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玛斯特锁（MBC）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.的季度营收约是玛斯特锁的1.8倍（$1.2B vs $644.6M），Sunrun Inc.净利率更高（8.9% vs -6.5%，领先15.5%），Sunrun Inc.同比增速更快（123.5% vs -3.5%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 0.5%）
玛斯特锁是美国知名安防产品供应商，1921年由锁匠发明家哈里·索雷夫创立，总部位于威斯康星州奥克里克，主营挂锁、密码锁、保险箱及相关安防产品，现为富俊创新集团旗下子公司，在全球安防锁具领域拥有较高的市场认可度。
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。
MBC vs RUN — 直观对比
营收规模更大
RUN
是对方的1.8倍
$644.6M
营收增速更快
RUN
高出127.0%
-3.5%
净利率更高
RUN
高出15.5%
-6.5%
两年增速更快
RUN
近两年复合增速
0.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $644.6M | $1.2B |
| 净利润 | $-42.0M | $103.6M |
| 毛利率 | 26.0% | — |
| 营业利润率 | -4.2% | 8.4% |
| 净利率 | -6.5% | 8.9% |
| 营收同比 | -3.5% | 123.5% |
| 净利润同比 | -400.0% | 103.7% |
| 每股收益（稀释后） | $-0.32 | $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MBCRUN
| Q4 25 | $644.6M | $1.2B | ||
| Q3 25 | $698.9M | $724.6M | ||
| Q2 25 | $730.9M | $569.3M | ||
| Q1 25 | $660.3M | $504.3M | ||
| Q4 24 | $667.7M | $518.5M | ||
| Q3 24 | $718.1M | $537.2M | ||
| Q2 24 | $676.5M | $523.9M | ||
| Q1 24 | $638.1M | $458.2M |
净利润MBCRUN
| Q4 25 | $-42.0M | $103.6M | ||
| Q3 25 | $18.1M | $16.6M | ||
| Q2 25 | $37.3M | $279.8M | ||
| Q1 25 | $13.3M | $50.0M | ||
| Q4 24 | $14.0M | $-2.8B | ||
| Q3 24 | $29.1M | $-83.8M | ||
| Q2 24 | $45.3M | $139.1M | ||
| Q1 24 | $37.5M | $-87.8M |
毛利率MBCRUN
| Q4 25 | 26.0% | — | ||
| Q3 25 | 31.2% | — | ||
| Q2 25 | 32.8% | — | ||
| Q1 25 | 30.6% | — | ||
| Q4 24 | 30.4% | — | ||
| Q3 24 | 33.1% | — | ||
| Q2 24 | 34.1% | — | ||
| Q1 24 | 32.1% | — |
营业利润率MBCRUN
| Q4 25 | -4.2% | 8.4% | ||
| Q3 25 | 6.0% | 0.5% | ||
| Q2 25 | 9.2% | -19.7% | ||
| Q1 25 | 5.6% | -22.8% | ||
| Q4 24 | 5.6% | -628.0% | ||
| Q3 24 | 8.0% | -23.8% | ||
| Q2 24 | 11.5% | -24.4% | ||
| Q1 24 | 9.8% | -40.0% |
净利率MBCRUN
| Q4 25 | -6.5% | 8.9% | ||
| Q3 25 | 2.6% | 2.3% | ||
| Q2 25 | 5.1% | 49.1% | ||
| Q1 25 | 2.0% | 9.9% | ||
| Q4 24 | 2.1% | -542.7% | ||
| Q3 24 | 4.1% | -15.6% | ||
| Q2 24 | 6.7% | 26.5% | ||
| Q1 24 | 5.9% | -19.2% |
每股收益（稀释后）MBCRUN
| Q4 25 | $-0.32 | $0.38 | ||
| Q3 25 | $0.14 | $0.06 | ||
| Q2 25 | $0.29 | $1.07 | ||
| Q1 25 | $0.10 | $0.20 | ||
| Q4 24 | $0.10 | $-12.59 | ||
| Q3 24 | $0.22 | $-0.37 | ||
| Q2 24 | $0.35 | $0.55 | ||
| Q1 24 | $0.29 | $-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 | $183.3M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $1.3B | $3.1B |
| 总资产 | $3.1B | $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MBCRUN
| Q4 25 | $183.3M | — | ||
| Q3 25 | $114.8M | — | ||
| Q2 25 | $120.1M | — | ||
| Q1 25 | $113.5M | — | ||
| Q4 24 | $120.6M | — | ||
| Q3 24 | $108.4M | — | ||
| Q2 24 | $189.4M | — | ||
| Q1 24 | $153.7M | — |
总债务MBCRUN
| Q4 25 | — | $14.7B | ||
| Q3 25 | — | $14.6B | ||
| Q2 25 | — | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | $1.0B | $12.9B | ||
| Q3 24 | $1.1B | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益MBCRUN
| Q4 25 | $1.3B | $3.1B | ||
| Q3 25 | $1.4B | $3.0B | ||
| Q2 25 | $1.4B | $2.9B | ||
| Q1 25 | $1.3B | $2.6B | ||
| Q4 24 | $1.3B | $2.6B | ||
| Q3 24 | $1.3B | $5.3B | ||
| Q2 24 | $1.3B | $5.4B | ||
| Q1 24 | $1.2B | $5.2B |
总资产MBCRUN
| Q4 25 | $3.1B | $22.6B | ||
| Q3 25 | $3.0B | $22.2B | ||
| Q2 25 | $3.0B | $21.2B | ||
| Q1 25 | $3.0B | $20.4B | ||
| Q4 24 | $2.9B | $19.9B | ||
| Q3 24 | $3.0B | $22.1B | ||
| Q2 24 | $2.4B | $21.4B | ||
| Q1 24 | $2.4B | $20.8B |
负债/权益比MBCRUN
| Q4 25 | — | 4.69× | ||
| Q3 25 | — | 4.90× | ||
| Q2 25 | — | 4.80× | ||
| Q1 25 | — | 5.19× | ||
| Q4 24 | 0.79× | 5.05× | ||
| Q3 24 | 0.83× | 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 | $86.9M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $52.5M | — |
| 自由现金流率自由现金流/营收 | 8.1% | — |
| 资本支出强度资本支出/营收 | 5.3% | — |
| 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 | $117.5M | — |
8季度趋势，按日历期对齐
经营现金流MBCRUN
| Q4 25 | $86.9M | $96.9M | ||
| Q3 25 | $55.4M | $-121.5M | ||
| Q2 25 | $84.8M | $-292.7M | ||
| Q1 25 | $-31.4M | $-104.2M | ||
| Q4 24 | $115.1M | $-258.4M | ||
| Q3 24 | $80.8M | $-156.2M | ||
| Q2 24 | $77.4M | $-208.5M | ||
| Q1 24 | $18.7M | $-143.1M |
自由现金流MBCRUN
| Q4 25 | $52.5M | — | ||
| Q3 25 | $39.5M | — | ||
| Q2 25 | $66.7M | — | ||
| Q1 25 | $-41.2M | — | ||
| Q4 24 | $68.8M | — | ||
| Q3 24 | $64.5M | $-156.4M | ||
| Q2 24 | $66.1M | — | ||
| Q1 24 | $11.7M | — |
自由现金流率MBCRUN
| Q4 25 | 8.1% | — | ||
| Q3 25 | 5.7% | — | ||
| Q2 25 | 9.1% | — | ||
| Q1 25 | -6.2% | — | ||
| Q4 24 | 10.3% | — | ||
| Q3 24 | 9.0% | -29.1% | ||
| Q2 24 | 9.8% | — | ||
| Q1 24 | 1.8% | — |
资本支出强度MBCRUN
| Q4 25 | 5.3% | — | ||
| Q3 25 | 2.3% | — | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 6.9% | — | ||
| Q3 24 | 2.3% | 0.0% | ||
| Q2 24 | 1.7% | — | ||
| Q1 24 | 1.1% | — |
现金转化率MBCRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | 3.06× | -7.33× | ||
| Q2 25 | 2.27× | -1.05× | ||
| Q1 25 | -2.36× | -2.08× | ||
| Q4 24 | 8.22× | — | ||
| Q3 24 | 2.78× | — | ||
| Q2 24 | 1.71× | -1.50× | ||
| Q1 24 | 0.50× | — |
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
MBC
| Dealers | $345.7M | 54% |
| Retail | $220.0M | 34% |
| Builders | $78.9M | 12% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
