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礼恩派（LEG）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.的季度营收约是礼恩派的1.2倍（$1.2B vs $938.6M），Sunrun Inc.净利率更高（8.9% vs 2.7%，领先6.3%），Sunrun Inc.同比增速更快（123.5% vs -11.2%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -7.5%）
礼恩派（Leggett & Platt）总部位于美国密苏里州迦太基，是一家多元化制造企业，成立于1883年。公司专注于设计生产各类工程组件及产品，广泛应用于家居与汽车领域。目前旗下设有15个业务单元，在全球18个国家拥有135座生产工厂，员工总数达2万名。
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。
LEG vs RUN — 直观对比
营收规模更大
RUN
是对方的1.2倍
$938.6M
营收增速更快
RUN
高出134.7%
-11.2%
净利率更高
RUN
高出6.3%
2.7%
两年增速更快
RUN
近两年复合增速
-7.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $938.6M | $1.2B |
| 净利润 | $25.1M | $103.6M |
| 毛利率 | 17.9% | — |
| 营业利润率 | 2.0% | 8.4% |
| 净利率 | 2.7% | 8.9% |
| 营收同比 | -11.2% | 123.5% |
| 净利润同比 | 76.8% | 103.7% |
| 每股收益（稀释后） | $0.18 | $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LEGRUN
| Q4 25 | $938.6M | $1.2B | ||
| Q3 25 | $1.0B | $724.6M | ||
| Q2 25 | $1.1B | $569.3M | ||
| Q1 25 | $1.0B | $504.3M | ||
| Q4 24 | $1.1B | $518.5M | ||
| Q3 24 | $1.1B | $537.2M | ||
| Q2 24 | $1.1B | $523.9M | ||
| Q1 24 | $1.1B | $458.2M |
净利润LEGRUN
| Q4 25 | $25.1M | $103.6M | ||
| Q3 25 | $127.1M | $16.6M | ||
| Q2 25 | $52.5M | $279.8M | ||
| Q1 25 | $30.6M | $50.0M | ||
| Q4 24 | $14.2M | $-2.8B | ||
| Q3 24 | $44.9M | $-83.8M | ||
| Q2 24 | $-602.2M | $139.1M | ||
| Q1 24 | $31.6M | $-87.8M |
毛利率LEGRUN
| Q4 25 | 17.9% | — | ||
| Q3 25 | 18.7% | — | ||
| Q2 25 | 18.2% | — | ||
| Q1 25 | 18.6% | — | ||
| Q4 24 | 16.6% | — | ||
| Q3 24 | 18.2% | — | ||
| Q2 24 | 16.5% | — | ||
| Q1 24 | 17.0% | — |
营业利润率LEGRUN
| Q4 25 | 2.0% | 8.4% | ||
| Q3 25 | 14.9% | 0.5% | ||
| Q2 25 | 6.8% | -19.7% | ||
| Q1 25 | 4.4% | -22.8% | ||
| Q4 24 | 2.4% | -628.0% | ||
| Q3 24 | 5.2% | -23.8% | ||
| Q2 24 | -56.2% | -24.4% | ||
| Q1 24 | 3.9% | -40.0% |
净利率LEGRUN
| Q4 25 | 2.7% | 8.9% | ||
| Q3 25 | 12.3% | 2.3% | ||
| Q2 25 | 5.0% | 49.1% | ||
| Q1 25 | 3.0% | 9.9% | ||
| Q4 24 | 1.3% | -542.7% | ||
| Q3 24 | 4.1% | -15.6% | ||
| Q2 24 | -53.4% | 26.5% | ||
| Q1 24 | 2.9% | -19.2% |
每股收益（稀释后）LEGRUN
| Q4 25 | $0.18 | $0.38 | ||
| Q3 25 | $0.91 | $0.06 | ||
| Q2 25 | $0.38 | $1.07 | ||
| Q1 25 | $0.22 | $0.20 | ||
| Q4 24 | $0.10 | $-12.59 | ||
| Q3 24 | $0.33 | $-0.37 | ||
| Q2 24 | $-4.39 | $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 | $587.4M | — |
| 总债务越低越好 | $1.5B | $14.7B |
| 股东权益账面价值 | $1.0B | $3.1B |
| 总资产 | $3.5B | $22.6B |
| 负债/权益比越低杠杆越低 | 1.46× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资LEGRUN
| Q4 25 | $587.4M | — | ||
| Q3 25 | $460.7M | — | ||
| Q2 25 | $368.8M | — | ||
| Q1 25 | $412.6M | — | ||
| Q4 24 | $350.2M | — | ||
| Q3 24 | $277.2M | — | ||
| Q2 24 | $307.0M | — | ||
| Q1 24 | $361.3M | — |
总债务LEGRUN
| Q4 25 | $1.5B | $14.7B | ||
| Q3 25 | $1.5B | $14.6B | ||
| Q2 25 | $1.8B | $14.0B | ||
| Q1 25 | $1.9B | $13.6B | ||
| Q4 24 | $1.9B | $12.9B | ||
| Q3 24 | $1.6B | $12.5B | ||
| Q2 24 | $1.7B | $12.0B | ||
| Q1 24 | $1.8B | $11.1B |
股东权益LEGRUN
| Q4 25 | $1.0B | $3.1B | ||
| Q3 25 | $971.8M | $3.0B | ||
| Q2 25 | $855.0M | $2.9B | ||
| Q1 25 | $746.8M | $2.6B | ||
| Q4 24 | $689.4M | $2.6B | ||
| Q3 24 | $741.0M | $5.3B | ||
| Q2 24 | $667.6M | $5.4B | ||
| Q1 24 | $1.3B | $5.2B |
总资产LEGRUN
| Q4 25 | $3.5B | $22.6B | ||
| Q3 25 | $3.5B | $22.2B | ||
| Q2 25 | $3.7B | $21.2B | ||
| Q1 25 | $3.7B | $20.4B | ||
| Q4 24 | $3.7B | $19.9B | ||
| Q3 24 | $3.8B | $22.1B | ||
| Q2 24 | $3.8B | $21.4B | ||
| Q1 24 | $4.6B | $20.8B |
负债/权益比LEGRUN
| Q4 25 | 1.46× | 4.69× | ||
| Q3 25 | 1.54× | 4.90× | ||
| Q2 25 | 2.10× | 4.80× | ||
| Q1 25 | 2.59× | 5.19× | ||
| Q4 24 | 2.70× | 5.05× | ||
| Q3 24 | 2.13× | 2.36× | ||
| Q2 24 | 2.55× | 2.23× | ||
| Q1 24 | 1.38× | 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 | $121.5M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $101.9M | — |
| 自由现金流率自由现金流/营收 | 10.9% | — |
| 资本支出强度资本支出/营收 | 2.1% | — |
| 现金转化率经营现金流/净利润 | 4.84× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $281.0M | — |
8季度趋势，按日历期对齐
经营现金流LEGRUN
| Q4 25 | $121.5M | $96.9M | ||
| Q3 25 | $125.9M | $-121.5M | ||
| Q2 25 | $84.0M | $-292.7M | ||
| Q1 25 | $6.8M | $-104.2M | ||
| Q4 24 | $122.3M | $-258.4M | ||
| Q3 24 | $95.5M | $-156.2M | ||
| Q2 24 | $94.0M | $-208.5M | ||
| Q1 24 | $-6.1M | $-143.1M |
自由现金流LEGRUN
| Q4 25 | $101.9M | — | ||
| Q3 25 | $110.1M | — | ||
| Q2 25 | $75.5M | — | ||
| Q1 25 | $-6.5M | — | ||
| Q4 24 | $100.5M | — | ||
| Q3 24 | $77.1M | $-156.4M | ||
| Q2 24 | $78.5M | — | ||
| Q1 24 | $-32.0M | — |
自由现金流率LEGRUN
| Q4 25 | 10.9% | — | ||
| Q3 25 | 10.6% | — | ||
| Q2 25 | 7.1% | — | ||
| Q1 25 | -0.6% | — | ||
| Q4 24 | 9.5% | — | ||
| Q3 24 | 7.0% | -29.1% | ||
| Q2 24 | 7.0% | — | ||
| Q1 24 | -2.9% | — |
资本支出强度LEGRUN
| Q4 25 | 2.1% | — | ||
| Q3 25 | 1.5% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 1.3% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 1.7% | 0.0% | ||
| Q2 24 | 1.4% | — | ||
| Q1 24 | 2.4% | — |
现金转化率LEGRUN
| Q4 25 | 4.84× | 0.94× | ||
| Q3 25 | 0.99× | -7.33× | ||
| Q2 25 | 1.60× | -1.05× | ||
| Q1 25 | 0.22× | -2.08× | ||
| Q4 24 | 8.61× | — | ||
| Q3 24 | 2.13× | — | ||
| Q2 24 | — | -1.50× | ||
| Q1 24 | -0.19× | — |
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
LEG
| Bedding Products | $373.8M | 40% |
| Flooring And Textile Products Group | $196.9M | 21% |
| Automotive Group | $194.9M | 21% |
| Work Furniture Group | $66.2M | 7% |
| Home Furniture Group | $61.0M | 6% |
| Hydraulic Cylinders | $45.8M | 5% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
