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NetApp（NTAP）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
NetApp的季度营收约是Sunrun Inc.的1.5倍（$1.7B vs $1.2B），NetApp净利率更高（17.9% vs 8.9%，领先9.0%），Sunrun Inc.同比增速更快（123.5% vs 2.8%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 3.0%）
NetApp是总部位于美国加利福尼亚州圣何塞的企业级数据基础设施服务商，成立于1992年，2012至2021年连续入选《财富》世界500强。公司面向全球企业客户提供统一数据存储、集成数据服务及云运营解决方案，可满足线上线下全场景的应用与数据管理需求。
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。
NTAP vs RUN — 直观对比
营收规模更大
NTAP
是对方的1.5倍
$1.2B
营收增速更快
RUN
高出120.7%
2.8%
净利率更高
NTAP
高出9.0%
8.9%
两年增速更快
RUN
近两年复合增速
3.0%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.2B |
| 净利润 | $305.0M | $103.6M |
| 毛利率 | 72.0% | — |
| 营业利润率 | 23.4% | 8.4% |
| 净利率 | 17.9% | 8.9% |
| 营收同比 | 2.8% | 123.5% |
| 净利润同比 | 2.0% | 103.7% |
| 每股收益（稀释后） | $1.51 | $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NTAPRUN
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.6B | $724.6M | ||
| Q2 25 | $1.7B | $569.3M | ||
| Q1 25 | $1.6B | $504.3M | ||
| Q4 24 | $1.7B | $518.5M | ||
| Q3 24 | $1.5B | $537.2M | ||
| Q2 24 | $1.7B | $523.9M | ||
| Q1 24 | $1.6B | $458.2M |
净利润NTAPRUN
| Q4 25 | $305.0M | $103.6M | ||
| Q3 25 | $233.0M | $16.6M | ||
| Q2 25 | $340.0M | $279.8M | ||
| Q1 25 | $299.0M | $50.0M | ||
| Q4 24 | $299.0M | $-2.8B | ||
| Q3 24 | $248.0M | $-83.8M | ||
| Q2 24 | $291.0M | $139.1M | ||
| Q1 24 | $313.0M | $-87.8M |
毛利率NTAPRUN
| Q4 25 | 72.0% | — | ||
| Q3 25 | 70.4% | — | ||
| Q2 25 | 68.9% | — | ||
| Q1 25 | 69.8% | — | ||
| Q4 24 | 71.0% | — | ||
| Q3 24 | 71.3% | — | ||
| Q2 24 | 70.5% | — | ||
| Q1 24 | 71.7% | — |
营业利润率NTAPRUN
| Q4 25 | 23.4% | 8.4% | ||
| Q3 25 | 19.8% | 0.5% | ||
| Q2 25 | 20.1% | -19.7% | ||
| Q1 25 | 22.1% | -22.8% | ||
| Q4 24 | 20.8% | -628.0% | ||
| Q3 24 | 18.3% | -23.8% | ||
| Q2 24 | 21.9% | -24.4% | ||
| Q1 24 | 22.8% | -40.0% |
净利率NTAPRUN
| Q4 25 | 17.9% | 8.9% | ||
| Q3 25 | 14.9% | 2.3% | ||
| Q2 25 | 19.6% | 49.1% | ||
| Q1 25 | 18.2% | 9.9% | ||
| Q4 24 | 18.0% | -542.7% | ||
| Q3 24 | 16.1% | -15.6% | ||
| Q2 24 | 17.4% | 26.5% | ||
| Q1 24 | 19.5% | -19.2% |
每股收益（稀释后）NTAPRUN
| Q4 25 | $1.51 | $0.38 | ||
| Q3 25 | $1.15 | $0.06 | ||
| Q2 25 | $1.64 | $1.07 | ||
| Q1 25 | $1.44 | $0.20 | ||
| Q4 24 | $1.42 | $-12.59 | ||
| Q3 24 | $1.17 | $-0.37 | ||
| Q2 24 | $1.36 | $0.55 | ||
| Q1 24 | $1.48 | $-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 | $3.0B | — |
| 总债务越低越好 | $2.5B | $14.7B |
| 股东权益账面价值 | $986.0M | $3.1B |
| 总资产 | $9.6B | $22.6B |
| 负债/权益比越低杠杆越低 | 2.52× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资NTAPRUN
| Q4 25 | $3.0B | — | ||
| Q3 25 | $3.3B | — | ||
| Q2 25 | $3.8B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.2B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.3B | — | ||
| Q1 24 | $2.9B | — |
总债务NTAPRUN
| Q4 25 | $2.5B | $14.7B | ||
| Q3 25 | $2.5B | $14.6B | ||
| Q2 25 | $3.2B | $14.0B | ||
| Q1 25 | $2.0B | $13.6B | ||
| Q4 24 | $2.0B | $12.9B | ||
| Q3 24 | $2.4B | $12.5B | ||
| Q2 24 | $2.4B | $12.0B | ||
| Q1 24 | $2.4B | $11.1B |
股东权益NTAPRUN
| Q4 25 | $986.0M | $3.1B | ||
| Q3 25 | $975.0M | $3.0B | ||
| Q2 25 | $1.0B | $2.9B | ||
| Q1 25 | $995.0M | $2.6B | ||
| Q4 24 | $892.0M | $2.6B | ||
| Q3 24 | $929.0M | $5.3B | ||
| Q2 24 | $1.1B | $5.4B | ||
| Q1 24 | $994.0M | $5.2B |
总资产NTAPRUN
| Q4 25 | $9.6B | $22.6B | ||
| Q3 25 | $9.7B | $22.2B | ||
| Q2 25 | $10.8B | $21.2B | ||
| Q1 25 | $9.0B | $20.4B | ||
| Q4 24 | $9.0B | $19.9B | ||
| Q3 24 | $9.3B | $22.1B | ||
| Q2 24 | $9.9B | $21.4B | ||
| Q1 24 | $9.4B | $20.8B |
负债/权益比NTAPRUN
| Q4 25 | 2.52× | 4.69× | ||
| Q3 25 | 2.55× | 4.90× | ||
| Q2 25 | 3.11× | 4.80× | ||
| Q1 25 | 2.00× | 5.19× | ||
| Q4 24 | 2.23× | 5.05× | ||
| Q3 24 | 2.58× | 2.36× | ||
| Q2 24 | 2.09× | 2.23× | ||
| Q1 24 | 2.41× | 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 | $127.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $78.0M | — |
| 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 | 2.9% | — |
| 现金转化率经营现金流/净利润 | 0.42× | 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NTAPRUN
| Q4 25 | $127.0M | $96.9M | ||
| Q3 25 | $673.0M | $-121.5M | ||
| Q2 25 | — | $-292.7M | ||
| Q1 25 | $385.0M | $-104.2M | ||
| Q4 24 | — | $-258.4M | ||
| Q3 24 | $341.0M | $-156.2M | ||
| Q2 24 | $613.0M | $-208.5M | ||
| Q1 24 | $484.0M | $-143.1M |
自由现金流NTAPRUN
| Q4 25 | $78.0M | — | ||
| Q3 25 | $620.0M | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $338.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $300.0M | $-156.4M | ||
| Q2 24 | $567.0M | — | ||
| Q1 24 | $448.0M | — |
自由现金流率NTAPRUN
| Q4 25 | 4.6% | — | ||
| Q3 25 | 39.8% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 20.6% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 19.5% | -29.1% | ||
| Q2 24 | 34.0% | — | ||
| Q1 24 | 27.9% | — |
资本支出强度NTAPRUN
| Q4 25 | 2.9% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 2.9% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.7% | 0.0% | ||
| Q2 24 | 2.8% | — | ||
| Q1 24 | 2.2% | — |
现金转化率NTAPRUN
| Q4 25 | 0.42× | 0.94× | ||
| Q3 25 | 2.89× | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | 1.29× | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.38× | — | ||
| Q2 24 | 2.11× | -1.50× | ||
| Q1 24 | 1.55× | — |
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
NTAP
| Products | $788.0M | 46% |
| Support | $647.0M | 38% |
| Public Cloud Segment | $171.0M | 10% |
| Professional And Other Services | $99.0M | 6% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
