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奥尼兰姆制药（ALNY）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.的季度营收约是奥尼兰姆制药的1.1倍（$1.2B vs $1.1B），奥尼兰姆制药净利率更高（17.0% vs 8.9%，领先8.1%），Sunrun Inc.同比增速更快（123.5% vs 84.9%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 49.0%）
奥尼兰姆制药是美国生物制药企业，2002年成立，总部位于马萨诸塞州剑桥市，专注于研发及商业化针对基因明确疾病的RNA干扰（RNAi）疗法，2016年入选福布斯「100家最具创新力成长企业」榜单。
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。
ALNY vs RUN — 直观对比
营收规模更大
RUN
是对方的1.1倍
$1.1B
营收增速更快
RUN
高出38.6%
84.9%
净利率更高
ALNY
高出8.1%
8.9%
两年增速更快
RUN
近两年复合增速
49.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.2B |
| 净利润 | $186.4M | $103.6M |
| 毛利率 | 75.6% | — |
| 营业利润率 | 12.0% | 8.4% |
| 净利率 | 17.0% | 8.9% |
| 营收同比 | 84.9% | 123.5% |
| 净利润同比 | 322.6% | 103.7% |
| 每股收益（稀释后） | $1.44 | $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ALNYRUN
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.2B | $724.6M | ||
| Q2 25 | $773.7M | $569.3M | ||
| Q1 25 | $594.2M | $504.3M | ||
| Q4 24 | $593.2M | $518.5M | ||
| Q3 24 | $500.9M | $537.2M | ||
| Q2 24 | $659.8M | $523.9M | ||
| Q1 24 | $494.3M | $458.2M |
净利润ALNYRUN
| Q4 25 | $186.4M | $103.6M | ||
| Q3 25 | $251.1M | $16.6M | ||
| Q2 25 | $-66.3M | $279.8M | ||
| Q1 25 | $-57.5M | $50.0M | ||
| Q4 24 | $-83.8M | $-2.8B | ||
| Q3 24 | $-111.6M | $-83.8M | ||
| Q2 24 | $-16.9M | $139.1M | ||
| Q1 24 | $-65.9M | $-87.8M |
毛利率ALNYRUN
| Q4 25 | 75.6% | — | ||
| Q3 25 | 84.2% | — | ||
| Q2 25 | 81.6% | — | ||
| Q1 25 | 88.2% | — | ||
| Q4 24 | 82.7% | — | ||
| Q3 24 | 83.6% | — | ||
| Q2 24 | 89.8% | — | ||
| Q1 24 | 89.0% | — |
营业利润率ALNYRUN
| Q4 25 | 12.0% | 8.4% | ||
| Q3 25 | 29.5% | 0.5% | ||
| Q2 25 | -2.1% | -19.7% | ||
| Q1 25 | 3.0% | -22.8% | ||
| Q4 24 | -17.7% | -628.0% | ||
| Q3 24 | -15.4% | -23.8% | ||
| Q2 24 | 7.4% | -24.4% | ||
| Q1 24 | -8.8% | -40.0% |
净利率ALNYRUN
| Q4 25 | 17.0% | 8.9% | ||
| Q3 25 | 20.1% | 2.3% | ||
| Q2 25 | -8.6% | 49.1% | ||
| Q1 25 | -9.7% | 9.9% | ||
| Q4 24 | -14.1% | -542.7% | ||
| Q3 24 | -22.3% | -15.6% | ||
| Q2 24 | -2.6% | 26.5% | ||
| Q1 24 | -13.3% | -19.2% |
每股收益（稀释后）ALNYRUN
| Q4 25 | $1.44 | $0.38 | ||
| Q3 25 | $1.84 | $0.06 | ||
| Q2 25 | $-0.51 | $1.07 | ||
| Q1 25 | $-0.44 | $0.20 | ||
| Q4 24 | $-0.66 | $-12.59 | ||
| Q3 24 | $-0.87 | $-0.37 | ||
| Q2 24 | $-0.13 | $0.55 | ||
| Q1 24 | $-0.52 | $-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 | $1.7B | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $789.2M | $3.1B |
| 总资产 | $5.0B | $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ALNYRUN
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $966.4M | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $968.5M | — | ||
| Q1 24 | $681.9M | — |
总债务ALNYRUN
| 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ALNYRUN
| Q4 25 | $789.2M | $3.1B | ||
| Q3 25 | $233.9M | $3.0B | ||
| Q2 25 | $250.6M | $2.9B | ||
| Q1 25 | $115.4M | $2.6B | ||
| Q4 24 | $67.1M | $2.6B | ||
| Q3 24 | $32.4M | $5.3B | ||
| Q2 24 | $-3.1M | $5.4B | ||
| Q1 24 | $-219.3M | $5.2B |
总资产ALNYRUN
| Q4 25 | $5.0B | $22.6B | ||
| Q3 25 | $4.9B | $22.2B | ||
| Q2 25 | $4.6B | $21.2B | ||
| Q1 25 | $4.2B | $20.4B | ||
| Q4 24 | $4.2B | $19.9B | ||
| Q3 24 | $4.2B | $22.1B | ||
| Q2 24 | $4.0B | $21.4B | ||
| Q1 24 | $3.8B | $20.8B |
负债/权益比ALNYRUN
| 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 | $163.6M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $140.3M | — |
| 自由现金流率自由现金流/营收 | 12.8% | — |
| 资本支出强度资本支出/营收 | 2.1% | — |
| 现金转化率经营现金流/净利润 | 0.88× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $465.4M | — |
8季度趋势，按日历期对齐
经营现金流ALNYRUN
| Q4 25 | $163.6M | $96.9M | ||
| Q3 25 | $325.1M | $-121.5M | ||
| Q2 25 | $153.7M | $-292.7M | ||
| Q1 25 | $-118.3M | $-104.2M | ||
| Q4 24 | $-94.7M | $-258.4M | ||
| Q3 24 | $43.7M | $-156.2M | ||
| Q2 24 | $124.2M | $-208.5M | ||
| Q1 24 | $-81.5M | $-143.1M |
自由现金流ALNYRUN
| Q4 25 | $140.3M | — | ||
| Q3 25 | $313.0M | — | ||
| Q2 25 | $139.4M | — | ||
| Q1 25 | $-127.3M | — | ||
| Q4 24 | $-103.8M | — | ||
| Q3 24 | $39.5M | $-156.4M | ||
| Q2 24 | $116.1M | — | ||
| Q1 24 | $-94.5M | — |
自由现金流率ALNYRUN
| Q4 25 | 12.8% | — | ||
| Q3 25 | 25.1% | — | ||
| Q2 25 | 18.0% | — | ||
| Q1 25 | -21.4% | — | ||
| Q4 24 | -17.5% | — | ||
| Q3 24 | 7.9% | -29.1% | ||
| Q2 24 | 17.6% | — | ||
| Q1 24 | -19.1% | — |
资本支出强度ALNYRUN
| Q4 25 | 2.1% | — | ||
| Q3 25 | 1.0% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 1.5% | — | ||
| Q3 24 | 0.8% | 0.0% | ||
| Q2 24 | 1.2% | — | ||
| Q1 24 | 2.6% | — |
现金转化率ALNYRUN
| Q4 25 | 0.88× | 0.94× | ||
| Q3 25 | 1.29× | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -1.50× | ||
| Q1 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
ALNY
| TTR | $858.3M | 78% |
| Rare | $136.4M | 12% |
| GIVLAARI | $56.3M | 5% |
| Collaborative Arrangement | $40.9M | 4% |
| ONPATTRO | $12.0M | 1% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
