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Stride, Inc.（LRN）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Stride, Inc.的1.8倍（$1.2B vs $629.9M），Stride, Inc.净利率更高（14.1% vs 8.9%，领先5.1%），Sunrun Inc.同比增速更快（123.5% vs 2.7%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 6.9%）
Stride, Inc.是一家营利性教育机构，主营在线及混合式教育项目。作为教育管理机构，其为K12阶段公立学校学生提供替代传统线下教学的在线教育方案，同时也开设职业学习课程。截至2012年，这家上市企业是全球招生规模最大的教育管理机构。
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。
LRN vs RUN — 直观对比
营收规模更大
RUN
是对方的1.8倍
$629.9M
营收增速更快
RUN
高出120.8%
2.7%
净利率更高
LRN
高出5.1%
8.9%
两年增速更快
RUN
近两年复合增速
6.9%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $629.9M | $1.2B |
| 净利润 | $88.5M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 20.5% | 8.4% |
| 净利率 | 14.1% | 8.9% |
| 营收同比 | 2.7% | 123.5% |
| 净利润同比 | 8.5% | 103.7% |
| 每股收益（稀释后） | $1.93 | $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LRNRUN
| Q3 26 | $629.9M | — | ||
| Q4 25 | $631.3M | $1.2B | ||
| Q3 25 | $620.9M | $724.6M | ||
| Q2 25 | $653.6M | $569.3M | ||
| Q1 25 | $613.4M | $504.3M | ||
| Q4 24 | $587.2M | $518.5M | ||
| Q3 24 | $551.1M | $537.2M | ||
| Q2 24 | — | $523.9M |
净利润LRNRUN
| Q3 26 | $88.5M | — | ||
| Q4 25 | $99.5M | $103.6M | ||
| Q3 25 | $68.8M | $16.6M | ||
| Q2 25 | $51.3M | $279.8M | ||
| Q1 25 | $99.3M | $50.0M | ||
| Q4 24 | $96.4M | $-2.8B | ||
| Q3 24 | $40.9M | $-83.8M | ||
| Q2 24 | — | $139.1M |
毛利率LRNRUN
| Q3 26 | — | — | ||
| Q4 25 | 41.1% | — | ||
| Q3 25 | 39.0% | — | ||
| Q2 25 | 36.6% | — | ||
| Q1 25 | 40.6% | — | ||
| Q4 24 | 40.8% | — | ||
| Q3 24 | 39.2% | — | ||
| Q2 24 | — | — |
营业利润率LRNRUN
| Q3 26 | 20.5% | — | ||
| Q4 25 | 23.3% | 8.4% | ||
| Q3 25 | 11.1% | 0.5% | ||
| Q2 25 | 8.7% | -19.7% | ||
| Q1 25 | 21.3% | -22.8% | ||
| Q4 24 | 21.3% | -628.0% | ||
| Q3 24 | 8.6% | -23.8% | ||
| Q2 24 | — | -24.4% |
净利率LRNRUN
| Q3 26 | 14.1% | — | ||
| Q4 25 | 15.8% | 8.9% | ||
| Q3 25 | 11.1% | 2.3% | ||
| Q2 25 | 7.9% | 49.1% | ||
| Q1 25 | 16.2% | 9.9% | ||
| Q4 24 | 16.4% | -542.7% | ||
| Q3 24 | 7.4% | -15.6% | ||
| Q2 24 | — | 26.5% |
每股收益（稀释后）LRNRUN
| Q3 26 | $1.93 | — | ||
| Q4 25 | $2.12 | $0.38 | ||
| Q3 25 | $1.40 | $0.06 | ||
| Q2 25 | $0.96 | $1.07 | ||
| Q1 25 | $2.02 | $0.20 | ||
| Q4 24 | $2.03 | $-12.59 | ||
| Q3 24 | $0.94 | $-0.37 | ||
| Q2 24 | — | $0.55 |
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 | $614.0M | — |
| 总债务越低越好 | $417.6M | $14.7B |
| 股东权益账面价值 | $1.6B | $3.1B |
| 总资产 | $2.4B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.25× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资LRNRUN
| Q3 26 | $614.0M | — | ||
| Q4 25 | $625.7M | — | ||
| Q3 25 | $715.1M | — | ||
| Q2 25 | $985.3M | — | ||
| Q1 25 | $723.7M | — | ||
| Q4 24 | $717.5M | — | ||
| Q3 24 | $522.2M | — | ||
| Q2 24 | — | — |
总债务LRNRUN
| Q3 26 | $417.6M | — | ||
| Q4 25 | $417.2M | $14.7B | ||
| Q3 25 | $416.8M | $14.6B | ||
| Q2 25 | $416.3M | $14.0B | ||
| Q1 25 | $415.9M | $13.6B | ||
| Q4 24 | $415.5M | $12.9B | ||
| Q3 24 | $415.1M | $12.5B | ||
| Q2 24 | — | $12.0B |
股东权益LRNRUN
| Q3 26 | $1.6B | — | ||
| Q4 25 | $1.5B | $3.1B | ||
| Q3 25 | $1.5B | $3.0B | ||
| Q2 25 | $1.5B | $2.9B | ||
| Q1 25 | $1.4B | $2.6B | ||
| Q4 24 | $1.3B | $2.6B | ||
| Q3 24 | $1.2B | $5.3B | ||
| Q2 24 | — | $5.4B |
总资产LRNRUN
| Q3 26 | $2.4B | — | ||
| Q4 25 | $2.3B | $22.6B | ||
| Q3 25 | $2.3B | $22.2B | ||
| Q2 25 | $2.3B | $21.2B | ||
| Q1 25 | $2.2B | $20.4B | ||
| Q4 24 | $2.1B | $19.9B | ||
| Q3 24 | $2.0B | $22.1B | ||
| Q2 24 | — | $21.4B |
负债/权益比LRNRUN
| Q3 26 | 0.25× | — | ||
| Q4 25 | 0.27× | 4.69× | ||
| Q3 25 | 0.27× | 4.90× | ||
| Q2 25 | 0.28× | 4.80× | ||
| Q1 25 | 0.29× | 5.19× | ||
| Q4 24 | 0.32× | 5.05× | ||
| Q3 24 | 0.34× | 2.36× | ||
| Q2 24 | — | 2.23× |
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 | $117.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.32× | 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LRNRUN
| Q3 26 | $117.0M | — | ||
| Q4 25 | $91.8M | $96.9M | ||
| Q3 25 | $-195.8M | $-121.5M | ||
| Q2 25 | $298.3M | $-292.7M | ||
| Q1 25 | $53.1M | $-104.2M | ||
| Q4 24 | $223.4M | $-258.4M | ||
| Q3 24 | $-142.0M | $-156.2M | ||
| Q2 24 | — | $-208.5M |
自由现金流LRNRUN
| Q3 26 | — | — | ||
| Q4 25 | $91.6M | — | ||
| Q3 25 | $-196.1M | — | ||
| Q2 25 | $297.9M | — | ||
| Q1 25 | $52.9M | — | ||
| Q4 24 | $222.9M | — | ||
| Q3 24 | $-142.7M | $-156.4M | ||
| Q2 24 | — | — |
自由现金流率LRNRUN
| Q3 26 | — | — | ||
| Q4 25 | 14.5% | — | ||
| Q3 25 | -31.6% | — | ||
| Q2 25 | 45.6% | — | ||
| Q1 25 | 8.6% | — | ||
| Q4 24 | 38.0% | — | ||
| Q3 24 | -25.9% | -29.1% | ||
| Q2 24 | — | — |
资本支出强度LRNRUN
| Q3 26 | — | — | ||
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.0% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.1% | 0.0% | ||
| Q2 24 | — | — |
现金转化率LRNRUN
| Q3 26 | 1.32× | — | ||
| Q4 25 | 0.92× | 0.94× | ||
| Q3 25 | -2.85× | -7.33× | ||
| Q2 25 | 5.81× | -1.05× | ||
| Q1 25 | 0.53× | -2.08× | ||
| Q4 24 | 2.32× | — | ||
| Q3 24 | -3.47× | — | ||
| Q2 24 | — | -1.50× |
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
LRN
| General Education | $357.5M | 57% |
| Middle - High School | $259.5M | 41% |
| Adult | $12.9M | 2% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
