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博士伦（BLCO）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
博士伦的季度营收约是Sunrun Inc.的1.2倍（$1.4B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs -4.1%，领先13.1%），Sunrun Inc.同比增速更快（123.5% vs 9.8%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 13.1%）
博士伦是知名眼健康产品企业，总部位于加拿大安大略省沃恩市，是全球规模最大的隐形眼镜、镜片护理产品、眼科药品、人工晶体及其他眼科手术产品供应商之一。品牌1853年由验光师约翰·鲍什与合伙人亨利·朗姆在美国纽约罗切斯特创立，曾是美国历史最悠久的持续运营企业之一，2013年被整体收购。
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。
BLCO vs RUN — 直观对比
营收规模更大
BLCO
是对方的1.2倍
$1.2B
营收增速更快
RUN
高出113.7%
9.8%
净利率更高
RUN
高出13.1%
-4.1%
两年增速更快
RUN
近两年复合增速
13.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.2B |
| 净利润 | $-58.0M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 8.0% | 8.4% |
| 净利率 | -4.1% | 8.9% |
| 营收同比 | 9.8% | 123.5% |
| 净利润同比 | -1833.3% | 103.7% |
| 每股收益（稀释后） | $-0.16 | $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BLCORUN
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.3B | $724.6M | ||
| Q2 25 | $1.3B | $569.3M | ||
| Q1 25 | $1.1B | $504.3M | ||
| Q4 24 | $1.3B | $518.5M | ||
| Q3 24 | $1.2B | $537.2M | ||
| Q2 24 | $1.2B | $523.9M | ||
| Q1 24 | $1.1B | $458.2M |
净利润BLCORUN
| Q4 25 | $-58.0M | $103.6M | ||
| Q3 25 | $-28.0M | $16.6M | ||
| Q2 25 | $-62.0M | $279.8M | ||
| Q1 25 | $-212.0M | $50.0M | ||
| Q4 24 | $-3.0M | $-2.8B | ||
| Q3 24 | $4.0M | $-83.8M | ||
| Q2 24 | $-151.0M | $139.1M | ||
| Q1 24 | $-167.0M | $-87.8M |
营业利润率BLCORUN
| Q4 25 | 8.0% | 8.4% | ||
| Q3 25 | 7.4% | 0.5% | ||
| Q2 25 | -0.9% | -19.7% | ||
| Q1 25 | -7.3% | -22.8% | ||
| Q4 24 | 6.8% | -628.0% | ||
| Q3 24 | 3.6% | -23.8% | ||
| Q2 24 | 2.1% | -24.4% | ||
| Q1 24 | 0.5% | -40.0% |
净利率BLCORUN
| Q4 25 | -4.1% | 8.9% | ||
| Q3 25 | -2.2% | 2.3% | ||
| Q2 25 | -4.9% | 49.1% | ||
| Q1 25 | -18.6% | 9.9% | ||
| Q4 24 | -0.2% | -542.7% | ||
| Q3 24 | 0.3% | -15.6% | ||
| Q2 24 | -12.4% | 26.5% | ||
| Q1 24 | -15.2% | -19.2% |
每股收益（稀释后）BLCORUN
| Q4 25 | $-0.16 | $0.38 | ||
| Q3 25 | $-0.08 | $0.06 | ||
| Q2 25 | $-0.18 | $1.07 | ||
| Q1 25 | $-0.60 | $0.20 | ||
| Q4 24 | $-0.00 | $-12.59 | ||
| Q3 24 | $0.01 | $-0.37 | ||
| Q2 24 | $-0.43 | $0.55 | ||
| Q1 24 | $-0.48 | $-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 | $383.0M | — |
| 总债务越低越好 | $5.0B | $14.7B |
| 股东权益账面价值 | $6.4B | $3.1B |
| 总资产 | $14.0B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.78× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资BLCORUN
| Q4 25 | $383.0M | — | ||
| Q3 25 | $310.0M | — | ||
| Q2 25 | $266.0M | — | ||
| Q1 25 | $202.0M | — | ||
| Q4 24 | $305.0M | — | ||
| Q3 24 | $329.0M | — | ||
| Q2 24 | $285.0M | — | ||
| Q1 24 | $315.0M | — |
总债务BLCORUN
| Q4 25 | $5.0B | $14.7B | ||
| Q3 25 | $5.0B | $14.6B | ||
| Q2 25 | $5.0B | $14.0B | ||
| Q1 25 | $4.8B | $13.6B | ||
| Q4 24 | $4.8B | $12.9B | ||
| Q3 24 | $4.6B | $12.5B | ||
| Q2 24 | $4.6B | $12.0B | ||
| Q1 24 | $4.6B | $11.1B |
股东权益BLCORUN
| Q4 25 | $6.4B | $3.1B | ||
| Q3 25 | $6.4B | $3.0B | ||
| Q2 25 | $6.4B | $2.9B | ||
| Q1 25 | $6.4B | $2.6B | ||
| Q4 24 | $6.5B | $2.6B | ||
| Q3 24 | $6.6B | $5.3B | ||
| Q2 24 | $6.5B | $5.4B | ||
| Q1 24 | $6.7B | $5.2B |
总资产BLCORUN
| Q4 25 | $14.0B | $22.6B | ||
| Q3 25 | $13.8B | $22.2B | ||
| Q2 25 | $13.8B | $21.2B | ||
| Q1 25 | $13.4B | $20.4B | ||
| Q4 24 | $13.5B | $19.9B | ||
| Q3 24 | $13.5B | $22.1B | ||
| Q2 24 | $13.3B | $21.4B | ||
| Q1 24 | $13.3B | $20.8B |
负债/权益比BLCORUN
| Q4 25 | 0.78× | 4.69× | ||
| Q3 25 | 0.77× | 4.90× | ||
| Q2 25 | 0.77× | 4.80× | ||
| Q1 25 | 0.76× | 5.19× | ||
| Q4 24 | 0.74× | 5.05× | ||
| Q3 24 | 0.70× | 2.36× | ||
| Q2 24 | 0.71× | 2.23× | ||
| Q1 24 | 0.69× | 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 | $136.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $60.0M | — |
| 自由现金流率自由现金流/营收 | 4.3% | — |
| 资本支出强度资本支出/营收 | 5.4% | — |
| 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 | $-66.0M | — |
8季度趋势，按日历期对齐
经营现金流BLCORUN
| Q4 25 | $136.0M | $96.9M | ||
| Q3 25 | $137.0M | $-121.5M | ||
| Q2 25 | $35.0M | $-292.7M | ||
| Q1 25 | $-25.0M | $-104.2M | ||
| Q4 24 | $22.0M | $-258.4M | ||
| Q3 24 | $154.0M | $-156.2M | ||
| Q2 24 | $15.0M | $-208.5M | ||
| Q1 24 | $41.0M | $-143.1M |
自由现金流BLCORUN
| Q4 25 | $60.0M | — | ||
| Q3 25 | $63.0M | — | ||
| Q2 25 | $-54.0M | — | ||
| Q1 25 | $-135.0M | — | ||
| Q4 24 | $-70.0M | — | ||
| Q3 24 | $94.0M | $-156.4M | ||
| Q2 24 | $-57.0M | — | ||
| Q1 24 | $-26.0M | — |
自由现金流率BLCORUN
| Q4 25 | 4.3% | — | ||
| Q3 25 | 4.9% | — | ||
| Q2 25 | -4.2% | — | ||
| Q1 25 | -11.9% | — | ||
| Q4 24 | -5.5% | — | ||
| Q3 24 | 7.9% | -29.1% | ||
| Q2 24 | -4.7% | — | ||
| Q1 24 | -2.4% | — |
资本支出强度BLCORUN
| Q4 25 | 5.4% | — | ||
| Q3 25 | 5.8% | — | ||
| Q2 25 | 7.0% | — | ||
| Q1 25 | 9.7% | — | ||
| Q4 24 | 7.2% | — | ||
| Q3 24 | 5.0% | 0.0% | ||
| Q2 24 | 5.9% | — | ||
| Q1 24 | 6.1% | — |
现金转化率BLCORUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 38.50× | — | ||
| 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
BLCO
| Overthe Counter Products | $489.0M | 35% |
| Pharmaceuticals | $378.0M | 27% |
| Other | $263.0M | 19% |
| Surgical | $249.0M | 18% |
| Brandedand Other Generic Products | $14.0M | 1% |
| Other Revenues | $3.0M | 0% |
| Pharmaceutical Products | $2.0M | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
