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Life Time Group Holdings, Inc.（LTH）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Life Time Group Holdings, Inc.的1.5倍（$1.2B vs $788.7M），Life Time Group Holdings, Inc.净利率更高（11.2% vs 8.9%，领先2.2%），Sunrun Inc.同比增速更快（123.5% vs 11.7%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 8.7%）
Life Time Group Holdings是美国高端健身康养服务运营商，在全美运营连锁高端运动场馆，提供健身器材使用、团体课程、私教指导、SPA护理、营养咨询、青少年运动项目及联合办公等服务，服务于追求健康生活方式的消费群体。
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。
LTH vs RUN — 直观对比
营收规模更大
RUN
是对方的1.5倍
$788.7M
营收增速更快
RUN
高出111.8%
11.7%
净利率更高
LTH
高出2.2%
8.9%
两年增速更快
RUN
近两年复合增速
8.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $788.7M | $1.2B |
| 净利润 | $88.1M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 17.1% | 8.4% |
| 净利率 | 11.2% | 8.9% |
| 营收同比 | 11.7% | 123.5% |
| 净利润同比 | 15.8% | 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LTHRUN
| Q1 26 | $788.7M | — | ||
| Q4 25 | $745.1M | $1.2B | ||
| Q3 25 | $782.6M | $724.6M | ||
| Q2 25 | $761.5M | $569.3M | ||
| Q1 25 | $706.0M | $504.3M | ||
| Q4 24 | $663.3M | $518.5M | ||
| Q3 24 | $693.2M | $537.2M | ||
| Q2 24 | $667.8M | $523.9M |
净利润LTHRUN
| Q1 26 | $88.1M | — | ||
| Q4 25 | $123.0M | $103.6M | ||
| Q3 25 | $102.4M | $16.6M | ||
| Q2 25 | $72.1M | $279.8M | ||
| Q1 25 | $76.1M | $50.0M | ||
| Q4 24 | $37.2M | $-2.8B | ||
| Q3 24 | $41.4M | $-83.8M | ||
| Q2 24 | $52.8M | $139.1M |
毛利率LTHRUN
| Q1 26 | — | — | ||
| Q4 25 | 49.1% | — | ||
| Q3 25 | 47.1% | — | ||
| Q2 25 | 47.0% | — | ||
| Q1 25 | 47.5% | — | ||
| Q4 24 | 48.2% | — | ||
| Q3 24 | 46.5% | — | ||
| Q2 24 | 46.8% | — |
营业利润率LTHRUN
| Q1 26 | 17.1% | — | ||
| Q4 25 | 17.4% | 8.4% | ||
| Q3 25 | 17.3% | 0.5% | ||
| Q2 25 | 14.2% | -19.7% | ||
| Q1 25 | 15.2% | -22.8% | ||
| Q4 24 | 13.1% | -628.0% | ||
| Q3 24 | 13.5% | -23.8% | ||
| Q2 24 | 15.7% | -24.4% |
净利率LTHRUN
| Q1 26 | 11.2% | — | ||
| Q4 25 | 16.5% | 8.9% | ||
| Q3 25 | 13.1% | 2.3% | ||
| Q2 25 | 9.5% | 49.1% | ||
| Q1 25 | 10.8% | 9.9% | ||
| Q4 24 | 5.6% | -542.7% | ||
| Q3 24 | 6.0% | -15.6% | ||
| Q2 24 | 7.9% | 26.5% |
每股收益（稀释后）LTHRUN
| Q1 26 | $0.39 | — | ||
| Q4 25 | $0.55 | $0.38 | ||
| Q3 25 | $0.45 | $0.06 | ||
| Q2 25 | $0.32 | $1.07 | ||
| Q1 25 | $0.34 | $0.20 | ||
| Q4 24 | $0.17 | $-12.59 | ||
| Q3 24 | $0.19 | $-0.37 | ||
| Q2 24 | $0.26 | $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 | $120.0M | — |
| 总债务越低越好 | $1.5B | $14.7B |
| 股东权益账面价值 | $3.2B | $3.1B |
| 总资产 | $8.1B | $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LTHRUN
| Q1 26 | $120.0M | — | ||
| Q4 25 | $204.8M | — | ||
| Q3 25 | $218.9M | — | ||
| Q2 25 | $175.5M | — | ||
| Q1 25 | $59.0M | — | ||
| Q4 24 | $10.9M | — | ||
| Q3 24 | $120.9M | — | ||
| Q2 24 | $34.5M | — |
总债务LTHRUN
| Q1 26 | $1.5B | — | ||
| Q4 25 | $1.5B | $14.7B | ||
| Q3 25 | $1.5B | $14.6B | ||
| Q2 25 | $1.5B | $14.0B | ||
| Q1 25 | $1.5B | $13.6B | ||
| Q4 24 | $1.5B | $12.9B | ||
| Q3 24 | $1.7B | $12.5B | ||
| Q2 24 | $1.8B | $12.0B |
股东权益LTHRUN
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.1B | $3.1B | ||
| Q3 25 | $3.0B | $3.0B | ||
| Q2 25 | $2.9B | $2.9B | ||
| Q1 25 | $2.7B | $2.6B | ||
| Q4 24 | $2.6B | $2.6B | ||
| Q3 24 | $2.6B | $5.3B | ||
| Q2 24 | $2.4B | $5.4B |
总资产LTHRUN
| Q1 26 | $8.1B | — | ||
| Q4 25 | $8.0B | $22.6B | ||
| Q3 25 | $7.8B | $22.2B | ||
| Q2 25 | $7.6B | $21.2B | ||
| Q1 25 | $7.3B | $20.4B | ||
| Q4 24 | $7.2B | $19.9B | ||
| Q3 24 | $7.2B | $22.1B | ||
| Q2 24 | $7.1B | $21.4B |
负债/权益比LTHRUN
| Q1 26 | 0.46× | — | ||
| Q4 25 | 0.48× | 4.69× | ||
| Q3 25 | 0.51× | 4.90× | ||
| Q2 25 | 0.53× | 4.80× | ||
| Q1 25 | 0.56× | 5.19× | ||
| Q4 24 | 0.59× | 5.05× | ||
| Q3 24 | 0.64× | 2.36× | ||
| Q2 24 | 0.78× | 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 | $198.8M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $-61.2M | — |
| 自由现金流率自由现金流/营收 | -7.8% | — |
| 资本支出强度资本支出/营收 | 26.0% | — |
| 现金转化率经营现金流/净利润 | 2.26× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $-123.6M | — |
8季度趋势，按日历期对齐
经营现金流LTHRUN
| Q1 26 | $198.8M | — | ||
| Q4 25 | $239.9M | $96.9M | ||
| Q3 25 | $251.1M | $-121.5M | ||
| Q2 25 | $195.7M | $-292.7M | ||
| Q1 25 | $183.9M | $-104.2M | ||
| Q4 24 | $163.1M | $-258.4M | ||
| Q3 24 | $151.1M | $-156.2M | ||
| Q2 24 | $170.4M | $-208.5M |
自由现金流LTHRUN
| Q1 26 | $-61.2M | — | ||
| Q4 25 | $-64.6M | — | ||
| Q3 25 | $28.6M | — | ||
| Q2 25 | $-26.3M | — | ||
| Q1 25 | $41.4M | — | ||
| Q4 24 | $26.8M | — | ||
| Q3 24 | $64.0M | $-156.4M | ||
| Q2 24 | $26.1M | — |
自由现金流率LTHRUN
| Q1 26 | -7.8% | — | ||
| Q4 25 | -8.7% | — | ||
| Q3 25 | 3.7% | — | ||
| Q2 25 | -3.5% | — | ||
| Q1 25 | 5.9% | — | ||
| Q4 24 | 4.0% | — | ||
| Q3 24 | 9.2% | -29.1% | ||
| Q2 24 | 3.9% | — |
资本支出强度LTHRUN
| Q1 26 | 26.0% | — | ||
| Q4 25 | 40.9% | — | ||
| Q3 25 | 28.4% | — | ||
| Q2 25 | 29.2% | — | ||
| Q1 25 | 20.2% | — | ||
| Q4 24 | 20.6% | — | ||
| Q3 24 | 12.6% | 0.0% | ||
| Q2 24 | 21.6% | — |
现金转化率LTHRUN
| Q1 26 | 2.26× | — | ||
| Q4 25 | 1.95× | 0.94× | ||
| Q3 25 | 2.45× | -7.33× | ||
| Q2 25 | 2.71× | -1.05× | ||
| Q1 25 | 2.41× | -2.08× | ||
| Q4 24 | 4.39× | — | ||
| Q3 24 | 3.65× | — | ||
| Q2 24 | 3.23× | -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
LTH
| Center revenue | $767.6M | 97% |
| Other revenue | $21.1M | 3% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
