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李维斯（LEVI）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
李维斯的季度营收约是Sunrun Inc.的1.5倍（$1.8B vs $1.2B），李维斯净利率更高（8.9% vs 8.9%，领先0.0%），Sunrun Inc.同比增速更快（123.5% vs -4.0%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 6.5%）
李维斯（Levi Strauss & Co.）是全球知名的美国服饰企业，凭借旗下Levi's品牌丹宁牛仔裤享誉全球。公司创立于1853年5月，由德裔犹太移民李维·斯特劳斯在旧金山成立，注册地为特拉华州，总部设在旧金山李维斯广场。
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。
LEVI vs RUN — 直观对比
营收规模更大
LEVI
是对方的1.5倍
$1.2B
营收增速更快
RUN
高出127.5%
-4.0%
净利率更高
LEVI
高出0.0%
8.9%
两年增速更快
RUN
近两年复合增速
6.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $158.0M | $103.6M |
| 毛利率 | 60.8% | — |
| 营业利润率 | 11.9% | 8.4% |
| 净利率 | 8.9% | 8.9% |
| 营收同比 | -4.0% | 123.5% |
| 净利润同比 | -13.4% | 103.7% |
| 每股收益（稀释后） | $0.39 | $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LEVIRUN
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.5B | $724.6M | ||
| Q2 25 | $1.4B | $569.3M | ||
| Q1 25 | $1.5B | $504.3M | ||
| Q4 24 | $1.8B | $518.5M | ||
| Q3 24 | $1.5B | $537.2M | ||
| Q2 24 | $1.4B | $523.9M | ||
| Q1 24 | $1.6B | $458.2M |
净利润LEVIRUN
| Q4 25 | $158.0M | $103.6M | ||
| Q3 25 | $218.1M | $16.6M | ||
| Q2 25 | $67.0M | $279.8M | ||
| Q1 25 | $135.0M | $50.0M | ||
| Q4 24 | $182.5M | $-2.8B | ||
| Q3 24 | $20.7M | $-83.8M | ||
| Q2 24 | $18.0M | $139.1M | ||
| Q1 24 | $-10.6M | $-87.8M |
毛利率LEVIRUN
| Q4 25 | 60.8% | — | ||
| Q3 25 | 61.7% | — | ||
| Q2 25 | 62.6% | — | ||
| Q1 25 | 62.1% | — | ||
| Q4 24 | 61.3% | — | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | 60.5% | — | ||
| Q1 24 | 58.2% | — |
营业利润率LEVIRUN
| Q4 25 | 11.9% | 8.4% | ||
| Q3 25 | 10.8% | 0.5% | ||
| Q2 25 | 7.5% | -19.7% | ||
| Q1 25 | 12.5% | -22.8% | ||
| Q4 24 | 11.5% | -628.0% | ||
| Q3 24 | 2.0% | -23.8% | ||
| Q2 24 | 1.5% | -24.4% | ||
| Q1 24 | -0.0% | -40.0% |
净利率LEVIRUN
| Q4 25 | 8.9% | 8.9% | ||
| Q3 25 | 14.1% | 2.3% | ||
| Q2 25 | 4.6% | 49.1% | ||
| Q1 25 | 8.8% | 9.9% | ||
| Q4 24 | 9.9% | -542.7% | ||
| Q3 24 | 1.4% | -15.6% | ||
| Q2 24 | 1.2% | 26.5% | ||
| Q1 24 | -0.7% | -19.2% |
每股收益（稀释后）LEVIRUN
| Q4 25 | $0.39 | $0.38 | ||
| Q3 25 | $0.55 | $0.06 | ||
| Q2 25 | $0.17 | $1.07 | ||
| Q1 25 | $0.34 | $0.20 | ||
| Q4 24 | $0.46 | $-12.59 | ||
| Q3 24 | $0.05 | $-0.37 | ||
| Q2 24 | $0.04 | $0.55 | ||
| Q1 24 | $-0.03 | $-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 | $848.8M | — |
| 总债务越低越好 | $1.1B | $14.7B |
| 股东权益账面价值 | $2.3B | $3.1B |
| 总资产 | $6.8B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.46× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资LEVIRUN
| Q4 25 | $848.8M | — | ||
| Q3 25 | $707.5M | — | ||
| Q2 25 | $736.7M | — | ||
| Q1 25 | $574.4M | — | ||
| Q4 24 | $690.0M | — | ||
| Q3 24 | $577.1M | — | ||
| Q2 24 | $641.4M | — | ||
| Q1 24 | $516.7M | — |
总债务LEVIRUN
| Q4 25 | $1.1B | $14.7B | ||
| Q3 25 | $1.0B | $14.6B | ||
| Q2 25 | $1.0B | $14.0B | ||
| Q1 25 | $987.4M | $13.6B | ||
| Q4 24 | $994.0M | $12.9B | ||
| Q3 24 | $1.0B | $12.5B | ||
| Q2 24 | $1.0B | $12.0B | ||
| Q1 24 | $1.0B | $11.1B |
股东权益LEVIRUN
| Q4 25 | $2.3B | $3.1B | ||
| Q3 25 | $2.2B | $3.0B | ||
| Q2 25 | $2.1B | $2.9B | ||
| Q1 25 | $2.0B | $2.6B | ||
| Q4 24 | $2.0B | $2.6B | ||
| Q3 24 | $1.9B | $5.3B | ||
| Q2 24 | $2.0B | $5.4B | ||
| Q1 24 | $2.0B | $5.2B |
总资产LEVIRUN
| Q4 25 | $6.8B | $22.6B | ||
| Q3 25 | $6.7B | $22.2B | ||
| Q2 25 | $6.5B | $21.2B | ||
| Q1 25 | $6.2B | $20.4B | ||
| Q4 24 | $6.4B | $19.9B | ||
| Q3 24 | $6.3B | $22.1B | ||
| Q2 24 | $6.2B | $21.4B | ||
| Q1 24 | $6.0B | $20.8B |
负债/权益比LEVIRUN
| Q4 25 | 0.46× | 4.69× | ||
| Q3 25 | 0.48× | 4.90× | ||
| Q2 25 | 0.49× | 4.80× | ||
| Q1 25 | 0.49× | 5.19× | ||
| Q4 24 | 0.50× | 5.05× | ||
| Q3 24 | 0.54× | 2.36× | ||
| Q2 24 | 0.51× | 2.23× | ||
| Q1 24 | 0.51× | 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 | $266.8M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $215.7M | — |
| 自由现金流率自由现金流/营收 | 12.2% | — |
| 资本支出强度资本支出/营收 | 2.9% | — |
| 现金转化率经营现金流/净利润 | 1.69× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $308.2M | — |
8季度趋势，按日历期对齐
经营现金流LEVIRUN
| Q4 25 | $266.8M | $96.9M | ||
| Q3 25 | $24.8M | $-121.5M | ||
| Q2 25 | $185.5M | $-292.7M | ||
| Q1 25 | $52.5M | $-104.2M | ||
| Q4 24 | $297.3M | $-258.4M | ||
| Q3 24 | $52.3M | $-156.2M | ||
| Q2 24 | $262.8M | $-208.5M | ||
| Q1 24 | $286.0M | $-143.1M |
自由现金流LEVIRUN
| Q4 25 | $215.7M | — | ||
| Q3 25 | $-39.4M | — | ||
| Q2 25 | $146.0M | — | ||
| Q1 25 | $-14.1M | — | ||
| Q4 24 | $231.6M | — | ||
| Q3 24 | $2.3M | $-156.4M | ||
| Q2 24 | $222.6M | — | ||
| Q1 24 | $214.4M | — |
自由现金流率LEVIRUN
| Q4 25 | 12.2% | — | ||
| Q3 25 | -2.6% | — | ||
| Q2 25 | 10.1% | — | ||
| Q1 25 | -0.9% | — | ||
| Q4 24 | 12.6% | — | ||
| Q3 24 | 0.2% | -29.1% | ||
| Q2 24 | 15.4% | — | ||
| Q1 24 | 13.8% | — |
资本支出强度LEVIRUN
| Q4 25 | 2.9% | — | ||
| Q3 25 | 4.2% | — | ||
| Q2 25 | 2.7% | — | ||
| Q1 25 | 4.4% | — | ||
| Q4 24 | 3.6% | — | ||
| Q3 24 | 3.3% | 0.0% | ||
| Q2 24 | 2.8% | — | ||
| Q1 24 | 4.6% | — |
现金转化率LEVIRUN
| Q4 25 | 1.69× | 0.94× | ||
| Q3 25 | 0.11× | -7.33× | ||
| Q2 25 | 2.77× | -1.05× | ||
| Q1 25 | 0.39× | -2.08× | ||
| Q4 24 | 1.63× | — | ||
| Q3 24 | 2.53× | — | ||
| Q2 24 | 14.60× | -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
LEVI
| Other | $760.3M | 43% |
| Sales Channel Through Intermediary | $583.2M | 33% |
| Sales Channel Directly To Consumer | $376.0M | 21% |
| Beyond Yoga | $46.3M | 3% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
