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Monolithic Power Systems（MPWR）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Monolithic Power Systems的1.5倍（$1.2B vs $751.2M），Monolithic Power Systems净利率更高（22.9% vs 8.9%，领先13.9%），Sunrun Inc.同比增速更快（123.5% vs 20.8%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 28.1%）
Monolithic Power Systems（简称MPS）是一家美国上市企业，总部位于华盛顿州柯克兰市，主营高性能电源管理类产品的研发、生产与销售，目前在全球范围内设有超过15个运营站点，业务覆盖多个国家和地区。
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。
MPWR vs RUN — 直观对比
营收规模更大
RUN
是对方的1.5倍
$751.2M
营收增速更快
RUN
高出102.7%
20.8%
净利率更高
MPWR
高出13.9%
8.9%
两年增速更快
RUN
近两年复合增速
28.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $751.2M | $1.2B |
| 净利润 | $171.7M | $103.6M |
| 毛利率 | 55.2% | — |
| 营业利润率 | 26.6% | 8.4% |
| 净利率 | 22.9% | 8.9% |
| 营收同比 | 20.8% | 123.5% |
| 净利润同比 | -86.3% | 103.7% |
| 每股收益（稀释后） | $3.50 | $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MPWRRUN
| Q4 25 | $751.2M | $1.2B | ||
| Q3 25 | $737.2M | $724.6M | ||
| Q2 25 | $664.6M | $569.3M | ||
| Q1 25 | $637.6M | $504.3M | ||
| Q4 24 | $621.7M | $518.5M | ||
| Q3 24 | $620.1M | $537.2M | ||
| Q2 24 | $507.4M | $523.9M | ||
| Q1 24 | $457.9M | $458.2M |
净利润MPWRRUN
| Q4 25 | $171.7M | $103.6M | ||
| Q3 25 | $179.8M | $16.6M | ||
| Q2 25 | $135.0M | $279.8M | ||
| Q1 25 | $135.1M | $50.0M | ||
| Q4 24 | $1.3B | $-2.8B | ||
| Q3 24 | $144.4M | $-83.8M | ||
| Q2 24 | $100.4M | $139.1M | ||
| Q1 24 | $92.5M | $-87.8M |
毛利率MPWRRUN
| Q4 25 | 55.2% | — | ||
| Q3 25 | 55.1% | — | ||
| Q2 25 | 55.1% | — | ||
| Q1 25 | 55.4% | — | ||
| Q4 24 | 55.4% | — | ||
| Q3 24 | 55.4% | — | ||
| Q2 24 | 55.3% | — | ||
| Q1 24 | 55.1% | — |
营业利润率MPWRRUN
| Q4 25 | 26.6% | 8.4% | ||
| Q3 25 | 26.5% | 0.5% | ||
| Q2 25 | 24.8% | -19.7% | ||
| Q1 25 | 26.5% | -22.8% | ||
| Q4 24 | 26.3% | -628.0% | ||
| Q3 24 | 26.5% | -23.8% | ||
| Q2 24 | 23.0% | -24.4% | ||
| Q1 24 | 20.9% | -40.0% |
净利率MPWRRUN
| Q4 25 | 22.9% | 8.9% | ||
| Q3 25 | 24.4% | 2.3% | ||
| Q2 25 | 20.3% | 49.1% | ||
| Q1 25 | 21.2% | 9.9% | ||
| Q4 24 | 201.8% | -542.7% | ||
| Q3 24 | 23.3% | -15.6% | ||
| Q2 24 | 19.8% | 26.5% | ||
| Q1 24 | 20.2% | -19.2% |
每股收益（稀释后）MPWRRUN
| Q4 25 | $3.50 | $0.38 | ||
| Q3 25 | $3.74 | $0.06 | ||
| Q2 25 | $2.81 | $1.07 | ||
| Q1 25 | $2.81 | $0.20 | ||
| Q4 24 | $25.71 | $-12.59 | ||
| Q3 24 | $2.95 | $-0.37 | ||
| Q2 24 | $2.05 | $0.55 | ||
| Q1 24 | $1.89 | $-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 | $1.3B | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $3.5B | $3.1B |
| 总资产 | $4.2B | $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MPWRRUN
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $862.9M | — | ||
| Q3 24 | $1.5B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.3B | — |
总债务MPWRRUN
| 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MPWRRUN
| Q4 25 | $3.5B | $3.1B | ||
| Q3 25 | $3.4B | $3.0B | ||
| Q2 25 | $3.2B | $2.9B | ||
| Q1 25 | $3.1B | $2.6B | ||
| Q4 24 | $3.0B | $2.6B | ||
| Q3 24 | $2.4B | $5.3B | ||
| Q2 24 | $2.2B | $5.4B | ||
| Q1 24 | $2.1B | $5.2B |
总资产MPWRRUN
| Q4 25 | $4.2B | $22.6B | ||
| Q3 25 | $4.1B | $22.2B | ||
| Q2 25 | $3.9B | $21.2B | ||
| Q1 25 | $3.7B | $20.4B | ||
| Q4 24 | $3.5B | $19.9B | ||
| Q3 24 | $2.9B | $22.1B | ||
| Q2 24 | $2.6B | $21.4B | ||
| Q1 24 | $2.6B | $20.8B |
负债/权益比MPWRRUN
| 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 | $104.9M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $63.9M | — |
| 自由现金流率自由现金流/营收 | 8.5% | — |
| 资本支出强度资本支出/营收 | 5.5% | — |
| 现金转化率经营现金流/净利润 | 0.61× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $666.2M | — |
8季度趋势，按日历期对齐
经营现金流MPWRRUN
| Q4 25 | $104.9M | $96.9M | ||
| Q3 25 | $239.3M | $-121.5M | ||
| Q2 25 | $237.6M | $-292.7M | ||
| Q1 25 | $256.4M | $-104.2M | ||
| Q4 24 | $167.7M | $-258.4M | ||
| Q3 24 | $231.7M | $-156.2M | ||
| Q2 24 | $141.0M | $-208.5M | ||
| Q1 24 | $248.1M | $-143.1M |
自由现金流MPWRRUN
| Q4 25 | $63.9M | — | ||
| Q3 25 | $196.8M | — | ||
| Q2 25 | $189.5M | — | ||
| Q1 25 | $216.0M | — | ||
| Q4 24 | $102.9M | — | ||
| Q3 24 | $197.9M | $-156.4M | ||
| Q2 24 | $109.5M | — | ||
| Q1 24 | $232.1M | — |
自由现金流率MPWRRUN
| Q4 25 | 8.5% | — | ||
| Q3 25 | 26.7% | — | ||
| Q2 25 | 28.5% | — | ||
| Q1 25 | 33.9% | — | ||
| Q4 24 | 16.5% | — | ||
| Q3 24 | 31.9% | -29.1% | ||
| Q2 24 | 21.6% | — | ||
| Q1 24 | 50.7% | — |
资本支出强度MPWRRUN
| Q4 25 | 5.5% | — | ||
| Q3 25 | 5.8% | — | ||
| Q2 25 | 7.2% | — | ||
| Q1 25 | 6.3% | — | ||
| Q4 24 | 10.4% | — | ||
| Q3 24 | 5.5% | 0.0% | ||
| Q2 24 | 6.2% | — | ||
| Q1 24 | 3.5% | — |
现金转化率MPWRRUN
| Q4 25 | 0.61× | 0.94× | ||
| Q3 25 | 1.33× | -7.33× | ||
| Q2 25 | 1.76× | -1.05× | ||
| Q1 25 | 1.90× | -2.08× | ||
| Q4 24 | 0.13× | — | ||
| Q3 24 | 1.60× | — | ||
| Q2 24 | 1.40× | -1.50× | ||
| Q1 24 | 2.68× | — |
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
MPWR
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% |
