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拜玛林制药（BMRN）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.的季度营收约是拜玛林制药的1.3倍（$1.2B vs $874.6M），Sunrun Inc.净利率更高（8.9% vs -5.3%，领先14.3%），Sunrun Inc.同比增速更快（123.5% vs 17.0%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 16.1%）
拜玛林制药是总部位于美国加利福尼亚州圣拉斐尔的生物技术企业，在美洲、亚洲、欧洲多地设有办事机构及生产设施，核心业务聚焦酶替代疗法研发，是全球首个推出Ⅰ型粘多糖贮积症治疗药物拉罗尼酶及苯丙酮尿症治疗药物的企业。
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。
BMRN vs RUN — 直观对比
营收规模更大
RUN
是对方的1.3倍
$874.6M
营收增速更快
RUN
高出106.5%
17.0%
净利率更高
RUN
高出14.3%
-5.3%
两年增速更快
RUN
近两年复合增速
16.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $874.6M | $1.2B |
| 净利润 | $-46.6M | $103.6M |
| 毛利率 | 68.5% | — |
| 营业利润率 | -5.1% | 8.4% |
| 净利率 | -5.3% | 8.9% |
| 营收同比 | 17.0% | 123.5% |
| 净利润同比 | -137.3% | 103.7% |
| 每股收益（稀释后） | $-0.22 | $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BMRNRUN
| Q4 25 | $874.6M | $1.2B | ||
| Q3 25 | $776.1M | $724.6M | ||
| Q2 25 | $825.4M | $569.3M | ||
| Q1 25 | $745.1M | $504.3M | ||
| Q4 24 | $747.3M | $518.5M | ||
| Q3 24 | $745.7M | $537.2M | ||
| Q2 24 | $712.0M | $523.9M | ||
| Q1 24 | $648.8M | $458.2M |
净利润BMRNRUN
| Q4 25 | $-46.6M | $103.6M | ||
| Q3 25 | $-30.7M | $16.6M | ||
| Q2 25 | $240.5M | $279.8M | ||
| Q1 25 | $185.7M | $50.0M | ||
| Q4 24 | $124.9M | $-2.8B | ||
| Q3 24 | $106.1M | $-83.8M | ||
| Q2 24 | $107.2M | $139.1M | ||
| Q1 24 | $88.7M | $-87.8M |
毛利率BMRNRUN
| Q4 25 | 68.5% | — | ||
| Q3 25 | 82.0% | — | ||
| Q2 25 | 81.8% | — | ||
| Q1 25 | 79.7% | — | ||
| Q4 24 | 81.8% | — | ||
| Q3 24 | 74.7% | — | ||
| Q2 24 | 81.7% | — | ||
| Q1 24 | 80.7% | — |
营业利润率BMRNRUN
| Q4 25 | -5.1% | 8.4% | ||
| Q3 25 | -6.0% | 0.5% | ||
| Q2 25 | 33.5% | -19.7% | ||
| Q1 25 | 30.0% | -22.8% | ||
| Q4 24 | 21.6% | -628.0% | ||
| Q3 24 | 15.3% | -23.8% | ||
| Q2 24 | 16.9% | -24.4% | ||
| Q1 24 | 13.6% | -40.0% |
净利率BMRNRUN
| Q4 25 | -5.3% | 8.9% | ||
| Q3 25 | -4.0% | 2.3% | ||
| Q2 25 | 29.1% | 49.1% | ||
| Q1 25 | 24.9% | 9.9% | ||
| Q4 24 | 16.7% | -542.7% | ||
| Q3 24 | 14.2% | -15.6% | ||
| Q2 24 | 15.1% | 26.5% | ||
| Q1 24 | 13.7% | -19.2% |
每股收益（稀释后）BMRNRUN
| Q4 25 | $-0.22 | $0.38 | ||
| Q3 25 | $-0.16 | $0.06 | ||
| Q2 25 | $1.23 | $1.07 | ||
| Q1 25 | $0.95 | $0.20 | ||
| Q4 24 | $0.65 | $-12.59 | ||
| Q3 24 | $0.55 | $-0.37 | ||
| Q2 24 | $0.55 | $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 | $1.3B | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $6.1B | $3.1B |
| 总资产 | $7.6B | $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BMRNRUN
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $942.8M | — | ||
| Q3 24 | $675.4M | — | ||
| Q2 24 | $972.1M | — | ||
| Q1 24 | $747.0M | — |
总债务BMRNRUN
| 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BMRNRUN
| Q4 25 | $6.1B | $3.1B | ||
| Q3 25 | $6.1B | $3.0B | ||
| Q2 25 | $6.0B | $2.9B | ||
| Q1 25 | $5.8B | $2.6B | ||
| Q4 24 | $5.7B | $2.6B | ||
| Q3 24 | $5.4B | $5.3B | ||
| Q2 24 | $5.3B | $5.4B | ||
| Q1 24 | $5.1B | $5.2B |
总资产BMRNRUN
| Q4 25 | $7.6B | $22.6B | ||
| Q3 25 | $7.6B | $22.2B | ||
| Q2 25 | $7.5B | $21.2B | ||
| Q1 25 | $7.1B | $20.4B | ||
| Q4 24 | $7.0B | $19.9B | ||
| Q3 24 | $6.9B | $22.1B | ||
| Q2 24 | $7.1B | $21.4B | ||
| Q1 24 | $6.9B | $20.8B |
负债/权益比BMRNRUN
| 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 | $99.6M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $58.9M | — |
| 自由现金流率自由现金流/营收 | 6.7% | — |
| 资本支出强度资本支出/营收 | 4.7% | — |
| 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 | $725.0M | — |
8季度趋势，按日历期对齐
经营现金流BMRNRUN
| Q4 25 | $99.6M | $96.9M | ||
| Q3 25 | $368.7M | $-121.5M | ||
| Q2 25 | $185.3M | $-292.7M | ||
| Q1 25 | $174.4M | $-104.2M | ||
| Q4 24 | $185.6M | $-258.4M | ||
| Q3 24 | $221.5M | $-156.2M | ||
| Q2 24 | $118.8M | $-208.5M | ||
| Q1 24 | $47.0M | $-143.1M |
自由现金流BMRNRUN
| Q4 25 | $58.9M | — | ||
| Q3 25 | $340.2M | — | ||
| Q2 25 | $168.2M | — | ||
| Q1 25 | $157.6M | — | ||
| Q4 24 | $166.1M | — | ||
| Q3 24 | $203.0M | $-156.4M | ||
| Q2 24 | $97.4M | — | ||
| Q1 24 | $20.9M | — |
自由现金流率BMRNRUN
| Q4 25 | 6.7% | — | ||
| Q3 25 | 43.8% | — | ||
| Q2 25 | 20.4% | — | ||
| Q1 25 | 21.2% | — | ||
| Q4 24 | 22.2% | — | ||
| Q3 24 | 27.2% | -29.1% | ||
| Q2 24 | 13.7% | — | ||
| Q1 24 | 3.2% | — |
资本支出强度BMRNRUN
| Q4 25 | 4.7% | — | ||
| Q3 25 | 3.7% | — | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 2.3% | — | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 2.5% | 0.0% | ||
| Q2 24 | 3.0% | — | ||
| Q1 24 | 4.0% | — |
现金转化率BMRNRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | 0.77× | -1.05× | ||
| Q1 25 | 0.94× | -2.08× | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | 2.09× | — | ||
| Q2 24 | 1.11× | -1.50× | ||
| Q1 24 | 0.53× | — |
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
BMRN
| VOXZOGO | $273.4M | 31% |
| VIMIZIM | $205.5M | 24% |
| PALYNZIQ | $125.3M | 14% |
| NAGLAZYME | $120.2M | 14% |
| Other | $49.4M | 6% |
| ALDURAZYME | $49.4M | 6% |
| KUVAN | $23.3M | 3% |
| Royalty And Other | $15.2M | 2% |
| ROCTAVIAN | $12.8M | 1% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
