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自由媒体集团（FWONA）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
自由媒体集团的季度营收约是Sunrun Inc.的1.4倍（$1.6B vs $1.2B），自由媒体集团净利率更高（20.7% vs 8.9%，领先11.8%），自由媒体集团同比增速更快（150.7% vs 123.5%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -23.5%）
自由媒体集团是1991年由约翰·C·马龙创立的美国大型传媒企业，旗下设有两大对应独立追踪股票的业务板块，持有一级方程式集团和Live Nation Entertainment的股权，截至2025年拥有F1、世界摩托车锦标赛、世界超级摩托车锦标赛三项全球顶级赛车运动IP及运营业务。
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。
FWONA vs RUN — 直观对比
营收规模更大
FWONA
是对方的1.4倍
$1.2B
营收增速更快
FWONA
高出27.2%
123.5%
净利率更高
FWONA
高出11.8%
8.9%
两年增速更快
RUN
近两年复合增速
-23.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.2B |
| 净利润 | $333.0M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 14.0% | 8.4% |
| 净利率 | 20.7% | 8.9% |
| 营收同比 | 150.7% | 123.5% |
| 净利润同比 | 193.8% | 103.7% |
| 每股收益（稀释后） | — | $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FWONARUN
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.1B | $724.6M | ||
| Q2 25 | $1.3B | $569.3M | ||
| Q1 25 | $447.0M | $504.3M | ||
| Q4 24 | $-3.2B | $518.5M | ||
| Q3 24 | $911.0M | $537.2M | ||
| Q2 24 | $3.2B | $523.9M | ||
| Q1 24 | $2.7B | $458.2M |
净利润FWONARUN
| Q4 25 | $333.0M | $103.6M | ||
| Q3 25 | $13.0M | $16.6M | ||
| Q2 25 | $204.0M | $279.8M | ||
| Q1 25 | $5.0M | $50.0M | ||
| Q4 24 | $-355.0M | $-2.8B | ||
| Q3 24 | $-2.4B | $-83.8M | ||
| Q2 24 | $457.0M | $139.1M | ||
| Q1 24 | $203.0M | $-87.8M |
营业利润率FWONARUN
| Q4 25 | 14.0% | 8.4% | ||
| Q3 25 | 13.7% | 0.5% | ||
| Q2 25 | 20.4% | -19.7% | ||
| Q1 25 | -15.9% | -22.8% | ||
| Q4 24 | — | -628.0% | ||
| Q3 24 | 11.7% | -23.8% | ||
| Q2 24 | 16.7% | -24.4% | ||
| Q1 24 | 18.3% | -40.0% |
净利率FWONARUN
| Q4 25 | 20.7% | 8.9% | ||
| Q3 25 | 1.2% | 2.3% | ||
| Q2 25 | 15.2% | 49.1% | ||
| Q1 25 | 1.1% | 9.9% | ||
| Q4 24 | 11.2% | -542.7% | ||
| Q3 24 | -259.9% | -15.6% | ||
| Q2 24 | 14.4% | 26.5% | ||
| Q1 24 | 7.4% | -19.2% |
每股收益（稀释后）FWONARUN
| Q4 25 | — | $0.38 | ||
| Q3 25 | — | $0.06 | ||
| Q2 25 | — | $1.07 | ||
| Q1 25 | — | $0.20 | ||
| Q4 24 | — | $-12.59 | ||
| Q3 24 | — | $-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 | $1.1B | — |
| 总债务越低越好 | $5.1B | $14.7B |
| 股东权益账面价值 | $7.8B | $3.1B |
| 总资产 | $15.4B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.66× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资FWONARUN
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | $3.4B | — | ||
| Q1 25 | $3.1B | — | ||
| Q4 24 | $3.0B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $2.1B | — | ||
| Q1 24 | $1.7B | — |
总债务FWONARUN
| Q4 25 | $5.1B | $14.7B | ||
| Q3 25 | $7.0B | $14.6B | ||
| Q2 25 | $4.8B | $14.0B | ||
| Q1 25 | $4.6B | $13.6B | ||
| Q4 24 | $4.5B | $12.9B | ||
| Q3 24 | $4.4B | $12.5B | ||
| Q2 24 | $15.0B | $12.0B | ||
| Q1 24 | $15.4B | $11.1B |
股东权益FWONARUN
| Q4 25 | $7.8B | $3.1B | ||
| Q3 25 | $7.4B | $3.0B | ||
| Q2 25 | $7.3B | $2.9B | ||
| Q1 25 | $7.0B | $2.6B | ||
| Q4 24 | $7.0B | $2.6B | ||
| Q3 24 | $7.4B | $5.3B | ||
| Q2 24 | $17.1B | $5.4B | ||
| Q1 24 | $16.6B | $5.2B |
总资产FWONARUN
| Q4 25 | $15.4B | $22.6B | ||
| Q3 25 | $17.8B | $22.2B | ||
| Q2 25 | $13.8B | $21.2B | ||
| Q1 25 | $13.3B | $20.4B | ||
| Q4 24 | $12.9B | $19.9B | ||
| Q3 24 | $13.2B | $22.1B | ||
| Q2 24 | $42.6B | $21.4B | ||
| Q1 24 | $42.4B | $20.8B |
负债/权益比FWONARUN
| Q4 25 | 0.66× | 4.69× | ||
| Q3 25 | 0.95× | 4.90× | ||
| Q2 25 | 0.65× | 4.80× | ||
| Q1 25 | 0.65× | 5.19× | ||
| Q4 24 | 0.65× | 5.05× | ||
| Q3 24 | 0.59× | 2.36× | ||
| Q2 24 | 0.88× | 2.23× | ||
| Q1 24 | 0.93× | 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 | $123.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $62.0M | — |
| 自由现金流率自由现金流/营收 | 3.9% | — |
| 资本支出强度资本支出/营收 | 3.8% | — |
| 现金转化率经营现金流/净利润 | 0.37× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $789.0M | — |
8季度趋势，按日历期对齐
经营现金流FWONARUN
| Q4 25 | $123.0M | $96.9M | ||
| Q3 25 | $173.0M | $-121.5M | ||
| Q2 25 | $231.0M | $-292.7M | ||
| Q1 25 | $381.0M | $-104.2M | ||
| Q4 24 | $-23.0M | $-258.4M | ||
| Q3 24 | $182.0M | $-156.2M | ||
| Q2 24 | $752.0M | $-208.5M | ||
| Q1 24 | $395.0M | $-143.1M |
自由现金流FWONARUN
| Q4 25 | $62.0M | — | ||
| Q3 25 | $170.0M | — | ||
| Q2 25 | $209.0M | — | ||
| Q1 25 | $348.0M | — | ||
| Q4 24 | $-46.0M | — | ||
| Q3 24 | $-153.0M | $-156.4M | ||
| Q2 24 | $566.0M | — | ||
| Q1 24 | $194.0M | — |
自由现金流率FWONARUN
| Q4 25 | 3.9% | — | ||
| Q3 25 | 15.7% | — | ||
| Q2 25 | 15.6% | — | ||
| Q1 25 | 77.9% | — | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | -16.8% | -29.1% | ||
| Q2 24 | 17.9% | — | ||
| Q1 24 | 7.1% | — |
资本支出强度FWONARUN
| Q4 25 | 3.8% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 1.6% | — | ||
| Q1 25 | 7.4% | — | ||
| Q4 24 | -0.7% | — | ||
| Q3 24 | 36.8% | 0.0% | ||
| Q2 24 | 5.9% | — | ||
| Q1 24 | 7.3% | — |
现金转化率FWONARUN
| Q4 25 | 0.37× | 0.94× | ||
| Q3 25 | 13.31× | -7.33× | ||
| Q2 25 | 1.13× | -1.05× | ||
| Q1 25 | 76.20× | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.65× | -1.50× | ||
| Q1 24 | 1.95× | — |
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
FWONA
| Formula One | $1.4B | 87% |
| Product Service Or Other | $131.0M | 8% |
| Other | $77.0M | 5% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
