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六旗（FUN）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.的季度营收约是六旗的1.8倍（$1.2B vs $650.1M），Sunrun Inc.净利率更高（8.9% vs -14.2%，领先23.1%）
六旗娱乐是总部位于美国北卡罗来纳州夏洛特的游乐园运营企业，由雪松会与原六旗公司于2024年7月1日对等合并而成，是全球最大的区域性游乐园运营商。旗下共运营42个场地，包含27座游乐园、15座水上乐园，配套9处 onsite 度假物业。
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。
FUN vs RUN — 直观对比
营收规模更大
RUN
是对方的1.8倍
$650.1M
净利率更高
RUN
高出23.1%
-14.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $650.1M | $1.2B |
| 净利润 | $-92.4M | $103.6M |
| 毛利率 | 91.4% | — |
| 营业利润率 | -3.8% | 8.4% |
| 净利率 | -14.2% | 8.9% |
| 营收同比 | — | 123.5% |
| 净利润同比 | — | 103.7% |
| 每股收益（稀释后） | $-0.93 | $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FUNRUN
| Q4 25 | $650.1M | $1.2B | ||
| Q3 25 | $1.3B | $724.6M | ||
| Q2 25 | $930.4M | $569.3M | ||
| Q1 25 | $202.1M | $504.3M | ||
| Q4 24 | — | $518.5M | ||
| Q3 24 | $1.3B | $537.2M | ||
| Q2 24 | $571.6M | $523.9M | ||
| Q1 24 | — | $458.2M |
净利润FUNRUN
| Q4 25 | $-92.4M | $103.6M | ||
| Q3 25 | $-1.2B | $16.6M | ||
| Q2 25 | $-99.6M | $279.8M | ||
| Q1 25 | $-219.7M | $50.0M | ||
| Q4 24 | — | $-2.8B | ||
| Q3 24 | $111.0M | $-83.8M | ||
| Q2 24 | $55.6M | $139.1M | ||
| Q1 24 | — | $-87.8M |
毛利率FUNRUN
| Q4 25 | 91.4% | — | ||
| Q3 25 | 91.6% | — | ||
| Q2 25 | 91.3% | — | ||
| Q1 25 | 89.3% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 91.9% | — | ||
| Q2 24 | 90.7% | — | ||
| Q1 24 | — | — |
营业利润率FUNRUN
| Q4 25 | -3.8% | 8.4% | ||
| Q3 25 | -83.7% | 0.5% | ||
| Q2 25 | 8.0% | -19.7% | ||
| Q1 25 | -158.9% | -22.8% | ||
| Q4 24 | — | -628.0% | ||
| Q3 24 | 19.5% | -23.8% | ||
| Q2 24 | 21.6% | -24.4% | ||
| Q1 24 | — | -40.0% |
净利率FUNRUN
| Q4 25 | -14.2% | 8.9% | ||
| Q3 25 | -90.1% | 2.3% | ||
| Q2 25 | -10.7% | 49.1% | ||
| Q1 25 | -108.7% | 9.9% | ||
| Q4 24 | — | -542.7% | ||
| Q3 24 | 8.2% | -15.6% | ||
| Q2 24 | 9.7% | 26.5% | ||
| Q1 24 | — | -19.2% |
每股收益（稀释后）FUNRUN
| Q4 25 | $-0.93 | $0.38 | ||
| Q3 25 | $-11.77 | $0.06 | ||
| Q2 25 | $-0.99 | $1.07 | ||
| Q1 25 | $-2.20 | $0.20 | ||
| Q4 24 | — | $-12.59 | ||
| Q3 24 | $1.10 | $-0.37 | ||
| Q2 24 | — | $0.55 | ||
| Q1 24 | — | $-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 | $91.1M | — |
| 总债务越低越好 | $5.2B | $14.7B |
| 股东权益账面价值 | $549.8M | $3.1B |
| 总资产 | $7.8B | $22.6B |
| 负债/权益比越低杠杆越低 | 9.40× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资FUNRUN
| Q4 25 | $91.1M | — | ||
| Q3 25 | $70.7M | — | ||
| Q2 25 | $107.4M | — | ||
| Q1 25 | $61.5M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $89.7M | — | ||
| Q2 24 | $52.9M | — | ||
| Q1 24 | — | — |
总债务FUNRUN
| Q4 25 | $5.2B | $14.7B | ||
| Q3 25 | $5.0B | $14.6B | ||
| Q2 25 | $5.3B | $14.0B | ||
| Q1 25 | $5.0B | $13.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | $4.6B | $12.5B | ||
| Q2 24 | $2.3B | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益FUNRUN
| Q4 25 | $549.8M | $3.1B | ||
| Q3 25 | $614.3M | $3.0B | ||
| Q2 25 | $1.8B | $2.9B | ||
| Q1 25 | $1.8B | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | $2.3B | $5.3B | ||
| Q2 24 | — | $5.4B | ||
| Q1 24 | — | $5.2B |
总资产FUNRUN
| Q4 25 | $7.8B | $22.6B | ||
| Q3 25 | $7.9B | $22.2B | ||
| Q2 25 | $9.5B | $21.2B | ||
| Q1 25 | $9.2B | $20.4B | ||
| Q4 24 | — | $19.9B | ||
| Q3 24 | $9.4B | $22.1B | ||
| Q2 24 | $2.3B | $21.4B | ||
| Q1 24 | — | $20.8B |
负债/权益比FUNRUN
| Q4 25 | 9.40× | 4.69× | ||
| Q3 25 | 8.16× | 4.90× | ||
| Q2 25 | 2.97× | 4.80× | ||
| Q1 25 | 2.75× | 5.19× | ||
| Q4 24 | — | 5.05× | ||
| Q3 24 | 1.95× | 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 | $-37.7M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $-109.3M | — |
| 自由现金流率自由现金流/营收 | -16.8% | — |
| 资本支出强度资本支出/营收 | 11.0% | — |
| 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 | $-152.2M | — |
8季度趋势，按日历期对齐
经营现金流FUNRUN
| Q4 25 | $-37.7M | $96.9M | ||
| Q3 25 | $356.2M | $-121.5M | ||
| Q2 25 | $187.0M | $-292.7M | ||
| Q1 25 | $-178.0M | $-104.2M | ||
| Q4 24 | — | $-258.4M | ||
| Q3 24 | $337.4M | $-156.2M | ||
| Q2 24 | — | $-208.5M | ||
| Q1 24 | — | $-143.1M |
自由现金流FUNRUN
| Q4 25 | $-109.3M | — | ||
| Q3 25 | $256.2M | — | ||
| Q2 25 | $18.8M | — | ||
| Q1 25 | $-318.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $227.7M | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率FUNRUN
| Q4 25 | -16.8% | — | ||
| Q3 25 | 19.4% | — | ||
| Q2 25 | 2.0% | — | ||
| Q1 25 | -157.4% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 16.9% | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度FUNRUN
| Q4 25 | 11.0% | — | ||
| Q3 25 | 7.6% | — | ||
| Q2 25 | 18.1% | — | ||
| Q1 25 | 69.3% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 8.1% | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率FUNRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.04× | — | ||
| Q2 24 | — | -1.50× | ||
| Q1 24 | — | — |
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
FUN
| Admission | $327.4M | 50% |
| Food Merchandiseand Gaming | $205.7M | 32% |
| Accommodations Extra Charge Products And Other | $117.0M | 18% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
