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PTC Inc.（PTC）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PTC Inc.的1.7倍（$1.2B vs $685.8M），PTC Inc.净利率更高（24.3% vs 8.9%，领先15.3%），Sunrun Inc.同比增速更快（123.5% vs 21.4%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 6.6%）
PTC是1985年成立的美国计算机软件与服务企业，总部位于马萨诸塞州波士顿。公司1988年率先推出参数化关联特征驱动的三维CAD建模软件，1998年发布基于互联网的产品生命周期管理（PLM）产品，目前面向合作伙伴与开发者提供物联网、增强现实（AR）平台及相关产品服务。
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。
PTC vs RUN — 直观对比
营收规模更大
RUN
是对方的1.7倍
$685.8M
营收增速更快
RUN
高出102.1%
21.4%
净利率更高
PTC
高出15.3%
8.9%
两年增速更快
RUN
近两年复合增速
6.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $685.8M | $1.2B |
| 净利润 | $166.5M | $103.6M |
| 毛利率 | 82.8% | — |
| 营业利润率 | 32.2% | 8.4% |
| 净利率 | 24.3% | 8.9% |
| 营收同比 | 21.4% | 123.5% |
| 净利润同比 | 102.5% | 103.7% |
| 每股收益（稀释后） | $1.39 | $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PTCRUN
| Q4 25 | $685.8M | $1.2B | ||
| Q3 25 | $893.8M | $724.6M | ||
| Q2 25 | $643.9M | $569.3M | ||
| Q1 25 | $636.4M | $504.3M | ||
| Q4 24 | $565.1M | $518.5M | ||
| Q3 24 | $626.5M | $537.2M | ||
| Q2 24 | $518.6M | $523.9M | ||
| Q1 24 | $603.1M | $458.2M |
净利润PTCRUN
| Q4 25 | $166.5M | $103.6M | ||
| Q3 25 | $347.8M | $16.6M | ||
| Q2 25 | $141.3M | $279.8M | ||
| Q1 25 | $162.6M | $50.0M | ||
| Q4 24 | $82.2M | $-2.8B | ||
| Q3 24 | $126.5M | $-83.8M | ||
| Q2 24 | $69.0M | $139.1M | ||
| Q1 24 | $114.4M | $-87.8M |
毛利率PTCRUN
| Q4 25 | 82.8% | — | ||
| Q3 25 | 86.9% | — | ||
| Q2 25 | 82.9% | — | ||
| Q1 25 | 83.3% | — | ||
| Q4 24 | 80.2% | — | ||
| Q3 24 | 82.0% | — | ||
| Q2 24 | 78.4% | — | ||
| Q1 24 | 81.8% | — |
营业利润率PTCRUN
| Q4 25 | 32.2% | 8.4% | ||
| Q3 25 | 48.5% | 0.5% | ||
| Q2 25 | 32.6% | -19.7% | ||
| Q1 25 | 35.1% | -22.8% | ||
| Q4 24 | 20.4% | -628.0% | ||
| Q3 24 | 31.0% | -23.8% | ||
| Q2 24 | 18.5% | -24.4% | ||
| Q1 24 | 29.8% | -40.0% |
净利率PTCRUN
| Q4 25 | 24.3% | 8.9% | ||
| Q3 25 | 38.9% | 2.3% | ||
| Q2 25 | 21.9% | 49.1% | ||
| Q1 25 | 25.6% | 9.9% | ||
| Q4 24 | 14.6% | -542.7% | ||
| Q3 24 | 20.2% | -15.6% | ||
| Q2 24 | 13.3% | 26.5% | ||
| Q1 24 | 19.0% | -19.2% |
每股收益（稀释后）PTCRUN
| Q4 25 | $1.39 | $0.38 | ||
| Q3 25 | $2.88 | $0.06 | ||
| Q2 25 | $1.17 | $1.07 | ||
| Q1 25 | $1.35 | $0.20 | ||
| Q4 24 | $0.68 | $-12.59 | ||
| Q3 24 | $1.05 | $-0.37 | ||
| Q2 24 | $0.57 | $0.55 | ||
| Q1 24 | $0.95 | $-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 | $209.7M | — |
| 总债务越低越好 | $1.2B | $14.7B |
| 股东权益账面价值 | $3.8B | $3.1B |
| 总资产 | $6.4B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.31× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资PTCRUN
| Q4 25 | $209.7M | — | ||
| Q3 25 | $184.4M | — | ||
| Q2 25 | $199.3M | — | ||
| Q1 25 | $235.2M | — | ||
| Q4 24 | $196.3M | — | ||
| Q3 24 | $265.8M | — | ||
| Q2 24 | $247.7M | — | ||
| Q1 24 | $249.0M | — |
总债务PTCRUN
| Q4 25 | $1.2B | $14.7B | ||
| Q3 25 | $1.2B | $14.6B | ||
| Q2 25 | $1.2B | $14.0B | ||
| Q1 25 | $1.4B | $13.6B | ||
| Q4 24 | $1.0B | $12.9B | ||
| Q3 24 | $1.2B | $12.5B | ||
| Q2 24 | $1.3B | $12.0B | ||
| Q1 24 | $1.5B | $11.1B |
股东权益PTCRUN
| Q4 25 | $3.8B | $3.1B | ||
| Q3 25 | $3.8B | $3.0B | ||
| Q2 25 | $3.5B | $2.9B | ||
| Q1 25 | $3.4B | $2.6B | ||
| Q4 24 | $3.2B | $2.6B | ||
| Q3 24 | $3.2B | $5.3B | ||
| Q2 24 | $3.0B | $5.4B | ||
| Q1 24 | $2.9B | $5.2B |
总资产PTCRUN
| Q4 25 | $6.4B | $22.6B | ||
| Q3 25 | $6.6B | $22.2B | ||
| Q2 25 | $6.2B | $21.2B | ||
| Q1 25 | $6.2B | $20.4B | ||
| Q4 24 | $6.1B | $19.9B | ||
| Q3 24 | $6.4B | $22.1B | ||
| Q2 24 | $6.1B | $21.4B | ||
| Q1 24 | $6.2B | $20.8B |
负债/权益比PTCRUN
| Q4 25 | 0.31× | 4.69× | ||
| Q3 25 | 0.31× | 4.90× | ||
| Q2 25 | 0.34× | 4.80× | ||
| Q1 25 | 0.40× | 5.19× | ||
| Q4 24 | 0.32× | 5.05× | ||
| Q3 24 | 0.38× | 2.36× | ||
| Q2 24 | 0.43× | 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 | $269.7M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $267.4M | — |
| 自由现金流率自由现金流/营收 | 39.0% | — |
| 资本支出强度资本支出/营收 | 0.3% | — |
| 现金转化率经营现金流/净利润 | 1.62× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $888.4M | — |
8季度趋势，按日历期对齐
经营现金流PTCRUN
| Q4 25 | $269.7M | $96.9M | ||
| Q3 25 | $104.0M | $-121.5M | ||
| Q2 25 | $243.9M | $-292.7M | ||
| Q1 25 | $281.3M | $-104.2M | ||
| Q4 24 | $238.4M | $-258.4M | ||
| Q3 24 | $98.1M | $-156.2M | ||
| Q2 24 | $213.8M | $-208.5M | ||
| Q1 24 | $250.7M | $-143.1M |
自由现金流PTCRUN
| Q4 25 | $267.4M | — | ||
| Q3 25 | $100.5M | — | ||
| Q2 25 | $242.0M | — | ||
| Q1 25 | $278.5M | — | ||
| Q4 24 | $235.7M | — | ||
| Q3 24 | $93.6M | $-156.4M | ||
| Q2 24 | $212.2M | — | ||
| Q1 24 | $247.1M | — |
自由现金流率PTCRUN
| Q4 25 | 39.0% | — | ||
| Q3 25 | 11.2% | — | ||
| Q2 25 | 37.6% | — | ||
| Q1 25 | 43.8% | — | ||
| Q4 24 | 41.7% | — | ||
| Q3 24 | 14.9% | -29.1% | ||
| Q2 24 | 40.9% | — | ||
| Q1 24 | 41.0% | — |
资本支出强度PTCRUN
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | 0.3% | — | ||
| Q1 25 | 0.4% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.7% | 0.0% | ||
| Q2 24 | 0.3% | — | ||
| Q1 24 | 0.6% | — |
现金转化率PTCRUN
| Q4 25 | 1.62× | 0.94× | ||
| Q3 25 | 0.30× | -7.33× | ||
| Q2 25 | 1.73× | -1.05× | ||
| Q1 25 | 1.73× | -2.08× | ||
| Q4 24 | 2.90× | — | ||
| Q3 24 | 0.78× | — | ||
| Q2 24 | 3.10× | -1.50× | ||
| Q1 24 | 2.19× | — |
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
PTC
| Support And Cloud Services | $393.3M | 57% |
| License | $269.7M | 39% |
| Technology Service | $22.9M | 3% |
| Perpetual License | $5.6M | 1% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
