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FMC CORP（FMC）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FMC CORP的1.5倍（$1.2B vs $759.0M），Sunrun Inc.净利率更高（8.9% vs -37.0%，领先46.0%），Sunrun Inc.同比增速更快（123.5% vs -4.0%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -14.5%）
FMC公司是总部位于美国宾夕法尼亚州费城的化工制造企业，1883年创立之初以生产杀虫剂为主，后续逐步拓展业务至其他领域。二战期间曾为美国陆军部设计生产两栖履带登陆车，目前在全球拥有7000名员工，业务布局广泛。
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。
FMC vs RUN — 直观对比
营收规模更大
RUN
是对方的1.5倍
$759.0M
营收增速更快
RUN
高出127.5%
-4.0%
净利率更高
RUN
高出46.0%
-37.0%
两年增速更快
RUN
近两年复合增速
-14.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $759.0M | $1.2B |
| 净利润 | $-281.2M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | -10.6% | 8.4% |
| 净利率 | -37.0% | 8.9% |
| 营收同比 | -4.0% | 123.5% |
| 净利润同比 | — | 103.7% |
| 每股收益（稀释后） | $-2.25 | $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FMCRUN
| Q1 26 | $759.0M | — | ||
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $542.2M | $724.6M | ||
| Q2 25 | $1.1B | $569.3M | ||
| Q1 25 | $791.4M | $504.3M | ||
| Q4 24 | $1.2B | $518.5M | ||
| Q3 24 | $1.1B | $537.2M | ||
| Q2 24 | $1.0B | $523.9M |
净利润FMCRUN
| Q1 26 | $-281.2M | — | ||
| Q4 25 | $-1.7B | $103.6M | ||
| Q3 25 | $-569.3M | $16.6M | ||
| Q2 25 | $66.7M | $279.8M | ||
| Q1 25 | $-15.5M | $50.0M | ||
| Q4 24 | $-16.3M | $-2.8B | ||
| Q3 24 | $65.0M | $-83.8M | ||
| Q2 24 | $295.1M | $139.1M |
毛利率FMCRUN
| Q1 26 | — | — | ||
| Q4 25 | 39.8% | — | ||
| Q3 25 | 23.8% | — | ||
| Q2 25 | 38.7% | — | ||
| Q1 25 | 40.0% | — | ||
| Q4 24 | 42.9% | — | ||
| Q3 24 | 36.3% | — | ||
| Q2 24 | 38.3% | — |
营业利润率FMCRUN
| Q1 26 | -10.6% | — | ||
| Q4 25 | -130.8% | 8.4% | ||
| Q3 25 | -73.1% | 0.5% | ||
| Q2 25 | 12.0% | -19.7% | ||
| Q1 25 | 7.4% | -22.8% | ||
| Q4 24 | 19.2% | -628.0% | ||
| Q3 24 | 12.7% | -23.8% | ||
| Q2 24 | 6.0% | -24.4% |
净利率FMCRUN
| Q1 26 | -37.0% | — | ||
| Q4 25 | -158.8% | 8.9% | ||
| Q3 25 | -105.0% | 2.3% | ||
| Q2 25 | 6.3% | 49.1% | ||
| Q1 25 | -2.0% | 9.9% | ||
| Q4 24 | -1.3% | -542.7% | ||
| Q3 24 | 6.1% | -15.6% | ||
| Q2 24 | 28.4% | 26.5% |
每股收益（稀释后）FMCRUN
| Q1 26 | $-2.25 | — | ||
| Q4 25 | $-13.77 | $0.38 | ||
| Q3 25 | $-4.52 | $0.06 | ||
| Q2 25 | $0.53 | $1.07 | ||
| Q1 25 | $-0.12 | $0.20 | ||
| Q4 24 | $-0.13 | $-12.59 | ||
| Q3 24 | $0.52 | $-0.37 | ||
| Q2 24 | $2.35 | $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 | $390.9M | — |
| 总债务越低越好 | $2.8B | $14.7B |
| 股东权益账面价值 | $1.8B | $3.1B |
| 总资产 | $9.4B | $22.6B |
| 负债/权益比越低杠杆越低 | 1.50× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资FMCRUN
| Q1 26 | $390.9M | — | ||
| Q4 25 | $584.5M | — | ||
| Q3 25 | $497.7M | — | ||
| Q2 25 | $438.2M | — | ||
| Q1 25 | $315.3M | — | ||
| Q4 24 | $357.3M | — | ||
| Q3 24 | $416.7M | — | ||
| Q2 24 | $471.5M | — |
总债务FMCRUN
| Q1 26 | $2.8B | — | ||
| Q4 25 | $3.4B | $14.7B | ||
| Q3 25 | $3.4B | $14.6B | ||
| Q2 25 | $3.4B | $14.0B | ||
| Q1 25 | $3.1B | $13.6B | ||
| Q4 24 | $3.1B | $12.9B | ||
| Q3 24 | $3.1B | $12.5B | ||
| Q2 24 | $3.1B | $12.0B |
股东权益FMCRUN
| Q1 26 | $1.8B | — | ||
| Q4 25 | $2.1B | $3.1B | ||
| Q3 25 | $3.8B | $3.0B | ||
| Q2 25 | $4.4B | $2.9B | ||
| Q1 25 | $4.4B | $2.6B | ||
| Q4 24 | $4.5B | $2.6B | ||
| Q3 24 | $4.6B | $5.3B | ||
| Q2 24 | $4.6B | $5.4B |
总资产FMCRUN
| Q1 26 | $9.4B | — | ||
| Q4 25 | $9.7B | $22.6B | ||
| Q3 25 | $12.1B | $22.2B | ||
| Q2 25 | $12.3B | $21.2B | ||
| Q1 25 | $11.8B | $20.4B | ||
| Q4 24 | $11.7B | $19.9B | ||
| Q3 24 | $12.2B | $22.1B | ||
| Q2 24 | $12.1B | $21.4B |
负债/权益比FMCRUN
| Q1 26 | 1.50× | — | ||
| Q4 25 | 1.62× | 4.69× | ||
| Q3 25 | 0.89× | 4.90× | ||
| Q2 25 | 0.76× | 4.80× | ||
| Q1 25 | 0.71× | 5.19× | ||
| Q4 24 | 0.69× | 5.05× | ||
| Q3 24 | 0.68× | 2.36× | ||
| Q2 24 | 0.68× | 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 | — | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $-628.1M | — |
| 自由现金流率自由现金流/营收 | -82.8% | — |
| 资本支出强度资本支出/营收 | 2.2% | — |
| 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 | $-154.0M | — |
8季度趋势，按日历期对齐
经营现金流FMCRUN
| Q1 26 | — | — | ||
| Q4 25 | $657.1M | $96.9M | ||
| Q3 25 | $-184.2M | $-121.5M | ||
| Q2 25 | $65.9M | $-292.7M | ||
| Q1 25 | $-545.0M | $-104.2M | ||
| Q4 24 | $427.9M | $-258.4M | ||
| Q3 24 | $159.5M | $-156.2M | ||
| Q2 24 | $292.2M | $-208.5M |
自由现金流FMCRUN
| Q1 26 | $-628.1M | — | ||
| Q4 25 | $631.1M | — | ||
| Q3 25 | $-207.9M | — | ||
| Q2 25 | $50.9M | — | ||
| Q1 25 | $-576.6M | — | ||
| Q4 24 | $406.3M | — | ||
| Q3 24 | $143.8M | $-156.4M | ||
| Q2 24 | $282.3M | — |
自由现金流率FMCRUN
| Q1 26 | -82.8% | — | ||
| Q4 25 | 58.3% | — | ||
| Q3 25 | -38.3% | — | ||
| Q2 25 | 4.8% | — | ||
| Q1 25 | -72.9% | — | ||
| Q4 24 | 33.2% | — | ||
| Q3 24 | 13.5% | -29.1% | ||
| Q2 24 | 27.2% | — |
资本支出强度FMCRUN
| Q1 26 | 2.2% | — | ||
| Q4 25 | 2.4% | — | ||
| Q3 25 | 4.4% | — | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 4.0% | — | ||
| Q4 24 | 1.8% | — | ||
| Q3 24 | 1.5% | 0.0% | ||
| Q2 24 | 1.0% | — |
现金转化率FMCRUN
| Q1 26 | — | — | ||
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | 0.99× | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.45× | — | ||
| Q2 24 | 0.99× | -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
FMC
| EMEA | $307.0M | 40% |
| North America | $198.0M | 26% |
| Latin America | $177.0M | 23% |
| Asia (excluding 2026 India) 1 | $81.0M | 11% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
