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孩之宝（HAS）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
孩之宝的季度营收约是Sunrun Inc.的1.2倍（$1.4B vs $1.2B），孩之宝净利率更高（13.9% vs 8.9%，领先5.0%），Sunrun Inc.同比增速更快（123.5% vs 31.3%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 38.2%）
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
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。
HAS vs RUN — 直观对比
营收规模更大
HAS
是对方的1.2倍
$1.2B
营收增速更快
RUN
高出92.2%
31.3%
净利率更高
HAS
高出5.0%
8.9%
两年增速更快
RUN
近两年复合增速
38.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.2B |
| 净利润 | $201.6M | $103.6M |
| 毛利率 | 68.7% | — |
| 营业利润率 | 20.6% | 8.4% |
| 净利率 | 13.9% | 8.9% |
| 营收同比 | 31.3% | 123.5% |
| 净利润同比 | 687.8% | 103.7% |
| 每股收益（稀释后） | $1.46 | $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HASRUN
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.4B | $724.6M | ||
| Q2 25 | $980.8M | $569.3M | ||
| Q1 25 | $887.1M | $504.3M | ||
| Q4 24 | $1.1B | $518.5M | ||
| Q3 24 | $1.3B | $537.2M | ||
| Q2 24 | $995.3M | $523.9M | ||
| Q1 24 | $757.3M | $458.2M |
净利润HASRUN
| Q4 25 | $201.6M | $103.6M | ||
| Q3 25 | $233.2M | $16.6M | ||
| Q2 25 | $-855.8M | $279.8M | ||
| Q1 25 | $98.6M | $50.0M | ||
| Q4 24 | $-34.3M | $-2.8B | ||
| Q3 24 | $223.2M | $-83.8M | ||
| Q2 24 | $138.5M | $139.1M | ||
| Q1 24 | $58.2M | $-87.8M |
毛利率HASRUN
| Q4 25 | 68.7% | — | ||
| Q3 25 | 70.1% | — | ||
| Q2 25 | 77.0% | — | ||
| Q1 25 | 76.9% | — | ||
| Q4 24 | 67.4% | — | ||
| Q3 24 | 70.4% | — | ||
| Q2 24 | 76.1% | — | ||
| Q1 24 | 73.0% | — |
营业利润率HASRUN
| Q4 25 | 20.6% | 8.4% | ||
| Q3 25 | 24.6% | 0.5% | ||
| Q2 25 | -81.4% | -19.7% | ||
| Q1 25 | 19.2% | -22.8% | ||
| Q4 24 | 5.4% | -628.0% | ||
| Q3 24 | 23.6% | -23.8% | ||
| Q2 24 | 21.3% | -24.4% | ||
| Q1 24 | 15.3% | -40.0% |
净利率HASRUN
| Q4 25 | 13.9% | 8.9% | ||
| Q3 25 | 16.8% | 2.3% | ||
| Q2 25 | -87.3% | 49.1% | ||
| Q1 25 | 11.1% | 9.9% | ||
| Q4 24 | -3.1% | -542.7% | ||
| Q3 24 | 17.4% | -15.6% | ||
| Q2 24 | 13.9% | 26.5% | ||
| Q1 24 | 7.7% | -19.2% |
每股收益（稀释后）HASRUN
| Q4 25 | $1.46 | $0.38 | ||
| Q3 25 | $1.64 | $0.06 | ||
| Q2 25 | $-6.10 | $1.07 | ||
| Q1 25 | $0.70 | $0.20 | ||
| Q4 24 | $-0.25 | $-12.59 | ||
| Q3 24 | $1.59 | $-0.37 | ||
| Q2 24 | $0.99 | $0.55 | ||
| Q1 24 | $0.42 | $-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 | — | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $565.5M | $3.1B |
| 总资产 | $5.6B | $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
总债务HASRUN
| 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HASRUN
| Q4 25 | $565.5M | $3.1B | ||
| Q3 25 | $433.8M | $3.0B | ||
| Q2 25 | $269.7M | $2.9B | ||
| Q1 25 | $1.2B | $2.6B | ||
| Q4 24 | $1.2B | $2.6B | ||
| Q3 24 | $1.3B | $5.3B | ||
| Q2 24 | $1.2B | $5.4B | ||
| Q1 24 | $1.0B | $5.2B |
总资产HASRUN
| Q4 25 | $5.6B | $22.6B | ||
| Q3 25 | $5.5B | $22.2B | ||
| Q2 25 | $5.2B | $21.2B | ||
| Q1 25 | $6.0B | $20.4B | ||
| Q4 24 | $6.3B | $19.9B | ||
| Q3 24 | $7.2B | $22.1B | ||
| Q2 24 | $6.9B | $21.4B | ||
| Q1 24 | $6.2B | $20.8B |
负债/权益比HASRUN
| 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 | $403.2M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $389.5M | — |
| 自由现金流率自由现金流/营收 | 26.9% | — |
| 资本支出强度资本支出/营收 | 0.9% | — |
| 现金转化率经营现金流/净利润 | 2.00× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $829.9M | — |
8季度趋势，按日历期对齐
经营现金流HASRUN
| Q4 25 | $403.2M | $96.9M | ||
| Q3 25 | $280.6M | $-121.5M | ||
| Q2 25 | $71.3M | $-292.7M | ||
| Q1 25 | $138.1M | $-104.2M | ||
| Q4 24 | $259.8M | $-258.4M | ||
| Q3 24 | $222.5M | $-156.2M | ||
| Q2 24 | $187.3M | $-208.5M | ||
| Q1 24 | $177.8M | $-143.1M |
自由现金流HASRUN
| Q4 25 | $389.5M | — | ||
| Q3 25 | $260.9M | — | ||
| Q2 25 | $55.2M | — | ||
| Q1 25 | $124.3M | — | ||
| Q4 24 | $200.8M | — | ||
| Q3 24 | $174.0M | $-156.4M | ||
| Q2 24 | $135.4M | — | ||
| Q1 24 | $132.0M | — |
自由现金流率HASRUN
| Q4 25 | 26.9% | — | ||
| Q3 25 | 18.8% | — | ||
| Q2 25 | 5.6% | — | ||
| Q1 25 | 14.0% | — | ||
| Q4 24 | 18.2% | — | ||
| Q3 24 | 13.6% | -29.1% | ||
| Q2 24 | 13.6% | — | ||
| Q1 24 | 17.4% | — |
资本支出强度HASRUN
| Q4 25 | 0.9% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.6% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 5.4% | — | ||
| Q3 24 | 3.8% | 0.0% | ||
| Q2 24 | 5.2% | — | ||
| Q1 24 | 6.0% | — |
现金转化率HASRUN
| Q4 25 | 2.00× | 0.94× | ||
| Q3 25 | 1.20× | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | 1.40× | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.00× | — | ||
| Q2 24 | 1.35× | -1.50× | ||
| Q1 24 | 3.05× | — |
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
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
