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GRAPHIC PACKAGING HOLDING CO（GPK）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
GRAPHIC PACKAGING HOLDING CO的季度营收约是Sunrun Inc.的1.8倍（$2.1B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs 3.4%，领先5.5%），Sunrun Inc.同比增速更快（123.5% vs 0.2%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -3.5%）
Graphic Packaging Holding是总部位于美国佐治亚州亚特兰大的世界500强企业，专注于设计和生产商用产品包装解决方案，主营纸板及折叠纸盒业务，产品广泛应用于饮料、包装食品等各类热门消费品领域，在美国多州运营采用回收原料的纸板工厂。
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。
GPK vs RUN — 直观对比
营收规模更大
GPK
是对方的1.8倍
$1.2B
营收增速更快
RUN
高出123.3%
0.2%
净利率更高
RUN
高出5.5%
3.4%
两年增速更快
RUN
近两年复合增速
-3.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $71.0M | $103.6M |
| 毛利率 | 14.1% | — |
| 营业利润率 | 7.4% | 8.4% |
| 净利率 | 3.4% | 8.9% |
| 营收同比 | 0.2% | 123.5% |
| 净利润同比 | -48.6% | 103.7% |
| 每股收益（稀释后） | $0.24 | $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GPKRUN
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.2B | $724.6M | ||
| Q2 25 | $2.2B | $569.3M | ||
| Q1 25 | $2.1B | $504.3M | ||
| Q4 24 | $2.1B | $518.5M | ||
| Q3 24 | $2.2B | $537.2M | ||
| Q2 24 | $2.2B | $523.9M | ||
| Q1 24 | $2.3B | $458.2M |
净利润GPKRUN
| Q4 25 | $71.0M | $103.6M | ||
| Q3 25 | $142.0M | $16.6M | ||
| Q2 25 | $104.0M | $279.8M | ||
| Q1 25 | $127.0M | $50.0M | ||
| Q4 24 | $138.0M | $-2.8B | ||
| Q3 24 | $165.0M | $-83.8M | ||
| Q2 24 | $190.0M | $139.1M | ||
| Q1 24 | $165.0M | $-87.8M |
毛利率GPKRUN
| Q4 25 | 14.1% | — | ||
| Q3 25 | 19.6% | — | ||
| Q2 25 | 18.7% | — | ||
| Q1 25 | 20.6% | — | ||
| Q4 24 | 21.4% | — | ||
| Q3 24 | 22.3% | — | ||
| Q2 24 | 21.2% | — | ||
| Q1 24 | 23.0% | — |
营业利润率GPKRUN
| Q4 25 | 7.4% | 8.4% | ||
| Q3 25 | 10.7% | 0.5% | ||
| Q2 25 | 8.8% | -19.7% | ||
| Q1 25 | 10.5% | -22.8% | ||
| Q4 24 | 11.4% | -628.0% | ||
| Q3 24 | 12.6% | -23.8% | ||
| Q2 24 | 14.5% | -24.4% | ||
| Q1 24 | 12.4% | -40.0% |
净利率GPKRUN
| Q4 25 | 3.4% | 8.9% | ||
| Q3 25 | 6.5% | 2.3% | ||
| Q2 25 | 4.7% | 49.1% | ||
| Q1 25 | 6.0% | 9.9% | ||
| Q4 24 | 6.6% | -542.7% | ||
| Q3 24 | 7.5% | -15.6% | ||
| Q2 24 | 8.5% | 26.5% | ||
| Q1 24 | 7.3% | -19.2% |
每股收益（稀释后）GPKRUN
| Q4 25 | $0.24 | $0.38 | ||
| Q3 25 | $0.48 | $0.06 | ||
| Q2 25 | $0.34 | $1.07 | ||
| Q1 25 | $0.42 | $0.20 | ||
| Q4 24 | $0.46 | $-12.59 | ||
| Q3 24 | $0.55 | $-0.37 | ||
| Q2 24 | $0.62 | $0.55 | ||
| Q1 24 | $0.53 | $-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 | $261.0M | — |
| 总债务越低越好 | $5.0B | $14.7B |
| 股东权益账面价值 | $3.3B | $3.1B |
| 总资产 | $11.8B | $22.6B |
| 负债/权益比越低杠杆越低 | 1.51× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资GPKRUN
| Q4 25 | $261.0M | — | ||
| Q3 25 | $120.0M | — | ||
| Q2 25 | $120.0M | — | ||
| Q1 25 | $129.0M | — | ||
| Q4 24 | $157.0M | — | ||
| Q3 24 | $126.0M | — | ||
| Q2 24 | $125.0M | — | ||
| Q1 24 | $136.0M | — |
总债务GPKRUN
| Q4 25 | $5.0B | $14.7B | ||
| Q3 25 | $5.5B | $14.6B | ||
| Q2 25 | $5.4B | $14.0B | ||
| Q1 25 | $5.7B | $13.6B | ||
| Q4 24 | $5.1B | $12.9B | ||
| Q3 24 | $5.4B | $12.5B | ||
| Q2 24 | $4.9B | $12.0B | ||
| Q1 24 | $4.9B | $11.1B |
股东权益GPKRUN
| Q4 25 | $3.3B | $3.1B | ||
| Q3 25 | $3.3B | $3.0B | ||
| Q2 25 | $3.2B | $2.9B | ||
| Q1 25 | $3.2B | $2.6B | ||
| Q4 24 | $3.0B | $2.6B | ||
| Q3 24 | $3.0B | $5.3B | ||
| Q2 24 | $2.8B | $5.4B | ||
| Q1 24 | $2.9B | $5.2B |
总资产GPKRUN
| Q4 25 | $11.8B | $22.6B | ||
| Q3 25 | $11.9B | $22.2B | ||
| Q2 25 | $11.8B | $21.2B | ||
| Q1 25 | $11.5B | $20.4B | ||
| Q4 24 | $11.1B | $19.9B | ||
| Q3 24 | $11.2B | $22.1B | ||
| Q2 24 | $10.8B | $21.4B | ||
| Q1 24 | $11.3B | $20.8B |
负债/权益比GPKRUN
| Q4 25 | 1.51× | 4.69× | ||
| Q3 25 | 1.67× | 4.90× | ||
| Q2 25 | 1.68× | 4.80× | ||
| Q1 25 | 1.80× | 5.19× | ||
| Q4 24 | 1.71× | 5.05× | ||
| Q3 24 | 1.79× | 2.36× | ||
| Q2 24 | 1.75× | 2.23× | ||
| Q1 24 | 1.73× | 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 | $521.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 7.34× | 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GPKRUN
| Q4 25 | $521.0M | $96.9M | ||
| Q3 25 | $227.0M | $-121.5M | ||
| Q2 25 | $267.0M | $-292.7M | ||
| Q1 25 | $-174.0M | $-104.2M | ||
| Q4 24 | $489.0M | $-258.4M | ||
| Q3 24 | $187.0M | $-156.2M | ||
| Q2 24 | $161.0M | $-208.5M | ||
| Q1 24 | $3.0M | $-143.1M |
自由现金流GPKRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率GPKRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度GPKRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率GPKRUN
| Q4 25 | 7.34× | 0.94× | ||
| Q3 25 | 1.60× | -7.33× | ||
| Q2 25 | 2.57× | -1.05× | ||
| Q1 25 | -1.37× | -2.08× | ||
| Q4 24 | 3.54× | — | ||
| Q3 24 | 1.13× | — | ||
| Q2 24 | 0.85× | -1.50× | ||
| Q1 24 | 0.02× | — |
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
GPK
| Americas Paperboard Packaging | $1.4B | 68% |
| Other | $667.0M | 32% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
