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MUELLER INDUSTRIES INC（MLI）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MUELLER INDUSTRIES INC的1.2倍（$1.2B vs $962.4M），MUELLER INDUSTRIES INC净利率更高（16.0% vs 8.9%，领先7.0%），Sunrun Inc.同比增速更快（123.5% vs 4.2%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 6.4%）
Mueller Industries是美国知名工业制造企业，1917年正式成立，总部坐落于美国田纳西州孟菲斯市，主营管道产品、工业金属及暖通制冷设备，2022年入选《财富》1000强榜单，是年营收达数十亿美元的公开上市企业。
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。
MLI vs RUN — 直观对比
营收规模更大
RUN
是对方的1.2倍
$962.4M
营收增速更快
RUN
高出119.3%
4.2%
净利率更高
MLI
高出7.0%
8.9%
两年增速更快
RUN
近两年复合增速
6.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $962.4M | $1.2B |
| 净利润 | $153.7M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 17.9% | 8.4% |
| 净利率 | 16.0% | 8.9% |
| 营收同比 | 4.2% | 123.5% |
| 净利润同比 | 11.7% | 103.7% |
| 每股收益（稀释后） | $1.37 | $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MLIRUN
| Q4 25 | $962.4M | $1.2B | ||
| Q3 25 | $1.1B | $724.6M | ||
| Q2 25 | $1.1B | $569.3M | ||
| Q1 25 | $1.0B | $504.3M | ||
| Q4 24 | $923.5M | $518.5M | ||
| Q3 24 | $997.8M | $537.2M | ||
| Q2 24 | $997.7M | $523.9M | ||
| Q1 24 | $849.7M | $458.2M |
净利润MLIRUN
| Q4 25 | $153.7M | $103.6M | ||
| Q3 25 | $208.1M | $16.6M | ||
| Q2 25 | $245.9M | $279.8M | ||
| Q1 25 | $157.4M | $50.0M | ||
| Q4 24 | $137.7M | $-2.8B | ||
| Q3 24 | $168.7M | $-83.8M | ||
| Q2 24 | $160.2M | $139.1M | ||
| Q1 24 | $138.4M | $-87.8M |
毛利率MLIRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 27.6% | — | ||
| Q2 24 | 27.3% | — | ||
| Q1 24 | 28.4% | — |
营业利润率MLIRUN
| Q4 25 | 17.9% | 8.4% | ||
| Q3 25 | 25.6% | 0.5% | ||
| Q2 25 | 26.7% | -19.7% | ||
| Q1 25 | 20.6% | -22.8% | ||
| Q4 24 | 18.4% | -628.0% | ||
| Q3 24 | 20.7% | -23.8% | ||
| Q2 24 | 21.0% | -24.4% | ||
| Q1 24 | 21.6% | -40.0% |
净利率MLIRUN
| Q4 25 | 16.0% | 8.9% | ||
| Q3 25 | 19.3% | 2.3% | ||
| Q2 25 | 21.6% | 49.1% | ||
| Q1 25 | 15.7% | 9.9% | ||
| Q4 24 | 14.9% | -542.7% | ||
| Q3 24 | 16.9% | -15.6% | ||
| Q2 24 | 16.1% | 26.5% | ||
| Q1 24 | 16.3% | -19.2% |
每股收益（稀释后）MLIRUN
| Q4 25 | $1.37 | $0.38 | ||
| Q3 25 | $1.88 | $0.06 | ||
| Q2 25 | $2.22 | $1.07 | ||
| Q1 25 | $1.39 | $0.20 | ||
| Q4 24 | $1.21 | $-12.59 | ||
| Q3 24 | $1.48 | $-0.37 | ||
| Q2 24 | $1.41 | $0.55 | ||
| Q1 24 | $1.21 | $-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 | $1.4B | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $3.2B | $3.1B |
| 总资产 | $3.7B | $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MLIRUN
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $873.6M | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $969.6M | — | ||
| Q2 24 | $825.7M | — | ||
| Q1 24 | $1.4B | — |
总债务MLIRUN
| Q4 25 | — | $14.7B | ||
| Q3 25 | — | $14.6B | ||
| Q2 25 | — | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益MLIRUN
| Q4 25 | $3.2B | $3.1B | ||
| Q3 25 | $3.1B | $3.0B | ||
| Q2 25 | $2.9B | $2.9B | ||
| Q1 25 | $2.7B | $2.6B | ||
| Q4 24 | $2.8B | $2.6B | ||
| Q3 24 | $2.7B | $5.3B | ||
| Q2 24 | $2.5B | $5.4B | ||
| Q1 24 | $2.4B | $5.2B |
总资产MLIRUN
| Q4 25 | $3.7B | $22.6B | ||
| Q3 25 | $3.7B | $22.2B | ||
| Q2 25 | $3.5B | $21.2B | ||
| Q1 25 | $3.2B | $20.4B | ||
| Q4 24 | $3.3B | $19.9B | ||
| Q3 24 | $3.2B | $22.1B | ||
| Q2 24 | $3.1B | $21.4B | ||
| Q1 24 | $2.9B | $20.8B |
负债/权益比MLIRUN
| Q4 25 | — | 4.69× | ||
| Q3 25 | — | 4.90× | ||
| Q2 25 | — | 4.80× | ||
| Q1 25 | — | 5.19× | ||
| Q4 24 | — | 5.05× | ||
| Q3 24 | — | 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 | $141.2M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $121.4M | — |
| 自由现金流率自由现金流/营收 | 12.6% | — |
| 资本支出强度资本支出/营收 | 2.1% | — |
| 现金转化率经营现金流/净利润 | 0.92× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $686.6M | — |
8季度趋势，按日历期对齐
经营现金流MLIRUN
| Q4 25 | $141.2M | $96.9M | ||
| Q3 25 | $310.1M | $-121.5M | ||
| Q2 25 | $190.6M | $-292.7M | ||
| Q1 25 | $113.6M | $-104.2M | ||
| Q4 24 | $140.1M | $-258.4M | ||
| Q3 24 | $231.4M | $-156.2M | ||
| Q2 24 | $100.8M | $-208.5M | ||
| Q1 24 | $173.6M | $-143.1M |
自由现金流MLIRUN
| Q4 25 | $121.4M | — | ||
| Q3 25 | $291.8M | — | ||
| Q2 25 | $176.5M | — | ||
| Q1 25 | $97.0M | — | ||
| Q4 24 | $111.2M | — | ||
| Q3 24 | $205.7M | $-156.4M | ||
| Q2 24 | $91.6M | — | ||
| Q1 24 | $157.2M | — |
自由现金流率MLIRUN
| Q4 25 | 12.6% | — | ||
| Q3 25 | 27.1% | — | ||
| Q2 25 | 15.5% | — | ||
| Q1 25 | 9.7% | — | ||
| Q4 24 | 12.0% | — | ||
| Q3 24 | 20.6% | -29.1% | ||
| Q2 24 | 9.2% | — | ||
| Q1 24 | 18.5% | — |
资本支出强度MLIRUN
| Q4 25 | 2.1% | — | ||
| Q3 25 | 1.7% | — | ||
| Q2 25 | 1.2% | — | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 3.1% | — | ||
| Q3 24 | 2.6% | 0.0% | ||
| Q2 24 | 0.9% | — | ||
| Q1 24 | 1.9% | — |
现金转化率MLIRUN
| Q4 25 | 0.92× | 0.94× | ||
| Q3 25 | 1.49× | -7.33× | ||
| Q2 25 | 0.78× | -1.05× | ||
| Q1 25 | 0.72× | -2.08× | ||
| Q4 24 | 1.02× | — | ||
| Q3 24 | 1.37× | — | ||
| Q2 24 | 0.63× | -1.50× | ||
| Q1 24 | 1.25× | — |
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
MLI
| Tube And Fittings | $484.6M | 50% |
| Industrial Metals | $252.2M | 26% |
| Valves And Plumbing Specialties | $122.5M | 13% |
| Flex Duct And Other HVAC Components | $80.8M | 8% |
| Other Products | $14.9M | 2% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
