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欧文斯科宁（OC）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
欧文斯科宁的季度营收约是Sunrun Inc.的1.8倍（$2.1B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs -13.9%，领先22.9%），Sunrun Inc.同比增速更快（123.5% vs -24.6%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -3.5%）
欧文斯科宁是美国知名建材及复合材料企业，1935年由康宁玻璃厂与欧文斯-伊利诺伊公司合资组建。主营保温材料、屋面材料、玻璃纤维复合材料及相关产品，是全球最大的玻璃纤维复合材料生产商，全球员工约1.9万人，自1955年《财富》500强榜单创立以来连年上榜。
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。
OC vs RUN — 直观对比
营收规模更大
OC
是对方的1.8倍
$1.2B
营收增速更快
RUN
高出148.1%
-24.6%
净利率更高
RUN
高出22.9%
-13.9%
两年增速更快
RUN
近两年复合增速
-3.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $-298.0M | $103.6M |
| 毛利率 | 23.2% | — |
| 营业利润率 | -10.5% | 8.4% |
| 净利率 | -13.9% | 8.9% |
| 营收同比 | -24.6% | 123.5% |
| 净利润同比 | -15.5% | 103.7% |
| 每股收益（稀释后） | $-3.47 | $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OCRUN
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.7B | $724.6M | ||
| Q2 25 | $2.7B | $569.3M | ||
| Q1 25 | $2.5B | $504.3M | ||
| Q4 24 | $2.8B | $518.5M | ||
| Q3 24 | $3.0B | $537.2M | ||
| Q2 24 | $2.8B | $523.9M | ||
| Q1 24 | $2.3B | $458.2M |
净利润OCRUN
| Q4 25 | $-298.0M | $103.6M | ||
| Q3 25 | $-494.0M | $16.6M | ||
| Q2 25 | $363.0M | $279.8M | ||
| Q1 25 | $-93.0M | $50.0M | ||
| Q4 24 | $-258.0M | $-2.8B | ||
| Q3 24 | $321.0M | $-83.8M | ||
| Q2 24 | $285.0M | $139.1M | ||
| Q1 24 | $299.0M | $-87.8M |
毛利率OCRUN
| Q4 25 | 23.2% | — | ||
| Q3 25 | 28.2% | — | ||
| Q2 25 | 31.2% | — | ||
| Q1 25 | 28.7% | — | ||
| Q4 24 | 28.1% | — | ||
| Q3 24 | 29.8% | — | ||
| Q2 24 | 31.1% | — | ||
| Q1 24 | 29.6% | — |
营业利润率OCRUN
| Q4 25 | -10.5% | 8.4% | ||
| Q3 25 | -12.2% | 0.5% | ||
| Q2 25 | 18.4% | -19.7% | ||
| Q1 25 | 16.1% | -22.8% | ||
| Q4 24 | -8.5% | -628.0% | ||
| Q3 24 | 16.7% | -23.8% | ||
| Q2 24 | 16.4% | -24.4% | ||
| Q1 24 | 17.5% | -40.0% |
净利率OCRUN
| Q4 25 | -13.9% | 8.9% | ||
| Q3 25 | -18.4% | 2.3% | ||
| Q2 25 | 13.2% | 49.1% | ||
| Q1 25 | -3.7% | 9.9% | ||
| Q4 24 | -9.1% | -542.7% | ||
| Q3 24 | 10.5% | -15.6% | ||
| Q2 24 | 10.2% | 26.5% | ||
| Q1 24 | 13.0% | -19.2% |
每股收益（稀释后）OCRUN
| Q4 25 | $-3.47 | $0.38 | ||
| Q3 25 | $-5.92 | $0.06 | ||
| Q2 25 | $4.25 | $1.07 | ||
| Q1 25 | $-1.08 | $0.20 | ||
| Q4 24 | $-2.92 | $-12.59 | ||
| Q3 24 | $3.65 | $-0.37 | ||
| Q2 24 | $3.24 | $0.55 | ||
| Q1 24 | $3.40 | $-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 | $345.0M | — |
| 总债务越低越好 | $4.7B | $14.7B |
| 股东权益账面价值 | $3.9B | $3.1B |
| 总资产 | $13.0B | $22.6B |
| 负债/权益比越低杠杆越低 | 1.22× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资OCRUN
| Q4 25 | $345.0M | — | ||
| Q3 25 | $286.0M | — | ||
| Q2 25 | $230.0M | — | ||
| Q1 25 | $400.0M | — | ||
| Q4 24 | $361.0M | — | ||
| Q3 24 | $499.0M | — | ||
| Q2 24 | $254.0M | — | ||
| Q1 24 | $1.3B | — |
总债务OCRUN
| Q4 25 | $4.7B | $14.7B | ||
| Q3 25 | $4.7B | $14.6B | ||
| Q2 25 | $5.1B | $14.0B | ||
| Q1 25 | $5.0B | $13.6B | ||
| Q4 24 | $5.1B | $12.9B | ||
| Q3 24 | $5.0B | $12.5B | ||
| Q2 24 | $5.0B | $12.0B | ||
| Q1 24 | $2.6B | $11.1B |
股东权益OCRUN
| Q4 25 | $3.9B | $3.1B | ||
| Q3 25 | $4.4B | $3.0B | ||
| Q2 25 | $5.2B | $2.9B | ||
| Q1 25 | $4.9B | $2.6B | ||
| Q4 24 | $5.1B | $2.6B | ||
| Q3 24 | $5.6B | $5.3B | ||
| Q2 24 | $5.5B | $5.4B | ||
| Q1 24 | $5.2B | $5.2B |
总资产OCRUN
| Q4 25 | $13.0B | $22.6B | ||
| Q3 25 | $13.5B | $22.2B | ||
| Q2 25 | $14.5B | $21.2B | ||
| Q1 25 | $14.3B | $20.4B | ||
| Q4 24 | $14.1B | $19.9B | ||
| Q3 24 | $15.1B | $22.1B | ||
| Q2 24 | $15.0B | $21.4B | ||
| Q1 24 | $11.3B | $20.8B |
负债/权益比OCRUN
| Q4 25 | 1.22× | 4.69× | ||
| Q3 25 | 1.06× | 4.90× | ||
| Q2 25 | 0.98× | 4.80× | ||
| Q1 25 | 1.03× | 5.19× | ||
| Q4 24 | 1.01× | 5.05× | ||
| Q3 24 | 0.89× | 2.36× | ||
| Q2 24 | 0.92× | 2.23× | ||
| Q1 24 | 0.51× | 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 | $590.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $333.0M | — |
| 自由现金流率自由现金流/营收 | 15.5% | — |
| 资本支出强度资本支出/营收 | 12.0% | — |
| 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 | $962.0M | — |
8季度趋势，按日历期对齐
经营现金流OCRUN
| Q4 25 | $590.0M | $96.9M | ||
| Q3 25 | $918.0M | $-121.5M | ||
| Q2 25 | $327.0M | $-292.7M | ||
| Q1 25 | $-49.0M | $-104.2M | ||
| Q4 24 | $676.0M | $-258.4M | ||
| Q3 24 | $699.0M | $-156.2M | ||
| Q2 24 | $493.0M | $-208.5M | ||
| Q1 24 | $24.0M | $-143.1M |
自由现金流OCRUN
| Q4 25 | $333.0M | — | ||
| Q3 25 | $752.0M | — | ||
| Q2 25 | $129.0M | — | ||
| Q1 25 | $-252.0M | — | ||
| Q4 24 | $479.0M | — | ||
| Q3 24 | $558.0M | $-156.4M | ||
| Q2 24 | $336.0M | — | ||
| Q1 24 | $-128.0M | — |
自由现金流率OCRUN
| Q4 25 | 15.5% | — | ||
| Q3 25 | 28.0% | — | ||
| Q2 25 | 4.7% | — | ||
| Q1 25 | -10.0% | — | ||
| Q4 24 | 16.9% | — | ||
| Q3 24 | 18.3% | -29.1% | ||
| Q2 24 | 12.0% | — | ||
| Q1 24 | -5.6% | — |
资本支出强度OCRUN
| Q4 25 | 12.0% | — | ||
| Q3 25 | 6.2% | — | ||
| Q2 25 | 7.2% | — | ||
| Q1 25 | 8.0% | — | ||
| Q4 24 | 6.9% | — | ||
| Q3 24 | 4.6% | 0.0% | ||
| Q2 24 | 5.6% | — | ||
| Q1 24 | 6.6% | — |
现金转化率OCRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | 0.90× | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.18× | — | ||
| Q2 24 | 1.73× | -1.50× | ||
| Q1 24 | 0.08× | — |
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
OC
| Insulation | $724.0M | 34% |
| Residential | $625.0M | 29% |
| Doors | $427.0M | 20% |
| Discontinued Operations Disposed Of By Sale | $299.0M | 14% |
| Commercial And Industrial Sector | $101.0M | 5% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
