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Academy Sports & Outdoors, Inc.（ASO）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
Academy Sports & Outdoors, Inc.的季度营收约是Sunrun Inc.的1.2倍（$1.4B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs 5.2%，领先3.8%），Sunrun Inc.同比增速更快（123.5% vs 3.0%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -12.2%）
Academy Sports & Outdoors是美国知名的运动户外用品连锁零售商，总部位于得克萨斯州哈里斯县，临近休斯顿。品牌曾由戈奇曼家族私有运营74年，2011年被私募机构KKR收购，2020年10月于纳斯达克挂牌上市，旗下门店主营各类运动装备、户外休闲用品等品类。
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。
ASO vs RUN — 直观对比
营收规模更大
ASO
是对方的1.2倍
$1.2B
营收增速更快
RUN
高出120.5%
3.0%
净利率更高
RUN
高出3.8%
5.2%
两年增速更快
RUN
近两年复合增速
-12.2%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.2B |
| 净利润 | $71.6M | $103.6M |
| 毛利率 | 35.7% | — |
| 营业利润率 | 7.3% | 8.4% |
| 净利率 | 5.2% | 8.9% |
| 营收同比 | 3.0% | 123.5% |
| 净利润同比 | 8.8% | 103.7% |
| 每股收益（稀释后） | $1.05 | $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ASORUN
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.6B | $724.6M | ||
| Q2 25 | $1.4B | $569.3M | ||
| Q1 25 | $1.7B | $504.3M | ||
| Q4 24 | $1.3B | $518.5M | ||
| Q3 24 | $1.5B | $537.2M | ||
| Q2 24 | $1.4B | $523.9M | ||
| Q1 24 | $1.8B | $458.2M |
净利润ASORUN
| Q4 25 | $71.6M | $103.6M | ||
| Q3 25 | $125.4M | $16.6M | ||
| Q2 25 | $46.1M | $279.8M | ||
| Q1 25 | $133.6M | $50.0M | ||
| Q4 24 | $65.8M | $-2.8B | ||
| Q3 24 | $142.6M | $-83.8M | ||
| Q2 24 | $76.5M | $139.1M | ||
| Q1 24 | $168.2M | $-87.8M |
毛利率ASORUN
| Q4 25 | 35.7% | — | ||
| Q3 25 | 36.0% | — | ||
| Q2 25 | 34.0% | — | ||
| Q1 25 | 32.2% | — | ||
| Q4 24 | 34.0% | — | ||
| Q3 24 | 36.1% | — | ||
| Q2 24 | 33.4% | — | ||
| Q1 24 | 33.3% | — |
营业利润率ASORUN
| Q4 25 | 7.3% | 8.4% | ||
| Q3 25 | 10.8% | 0.5% | ||
| Q2 25 | 5.1% | -19.7% | ||
| Q1 25 | 9.2% | -22.8% | ||
| Q4 24 | 6.8% | -628.0% | ||
| Q3 24 | 12.3% | -23.8% | ||
| Q2 24 | 7.5% | -24.4% | ||
| Q1 24 | 11.4% | -40.0% |
净利率ASORUN
| Q4 25 | 5.2% | 8.9% | ||
| Q3 25 | 7.8% | 2.3% | ||
| Q2 25 | 3.4% | 49.1% | ||
| Q1 25 | 8.0% | 9.9% | ||
| Q4 24 | 4.9% | -542.7% | ||
| Q3 24 | 9.2% | -15.6% | ||
| Q2 24 | 5.6% | 26.5% | ||
| Q1 24 | 9.4% | -19.2% |
每股收益（稀释后）ASORUN
| Q4 25 | $1.05 | $0.38 | ||
| Q3 25 | $1.85 | $0.06 | ||
| Q2 25 | $0.68 | $1.07 | ||
| Q1 25 | $1.85 | $0.20 | ||
| Q4 24 | $0.92 | $-12.59 | ||
| Q3 24 | $1.95 | $-0.37 | ||
| Q2 24 | $1.01 | $0.55 | ||
| Q1 24 | $2.19 | $-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 | $289.5M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $2.1B | $3.1B |
| 总资产 | $5.4B | $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ASORUN
| Q4 25 | $289.5M | — | ||
| Q3 25 | $300.9M | — | ||
| Q2 25 | $285.1M | — | ||
| Q1 25 | $288.9M | — | ||
| Q4 24 | $296.0M | — | ||
| Q3 24 | $324.6M | — | ||
| Q2 24 | $378.1M | — | ||
| Q1 24 | $347.9M | — |
总债务ASORUN
| 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ASORUN
| Q4 25 | $2.1B | $3.1B | ||
| Q3 25 | $2.1B | $3.0B | ||
| Q2 25 | $1.9B | $2.9B | ||
| Q1 25 | $2.0B | $2.6B | ||
| Q4 24 | $2.0B | $2.6B | ||
| Q3 24 | $2.0B | $5.3B | ||
| Q2 24 | $1.9B | $5.4B | ||
| Q1 24 | $2.0B | $5.2B |
总资产ASORUN
| Q4 25 | $5.4B | $22.6B | ||
| Q3 25 | $5.3B | $22.2B | ||
| Q2 25 | $5.2B | $21.2B | ||
| Q1 25 | $4.9B | $20.4B | ||
| Q4 24 | $5.1B | $19.9B | ||
| Q3 24 | $4.9B | $22.1B | ||
| Q2 24 | $4.9B | $21.4B | ||
| Q1 24 | $4.7B | $20.8B |
负债/权益比ASORUN
| 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 | $49.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $-13.6M | — |
| 自由现金流率自由现金流/营收 | -1.0% | — |
| 资本支出强度资本支出/营收 | 4.5% | — |
| 现金转化率经营现金流/净利润 | 0.68× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $191.4M | — |
8季度趋势，按日历期对齐
经营现金流ASORUN
| Q4 25 | $49.0M | $96.9M | ||
| Q3 25 | $78.6M | $-121.5M | ||
| Q2 25 | $157.5M | $-292.7M | ||
| Q1 25 | $140.2M | $-104.2M | ||
| Q4 24 | $96.9M | $-258.4M | ||
| Q3 24 | $91.3M | $-156.2M | ||
| Q2 24 | $199.7M | $-208.5M | ||
| Q1 24 | $234.7M | $-143.1M |
自由现金流ASORUN
| Q4 25 | $-13.6M | — | ||
| Q3 25 | $21.8M | — | ||
| Q2 25 | $106.6M | — | ||
| Q1 25 | $76.4M | — | ||
| Q4 24 | $34.4M | — | ||
| Q3 24 | $50.1M | $-156.4M | ||
| Q2 24 | $167.4M | — | ||
| Q1 24 | $178.9M | — |
自由现金流率ASORUN
| Q4 25 | -1.0% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 7.9% | — | ||
| Q1 25 | 4.6% | — | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 3.2% | -29.1% | ||
| Q2 24 | 12.3% | — | ||
| Q1 24 | 10.0% | — |
资本支出强度ASORUN
| Q4 25 | 4.5% | — | ||
| Q3 25 | 3.5% | — | ||
| Q2 25 | 3.8% | — | ||
| Q1 25 | 3.8% | — | ||
| Q4 24 | 4.6% | — | ||
| Q3 24 | 2.7% | 0.0% | ||
| Q2 24 | 2.4% | — | ||
| Q1 24 | 3.1% | — |
现金转化率ASORUN
| Q4 25 | 0.68× | 0.94× | ||
| Q3 25 | 0.63× | -7.33× | ||
| Q2 25 | 3.42× | -1.05× | ||
| Q1 25 | 1.05× | -2.08× | ||
| Q4 24 | 1.47× | — | ||
| Q3 24 | 0.64× | — | ||
| Q2 24 | 2.61× | -1.50× | ||
| Q1 24 | 1.40× | — |
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
ASO
| Outdoors | $445.1M | 32% |
| Apparel | $349.8M | 25% |
| Footwear | $292.4M | 21% |
| Sports And Recreation | $288.7M | 21% |
| Other | $7.6M | 1% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
