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爵士制药（JAZZ）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
爵士制药的季度营收约是Sunrun Inc.的1.0倍（$1.2B vs $1.2B），爵士制药净利率更高（17.0% vs 8.9%，领先8.0%），Sunrun Inc.同比增速更快（123.5% vs 10.1%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 15.2%）
爵士制药是一家全球性生物制药企业，核心业务聚焦肿瘤学与神经科学两大领域，2003年在美国加利福尼亚州成立，当前总部坐落于爱尔兰首都都柏林。
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。
JAZZ vs RUN — 直观对比
营收规模更大
JAZZ
是对方的1.0倍
$1.2B
营收增速更快
RUN
高出113.4%
10.1%
净利率更高
JAZZ
高出8.0%
8.9%
两年增速更快
RUN
近两年复合增速
15.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $203.5M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 21.2% | 8.4% |
| 净利率 | 17.0% | 8.9% |
| 营收同比 | 10.1% | 123.5% |
| 净利润同比 | 6.5% | 103.7% |
| 每股收益（稀释后） | $3.34 | $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JAZZRUN
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.1B | $724.6M | ||
| Q2 25 | $1.0B | $569.3M | ||
| Q1 25 | $897.8M | $504.3M | ||
| Q4 24 | $1.1B | $518.5M | ||
| Q3 24 | $1.1B | $537.2M | ||
| Q2 24 | $1.0B | $523.9M | ||
| Q1 24 | $902.0M | $458.2M |
净利润JAZZRUN
| Q4 25 | $203.5M | $103.6M | ||
| Q3 25 | $251.4M | $16.6M | ||
| Q2 25 | $-718.5M | $279.8M | ||
| Q1 25 | $-92.5M | $50.0M | ||
| Q4 24 | $191.1M | $-2.8B | ||
| Q3 24 | $215.1M | $-83.8M | ||
| Q2 24 | $168.6M | $139.1M | ||
| Q1 24 | $-14.6M | $-87.8M |
营业利润率JAZZRUN
| Q4 25 | 21.2% | 8.4% | ||
| Q3 25 | 5.1% | 0.5% | ||
| Q2 25 | -65.6% | -19.7% | ||
| Q1 25 | -6.2% | -22.8% | ||
| Q4 24 | 17.5% | -628.0% | ||
| Q3 24 | 24.7% | -23.8% | ||
| Q2 24 | 19.5% | -24.4% | ||
| Q1 24 | 7.3% | -40.0% |
净利率JAZZRUN
| Q4 25 | 17.0% | 8.9% | ||
| Q3 25 | 22.3% | 2.3% | ||
| Q2 25 | -68.7% | 49.1% | ||
| Q1 25 | -10.3% | 9.9% | ||
| Q4 24 | 17.6% | -542.7% | ||
| Q3 24 | 20.4% | -15.6% | ||
| Q2 24 | 16.5% | 26.5% | ||
| Q1 24 | -1.6% | -19.2% |
每股收益（稀释后）JAZZRUN
| Q4 25 | $3.34 | $0.38 | ||
| Q3 25 | $4.08 | $0.06 | ||
| Q2 25 | $-11.74 | $1.07 | ||
| Q1 25 | $-1.52 | $0.20 | ||
| Q4 24 | $2.97 | $-12.59 | ||
| Q3 24 | $3.42 | $-0.37 | ||
| Q2 24 | $2.49 | $0.55 | ||
| Q1 24 | $-0.23 | $-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 | $1.4B | — |
| 总债务越低越好 | $5.4B | $14.7B |
| 股东权益账面价值 | $4.3B | $3.1B |
| 总资产 | $11.7B | $22.6B |
| 负债/权益比越低杠杆越低 | 1.24× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资JAZZRUN
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.2B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
总债务JAZZRUN
| Q4 25 | $5.4B | $14.7B | ||
| Q3 25 | $5.4B | $14.6B | ||
| Q2 25 | $5.4B | $14.0B | ||
| Q1 25 | $5.4B | $13.6B | ||
| Q4 24 | $6.1B | $12.9B | ||
| Q3 24 | $6.1B | $12.5B | ||
| Q2 24 | $5.7B | $12.0B | ||
| Q1 24 | $5.7B | $11.1B |
股东权益JAZZRUN
| Q4 25 | $4.3B | $3.1B | ||
| Q3 25 | $4.0B | $3.0B | ||
| Q2 25 | $3.7B | $2.9B | ||
| Q1 25 | $4.2B | $2.6B | ||
| Q4 24 | $4.1B | $2.6B | ||
| Q3 24 | $4.2B | $5.3B | ||
| Q2 24 | $3.8B | $5.4B | ||
| Q1 24 | $3.7B | $5.2B |
总资产JAZZRUN
| Q4 25 | $11.7B | $22.6B | ||
| Q3 25 | $11.4B | $22.2B | ||
| Q2 25 | $10.9B | $21.2B | ||
| Q1 25 | $11.5B | $20.4B | ||
| Q4 24 | $12.0B | $19.9B | ||
| Q3 24 | $12.3B | $22.1B | ||
| Q2 24 | $11.4B | $21.4B | ||
| Q1 24 | $11.3B | $20.8B |
负债/权益比JAZZRUN
| Q4 25 | 1.24× | 4.69× | ||
| Q3 25 | 1.35× | 4.90× | ||
| Q2 25 | 1.45× | 4.80× | ||
| Q1 25 | 1.29× | 5.19× | ||
| Q4 24 | 1.49× | 5.05× | ||
| Q3 24 | 1.47× | 2.36× | ||
| Q2 24 | 1.52× | 2.23× | ||
| Q1 24 | 1.54× | 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 | $362.5M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $345.8M | — |
| 自由现金流率自由现金流/营收 | 28.9% | — |
| 资本支出强度资本支出/营收 | 1.4% | — |
| 现金转化率经营现金流/净利润 | 1.78× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $1.3B | — |
8季度趋势，按日历期对齐
经营现金流JAZZRUN
| Q4 25 | $362.5M | $96.9M | ||
| Q3 25 | $474.6M | $-121.5M | ||
| Q2 25 | $88.9M | $-292.7M | ||
| Q1 25 | $429.8M | $-104.2M | ||
| Q4 24 | $398.6M | $-258.4M | ||
| Q3 24 | $398.7M | $-156.2M | ||
| Q2 24 | $331.4M | $-208.5M | ||
| Q1 24 | $267.2M | $-143.1M |
自由现金流JAZZRUN
| Q4 25 | $345.8M | — | ||
| Q3 25 | $459.4M | — | ||
| Q2 25 | $75.9M | — | ||
| Q1 25 | $415.9M | — | ||
| Q4 24 | $385.3M | — | ||
| Q3 24 | $388.0M | $-156.4M | ||
| Q2 24 | $324.3M | — | ||
| Q1 24 | $260.3M | — |
自由现金流率JAZZRUN
| Q4 25 | 28.9% | — | ||
| Q3 25 | 40.8% | — | ||
| Q2 25 | 7.3% | — | ||
| Q1 25 | 46.3% | — | ||
| Q4 24 | 35.4% | — | ||
| Q3 24 | 36.8% | -29.1% | ||
| Q2 24 | 31.7% | — | ||
| Q1 24 | 28.9% | — |
资本支出强度JAZZRUN
| Q4 25 | 1.4% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 1.2% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 1.2% | — | ||
| Q3 24 | 1.0% | 0.0% | ||
| Q2 24 | 0.7% | — | ||
| Q1 24 | 0.8% | — |
现金转化率JAZZRUN
| Q4 25 | 1.78× | 0.94× | ||
| Q3 25 | 1.89× | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | 2.09× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.97× | -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
JAZZ
| Xywav | $465.5M | 39% |
| Total Oncology | $337.8M | 28% |
| Rylaze Enrylaze | $108.2M | 9% |
| Zepzelca | $90.4M | 8% |
| Product And Services Royalties And Contract Revenue | $65.5M | 5% |
| High Sodium AG Oxybate Product Royalty Revenue | $55.7M | 5% |
| Xyrem | $37.8M | 3% |
| Vyxeos | $34.7M | 3% |
| Ziihera | $8.5M | 1% |
| Other Products | $2.8M | 0% |
| Sativex | $1.5M | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
