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游戏驿站（GME）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.的季度营收约是游戏驿站的1.4倍（$1.2B vs $821.0M），游戏驿站净利率更高（9.4% vs 8.9%，领先0.5%），Sunrun Inc.同比增速更快（123.5% vs -4.6%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -32.3%）
游戏驿站（GameStop Corp.）是美国知名电子游戏、消费电子及游戏周边零售企业，总部位于得克萨斯州格雷普韦恩，是全球规模最大的电子游戏零售商。截至2025年2月，公司在美、加、澳及欧洲地区共运营3203家门店，旗下拥有EB Games、ThinkGeek等多个零售品牌，前身为1984年于达拉斯成立的Babbage's。
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。
GME vs RUN — 直观对比
营收规模更大
RUN
是对方的1.4倍
$821.0M
营收增速更快
RUN
高出128.1%
-4.6%
净利率更高
GME
高出0.5%
8.9%
两年增速更快
RUN
近两年复合增速
-32.3%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $821.0M | $1.2B |
| 净利润 | $77.1M | $103.6M |
| 毛利率 | 33.3% | — |
| 营业利润率 | 5.0% | 8.4% |
| 净利率 | 9.4% | 8.9% |
| 营收同比 | -4.6% | 123.5% |
| 净利润同比 | 343.1% | 103.7% |
| 每股收益（稀释后） | $0.13 | $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GMERUN
| Q4 25 | $821.0M | $1.2B | ||
| Q3 25 | $972.2M | $724.6M | ||
| Q2 25 | $732.4M | $569.3M | ||
| Q1 25 | $1.3B | $504.3M | ||
| Q4 24 | $860.3M | $518.5M | ||
| Q3 24 | $798.3M | $537.2M | ||
| Q2 24 | $881.8M | $523.9M | ||
| Q1 24 | $1.8B | $458.2M |
净利润GMERUN
| Q4 25 | $77.1M | $103.6M | ||
| Q3 25 | $168.6M | $16.6M | ||
| Q2 25 | $44.8M | $279.8M | ||
| Q1 25 | $131.4M | $50.0M | ||
| Q4 24 | $17.4M | $-2.8B | ||
| Q3 24 | $14.8M | $-83.8M | ||
| Q2 24 | $-32.3M | $139.1M | ||
| Q1 24 | $63.1M | $-87.8M |
毛利率GMERUN
| Q4 25 | 33.3% | — | ||
| Q3 25 | 29.1% | — | ||
| Q2 25 | 34.5% | — | ||
| Q1 25 | 28.3% | — | ||
| Q4 24 | 29.9% | — | ||
| Q3 24 | 31.2% | — | ||
| Q2 24 | 27.7% | — | ||
| Q1 24 | 23.4% | — |
营业利润率GMERUN
| Q4 25 | 5.0% | 8.4% | ||
| Q3 25 | 6.8% | 0.5% | ||
| Q2 25 | -1.5% | -19.7% | ||
| Q1 25 | 6.2% | -22.8% | ||
| Q4 24 | -3.9% | -628.0% | ||
| Q3 24 | -2.8% | -23.8% | ||
| Q2 24 | -5.7% | -24.4% | ||
| Q1 24 | 3.1% | -40.0% |
净利率GMERUN
| Q4 25 | 9.4% | 8.9% | ||
| Q3 25 | 17.3% | 2.3% | ||
| Q2 25 | 6.1% | 49.1% | ||
| Q1 25 | 10.2% | 9.9% | ||
| Q4 24 | 2.0% | -542.7% | ||
| Q3 24 | 1.9% | -15.6% | ||
| Q2 24 | -3.7% | 26.5% | ||
| Q1 24 | 3.5% | -19.2% |
每股收益（稀释后）GMERUN
| Q4 25 | $0.13 | $0.38 | ||
| Q3 25 | $0.31 | $0.06 | ||
| Q2 25 | $0.09 | $1.07 | ||
| Q1 25 | $0.36 | $0.20 | ||
| Q4 24 | $0.04 | $-12.59 | ||
| Q3 24 | $0.04 | $-0.37 | ||
| Q2 24 | $-0.11 | $0.55 | ||
| Q1 24 | $0.21 | $-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 | $8.8B | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $5.3B | $3.1B |
| 总资产 | $10.6B | $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GMERUN
| Q4 25 | $8.8B | — | ||
| Q3 25 | $8.7B | — | ||
| Q2 25 | $6.4B | — | ||
| Q1 25 | $4.8B | — | ||
| Q4 24 | $4.6B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.2B | — |
总债务GMERUN
| Q4 25 | — | $14.7B | ||
| Q3 25 | — | $14.6B | ||
| Q2 25 | — | $14.0B | ||
| Q1 25 | $16.9M | $13.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | $28.5M | $11.1B |
股东权益GMERUN
| Q4 25 | $5.3B | $3.1B | ||
| Q3 25 | $5.2B | $3.0B | ||
| Q2 25 | $5.0B | $2.9B | ||
| Q1 25 | $4.9B | $2.6B | ||
| Q4 24 | $4.8B | $2.6B | ||
| Q3 24 | $4.4B | $5.3B | ||
| Q2 24 | $1.3B | $5.4B | ||
| Q1 24 | $1.3B | $5.2B |
总资产GMERUN
| Q4 25 | $10.6B | $22.6B | ||
| Q3 25 | $10.3B | $22.2B | ||
| Q2 25 | $7.5B | $21.2B | ||
| Q1 25 | $5.9B | $20.4B | ||
| Q4 24 | $6.2B | $19.9B | ||
| Q3 24 | $5.5B | $22.1B | ||
| Q2 24 | $2.6B | $21.4B | ||
| Q1 24 | $2.7B | $20.8B |
负债/权益比GMERUN
| Q4 25 | — | 4.69× | ||
| Q3 25 | — | 4.90× | ||
| Q2 25 | — | 4.80× | ||
| Q1 25 | 0.00× | 5.19× | ||
| Q4 24 | — | 5.05× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | — | 2.23× | ||
| Q1 24 | 0.02× | 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 | $111.3M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $107.0M | — |
| 自由现金流率自由现金流/营收 | 13.0% | — |
| 资本支出强度资本支出/营收 | 0.5% | — |
| 现金转化率经营现金流/净利润 | 1.44× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $568.7M | — |
8季度趋势，按日历期对齐
经营现金流GMERUN
| Q4 25 | $111.3M | $96.9M | ||
| Q3 25 | $117.4M | $-121.5M | ||
| Q2 25 | $192.5M | $-292.7M | ||
| Q1 25 | $162.3M | $-104.2M | ||
| Q4 24 | $24.6M | $-258.4M | ||
| Q3 24 | $68.6M | $-156.2M | ||
| Q2 24 | $-109.8M | $-208.5M | ||
| Q1 24 | $-11.0M | $-143.1M |
自由现金流GMERUN
| Q4 25 | $107.0M | — | ||
| Q3 25 | $113.3M | — | ||
| Q2 25 | $189.6M | — | ||
| Q1 25 | $158.8M | — | ||
| Q4 24 | $20.0M | — | ||
| Q3 24 | $65.5M | $-156.4M | ||
| Q2 24 | $-114.7M | — | ||
| Q1 24 | $-18.7M | — |
自由现金流率GMERUN
| Q4 25 | 13.0% | — | ||
| Q3 25 | 11.7% | — | ||
| Q2 25 | 25.9% | — | ||
| Q1 25 | 12.4% | — | ||
| Q4 24 | 2.3% | — | ||
| Q3 24 | 8.2% | -29.1% | ||
| Q2 24 | -13.0% | — | ||
| Q1 24 | -1.0% | — |
资本支出强度GMERUN
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.4% | 0.0% | ||
| Q2 24 | 0.6% | — | ||
| Q1 24 | 0.4% | — |
现金转化率GMERUN
| Q4 25 | 1.44× | 0.94× | ||
| Q3 25 | 0.70× | -7.33× | ||
| Q2 25 | 4.30× | -1.05× | ||
| Q1 25 | 1.24× | -2.08× | ||
| Q4 24 | 1.41× | — | ||
| Q3 24 | 4.64× | — | ||
| Q2 24 | — | -1.50× | ||
| Q1 24 | -0.17× | — |
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
GME
| Hardware And Accessories | $367.4M | 45% |
| Collectibles | $256.1M | 31% |
| Software | $197.5M | 24% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
