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莫德纳（MRNA）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.的季度营收约是莫德纳的1.1倍（$1.2B vs $1.0B），Sunrun Inc.净利率更高（8.9% vs -19.7%，领先28.6%），Sunrun Inc.同比增速更快（123.5% vs -45.4%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -45.0%）
莫德纳是一家总部位于美国马萨诸塞州剑桥市的生物制药企业，深耕RNA治疗领域，核心业务聚焦mRNA疫苗研发。其疫苗通过信使RNA（mRNA）分子拷贝传递蛋白合成指令以触发人体免疫反应，公司名称由“修饰”“RNA”与“现代”三个词组合而来。
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。
MRNA vs RUN — 直观对比
营收规模更大
RUN
是对方的1.1倍
$1.0B
营收增速更快
RUN
高出168.9%
-45.4%
净利率更高
RUN
高出28.6%
-19.7%
两年增速更快
RUN
近两年复合增速
-45.0%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.2B |
| 净利润 | $-200.0M | $103.6M |
| 毛利率 | 79.6% | — |
| 营业利润率 | -25.6% | 8.4% |
| 净利率 | -19.7% | 8.9% |
| 营收同比 | -45.4% | 123.5% |
| 净利润同比 | -1638.5% | 103.7% |
| 每股收益（稀释后） | $-0.51 | $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MRNARUN
| Q4 25 | — | $1.2B | ||
| Q3 25 | $1.0B | $724.6M | ||
| Q2 25 | — | $569.3M | ||
| Q1 25 | — | $504.3M | ||
| Q4 24 | $966.0M | $518.5M | ||
| Q3 24 | $1.9B | $537.2M | ||
| Q2 24 | — | $523.9M | ||
| Q1 24 | — | $458.2M |
净利润MRNARUN
| Q4 25 | — | $103.6M | ||
| Q3 25 | $-200.0M | $16.6M | ||
| Q2 25 | — | $279.8M | ||
| Q1 25 | — | $50.0M | ||
| Q4 24 | $-1.1B | $-2.8B | ||
| Q3 24 | $13.0M | $-83.8M | ||
| Q2 24 | — | $139.1M | ||
| Q1 24 | — | $-87.8M |
毛利率MRNARUN
| Q4 25 | — | — | ||
| Q3 25 | 79.6% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 23.5% | — | ||
| Q3 24 | 72.4% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率MRNARUN
| Q4 25 | — | 8.4% | ||
| Q3 25 | -25.6% | 0.5% | ||
| Q2 25 | — | -19.7% | ||
| Q1 25 | — | -22.8% | ||
| Q4 24 | -129.0% | -628.0% | ||
| Q3 24 | -3.8% | -23.8% | ||
| Q2 24 | — | -24.4% | ||
| Q1 24 | — | -40.0% |
净利率MRNARUN
| Q4 25 | — | 8.9% | ||
| Q3 25 | -19.7% | 2.3% | ||
| Q2 25 | — | 49.1% | ||
| Q1 25 | — | 9.9% | ||
| Q4 24 | -115.9% | -542.7% | ||
| Q3 24 | 0.7% | -15.6% | ||
| Q2 24 | — | 26.5% | ||
| Q1 24 | — | -19.2% |
每股收益（稀释后）MRNARUN
| Q4 25 | — | $0.38 | ||
| Q3 25 | $-0.51 | $0.06 | ||
| Q2 25 | — | $1.07 | ||
| Q1 25 | — | $0.20 | ||
| Q4 24 | $-2.91 | $-12.59 | ||
| Q3 24 | $0.03 | $-0.37 | ||
| Q2 24 | — | $0.55 | ||
| Q1 24 | — | $-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 | $1.1B | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $9.3B | $3.1B |
| 总资产 | $12.1B | $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MRNARUN
| Q4 25 | — | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总债务MRNARUN
| 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MRNARUN
| Q4 25 | — | $3.1B | ||
| Q3 25 | $9.3B | $3.0B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | $10.9B | $2.6B | ||
| Q3 24 | $11.9B | $5.3B | ||
| Q2 24 | — | $5.4B | ||
| Q1 24 | — | $5.2B |
总资产MRNARUN
| Q4 25 | — | $22.6B | ||
| Q3 25 | $12.1B | $22.2B | ||
| Q2 25 | — | $21.2B | ||
| Q1 25 | — | $20.4B | ||
| Q4 24 | $14.1B | $19.9B | ||
| Q3 24 | $15.8B | $22.1B | ||
| Q2 24 | — | $21.4B | ||
| Q1 24 | — | $20.8B |
负债/权益比MRNARUN
| 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 | $-847.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $-880.0M | — |
| 自由现金流率自由现金流/营收 | -86.6% | — |
| 资本支出强度资本支出/营收 | 3.2% | — |
| 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 | $-1.9B | — |
8季度趋势，按日历期对齐
经营现金流MRNARUN
| Q4 25 | — | $96.9M | ||
| Q3 25 | $-847.0M | $-121.5M | ||
| Q2 25 | — | $-292.7M | ||
| Q1 25 | — | $-104.2M | ||
| Q4 24 | $825.0M | $-258.4M | ||
| Q3 24 | $-1.6B | $-156.2M | ||
| Q2 24 | — | $-208.5M | ||
| Q1 24 | — | $-143.1M |
自由现金流MRNARUN
| Q4 25 | — | — | ||
| Q3 25 | $-880.0M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $303.0M | — | ||
| Q3 24 | $-1.7B | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率MRNARUN
| Q4 25 | — | — | ||
| Q3 25 | -86.6% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 31.4% | — | ||
| Q3 24 | -92.2% | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度MRNARUN
| Q4 25 | — | — | ||
| Q3 25 | 3.2% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 54.0% | — | ||
| Q3 24 | 8.1% | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率MRNARUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | -120.46× | — | ||
| Q2 24 | — | -1.50× | ||
| Q1 24 | — | — |
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
MRNA
| COVID19 | $971.0M | 96% |
| Other Revenue | $20.0M | 2% |
| Grant | $14.0M | 1% |
| Collaboration Arrangement Including Arrangements With Affiliate | $7.0M | 1% |
| License And Royalty | $2.0M | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
