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微宏控股（MVST）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
Ribbon Communications Inc.的季度营收约是微宏控股的1.7倍（$162.6M vs $96.4M），Ribbon Communications Inc.净利率更高（54.8% vs 17.2%，领先37.6%），Ribbon Communications Inc.同比增速更快（-10.3% vs -15.0%），过去两年微宏控股的营收复合增速更高（8.9% vs -8.1%）
微宏控股是一家电池科技企业，总部位于美国得克萨斯州斯塔福德，在纳斯达克上市。公司主要面向商用电动汽车与并网储能系统，设计、研发并生产电池组件及电池系统，目前在美国、中国、德国均设有生产基地。
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。
MVST vs RBBN — 直观对比
营收规模更大
RBBN
是对方的1.7倍
$96.4M
营收增速更快
RBBN
高出4.7%
-15.0%
净利率更高
RBBN
高出37.6%
17.2%
两年增速更快
MVST
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $96.4M | $162.6M |
| 净利润 | $16.5M | $89.1M |
| 毛利率 | 1.0% | 42.9% |
| 营业利润率 | -42.7% | 37.6% |
| 净利率 | 17.2% | 54.8% |
| 营收同比 | -15.0% | -10.3% |
| 净利润同比 | 120.1% | — |
| 每股收益（稀释后） | $0.19 | $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MVSTRBBN
| Q1 26 | — | $162.6M | ||
| Q4 25 | $96.4M | $227.3M | ||
| Q3 25 | $123.3M | $215.4M | ||
| Q2 25 | $91.3M | $220.6M | ||
| Q1 25 | $116.5M | $181.3M | ||
| Q4 24 | $113.4M | $251.4M | ||
| Q3 24 | $101.4M | $210.2M | ||
| Q2 24 | $83.7M | $192.6M |
净利润MVSTRBBN
| Q1 26 | — | $89.1M | ||
| Q4 25 | $16.5M | — | ||
| Q3 25 | $-1.5M | $-12.1M | ||
| Q2 25 | $-106.1M | $-11.1M | ||
| Q1 25 | $61.8M | $-26.2M | ||
| Q4 24 | $-82.3M | — | ||
| Q3 24 | $13.2M | $-13.4M | ||
| Q2 24 | $-101.6M | $-16.8M |
毛利率MVSTRBBN
| Q1 26 | — | 42.9% | ||
| Q4 25 | 1.0% | 53.3% | ||
| Q3 25 | 37.6% | 50.1% | ||
| Q2 25 | 34.7% | 49.6% | ||
| Q1 25 | 36.9% | 45.4% | ||
| Q4 24 | 36.6% | 55.7% | ||
| Q3 24 | 33.2% | 52.1% | ||
| Q2 24 | 32.5% | 50.8% |
营业利润率MVSTRBBN
| Q1 26 | — | 37.6% | ||
| Q4 25 | -42.7% | 4.1% | ||
| Q3 25 | 10.5% | 1.3% | ||
| Q2 25 | 17.8% | 1.9% | ||
| Q1 25 | 16.3% | -10.8% | ||
| Q4 24 | -1.2% | 13.2% | ||
| Q3 24 | 7.1% | -0.4% | ||
| Q2 24 | -118.0% | -1.0% |
净利率MVSTRBBN
| Q1 26 | — | 54.8% | ||
| Q4 25 | 17.2% | — | ||
| Q3 25 | -1.2% | -5.6% | ||
| Q2 25 | -116.1% | -5.0% | ||
| Q1 25 | 53.0% | -14.5% | ||
| Q4 24 | -72.6% | — | ||
| Q3 24 | 13.1% | -6.4% | ||
| Q2 24 | -121.4% | -8.7% |
每股收益（稀释后）MVSTRBBN
| Q1 26 | — | $0.50 | ||
| Q4 25 | $0.19 | $0.50 | ||
| Q3 25 | $0.00 | $-0.07 | ||
| Q2 25 | $-0.33 | $-0.06 | ||
| Q1 25 | $0.05 | $-0.15 | ||
| Q4 24 | $-0.24 | $0.05 | ||
| Q3 24 | $0.03 | $-0.08 | ||
| Q2 24 | $-0.32 | $-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 | $105.0M | $67.6M |
| 总债务越低越好 | $13.2M | — |
| 股东权益账面价值 | $410.5M | $419.1M |
| 总资产 | $1.0B | — |
| 负债/权益比越低杠杆越低 | 0.03× | — |
8季度趋势，按日历期对齐
现金及短期投资MVSTRBBN
| Q1 26 | — | $67.6M | ||
| Q4 25 | $105.0M | $96.4M | ||
| Q3 25 | $90.7M | $74.8M | ||
| Q2 25 | $99.7M | $60.5M | ||
| Q1 25 | $90.9M | $71.2M | ||
| Q4 24 | $73.0M | $87.8M | ||
| Q3 24 | $63.6M | $37.2M | ||
| Q2 24 | $68.2M | $64.6M |
总债务MVSTRBBN
| Q1 26 | — | — | ||
| Q4 25 | $13.2M | $342.1M | ||
| Q3 25 | $34.4M | $344.3M | ||
| Q2 25 | $34.2M | $346.5M | ||
| Q1 25 | $41.3M | $347.4M | ||
| Q4 24 | $41.1M | $348.3M | ||
| Q3 24 | $53.4M | $349.1M | ||
| Q2 24 | $34.2M | $350.0M |
股东权益MVSTRBBN
| Q1 26 | — | $419.1M | ||
| Q4 25 | $410.5M | $449.0M | ||
| Q3 25 | $358.1M | $360.1M | ||
| Q2 25 | $356.1M | $370.4M | ||
| Q1 25 | $454.2M | $381.8M | ||
| Q4 24 | $387.9M | $404.6M | ||
| Q3 24 | $486.1M | $395.5M | ||
| Q2 24 | $455.0M | $405.0M |
总资产MVSTRBBN
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $1.0B | $1.1B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $982.9M | $1.1B | ||
| Q4 24 | $951.9M | $1.2B | ||
| Q3 24 | $997.9M | $1.1B | ||
| Q2 24 | $961.4M | $1.1B |
负债/权益比MVSTRBBN
| Q1 26 | — | — | ||
| Q4 25 | 0.03× | 0.76× | ||
| Q3 25 | 0.10× | 0.96× | ||
| Q2 25 | 0.10× | 0.94× | ||
| Q1 25 | 0.09× | 0.91× | ||
| Q4 24 | 0.11× | 0.86× | ||
| Q3 24 | 0.11× | 0.88× | ||
| Q2 24 | 0.08× | 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 | $16.4M | — |
| 自由现金流经营现金流 - 资本支出 | $15.8M | — |
| 自由现金流率自由现金流/营收 | 16.4% | — |
| 资本支出强度资本支出/营收 | 0.7% | — |
| 现金转化率经营现金流/净利润 | 0.99× | — |
| 过去12个月自由现金流最近4个季度 | $56.1M | — |
8季度趋势，按日历期对齐
经营现金流MVSTRBBN
| Q1 26 | — | — | ||
| Q4 25 | $16.4M | $29.2M | ||
| Q3 25 | $15.2M | $26.5M | ||
| Q2 25 | $37.2M | $-795.0K | ||
| Q1 25 | $7.2M | $-3.5M | ||
| Q4 24 | $6.1M | $61.8M | ||
| Q3 24 | $-5.4M | $-14.8M | ||
| Q2 24 | $111.0K | $-9.8M |
自由现金流MVSTRBBN
| Q1 26 | — | — | ||
| Q4 25 | $15.8M | $27.3M | ||
| Q3 25 | $1.2M | $21.0M | ||
| Q2 25 | $34.3M | $-6.5M | ||
| Q1 25 | $4.8M | $-15.7M | ||
| Q4 24 | $5.7M | $53.8M | ||
| Q3 24 | $-19.6M | $-23.7M | ||
| Q2 24 | $-2.8M | $-12.9M |
自由现金流率MVSTRBBN
| Q1 26 | — | — | ||
| Q4 25 | 16.4% | 12.0% | ||
| Q3 25 | 1.0% | 9.7% | ||
| Q2 25 | 37.5% | -2.9% | ||
| Q1 25 | 4.1% | -8.7% | ||
| Q4 24 | 5.1% | 21.4% | ||
| Q3 24 | -19.3% | -11.3% | ||
| Q2 24 | -3.4% | -6.7% |
资本支出强度MVSTRBBN
| Q1 26 | — | — | ||
| Q4 25 | 0.7% | 0.9% | ||
| Q3 25 | 11.3% | 2.6% | ||
| Q2 25 | 3.1% | 2.6% | ||
| Q1 25 | 2.0% | 6.7% | ||
| Q4 24 | 0.3% | 3.2% | ||
| Q3 24 | 14.0% | 4.2% | ||
| Q2 24 | 3.5% | 1.6% |
现金转化率MVSTRBBN
| Q1 26 | — | — | ||
| Q4 25 | 0.99× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.12× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.41× | — | ||
| 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
MVST
| Europe | $35.1M | 36% |
| CN | $32.5M | 34% |
| US | $21.5M | 22% |
| Other | $7.2M | 8% |
RBBN
| Service | $94.5M | 58% |
| Product | $68.1M | 42% |
