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PVH CORP.（PVH）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
PVH CORP.的季度营收约是Sunrun Inc.的2.0倍（$2.3B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs 0.2%，领先8.8%），Sunrun Inc.同比增速更快（123.5% vs 1.7%）
PVH集团是源自美国的知名服饰企业，前身为Phillips-Van Heusen公司，旗下拥有Tommy Hilfiger、Calvin Klein等标志性时尚品牌，同时还获得Kenneth Cole New York、Michael Kors等品牌的授权经营许可，在全球服饰消费市场拥有广泛影响力。
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。
PVH vs RUN — 直观对比
营收规模更大
PVH
是对方的2.0倍
$1.2B
营收增速更快
RUN
高出121.8%
1.7%
净利率更高
RUN
高出8.8%
0.2%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.3B | $1.2B |
| 净利润 | $4.2M | $103.6M |
| 毛利率 | 56.3% | — |
| 营业利润率 | 7.9% | 8.4% |
| 净利率 | 0.2% | 8.9% |
| 营收同比 | 1.7% | 123.5% |
| 净利润同比 | -96.8% | 103.7% |
| 每股收益（稀释后） | $0.09 | $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PVHRUN
| Q4 25 | $2.3B | $1.2B | ||
| Q3 25 | $2.2B | $724.6M | ||
| Q2 25 | $2.0B | $569.3M | ||
| Q1 25 | — | $504.3M | ||
| Q4 24 | — | $518.5M | ||
| Q3 24 | — | $537.2M | ||
| Q2 24 | — | $523.9M | ||
| Q1 24 | — | $458.2M |
净利润PVHRUN
| Q4 25 | $4.2M | $103.6M | ||
| Q3 25 | $224.2M | $16.6M | ||
| Q2 25 | $-44.8M | $279.8M | ||
| Q1 25 | — | $50.0M | ||
| Q4 24 | — | $-2.8B | ||
| Q3 24 | — | $-83.8M | ||
| Q2 24 | — | $139.1M | ||
| Q1 24 | — | $-87.8M |
毛利率PVHRUN
| Q4 25 | 56.3% | — | ||
| Q3 25 | 57.7% | — | ||
| Q2 25 | 58.6% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率PVHRUN
| Q4 25 | 7.9% | 8.4% | ||
| Q3 25 | 6.1% | 0.5% | ||
| Q2 25 | -16.7% | -19.7% | ||
| Q1 25 | — | -22.8% | ||
| Q4 24 | — | -628.0% | ||
| Q3 24 | — | -23.8% | ||
| Q2 24 | — | -24.4% | ||
| Q1 24 | — | -40.0% |
净利率PVHRUN
| Q4 25 | 0.2% | 8.9% | ||
| Q3 25 | 10.3% | 2.3% | ||
| Q2 25 | -2.3% | 49.1% | ||
| Q1 25 | — | 9.9% | ||
| Q4 24 | — | -542.7% | ||
| Q3 24 | — | -15.6% | ||
| Q2 24 | — | 26.5% | ||
| Q1 24 | — | -19.2% |
每股收益（稀释后）PVHRUN
| Q4 25 | $0.09 | $0.38 | ||
| Q3 25 | $4.63 | $0.06 | ||
| Q2 25 | $-0.88 | $1.07 | ||
| Q1 25 | — | $0.20 | ||
| Q4 24 | — | $-12.59 | ||
| Q3 24 | — | $-0.37 | ||
| Q2 24 | — | $0.55 | ||
| Q1 24 | — | $-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 | $158.2M | — |
| 总债务越低越好 | $2.3B | $14.7B |
| 股东权益账面价值 | $4.9B | $3.1B |
| 总资产 | $11.4B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.46× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资PVHRUN
| Q4 25 | $158.2M | — | ||
| Q3 25 | $248.8M | — | ||
| Q2 25 | $191.0M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总债务PVHRUN
| Q4 25 | $2.3B | $14.7B | ||
| Q3 25 | $2.3B | $14.6B | ||
| Q2 25 | $2.2B | $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PVHRUN
| Q4 25 | $4.9B | $3.1B | ||
| Q3 25 | $4.9B | $3.0B | ||
| Q2 25 | $4.6B | $2.9B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $5.3B | ||
| Q2 24 | — | $5.4B | ||
| Q1 24 | — | $5.2B |
总资产PVHRUN
| Q4 25 | $11.4B | $22.6B | ||
| Q3 25 | $11.6B | $22.2B | ||
| Q2 25 | $10.7B | $21.2B | ||
| Q1 25 | — | $20.4B | ||
| Q4 24 | — | $19.9B | ||
| Q3 24 | — | $22.1B | ||
| Q2 24 | — | $21.4B | ||
| Q1 24 | — | $20.8B |
负债/权益比PVHRUN
| Q4 25 | 0.46× | 4.69× | ||
| Q3 25 | 0.47× | 4.90× | ||
| Q2 25 | 0.48× | 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 | $-44.5M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $-85.1M | — |
| 自由现金流率自由现金流/营收 | -3.7% | — |
| 资本支出强度资本支出/营收 | 1.8% | — |
| 现金转化率经营现金流/净利润 | -10.60× | 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PVHRUN
| Q4 25 | $-44.5M | $96.9M | ||
| Q3 25 | $213.1M | $-121.5M | ||
| Q2 25 | $-71.4M | $-292.7M | ||
| Q1 25 | — | $-104.2M | ||
| Q4 24 | — | $-258.4M | ||
| Q3 24 | — | $-156.2M | ||
| Q2 24 | — | $-208.5M | ||
| Q1 24 | — | $-143.1M |
自由现金流PVHRUN
| Q4 25 | $-85.1M | — | ||
| Q3 25 | $181.9M | — | ||
| Q2 25 | $-98.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率PVHRUN
| Q4 25 | -3.7% | — | ||
| Q3 25 | 8.4% | — | ||
| Q2 25 | -4.9% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度PVHRUN
| Q4 25 | 1.8% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.3% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率PVHRUN
| Q4 25 | -10.60× | 0.94× | ||
| Q3 25 | 0.95× | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -1.50× | ||
| Q1 24 | — | — |
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
PVH
| Sales Channel Salesto Wholesale Customers | $1.0B | 44% |
| Sales Channel Sales To Owned And Operated Retail Customers | $868.0M | 38% |
| Sales Channel Sales To Owned And Operated Digital Retail Customers | $186.6M | 8% |
| Licensing | $99.5M | 4% |
| Other | $75.8M | 3% |
| Heritage Brands | $51.3M | 2% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
