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盖尔斯（GES）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.的季度营收约是盖尔斯的1.5倍（$1.2B vs $791.4M），Sunrun Inc.净利率更高（8.9% vs 3.2%，领先5.7%），Sunrun Inc.同比增速更快（123.5% vs 7.2%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -5.8%）
盖尔斯是美国知名服饰品牌企业，以标志性的黑白风格广告广为人知。除核心服饰产品外，品牌还通过品牌授权模式推出腕表、珠宝、香水、包袋、鞋履等各类时尚配饰，在全球时尚消费市场拥有较高知名度。
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。
GES vs RUN — 直观对比
营收规模更大
RUN
是对方的1.5倍
$791.4M
营收增速更快
RUN
高出116.3%
7.2%
净利率更高
RUN
高出5.7%
3.2%
两年增速更快
RUN
近两年复合增速
-5.8%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $791.4M | $1.2B |
| 净利润 | $25.6M | $103.6M |
| 毛利率 | 42.5% | — |
| 营业利润率 | 2.9% | 8.4% |
| 净利率 | 3.2% | 8.9% |
| 营收同比 | 7.2% | 123.5% |
| 净利润同比 | 209.6% | 103.7% |
| 每股收益（稀释后） | $0.48 | $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GESRUN
| Q4 25 | $791.4M | $1.2B | ||
| Q3 25 | $772.9M | $724.6M | ||
| Q2 25 | $647.8M | $569.3M | ||
| Q1 25 | $932.3M | $504.3M | ||
| Q4 24 | $738.5M | $518.5M | ||
| Q3 24 | $732.6M | $537.2M | ||
| Q2 24 | $591.9M | $523.9M | ||
| Q1 24 | $891.0M | $458.2M |
净利润GESRUN
| Q4 25 | $25.6M | $103.6M | ||
| Q3 25 | $6.2M | $16.6M | ||
| Q2 25 | $-32.9M | $279.8M | ||
| Q1 25 | $81.4M | $50.0M | ||
| Q4 24 | $-23.4M | $-2.8B | ||
| Q3 24 | $-10.6M | $-83.8M | ||
| Q2 24 | $13.0M | $139.1M | ||
| Q1 24 | $115.3M | $-87.8M |
毛利率GESRUN
| Q4 25 | 42.5% | — | ||
| Q3 25 | 42.5% | — | ||
| Q2 25 | 39.9% | — | ||
| Q1 25 | 44.1% | — | ||
| Q4 24 | 43.6% | — | ||
| Q3 24 | 43.7% | — | ||
| Q2 24 | 41.9% | — | ||
| Q1 24 | 45.4% | — |
营业利润率GESRUN
| Q4 25 | 2.9% | 8.4% | ||
| Q3 25 | 2.3% | 0.5% | ||
| Q2 25 | -5.1% | -19.7% | ||
| Q1 25 | 11.1% | -22.8% | ||
| Q4 24 | 5.7% | -628.0% | ||
| Q3 24 | 6.5% | -23.8% | ||
| Q2 24 | -3.4% | -24.4% | ||
| Q1 24 | 16.3% | -40.0% |
净利率GESRUN
| Q4 25 | 3.2% | 8.9% | ||
| Q3 25 | 0.8% | 2.3% | ||
| Q2 25 | -5.1% | 49.1% | ||
| Q1 25 | 8.7% | 9.9% | ||
| Q4 24 | -3.2% | -542.7% | ||
| Q3 24 | -1.4% | -15.6% | ||
| Q2 24 | 2.2% | 26.5% | ||
| Q1 24 | 12.9% | -19.2% |
每股收益（稀释后）GESRUN
| Q4 25 | $0.48 | $0.38 | ||
| Q3 25 | $0.12 | $0.06 | ||
| Q2 25 | $-0.65 | $1.07 | ||
| Q1 25 | $1.29 | $0.20 | ||
| Q4 24 | $-0.47 | $-12.59 | ||
| Q3 24 | $-0.28 | $-0.37 | ||
| Q2 24 | $0.23 | $0.55 | ||
| Q1 24 | $1.90 | $-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 | $154.2M | — |
| 总债务越低越好 | $299.5M | $14.7B |
| 股东权益账面价值 | $508.5M | $3.1B |
| 总资产 | $3.0B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.59× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资GESRUN
| Q4 25 | $154.2M | — | ||
| Q3 25 | $189.6M | — | ||
| Q2 25 | $151.2M | — | ||
| Q1 25 | $187.7M | — | ||
| Q4 24 | $140.9M | — | ||
| Q3 24 | $218.9M | — | ||
| Q2 24 | $241.7M | — | ||
| Q1 24 | $360.3M | — |
总债务GESRUN
| Q4 25 | $299.5M | $14.7B | ||
| Q3 25 | $258.4M | $14.6B | ||
| Q2 25 | $241.7M | $14.0B | ||
| Q1 25 | $150.7M | $13.6B | ||
| Q4 24 | $238.3M | $12.9B | ||
| Q3 24 | $187.8M | $12.5B | ||
| Q2 24 | $196.9M | $12.0B | ||
| Q1 24 | $28.2M | $11.1B |
股东权益GESRUN
| Q4 25 | $508.5M | $3.1B | ||
| Q3 25 | $487.6M | $3.0B | ||
| Q2 25 | $483.6M | $2.9B | ||
| Q1 25 | $505.0M | $2.6B | ||
| Q4 24 | $450.7M | $2.6B | ||
| Q3 24 | $491.2M | $5.3B | ||
| Q2 24 | $565.5M | $5.4B | ||
| Q1 24 | $684.9M | $5.2B |
总资产GESRUN
| Q4 25 | $3.0B | $22.6B | ||
| Q3 25 | $3.0B | $22.2B | ||
| Q2 25 | $2.9B | $21.2B | ||
| Q1 25 | $2.8B | $20.4B | ||
| Q4 24 | $2.8B | $19.9B | ||
| Q3 24 | $2.8B | $22.1B | ||
| Q2 24 | $2.7B | $21.4B | ||
| Q1 24 | $2.6B | $20.8B |
负债/权益比GESRUN
| Q4 25 | 0.59× | 4.69× | ||
| Q3 25 | 0.53× | 4.90× | ||
| Q2 25 | 0.50× | 4.80× | ||
| Q1 25 | 0.30× | 5.19× | ||
| Q4 24 | 0.53× | 5.05× | ||
| Q3 24 | 0.38× | 2.36× | ||
| Q2 24 | 0.35× | 2.23× | ||
| Q1 24 | 0.04× | 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 | $-39.5M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $-56.3M | — |
| 自由现金流率自由现金流/营收 | -7.1% | — |
| 资本支出强度资本支出/营收 | 2.1% | — |
| 现金转化率经营现金流/净利润 | -1.54× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $62.5M | — |
8季度趋势，按日历期对齐
经营现金流GESRUN
| Q4 25 | $-39.5M | $96.9M | ||
| Q3 25 | $74.9M | $-121.5M | ||
| Q2 25 | $-73.4M | $-292.7M | ||
| Q1 25 | $183.2M | $-104.2M | ||
| Q4 24 | $-83.3M | $-258.4M | ||
| Q3 24 | $44.7M | $-156.2M | ||
| Q2 24 | $-22.9M | $-208.5M | ||
| Q1 24 | $289.5M | $-143.1M |
自由现金流GESRUN
| Q4 25 | $-56.3M | — | ||
| Q3 25 | $53.4M | — | ||
| Q2 25 | $-95.3M | — | ||
| Q1 25 | $160.7M | — | ||
| Q4 24 | $-105.4M | — | ||
| Q3 24 | $24.3M | $-156.4M | ||
| Q2 24 | $-44.0M | — | ||
| Q1 24 | $267.8M | — |
自由现金流率GESRUN
| Q4 25 | -7.1% | — | ||
| Q3 25 | 6.9% | — | ||
| Q2 25 | -14.7% | — | ||
| Q1 25 | 17.2% | — | ||
| Q4 24 | -14.3% | — | ||
| Q3 24 | 3.3% | -29.1% | ||
| Q2 24 | -7.4% | — | ||
| Q1 24 | 30.1% | — |
资本支出强度GESRUN
| Q4 25 | 2.1% | — | ||
| Q3 25 | 2.8% | — | ||
| Q2 25 | 3.4% | — | ||
| Q1 25 | 2.4% | — | ||
| Q4 24 | 3.0% | — | ||
| Q3 24 | 2.8% | 0.0% | ||
| Q2 24 | 3.6% | — | ||
| Q1 24 | 2.4% | — |
现金转化率GESRUN
| Q4 25 | -1.54× | 0.94× | ||
| Q3 25 | 12.00× | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | 2.25× | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -1.76× | -1.50× | ||
| Q1 24 | 2.51× | — |
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
GES
| Products | $760.3M | 96% |
| Royalty | $31.1M | 4% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
