vs
巴诺书店（NE）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.的季度营收约是巴诺书店的1.5倍（$1.2B vs $764.4M），巴诺书店净利率更高（11.3% vs 8.9%，领先2.4%），Sunrun Inc.同比增速更快（123.5% vs -17.6%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 9.5%）
巴诺书店是美国知名连锁图书零售企业，拥有全美数量最多的实体零售网点，目前在美国境内共运营超过700家线下门店，为消费者提供各类书籍、文创产品及相关文化消费服务。
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。
NE vs RUN — 直观对比
营收规模更大
RUN
是对方的1.5倍
$764.4M
营收增速更快
RUN
高出141.1%
-17.6%
净利率更高
NE
高出2.4%
8.9%
两年增速更快
RUN
近两年复合增速
9.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $764.4M | $1.2B |
| 净利润 | $86.6M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 5.6% | 8.4% |
| 净利率 | 11.3% | 8.9% |
| 营收同比 | -17.6% | 123.5% |
| 净利润同比 | -10.4% | 103.7% |
| 每股收益（稀释后） | $0.54 | $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NERUN
| Q4 25 | $764.4M | $1.2B | ||
| Q3 25 | $798.0M | $724.6M | ||
| Q2 25 | $848.7M | $569.3M | ||
| Q1 25 | $874.5M | $504.3M | ||
| Q4 24 | $927.3M | $518.5M | ||
| Q3 24 | $800.5M | $537.2M | ||
| Q2 24 | $692.8M | $523.9M | ||
| Q1 24 | $637.1M | $458.2M |
净利润NERUN
| Q4 25 | $86.6M | $103.6M | ||
| Q3 25 | $-21.1M | $16.6M | ||
| Q2 25 | $42.9M | $279.8M | ||
| Q1 25 | $108.3M | $50.0M | ||
| Q4 24 | $96.6M | $-2.8B | ||
| Q3 24 | $61.2M | $-83.8M | ||
| Q2 24 | $195.0M | $139.1M | ||
| Q1 24 | $95.5M | $-87.8M |
营业利润率NERUN
| Q4 25 | 5.6% | 8.4% | ||
| Q3 25 | 6.3% | 0.5% | ||
| Q2 25 | 15.9% | -19.7% | ||
| Q1 25 | 21.4% | -22.8% | ||
| Q4 24 | 18.4% | -628.0% | ||
| Q3 24 | 14.4% | -23.8% | ||
| Q2 24 | 30.3% | -24.4% | ||
| Q1 24 | 16.9% | -40.0% |
净利率NERUN
| Q4 25 | 11.3% | 8.9% | ||
| Q3 25 | -2.6% | 2.3% | ||
| Q2 25 | 5.1% | 49.1% | ||
| Q1 25 | 12.4% | 9.9% | ||
| Q4 24 | 10.4% | -542.7% | ||
| Q3 24 | 7.6% | -15.6% | ||
| Q2 24 | 28.1% | 26.5% | ||
| Q1 24 | 15.0% | -19.2% |
每股收益（稀释后）NERUN
| Q4 25 | $0.54 | $0.38 | ||
| Q3 25 | $-0.13 | $0.06 | ||
| Q2 25 | $0.27 | $1.07 | ||
| Q1 25 | $0.67 | $0.20 | ||
| Q4 24 | $0.56 | $-12.59 | ||
| Q3 24 | $0.40 | $-0.37 | ||
| Q2 24 | $1.34 | $0.55 | ||
| Q1 24 | $0.66 | $-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 | $471.4M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $4.5B | $3.1B |
| 总资产 | $7.5B | $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NERUN
| Q4 25 | $471.4M | — | ||
| Q3 25 | $477.9M | — | ||
| Q2 25 | $338.2M | — | ||
| Q1 25 | $303.8M | — | ||
| Q4 24 | $247.3M | — | ||
| Q3 24 | $391.9M | — | ||
| Q2 24 | $162.9M | — | ||
| Q1 24 | $212.5M | — |
总债务NERUN
| 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NERUN
| Q4 25 | $4.5B | $3.1B | ||
| Q3 25 | $4.5B | $3.0B | ||
| Q2 25 | $4.6B | $2.9B | ||
| Q1 25 | $4.7B | $2.6B | ||
| Q4 24 | $4.7B | $2.6B | ||
| Q3 24 | $4.7B | $5.3B | ||
| Q2 24 | $4.0B | $5.4B | ||
| Q1 24 | $3.9B | $5.2B |
总资产NERUN
| Q4 25 | $7.5B | $22.6B | ||
| Q3 25 | $7.6B | $22.2B | ||
| Q2 25 | $7.7B | $21.2B | ||
| Q1 25 | $7.9B | $20.4B | ||
| Q4 24 | $8.0B | $19.9B | ||
| Q3 24 | $8.0B | $22.1B | ||
| Q2 24 | $5.6B | $21.4B | ||
| Q1 24 | $5.4B | $20.8B |
负债/权益比NERUN
| 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 | $187.1M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $35.4M | — |
| 自由现金流率自由现金流/营收 | 4.6% | — |
| 资本支出强度资本支出/营收 | 19.9% | — |
| 现金转化率经营现金流/净利润 | 2.16× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $432.2M | — |
8季度趋势，按日历期对齐
经营现金流NERUN
| Q4 25 | $187.1M | $96.9M | ||
| Q3 25 | $277.1M | $-121.5M | ||
| Q2 25 | $216.4M | $-292.7M | ||
| Q1 25 | $271.1M | $-104.2M | ||
| Q4 24 | $136.2M | $-258.4M | ||
| Q3 24 | $283.8M | $-156.2M | ||
| Q2 24 | $106.8M | $-208.5M | ||
| Q1 24 | $128.7M | $-143.1M |
自由现金流NERUN
| Q4 25 | $35.4M | — | ||
| Q3 25 | $139.5M | — | ||
| Q2 25 | $99.8M | — | ||
| Q1 25 | $157.5M | — | ||
| Q4 24 | $-4.4M | — | ||
| Q3 24 | $156.8M | $-156.4M | ||
| Q2 24 | $-34.3M | — | ||
| Q1 24 | $-37.9M | — |
自由现金流率NERUN
| Q4 25 | 4.6% | — | ||
| Q3 25 | 17.5% | — | ||
| Q2 25 | 11.8% | — | ||
| Q1 25 | 18.0% | — | ||
| Q4 24 | -0.5% | — | ||
| Q3 24 | 19.6% | -29.1% | ||
| Q2 24 | -4.9% | — | ||
| Q1 24 | -6.0% | — |
资本支出强度NERUN
| Q4 25 | 19.9% | — | ||
| Q3 25 | 17.3% | — | ||
| Q2 25 | 13.7% | — | ||
| Q1 25 | 13.0% | — | ||
| Q4 24 | 15.2% | — | ||
| Q3 24 | 15.9% | 0.0% | ||
| Q2 24 | 20.4% | — | ||
| Q1 24 | 26.2% | — |
现金转化率NERUN
| Q4 25 | 2.16× | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | 5.05× | -1.05× | ||
| Q1 25 | 2.50× | -2.08× | ||
| Q4 24 | 1.41× | — | ||
| Q3 24 | 4.64× | — | ||
| Q2 24 | 0.55× | -1.50× | ||
| Q1 24 | 1.35× | — |
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
NE
| Floaters | $559.8M | 73% |
| Jackups | $145.5M | 19% |
| Service Other | $59.1M | 8% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
