<p>Compass Diversified (CODI) 在 2025 年第一季度的收入約為 4.538 億美元，基本每股收益約為-0.59 美元，持續經營的淨收入約為-4400 萬美元，虧損幅度較去年同期的-1.183 億美元有所縮小，當時的收入為 4.108 億美元。在過去幾個季度中，該公司的收入在大約 4.108 億美元和 5.826 億美元之間波動，而基本每股收益則從-1.57 美元波動至 0.08 美元，再次回到負值，這突顯出儘管收入增長，企業仍在努力穩定利潤率。當前收入在過去 12 個月內約為 18 億美元，這一最新數據使得人們關注 CODI 能否將規模轉化為更具韌性的盈利能力。</p>
<p>查看我們對 Compass Diversified 的完整分析。</p>
<p>在主要數據公佈後，下一步是將其與關於 Compass Diversified 的主流市場敍事進行對比，以查看哪些故事能夠成立，哪些故事則受到最新利潤率和虧損狀況的挑戰。</p>
<p>查看社區對 Compass Diversified 的看法。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ec5fff03-a509-49c9-bae6-45cb87e6a3e2/chart/earnings-and-revenue-history?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1642" height="1120" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ec5fff03-a509-49c9-bae6-45cb87e6a3e2/chart/earnings-and-revenue-history"/></p>
<p>截至 2025 年 12 月的 NYSE:CODI 收益與收入歷史</p>
<h2>基於過去數據的虧損縮小</h2>
<ul>
<li>從過去 12 個月的視角來看，淨虧損從一年前的約 3.657 億美元改善至約 2.229 億美元，而同期收入從約 16 億美元上升至 18 億美元。</li>
<li>分析師的共識觀點依賴於成本控制和運營效率來提升利潤率，最近的每股收益從約-5.0 美元轉變為約-3.0 美元，
<ul>
<li>支持了盈利能力朝着正確方向發展的觀點，儘管過去一年仍然虧損約 2.229 億美元。</li>
<li>與更好的控制和修訂的管理協議可以逐步將更高的收入轉化為改善的淨利潤率的觀點一致。</li>
</ul>
</li>
</ul>
<p>關注這一逐步恢復的每股收益的投資者可能希望看到它與詳細的利潤驅動因素和投資組合變動在樂觀案例敍事中的一致性：<strong>🐂 Compass Diversified 樂觀案例</strong></p>
<h2>快速收入展望與深度五年虧損</h2>
<ul>
<li>收入預計每年增長約 19.6%，然而淨虧損在過去五年中惡化了約 42%，並在過去 12 個月內保持在約-2.229 億美元。</li>
<li>空頭認為，持續的投資組合更替和更高的融資成本威脅到盈利的穩定性，而持續的負每股收益約為-2.95
<ul>
<li>加強了人們的擔憂，即使收入增長，企業在最近六個季度的歷史中尚未顯示出持續的正淨收入。</li>
<li>反映出頻繁的收購和剝離可能使合併收益波動，難以依賴 19.6% 的增長預測轉化為持久的利潤。</li>
</ul>
</li>
</ul>
<p>對於關注這一長期加深虧損歷史的懷疑者，空頭敍事進一步探討了交易活動和成本如何可能對盈利施加壓力：<strong>🐻 Compass Diversified 空頭案例</strong></p>
<h2>便宜的 0.2 倍銷售倍數與股息壓力</h2>
<ul>
<li>CODI 的交易倍數約為銷售的 0.2 倍，而同行約為 2.0 倍，整個行業為 2.6 倍，同時還承載着近 20.9% 的股息收益率，這一收益率並未被收益或自由現金流覆蓋。</li>
<li>共識觀點強調了資本部署的紀律性和永久資本結構作為優勢，但一年以下的現金流和過去 12 個月約 2.229 億美元的淨虧損
<ul>
<li>挑戰了當前股息水平是否能被企業現狀所舒適支持的觀點。</li>
<li>表明即使以看似低的 0.2 倍銷售估值，投資者仍需權衡資產負債表壓力與增長和收購故事。</li>
</ul>
</li>
</ul>
<h2>下一步</h2>
<p>要查看這些結果如何與長期增長、風險和估值相關，請查看 Simply Wall St 上關於 Compass Diversified 的完整社區敍事。將該公司添加到您的關注列表或投資組合中，以便在故事發展時收到提醒。</p>
<p>從另一個角度看數字？花幾分鐘時間將該視角轉化為簡潔的數據支持故事：按您的方式進行</p>
<p>您對 Compass Diversified 研究的一個良好起點是我們的分析，強調了 2 個關鍵獎勵和 4 個可能影響您投資決策的重要警示信號。</p>
<h2>探索替代方案</h2>
<p>Compass Diversified 將快速的收入增長與持續的重大虧損、未覆蓋的股息和短期現金流結合在一起，使其資產負債表承壓。</p>
<p>如果這種深度虧損、股息壓力和流動性有限的組合讓您感到風險較大，請使用我們的穩健資產負債表和基本面股票篩選器（1944 個結果）快速縮小到財務更強健的企業。</p>
<p><em>本文由 Simply Wall St 撰寫，內容具有一般性。<strong>我們基於歷史數據和分析師預測提供評論，僅使用無偏見的方法，我們的文章並不旨在提供財務建議。</strong> 它不構成購買或出售任何股票的推薦，也未考慮您的目標或財務狀況。我們旨在為您提供以基本數據驅動的長期分析。請注意，我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中沒有持倉。</em></p>
<p>移動基礎設施用於國防和災難</p>
<p>下一波機器人技術不是類人機器人，而是能夠在 30 分鐘內提供 5G、ISR 和雷達的完全自主塔。</p>
<p>在下一輪合同之前獲取投資者簡報</p>
<p>代表 CiTech 贊助</p>

CODI

<p>Compass Diversified (CODI) 報告了第一季度的虧損有所收窄，收入為 4.538 億美元，淨虧損為 4400 萬美元，而去年同期虧損為 1.183 億美元。儘管收入增長，公司在實現持續盈利方面面臨挑戰，持續的投資組合變動和高融資成本使其困難重重。CODI 的銷售倍數較低，僅為 0.2 倍，但其高股息收益率並未得到盈利的支持。分析師指出，成本控制和運營效率是改善利潤率的潛在途徑</p>

<p>Compass Diversified (CODI) opened 2025 with Q1 revenue of about $453.8 million and basic EPS of roughly -$0.59, alongside net income from continuing operations of around -$44.0 million, marking a narrower loss than the -$118.3 million booked a year earlier on $410.8 million of revenue. Over the past few quarters, the company has seen revenue move between roughly $410.8 million and $582.6 million while basic EPS has swung from -$1.57 to $0.08 and back into the red, underscoring a business that is still working to stabilize margins even as top line has expanded. With revenue now running at about $1.8 billion on a trailing twelve month basis, this latest print puts the spotlight firmly on whether CODI can convert scale into more resilient profitability.</p>
<div class="lb-trans"><p>Compass Diversified (CODI) 在 2025 年第一季度的收入約為 4.538 億美元，基本每股收益約為-0.59 美元，持續經營的淨收入約為-4400 萬美元，虧損幅度較去年同期的-1.183 億美元有所縮小，當時的收入為 4.108 億美元。在過去幾個季度中，該公司的收入在大約 4.108 億美元和 5.826 億美元之間波動，而基本每股收益則從-1.57 美元波動至 0.08 美元，再次回到負值，這突顯出儘管收入增長，企業仍在努力穩定利潤率。當前收入在過去 12 個月內約為 18 億美元，這一最新數據使得人們關注 CODI 能否將規模轉化為更具韌性的盈利能力。</p>
</div><p>See our full analysis for Compass Diversified.</p>
<div class="lb-trans"><p>查看我們對 Compass Diversified 的完整分析。</p>
</div><p>With the headline numbers on the table, the next step is to line them up against the dominant market narratives around Compass Diversified to see which stories hold up and which ones the latest margins and loss profile start to challenge.</p>
<div class="lb-trans"><p>在主要數據公佈後，下一步是將其與關於 Compass Diversified 的主流市場敍事進行對比，以查看哪些故事能夠成立，哪些故事則受到最新利潤率和虧損狀況的挑戰。</p>
</div><p>See what the community is saying about Compass Diversified</p>
<div class="lb-trans"><p>查看社區對 Compass Diversified 的看法。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/ec5fff03-a509-49c9-bae6-45cb87e6a3e2/chart/earnings-and-revenue-history" alt="" original-src="https://images.simplywall.st/company/ec5fff03-a509-49c9-bae6-45cb87e6a3e2/chart/earnings-and-revenue-history"/></p>
<p>NYSE:CODI Earnings &amp; Revenue History as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 NYSE:CODI 收益與收入歷史</p>
</div><h2>Losses Narrow on Trailing Basis</h2>
<div class="lb-trans"><h2>基於過去數據的虧損縮小</h2>
</div><ul>
<li>On a trailing 12 month view, net loss improved from about $365.7 million a year ago to roughly $222.9 million, while revenue rose from about $1.6 billion to $1.8 billion over the same span.</li>
<li>Analysts' consensus narrative leans on cost discipline and operational efficiency to lift margins, and the recent shift in trailing EPS from around -$5.0 to about -$3.0 per share,
<ul>
<li>supports the idea that profitability is moving in the right direction even though earnings are still negative at about -$222.9 million over the last year.</li>
<li>lines up with the view that better controls and a revised management agreement can gradually turn higher revenue into improved net margins.</li>
</ul>
</li>
</ul>
<div class="lb-trans"><ul>
<li>從過去 12 個月的視角來看，淨虧損從一年前的約 3.657 億美元改善至約 2.229 億美元，而同期收入從約 16 億美元上升至 18 億美元。</li>
<li>分析師的共識觀點依賴於成本控制和運營效率來提升利潤率，最近的每股收益從約-5.0 美元轉變為約-3.0 美元，
<ul>
<li>支持了盈利能力朝着正確方向發展的觀點，儘管過去一年仍然虧損約 2.229 億美元。</li>
<li>與更好的控制和修訂的管理協議可以逐步將更高的收入轉化為改善的淨利潤率的觀點一致。</li>
</ul>
</li>
</ul>
</div><p>Investors watching this gradual EPS recovery may want to see how it lines up with detailed margin drivers and portfolio moves in the bullish case narrative: <strong>🐂 Compass Diversified Bull Case</strong></p>
<div class="lb-trans"><p>關注這一逐步恢復的每股收益的投資者可能希望看到它與詳細的利潤驅動因素和投資組合變動在樂觀案例敍事中的一致性：<strong>🐂 Compass Diversified 樂觀案例</strong></p>
</div><h2>Fast Revenue Outlook versus Deep Five Year Losses</h2>
<div class="lb-trans"><h2>快速收入展望與深度五年虧損</h2>
</div><ul>
<li>Revenue is forecast to grow at about 19.6 percent per year, yet net losses have worsened by roughly 42 percent per year over the past five years and remain at about -$222.9 million on a trailing 12 month basis.</li>
<li>Bears argue that ongoing portfolio churn and higher financing costs threaten earnings stability, and the persistence of negative trailing EPS of about -$2.95
<ul>
<li>reinforces worries that even with revenue growth, the business has not yet shown consistent positive net income in the recent six quarter history.</li>
<li>echoes concerns that frequent acquisitions and divestitures can keep consolidated earnings volatile, making it harder to rely on the 19.6 percent growth forecast translating into durable profits.</li>
</ul>
</li>
</ul>
<div class="lb-trans"><ul>
<li>收入預計每年增長約 19.6%，然而淨虧損在過去五年中惡化了約 42%，並在過去 12 個月內保持在約-2.229 億美元。</li>
<li>空頭認為，持續的投資組合更替和更高的融資成本威脅到盈利的穩定性，而持續的負每股收益約為-2.95
<ul>
<li>加強了人們的擔憂，即使收入增長，企業在最近六個季度的歷史中尚未顯示出持續的正淨收入。</li>
<li>反映出頻繁的收購和剝離可能使合併收益波動，難以依賴 19.6% 的增長預測轉化為持久的利潤。</li>
</ul>
</li>
</ul>
</div><p>For skeptics focused on that long history of deepening losses, the bearish narrative digs further into how deal activity and costs might keep pressure on earnings: <strong>🐻 Compass Diversified Bear Case</strong></p>
<div class="lb-trans"><p>對於關注這一長期加深虧損歷史的懷疑者，空頭敍事進一步探討了交易活動和成本如何可能對盈利施加壓力：<strong>🐻 Compass Diversified 空頭案例</strong></p>
</div><h2>Cheap 0.2x Sales Multiple with Dividend Strain</h2>
<div class="lb-trans"><h2>便宜的 0.2 倍銷售倍數與股息壓力</h2>
</div><ul>
<li>CODI trades at about 0.2 times sales versus roughly 2.0 times for peers and 2.6 times for the broader industry, while also carrying a dividend yield near 20.9 percent that is not covered by earnings or free cash flow.</li>
<li>Consensus narrative highlights disciplined capital deployment and a permanent capital structure as strengths, yet the combination of a sub one year cash runway and a trailing 12 month net loss of about $222.9 million
<ul>
<li>challenges the idea that the current dividend level is comfortably supported by the business as it stands today.</li>
<li>suggests that even with an apparently low 0.2 times sales valuation, investors need to weigh balance sheet pressure alongside the growth and acquisition story.</li>
</ul>
</li>
</ul>
<div class="lb-trans"><ul>
<li>CODI 的交易倍數約為銷售的 0.2 倍，而同行約為 2.0 倍，整個行業為 2.6 倍，同時還承載着近 20.9% 的股息收益率，這一收益率並未被收益或自由現金流覆蓋。</li>
<li>共識觀點強調了資本部署的紀律性和永久資本結構作為優勢，但一年以下的現金流和過去 12 個月約 2.229 億美元的淨虧損
<ul>
<li>挑戰了當前股息水平是否能被企業現狀所舒適支持的觀點。</li>
<li>表明即使以看似低的 0.2 倍銷售估值，投資者仍需權衡資產負債表壓力與增長和收購故事。</li>
</ul>
</li>
</ul>
</div><h2>Next Steps</h2>
<div class="lb-trans"><h2>下一步</h2>
</div><p>To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Compass Diversified on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.</p>
<div class="lb-trans"><p>要查看這些結果如何與長期增長、風險和估值相關，請查看 Simply Wall St 上關於 Compass Diversified 的完整社區敍事。將該公司添加到您的關注列表或投資組合中，以便在故事發展時收到提醒。</p>
</div><p>See the numbers from another angle? Take a couple of minutes to turn that viewpoint into a concise, data backed story of your own: Do it your way</p>
<div class="lb-trans"><p>從另一個角度看數字？花幾分鐘時間將該視角轉化為簡潔的數據支持故事：按您的方式進行</p>
</div><p>A great starting point for your Compass Diversified research is our analysis highlighting 2 key rewards and 4 important warning signs that could impact your investment decision.</p>
<div class="lb-trans"><p>您對 Compass Diversified 研究的一個良好起點是我們的分析，強調了 2 個關鍵獎勵和 4 個可能影響您投資決策的重要警示信號。</p>
</div><h2>Explore Alternatives</h2>
<div class="lb-trans"><h2>探索替代方案</h2>
</div><p>Compass Diversified pairs rapid revenue growth with heavy ongoing losses, an uncovered dividend and a short cash runway that leaves its balance sheet under pressure.</p>
<div class="lb-trans"><p>Compass Diversified 將快速的收入增長與持續的重大虧損、未覆蓋的股息和短期現金流結合在一起，使其資產負債表承壓。</p>
</div><p>If that mix of deep losses, dividend strain and limited liquidity feels risky, use our solid balance sheet and fundamentals stocks screener (1944 results) to quickly narrow in on financially stronger businesses built to endure.</p>
<div class="lb-trans"><p>如果這種深度虧損、股息壓力和流動性有限的組合讓您感到風險較大，請使用我們的穩健資產負債表和基本面股票篩選器（1944 個結果）快速縮小到財務更強健的企業。</p>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>本文由 Simply Wall St 撰寫，內容具有一般性。<strong>我們基於歷史數據和分析師預測提供評論，僅使用無偏見的方法，我們的文章並不旨在提供財務建議。</strong> 它不構成購買或出售任何股票的推薦，也未考慮您的目標或財務狀況。我們旨在為您提供以基本數據驅動的長期分析。請注意，我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中沒有持倉。</em></p>
</div><p>Mobile Infrastructure for Defense and Disaster</p>
<div class="lb-trans"><p>移動基礎設施用於國防和災難</p>
</div><p>The next wave in robotics isn't humanoid. Its fully autonomous towers delivering 5G, ISR, and radar in under 30 minutes, anywhere.</p>
<div class="lb-trans"><p>下一波機器人技術不是類人機器人，而是能夠在 30 分鐘內提供 5G、ISR 和雷達的完全自主塔。</p>
</div><p>Get the investor briefing before the next round of contracts</p>
<div class="lb-trans"><p>在下一輪合同之前獲取投資者簡報</p>
</div><p>Sponsored On Behalf of CiTech</p>
<div class="lb-trans"><p>代表 CiTech 贊助</p>
</div>

Compass Diversified (CODI) 第一季度虧損收窄，挑戰市場對其盈利能力的看跌敍述