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是德科技（KEYS）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
是德科技的季度营收约是Sunrun Inc.的1.2倍（$1.4B vs $1.2B），是德科技净利率更高（16.4% vs 8.9%，领先7.5%），Sunrun Inc.同比增速更快（123.5% vs 10.3%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 6.2%）
是德科技是一家美国企业，主营电子测试测量设备与软件的研发、生产业务。公司由安捷伦科技拆分而来，核心产品线继承自惠普测试测量部门上世纪60年代末至千禧年间开发的相关产品，后独立为现有品牌。
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。
KEYS vs RUN — 直观对比
营收规模更大
KEYS
是对方的1.2倍
$1.2B
营收增速更快
RUN
高出113.2%
10.3%
净利率更高
KEYS
高出7.5%
8.9%
两年增速更快
RUN
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.2B |
| 净利润 | $233.0M | $103.6M |
| 毛利率 | 61.2% | — |
| 营业利润率 | 15.3% | 8.4% |
| 净利率 | 16.4% | 8.9% |
| 营收同比 | 10.3% | 123.5% |
| 净利润同比 | 419.2% | 103.7% |
| 每股收益（稀释后） | $1.35 | $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KEYSRUN
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.4B | $724.6M | ||
| Q2 25 | $1.3B | $569.3M | ||
| Q1 25 | $1.3B | $504.3M | ||
| Q4 24 | $1.3B | $518.5M | ||
| Q3 24 | $1.2B | $537.2M | ||
| Q2 24 | $1.2B | $523.9M | ||
| Q1 24 | $1.3B | $458.2M |
净利润KEYSRUN
| Q4 25 | $233.0M | $103.6M | ||
| Q3 25 | $191.0M | $16.6M | ||
| Q2 25 | $257.0M | $279.8M | ||
| Q1 25 | $169.0M | $50.0M | ||
| Q4 24 | $-73.0M | $-2.8B | ||
| Q3 24 | $389.0M | $-83.8M | ||
| Q2 24 | $126.0M | $139.1M | ||
| Q1 24 | $172.0M | $-87.8M |
毛利率KEYSRUN
| Q4 25 | 61.2% | — | ||
| Q3 25 | 61.7% | — | ||
| Q2 25 | 62.3% | — | ||
| Q1 25 | 63.2% | — | ||
| Q4 24 | 62.3% | — | ||
| Q3 24 | 62.0% | — | ||
| Q2 24 | 62.7% | — | ||
| Q1 24 | 64.6% | — |
营业利润率KEYSRUN
| Q4 25 | 15.3% | 8.4% | ||
| Q3 25 | 17.3% | 0.5% | ||
| Q2 25 | 15.8% | -19.7% | ||
| Q1 25 | 16.8% | -22.8% | ||
| Q4 24 | 17.9% | -628.0% | ||
| Q3 24 | 16.8% | -23.8% | ||
| Q2 24 | 14.6% | -24.4% | ||
| Q1 24 | 17.6% | -40.0% |
净利率KEYSRUN
| Q4 25 | 16.4% | 8.9% | ||
| Q3 25 | 14.1% | 2.3% | ||
| Q2 25 | 19.7% | 49.1% | ||
| Q1 25 | 13.0% | 9.9% | ||
| Q4 24 | -5.7% | -542.7% | ||
| Q3 24 | 32.0% | -15.6% | ||
| Q2 24 | 10.4% | 26.5% | ||
| Q1 24 | 13.7% | -19.2% |
每股收益（稀释后）KEYSRUN
| Q4 25 | $1.35 | $0.38 | ||
| Q3 25 | $1.10 | $0.06 | ||
| Q2 25 | $1.49 | $1.07 | ||
| Q1 25 | $0.97 | $0.20 | ||
| Q4 24 | $-0.41 | $-12.59 | ||
| Q3 24 | $2.22 | $-0.37 | ||
| Q2 24 | $0.72 | $0.55 | ||
| Q1 24 | $0.98 | $-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 | $1.9B | — |
| 总债务越低越好 | $2.5B | $14.7B |
| 股东权益账面价值 | $5.9B | $3.1B |
| 总资产 | $11.3B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.43× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资KEYSRUN
| Q4 25 | $1.9B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.7B | — |
总债务KEYSRUN
| Q4 25 | $2.5B | $14.7B | ||
| Q3 25 | $2.5B | $14.6B | ||
| Q2 25 | $2.5B | $14.0B | ||
| Q1 25 | $1.8B | $13.6B | ||
| Q4 24 | $1.8B | $12.9B | ||
| Q3 24 | $1.8B | $12.5B | ||
| Q2 24 | $1.8B | $12.0B | ||
| Q1 24 | $1.8B | $11.1B |
股东权益KEYSRUN
| Q4 25 | $5.9B | $3.1B | ||
| Q3 25 | $5.7B | $3.0B | ||
| Q2 25 | $5.5B | $2.9B | ||
| Q1 25 | $5.2B | $2.6B | ||
| Q4 24 | $5.1B | $2.6B | ||
| Q3 24 | $5.2B | $5.3B | ||
| Q2 24 | $4.9B | $5.4B | ||
| Q1 24 | $4.8B | $5.2B |
总资产KEYSRUN
| Q4 25 | $11.3B | $22.6B | ||
| Q3 25 | $10.7B | $22.2B | ||
| Q2 25 | $10.5B | $21.2B | ||
| Q1 25 | $9.4B | $20.4B | ||
| Q4 24 | $9.3B | $19.9B | ||
| Q3 24 | $9.3B | $22.1B | ||
| Q2 24 | $9.0B | $21.4B | ||
| Q1 24 | $9.1B | $20.8B |
负债/权益比KEYSRUN
| Q4 25 | 0.43× | 4.69× | ||
| Q3 25 | 0.45× | 4.90× | ||
| Q2 25 | 0.46× | 4.80× | ||
| Q1 25 | 0.35× | 5.19× | ||
| Q4 24 | 0.35× | 5.05× | ||
| Q3 24 | 0.34× | 2.36× | ||
| Q2 24 | 0.37× | 2.23× | ||
| Q1 24 | 0.38× | 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 | $225.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $187.0M | — |
| 自由现金流率自由现金流/营收 | 13.2% | — |
| 资本支出强度资本支出/营收 | 2.7% | — |
| 现金转化率经营现金流/净利润 | 0.97× | 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KEYSRUN
| Q4 25 | $225.0M | $96.9M | ||
| Q3 25 | $322.0M | $-121.5M | ||
| Q2 25 | $484.0M | $-292.7M | ||
| Q1 25 | $378.0M | $-104.2M | ||
| Q4 24 | $359.0M | $-258.4M | ||
| Q3 24 | $255.0M | $-156.2M | ||
| Q2 24 | $110.0M | $-208.5M | ||
| Q1 24 | $328.0M | $-143.1M |
自由现金流KEYSRUN
| Q4 25 | $187.0M | — | ||
| Q3 25 | $291.0M | — | ||
| Q2 25 | $457.0M | — | ||
| Q1 25 | $346.0M | — | ||
| Q4 24 | $321.0M | — | ||
| Q3 24 | $222.0M | $-156.4M | ||
| Q2 24 | $74.0M | — | ||
| Q1 24 | $281.0M | — |
自由现金流率KEYSRUN
| Q4 25 | 13.2% | — | ||
| Q3 25 | 21.5% | — | ||
| Q2 25 | 35.0% | — | ||
| Q1 25 | 26.7% | — | ||
| Q4 24 | 24.9% | — | ||
| Q3 24 | 18.2% | -29.1% | ||
| Q2 24 | 6.1% | — | ||
| Q1 24 | 22.3% | — |
资本支出强度KEYSRUN
| Q4 25 | 2.7% | — | ||
| Q3 25 | 2.3% | — | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 2.5% | — | ||
| Q4 24 | 3.0% | — | ||
| Q3 24 | 2.7% | 0.0% | ||
| Q2 24 | 3.0% | — | ||
| Q1 24 | 3.7% | — |
现金转化率KEYSRUN
| Q4 25 | 0.97× | 0.94× | ||
| Q3 25 | 1.69× | -7.33× | ||
| Q2 25 | 1.88× | -1.05× | ||
| Q1 25 | 2.24× | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.66× | — | ||
| Q2 24 | 0.87× | -1.50× | ||
| Q1 24 | 1.91× | — |
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
KEYS
| Transferred At Point In Time | $790.0M | 56% |
| Electronicindustrial | $429.0M | 30% |
| Transferred Over Time | $200.0M | 14% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
