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达美乐（DPZ）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.的季度营收约是达美乐的1.0倍（$1.2B vs $1.2B），达美乐净利率更高（12.2% vs 8.9%，领先3.2%），Sunrun Inc.同比增速更快（123.5% vs 3.5%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 2.4%）
达美乐是1960年成立的美国跨国披萨连锁品牌，注册地位于特拉华州，总部坐落在密歇根州安娜堡附近的安娜堡镇达美乐农场办公园区。截至2018年，品牌已在全球83个国家和地区的5701座城市开设约15000家门店，其中美国、印度、英国分别有5649家、1500家和1249家门店。
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。
DPZ vs RUN — 直观对比
营收规模更大
RUN
是对方的1.0倍
$1.2B
营收增速更快
RUN
高出120.0%
3.5%
净利率更高
DPZ
高出3.2%
8.9%
两年增速更快
RUN
近两年复合增速
2.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $139.8M | $103.6M |
| 毛利率 | 40.4% | — |
| 营业利润率 | 20.0% | 8.4% |
| 净利率 | 12.2% | 8.9% |
| 营收同比 | 3.5% | 123.5% |
| 净利润同比 | -6.6% | 103.7% |
| 每股收益（稀释后） | $4.13 | $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DPZRUN
| Q1 26 | $1.2B | — | ||
| Q4 25 | — | $1.2B | ||
| Q3 25 | $1.1B | $724.6M | ||
| Q2 25 | $1.1B | $569.3M | ||
| Q1 25 | $1.1B | $504.3M | ||
| Q4 24 | $1.4B | $518.5M | ||
| Q3 24 | $1.1B | $537.2M | ||
| Q2 24 | $1.1B | $523.9M |
净利润DPZRUN
| Q1 26 | $139.8M | — | ||
| Q4 25 | — | $103.6M | ||
| Q3 25 | $139.3M | $16.6M | ||
| Q2 25 | $131.1M | $279.8M | ||
| Q1 25 | $149.7M | $50.0M | ||
| Q4 24 | $169.4M | $-2.8B | ||
| Q3 24 | $146.9M | $-83.8M | ||
| Q2 24 | $142.0M | $139.1M |
毛利率DPZRUN
| Q1 26 | 40.4% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 40.1% | — | ||
| Q2 25 | 40.3% | — | ||
| Q1 25 | 39.8% | — | ||
| Q4 24 | 39.2% | — | ||
| Q3 24 | 39.2% | — | ||
| Q2 24 | 39.8% | — |
营业利润率DPZRUN
| Q1 26 | 20.0% | — | ||
| Q4 25 | — | 8.4% | ||
| Q3 25 | 19.5% | 0.5% | ||
| Q2 25 | 19.7% | -19.7% | ||
| Q1 25 | 18.9% | -22.8% | ||
| Q4 24 | 19.0% | -628.0% | ||
| Q3 24 | 18.4% | -23.8% | ||
| Q2 24 | 17.9% | -24.4% |
净利率DPZRUN
| Q1 26 | 12.2% | — | ||
| Q4 25 | — | 8.9% | ||
| Q3 25 | 12.1% | 2.3% | ||
| Q2 25 | 11.4% | 49.1% | ||
| Q1 25 | 13.5% | 9.9% | ||
| Q4 24 | 11.7% | -542.7% | ||
| Q3 24 | 13.6% | -15.6% | ||
| Q2 24 | 12.9% | 26.5% |
每股收益（稀释后）DPZRUN
| Q1 26 | $4.13 | — | ||
| Q4 25 | — | $0.38 | ||
| Q3 25 | $4.08 | $0.06 | ||
| Q2 25 | $3.81 | $1.07 | ||
| Q1 25 | $4.33 | $0.20 | ||
| Q4 24 | $4.89 | $-12.59 | ||
| Q3 24 | $4.19 | $-0.37 | ||
| Q2 24 | $4.03 | $0.55 |
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 | $232.9M | — |
| 总债务越低越好 | $4.9B | $14.7B |
| 股东权益账面价值 | — | $3.1B |
| 总资产 | $1.8B | $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DPZRUN
| Q1 26 | $232.9M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $139.7M | — | ||
| Q2 25 | $272.9M | — | ||
| Q1 25 | $304.3M | — | ||
| Q4 24 | $186.1M | — | ||
| Q3 24 | $189.1M | — | ||
| Q2 24 | $283.7M | — |
总债务DPZRUN
| Q1 26 | $4.9B | — | ||
| Q4 25 | — | $14.7B | ||
| Q3 25 | $4.8B | $14.6B | ||
| Q2 25 | $3.8B | $14.0B | ||
| Q1 25 | $3.8B | $13.6B | ||
| Q4 24 | $3.8B | $12.9B | ||
| Q3 24 | $5.0B | $12.5B | ||
| Q2 24 | $5.0B | $12.0B |
股东权益DPZRUN
| Q1 26 | — | — | ||
| Q4 25 | — | $3.1B | ||
| Q3 25 | $-4.0B | $3.0B | ||
| Q2 25 | $-4.0B | $2.9B | ||
| Q1 25 | $-3.9B | $2.6B | ||
| Q4 24 | $-4.0B | $2.6B | ||
| Q3 24 | $-4.0B | $5.3B | ||
| Q2 24 | $-3.9B | $5.4B |
总资产DPZRUN
| Q1 26 | $1.8B | — | ||
| Q4 25 | — | $22.6B | ||
| Q3 25 | $1.7B | $22.2B | ||
| Q2 25 | $1.8B | $21.2B | ||
| Q1 25 | $1.9B | $20.4B | ||
| Q4 24 | $1.7B | $19.9B | ||
| Q3 24 | $1.8B | $22.1B | ||
| Q2 24 | $1.9B | $21.4B |
负债/权益比DPZRUN
| Q1 26 | — | — | ||
| 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× |
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 | $162.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $147.0M | — |
| 自由现金流率自由现金流/营收 | 12.8% | — |
| 资本支出强度资本支出/营收 | 1.3% | — |
| 现金转化率经营现金流/净利润 | 1.16× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $625.3M | — |
8季度趋势，按日历期对齐
经营现金流DPZRUN
| Q1 26 | $162.0M | — | ||
| Q4 25 | — | $96.9M | ||
| Q3 25 | $185.4M | $-121.5M | ||
| Q2 25 | $187.8M | $-292.7M | ||
| Q1 25 | $179.1M | $-104.2M | ||
| Q4 24 | $178.0M | $-258.4M | ||
| Q3 24 | $172.7M | $-156.2M | ||
| Q2 24 | $150.7M | $-208.5M |
自由现金流DPZRUN
| Q1 26 | $147.0M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | $164.0M | — | ||
| Q2 25 | $167.3M | — | ||
| Q1 25 | $164.3M | — | ||
| Q4 24 | $135.9M | — | ||
| Q3 24 | $145.6M | $-156.4M | ||
| Q2 24 | $127.2M | — |
自由现金流率DPZRUN
| Q1 26 | 12.8% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 14.3% | — | ||
| Q2 25 | 14.6% | — | ||
| Q1 25 | 14.8% | — | ||
| Q4 24 | 9.4% | — | ||
| Q3 24 | 13.5% | -29.1% | ||
| Q2 24 | 11.6% | — |
资本支出强度DPZRUN
| Q1 26 | 1.3% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 1.9% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 2.9% | — | ||
| Q3 24 | 2.5% | 0.0% | ||
| Q2 24 | 2.1% | — |
现金转化率DPZRUN
| Q1 26 | 1.16× | — | ||
| Q4 25 | — | 0.94× | ||
| Q3 25 | 1.33× | -7.33× | ||
| Q2 25 | 1.43× | -1.05× | ||
| Q1 25 | 1.20× | -2.08× | ||
| Q4 24 | 1.05× | — | ||
| Q3 24 | 1.18× | — | ||
| Q2 24 | 1.06× | -1.50× |
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
DPZ
| Supply chain | $699.0M | 61% |
| U.S. franchise royalties and fees | $158.0M | 14% |
| U.S. franchise advertising | $130.5M | 11% |
| U.S. Company-owned stores | $82.1M | 7% |
| International franchise royalties and fees | $81.0M | 7% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
