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MSC INDUSTRIAL DIRECT CO INC（MSM）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MSC INDUSTRIAL DIRECT CO INC的1.2倍（$1.2B vs $965.7M），Sunrun Inc.净利率更高（8.9% vs 5.4%，领先3.6%），Sunrun Inc.同比增速更快（123.5% vs 4.0%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -3.4%）
MSC工业直销公司（MSC）通过旗下主要子公司MSC工业供应公司，是美国规模最大的工业设备分销商之一，可提供超过150万种金属加工及其他工业类产品，广泛服务于工业制造、维修运维等领域的客户需求。
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。
MSM vs RUN — 直观对比
营收规模更大
RUN
是对方的1.2倍
$965.7M
营收增速更快
RUN
高出119.5%
4.0%
净利率更高
RUN
高出3.6%
5.4%
两年增速更快
RUN
近两年复合增速
-3.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $965.7M | $1.2B |
| 净利润 | $51.8M | $103.6M |
| 毛利率 | 40.7% | — |
| 营业利润率 | 7.9% | 8.4% |
| 净利率 | 5.4% | 8.9% |
| 营收同比 | 4.0% | 123.5% |
| 净利润同比 | 11.1% | 103.7% |
| 每股收益（稀释后） | $0.93 | $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MSMRUN
| Q4 25 | $965.7M | $1.2B | ||
| Q3 25 | $978.2M | $724.6M | ||
| Q2 25 | $971.1M | $569.3M | ||
| Q1 25 | — | $504.3M | ||
| Q4 24 | $928.5M | $518.5M | ||
| Q3 24 | — | $537.2M | ||
| Q2 24 | $979.4M | $523.9M | ||
| Q1 24 | $935.3M | $458.2M |
净利润MSMRUN
| Q4 25 | $51.8M | $103.6M | ||
| Q3 25 | $56.5M | $16.6M | ||
| Q2 25 | $56.8M | $279.8M | ||
| Q1 25 | — | $50.0M | ||
| Q4 24 | $46.6M | $-2.8B | ||
| Q3 24 | — | $-83.8M | ||
| Q2 24 | $71.7M | $139.1M | ||
| Q1 24 | $61.8M | $-87.8M |
毛利率MSMRUN
| Q4 25 | 40.7% | — | ||
| Q3 25 | 40.4% | — | ||
| Q2 25 | 41.0% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 40.7% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 40.9% | — | ||
| Q1 24 | 41.5% | — |
营业利润率MSMRUN
| Q4 25 | 7.9% | 8.4% | ||
| Q3 25 | 8.6% | 0.5% | ||
| Q2 25 | 8.5% | -19.7% | ||
| Q1 25 | — | -22.8% | ||
| Q4 24 | 7.8% | -628.0% | ||
| Q3 24 | — | -23.8% | ||
| Q2 24 | 10.9% | -24.4% | ||
| Q1 24 | 9.7% | -40.0% |
净利率MSMRUN
| Q4 25 | 5.4% | 8.9% | ||
| Q3 25 | 5.8% | 2.3% | ||
| Q2 25 | 5.9% | 49.1% | ||
| Q1 25 | — | 9.9% | ||
| Q4 24 | 5.0% | -542.7% | ||
| Q3 24 | — | -15.6% | ||
| Q2 24 | 7.3% | 26.5% | ||
| Q1 24 | 6.6% | -19.2% |
每股收益（稀释后）MSMRUN
| Q4 25 | $0.93 | $0.38 | ||
| Q3 25 | $1.02 | $0.06 | ||
| Q2 25 | $1.02 | $1.07 | ||
| Q1 25 | — | $0.20 | ||
| Q4 24 | $0.83 | $-12.59 | ||
| Q3 24 | — | $-0.37 | ||
| Q2 24 | $1.27 | $0.55 | ||
| Q1 24 | $1.10 | $-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 | $40.3M | — |
| 总债务越低越好 | $214.1M | $14.7B |
| 股东权益账面价值 | $1.4B | $3.1B |
| 总资产 | $2.5B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.16× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资MSMRUN
| Q4 25 | $40.3M | — | ||
| Q3 25 | $56.2M | — | ||
| Q2 25 | $71.7M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $57.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $25.9M | — | ||
| Q1 24 | $22.2M | — |
总债务MSMRUN
| Q4 25 | $214.1M | $14.7B | ||
| Q3 25 | $168.8M | $14.6B | ||
| Q2 25 | $285.0M | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | $289.9M | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | $299.8M | $12.0B | ||
| Q1 24 | $294.5M | $11.1B |
股东权益MSMRUN
| Q4 25 | $1.4B | $3.1B | ||
| Q3 25 | $1.4B | $3.0B | ||
| Q2 25 | $1.4B | $2.9B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | $1.4B | $2.6B | ||
| Q3 24 | — | $5.3B | ||
| Q2 24 | $1.4B | $5.4B | ||
| Q1 24 | $1.4B | $5.2B |
总资产MSMRUN
| Q4 25 | $2.5B | $22.6B | ||
| Q3 25 | $2.5B | $22.2B | ||
| Q2 25 | $2.5B | $21.2B | ||
| Q1 25 | — | $20.4B | ||
| Q4 24 | $2.5B | $19.9B | ||
| Q3 24 | — | $22.1B | ||
| Q2 24 | $2.5B | $21.4B | ||
| Q1 24 | $2.5B | $20.8B |
负债/权益比MSMRUN
| Q4 25 | 0.16× | 4.69× | ||
| Q3 25 | 0.12× | 4.90× | ||
| Q2 25 | 0.21× | 4.80× | ||
| Q1 25 | — | 5.19× | ||
| Q4 24 | 0.21× | 5.05× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | 0.21× | 2.23× | ||
| Q1 24 | 0.21× | 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 | $29.4M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $7.4M | — |
| 自由现金流率自由现金流/营收 | 0.8% | — |
| 资本支出强度资本支出/营收 | 2.3% | — |
| 现金转化率经营现金流/净利润 | 0.57× | 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MSMRUN
| Q4 25 | $29.4M | $96.9M | ||
| Q3 25 | — | $-121.5M | ||
| Q2 25 | $151.6M | $-292.7M | ||
| Q1 25 | — | $-104.2M | ||
| Q4 24 | $101.9M | $-258.4M | ||
| Q3 24 | — | $-156.2M | ||
| Q2 24 | $143.5M | $-208.5M | ||
| Q1 24 | $78.7M | $-143.1M |
自由现金流MSMRUN
| Q4 25 | $7.4M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $100.7M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $81.7M | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | $114.0M | — | ||
| Q1 24 | $53.4M | — |
自由现金流率MSMRUN
| Q4 25 | 0.8% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 10.4% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 8.8% | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | 11.6% | — | ||
| Q1 24 | 5.7% | — |
资本支出强度MSMRUN
| Q4 25 | 2.3% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 5.2% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.2% | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | 3.0% | — | ||
| Q1 24 | 2.7% | — |
现金转化率MSMRUN
| Q4 25 | 0.57× | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | 2.67× | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | 2.18× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.00× | -1.50× | ||
| Q1 24 | 1.27× | — |
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
MSM
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% |
