vs
朗美通（LITE）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.的季度营收约是朗美通的1.7倍（$1.2B vs $665.5M），朗美通净利率更高（11.8% vs 8.9%，领先2.8%），Sunrun Inc.同比增速更快（123.5% vs 65.5%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 34.8%）
朗美通控股（Lumentum Holdings Inc.）是全球知名光电产品供应商，前身为美国捷迪讯（JDSU）旗下光电器件及激光业务板块，2015年8月随捷迪讯分拆独立运营，总部位于美国加利福尼亚州米尔皮塔斯，主营光通信网络设备、激光器、定制光学解决方案等多元产品。
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。
LITE vs RUN — 直观对比
营收规模更大
RUN
是对方的1.7倍
$665.5M
营收增速更快
RUN
高出58.0%
65.5%
净利率更高
LITE
高出2.8%
8.9%
两年增速更快
RUN
近两年复合增速
34.8%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $665.5M | $1.2B |
| 净利润 | $78.2M | $103.6M |
| 毛利率 | 36.1% | — |
| 营业利润率 | 9.7% | 8.4% |
| 净利率 | 11.8% | 8.9% |
| 营收同比 | 65.5% | 123.5% |
| 净利润同比 | 228.4% | 103.7% |
| 每股收益（稀释后） | $0.89 | $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LITERUN
| Q4 25 | $665.5M | $1.2B | ||
| Q3 25 | $533.8M | $724.6M | ||
| Q2 25 | $480.7M | $569.3M | ||
| Q1 25 | $425.2M | $504.3M | ||
| Q4 24 | $402.2M | $518.5M | ||
| Q3 24 | $336.9M | $537.2M | ||
| Q2 24 | $308.3M | $523.9M | ||
| Q1 24 | $366.5M | $458.2M |
净利润LITERUN
| Q4 25 | $78.2M | $103.6M | ||
| Q3 25 | $4.2M | $16.6M | ||
| Q2 25 | $213.3M | $279.8M | ||
| Q1 25 | $-44.1M | $50.0M | ||
| Q4 24 | $-60.9M | $-2.8B | ||
| Q3 24 | $-82.4M | $-83.8M | ||
| Q2 24 | $-252.5M | $139.1M | ||
| Q1 24 | $-127.0M | $-87.8M |
毛利率LITERUN
| Q4 25 | 36.1% | — | ||
| Q3 25 | 34.0% | — | ||
| Q2 25 | 33.3% | — | ||
| Q1 25 | 28.8% | — | ||
| Q4 24 | 24.8% | — | ||
| Q3 24 | 23.1% | — | ||
| Q2 24 | 16.6% | — | ||
| Q1 24 | 16.2% | — |
营业利润率LITERUN
| Q4 25 | 9.7% | 8.4% | ||
| Q3 25 | 1.3% | 0.5% | ||
| Q2 25 | -1.7% | -19.7% | ||
| Q1 25 | -8.9% | -22.8% | ||
| Q4 24 | -12.8% | -628.0% | ||
| Q3 24 | -24.5% | -23.8% | ||
| Q2 24 | -43.3% | -24.4% | ||
| Q1 24 | -31.3% | -40.0% |
净利率LITERUN
| Q4 25 | 11.8% | 8.9% | ||
| Q3 25 | 0.8% | 2.3% | ||
| Q2 25 | 44.4% | 49.1% | ||
| Q1 25 | -10.4% | 9.9% | ||
| Q4 24 | -15.1% | -542.7% | ||
| Q3 24 | -24.5% | -15.6% | ||
| Q2 24 | -81.9% | 26.5% | ||
| Q1 24 | -34.7% | -19.2% |
每股收益（稀释后）LITERUN
| Q4 25 | $0.89 | $0.38 | ||
| Q3 25 | $0.05 | $0.06 | ||
| Q2 25 | $3.10 | $1.07 | ||
| Q1 25 | $-0.64 | $0.20 | ||
| Q4 24 | $-0.88 | $-12.59 | ||
| Q3 24 | $-1.21 | $-0.37 | ||
| Q2 24 | $-3.75 | $0.55 | ||
| Q1 24 | $-1.88 | $-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 | $1.2B | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $846.6M | $3.1B |
| 总资产 | $4.8B | $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LITERUN
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $877.1M | — | ||
| Q1 25 | $866.7M | — | ||
| Q4 24 | $896.7M | — | ||
| Q3 24 | $916.1M | — | ||
| Q2 24 | $887.0M | — | ||
| Q1 24 | $870.9M | — |
总债务LITERUN
| 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LITERUN
| Q4 25 | $846.6M | $3.1B | ||
| Q3 25 | $780.8M | $3.0B | ||
| Q2 25 | $1.1B | $2.9B | ||
| Q1 25 | $879.5M | $2.6B | ||
| Q4 24 | $872.3M | $2.6B | ||
| Q3 24 | $895.9M | $5.3B | ||
| Q2 24 | $957.3M | $5.4B | ||
| Q1 24 | $1.2B | $5.2B |
总资产LITERUN
| Q4 25 | $4.8B | $22.6B | ||
| Q3 25 | $4.6B | $22.2B | ||
| Q2 25 | $4.2B | $21.2B | ||
| Q1 25 | $4.0B | $20.4B | ||
| Q4 24 | $4.0B | $19.9B | ||
| Q3 24 | $4.0B | $22.1B | ||
| Q2 24 | $3.9B | $21.4B | ||
| Q1 24 | $4.2B | $20.8B |
负债/权益比LITERUN
| 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 | $126.7M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $43.1M | — |
| 自由现金流率自由现金流/营收 | 6.5% | — |
| 资本支出强度资本支出/营收 | 12.6% | — |
| 现金转化率经营现金流/净利润 | 1.62× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $-29.5M | — |
8季度趋势，按日历期对齐
经营现金流LITERUN
| Q4 25 | $126.7M | $96.9M | ||
| Q3 25 | $57.9M | $-121.5M | ||
| Q2 25 | $64.0M | $-292.7M | ||
| Q1 25 | $-1.6M | $-104.2M | ||
| Q4 24 | $24.3M | $-258.4M | ||
| Q3 24 | $39.6M | $-156.2M | ||
| Q2 24 | $35.5M | $-208.5M | ||
| Q1 24 | $-7.0M | $-143.1M |
自由现金流LITERUN
| Q4 25 | $43.1M | — | ||
| Q3 25 | $-18.3M | — | ||
| Q2 25 | $10.1M | — | ||
| Q1 25 | $-64.4M | — | ||
| Q4 24 | $-15.9M | — | ||
| Q3 24 | $-34.5M | $-156.4M | ||
| Q2 24 | $10.9M | — | ||
| Q1 24 | $-26.6M | — |
自由现金流率LITERUN
| Q4 25 | 6.5% | — | ||
| Q3 25 | -3.4% | — | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | -15.1% | — | ||
| Q4 24 | -4.0% | — | ||
| Q3 24 | -10.2% | -29.1% | ||
| Q2 24 | 3.5% | — | ||
| Q1 24 | -7.3% | — |
资本支出强度LITERUN
| Q4 25 | 12.6% | — | ||
| Q3 25 | 14.3% | — | ||
| Q2 25 | 11.2% | — | ||
| Q1 25 | 14.8% | — | ||
| Q4 24 | 10.0% | — | ||
| Q3 24 | 22.0% | 0.0% | ||
| Q2 24 | 8.0% | — | ||
| Q1 24 | 5.3% | — |
现金转化率LITERUN
| Q4 25 | 1.62× | 0.94× | ||
| Q3 25 | 13.79× | -7.33× | ||
| Q2 25 | 0.30× | -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
LITE
| Components | $443.7M | 67% |
| Systems | $221.8M | 33% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
