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诺唯真游轮控股（LINE）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
诺唯真游轮控股的季度营收约是Sunrun Inc.的1.2倍（$1.4B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs -7.3%，领先16.2%），Sunrun Inc.同比增速更快（123.5% vs 3.1%）
诺唯真游轮控股是一家总部位于美国、注册地为百慕大的企业，旗下全资运营诺唯真游轮、大洋游轮、丽晶七海游轮三大品牌，合并业务规模位列全球游轮运营商第三位，目前在纽约证券交易所挂牌上市。
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。
LINE vs RUN — 直观对比
营收规模更大
LINE
是对方的1.2倍
$1.2B
营收增速更快
RUN
高出120.4%
3.1%
净利率更高
RUN
高出16.2%
-7.3%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.2B |
| 净利润 | $-100.0M | $103.6M |
| 毛利率 | 32.3% | — |
| 营业利润率 | 2.5% | 8.4% |
| 净利率 | -7.3% | 8.9% |
| 营收同比 | 3.1% | 123.5% |
| 净利润同比 | 79.4% | 103.7% |
| 每股收益（稀释后） | $-0.44 | $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LINERUN
| Q4 25 | — | $1.2B | ||
| Q3 25 | $1.4B | $724.6M | ||
| Q2 25 | $1.4B | $569.3M | ||
| Q1 25 | $1.3B | $504.3M | ||
| Q4 24 | $1.3B | $518.5M | ||
| Q3 24 | $1.3B | $537.2M | ||
| Q2 24 | $1.3B | $523.9M | ||
| Q1 24 | $1.3B | $458.2M |
净利润LINERUN
| Q4 25 | — | $103.6M | ||
| Q3 25 | $-100.0M | $16.6M | ||
| Q2 25 | $-6.0M | $279.8M | ||
| Q1 25 | $0 | $50.0M | ||
| Q4 24 | $-71.0M | $-2.8B | ||
| Q3 24 | $-485.0M | $-83.8M | ||
| Q2 24 | $-68.0M | $139.1M | ||
| Q1 24 | $-40.0M | $-87.8M |
毛利率LINERUN
| Q4 25 | — | — | ||
| Q3 25 | 32.3% | — | ||
| Q2 25 | 31.9% | — | ||
| Q1 25 | 32.2% | — | ||
| Q4 24 | 32.3% | — | ||
| Q3 24 | 32.8% | — | ||
| Q2 24 | 33.4% | — | ||
| Q1 24 | 33.4% | — |
营业利润率LINERUN
| Q4 25 | — | 8.4% | ||
| Q3 25 | 2.5% | 0.5% | ||
| Q2 25 | 1.7% | -19.7% | ||
| Q1 25 | 4.3% | -22.8% | ||
| Q4 24 | -1.6% | -628.0% | ||
| Q3 24 | -38.6% | -23.8% | ||
| Q2 24 | 5.5% | -24.4% | ||
| Q1 24 | 7.6% | -40.0% |
净利率LINERUN
| Q4 25 | — | 8.9% | ||
| Q3 25 | -7.3% | 2.3% | ||
| Q2 25 | -0.4% | 49.1% | ||
| Q1 25 | — | 9.9% | ||
| Q4 24 | -5.3% | -542.7% | ||
| Q3 24 | -36.3% | -15.6% | ||
| Q2 24 | -5.1% | 26.5% | ||
| Q1 24 | -3.0% | -19.2% |
每股收益（稀释后）LINERUN
| Q4 25 | — | $0.38 | ||
| Q3 25 | $-0.44 | $0.06 | ||
| Q2 25 | $-0.03 | $1.07 | ||
| Q1 25 | $0.01 | $0.20 | ||
| Q4 24 | $-0.52 | $-12.59 | ||
| Q3 24 | $-2.44 | $-0.37 | ||
| Q2 24 | $-0.46 | $0.55 | ||
| Q1 24 | $-0.28 | $-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 | — | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $8.4B | $3.1B |
| 总资产 | $19.2B | $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LINERUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $173.0M | — | ||
| Q3 24 | $409.0M | — | ||
| Q2 24 | $73.0M | — | ||
| Q1 24 | — | — |
总债务LINERUN
| 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LINERUN
| Q4 25 | — | $3.1B | ||
| Q3 25 | $8.4B | $3.0B | ||
| Q2 25 | $8.6B | $2.9B | ||
| Q1 25 | $8.6B | $2.6B | ||
| Q4 24 | $8.6B | $2.6B | ||
| Q3 24 | $9.0B | $5.3B | ||
| Q2 24 | $4.9B | $5.4B | ||
| Q1 24 | $5.6B | $5.2B |
总资产LINERUN
| Q4 25 | — | $22.6B | ||
| Q3 25 | $19.2B | $22.2B | ||
| Q2 25 | $19.4B | $21.2B | ||
| Q1 25 | $18.8B | $20.4B | ||
| Q4 24 | $18.7B | $19.9B | ||
| Q3 24 | $19.3B | $22.1B | ||
| Q2 24 | $18.8B | $21.4B | ||
| Q1 24 | — | $20.8B |
负债/权益比LINERUN
| 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 | $230.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $35.0M | — |
| 自由现金流率自由现金流/营收 | 2.5% | — |
| 资本支出强度资本支出/营收 | 14.2% | — |
| 现金转化率经营现金流/净利润 | — | 0.94× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流LINERUN
| Q4 25 | — | $96.9M | ||
| Q3 25 | $230.0M | $-121.5M | ||
| Q2 25 | $258.0M | $-292.7M | ||
| Q1 25 | $139.0M | $-104.2M | ||
| Q4 24 | — | $-258.4M | ||
| Q3 24 | $186.0M | $-156.2M | ||
| Q2 24 | $155.0M | $-208.5M | ||
| Q1 24 | $105.0M | $-143.1M |
自由现金流LINERUN
| Q4 25 | — | — | ||
| Q3 25 | $35.0M | — | ||
| Q2 25 | $95.0M | — | ||
| Q1 25 | $-12.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $33.0M | $-156.4M | ||
| Q2 24 | $-31.0M | — | ||
| Q1 24 | $-42.0M | — |
自由现金流率LINERUN
| Q4 25 | — | — | ||
| Q3 25 | 2.5% | — | ||
| Q2 25 | 7.0% | — | ||
| Q1 25 | -0.9% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.5% | -29.1% | ||
| Q2 24 | -2.3% | — | ||
| Q1 24 | -3.2% | — |
资本支出强度LINERUN
| Q4 25 | — | — | ||
| Q3 25 | 14.2% | — | ||
| Q2 25 | 12.1% | — | ||
| Q1 25 | 11.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 11.5% | 0.0% | ||
| Q2 24 | 13.9% | — | ||
| Q1 24 | 11.1% | — |
现金转化率LINERUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -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
LINE
| Warehousing Operations | $883.0M | 64% |
| Other | $308.0M | 22% |
| Warehouse Lease | $60.0M | 4% |
| Food Sales | $52.0M | 4% |
| E Commerce And Other | $46.0M | 3% |
| Railcar Lease | $23.0M | 2% |
| Service Other | $5.0M | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
