $-0.64 | $1.46 | ||
| Q4 24 | $-0.88 | $1.29 | ||
| Q3 24 | $-1.21 | $2.12 | ||
| Q2 24 | $-3.75 | $0.98 | ||
| Q1 24 | $-1.88 | $1.22 |
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 | $406.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $846.6M | $2.0B |
| 总资产 | $4.8B | $9.8B |
| 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LITEVAC
| Q4 25 | $1.2B | $406.0M | ||
| Q3 25 | $1.1B | $474.0M | ||
| Q2 25 | $877.1M | $205.0M | ||
| Q1 25 | $866.7M | $196.0M | ||
| Q4 24 | $896.7M | $197.0M | ||
| Q3 24 | $916.1M | $197.0M | ||
| Q2 24 | $887.0M | $206.0M | ||
| Q1 24 | $870.9M | $237.0M |
股东权益LITEVAC
| Q4 25 | $846.6M | $2.0B | ||
| Q3 25 | $780.8M | $2.5B | ||
| Q2 25 | $1.1B | $2.5B | ||
| Q1 25 | $879.5M | $2.4B | ||
| Q4 24 | $872.3M | $2.4B | ||
| Q3 24 | $895.9M | $2.4B | ||
| Q2 24 | $957.3M | $2.4B | ||
| Q1 24 | $1.2B | $2.4B |
总资产LITEVAC
| Q4 25 | $4.8B | $9.8B | ||
| Q3 25 | $4.6B | $10.1B | ||
| Q2 25 | $4.2B | $9.9B | ||
| Q1 25 | $4.0B | $9.9B | ||
| Q4 24 | $4.0B | $9.8B | ||
| Q3 24 | $4.0B | $9.7B | ||
| Q2 24 | $3.9B | $9.6B | ||
| Q1 24 | $4.2B | $9.9B |
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 | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $43.1M | $-6.0M |
| 自由现金流率自由现金流/营收 | 6.5% | -0.5% |
| 资本支出强度资本支出/营收 | 12.6% | 1.0% |
| 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 | $-29.0M |
8季度趋势，按日历期对齐
经营现金流LITEVAC
| Q4 25 | $126.7M | $6.0M | ||
| Q3 25 | $57.9M | $62.0M | ||
| Q2 25 | $64.0M | $-48.0M | ||
| Q1 25 | $-1.6M | $8.0M | ||
| Q4 24 | $24.3M | $100.0M | ||
| Q3 24 | $39.6M | $72.0M | ||
| Q2 24 | $35.5M | $30.0M | ||
| Q1 24 | $-7.0M | $3.0M |
自由现金流LITEVAC
| Q4 25 | $43.1M | $-6.0M | ||
| Q3 25 | $-18.3M | $51.0M | ||
| Q2 25 | $10.1M | $-68.0M | ||
| Q1 25 | $-64.4M | $-6.0M | ||
| Q4 24 | $-15.9M | $86.0M | ||
| Q3 24 | $-34.5M | $58.0M | ||
| Q2 24 | $10.9M | $17.0M | ||
| Q1 24 | $-26.6M | $-13.0M |
自由现金流率LITEVAC
| Q4 25 | 6.5% | -0.5% | ||
| Q3 25 | -3.4% | 4.3% | ||
| Q2 25 | 2.1% | -5.9% | ||
| Q1 25 | -15.1% | -0.5% | ||
| Q4 24 | -4.0% | 6.9% | ||
| Q3 24 | -10.2% | 4.8% | ||
| Q2 24 | 3.5% | 1.6% | ||
| Q1 24 | -7.3% | -1.2% |
资本支出强度LITEVAC
| Q4 25 | 12.6% | 1.0% | ||
| Q3 25 | 14.3% | 0.9% | ||
| Q2 25 | 11.2% | 1.7% | ||
| Q1 25 | 14.8% | 1.3% | ||
| Q4 24 | 10.0% | 1.1% | ||
| Q3 24 | 22.0% | 1.1% | ||
| Q2 24 | 8.0% | 1.2% | ||
| Q1 24 | 5.3% | 1.4% |
现金转化率LITEVAC
| Q4 25 | 1.62× | — | ||
| Q3 25 | 13.79× | — | ||
| Q2 25 | 0.30× | -0.70× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | — | 0.06× |
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% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
