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MARA Holdings, Inc.（MARA）与Ribbon Communications Inc.（RBBN）财务数据对比。点击上方公司名可切换其他公司
MARA Holdings, Inc.的季度营收约是Ribbon Communications Inc.的1.2倍（$202.3M vs $162.6M），Ribbon Communications Inc.净利率更高（54.8% vs -14298.3%，领先14353.1%），MARA Holdings, Inc.同比增速更快（-5.6% vs -10.3%），过去两年MARA Holdings, Inc.的营收复合增速更高（10.7% vs -8.1%）
MARA Holdings, Inc.是一家美国数字资产技术及加密货币挖矿企业，总部位于佛罗里达州劳德代尔堡。公司成立于2010年，最初以专利控股公司的模式运营，2010年代后期转向专注于区块链基础设施与数字资产相关业务。
睿宾通信公司（Ribbon Communications Inc.）主要为电信运营商、企业及关键基础设施领域提供软件、IP与光网络解决方案。公司于2017年由Genband与Sonus Networks合并成立，总部位于美国得克萨斯州普莱诺，是一家上市科技企业。
MARA vs RBBN — 直观对比
营收规模更大
MARA
是对方的1.2倍
$162.6M
营收增速更快
MARA
高出4.7%
-10.3%
净利率更高
RBBN
高出14353.1%
-14298.3%
两年增速更快
MARA
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $202.3M | $162.6M |
| 净利润 | $-1.7B | $89.1M |
| 毛利率 | — | 42.9% |
| 营业利润率 | -11795.9% | 37.6% |
| 净利率 | -14298.3% | 54.8% |
| 营收同比 | -5.6% | -10.3% |
| 净利润同比 | -423.5% | — |
| 每股收益（稀释后） | $-4.25 | $0.50 |
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MARARBBN
| Q1 26 | — | $162.6M | ||
| Q4 25 | $202.3M | $227.3M | ||
| Q3 25 | $252.4M | $215.4M | ||
| Q2 25 | $238.5M | $220.6M | ||
| Q1 25 | $213.9M | $181.3M | ||
| Q4 24 | $214.4M | $251.4M | ||
| Q3 24 | $131.6M | $210.2M | ||
| Q2 24 | $145.1M | $192.6M |
净利润MARARBBN
| Q1 26 | — | $89.1M | ||
| Q4 25 | $-1.7B | — | ||
| Q3 25 | $123.1M | $-12.1M | ||
| Q2 25 | $808.2M | $-11.1M | ||
| Q1 25 | $-533.4M | $-26.2M | ||
| Q4 24 | $528.5M | — | ||
| Q3 24 | $-124.8M | $-13.4M | ||
| Q2 24 | $-199.7M | $-16.8M |
毛利率MARARBBN
| Q1 26 | — | 42.9% | ||
| Q4 25 | — | 53.3% | ||
| Q3 25 | — | 50.1% | ||
| Q2 25 | — | 49.6% | ||
| Q1 25 | — | 45.4% | ||
| Q4 24 | -2613.4% | 55.7% | ||
| Q3 24 | -1065.0% | 52.1% | ||
| Q2 24 | -587.6% | 50.8% |
营业利润率MARARBBN
| Q1 26 | — | 37.6% | ||
| Q4 25 | -11795.9% | 4.1% | ||
| Q3 25 | 18.9% | 1.3% | ||
| Q2 25 | — | 1.9% | ||
| Q1 25 | -253.0% | -10.8% | ||
| Q4 24 | — | 13.2% | ||
| Q3 24 | -130.8% | -0.4% | ||
| Q2 24 | -160.1% | -1.0% |
净利率MARARBBN
| Q1 26 | — | 54.8% | ||
| Q4 25 | -14298.3% | — | ||
| Q3 25 | 48.8% | -5.6% | ||
| Q2 25 | 338.9% | -5.0% | ||
| Q1 25 | -249.4% | -14.5% | ||
| Q4 24 | 5367.4% | — | ||
| Q3 24 | -94.8% | -6.4% | ||
| Q2 24 | -137.6% | -8.7% |
每股收益（稀释后）MARARBBN
| Q1 26 | — | $0.50 | ||
| Q4 25 | $-4.25 | $0.50 | ||
| Q3 25 | $0.27 | $-0.07 | ||
| Q2 25 | $1.84 | $-0.06 | ||
| Q1 25 | $-1.55 | $-0.15 | ||
| Q4 24 | $1.60 | $0.05 | ||
| Q3 24 | $-0.42 | $-0.08 | ||
| Q2 24 | $-0.72 | $-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 | $547.1M | $67.6M |
| 总债务越低越好 | $3.6B | — |
| 股东权益账面价值 | $3.5B | $419.1M |
| 总资产 | $7.3B | — |
| 负债/权益比越低杠杆越低 | 1.04× | — |
8季度趋势，按日历期对齐
现金及短期投资MARARBBN
| Q1 26 | — | $67.6M | ||
| Q4 25 | $547.1M | $96.4M | ||
| Q3 25 | $826.4M | $74.8M | ||
| Q2 25 | $109.5M | $60.5M | ||
| Q1 25 | $196.2M | $71.2M | ||
| Q4 24 | $391.8M | $87.8M | ||
| Q3 24 | $164.3M | $37.2M | ||
| Q2 24 | $256.0M | $64.6M |
总债务MARARBBN
| Q1 26 | — | — | ||
| Q4 25 | $3.6B | $342.1M | ||
| Q3 25 | $3.2B | $344.3M | ||
| Q2 25 | $2.3B | $346.5M | ||
| Q1 25 | $2.3B | $347.4M | ||
| Q4 24 | $2.4B | $348.3M | ||
| Q3 24 | $618.7M | $349.1M | ||
| Q2 24 | — | $350.0M |
股东权益MARARBBN
| Q1 26 | — | $419.1M | ||
| Q4 25 | $3.5B | $449.0M | ||
| Q3 25 | $5.2B | $360.1M | ||
| Q2 25 | $4.8B | $370.4M | ||
| Q1 25 | $3.7B | $381.8M | ||
| Q4 24 | $4.1B | $404.6M | ||
| Q3 24 | $2.9B | $395.5M | ||
| Q2 24 | $2.6B | $405.0M |
总资产MARARBBN
| Q1 26 | — | — | ||
| Q4 25 | $7.3B | $1.2B | ||
| Q3 25 | $9.2B | $1.1B | ||
| Q2 25 | $7.7B | $1.1B | ||
| Q1 25 | $6.4B | $1.1B | ||
| Q4 24 | $6.8B | $1.2B | ||
| Q3 24 | $3.6B | $1.1B | ||
| Q2 24 | $3.1B | $1.1B |
负债/权益比MARARBBN
| Q1 26 | — | — | ||
| Q4 25 | 1.04× | 0.76× | ||
| Q3 25 | 0.63× | 0.96× | ||
| Q2 25 | 0.47× | 0.94× | ||
| Q1 25 | 0.62× | 0.91× | ||
| Q4 24 | 0.59× | 0.86× | ||
| Q3 24 | 0.22× | 0.88× | ||
| Q2 24 | — | 0.86× |
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 | $-802.7M | — |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | — |
| 自由现金流率自由现金流/营收 | -598.0% | — |
| 资本支出强度资本支出/营收 | 201.2% | — |
| 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 | $-2.0B | — |
8季度趋势，按日历期对齐
经营现金流MARARBBN
| Q1 26 | — | — | ||
| Q4 25 | $-802.7M | $29.2M | ||
| Q3 25 | $-199.0M | $26.5M | ||
| Q2 25 | $-163.4M | $-795.0K | ||
| Q1 25 | $-215.5M | $-3.5M | ||
| Q4 24 | $-677.0M | $61.8M | ||
| Q3 24 | $-160.1M | $-14.8M | ||
| Q2 24 | $-115.2M | $-9.8M |
自由现金流MARARBBN
| Q1 26 | — | — | ||
| Q4 25 | $-1.2B | $27.3M | ||
| Q3 25 | $-283.9M | $21.0M | ||
| Q2 25 | $-282.4M | $-6.5M | ||
| Q1 25 | $-254.3M | $-15.7M | ||
| Q4 24 | $-927.8M | $53.8M | ||
| Q3 24 | $-198.1M | $-23.7M | ||
| Q2 24 | $-132.4M | $-12.9M |
自由现金流率MARARBBN
| Q1 26 | — | — | ||
| Q4 25 | -598.0% | 12.0% | ||
| Q3 25 | -112.5% | 9.7% | ||
| Q2 25 | -118.4% | -2.9% | ||
| Q1 25 | -118.9% | -8.7% | ||
| Q4 24 | -432.8% | 21.4% | ||
| Q3 24 | -150.5% | -11.3% | ||
| Q2 24 | -91.2% | -6.7% |
资本支出强度MARARBBN
| Q1 26 | — | — | ||
| Q4 25 | 201.2% | 0.9% | ||
| Q3 25 | 33.6% | 2.6% | ||
| Q2 25 | 49.9% | 2.6% | ||
| Q1 25 | 18.2% | 6.7% | ||
| Q4 24 | 117.0% | 3.2% | ||
| Q3 24 | 28.9% | 4.2% | ||
| Q2 24 | 11.9% | 1.6% |
现金转化率MARARBBN
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | -1.62× | — | ||
| Q2 25 | -0.20× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -1.28× | — | ||
| Q3 24 | — | — | ||
| Q2 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
MARA
暂无分部数据
RBBN
| Service | $94.5M | 58% |
| Product | $68.1M | 42% |
