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百富门（BF.B）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.的季度营收约是百富门的1.1倍（$1.2B vs $1.0B），百富门净利率更高（21.6% vs 8.9%，领先12.7%），Sunrun Inc.同比增速更快（123.5% vs -5.4%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -1.6%）
百富门（Brown-Forman）是美国家族控股上市企业，属全球规模最大的葡萄酒及烈酒经营集团之一，总部位于肯塔基州路易斯维尔。旗下拥有杰克丹尼、伍德福德珍藏、格兰多纳等多个国际知名酒类品牌，曾持有的南方安逸等品牌已于2016年出售。
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。
BF.B 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128.9%
-5.4%
净利率更高
BF.B
高出12.7%
8.9%
两年增速更快
RUN
近两年复合增速
-1.6%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.2B |
| 净利润 | $224.0M | $103.6M |
| 毛利率 | 59.4% | — |
| 营业利润率 | 29.4% | 8.4% |
| 净利率 | 21.6% | 8.9% |
| 营收同比 | -5.4% | 123.5% |
| 净利润同比 | -13.2% | 103.7% |
| 每股收益（稀释后） | $0.47 | $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BF.BRUN
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $924.0M | $724.6M | ||
| Q2 25 | $894.0M | $569.3M | ||
| Q1 25 | $1.0B | $504.3M | ||
| Q4 24 | $1.1B | $518.5M | ||
| Q3 24 | $951.0M | $537.2M | ||
| Q2 24 | $964.0M | $523.9M | ||
| Q1 24 | $1.1B | $458.2M |
净利润BF.BRUN
| Q4 25 | $224.0M | $103.6M | ||
| Q3 25 | $170.0M | $16.6M | ||
| Q2 25 | $146.0M | $279.8M | ||
| Q1 25 | $270.0M | $50.0M | ||
| Q4 24 | $258.0M | $-2.8B | ||
| Q3 24 | $195.0M | $-83.8M | ||
| Q2 24 | $266.0M | $139.1M | ||
| Q1 24 | $285.0M | $-87.8M |
毛利率BF.BRUN
| Q4 25 | 59.4% | — | ||
| Q3 25 | 59.7% | — | ||
| Q2 25 | 57.4% | — | ||
| Q1 25 | 59.8% | — | ||
| Q4 24 | 59.0% | — | ||
| Q3 24 | 59.4% | — | ||
| Q2 24 | 59.0% | — | ||
| Q1 24 | 59.4% | — |
营业利润率BF.BRUN
| Q4 25 | 29.4% | 8.4% | ||
| Q3 25 | 28.1% | 0.5% | ||
| Q2 25 | 22.9% | -19.7% | ||
| Q1 25 | 27.1% | -22.8% | ||
| Q4 24 | 31.1% | -628.0% | ||
| Q3 24 | 29.5% | -23.8% | ||
| Q2 24 | 38.9% | -24.4% | ||
| Q1 24 | 34.9% | -40.0% |
净利率BF.BRUN
| Q4 25 | 21.6% | 8.9% | ||
| Q3 25 | 18.4% | 2.3% | ||
| Q2 25 | 16.3% | 49.1% | ||
| Q1 25 | 26.1% | 9.9% | ||
| Q4 24 | 23.6% | -542.7% | ||
| Q3 24 | 20.5% | -15.6% | ||
| Q2 24 | 27.6% | 26.5% | ||
| Q1 24 | 26.7% | -19.2% |
每股收益（稀释后）BF.BRUN
| Q4 25 | $0.47 | $0.38 | ||
| Q3 25 | $0.36 | $0.06 | ||
| Q2 25 | $0.31 | $1.07 | ||
| Q1 25 | $0.57 | $0.20 | ||
| Q4 24 | $0.55 | $-12.59 | ||
| Q3 24 | $0.41 | $-0.37 | ||
| Q2 24 | $0.56 | $0.55 | ||
| Q1 24 | $0.60 | $-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 | $319.0M | — |
| 总债务越低越好 | $2.4B | $14.7B |
| 股东权益账面价值 | $4.1B | $3.1B |
| 总资产 | $8.2B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.59× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资BF.BRUN
| Q4 25 | $319.0M | — | ||
| Q3 25 | $471.0M | — | ||
| Q2 25 | $444.0M | — | ||
| Q1 25 | $599.0M | — | ||
| Q4 24 | $416.0M | — | ||
| Q3 24 | $416.0M | — | ||
| Q2 24 | $446.0M | — | ||
| Q1 24 | $589.0M | — |
总债务BF.BRUN
| Q4 25 | $2.4B | $14.7B | ||
| Q3 25 | $2.4B | $14.6B | ||
| Q2 25 | $2.4B | $14.0B | ||
| Q1 25 | $2.7B | $13.6B | ||
| Q4 24 | $2.7B | $12.9B | ||
| Q3 24 | $2.7B | $12.5B | ||
| Q2 24 | $2.7B | $12.0B | ||
| Q1 24 | $2.7B | $11.1B |
股东权益BF.BRUN
| Q4 25 | $4.1B | $3.1B | ||
| Q3 25 | $4.0B | $3.0B | ||
| Q2 25 | $4.0B | $2.9B | ||
| Q1 25 | $3.8B | $2.6B | ||
| Q4 24 | $3.7B | $2.6B | ||
| Q3 24 | $3.5B | $5.3B | ||
| Q2 24 | $3.5B | $5.4B | ||
| Q1 24 | $3.2B | $5.2B |
总资产BF.BRUN
| Q4 25 | $8.2B | $22.6B | ||
| Q3 25 | $8.2B | $22.2B | ||
| Q2 25 | $8.1B | $21.2B | ||
| Q1 25 | $8.1B | $20.4B | ||
| Q4 24 | $8.3B | $19.9B | ||
| Q3 24 | $8.2B | $22.1B | ||
| Q2 24 | $8.2B | $21.4B | ||
| Q1 24 | $8.2B | $20.8B |
负债/权益比BF.BRUN
| Q4 25 | 0.59× | 4.69× | ||
| Q3 25 | 0.61× | 4.90× | ||
| Q2 25 | 0.61× | 4.80× | ||
| Q1 25 | 0.70× | 5.19× | ||
| Q4 24 | 0.73× | 5.05× | ||
| Q3 24 | 0.77× | 2.36× | ||
| Q2 24 | 0.76× | 2.23× | ||
| Q1 24 | 0.83× | 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 | $132.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $107.0M | — |
| 自由现金流率自由现金流/营收 | 10.3% | — |
| 资本支出强度资本支出/营收 | 2.4% | — |
| 现金转化率经营现金流/净利润 | 0.59× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $610.0M | — |
8季度趋势，按日历期对齐
经营现金流BF.BRUN
| Q4 25 | $132.0M | $96.9M | ||
| Q3 25 | $160.0M | $-121.5M | ||
| Q2 25 | $152.0M | $-292.7M | ||
| Q1 25 | $317.0M | $-104.2M | ||
| Q4 24 | $112.0M | $-258.4M | ||
| Q3 24 | $17.0M | $-156.2M | ||
| Q2 24 | $285.0M | $-208.5M | ||
| Q1 24 | $265.0M | $-143.1M |
自由现金流BF.BRUN
| Q4 25 | $107.0M | — | ||
| Q3 25 | $129.0M | — | ||
| Q2 25 | $102.0M | — | ||
| Q1 25 | $272.0M | — | ||
| Q4 24 | $81.0M | — | ||
| Q3 24 | $-24.0M | $-156.4M | ||
| Q2 24 | $205.0M | — | ||
| Q1 24 | $196.0M | — |
自由现金流率BF.BRUN
| Q4 25 | 10.3% | — | ||
| Q3 25 | 14.0% | — | ||
| Q2 25 | 11.4% | — | ||
| Q1 25 | 26.3% | — | ||
| Q4 24 | 7.4% | — | ||
| Q3 24 | -2.5% | -29.1% | ||
| Q2 24 | 21.3% | — | ||
| Q1 24 | 18.3% | — |
资本支出强度BF.BRUN
| Q4 25 | 2.4% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 5.6% | — | ||
| Q1 25 | 4.3% | — | ||
| Q4 24 | 2.8% | — | ||
| Q3 24 | 4.3% | 0.0% | ||
| Q2 24 | 8.3% | — | ||
| Q1 24 | 6.5% | — |
现金转化率BF.BRUN
| Q4 25 | 0.59× | 0.94× | ||
| Q3 25 | 0.94× | -7.33× | ||
| Q2 25 | 1.04× | -1.05× | ||
| Q1 25 | 1.17× | -2.08× | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 0.09× | — | ||
| Q2 24 | 1.07× | -1.50× | ||
| Q1 24 | 0.93× | — |
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
BF.B
| Whiskey | $771.0M | 74% |
| Ready To Drink | $138.0M | 13% |
| Tequila | $67.0M | 6% |
| Restofportfolio | $52.0M | 5% |
| Nonbrandedandbulk | $8.0M | 1% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
