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ATI INC（ATI）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
ATI INC的季度营收约是Sunrun Inc.的1.0倍（$1.2B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs 8.2%，领先0.7%），Sunrun Inc.同比增速更快（123.5% vs 0.4%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 6.2%）
ATI是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（GPU）及芯片组研发。公司成立于1985年，1993年公开上市，2006年被AMD收购。作为无晶圆厂半导体巨头，ATI坚持自主研发，生产组装环节外包，2000年竞争对手3dfx破产后，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。
ATI vs RUN — 直观对比
营收规模更大
ATI
是对方的1.0倍
$1.2B
营收增速更快
RUN
高出123.1%
0.4%
净利率更高
RUN
高出0.7%
8.2%
两年增速更快
RUN
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $96.6M | $103.6M |
| 毛利率 | 23.2% | — |
| 营业利润率 | 14.5% | 8.4% |
| 净利率 | 8.2% | 8.9% |
| 营收同比 | 0.4% | 123.5% |
| 净利润同比 | -29.5% | 103.7% |
| 每股收益（稀释后） | $0.70 | $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ATIRUN
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.1B | $724.6M | ||
| Q2 25 | $1.1B | $569.3M | ||
| Q1 25 | $1.1B | $504.3M | ||
| Q4 24 | $1.2B | $518.5M | ||
| Q3 24 | $1.1B | $537.2M | ||
| Q2 24 | $1.1B | $523.9M | ||
| Q1 24 | $1.0B | $458.2M |
净利润ATIRUN
| Q4 25 | $96.6M | $103.6M | ||
| Q3 25 | $110.0M | $16.6M | ||
| Q2 25 | $100.7M | $279.8M | ||
| Q1 25 | $97.0M | $50.0M | ||
| Q4 24 | $137.1M | $-2.8B | ||
| Q3 24 | $82.7M | $-83.8M | ||
| Q2 24 | $81.9M | $139.1M | ||
| Q1 24 | $66.1M | $-87.8M |
毛利率ATIRUN
| Q4 25 | 23.2% | — | ||
| Q3 25 | 22.7% | — | ||
| Q2 25 | 21.3% | — | ||
| Q1 25 | 20.6% | — | ||
| Q4 24 | 21.2% | — | ||
| Q3 24 | 21.4% | — | ||
| Q2 24 | 20.8% | — | ||
| Q1 24 | 18.9% | — |
营业利润率ATIRUN
| Q4 25 | 14.5% | 8.4% | ||
| Q3 25 | 14.4% | 0.5% | ||
| Q2 25 | 14.1% | -19.7% | ||
| Q1 25 | 12.8% | -22.8% | ||
| Q4 24 | 17.8% | -628.0% | ||
| Q3 24 | 13.5% | -23.8% | ||
| Q2 24 | 13.0% | -24.4% | ||
| Q1 24 | 11.0% | -40.0% |
净利率ATIRUN
| Q4 25 | 8.2% | 8.9% | ||
| Q3 25 | 9.8% | 2.3% | ||
| Q2 25 | 8.8% | 49.1% | ||
| Q1 25 | 8.5% | 9.9% | ||
| Q4 24 | 11.7% | -542.7% | ||
| Q3 24 | 7.9% | -15.6% | ||
| Q2 24 | 7.5% | 26.5% | ||
| Q1 24 | 6.3% | -19.2% |
每股收益（稀释后）ATIRUN
| Q4 25 | $0.70 | $0.38 | ||
| Q3 25 | $0.78 | $0.06 | ||
| Q2 25 | $0.70 | $1.07 | ||
| Q1 25 | $0.67 | $0.20 | ||
| Q4 24 | $0.94 | $-12.59 | ||
| Q3 24 | $0.57 | $-0.37 | ||
| Q2 24 | $0.58 | $0.55 | ||
| Q1 24 | $0.46 | $-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 | $416.7M | — |
| 总债务越低越好 | $1.7B | $14.7B |
| 股东权益账面价值 | $1.8B | $3.1B |
| 总资产 | $5.1B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.95× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资ATIRUN
| Q4 25 | $416.7M | — | ||
| Q3 25 | $372.2M | — | ||
| Q2 25 | $319.6M | — | ||
| Q1 25 | $475.8M | — | ||
| Q4 24 | $721.2M | — | ||
| Q3 24 | $406.6M | — | ||
| Q2 24 | $425.6M | — | ||
| Q1 24 | $394.4M | — |
总债务ATIRUN
| Q4 25 | $1.7B | $14.7B | ||
| Q3 25 | $1.7B | $14.6B | ||
| Q2 25 | $1.7B | $14.0B | ||
| Q1 25 | $1.7B | $13.6B | ||
| Q4 24 | $1.7B | $12.9B | ||
| Q3 24 | $1.9B | $12.5B | ||
| Q2 24 | $1.9B | $12.0B | ||
| Q1 24 | $2.1B | $11.1B |
股东权益ATIRUN
| Q4 25 | $1.8B | $3.1B | ||
| Q3 25 | $1.7B | $3.0B | ||
| Q2 25 | $1.7B | $2.9B | ||
| Q1 25 | $1.9B | $2.6B | ||
| Q4 24 | $1.9B | $2.6B | ||
| Q3 24 | $1.8B | $5.3B | ||
| Q2 24 | $1.4B | $5.4B | ||
| Q1 24 | $1.3B | $5.2B |
总资产ATIRUN
| Q4 25 | $5.1B | $22.6B | ||
| Q3 25 | $5.0B | $22.2B | ||
| Q2 25 | $5.0B | $21.2B | ||
| Q1 25 | $5.2B | $20.4B | ||
| Q4 24 | $5.2B | $19.9B | ||
| Q3 24 | $5.1B | $22.1B | ||
| Q2 24 | $4.9B | $21.4B | ||
| Q1 24 | $4.8B | $20.8B |
负债/权益比ATIRUN
| Q4 25 | 0.95× | 4.69× | ||
| Q3 25 | 1.00× | 4.90× | ||
| Q2 25 | 0.98× | 4.80× | ||
| Q1 25 | 0.91× | 5.19× | ||
| Q4 24 | 0.93× | 5.05× | ||
| Q3 24 | 1.04× | 2.36× | ||
| Q2 24 | 1.37× | 2.23× | ||
| Q1 24 | 1.70× | 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 | $315.8M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $223.1M | — |
| 自由现金流率自由现金流/营收 | 19.0% | — |
| 资本支出强度资本支出/营收 | 7.9% | — |
| 现金转化率经营现金流/净利润 | 3.27× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $333.7M | — |
8季度趋势，按日历期对齐
经营现金流ATIRUN
| Q4 25 | $315.8M | $96.9M | ||
| Q3 25 | $229.5M | $-121.5M | ||
| Q2 25 | $161.5M | $-292.7M | ||
| Q1 25 | $-92.5M | $-104.2M | ||
| Q4 24 | $380.9M | $-258.4M | ||
| Q3 24 | $24.0M | $-156.2M | ||
| Q2 24 | $101.1M | $-208.5M | ||
| Q1 24 | $-98.8M | $-143.1M |
自由现金流ATIRUN
| Q4 25 | $223.1M | — | ||
| Q3 25 | $167.0M | — | ||
| Q2 25 | $89.4M | — | ||
| Q1 25 | $-145.8M | — | ||
| Q4 24 | $333.6M | — | ||
| Q3 24 | $-41.8M | $-156.4M | ||
| Q2 24 | $40.9M | — | ||
| Q1 24 | $-164.6M | — |
自由现金流率ATIRUN
| Q4 25 | 19.0% | — | ||
| Q3 25 | 14.8% | — | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | -12.7% | — | ||
| Q4 24 | 28.4% | — | ||
| Q3 24 | -4.0% | -29.1% | ||
| Q2 24 | 3.7% | — | ||
| Q1 24 | -15.8% | — |
资本支出强度ATIRUN
| Q4 25 | 7.9% | — | ||
| Q3 25 | 5.6% | — | ||
| Q2 25 | 6.3% | — | ||
| Q1 25 | 4.7% | — | ||
| Q4 24 | 4.0% | — | ||
| Q3 24 | 6.3% | 0.0% | ||
| Q2 24 | 5.5% | — | ||
| Q1 24 | 6.3% | — |
现金转化率ATIRUN
| Q4 25 | 3.27× | 0.94× | ||
| Q3 25 | 2.09× | -7.33× | ||
| Q2 25 | 1.60× | -1.05× | ||
| Q1 25 | -0.95× | -2.08× | ||
| Q4 24 | 2.78× | — | ||
| Q3 24 | 0.29× | — | ||
| Q2 24 | 1.23× | -1.50× | ||
| Q1 24 | -1.49× | — |
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
ATI
| Other | $527.1M | 45% |
| Advanced Alloys Solutions | $333.5M | 28% |
| Airframes Commercial | $82.0M | 7% |
| Defense | $73.7M | 6% |
| Electronics Market | $53.1M | 5% |
| Internal Customers | $50.9M | 4% |
| Specialty Energy | $29.3M | 2% |
| Medical Market | $12.2M | 1% |
| Construction Mining Market | $7.2M | 1% |
| Other Market | $5.6M | 0% |
| Conventional Energy | $1.9M | 0% |
| Automotive Market | $600.0K | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
