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Array Technologies, Inc.（ARRY）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Array Technologies, Inc.的5.1倍（$1.2B vs $226.0M），Sunrun Inc.同比增速更快（123.5% vs -17.9%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 21.4%）
ATI科技是原加拿大半导体科技企业，总部位于安大略省万锦市，专注于图形处理器与芯片组的研发，1985年成立，1993年公开上市，2006年被AMD收购。作为全球知名的无晶圆厂半导体厂商，其掌握自研核心技术，生产组装环节采用外包模式。2000年3dfx破产后，ATI成为全球图形芯片领域的核心厂商之一。
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。
ARRY vs RUN — 直观对比
营收规模更大
RUN
是对方的5.1倍
$226.0M
营收增速更快
RUN
高出141.4%
-17.9%
两年增速更快
RUN
近两年复合增速
21.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $226.0M | $1.2B |
| 净利润 | — | $103.6M |
| 毛利率 | 8.6% | — |
| 营业利润率 | -65.5% | 8.4% |
| 净利率 | — | 8.9% |
| 营收同比 | -17.9% | 123.5% |
| 净利润同比 | — | 103.7% |
| 每股收益（稀释后） | $-1.06 | $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ARRYRUN
| Q4 25 | $226.0M | $1.2B | ||
| Q3 25 | $393.5M | $724.6M | ||
| Q2 25 | $362.2M | $569.3M | ||
| Q1 25 | $302.4M | $504.3M | ||
| Q4 24 | $275.2M | $518.5M | ||
| Q3 24 | $231.4M | $537.2M | ||
| Q2 24 | $255.8M | $523.9M | ||
| Q1 24 | $153.4M | $458.2M |
净利润ARRYRUN
| Q4 25 | — | $103.6M | ||
| Q3 25 | $33.5M | $16.6M | ||
| Q2 25 | $43.3M | $279.8M | ||
| Q1 25 | $16.7M | $50.0M | ||
| Q4 24 | — | $-2.8B | ||
| Q3 24 | $-141.4M | $-83.8M | ||
| Q2 24 | $25.7M | $139.1M | ||
| Q1 24 | $2.2M | $-87.8M |
毛利率ARRYRUN
| Q4 25 | 8.6% | — | ||
| Q3 25 | 26.9% | — | ||
| Q2 25 | 26.8% | — | ||
| Q1 25 | 25.3% | — | ||
| Q4 24 | 28.5% | — | ||
| Q3 24 | 33.8% | — | ||
| Q2 24 | 33.6% | — | ||
| Q1 24 | 35.9% | — |
营业利润率ARRYRUN
| Q4 25 | -65.5% | 8.4% | ||
| Q3 25 | 11.6% | 0.5% | ||
| Q2 25 | 12.8% | -19.7% | ||
| Q1 25 | 9.0% | -22.8% | ||
| Q4 24 | -51.7% | -628.0% | ||
| Q3 24 | -57.3% | -23.8% | ||
| Q2 24 | 15.5% | -24.4% | ||
| Q1 24 | 5.5% | -40.0% |
净利率ARRYRUN
| Q4 25 | — | 8.9% | ||
| Q3 25 | 8.5% | 2.3% | ||
| Q2 25 | 11.9% | 49.1% | ||
| Q1 25 | 5.5% | 9.9% | ||
| Q4 24 | — | -542.7% | ||
| Q3 24 | -61.1% | -15.6% | ||
| Q2 24 | 10.0% | 26.5% | ||
| Q1 24 | 1.4% | -19.2% |
每股收益（稀释后）ARRYRUN
| Q4 25 | $-1.06 | $0.38 | ||
| Q3 25 | $0.12 | $0.06 | ||
| Q2 25 | $0.19 | $1.07 | ||
| Q1 25 | $0.02 | $0.20 | ||
| Q4 24 | $-0.94 | $-12.59 | ||
| Q3 24 | $-1.02 | $-0.37 | ||
| Q2 24 | $0.08 | $0.55 | ||
| Q1 24 | $-0.07 | $-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 | $244.4M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $-206.3M | $3.1B |
| 总资产 | $1.5B | $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ARRYRUN
| Q4 25 | $244.4M | — | ||
| Q3 25 | $221.5M | — | ||
| Q2 25 | $377.3M | — | ||
| Q1 25 | $348.3M | — | ||
| Q4 24 | $363.0M | — | ||
| Q3 24 | $332.4M | — | ||
| Q2 24 | $282.3M | — | ||
| Q1 24 | $287.6M | — |
总债务ARRYRUN
| 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ARRYRUN
| Q4 25 | $-206.3M | $3.1B | ||
| Q3 25 | $-46.7M | $3.0B | ||
| Q2 25 | $-70.9M | $2.9B | ||
| Q1 25 | $-97.8M | $2.6B | ||
| Q4 24 | $-118.1M | $2.6B | ||
| Q3 24 | $64.5M | $5.3B | ||
| Q2 24 | $200.0M | $5.4B | ||
| Q1 24 | $231.2M | $5.2B |
总资产ARRYRUN
| Q4 25 | $1.5B | $22.6B | ||
| Q3 25 | $1.6B | $22.2B | ||
| Q2 25 | $1.5B | $21.2B | ||
| Q1 25 | $1.4B | $20.4B | ||
| Q4 24 | $1.4B | $19.9B | ||
| Q3 24 | $1.6B | $22.1B | ||
| Q2 24 | $1.7B | $21.4B | ||
| Q1 24 | $1.6B | $20.8B |
负债/权益比ARRYRUN
| 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 | $43.6M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $36.2M | — |
| 自由现金流率自由现金流/营收 | 16.0% | — |
| 资本支出强度资本支出/营收 | 3.3% | — |
| 现金转化率经营现金流/净利润 | — | 0.94× |
| 过去12个月自由现金流最近4个季度 | $79.8M | — |
8季度趋势，按日历期对齐
经营现金流ARRYRUN
| Q4 25 | $43.6M | $96.9M | ||
| Q3 25 | $27.4M | $-121.5M | ||
| Q2 25 | $43.8M | $-292.7M | ||
| Q1 25 | $-13.1M | $-104.2M | ||
| Q4 24 | $57.6M | $-258.4M | ||
| Q3 24 | $44.9M | $-156.2M | ||
| Q2 24 | $4.0M | $-208.5M | ||
| Q1 24 | $47.5M | $-143.1M |
自由现金流ARRYRUN
| Q4 25 | $36.2M | — | ||
| Q3 25 | $21.9M | — | ||
| Q2 25 | $37.2M | — | ||
| Q1 25 | $-15.4M | — | ||
| Q4 24 | $55.9M | — | ||
| Q3 24 | $43.9M | $-156.4M | ||
| Q2 24 | $1.8M | — | ||
| Q1 24 | $45.1M | — |
自由现金流率ARRYRUN
| Q4 25 | 16.0% | — | ||
| Q3 25 | 5.6% | — | ||
| Q2 25 | 10.3% | — | ||
| Q1 25 | -5.1% | — | ||
| Q4 24 | 20.3% | — | ||
| Q3 24 | 19.0% | -29.1% | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 29.4% | — |
资本支出强度ARRYRUN
| Q4 25 | 3.3% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 0.5% | 0.0% | ||
| Q2 24 | 0.8% | — | ||
| Q1 24 | 1.6% | — |
现金转化率ARRYRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | 0.82× | -7.33× | ||
| Q2 25 | 1.01× | -1.05× | ||
| Q1 25 | -0.78× | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.15× | -1.50× | ||
| Q1 24 | 21.94× | — |
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
ARRY
| Array Legacy Operations Segment | $212.0M | 94% |
| STI Operations Segment | $14.0M | 6% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
