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凌云逻辑（CRUS）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.的季度营收约是凌云逻辑的2.0倍（$1.2B vs $580.6M），凌云逻辑净利率更高（24.2% vs 8.9%，领先15.2%），Sunrun Inc.同比增速更快（123.5% vs 4.5%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 25.0%）
凌云逻辑（Cirrus Logic）是美国无晶圆厂半导体供应商，专注于模拟、混合信号及音频数字信号处理集成电路的研发与供应，1998年起总部设立于得克萨斯州奥斯汀市，产品广泛应用于消费电子、智能音频等多个领域。
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。
CRUS vs RUN — 直观对比
营收规模更大
RUN
是对方的2.0倍
$580.6M
营收增速更快
RUN
高出119.0%
4.5%
净利率更高
CRUS
高出15.2%
8.9%
两年增速更快
RUN
近两年复合增速
25.0%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $580.6M | $1.2B |
| 净利润 | $140.3M | $103.6M |
| 毛利率 | 53.1% | — |
| 营业利润率 | 26.3% | 8.4% |
| 净利率 | 24.2% | 8.9% |
| 营收同比 | 4.5% | 123.5% |
| 净利润同比 | 21.0% | 103.7% |
| 每股收益（稀释后） | $2.66 | $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CRUSRUN
| Q4 25 | $580.6M | $1.2B | ||
| Q3 25 | $561.0M | $724.6M | ||
| Q2 25 | $407.3M | $569.3M | ||
| Q1 25 | $424.5M | $504.3M | ||
| Q4 24 | $555.7M | $518.5M | ||
| Q3 24 | $541.9M | $537.2M | ||
| Q2 24 | $374.0M | $523.9M | ||
| Q1 24 | $371.8M | $458.2M |
净利润CRUSRUN
| Q4 25 | $140.3M | $103.6M | ||
| Q3 25 | $131.6M | $16.6M | ||
| Q2 25 | $60.7M | $279.8M | ||
| Q1 25 | $71.3M | $50.0M | ||
| Q4 24 | $116.0M | $-2.8B | ||
| Q3 24 | $102.1M | $-83.8M | ||
| Q2 24 | $42.1M | $139.1M | ||
| Q1 24 | $44.8M | $-87.8M |
毛利率CRUSRUN
| Q4 25 | 53.1% | — | ||
| Q3 25 | 52.5% | — | ||
| Q2 25 | 52.6% | — | ||
| Q1 25 | 53.4% | — | ||
| Q4 24 | 53.6% | — | ||
| Q3 24 | 52.2% | — | ||
| Q2 24 | 50.5% | — | ||
| Q1 24 | 51.8% | — |
营业利润率CRUSRUN
| Q4 25 | 26.3% | 8.4% | ||
| Q3 25 | 25.8% | 0.5% | ||
| Q2 25 | 17.8% | -19.7% | ||
| Q1 25 | 20.2% | -22.8% | ||
| Q4 24 | 26.2% | -628.0% | ||
| Q3 24 | 24.3% | -23.8% | ||
| Q2 24 | 12.5% | -24.4% | ||
| Q1 24 | 14.1% | -40.0% |
净利率CRUSRUN
| Q4 25 | 24.2% | 8.9% | ||
| Q3 25 | 23.5% | 2.3% | ||
| Q2 25 | 14.9% | 49.1% | ||
| Q1 25 | 16.8% | 9.9% | ||
| Q4 24 | 20.9% | -542.7% | ||
| Q3 24 | 18.8% | -15.6% | ||
| Q2 24 | 11.3% | 26.5% | ||
| Q1 24 | 12.1% | -19.2% |
每股收益（稀释后）CRUSRUN
| Q4 25 | $2.66 | $0.38 | ||
| Q3 25 | $2.48 | $0.06 | ||
| Q2 25 | $1.14 | $1.07 | ||
| Q1 25 | $1.30 | $0.20 | ||
| Q4 24 | $2.11 | $-12.59 | ||
| Q3 24 | $1.83 | $-0.37 | ||
| Q2 24 | $0.76 | $0.55 | ||
| Q1 24 | $0.78 | $-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 | $778.1M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $2.1B | $3.1B |
| 总资产 | $2.5B | $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CRUSRUN
| Q4 25 | $778.1M | — | ||
| Q3 25 | $593.5M | — | ||
| Q2 25 | $548.9M | — | ||
| Q1 25 | $539.6M | — | ||
| Q4 24 | $526.4M | — | ||
| Q3 24 | $445.8M | — | ||
| Q2 24 | $491.4M | — | ||
| Q1 24 | $502.8M | — |
总债务CRUSRUN
| 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CRUSRUN
| Q4 25 | $2.1B | $3.1B | ||
| Q3 25 | $2.0B | $3.0B | ||
| Q2 25 | $1.9B | $2.9B | ||
| Q1 25 | $1.9B | $2.6B | ||
| Q4 24 | $2.0B | $2.6B | ||
| Q3 24 | $1.9B | $5.3B | ||
| Q2 24 | $1.8B | $5.4B | ||
| Q1 24 | $1.8B | $5.2B |
总资产CRUSRUN
| Q4 25 | $2.5B | $22.6B | ||
| Q3 25 | $2.4B | $22.2B | ||
| Q2 25 | $2.3B | $21.2B | ||
| Q1 25 | $2.3B | $20.4B | ||
| Q4 24 | $2.4B | $19.9B | ||
| Q3 24 | $2.4B | $22.1B | ||
| Q2 24 | $2.3B | $21.4B | ||
| Q1 24 | $2.2B | $20.8B |
负债/权益比CRUSRUN
| 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 | $290.8M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $285.7M | — |
| 自由现金流率自由现金流/营收 | 49.2% | — |
| 资本支出强度资本支出/营收 | 0.9% | — |
| 现金转化率经营现金流/净利润 | 2.07× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $614.5M | — |
8季度趋势，按日历期对齐
经营现金流CRUSRUN
| Q4 25 | $290.8M | $96.9M | ||
| Q3 25 | $92.2M | $-121.5M | ||
| Q2 25 | $116.1M | $-292.7M | ||
| Q1 25 | $130.4M | $-104.2M | ||
| Q4 24 | $218.6M | $-258.4M | ||
| Q3 24 | $8.2M | $-156.2M | ||
| Q2 24 | $87.2M | $-208.5M | ||
| Q1 24 | $170.5M | $-143.1M |
自由现金流CRUSRUN
| Q4 25 | $285.7M | — | ||
| Q3 25 | $88.3M | — | ||
| Q2 25 | $113.5M | — | ||
| Q1 25 | $127.0M | — | ||
| Q4 24 | $211.9M | — | ||
| Q3 24 | $5.6M | $-156.4M | ||
| Q2 24 | $77.2M | — | ||
| Q1 24 | $163.5M | — |
自由现金流率CRUSRUN
| Q4 25 | 49.2% | — | ||
| Q3 25 | 15.7% | — | ||
| Q2 25 | 27.9% | — | ||
| Q1 25 | 29.9% | — | ||
| Q4 24 | 38.1% | — | ||
| Q3 24 | 1.0% | -29.1% | ||
| Q2 24 | 20.6% | — | ||
| Q1 24 | 44.0% | — |
资本支出强度CRUSRUN
| Q4 25 | 0.9% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 0.6% | — | ||
| Q1 25 | 0.8% | — | ||
| Q4 24 | 1.2% | — | ||
| Q3 24 | 0.5% | 0.0% | ||
| Q2 24 | 2.7% | — | ||
| Q1 24 | 1.9% | — |
现金转化率CRUSRUN
| Q4 25 | 2.07× | 0.94× | ||
| Q3 25 | 0.70× | -7.33× | ||
| Q2 25 | 1.91× | -1.05× | ||
| Q1 25 | 1.83× | -2.08× | ||
| Q4 24 | 1.88× | — | ||
| Q3 24 | 0.08× | — | ||
| Q2 24 | 2.07× | -1.50× | ||
| Q1 24 | 3.80× | — |
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
CRUS
| Audio Products Segment | $344.5M | 59% |
| High Performance Mixed Signal Products | $236.2M | 41% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
