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DROPBOX, INC.（DBX）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DROPBOX, INC.的1.8倍（$1.2B vs $636.2M），DROPBOX, INC.净利率更高（17.1% vs 8.9%，领先8.1%），Sunrun Inc.同比增速更快（123.5% vs -1.1%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 0.4%）
Dropbox是总部位于美国加利福尼亚州旧金山的云服务企业，2007年由麻省理工学院学生德鲁·休斯顿与阿拉什·费尔多西创立，初创阶段获得创业孵化器Y Combinator的种子投资，核心业务包含云存储、文件同步、个人云及配套客户端软件等服务。
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。
DBX vs RUN — 直观对比
营收规模更大
RUN
是对方的1.8倍
$636.2M
营收增速更快
RUN
高出124.7%
-1.1%
净利率更高
DBX
高出8.1%
8.9%
两年增速更快
RUN
近两年复合增速
0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $636.2M | $1.2B |
| 净利润 | $108.7M | $103.6M |
| 毛利率 | 79.2% | — |
| 营业利润率 | 25.5% | 8.4% |
| 净利率 | 17.1% | 8.9% |
| 营收同比 | -1.1% | 123.5% |
| 净利润同比 | 5.7% | 103.7% |
| 每股收益（稀释后） | $0.43 | $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DBXRUN
| Q4 25 | $636.2M | $1.2B | ||
| Q3 25 | $634.4M | $724.6M | ||
| Q2 25 | $625.7M | $569.3M | ||
| Q1 25 | $624.7M | $504.3M | ||
| Q4 24 | $643.6M | $518.5M | ||
| Q3 24 | $638.8M | $537.2M | ||
| Q2 24 | $634.5M | $523.9M | ||
| Q1 24 | $631.3M | $458.2M |
净利润DBXRUN
| Q4 25 | $108.7M | $103.6M | ||
| Q3 25 | $123.8M | $16.6M | ||
| Q2 25 | $125.6M | $279.8M | ||
| Q1 25 | $150.3M | $50.0M | ||
| Q4 24 | $102.8M | $-2.8B | ||
| Q3 24 | $106.7M | $-83.8M | ||
| Q2 24 | $110.5M | $139.1M | ||
| Q1 24 | $132.3M | $-87.8M |
毛利率DBXRUN
| Q4 25 | 79.2% | — | ||
| Q3 25 | 79.8% | — | ||
| Q2 25 | 80.2% | — | ||
| Q1 25 | 81.3% | — | ||
| Q4 24 | 81.2% | — | ||
| Q3 24 | 82.5% | — | ||
| Q2 24 | 83.1% | — | ||
| Q1 24 | 83.2% | — |
营业利润率DBXRUN
| Q4 25 | 25.5% | 8.4% | ||
| Q3 25 | 27.5% | 0.5% | ||
| Q2 25 | 26.9% | -19.7% | ||
| Q1 25 | 29.4% | -22.8% | ||
| Q4 24 | 13.7% | -628.0% | ||
| Q3 24 | 20.0% | -23.8% | ||
| Q2 24 | 20.0% | -24.4% | ||
| Q1 24 | 22.7% | -40.0% |
净利率DBXRUN
| Q4 25 | 17.1% | 8.9% | ||
| Q3 25 | 19.5% | 2.3% | ||
| Q2 25 | 20.1% | 49.1% | ||
| Q1 25 | 24.1% | 9.9% | ||
| Q4 24 | 16.0% | -542.7% | ||
| Q3 24 | 16.7% | -15.6% | ||
| Q2 24 | 17.4% | 26.5% | ||
| Q1 24 | 21.0% | -19.2% |
每股收益（稀释后）DBXRUN
| Q4 25 | $0.43 | $0.38 | ||
| Q3 25 | $0.47 | $0.06 | ||
| Q2 25 | $0.45 | $1.07 | ||
| Q1 25 | $0.51 | $0.20 | ||
| Q4 24 | $0.33 | $-12.59 | ||
| Q3 24 | $0.34 | $-0.37 | ||
| Q2 24 | $0.34 | $0.55 | ||
| Q1 24 | $0.39 | $-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 | $891.3M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $-1.8B | $3.1B |
| 总资产 | $2.8B | $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DBXRUN
| Q4 25 | $891.3M | — | ||
| Q3 25 | $730.7M | — | ||
| Q2 25 | $736.3M | — | ||
| Q1 25 | $942.2M | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $517.6M | — | ||
| Q2 24 | $515.1M | — | ||
| Q1 24 | $548.9M | — |
总债务DBXRUN
| 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DBXRUN
| Q4 25 | $-1.8B | $3.1B | ||
| Q3 25 | $-1.5B | $3.0B | ||
| Q2 25 | $-1.3B | $2.9B | ||
| Q1 25 | $-1.1B | $2.6B | ||
| Q4 24 | $-752.4M | $2.6B | ||
| Q3 24 | $-546.1M | $5.3B | ||
| Q2 24 | $-371.3M | $5.4B | ||
| Q1 24 | $-277.2M | $5.2B |
总资产DBXRUN
| Q4 25 | $2.8B | $22.6B | ||
| Q3 25 | $2.8B | $22.2B | ||
| Q2 25 | $2.8B | $21.2B | ||
| Q1 25 | $3.0B | $20.4B | ||
| Q4 24 | $3.3B | $19.9B | ||
| Q3 24 | $2.6B | $22.1B | ||
| Q2 24 | $2.7B | $21.4B | ||
| Q1 24 | $2.8B | $20.8B |
负债/权益比DBXRUN
| 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 | $235.4M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $224.9M | — |
| 自由现金流率自由现金流/营收 | 35.4% | — |
| 资本支出强度资本支出/营收 | 1.7% | — |
| 现金转化率经营现金流/净利润 | 2.17× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $930.8M | — |
8季度趋势，按日历期对齐
经营现金流DBXRUN
| Q4 25 | $235.4M | $96.9M | ||
| Q3 25 | $302.1M | $-121.5M | ||
| Q2 25 | $260.5M | $-292.7M | ||
| Q1 25 | $153.8M | $-104.2M | ||
| Q4 24 | $213.8M | $-258.4M | ||
| Q3 24 | $274.2M | $-156.2M | ||
| Q2 24 | $230.6M | $-208.5M | ||
| Q1 24 | $175.5M | $-143.1M |
自由现金流DBXRUN
| Q4 25 | $224.9M | — | ||
| Q3 25 | $293.7M | — | ||
| Q2 25 | $258.5M | — | ||
| Q1 25 | $153.7M | — | ||
| Q4 24 | $210.5M | — | ||
| Q3 24 | $270.1M | $-156.4M | ||
| Q2 24 | $224.7M | — | ||
| Q1 24 | $166.3M | — |
自由现金流率DBXRUN
| Q4 25 | 35.4% | — | ||
| Q3 25 | 46.3% | — | ||
| Q2 25 | 41.3% | — | ||
| Q1 25 | 24.6% | — | ||
| Q4 24 | 32.7% | — | ||
| Q3 24 | 42.3% | -29.1% | ||
| Q2 24 | 35.4% | — | ||
| Q1 24 | 26.3% | — |
资本支出强度DBXRUN
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 0.3% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.6% | 0.0% | ||
| Q2 24 | 0.9% | — | ||
| Q1 24 | 1.5% | — |
现金转化率DBXRUN
| Q4 25 | 2.17× | 0.94× | ||
| Q3 25 | 2.44× | -7.33× | ||
| Q2 25 | 2.07× | -1.05× | ||
| Q1 25 | 1.02× | -2.08× | ||
| Q4 24 | 2.08× | — | ||
| Q3 24 | 2.57× | — | ||
| Q2 24 | 2.09× | -1.50× | ||
| Q1 24 | 1.33× | — |
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
DBX
| US | $355.3M | 56% |
| Non Us | $280.9M | 44% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
