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Graham Holdings Co（GHC）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
Graham Holdings Co的季度营收约是Sunrun Inc.的1.1倍（$1.3B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs 8.7%，领先0.2%），Sunrun Inc.同比增速更快（123.5% vs 0.4%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 4.2%）
Graham Holdings是一家总部位于美国弗吉尼亚州阿灵顿县、在特拉华州注册的多元化综合控股集团，曾持有知名媒体《华盛顿邮报》与《新闻周刊》的所有权，旗下业务覆盖多个领域，在北美市场拥有深厚的行业运营积淀。
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。
GHC vs RUN — 直观对比
营收规模更大
GHC
是对方的1.1倍
$1.2B
营收增速更快
RUN
高出123.1%
0.4%
净利率更高
RUN
高出0.2%
8.7%
两年增速更快
RUN
近两年复合增速
4.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $108.7M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 3.8% | 8.4% |
| 净利率 | 8.7% | 8.9% |
| 营收同比 | 0.4% | 123.5% |
| 净利润同比 | -80.2% | 103.7% |
| 每股收益（稀释后） | $24.76 | $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GHCRUN
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.3B | $724.6M | ||
| Q2 25 | $1.2B | $569.3M | ||
| Q1 25 | $1.2B | $504.3M | ||
| Q4 24 | $1.2B | $518.5M | ||
| Q3 24 | $1.2B | $537.2M | ||
| Q2 24 | $1.2B | $523.9M | ||
| Q1 24 | $1.2B | $458.2M |
净利润GHCRUN
| Q4 25 | $108.7M | $103.6M | ||
| Q3 25 | $122.9M | $16.6M | ||
| Q2 25 | $36.7M | $279.8M | ||
| Q1 25 | $23.9M | $50.0M | ||
| Q4 24 | $548.8M | $-2.8B | ||
| Q3 24 | $72.5M | $-83.8M | ||
| Q2 24 | $-21.0M | $139.1M | ||
| Q1 24 | $124.4M | $-87.8M |
营业利润率GHCRUN
| Q4 25 | 3.8% | 8.4% | ||
| Q3 25 | 5.2% | 0.5% | ||
| Q2 25 | 6.0% | -19.7% | ||
| Q1 25 | 4.1% | -22.8% | ||
| Q4 24 | 5.8% | -628.0% | ||
| Q3 24 | 6.8% | -23.8% | ||
| Q2 24 | 2.2% | -24.4% | ||
| Q1 24 | 3.1% | -40.0% |
净利率GHCRUN
| Q4 25 | 8.7% | 8.9% | ||
| Q3 25 | 9.6% | 2.3% | ||
| Q2 25 | 3.0% | 49.1% | ||
| Q1 25 | 2.0% | 9.9% | ||
| Q4 24 | 44.1% | -542.7% | ||
| Q3 24 | 6.0% | -15.6% | ||
| Q2 24 | -1.8% | 26.5% | ||
| Q1 24 | 10.8% | -19.2% |
每股收益（稀释后）GHCRUN
| Q4 25 | $24.76 | $0.38 | ||
| Q3 25 | $27.91 | $0.06 | ||
| Q2 25 | $8.35 | $1.07 | ||
| Q1 25 | $5.45 | $0.20 | ||
| Q4 24 | $124.05 | $-12.59 | ||
| Q3 24 | $16.42 | $-0.37 | ||
| Q2 24 | $-4.79 | $0.55 | ||
| Q1 24 | $27.72 | $-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 | $267.0M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $4.8B | $3.1B |
| 总资产 | $8.4B | $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GHCRUN
| Q4 25 | $267.0M | — | ||
| Q3 25 | $190.8M | — | ||
| Q2 25 | $176.2M | — | ||
| Q1 25 | $156.7M | — | ||
| Q4 24 | $260.9M | — | ||
| Q3 24 | $244.4M | — | ||
| Q2 24 | $140.7M | — | ||
| Q1 24 | $130.9M | — |
总债务GHCRUN
| 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GHCRUN
| Q4 25 | $4.8B | $3.1B | ||
| Q3 25 | $4.5B | $3.0B | ||
| Q2 25 | $4.4B | $2.9B | ||
| Q1 25 | $4.3B | $2.6B | ||
| Q4 24 | $4.3B | $2.6B | ||
| Q3 24 | $4.0B | $5.3B | ||
| Q2 24 | $4.0B | $5.4B | ||
| Q1 24 | $4.0B | $5.2B |
总资产GHCRUN
| Q4 25 | $8.4B | $22.6B | ||
| Q3 25 | $7.9B | $22.2B | ||
| Q2 25 | $7.6B | $21.2B | ||
| Q1 25 | $7.6B | $20.4B | ||
| Q4 24 | $7.7B | $19.9B | ||
| Q3 24 | $7.4B | $22.1B | ||
| Q2 24 | $7.2B | $21.4B | ||
| Q1 24 | $7.3B | $20.8B |
负债/权益比GHCRUN
| 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 | $28.3M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $5.0M | — |
| 自由现金流率自由现金流/营收 | 0.4% | — |
| 资本支出强度资本支出/营收 | 1.9% | — |
| 现金转化率经营现金流/净利润 | 0.26× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $275.3M | — |
8季度趋势，按日历期对齐
经营现金流GHCRUN
| Q4 25 | $28.3M | $96.9M | ||
| Q3 25 | $178.1M | $-121.5M | ||
| Q2 25 | $94.8M | $-292.7M | ||
| Q1 25 | $46.0M | $-104.2M | ||
| Q4 24 | $116.3M | $-258.4M | ||
| Q3 24 | $237.6M | $-156.2M | ||
| Q2 24 | $52.0M | $-208.5M | ||
| Q1 24 | $1.1M | $-143.1M |
自由现金流GHCRUN
| Q4 25 | $5.0M | — | ||
| Q3 25 | $161.8M | — | ||
| Q2 25 | $78.0M | — | ||
| Q1 25 | $30.5M | — | ||
| Q4 24 | $91.1M | — | ||
| Q3 24 | $219.4M | $-156.4M | ||
| Q2 24 | $33.7M | — | ||
| Q1 24 | $-20.2M | — |
自由现金流率GHCRUN
| Q4 25 | 0.4% | — | ||
| Q3 25 | 12.6% | — | ||
| Q2 25 | 6.4% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 7.3% | — | ||
| Q3 24 | 18.2% | -29.1% | ||
| Q2 24 | 2.8% | — | ||
| Q1 24 | -1.8% | — |
资本支出强度GHCRUN
| Q4 25 | 1.9% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 1.5% | 0.0% | ||
| Q2 24 | 1.5% | — | ||
| Q1 24 | 1.8% | — |
现金转化率GHCRUN
| Q4 25 | 0.26× | 0.94× | ||
| Q3 25 | 1.45× | -7.33× | ||
| Q2 25 | 2.58× | -1.05× | ||
| Q1 25 | 1.93× | -2.08× | ||
| Q4 24 | 0.21× | — | ||
| Q3 24 | 3.28× | — | ||
| Q2 24 | — | -1.50× | ||
| Q1 24 | 0.01× | — |
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
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
