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Lumen Technologies, Inc.（LUMN）与INSPERITY, INC.（NSP）财务数据对比。点击上方公司名可切换其他公司
Lumen Technologies, Inc.的季度营收约是INSPERITY, INC.的1.6倍（$2.7B vs $1.7B），INSPERITY, INC.同比增速更快（3.4% vs -11.0%），INSPERITY, INC.自由现金流更多（$246.0M vs $-1.1B），过去两年INSPERITY, INC.的营收复合增速更高（-3.8% vs -5.3%）
Lumen Technologies是总部位于美国路易斯安那州门罗市的电信企业，依托自有光纤、铜线网络、数据中心及云计算资源，为客户提供网络、安全、云、语音及各类托管通信服务，2023年3月起纳入标普600指数，此前曾为标普500指数成分股。
Insperity（前身为Administaff）是总部位于美国得克萨斯州休斯顿金伍德区的专业雇主组织（PEO），专注为中小微企业提供人力资源及行政事务外包等相关服务。自2004年起，该企业长期担任冠军巡回赛职业高尔夫赛事的冠名赞助商。
LUMN vs NSP — 直观对比
营收规模更大
LUMN
是对方的1.6倍
$1.7B
营收增速更快
NSP
高出14.4%
-11.0%
自由现金流更多
NSP
多$1.3B
$-1.1B
两年增速更快
NSP
近两年复合增速
-5.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $1.7B |
| 净利润 | $-2.0M | — |
| 毛利率 | 40.7% | 10.3% |
| 营业利润率 | -7.3% | -2.8% |
| 净利率 | -0.1% | — |
| 营收同比 | -11.0% | 3.4% |
| 净利润同比 | -102.4% | — |
| 每股收益（稀释后） | $-0.01 | $-0.87 |
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LUMNNSP
| Q4 25 | $2.7B | $1.7B | ||
| Q3 25 | $2.8B | $1.6B | ||
| Q2 25 | $2.9B | $1.7B | ||
| Q1 25 | $2.9B | $1.9B | ||
| Q4 24 | $3.1B | $1.6B | ||
| Q3 24 | $3.0B | $1.6B | ||
| Q2 24 | $3.0B | $1.6B | ||
| Q1 24 | $3.1B | $1.8B |
净利润LUMNNSP
| Q4 25 | $-2.0M | — | ||
| Q3 25 | $-621.0M | $-20.0M | ||
| Q2 25 | $-915.0M | $-5.0M | ||
| Q1 25 | $-201.0M | $51.0M | ||
| Q4 24 | $85.0M | — | ||
| Q3 24 | $-148.0M | $3.0M | ||
| Q2 24 | $-49.0M | $18.0M | ||
| Q1 24 | $57.0M | $79.0M |
毛利率LUMNNSP
| Q4 25 | 40.7% | 10.3% | ||
| Q3 25 | 39.4% | 12.0% | ||
| Q2 25 | 43.4% | 13.4% | ||
| Q1 25 | 42.0% | 16.6% | ||
| Q4 24 | 44.7% | 13.5% | ||
| Q3 24 | 43.0% | 14.7% | ||
| Q2 24 | 45.2% | 16.2% | ||
| Q1 24 | 46.0% | 19.1% |
营业利润率LUMNNSP
| Q4 25 | -7.3% | -2.8% | ||
| Q3 25 | -4.1% | -1.5% | ||
| Q2 25 | -21.0% | -0.4% | ||
| Q1 25 | 3.7% | 3.7% | ||
| Q4 24 | 5.0% | -0.9% | ||
| Q3 24 | 4.2% | 0.1% | ||
| Q2 24 | 4.5% | 1.4% | ||
| Q1 24 | 1.5% | 6.0% |
净利率LUMNNSP
| Q4 25 | -0.1% | — | ||
| Q3 25 | -22.1% | -1.2% | ||
| Q2 25 | -31.9% | -0.3% | ||
| Q1 25 | -6.9% | 2.7% | ||
| Q4 24 | 2.8% | — | ||
| Q3 24 | -5.0% | 0.2% | ||
| Q2 24 | -1.6% | 1.1% | ||
| Q1 24 | 1.9% | 4.4% |
每股收益（稀释后）LUMNNSP
| Q4 25 | $-0.01 | $-0.87 | ||
| Q3 25 | $-0.62 | $-0.53 | ||
| Q2 25 | $-0.92 | $-0.14 | ||
| Q1 25 | $-0.20 | $1.35 | ||
| Q4 24 | $0.08 | $-0.21 | ||
| Q3 24 | $-0.15 | $0.07 | ||
| Q2 24 | $-0.05 | $0.48 | ||
| Q1 24 | $0.06 | $2.08 |
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 | $1.0B | $682.0M |
| 总债务越低越好 | $17.4B | — |
| 股东权益账面价值 | $-1.1B | $46.0M |
| 总资产 | $34.3B | $2.2B |
| 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LUMNNSP
| Q4 25 | $1.0B | $682.0M | ||
| Q3 25 | $2.4B | $521.0M | ||
| Q2 25 | $1.6B | $511.0M | ||
| Q1 25 | $1.9B | $684.0M | ||
| Q4 24 | $1.9B | $1.2B | ||
| Q3 24 | $2.6B | $596.0M | ||
| Q2 24 | $1.5B | $850.0M | ||
| Q1 24 | $1.6B | $801.0M |
总债务LUMNNSP
| Q4 25 | $17.4B | — | ||
| Q3 25 | $17.6B | — | ||
| Q2 25 | $17.6B | — | ||
| Q1 25 | $17.3B | — | ||
| Q4 24 | $17.5B | — | ||
| Q3 24 | $18.1B | — | ||
| Q2 24 | $18.4B | — | ||
| Q1 24 | $18.6B | — |
股东权益LUMNNSP
| Q4 25 | $-1.1B | $46.0M | ||
| Q3 25 | $-1.2B | $87.0M | ||
| Q2 25 | $-595.0M | $112.0M | ||
| Q1 25 | $289.0M | $119.0M | ||
| Q4 24 | $464.0M | $97.0M | ||
| Q3 24 | $342.0M | $125.0M | ||
| Q2 24 | $466.0M | $142.0M | ||
| Q1 24 | $504.0M | $140.0M |
总资产LUMNNSP
| Q4 25 | $34.3B | $2.2B | ||
| Q3 25 | $34.3B | $2.0B | ||
| Q2 25 | $33.0B | $2.0B | ||
| Q1 25 | $33.5B | $2.1B | ||
| Q4 24 | $33.5B | $2.6B | ||
| Q3 24 | $34.0B | $1.9B | ||
| Q2 24 | $32.9B | $2.1B | ||
| Q1 24 | $33.2B | $2.1B |
负债/权益比LUMNNSP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 59.98× | — | ||
| Q4 24 | 37.70× | — | ||
| Q3 24 | 53.05× | — | ||
| Q2 24 | 39.51× | — | ||
| Q1 24 | 36.89× | — |
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 | $562.0M | $255.0M |
| 自由现金流经营现金流 - 资本支出 | $-1.1B | $246.0M |
| 自由现金流率自由现金流/营收 | -39.4% | 14.7% |
| 资本支出强度资本支出/营收 | 59.9% | 0.5% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $371.0M | $-309.0M |
8季度趋势，按日历期对齐
经营现金流LUMNNSP
| Q4 25 | $562.0M | $255.0M | ||
| Q3 25 | $2.5B | $-11.0M | ||
| Q2 25 | $570.0M | $-79.0M | ||
| Q1 25 | $1.1B | $-443.0M | ||
| Q4 24 | $688.0M | $619.0M | ||
| Q3 24 | $2.0B | $-150.0M | ||
| Q2 24 | $511.0M | $20.0M | ||
| Q1 24 | $1.1B | $31.0M |
自由现金流LUMNNSP
| Q4 25 | $-1.1B | $246.0M | ||
| Q3 25 | $1.5B | $-20.0M | ||
| Q2 25 | $-321.0M | $-86.0M | ||
| Q1 25 | $304.0M | $-449.0M | ||
| Q4 24 | $-227.0M | $606.0M | ||
| Q3 24 | $1.2B | $-164.0M | ||
| Q2 24 | $-242.0M | $14.0M | ||
| Q1 24 | $389.0M | $26.0M |
自由现金流率LUMNNSP
| Q4 25 | -39.4% | 14.7% | ||
| Q3 25 | 52.4% | -1.2% | ||
| Q2 25 | -11.2% | -5.2% | ||
| Q1 25 | 10.4% | -24.1% | ||
| Q4 24 | -7.4% | 37.6% | ||
| Q3 24 | 39.8% | -10.5% | ||
| Q2 24 | -8.0% | 0.9% | ||
| Q1 24 | 12.7% | 1.4% |
资本支出强度LUMNNSP
| Q4 25 | 59.9% | 0.5% | ||
| Q3 25 | 37.1% | 0.6% | ||
| Q2 25 | 31.1% | 0.4% | ||
| Q1 25 | 27.2% | 0.3% | ||
| Q4 24 | 29.7% | 0.8% | ||
| Q3 24 | 28.6% | 0.9% | ||
| Q2 24 | 25.0% | 0.4% | ||
| Q1 24 | 23.3% | 0.3% |
现金转化率LUMNNSP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | -8.69× | ||
| Q4 24 | 8.09× | — | ||
| Q3 24 | — | -50.00× | ||
| Q2 24 | — | 1.11× | ||
| Q1 24 | 19.33× | 0.39× |
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
LUMN
| Large Enterprise | $758.0M | 28% |
| Wholesale | $661.0M | 24% |
| Mid Market Enterprise | $472.0M | 17% |
| Fiber Broadband | $232.0M | 8% |
| Other Broadband | $218.0M | 8% |
| Other | $184.0M | 7% |
| Voice And Other | $166.0M | 6% |
| International And Other | $77.0M | 3% |
NSP
| Northeast | $455.0M | 27% |
| West | $339.0M | 20% |
| Southwest | $317.0M | 19% |
| Central | $299.0M | 18% |
| Southeast | $241.0M | 14% |
| Other Revenues | $17.0M | 1% |
