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佳明（GRMN）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
佳明的季度营收约是Sunrun Inc.的1.5倍（$1.8B vs $1.2B），佳明净利率更高（23.1% vs 8.9%，领先14.2%），Sunrun Inc.同比增速更快（123.5% vs 14.0%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 7.9%）
佳明（Garmin）是总部位于美国堪萨斯州奥拉西的跨国科技企业，专注于设计、研发、生产及销售GPS功能产品，以及导航、通讯、传感类信息产品，业务覆盖汽车、航空、航海、户外、运动健身等多个领域。
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。
GRMN vs RUN — 直观对比
营收规模更大
GRMN
是对方的1.5倍
$1.2B
营收增速更快
RUN
高出109.5%
14.0%
净利率更高
GRMN
高出14.2%
8.9%
两年增速更快
RUN
近两年复合增速
7.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $405.1M | $103.6M |
| 毛利率 | 59.4% | — |
| 营业利润率 | 24.6% | 8.4% |
| 净利率 | 23.1% | 8.9% |
| 营收同比 | 14.0% | 123.5% |
| 净利润同比 | 21.7% | 103.7% |
| 每股收益（稀释后） | $2.09 | $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GRMNRUN
| Q1 26 | $1.8B | — | ||
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $1.8B | $724.6M | ||
| Q2 25 | $1.8B | $569.3M | ||
| Q1 25 | $1.5B | $504.3M | ||
| Q4 24 | $1.8B | $518.5M | ||
| Q3 24 | $1.6B | $537.2M | ||
| Q2 24 | $1.5B | $523.9M |
净利润GRMNRUN
| Q1 26 | $405.1M | — | ||
| Q4 25 | $528.7M | $103.6M | ||
| Q3 25 | $401.6M | $16.6M | ||
| Q2 25 | $400.8M | $279.8M | ||
| Q1 25 | $332.8M | $50.0M | ||
| Q4 24 | $435.7M | $-2.8B | ||
| Q3 24 | $399.1M | $-83.8M | ||
| Q2 24 | $300.6M | $139.1M |
毛利率GRMNRUN
| Q1 26 | 59.4% | — | ||
| Q4 25 | 59.2% | — | ||
| Q3 25 | 59.1% | — | ||
| Q2 25 | 58.8% | — | ||
| Q1 25 | 57.6% | — | ||
| Q4 24 | 59.3% | — | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | 57.3% | — |
营业利润率GRMNRUN
| Q1 26 | 24.6% | — | ||
| Q4 25 | 28.9% | 8.4% | ||
| Q3 25 | 25.8% | 0.5% | ||
| Q2 25 | 26.0% | -19.7% | ||
| Q1 25 | 21.7% | -22.8% | ||
| Q4 24 | 28.3% | -628.0% | ||
| Q3 24 | 27.6% | -23.8% | ||
| Q2 24 | 22.7% | -24.4% |
净利率GRMNRUN
| Q1 26 | 23.1% | — | ||
| Q4 25 | 24.9% | 8.9% | ||
| Q3 25 | 22.7% | 2.3% | ||
| Q2 25 | 22.1% | 49.1% | ||
| Q1 25 | 21.7% | 9.9% | ||
| Q4 24 | 23.9% | -542.7% | ||
| Q3 24 | 25.2% | -15.6% | ||
| Q2 24 | 20.0% | 26.5% |
每股收益（稀释后）GRMNRUN
| Q1 26 | $2.09 | — | ||
| Q4 25 | $2.72 | $0.38 | ||
| Q3 25 | $2.08 | $0.06 | ||
| Q2 25 | $2.07 | $1.07 | ||
| Q1 25 | $1.72 | $0.20 | ||
| Q4 24 | $2.24 | $-12.59 | ||
| Q3 24 | $2.07 | $-0.37 | ||
| Q2 24 | $1.56 | $0.55 |
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 | $2.3B | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | — | $3.1B |
| 总资产 | $11.0B | $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GRMNRUN
| Q1 26 | $2.3B | — | ||
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.0B | — | ||
| Q2 24 | $1.9B | — |
总债务GRMNRUN
| Q1 26 | — | — | ||
| 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 |
股东权益GRMNRUN
| Q1 26 | — | — | ||
| Q4 25 | $9.0B | $3.1B | ||
| Q3 25 | $8.5B | $3.0B | ||
| Q2 25 | $8.1B | $2.9B | ||
| Q1 25 | $8.2B | $2.6B | ||
| Q4 24 | $7.8B | $2.6B | ||
| Q3 24 | $7.5B | $5.3B | ||
| Q2 24 | $7.0B | $5.4B |
总资产GRMNRUN
| Q1 26 | $11.0B | — | ||
| Q4 25 | $11.0B | $22.6B | ||
| Q3 25 | $10.5B | $22.2B | ||
| Q2 25 | $10.3B | $21.2B | ||
| Q1 25 | $9.8B | $20.4B | ||
| Q4 24 | $9.6B | $19.9B | ||
| Q3 24 | $9.3B | $22.1B | ||
| Q2 24 | $8.9B | $21.4B |
负债/权益比GRMNRUN
| Q1 26 | — | — | ||
| 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× |
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 | $536.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $469.4M | — |
| 自由现金流率自由现金流/营收 | 26.8% | — |
| 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 | 1.32× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $1.5B | — |
8季度趋势，按日历期对齐
经营现金流GRMNRUN
| Q1 26 | $536.0M | — | ||
| Q4 25 | $553.8M | $96.9M | ||
| Q3 25 | $485.6M | $-121.5M | ||
| Q2 25 | $173.2M | $-292.7M | ||
| Q1 25 | $420.8M | $-104.2M | ||
| Q4 24 | $483.9M | $-258.4M | ||
| Q3 24 | $258.0M | $-156.2M | ||
| Q2 24 | $255.3M | $-208.5M |
自由现金流GRMNRUN
| Q1 26 | $469.4M | — | ||
| Q4 25 | $429.6M | — | ||
| Q3 25 | $425.1M | — | ||
| Q2 25 | $127.5M | — | ||
| Q1 25 | $380.7M | — | ||
| Q4 24 | $399.2M | — | ||
| Q3 24 | $219.4M | $-156.4M | ||
| Q2 24 | $218.2M | — |
自由现金流率GRMNRUN
| Q1 26 | 26.8% | — | ||
| Q4 25 | 20.2% | — | ||
| Q3 25 | 24.0% | — | ||
| Q2 25 | 7.0% | — | ||
| Q1 25 | 24.8% | — | ||
| Q4 24 | 21.9% | — | ||
| Q3 24 | 13.8% | -29.1% | ||
| Q2 24 | 14.5% | — |
资本支出强度GRMNRUN
| Q1 26 | — | — | ||
| Q4 25 | 5.8% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 4.6% | — | ||
| Q3 24 | 2.4% | 0.0% | ||
| Q2 24 | 2.5% | — |
现金转化率GRMNRUN
| Q1 26 | 1.32× | — | ||
| Q4 25 | 1.05× | 0.94× | ||
| Q3 25 | 1.21× | -7.33× | ||
| Q2 25 | 0.43× | -1.05× | ||
| Q1 25 | 1.26× | -2.08× | ||
| Q4 24 | 1.11× | — | ||
| Q3 24 | 0.65× | — | ||
| Q2 24 | 0.85× | -1.50× |
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
GRMN
暂无分部数据
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
