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LAMAR ADVERTISING CO（LAMR）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
Sunrun Inc.的季度营收约是LAMAR ADVERTISING CO的1.9倍（$1.2B vs $595.9M），LAMAR ADVERTISING CO净利率更高（25.6% vs 8.9%，领先16.6%），Sunrun Inc.同比增速更快（123.5% vs 2.8%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 9.4%）
拉马尔广告是一家知名户外广告服务商，1902年由查尔斯·W·拉马尔与J.M.科伊创立，总部位于美国路易斯安那州巴吞鲁日。公司业务覆盖美国与加拿大，在两地设有超200个运营网点，旗下在美国境内拥有超过36.3万个广告展示位，涵盖广告牌、标识标牌、公共交通展示载体等品类，2014年转型为房地产投资信托。
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。
LAMR vs RUN — 直观对比
营收规模更大
RUN
是对方的1.9倍
$595.9M
营收增速更快
RUN
高出120.7%
2.8%
净利率更高
LAMR
高出16.6%
8.9%
两年增速更快
RUN
近两年复合增速
9.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $595.9M | $1.2B |
| 净利润 | $152.3M | $103.6M |
| 毛利率 | 67.7% | — |
| 营业利润率 | 32.9% | 8.4% |
| 净利率 | 25.6% | 8.9% |
| 营收同比 | 2.8% | 123.5% |
| 净利润同比 | 12801.3% | 103.7% |
| 每股收益（稀释后） | $1.50 | $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LAMRRUN
| Q4 25 | $595.9M | $1.2B | ||
| Q3 25 | $585.5M | $724.6M | ||
| Q2 25 | $579.3M | $569.3M | ||
| Q1 25 | $505.4M | $504.3M | ||
| Q4 24 | $579.6M | $518.5M | ||
| Q3 24 | $564.1M | $537.2M | ||
| Q2 24 | $565.3M | $523.9M | ||
| Q1 24 | $498.1M | $458.2M |
净利润LAMRRUN
| Q4 25 | $152.3M | $103.6M | ||
| Q3 25 | $141.8M | $16.6M | ||
| Q2 25 | $154.4M | $279.8M | ||
| Q1 25 | $138.8M | $50.0M | ||
| Q4 24 | $-1.2M | $-2.8B | ||
| Q3 24 | $147.5M | $-83.8M | ||
| Q2 24 | $137.4M | $139.1M | ||
| Q1 24 | $78.2M | $-87.8M |
毛利率LAMRRUN
| Q4 25 | 67.7% | — | ||
| Q3 25 | 67.9% | — | ||
| Q2 25 | 67.8% | — | ||
| Q1 25 | 64.4% | — | ||
| Q4 24 | 67.8% | — | ||
| Q3 24 | 67.6% | — | ||
| Q2 24 | 67.6% | — | ||
| Q1 24 | 64.7% | — |
营业利润率LAMRRUN
| Q4 25 | 32.9% | 8.4% | ||
| Q3 25 | 32.3% | 0.5% | ||
| Q2 25 | 34.1% | -19.7% | ||
| Q1 25 | 37.8% | -22.8% | ||
| Q4 24 | 6.3% | -628.0% | ||
| Q3 24 | 33.1% | -23.8% | ||
| Q2 24 | 32.6% | -24.4% | ||
| Q1 24 | 25.0% | -40.0% |
净利率LAMRRUN
| Q4 25 | 25.6% | 8.9% | ||
| Q3 25 | 24.2% | 2.3% | ||
| Q2 25 | 26.6% | 49.1% | ||
| Q1 25 | 27.5% | 9.9% | ||
| Q4 24 | -0.2% | -542.7% | ||
| Q3 24 | 26.1% | -15.6% | ||
| Q2 24 | 24.3% | 26.5% | ||
| Q1 24 | 15.7% | -19.2% |
每股收益（稀释后）LAMRRUN
| Q4 25 | $1.50 | $0.38 | ||
| Q3 25 | $1.40 | $0.06 | ||
| Q2 25 | $1.52 | $1.07 | ||
| Q1 25 | $1.35 | $0.20 | ||
| Q4 24 | $-0.02 | $-12.59 | ||
| Q3 24 | $1.44 | $-0.37 | ||
| Q2 24 | $1.34 | $0.55 | ||
| Q1 24 | $0.76 | $-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 | $64.8M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $1.0B | $3.1B |
| 总资产 | $6.9B | $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LAMRRUN
| Q4 25 | $64.8M | — | ||
| Q3 25 | $22.0M | — | ||
| Q2 25 | $55.7M | — | ||
| Q1 25 | $36.1M | — | ||
| Q4 24 | $49.5M | — | ||
| Q3 24 | $29.5M | — | ||
| Q2 24 | $77.9M | — | ||
| Q1 24 | $36.4M | — |
总债务LAMRRUN
| 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LAMRRUN
| Q4 25 | $1.0B | $3.1B | ||
| Q3 25 | $1.0B | $3.0B | ||
| Q2 25 | $906.9M | $2.9B | ||
| Q1 25 | $1.0B | $2.6B | ||
| Q4 24 | $1.0B | $2.6B | ||
| Q3 24 | $1.2B | $5.3B | ||
| Q2 24 | $1.2B | $5.4B | ||
| Q1 24 | $1.2B | $5.2B |
总资产LAMRRUN
| Q4 25 | $6.9B | $22.6B | ||
| Q3 25 | $6.8B | $22.2B | ||
| Q2 25 | $6.7B | $21.2B | ||
| Q1 25 | $6.5B | $20.4B | ||
| Q4 24 | $6.6B | $19.9B | ||
| Q3 24 | $6.5B | $22.1B | ||
| Q2 24 | $6.6B | $21.4B | ||
| Q1 24 | $6.5B | $20.8B |
负债/权益比LAMRRUN
| 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 | $271.2M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $208.3M | — |
| 自由现金流率自由现金流/营收 | 35.0% | — |
| 资本支出强度资本支出/营收 | 10.5% | — |
| 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 | $683.2M | — |
8季度趋势，按日历期对齐
经营现金流LAMRRUN
| Q4 25 | $271.2M | $96.9M | ||
| Q3 25 | $235.7M | $-121.5M | ||
| Q2 25 | $229.5M | $-292.7M | ||
| Q1 25 | $127.7M | $-104.2M | ||
| Q4 24 | $279.3M | $-258.4M | ||
| Q3 24 | $227.4M | $-156.2M | ||
| Q2 24 | $256.3M | $-208.5M | ||
| Q1 24 | $110.6M | $-143.1M |
自由现金流LAMRRUN
| Q4 25 | $208.3M | — | ||
| Q3 25 | $185.8M | — | ||
| Q2 25 | $191.3M | — | ||
| Q1 25 | $97.9M | — | ||
| Q4 24 | $236.3M | — | ||
| Q3 24 | $197.3M | $-156.4M | ||
| Q2 24 | $233.7M | — | ||
| Q1 24 | $81.1M | — |
自由现金流率LAMRRUN
| Q4 25 | 35.0% | — | ||
| Q3 25 | 31.7% | — | ||
| Q2 25 | 33.0% | — | ||
| Q1 25 | 19.4% | — | ||
| Q4 24 | 40.8% | — | ||
| Q3 24 | 35.0% | -29.1% | ||
| Q2 24 | 41.3% | — | ||
| Q1 24 | 16.3% | — |
资本支出强度LAMRRUN
| Q4 25 | 10.5% | — | ||
| Q3 25 | 8.5% | — | ||
| Q2 25 | 6.6% | — | ||
| Q1 25 | 5.9% | — | ||
| Q4 24 | 7.4% | — | ||
| Q3 24 | 5.3% | 0.0% | ||
| Q2 24 | 4.0% | — | ||
| Q1 24 | 5.9% | — |
现金转化率LAMRRUN
| Q4 25 | 1.78× | 0.94× | ||
| Q3 25 | 1.66× | -7.33× | ||
| Q2 25 | 1.49× | -1.05× | ||
| Q1 25 | 0.92× | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.54× | — | ||
| Q2 24 | 1.87× | -1.50× | ||
| Q1 24 | 1.41× | — |
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
LAMR
| Reportable Segment Aggregation Before Other Operating Segment | $531.9M | 89% |
| Transit Advertising | $42.0M | 7% |
| Logo Advertising | $22.1M | 4% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
