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PENN Entertainment, Inc.（PENN）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
PENN Entertainment, Inc.的季度营收约是Sunrun Inc.的1.5倍（$1.8B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs -0.2%，领先9.1%），Sunrun Inc.同比增速更快（123.5% vs 6.4%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 3.4%）
Penn Entertainment, Inc.（前称宾州国家博彩）是美国知名娱乐企业，业务涵盖综合娱乐运营、体育内容供给及赌场博彩服务，旗下运营好莱坞赌场、Ameristar、Boomtown等品牌，在全美20个州拥有43处经营场所，同时持有加拿大数字媒体企业Score Media and Gaming的所有权。
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。
PENN vs RUN — 直观对比
营收规模更大
PENN
是对方的1.5倍
$1.2B
营收增速更快
RUN
高出117.1%
6.4%
净利率更高
RUN
高出9.1%
-0.2%
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 | $1.8B | $1.2B |
| 净利润 | $-2.8M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 5.5% | 8.4% |
| 净利率 | -0.2% | 8.9% |
| 营收同比 | 6.4% | 123.5% |
| 净利润同比 | — | 103.7% |
| 每股收益（稀释后） | $-0.02 | $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PENNRUN
| Q1 26 | $1.8B | — | ||
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.7B | $724.6M | ||
| Q2 25 | $1.8B | $569.3M | ||
| Q1 25 | $1.7B | $504.3M | ||
| Q4 24 | $1.7B | $518.5M | ||
| Q3 24 | $1.6B | $537.2M | ||
| Q2 24 | $1.7B | $523.9M |
净利润PENNRUN
| Q1 26 | $-2.8M | — | ||
| Q4 25 | $-72.9M | $103.6M | ||
| Q3 25 | $-864.6M | $16.6M | ||
| Q2 25 | $-17.4M | $279.8M | ||
| Q1 25 | $111.8M | $50.0M | ||
| Q4 24 | $-133.3M | $-2.8B | ||
| Q3 24 | $-36.7M | $-83.8M | ||
| Q2 24 | $-26.8M | $139.1M |
营业利润率PENNRUN
| Q1 26 | 5.5% | — | ||
| Q4 25 | -1.0% | 8.4% | ||
| Q3 25 | -45.2% | 0.5% | ||
| Q2 25 | 4.4% | -19.7% | ||
| Q1 25 | 2.6% | -22.8% | ||
| Q4 24 | -2.9% | -628.0% | ||
| Q3 24 | 4.1% | -23.8% | ||
| Q2 24 | 4.5% | -24.4% |
净利率PENNRUN
| Q1 26 | -0.2% | — | ||
| Q4 25 | -4.0% | 8.9% | ||
| Q3 25 | -50.3% | 2.3% | ||
| Q2 25 | -1.0% | 49.1% | ||
| Q1 25 | 6.7% | 9.9% | ||
| Q4 24 | -8.0% | -542.7% | ||
| Q3 24 | -2.2% | -15.6% | ||
| Q2 24 | -1.6% | 26.5% |
每股收益（稀释后）PENNRUN
| Q1 26 | $-0.02 | — | ||
| Q4 25 | $-0.36 | $0.38 | ||
| Q3 25 | $-6.03 | $0.06 | ||
| Q2 25 | $-0.12 | $1.07 | ||
| Q1 25 | $0.68 | $0.20 | ||
| Q4 24 | $-0.87 | $-12.59 | ||
| Q3 24 | $-0.24 | $-0.37 | ||
| Q2 24 | $-0.18 | $0.55 |
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 | $708.0M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | — | $3.1B |
| 总资产 | — | $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PENNRUN
| Q1 26 | $708.0M | — | ||
| Q4 25 | $686.6M | — | ||
| Q3 25 | $660.1M | — | ||
| Q2 25 | $671.6M | — | ||
| Q1 25 | $591.6M | — | ||
| Q4 24 | $706.6M | — | ||
| Q3 24 | $834.0M | — | ||
| Q2 24 | $877.6M | — |
总债务PENNRUN
| Q1 26 | — | — | ||
| Q4 25 | $2.9B | $14.7B | ||
| Q3 25 | $2.9B | $14.6B | ||
| Q2 25 | $2.8B | $14.0B | ||
| Q1 25 | $2.6B | $13.6B | ||
| Q4 24 | $2.8B | $12.9B | ||
| Q3 24 | $2.8B | $12.5B | ||
| Q2 24 | $2.8B | $12.0B |
股东权益PENNRUN
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | $3.1B | ||
| Q3 25 | $2.0B | $3.0B | ||
| Q2 25 | $3.0B | $2.9B | ||
| Q1 25 | $3.0B | $2.6B | ||
| Q4 24 | $2.9B | $2.6B | ||
| Q3 24 | $3.1B | $5.3B | ||
| Q2 24 | $3.1B | $5.4B |
总资产PENNRUN
| Q1 26 | — | — | ||
| Q4 25 | $14.3B | $22.6B | ||
| Q3 25 | $14.3B | $22.2B | ||
| Q2 25 | $15.2B | $21.2B | ||
| Q1 25 | $15.1B | $20.4B | ||
| Q4 24 | $15.3B | $19.9B | ||
| Q3 24 | $15.5B | $22.1B | ||
| Q2 24 | $15.5B | $21.4B |
负债/权益比PENNRUN
| Q1 26 | — | — | ||
| Q4 25 | 1.58× | 4.69× | ||
| Q3 25 | 1.46× | 4.90× | ||
| Q2 25 | 0.94× | 4.80× | ||
| Q1 25 | 0.89× | 5.19× | ||
| Q4 24 | 0.98× | 5.05× | ||
| Q3 24 | 0.91× | 2.36× | ||
| Q2 24 | 0.91× | 2.23× |
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 | — | $96.9M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | 5.3% | — |
| 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 | — | — |
8季度趋势，按日历期对齐
经营现金流PENNRUN
| Q1 26 | — | — | ||
| Q4 25 | $107.2M | $96.9M | ||
| Q3 25 | $180.9M | $-121.5M | ||
| Q2 25 | $178.2M | $-292.7M | ||
| Q1 25 | $41.9M | $-104.2M | ||
| Q4 24 | $102.9M | $-258.4M | ||
| Q3 24 | $174.7M | $-156.2M | ||
| Q2 24 | $150.4M | $-208.5M |
自由现金流PENNRUN
| Q1 26 | — | — | ||
| Q4 25 | $-83.2M | — | ||
| Q3 25 | $8.2M | — | ||
| Q2 25 | $18.8M | — | ||
| Q1 25 | $-83.3M | — | ||
| Q4 24 | $-118.1M | — | ||
| Q3 24 | $42.6M | $-156.4M | ||
| Q2 24 | $62.2M | — |
自由现金流率PENNRUN
| Q1 26 | — | — | ||
| Q4 25 | -4.6% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | -5.0% | — | ||
| Q4 24 | -7.1% | — | ||
| Q3 24 | 2.6% | -29.1% | ||
| Q2 24 | 3.7% | — |
资本支出强度PENNRUN
| Q1 26 | 5.3% | — | ||
| Q4 25 | 10.5% | — | ||
| Q3 25 | 10.1% | — | ||
| Q2 25 | 9.0% | — | ||
| Q1 25 | 7.5% | — | ||
| Q4 24 | 13.2% | — | ||
| Q3 24 | 8.1% | 0.0% | ||
| Q2 24 | 5.3% | — |
现金转化率PENNRUN
| Q1 26 | — | — | ||
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | 0.37× | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -1.50× |
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
PENN
| Northeast segment (1) | $687.1M | 39% |
| Interactive (5) | $358.3M | 20% |
| Midwest segment (4) | $305.9M | 17% |
| South segment (2) | $281.3M | 16% |
| West segment (3) | $145.8M | 8% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
