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Martin Marietta Materials（MLM）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
Martin Marietta Materials的季度营收约是Sunrun Inc.的1.2倍（$1.4B vs $1.2B），Martin Marietta Materials净利率更高（111.1% vs 8.9%，领先102.1%），Sunrun Inc.同比增速更快（123.5% vs 17.0%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -12.1%）
马丁·玛丽埃塔材料公司是美国大型集料及重型建筑材料供应商，业务覆盖美国26个州、加拿大及加勒比地区，主要为道路、人行道、地基等各类基建项目提供所需原材料。
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。
MLM vs RUN — 直观对比
营收规模更大
MLM
是对方的1.2倍
$1.2B
营收增速更快
RUN
高出106.5%
17.0%
净利率更高
MLM
高出102.1%
8.9%
两年增速更快
RUN
近两年复合增速
-12.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.2B |
| 净利润 | $1.5B | $103.6M |
| 毛利率 | 22.8% | — |
| 营业利润率 | 11.9% | 8.4% |
| 净利率 | 111.1% | 8.9% |
| 营收同比 | 17.0% | 123.5% |
| 净利润同比 | — | 103.7% |
| 每股收益（稀释后） | — | $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MLMRUN
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.8B | $724.6M | ||
| Q2 25 | $1.8B | $569.3M | ||
| Q1 25 | $1.4B | $504.3M | ||
| Q4 24 | $1.6B | $518.5M | ||
| Q3 24 | $1.9B | $537.2M | ||
| Q2 24 | $1.8B | $523.9M |
净利润MLMRUN
| Q1 26 | $1.5B | — | ||
| Q4 25 | $279.0M | $103.6M | ||
| Q3 25 | $414.0M | $16.6M | ||
| Q2 25 | $328.0M | $279.8M | ||
| Q1 25 | $116.0M | $50.0M | ||
| Q4 24 | $293.0M | $-2.8B | ||
| Q3 24 | $363.0M | $-83.8M | ||
| Q2 24 | $294.0M | $139.1M |
毛利率MLMRUN
| Q1 26 | 22.8% | — | ||
| Q4 25 | 35.0% | — | ||
| Q3 25 | 33.1% | — | ||
| Q2 25 | 30.0% | — | ||
| Q1 25 | 24.8% | — | ||
| Q4 24 | 30.0% | — | ||
| Q3 24 | 31.7% | — | ||
| Q2 24 | 29.3% | — |
营业利润率MLMRUN
| Q1 26 | 11.9% | — | ||
| Q4 25 | 24.6% | 8.4% | ||
| Q3 25 | 27.4% | 0.5% | ||
| Q2 25 | 25.3% | -19.7% | ||
| Q1 25 | 14.3% | -22.8% | ||
| Q4 24 | 24.4% | -628.0% | ||
| Q3 24 | 25.9% | -23.8% | ||
| Q2 24 | 22.6% | -24.4% |
净利率MLMRUN
| Q1 26 | 111.1% | — | ||
| Q4 25 | 24.5% | 8.9% | ||
| Q3 25 | 22.4% | 2.3% | ||
| Q2 25 | 18.1% | 49.1% | ||
| Q1 25 | 8.6% | 9.9% | ||
| Q4 24 | 18.0% | -542.7% | ||
| Q3 24 | 19.2% | -15.6% | ||
| Q2 24 | 16.7% | 26.5% |
每股收益（稀释后）MLMRUN
| Q1 26 | — | — | ||
| Q4 25 | $4.59 | $0.38 | ||
| Q3 25 | $6.85 | $0.06 | ||
| Q2 25 | $5.43 | $1.07 | ||
| Q1 25 | $1.90 | $0.20 | ||
| Q4 24 | $4.87 | $-12.59 | ||
| Q3 24 | $5.91 | $-0.37 | ||
| Q2 24 | $4.76 | $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 | $273.0M | — |
| 总债务越低越好 | $0 | $14.7B |
| 股东权益账面价值 | $11.3B | $3.1B |
| 总资产 | $20.5B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.00× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资MLMRUN
| Q1 26 | $273.0M | — | ||
| Q4 25 | $67.0M | — | ||
| Q3 25 | $57.0M | — | ||
| Q2 25 | $225.0M | — | ||
| Q1 25 | $101.0M | — | ||
| Q4 24 | $670.0M | — | ||
| Q3 24 | $52.0M | — | ||
| Q2 24 | $109.0M | — |
总债务MLMRUN
| Q1 26 | $0 | — | ||
| Q4 25 | $5.3B | $14.7B | ||
| Q3 25 | $5.5B | $14.6B | ||
| Q2 25 | $5.4B | $14.0B | ||
| Q1 25 | $5.4B | $13.6B | ||
| Q4 24 | $5.4B | $12.9B | ||
| Q3 24 | $4.0B | $12.5B | ||
| Q2 24 | $4.3B | $12.0B |
股东权益MLMRUN
| Q1 26 | $11.3B | — | ||
| Q4 25 | $10.0B | $3.1B | ||
| Q3 25 | $9.7B | $3.0B | ||
| Q2 25 | $9.4B | $2.9B | ||
| Q1 25 | $9.1B | $2.6B | ||
| Q4 24 | $9.5B | $2.6B | ||
| Q3 24 | $9.2B | $5.3B | ||
| Q2 24 | $8.8B | $5.4B |
总资产MLMRUN
| Q1 26 | $20.5B | — | ||
| Q4 25 | $18.7B | $22.6B | ||
| Q3 25 | $18.7B | $22.2B | ||
| Q2 25 | $18.1B | $21.2B | ||
| Q1 25 | $17.7B | $20.4B | ||
| Q4 24 | $18.2B | $19.9B | ||
| Q3 24 | $16.5B | $22.1B | ||
| Q2 24 | $16.3B | $21.4B |
负债/权益比MLMRUN
| Q1 26 | 0.00× | — | ||
| Q4 25 | 0.53× | 4.69× | ||
| Q3 25 | 0.57× | 4.90× | ||
| Q2 25 | 0.58× | 4.80× | ||
| Q1 25 | 0.60× | 5.19× | ||
| Q4 24 | 0.57× | 5.05× | ||
| Q3 24 | 0.44× | 2.36× | ||
| Q2 24 | 0.49× | 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 | $227.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | 40.4% | — |
| 现金转化率经营现金流/净利润 | 0.15× | 0.94× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流MLMRUN
| Q1 26 | $227.0M | — | ||
| Q4 25 | $629.0M | $96.9M | ||
| Q3 25 | $551.0M | $-121.5M | ||
| Q2 25 | $387.0M | $-292.7M | ||
| Q1 25 | $218.0M | $-104.2M | ||
| Q4 24 | $686.0M | $-258.4M | ||
| Q3 24 | $600.0M | $-156.2M | ||
| Q2 24 | $1.0M | $-208.5M |
自由现金流MLMRUN
| Q1 26 | — | — | ||
| Q4 25 | $424.0M | — | ||
| Q3 25 | $361.0M | — | ||
| Q2 25 | $208.0M | — | ||
| Q1 25 | $-15.0M | — | ||
| Q4 24 | $453.0M | — | ||
| Q3 24 | $317.0M | $-156.4M | ||
| Q2 24 | $-138.0M | — |
自由现金流率MLMRUN
| Q1 26 | — | — | ||
| Q4 25 | 37.2% | — | ||
| Q3 25 | 19.6% | — | ||
| Q2 25 | 11.5% | — | ||
| Q1 25 | -1.1% | — | ||
| Q4 24 | 27.8% | — | ||
| Q3 24 | 16.8% | -29.1% | ||
| Q2 24 | -7.8% | — |
资本支出强度MLMRUN
| Q1 26 | 40.4% | — | ||
| Q4 25 | 18.0% | — | ||
| Q3 25 | 10.3% | — | ||
| Q2 25 | 9.9% | — | ||
| Q1 25 | 17.2% | — | ||
| Q4 24 | 14.3% | — | ||
| Q3 24 | 15.0% | 0.0% | ||
| Q2 24 | 7.9% | — |
现金转化率MLMRUN
| Q1 26 | 0.15× | — | ||
| Q4 25 | 2.25× | 0.94× | ||
| Q3 25 | 1.33× | -7.33× | ||
| Q2 25 | 1.18× | -1.05× | ||
| Q1 25 | 1.88× | -2.08× | ||
| Q4 24 | 2.34× | — | ||
| Q3 24 | 1.65× | — | ||
| Q2 24 | 0.00× | -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
MLM
暂无分部数据
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
