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FULLER H B CO（FUL）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FULLER H B CO的1.3倍（$1.2B vs $892.0M），Sunrun Inc.净利率更高（8.9% vs 7.5%，领先1.4%），Sunrun Inc.同比增速更快（123.5% vs -2.8%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 5.0%）
H.B.富勒公司是总部位于美国明尼苏达州圣保罗的跨国粘合剂制造企业，全球第四大粘合剂及密封剂生产商。公司拥有超过20000种产品，广泛应用于建筑、工程、电子、卫生用品、食品包装等领域，在26个国家设有81座生产基地，2024年员工规模约7500人。
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。
FUL vs RUN — 直观对比
营收规模更大
RUN
是对方的1.3倍
$892.0M
营收增速更快
RUN
高出126.3%
-2.8%
净利率更高
RUN
高出1.4%
7.5%
两年增速更快
RUN
近两年复合增速
5.0%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $892.0M | $1.2B |
| 净利润 | $67.2M | $103.6M |
| 毛利率 | 32.0% | — |
| 营业利润率 | 12.3% | 8.4% |
| 净利率 | 7.5% | 8.9% |
| 营收同比 | -2.8% | 123.5% |
| 净利润同比 | 21.3% | 103.7% |
| 每股收益（稀释后） | $1.22 | $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FULRUN
| Q4 25 | — | $1.2B | ||
| Q3 25 | $892.0M | $724.6M | ||
| Q2 25 | $898.1M | $569.3M | ||
| Q1 25 | — | $504.3M | ||
| Q4 24 | — | $518.5M | ||
| Q3 24 | $917.9M | $537.2M | ||
| Q2 24 | — | $523.9M | ||
| Q1 24 | $810.4M | $458.2M |
净利润FULRUN
| Q4 25 | — | $103.6M | ||
| Q3 25 | $67.2M | $16.6M | ||
| Q2 25 | $41.8M | $279.8M | ||
| Q1 25 | — | $50.0M | ||
| Q4 24 | — | $-2.8B | ||
| Q3 24 | $55.4M | $-83.8M | ||
| Q2 24 | — | $139.1M | ||
| Q1 24 | $31.0M | $-87.8M |
毛利率FULRUN
| Q4 25 | — | — | ||
| Q3 25 | 32.0% | — | ||
| Q2 25 | 31.9% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 30.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 29.5% | — |
营业利润率FULRUN
| Q4 25 | — | 8.4% | ||
| Q3 25 | 12.3% | 0.5% | ||
| Q2 25 | 11.1% | -19.7% | ||
| Q1 25 | — | -22.8% | ||
| Q4 24 | — | -628.0% | ||
| Q3 24 | 11.4% | -23.8% | ||
| Q2 24 | — | -24.4% | ||
| Q1 24 | 8.3% | -40.0% |
净利率FULRUN
| Q4 25 | — | 8.9% | ||
| Q3 25 | 7.5% | 2.3% | ||
| Q2 25 | 4.7% | 49.1% | ||
| Q1 25 | — | 9.9% | ||
| Q4 24 | — | -542.7% | ||
| Q3 24 | 6.0% | -15.6% | ||
| Q2 24 | — | 26.5% | ||
| Q1 24 | 3.8% | -19.2% |
每股收益（稀释后）FULRUN
| Q4 25 | — | $0.38 | ||
| Q3 25 | $1.22 | $0.06 | ||
| Q2 25 | $0.76 | $1.07 | ||
| Q1 25 | — | $0.20 | ||
| Q4 24 | — | $-12.59 | ||
| Q3 24 | $0.98 | $-0.37 | ||
| Q2 24 | — | $0.55 | ||
| Q1 24 | $0.55 | $-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 | $122.5M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $2.0B | $3.1B |
| 总资产 | $5.2B | $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FULRUN
| Q4 25 | — | — | ||
| Q3 25 | $122.5M | — | ||
| Q2 25 | $96.8M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $131.4M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $165.2M | — |
总债务FULRUN
| 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FULRUN
| Q4 25 | — | $3.1B | ||
| Q3 25 | $2.0B | $3.0B | ||
| Q2 25 | $1.9B | $2.9B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | $1.8B | $5.3B | ||
| Q2 24 | — | $5.4B | ||
| Q1 24 | $1.8B | $5.2B |
总资产FULRUN
| Q4 25 | — | $22.6B | ||
| Q3 25 | $5.2B | $22.2B | ||
| Q2 25 | $5.1B | $21.2B | ||
| Q1 25 | — | $20.4B | ||
| Q4 24 | — | $19.9B | ||
| Q3 24 | $5.0B | $22.1B | ||
| Q2 24 | — | $21.4B | ||
| Q1 24 | $4.7B | $20.8B |
负债/权益比FULRUN
| 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 | $99.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $68.9M | — |
| 自由现金流率自由现金流/营收 | 7.7% | — |
| 资本支出强度资本支出/营收 | 3.4% | — |
| 现金转化率经营现金流/净利润 | 1.47× | 0.94× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流FULRUN
| Q4 25 | — | $96.9M | ||
| Q3 25 | $99.0M | $-121.5M | ||
| Q2 25 | — | $-292.7M | ||
| Q1 25 | — | $-104.2M | ||
| Q4 24 | — | $-258.4M | ||
| Q3 24 | $169.4M | $-156.2M | ||
| Q2 24 | — | $-208.5M | ||
| Q1 24 | $47.4M | $-143.1M |
自由现金流FULRUN
| Q4 25 | — | — | ||
| Q3 25 | $68.9M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $99.9M | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | $4.1M | — |
自由现金流率FULRUN
| Q4 25 | — | — | ||
| Q3 25 | 7.7% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 10.9% | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.5% | — |
资本支出强度FULRUN
| Q4 25 | — | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 7.6% | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | 5.3% | — |
现金转化率FULRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | 1.47× | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.06× | — | ||
| Q2 24 | — | -1.50× | ||
| Q1 24 | 1.53× | — |
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
FUL
| Hygiene Health And Consumable Adhesives | $386.1M | 43% |
| Engineering Adhesives | $272.3M | 31% |
| Building Adhesives Solutions | $233.7M | 26% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
