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GENMAB A/S（GMAB）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GENMAB A/S的1.3倍（$1.2B vs $925.0M），GENMAB A/S净利率更高（36.3% vs 8.9%，领先27.4%），Sunrun Inc.同比增速更快（123.5% vs 18.7%）
Genmab A/S是丹麦生物技术企业，1999年2月由原BankInvest生物医药风险基金董事总经理Florian Schönharting创立，总部位于丹麦哥本哈根，在荷兰乌得勒支、美国新泽西州普林斯顿、日本东京、德国慕尼黑及中国苏州均设有子公司，深耕生物科技领域的研发与运营。
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。
GMAB vs RUN — 直观对比
营收规模更大
RUN
是对方的1.3倍
$925.0M
营收增速更快
RUN
高出104.8%
18.7%
净利率更高
GMAB
高出27.4%
8.9%
损益表 — Q2 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $925.0M | $1.2B |
| 净利润 | $336.0M | $103.6M |
| 毛利率 | 93.8% | — |
| 营业利润率 | 38.9% | 8.4% |
| 净利率 | 36.3% | 8.9% |
| 营收同比 | 18.7% | 123.5% |
| 净利润同比 | 65.5% | 103.7% |
| 每股收益（稀释后） | $5.42 | $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GMABRUN
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $724.6M | ||
| Q2 25 | $925.0M | $569.3M | ||
| Q1 25 | — | $504.3M | ||
| Q4 24 | — | $518.5M | ||
| Q3 24 | — | $537.2M | ||
| Q2 24 | $779.0M | $523.9M | ||
| Q1 24 | — | $458.2M |
净利润GMABRUN
| Q4 25 | — | $103.6M | ||
| Q3 25 | — | $16.6M | ||
| Q2 25 | $336.0M | $279.8M | ||
| Q1 25 | — | $50.0M | ||
| Q4 24 | — | $-2.8B | ||
| Q3 24 | — | $-83.8M | ||
| Q2 24 | $203.0M | $139.1M | ||
| Q1 24 | — | $-87.8M |
毛利率GMABRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 93.8% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 96.4% | — | ||
| Q1 24 | — | — |
营业利润率GMABRUN
| Q4 25 | — | 8.4% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | 38.9% | -19.7% | ||
| Q1 25 | — | -22.8% | ||
| Q4 24 | — | -628.0% | ||
| Q3 24 | — | -23.8% | ||
| Q2 24 | 30.3% | -24.4% | ||
| Q1 24 | — | -40.0% |
净利率GMABRUN
| Q4 25 | — | 8.9% | ||
| Q3 25 | — | 2.3% | ||
| Q2 25 | 36.3% | 49.1% | ||
| Q1 25 | — | 9.9% | ||
| Q4 24 | — | -542.7% | ||
| Q3 24 | — | -15.6% | ||
| Q2 24 | 26.1% | 26.5% | ||
| Q1 24 | — | -19.2% |
每股收益（稀释后）GMABRUN
| Q4 25 | — | $0.38 | ||
| Q3 25 | — | $0.06 | ||
| Q2 25 | $5.42 | $1.07 | ||
| Q1 25 | — | $0.20 | ||
| Q4 24 | — | $-12.59 | ||
| Q3 24 | — | $-0.37 | ||
| Q2 24 | $3.13 | $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 | $1.3B | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $5.3B | $3.1B |
| 总资产 | $6.5B | $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GMABRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $622.0M | — | ||
| Q1 24 | — | — |
总债务GMABRUN
| 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GMABRUN
| Q4 25 | — | $3.1B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | $5.3B | $2.9B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $5.3B | ||
| Q2 24 | $4.4B | $5.4B | ||
| Q1 24 | — | $5.2B |
总资产GMABRUN
| Q4 25 | — | $22.6B | ||
| Q3 25 | — | $22.2B | ||
| Q2 25 | $6.5B | $21.2B | ||
| Q1 25 | — | $20.4B | ||
| Q4 24 | — | $19.9B | ||
| Q3 24 | — | $22.1B | ||
| Q2 24 | $5.6B | $21.4B | ||
| Q1 24 | — | $20.8B |
负债/权益比GMABRUN
| 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 | $349.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $327.0M | — |
| 自由现金流率自由现金流/营收 | 35.4% | — |
| 资本支出强度资本支出/营收 | 2.4% | — |
| 现金转化率经营现金流/净利润 | 1.04× | 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GMABRUN
| Q4 25 | — | $96.9M | ||
| Q3 25 | — | $-121.5M | ||
| Q2 25 | $349.0M | $-292.7M | ||
| Q1 25 | — | $-104.2M | ||
| Q4 24 | — | $-258.4M | ||
| Q3 24 | — | $-156.2M | ||
| Q2 24 | $438.0M | $-208.5M | ||
| Q1 24 | — | $-143.1M |
自由现金流GMABRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $327.0M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | $430.0M | — | ||
| Q1 24 | — | — |
自由现金流率GMABRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 35.4% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | 55.2% | — | ||
| Q1 24 | — | — |
资本支出强度GMABRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.4% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | 1.0% | — | ||
| Q1 24 | — | — |
现金转化率GMABRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | 1.04× | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.16× | -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
GMAB
| Darzalex | $638.0M | 69% |
| Kesimpta | $108.0M | 12% |
| Net Product Sales | $101.0M | 11% |
| Other | $28.0M | 3% |
| Tepezza | $20.0M | 2% |
| Reimbursement Revenue | $13.0M | 1% |
| Bio N Tech | $11.0M | 1% |
| Abb Vie | $5.0M | 1% |
| Milestone Revenue | $1.0M | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
