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GLOBUS MEDICAL INC（GMED）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GLOBUS MEDICAL INC的1.4倍（$1.2B vs $826.4M），GLOBUS MEDICAL INC净利率更高（17.0% vs 8.9%，领先8.1%），Sunrun Inc.同比增速更快（123.5% vs 25.7%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 16.7%）
Globus Medical是总部位于美国宾夕法尼亚州奥杜邦的上市骨科医疗器械企业，专注于相关产品的设计、研发与商业化，助力外科医生为肌肉骨骼系统疾病患者提供治疗方案，促进患者康复。
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。
GMED vs RUN — 直观对比
营收规模更大
RUN
是对方的1.4倍
$826.4M
营收增速更快
RUN
高出97.8%
25.7%
净利率更高
GMED
高出8.1%
8.9%
两年增速更快
RUN
近两年复合增速
16.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $826.4M | $1.2B |
| 净利润 | $140.6M | $103.6M |
| 毛利率 | 68.4% | — |
| 营业利润率 | 20.5% | 8.4% |
| 净利率 | 17.0% | 8.9% |
| 营收同比 | 25.7% | 123.5% |
| 净利润同比 | 430.4% | 103.7% |
| 每股收益（稀释后） | $1.01 | $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GMEDRUN
| Q4 25 | $826.4M | $1.2B | ||
| Q3 25 | $769.0M | $724.6M | ||
| Q2 25 | $745.3M | $569.3M | ||
| Q1 25 | $598.1M | $504.3M | ||
| Q4 24 | $657.3M | $518.5M | ||
| Q3 24 | $625.7M | $537.2M | ||
| Q2 24 | $629.7M | $523.9M | ||
| Q1 24 | $606.7M | $458.2M |
净利润GMEDRUN
| Q4 25 | $140.6M | $103.6M | ||
| Q3 25 | $119.0M | $16.6M | ||
| Q2 25 | $202.8M | $279.8M | ||
| Q1 25 | $75.5M | $50.0M | ||
| Q4 24 | $26.5M | $-2.8B | ||
| Q3 24 | $51.8M | $-83.8M | ||
| Q2 24 | $31.8M | $139.1M | ||
| Q1 24 | $-7.1M | $-87.8M |
毛利率GMEDRUN
| Q4 25 | 68.4% | — | ||
| Q3 25 | 67.2% | — | ||
| Q2 25 | 66.6% | — | ||
| Q1 25 | 67.3% | — | ||
| Q4 24 | 59.9% | — | ||
| Q3 24 | 56.8% | — | ||
| Q2 24 | 58.7% | — | ||
| Q1 24 | 60.2% | — |
营业利润率GMEDRUN
| Q4 25 | 20.5% | 8.4% | ||
| Q3 25 | 17.9% | 0.5% | ||
| Q2 25 | 10.2% | -19.7% | ||
| Q1 25 | 16.2% | -22.8% | ||
| Q4 24 | 9.2% | -628.0% | ||
| Q3 24 | 7.7% | -23.8% | ||
| Q2 24 | 7.9% | -24.4% | ||
| Q1 24 | 1.3% | -40.0% |
净利率GMEDRUN
| Q4 25 | 17.0% | 8.9% | ||
| Q3 25 | 15.5% | 2.3% | ||
| Q2 25 | 27.2% | 49.1% | ||
| Q1 25 | 12.6% | 9.9% | ||
| Q4 24 | 4.0% | -542.7% | ||
| Q3 24 | 8.3% | -15.6% | ||
| Q2 24 | 5.0% | 26.5% | ||
| Q1 24 | -1.2% | -19.2% |
每股收益（稀释后）GMEDRUN
| Q4 25 | $1.01 | $0.38 | ||
| Q3 25 | $0.88 | $0.06 | ||
| Q2 25 | $1.49 | $1.07 | ||
| Q1 25 | $0.54 | $0.20 | ||
| Q4 24 | $0.19 | $-12.59 | ||
| Q3 24 | $0.38 | $-0.37 | ||
| Q2 24 | $0.23 | $0.55 | ||
| Q1 24 | $-0.05 | $-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 | $557.2M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $4.6B | $3.1B |
| 总资产 | $5.3B | $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GMEDRUN
| Q4 25 | $557.2M | — | ||
| Q3 25 | $18.8M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $890.1M | — | ||
| Q3 24 | $71.9M | — | ||
| Q2 24 | $82.5M | — | ||
| Q1 24 | $80.4M | — |
总债务GMEDRUN
| 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GMEDRUN
| Q4 25 | $4.6B | $3.1B | ||
| Q3 25 | $4.4B | $3.0B | ||
| Q2 25 | $4.3B | $2.9B | ||
| Q1 25 | $4.1B | $2.6B | ||
| Q4 24 | $4.2B | $2.6B | ||
| Q3 24 | $4.1B | $5.3B | ||
| Q2 24 | $4.0B | $5.4B | ||
| Q1 24 | $3.9B | $5.2B |
总资产GMEDRUN
| Q4 25 | $5.3B | $22.6B | ||
| Q3 25 | $5.1B | $22.2B | ||
| Q2 25 | $5.0B | $21.2B | ||
| Q1 25 | $4.7B | $20.4B | ||
| Q4 24 | $5.3B | $19.9B | ||
| Q3 24 | $5.1B | $22.1B | ||
| Q2 24 | $5.0B | $21.4B | ||
| Q1 24 | $4.9B | $20.8B |
负债/权益比GMEDRUN
| 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 | $248.6M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $202.4M | — |
| 自由现金流率自由现金流/营收 | 24.5% | — |
| 资本支出强度资本支出/营收 | 5.6% | — |
| 现金转化率经营现金流/净利润 | 1.77× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $588.8M | — |
8季度趋势，按日历期对齐
经营现金流GMEDRUN
| Q4 25 | $248.6M | $96.9M | ||
| Q3 25 | $249.7M | $-121.5M | ||
| Q2 25 | $77.9M | $-292.7M | ||
| Q1 25 | $177.3M | $-104.2M | ||
| Q4 24 | $210.3M | $-258.4M | ||
| Q3 24 | $203.7M | $-156.2M | ||
| Q2 24 | $54.3M | $-208.5M | ||
| Q1 24 | $52.4M | $-143.1M |
自由现金流GMEDRUN
| Q4 25 | $202.4M | — | ||
| Q3 25 | $213.9M | — | ||
| Q2 25 | $31.3M | — | ||
| Q1 25 | $141.2M | — | ||
| Q4 24 | $193.2M | — | ||
| Q3 24 | $161.7M | $-156.4M | ||
| Q2 24 | $26.5M | — | ||
| Q1 24 | $23.8M | — |
自由现金流率GMEDRUN
| Q4 25 | 24.5% | — | ||
| Q3 25 | 27.8% | — | ||
| Q2 25 | 4.2% | — | ||
| Q1 25 | 23.6% | — | ||
| Q4 24 | 29.4% | — | ||
| Q3 24 | 25.8% | -29.1% | ||
| Q2 24 | 4.2% | — | ||
| Q1 24 | 3.9% | — |
资本支出强度GMEDRUN
| Q4 25 | 5.6% | — | ||
| Q3 25 | 4.7% | — | ||
| Q2 25 | 6.2% | — | ||
| Q1 25 | 6.0% | — | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 6.7% | 0.0% | ||
| Q2 24 | 4.4% | — | ||
| Q1 24 | 4.7% | — |
现金转化率GMEDRUN
| Q4 25 | 1.77× | 0.94× | ||
| Q3 25 | 2.10× | -7.33× | ||
| Q2 25 | 0.38× | -1.05× | ||
| Q1 25 | 2.35× | -2.08× | ||
| Q4 24 | 7.94× | — | ||
| Q3 24 | 3.93× | — | ||
| Q2 24 | 1.71× | -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
GMED
| Other | $391.8M | 47% |
| Nevro Merger Agreement | $293.6M | 36% |
| Enabling Technologies | $141.0M | 17% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
