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美满电子科技（MRVL）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
美满电子科技的季度营收约是Sunrun Inc.的1.8倍（$2.1B vs $1.2B），美满电子科技净利率更高（91.7% vs 8.9%，领先82.7%），Sunrun Inc.同比增速更快（123.5% vs 36.8%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 20.6%）
美满电子科技是总部位于美国加利福尼亚州圣克拉拉的半导体企业，成立于1995年，专注于半导体及相关技术的研发与生产。截至2024年，公司全球员工超6500人，持有全球专利超1万项，2024财年总营收达55亿美元。
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。
MRVL vs RUN — 直观对比
营收规模更大
MRVL
是对方的1.8倍
$1.2B
营收增速更快
RUN
高出86.7%
36.8%
净利率更高
MRVL
高出82.7%
8.9%
两年增速更快
RUN
近两年复合增速
20.6%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $1.9B | $103.6M |
| 毛利率 | 51.6% | — |
| 营业利润率 | 17.2% | 8.4% |
| 净利率 | 91.7% | 8.9% |
| 营收同比 | 36.8% | 123.5% |
| 净利润同比 | 381.1% | 103.7% |
| 每股收益（稀释后） | $2.20 | $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MRVLRUN
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.0B | $724.6M | ||
| Q2 25 | $1.9B | $569.3M | ||
| Q1 25 | $1.8B | $504.3M | ||
| Q4 24 | $1.5B | $518.5M | ||
| Q3 24 | $1.3B | $537.2M | ||
| Q2 24 | $1.2B | $523.9M | ||
| Q1 24 | $1.4B | $458.2M |
净利润MRVLRUN
| Q4 25 | $1.9B | $103.6M | ||
| Q3 25 | $194.8M | $16.6M | ||
| Q2 25 | $177.9M | $279.8M | ||
| Q1 25 | $200.2M | $50.0M | ||
| Q4 24 | $-676.3M | $-2.8B | ||
| Q3 24 | $-193.3M | $-83.8M | ||
| Q2 24 | $-215.6M | $139.1M | ||
| Q1 24 | $-392.7M | $-87.8M |
毛利率MRVLRUN
| Q4 25 | 51.6% | — | ||
| Q3 25 | 50.4% | — | ||
| Q2 25 | 50.3% | — | ||
| Q1 25 | 50.5% | — | ||
| Q4 24 | 23.0% | — | ||
| Q3 24 | 46.2% | — | ||
| Q2 24 | 45.5% | — | ||
| Q1 24 | 46.6% | — |
营业利润率MRVLRUN
| Q4 25 | 17.2% | 8.4% | ||
| Q3 25 | 14.5% | 0.5% | ||
| Q2 25 | 14.3% | -19.7% | ||
| Q1 25 | 12.9% | -22.8% | ||
| Q4 24 | -46.4% | -628.0% | ||
| Q3 24 | -7.9% | -23.8% | ||
| Q2 24 | -13.1% | -24.4% | ||
| Q1 24 | -2.3% | -40.0% |
净利率MRVLRUN
| Q4 25 | 91.7% | 8.9% | ||
| Q3 25 | 9.7% | 2.3% | ||
| Q2 25 | 9.4% | 49.1% | ||
| Q1 25 | 11.0% | 9.9% | ||
| Q4 24 | -44.6% | -542.7% | ||
| Q3 24 | -15.2% | -15.6% | ||
| Q2 24 | -18.6% | 26.5% | ||
| Q1 24 | -27.5% | -19.2% |
每股收益（稀释后）MRVLRUN
| Q4 25 | $2.20 | $0.38 | ||
| Q3 25 | $0.22 | $0.06 | ||
| Q2 25 | $0.20 | $1.07 | ||
| Q1 25 | $0.23 | $0.20 | ||
| Q4 24 | $-0.78 | $-12.59 | ||
| Q3 24 | $-0.22 | $-0.37 | ||
| Q2 24 | $-0.25 | $0.55 | ||
| Q1 24 | $-0.45 | $-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 | $2.7B | — |
| 总债务越低越好 | $4.5B | $14.7B |
| 股东权益账面价值 | $14.1B | $3.1B |
| 总资产 | $21.6B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.32× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资MRVLRUN
| Q4 25 | $2.7B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $885.9M | — | ||
| Q1 25 | $948.3M | — | ||
| Q4 24 | $868.1M | — | ||
| Q3 24 | $808.7M | — | ||
| Q2 24 | $847.7M | — | ||
| Q1 24 | $950.8M | — |
总债务MRVLRUN
| Q4 25 | $4.5B | $14.7B | ||
| Q3 25 | $4.5B | $14.6B | ||
| Q2 25 | $4.2B | $14.0B | ||
| Q1 25 | $4.1B | $13.6B | ||
| Q4 24 | $4.1B | $12.9B | ||
| Q3 24 | $4.1B | $12.5B | ||
| Q2 24 | $4.1B | $12.0B | ||
| Q1 24 | $4.2B | $11.1B |
股东权益MRVLRUN
| Q4 25 | $14.1B | $3.1B | ||
| Q3 25 | $13.4B | $3.0B | ||
| Q2 25 | $13.3B | $2.9B | ||
| Q1 25 | $13.4B | $2.6B | ||
| Q4 24 | $13.4B | $2.6B | ||
| Q3 24 | $14.2B | $5.3B | ||
| Q2 24 | $14.5B | $5.4B | ||
| Q1 24 | $14.8B | $5.2B |
总资产MRVLRUN
| Q4 25 | $21.6B | $22.6B | ||
| Q3 25 | $20.6B | $22.2B | ||
| Q2 25 | $20.0B | $21.2B | ||
| Q1 25 | $20.2B | $20.4B | ||
| Q4 24 | $19.7B | $19.9B | ||
| Q3 24 | $20.3B | $22.1B | ||
| Q2 24 | $20.5B | $21.4B | ||
| Q1 24 | $21.2B | $20.8B |
负债/权益比MRVLRUN
| Q4 25 | 0.32× | 4.69× | ||
| Q3 25 | 0.33× | 4.90× | ||
| Q2 25 | 0.32× | 4.80× | ||
| Q1 25 | 0.30× | 5.19× | ||
| Q4 24 | 0.31× | 5.05× | ||
| Q3 24 | 0.29× | 2.36× | ||
| Q2 24 | 0.29× | 2.23× | ||
| Q1 24 | 0.28× | 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 | $582.3M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $508.8M | — |
| 自由现金流率自由现金流/营收 | 24.5% | — |
| 资本支出强度资本支出/营收 | 3.5% | — |
| 现金转化率经营现金流/净利润 | 0.31× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $1.6B | — |
8季度趋势，按日历期对齐
经营现金流MRVLRUN
| Q4 25 | $582.3M | $96.9M | ||
| Q3 25 | $461.6M | $-121.5M | ||
| Q2 25 | $332.9M | $-292.7M | ||
| Q1 25 | $514.0M | $-104.2M | ||
| Q4 24 | $536.3M | $-258.4M | ||
| Q3 24 | $306.4M | $-156.2M | ||
| Q2 24 | $324.5M | $-208.5M | ||
| Q1 24 | $546.6M | $-143.1M |
自由现金流MRVLRUN
| Q4 25 | $508.8M | — | ||
| Q3 25 | $414.1M | — | ||
| Q2 25 | $214.1M | — | ||
| Q1 25 | $444.1M | — | ||
| Q4 24 | $461.3M | — | ||
| Q3 24 | $258.2M | $-156.4M | ||
| Q2 24 | $233.0M | — | ||
| Q1 24 | $475.6M | — |
自由现金流率MRVLRUN
| Q4 25 | 24.5% | — | ||
| Q3 25 | 20.6% | — | ||
| Q2 25 | 11.3% | — | ||
| Q1 25 | 24.4% | — | ||
| Q4 24 | 30.4% | — | ||
| Q3 24 | 20.3% | -29.1% | ||
| Q2 24 | 20.1% | — | ||
| Q1 24 | 33.3% | — |
资本支出强度MRVLRUN
| Q4 25 | 3.5% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 6.3% | — | ||
| Q1 25 | 3.8% | — | ||
| Q4 24 | 4.9% | — | ||
| Q3 24 | 3.8% | 0.0% | ||
| Q2 24 | 7.9% | — | ||
| Q1 24 | 5.0% | — |
现金转化率MRVLRUN
| Q4 25 | 0.31× | 0.94× | ||
| Q3 25 | 2.37× | -7.33× | ||
| Q2 25 | 1.87× | -1.05× | ||
| Q1 25 | 2.57× | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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
MRVL
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% |
