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蓝威斯顿（LW）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
蓝威斯顿的季度营收约是Sunrun Inc.的1.4倍（$1.6B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs 3.5%，领先5.5%），Sunrun Inc.同比增速更快（123.5% vs 2.9%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -1.5%）
蓝威斯顿控股是美国食品加工企业，为全球规模最大的冷冻薯条、华夫薯条及其他冷冻马铃薯制品的生产商与加工商之一，总部坐落于爱达荷州博伊西市郊的伊格尔市。
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。
LW vs RUN — 直观对比
营收规模更大
LW
是对方的1.4倍
$1.2B
营收增速更快
RUN
高出120.6%
2.9%
净利率更高
RUN
高出5.5%
3.5%
两年增速更快
RUN
近两年复合增速
-1.5%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.6B | $1.2B |
| 净利润 | $54.0M | $103.6M |
| 毛利率 | 21.2% | — |
| 营业利润率 | 8.1% | 8.4% |
| 净利率 | 3.5% | 8.9% |
| 营收同比 | 2.9% | 123.5% |
| 净利润同比 | -63.0% | 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LWRUN
| Q1 26 | $1.6B | — | ||
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.7B | $724.6M | ||
| Q2 25 | $1.7B | $569.3M | ||
| Q1 25 | $1.5B | $504.3M | ||
| Q4 24 | $1.6B | $518.5M | ||
| Q3 24 | $1.7B | $537.2M | ||
| Q2 24 | $1.6B | $523.9M |
净利润LWRUN
| Q1 26 | $54.0M | — | ||
| Q4 25 | $62.1M | $103.6M | ||
| Q3 25 | $64.3M | $16.6M | ||
| Q2 25 | $119.9M | $279.8M | ||
| Q1 25 | $146.0M | $50.0M | ||
| Q4 24 | $-36.1M | $-2.8B | ||
| Q3 24 | $127.4M | $-83.8M | ||
| Q2 24 | $129.6M | $139.1M |
毛利率LWRUN
| Q1 26 | 21.2% | — | ||
| Q4 25 | 20.0% | — | ||
| Q3 25 | 20.6% | — | ||
| Q2 25 | 20.4% | — | ||
| Q1 25 | 27.8% | — | ||
| Q4 24 | 17.4% | — | ||
| Q3 24 | 21.5% | — | ||
| Q2 24 | 24.1% | — |
营业利润率LWRUN
| Q1 26 | 8.1% | — | ||
| Q4 25 | 8.6% | 8.4% | ||
| Q3 25 | 9.4% | 0.5% | ||
| Q2 25 | 11.1% | -19.7% | ||
| Q1 25 | 16.4% | -22.8% | ||
| Q4 24 | 1.2% | -628.0% | ||
| Q3 24 | 12.8% | -23.8% | ||
| Q2 24 | 13.2% | -24.4% |
净利率LWRUN
| Q1 26 | 3.5% | — | ||
| Q4 25 | 3.8% | 8.9% | ||
| Q3 25 | 3.9% | 2.3% | ||
| Q2 25 | 7.2% | 49.1% | ||
| Q1 25 | 9.6% | 9.9% | ||
| Q4 24 | -2.3% | -542.7% | ||
| Q3 24 | 7.7% | -15.6% | ||
| Q2 24 | 8.0% | 26.5% |
每股收益（稀释后）LWRUN
| Q1 26 | $0.39 | — | ||
| Q4 25 | $0.44 | $0.38 | ||
| Q3 25 | $0.46 | $0.06 | ||
| Q2 25 | $0.84 | $1.07 | ||
| Q1 25 | $1.03 | $0.20 | ||
| Q4 24 | $-0.25 | $-12.59 | ||
| Q3 24 | $0.88 | $-0.37 | ||
| Q2 24 | $0.89 | $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 | $57.5M | — |
| 总债务越低越好 | $3.6B | $14.7B |
| 股东权益账面价值 | $1.8B | $3.1B |
| 总资产 | $7.4B | $22.6B |
| 负债/权益比越低杠杆越低 | 1.99× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资LWRUN
| Q1 26 | $57.5M | — | ||
| Q4 25 | $82.7M | — | ||
| Q3 25 | $98.6M | — | ||
| Q2 25 | $70.7M | — | ||
| Q1 25 | $67.5M | — | ||
| Q4 24 | $79.0M | — | ||
| Q3 24 | $120.8M | — | ||
| Q2 24 | $71.4M | — |
总债务LWRUN
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.6B | $14.7B | ||
| Q3 25 | $3.7B | $14.6B | ||
| Q2 25 | $3.7B | $14.0B | ||
| Q1 25 | $3.7B | $13.6B | ||
| Q4 24 | $3.7B | $12.9B | ||
| Q3 24 | $3.4B | $12.5B | ||
| Q2 24 | $3.4B | $12.0B |
股东权益LWRUN
| Q1 26 | $1.8B | — | ||
| Q4 25 | $1.8B | $3.1B | ||
| Q3 25 | $1.8B | $3.0B | ||
| Q2 25 | $1.7B | $2.9B | ||
| Q1 25 | $1.6B | $2.6B | ||
| Q4 24 | $1.6B | $2.6B | ||
| Q3 24 | $1.8B | $5.3B | ||
| Q2 24 | $1.8B | $5.4B |
总资产LWRUN
| Q1 26 | $7.4B | — | ||
| Q4 25 | $7.3B | $22.6B | ||
| Q3 25 | $7.2B | $22.2B | ||
| Q2 25 | $7.4B | $21.2B | ||
| Q1 25 | $7.4B | $20.4B | ||
| Q4 24 | $7.5B | $19.9B | ||
| Q3 24 | $7.5B | $22.1B | ||
| Q2 24 | $7.4B | $21.4B |
负债/权益比LWRUN
| Q1 26 | 1.99× | — | ||
| Q4 25 | 2.08× | 4.69× | ||
| Q3 25 | 2.05× | 4.90× | ||
| Q2 25 | 2.12× | 4.80× | ||
| Q1 25 | 2.25× | 5.19× | ||
| Q4 24 | 2.26× | 5.05× | ||
| Q3 24 | 1.87× | 2.36× | ||
| Q2 24 | 1.92× | 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 | $65.2M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $-36.3M | — |
| 自由现金流率自由现金流/营收 | -2.3% | — |
| 资本支出强度资本支出/营收 | 6.5% | — |
| 现金转化率经营现金流/净利润 | 1.21× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $569.2M | — |
8季度趋势，按日历期对齐
经营现金流LWRUN
| Q1 26 | $65.2M | — | ||
| Q4 25 | $178.4M | $96.9M | ||
| Q3 25 | $352.0M | $-121.5M | ||
| Q2 25 | $868.3M | $-292.7M | ||
| Q1 25 | $56.0M | $-104.2M | ||
| Q4 24 | $99.1M | $-258.4M | ||
| Q3 24 | $330.2M | $-156.2M | ||
| Q2 24 | $798.2M | $-208.5M |
自由现金流LWRUN
| Q1 26 | $-36.3M | — | ||
| Q4 25 | $101.0M | — | ||
| Q3 25 | $274.4M | — | ||
| Q2 25 | $230.1M | — | ||
| Q1 25 | $-19.8M | — | ||
| Q4 24 | $-49.6M | — | ||
| Q3 24 | $4.3M | $-156.4M | ||
| Q2 24 | $-131.3M | — |
自由现金流率LWRUN
| Q1 26 | -2.3% | — | ||
| Q4 25 | 6.2% | — | ||
| Q3 25 | 16.5% | — | ||
| Q2 25 | 13.7% | — | ||
| Q1 25 | -1.3% | — | ||
| Q4 24 | -3.1% | — | ||
| Q3 24 | 0.3% | -29.1% | ||
| Q2 24 | -8.1% | — |
资本支出强度LWRUN
| Q1 26 | 6.5% | — | ||
| Q4 25 | 4.8% | — | ||
| Q3 25 | 4.7% | — | ||
| Q2 25 | 38.1% | — | ||
| Q1 25 | 5.0% | — | ||
| Q4 24 | 9.3% | — | ||
| Q3 24 | 19.7% | 0.0% | ||
| Q2 24 | 57.7% | — |
现金转化率LWRUN
| Q1 26 | 1.21× | — | ||
| Q4 25 | 2.87× | 0.94× | ||
| Q3 25 | 5.47× | -7.33× | ||
| Q2 25 | 7.24× | -1.05× | ||
| Q1 25 | 0.38× | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.59× | — | ||
| Q2 24 | 6.16× | -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
LW
| Segments North America | $1.0B | 66% |
| Segments International | $529.8M | 34% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
