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Lumen Technologies, Inc.（LUMN）与斑马技术（ZBRA）财务数据对比。点击上方公司名可切换其他公司
Lumen Technologies, Inc.的季度营收约是斑马技术的1.9倍（$2.7B vs $1.5B），斑马技术净利率更高（4.7% vs -0.1%，领先4.8%），斑马技术同比增速更快（10.6% vs -11.0%），斑马技术自由现金流更多（$327.0M vs $-1.1B），过去两年斑马技术的营收复合增速更高（12.0% 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。
斑马技术（Zebra Technologies）是源自美国的跨国科技企业，专注于智能数据采集系统领域的研发与落地。公司总部位于芝加哥郊外的伊利诺伊州林肯郡，目前在全球57个国家和地区开展业务，雇员总数达10700名。
LUMN vs ZBRA — 直观对比
营收规模更大
LUMN
是对方的1.9倍
$1.5B
营收增速更快
ZBRA
高出21.5%
-11.0%
净利率更高
ZBRA
高出4.8%
-0.1%
自由现金流更多
ZBRA
多$1.4B
$-1.1B
两年增速更快
ZBRA
近两年复合增速
-5.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.7B | $1.5B |
| 净利润 | $-2.0M | $70.0M |
| 毛利率 | 40.7% | 47.3% |
| 营业利润率 | -7.3% | 9.4% |
| 净利率 | -0.1% | 4.7% |
| 营收同比 | -11.0% | 10.6% |
| 净利润同比 | -102.4% | -57.1% |
| 每股收益（稀释后） | $-0.01 | $1.40 |
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LUMNZBRA
| Q4 25 | $2.7B | $1.5B | ||
| Q3 25 | $2.8B | $1.3B | ||
| Q2 25 | $2.9B | $1.3B | ||
| Q1 25 | $2.9B | $1.3B | ||
| Q4 24 | $3.1B | $1.3B | ||
| Q3 24 | $3.0B | $1.3B | ||
| Q2 24 | $3.0B | $1.2B | ||
| Q1 24 | $3.1B | $1.2B |
净利润LUMNZBRA
| Q4 25 | $-2.0M | $70.0M | ||
| Q3 25 | $-621.0M | $101.0M | ||
| Q2 25 | $-915.0M | $112.0M | ||
| Q1 25 | $-201.0M | $136.0M | ||
| Q4 24 | $85.0M | $163.0M | ||
| Q3 24 | $-148.0M | $137.0M | ||
| Q2 24 | $-49.0M | $113.0M | ||
| Q1 24 | $57.0M | $115.0M |
毛利率LUMNZBRA
| Q4 25 | 40.7% | 47.3% | ||
| Q3 25 | 39.4% | 48.0% | ||
| Q2 25 | 43.4% | 47.6% | ||
| Q1 25 | 42.0% | 49.3% | ||
| Q4 24 | 44.7% | 48.6% | ||
| Q3 24 | 43.0% | 48.8% | ||
| Q2 24 | 45.2% | 48.4% | ||
| Q1 24 | 46.0% | 47.9% |
营业利润率LUMNZBRA
| Q4 25 | -7.3% | 9.4% | ||
| Q3 25 | -4.1% | 13.9% | ||
| Q2 25 | -21.0% | 14.2% | ||
| Q1 25 | 3.7% | 14.9% | ||
| Q4 24 | 5.0% | 16.9% | ||
| Q3 24 | 4.2% | 15.2% | ||
| Q2 24 | 4.5% | 13.7% | ||
| Q1 24 | 1.5% | 13.5% |
净利率LUMNZBRA
| Q4 25 | -0.1% | 4.7% | ||
| Q3 25 | -22.1% | 7.7% | ||
| Q2 25 | -31.9% | 8.7% | ||
| Q1 25 | -6.9% | 10.4% | ||
| Q4 24 | 2.8% | 12.2% | ||
| Q3 24 | -5.0% | 10.9% | ||
| Q2 24 | -1.6% | 9.3% | ||
| Q1 24 | 1.9% | 9.8% |
每股收益（稀释后）LUMNZBRA
| Q4 25 | $-0.01 | $1.40 | ||
| Q3 25 | $-0.62 | $1.97 | ||
| Q2 25 | $-0.92 | $2.19 | ||
| Q1 25 | $-0.20 | $2.62 | ||
| Q4 24 | $0.08 | $3.14 | ||
| Q3 24 | $-0.15 | $2.64 | ||
| Q2 24 | $-0.05 | $2.17 | ||
| Q1 24 | $0.06 | $2.23 |
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 | $125.0M |
| 总债务越低越好 | $17.4B | — |
| 股东权益账面价值 | $-1.1B | $3.6B |
| 总资产 | $34.3B | $8.5B |
| 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LUMNZBRA
| Q4 25 | $1.0B | $125.0M | ||
| Q3 25 | $2.4B | $1.1B | ||
| Q2 25 | $1.6B | $872.0M | ||
| Q1 25 | $1.9B | $879.0M | ||
| Q4 24 | $1.9B | $901.0M | ||
| Q3 24 | $2.6B | $676.0M | ||
| Q2 24 | $1.5B | $411.0M | ||
| Q1 24 | $1.6B | $127.0M |
总债务LUMNZBRA
| Q4 25 | $17.4B | — | ||
| Q3 25 | $17.6B | $2.2B | ||
| Q2 25 | $17.6B | $2.2B | ||
| Q1 25 | $17.3B | $2.2B | ||
| Q4 24 | $17.5B | — | ||
| Q3 24 | $18.1B | $2.2B | ||
| Q2 24 | $18.4B | $2.2B | ||
| Q1 24 | $18.6B | $2.1B |
股东权益LUMNZBRA
| Q4 25 | $-1.1B | $3.6B | ||
| Q3 25 | $-1.2B | $3.7B | ||
| Q2 25 | $-595.0M | $3.6B | ||
| Q1 25 | $289.0M | $3.6B | ||
| Q4 24 | $464.0M | $3.6B | ||
| Q3 24 | $342.0M | $3.4B | ||
| Q2 24 | $466.0M | $3.3B | ||
| Q1 24 | $504.0M | $3.2B |
总资产LUMNZBRA
| Q4 25 | $34.3B | $8.5B | ||
| Q3 25 | $34.3B | $8.1B | ||
| Q2 25 | $33.0B | $7.9B | ||
| Q1 25 | $33.5B | $7.9B | ||
| Q4 24 | $33.5B | $8.0B | ||
| Q3 24 | $34.0B | $7.7B | ||
| Q2 24 | $32.9B | $7.5B | ||
| Q1 24 | $33.2B | $7.3B |
负债/权益比LUMNZBRA
| Q4 25 | — | — | ||
| Q3 25 | — | 0.58× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | 59.98× | 0.60× | ||
| Q4 24 | 37.70× | — | ||
| Q3 24 | 53.05× | 0.64× | ||
| Q2 24 | 39.51× | 0.66× | ||
| Q1 24 | 36.89× | 0.66× |
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 | $357.0M |
| 自由现金流经营现金流 - 资本支出 | $-1.1B | $327.0M |
| 自由现金流率自由现金流/营收 | -39.4% | 22.2% |
| 资本支出强度资本支出/营收 | 59.9% | 2.0% |
| 现金转化率经营现金流/净利润 | — | 5.10× |
| 过去12个月自由现金流最近4个季度 | $371.0M | $831.0M |
8季度趋势，按日历期对齐
经营现金流LUMNZBRA
| Q4 25 | $562.0M | $357.0M | ||
| Q3 25 | $2.5B | $235.0M | ||
| Q2 25 | $570.0M | $147.0M | ||
| Q1 25 | $1.1B | $178.0M | ||
| Q4 24 | $688.0M | $306.0M | ||
| Q3 24 | $2.0B | $294.0M | ||
| Q2 24 | $511.0M | $288.0M | ||
| Q1 24 | $1.1B | $125.0M |
自由现金流LUMNZBRA
| Q4 25 | $-1.1B | $327.0M | ||
| Q3 25 | $1.5B | $216.0M | ||
| Q2 25 | $-321.0M | $130.0M | ||
| Q1 25 | $304.0M | $158.0M | ||
| Q4 24 | $-227.0M | $288.0M | ||
| Q3 24 | $1.2B | $277.0M | ||
| Q2 24 | $-242.0M | $278.0M | ||
| Q1 24 | $389.0M | $111.0M |
自由现金流率LUMNZBRA
| Q4 25 | -39.4% | 22.2% | ||
| Q3 25 | 52.4% | 16.4% | ||
| Q2 25 | -11.2% | 10.1% | ||
| Q1 25 | 10.4% | 12.1% | ||
| Q4 24 | -7.4% | 21.6% | ||
| Q3 24 | 39.8% | 22.1% | ||
| Q2 24 | -8.0% | 22.8% | ||
| Q1 24 | 12.7% | 9.4% |
资本支出强度LUMNZBRA
| Q4 25 | 59.9% | 2.0% | ||
| Q3 25 | 37.1% | 1.4% | ||
| Q2 25 | 31.1% | 1.3% | ||
| Q1 25 | 27.2% | 1.5% | ||
| Q4 24 | 29.7% | 1.3% | ||
| Q3 24 | 28.6% | 1.4% | ||
| Q2 24 | 25.0% | 0.8% | ||
| Q1 24 | 23.3% | 1.2% |
现金转化率LUMNZBRA
| Q4 25 | — | 5.10× | ||
| Q3 25 | — | 2.33× | ||
| Q2 25 | — | 1.31× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | 8.09× | 1.88× | ||
| Q3 24 | — | 2.15× | ||
| Q2 24 | — | 2.55× | ||
| Q1 24 | 19.33× | 1.09× |
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% |
ZBRA
| Tangible Products | $1.2B | 83% |
| Service And Software | $255.0M | 17% |
