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微芯科技（MCHP）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
微芯科技的季度营收约是Sunrun Inc.的1.0倍（$1.2B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs 5.3%，领先3.7%），Sunrun Inc.同比增速更快（123.5% vs 15.6%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -5.4%）
微芯科技（Microchip Technology）是美国知名上市半导体企业，主营微控制器、混合信号芯片、模拟芯片及闪存知识产权（Flash-IP）相关集成电路的研发、生产与销售，产品覆盖工业控制、汽车电子、消费电子、物联网等众多领域，在全球半导体细分市场拥有领先地位。
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。
MCHP vs RUN — 直观对比
营收规模更大
MCHP
是对方的1.0倍
$1.2B
营收增速更快
RUN
高出107.9%
15.6%
净利率更高
RUN
高出3.7%
5.3%
两年增速更快
RUN
近两年复合增速
-5.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $62.7M | $103.6M |
| 毛利率 | 59.6% | — |
| 营业利润率 | 12.8% | 8.4% |
| 净利率 | 5.3% | 8.9% |
| 营收同比 | 15.6% | 123.5% |
| 净利润同比 | 217.0% | 103.7% |
| 每股收益（稀释后） | $0.06 | $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MCHPRUN
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.1B | $724.6M | ||
| Q2 25 | $1.1B | $569.3M | ||
| Q1 25 | $970.5M | $504.3M | ||
| Q4 24 | $1.0B | $518.5M | ||
| Q3 24 | $1.2B | $537.2M | ||
| Q2 24 | $1.2B | $523.9M | ||
| Q1 24 | $1.3B | $458.2M |
净利润MCHPRUN
| Q4 25 | $62.7M | $103.6M | ||
| Q3 25 | $41.7M | $16.6M | ||
| Q2 25 | $-18.6M | $279.8M | ||
| Q1 25 | $-154.6M | $50.0M | ||
| Q4 24 | $-53.6M | $-2.8B | ||
| Q3 24 | $78.4M | $-83.8M | ||
| Q2 24 | $129.3M | $139.1M | ||
| Q1 24 | $154.7M | $-87.8M |
毛利率MCHPRUN
| Q4 25 | 59.6% | — | ||
| Q3 25 | 55.9% | — | ||
| Q2 25 | 53.6% | — | ||
| Q1 25 | 51.6% | — | ||
| Q4 24 | 54.7% | — | ||
| Q3 24 | 57.4% | — | ||
| Q2 24 | 59.4% | — | ||
| Q1 24 | 59.6% | — |
营业利润率MCHPRUN
| Q4 25 | 12.8% | 8.4% | ||
| Q3 25 | 7.8% | 0.5% | ||
| Q2 25 | 3.0% | -19.7% | ||
| Q1 25 | -10.3% | -22.8% | ||
| Q4 24 | 3.0% | -628.0% | ||
| Q3 24 | 12.6% | -23.8% | ||
| Q2 24 | 17.7% | -24.4% | ||
| Q1 24 | 19.1% | -40.0% |
净利率MCHPRUN
| Q4 25 | 5.3% | 8.9% | ||
| Q3 25 | 3.7% | 2.3% | ||
| Q2 25 | -1.7% | 49.1% | ||
| Q1 25 | -15.9% | 9.9% | ||
| Q4 24 | -5.2% | -542.7% | ||
| Q3 24 | 6.7% | -15.6% | ||
| Q2 24 | 10.4% | 26.5% | ||
| Q1 24 | 11.7% | -19.2% |
每股收益（稀释后）MCHPRUN
| Q4 25 | $0.06 | $0.38 | ||
| Q3 25 | $0.03 | $0.06 | ||
| Q2 25 | $-0.09 | $1.07 | ||
| Q1 25 | $-0.29 | $0.20 | ||
| Q4 24 | $-0.10 | $-12.59 | ||
| Q3 24 | $0.14 | $-0.37 | ||
| Q2 24 | $0.24 | $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 | $250.7M | — |
| 总债务越低越好 | $5.4B | $14.7B |
| 股东权益账面价值 | $6.6B | $3.1B |
| 总资产 | $14.3B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.82× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资MCHPRUN
| Q4 25 | $250.7M | — | ||
| Q3 25 | $236.8M | — | ||
| Q2 25 | $566.5M | — | ||
| Q1 25 | $771.7M | — | ||
| Q4 24 | $586.0M | — | ||
| Q3 24 | $286.1M | — | ||
| Q2 24 | $315.1M | — | ||
| Q1 24 | $319.7M | — |
总债务MCHPRUN
| Q4 25 | $5.4B | $14.7B | ||
| Q3 25 | $5.4B | $14.6B | ||
| Q2 25 | $5.5B | $14.0B | ||
| Q1 25 | $5.6B | $13.6B | ||
| Q4 24 | $6.7B | $12.9B | ||
| Q3 24 | $6.4B | $12.5B | ||
| Q2 24 | $6.2B | $12.0B | ||
| Q1 24 | $6.0B | $11.1B |
股东权益MCHPRUN
| Q4 25 | $6.6B | $3.1B | ||
| Q3 25 | $6.7B | $3.0B | ||
| Q2 25 | $6.9B | $2.9B | ||
| Q1 25 | $7.1B | $2.6B | ||
| Q4 24 | $6.0B | $2.6B | ||
| Q3 24 | $6.3B | $5.3B | ||
| Q2 24 | $6.4B | $5.4B | ||
| Q1 24 | $6.7B | $5.2B |
总资产MCHPRUN
| Q4 25 | $14.3B | $22.6B | ||
| Q3 25 | $14.5B | $22.2B | ||
| Q2 25 | $15.0B | $21.2B | ||
| Q1 25 | $15.4B | $20.4B | ||
| Q4 24 | $15.6B | $19.9B | ||
| Q3 24 | $15.6B | $22.1B | ||
| Q2 24 | $15.8B | $21.4B | ||
| Q1 24 | $15.9B | $20.8B |
负债/权益比MCHPRUN
| Q4 25 | 0.82× | 4.69× | ||
| Q3 25 | 0.80× | 4.90× | ||
| Q2 25 | 0.80× | 4.80× | ||
| Q1 25 | 0.80× | 5.19× | ||
| Q4 24 | 1.12× | 5.05× | ||
| Q3 24 | 1.02× | 2.36× | ||
| Q2 24 | 0.96× | 2.23× | ||
| Q1 24 | 0.90× | 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 | $341.4M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $318.9M | — |
| 自由现金流率自由现金流/营收 | 26.9% | — |
| 资本支出强度资本支出/营收 | 1.9% | — |
| 现金转化率经营现金流/净利润 | 5.44× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $819.9M | — |
8季度趋势，按日历期对齐
经营现金流MCHPRUN
| Q4 25 | $341.4M | $96.9M | ||
| Q3 25 | $88.1M | $-121.5M | ||
| Q2 25 | $275.6M | $-292.7M | ||
| Q1 25 | $205.9M | $-104.2M | ||
| Q4 24 | $271.5M | $-258.4M | ||
| Q3 24 | $43.6M | $-156.2M | ||
| Q2 24 | $377.1M | $-208.5M | ||
| Q1 24 | $430.0M | $-143.1M |
自由现金流MCHPRUN
| Q4 25 | $318.9M | — | ||
| Q3 25 | $51.6M | — | ||
| Q2 25 | $257.7M | — | ||
| Q1 25 | $191.7M | — | ||
| Q4 24 | $253.4M | — | ||
| Q3 24 | $22.8M | $-156.4M | ||
| Q2 24 | $304.2M | — | ||
| Q1 24 | $389.9M | — |
自由现金流率MCHPRUN
| Q4 25 | 26.9% | — | ||
| Q3 25 | 4.5% | — | ||
| Q2 25 | 24.0% | — | ||
| Q1 25 | 19.8% | — | ||
| Q4 24 | 24.7% | — | ||
| Q3 24 | 2.0% | -29.1% | ||
| Q2 24 | 24.5% | — | ||
| Q1 24 | 29.4% | — |
资本支出强度MCHPRUN
| Q4 25 | 1.9% | — | ||
| Q3 25 | 3.2% | — | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 1.8% | — | ||
| Q3 24 | 1.8% | 0.0% | ||
| Q2 24 | 5.9% | — | ||
| Q1 24 | 3.0% | — |
现金转化率MCHPRUN
| Q4 25 | 5.44× | 0.94× | ||
| Q3 25 | 2.11× | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.56× | — | ||
| Q2 24 | 2.92× | -1.50× | ||
| Q1 24 | 2.78× | — |
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
MCHP
| Mixed Signal Microcontrollers | $586.5M | 49% |
| Analog | $322.9M | 27% |
| Other Product Line | $276.6M | 23% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
