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爱齐科技（ALGN）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
Sunrun Inc.的季度营收约是爱齐科技的1.1倍（$1.2B vs $1.0B），爱齐科技净利率更高（13.0% vs 8.9%，领先4.0%），Sunrun Inc.同比增速更快（123.5% vs 5.3%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 2.5%）
爱齐科技是一家全球知名医疗设备企业，主营设计、生产及销售隐适美透明矫治器、iTero口内扫描仪及配套服务，客户覆盖正畸医师、全科牙医，面向修复、美容牙科领域，业务分为透明矫治器、扫描仪及服务两大板块，可满足青少年等不同群体的正畸需求
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
ALGN vs RUN — 直观对比
营收规模更大
RUN
是对方的1.1倍
$1.0B
营收增速更快
RUN
高出118.2%
5.3%
净利率更高
ALGN
高出4.0%
8.9%
两年增速更快
RUN
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.2B |
| 净利润 | $135.8M | $103.6M |
| 毛利率 | 65.3% | — |
| 营业利润率 | 14.8% | 8.4% |
| 净利率 | 13.0% | 8.9% |
| 营收同比 | 5.3% | 123.5% |
| 净利润同比 | 30.8% | 103.7% |
| 每股收益（稀释后） | $1.88 | $0.38 |
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ALGNRUN
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $995.7M | $724.6M | ||
| Q2 25 | $1.0B | $569.3M | ||
| Q1 25 | $979.3M | $504.3M | ||
| Q4 24 | $995.2M | $518.5M | ||
| Q3 24 | $977.9M | $537.2M | ||
| Q2 24 | $1.0B | $523.9M | ||
| Q1 24 | $997.4M | $458.2M |
净利润ALGNRUN
| Q4 25 | $135.8M | $103.6M | ||
| Q3 25 | $56.8M | $16.6M | ||
| Q2 25 | $124.6M | $279.8M | ||
| Q1 25 | $93.2M | $50.0M | ||
| Q4 24 | $103.8M | $-2.8B | ||
| Q3 24 | $116.0M | $-83.8M | ||
| Q2 24 | $96.6M | $139.1M | ||
| Q1 24 | $105.0M | $-87.8M |
毛利率ALGNRUN
| Q4 25 | 65.3% | — | ||
| Q3 25 | 64.2% | — | ||
| Q2 25 | 69.9% | — | ||
| Q1 25 | 69.5% | — | ||
| Q4 24 | 70.0% | — | ||
| Q3 24 | 69.7% | — | ||
| Q2 24 | 70.3% | — | ||
| Q1 24 | 70.0% | — |
营业利润率ALGNRUN
| Q4 25 | 14.8% | 8.4% | ||
| Q3 25 | 9.7% | 0.5% | ||
| Q2 25 | 16.1% | -19.7% | ||
| Q1 25 | 13.4% | -22.8% | ||
| Q4 24 | 14.5% | -628.0% | ||
| Q3 24 | 16.6% | -23.8% | ||
| Q2 24 | 14.3% | -24.4% | ||
| Q1 24 | 15.5% | -40.0% |
净利率ALGNRUN
| Q4 25 | 13.0% | 8.9% | ||
| Q3 25 | 5.7% | 2.3% | ||
| Q2 25 | 12.3% | 49.1% | ||
| Q1 25 | 9.5% | 9.9% | ||
| Q4 24 | 10.4% | -542.7% | ||
| Q3 24 | 11.9% | -15.6% | ||
| Q2 24 | 9.4% | 26.5% | ||
| Q1 24 | 10.5% | -19.2% |
每股收益（稀释后）ALGNRUN
| Q4 25 | $1.88 | $0.38 | ||
| Q3 25 | $0.78 | $0.06 | ||
| Q2 25 | $1.72 | $1.07 | ||
| Q1 25 | $1.27 | $0.20 | ||
| Q4 24 | $1.40 | $-12.59 | ||
| Q3 24 | $1.55 | $-0.37 | ||
| Q2 24 | $1.28 | $0.55 | ||
| Q1 24 | $1.39 | $-0.40 |
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 | $1.1B | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $4.0B | $3.1B |
| 总资产 | $6.2B | $22.6B |
| 负债/权益比越低杠杆越低 | — | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资ALGNRUN
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.0B | — | ||
| Q2 25 | $901.2M | — | ||
| Q1 25 | $873.0M | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $761.4M | — | ||
| Q1 24 | $865.8M | — |
总债务ALGNRUN
| Q4 25 | — | $14.7B | ||
| Q3 25 | — | $14.6B | ||
| Q2 25 | — | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益ALGNRUN
| Q4 25 | $4.0B | $3.1B | ||
| Q3 25 | $4.0B | $3.0B | ||
| Q2 25 | $3.9B | $2.9B | ||
| Q1 25 | $3.8B | $2.6B | ||
| Q4 24 | $3.9B | $2.6B | ||
| Q3 24 | $3.9B | $5.3B | ||
| Q2 24 | $3.8B | $5.4B | ||
| Q1 24 | $3.8B | $5.2B |
总资产ALGNRUN
| Q4 25 | $6.2B | $22.6B | ||
| Q3 25 | $6.2B | $22.2B | ||
| Q2 25 | $6.2B | $21.2B | ||
| Q1 25 | $6.1B | $20.4B | ||
| Q4 24 | $6.2B | $19.9B | ||
| Q3 24 | $6.4B | $22.1B | ||
| Q2 24 | $6.2B | $21.4B | ||
| Q1 24 | $6.2B | $20.8B |
负债/权益比ALGNRUN
| Q4 25 | — | 4.69× | ||
| Q3 25 | — | 4.90× | ||
| Q2 25 | — | 4.80× | ||
| Q1 25 | — | 5.19× | ||
| Q4 24 | — | 5.05× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | — | 2.23× | ||
| Q1 24 | — | 2.15× |
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 | $223.2M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $187.3M | — |
| 自由现金流率自由现金流/营收 | 17.9% | — |
| 资本支出强度资本支出/营收 | 3.4% | — |
| 现金转化率经营现金流/净利润 | 1.64× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $490.8M | — |
8季度趋势，按日历期对齐
经营现金流ALGNRUN
| Q4 25 | $223.2M | $96.9M | ||
| Q3 25 | $188.7M | $-121.5M | ||
| Q2 25 | $128.7M | $-292.7M | ||
| Q1 25 | $52.7M | $-104.2M | ||
| Q4 24 | $286.1M | $-258.4M | ||
| Q3 24 | $263.7M | $-156.2M | ||
| Q2 24 | $159.8M | $-208.5M | ||
| Q1 24 | $28.7M | $-143.1M |
自由现金流ALGNRUN
| Q4 25 | $187.3M | — | ||
| Q3 25 | $169.0M | — | ||
| Q2 25 | $107.2M | — | ||
| Q1 25 | $27.4M | — | ||
| Q4 24 | $263.1M | — | ||
| Q3 24 | $233.9M | $-156.4M | ||
| Q2 24 | $106.4M | — | ||
| Q1 24 | $19.3M | — |
自由现金流率ALGNRUN
| Q4 25 | 17.9% | — | ||
| Q3 25 | 17.0% | — | ||
| Q2 25 | 10.6% | — | ||
| Q1 25 | 2.8% | — | ||
| Q4 24 | 26.4% | — | ||
| Q3 24 | 23.9% | -29.1% | ||
| Q2 24 | 10.3% | — | ||
| Q1 24 | 1.9% | — |
资本支出强度ALGNRUN
| Q4 25 | 3.4% | — | ||
| Q3 25 | 2.0% | — | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 2.3% | — | ||
| Q3 24 | 3.0% | 0.0% | ||
| Q2 24 | 5.2% | — | ||
| Q1 24 | 0.9% | — |
现金转化率ALGNRUN
| Q4 25 | 1.64× | 0.94× | ||
| Q3 25 | 3.33× | -7.33× | ||
| Q2 25 | 1.03× | -1.05× | ||
| Q1 25 | 0.57× | -2.08× | ||
| Q4 24 | 2.76× | — | ||
| Q3 24 | 2.27× | — | ||
| Q2 24 | 1.66× | -1.50× | ||
| Q1 24 | 0.27× | — |
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
ALGN
| Systems And Services | $789.6M | 75% |
| Other | $258.0M | 25% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
