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Quad/Graphics, Inc.（QUAD）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Quad/Graphics, Inc.的1.8倍（$1.2B vs $630.6M），Sunrun Inc.同比增速更快（123.5% vs -11.0%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -1.9%）
奎德图形是一家总部位于美国威斯康星州萨塞克斯的营销服务企业，主营各类印刷与营销服务，业务覆盖受众定向、全渠道媒体策划投放、创意内容制作、零售展示包装、邮件优化及消费者分析等领域，可同时服务实体与数字媒体渠道。2025年，该企业位列美国大型广告集团、北美大型商业印刷企业之列。
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。
QUAD vs RUN — 直观对比
营收规模更大
RUN
是对方的1.8倍
$630.6M
营收增速更快
RUN
高出134.5%
-11.0%
两年增速更快
RUN
近两年复合增速
-1.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $630.6M | $1.2B |
| 净利润 | — | $103.6M |
| 毛利率 | 21.6% | — |
| 营业利润率 | 5.9% | 8.4% |
| 净利率 | — | 8.9% |
| 营收同比 | -11.0% | 123.5% |
| 净利润同比 | — | 103.7% |
| 每股收益（稀释后） | $0.22 | $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QUADRUN
| Q4 25 | $630.6M | $1.2B | ||
| Q3 25 | $588.0M | $724.6M | ||
| Q2 25 | $571.9M | $569.3M | ||
| Q1 25 | $629.4M | $504.3M | ||
| Q4 24 | $708.4M | $518.5M | ||
| Q3 24 | $674.8M | $537.2M | ||
| Q2 24 | $634.2M | $523.9M | ||
| Q1 24 | $654.8M | $458.2M |
净利润QUADRUN
| Q4 25 | — | $103.6M | ||
| Q3 25 | $10.2M | $16.6M | ||
| Q2 25 | $-100.0K | $279.8M | ||
| Q1 25 | $5.8M | $50.0M | ||
| Q4 24 | — | $-2.8B | ||
| Q3 24 | $-24.7M | $-83.8M | ||
| Q2 24 | $-2.8M | $139.1M | ||
| Q1 24 | $-28.1M | $-87.8M |
毛利率QUADRUN
| Q4 25 | 21.6% | — | ||
| Q3 25 | 22.8% | — | ||
| Q2 25 | 21.6% | — | ||
| Q1 25 | 20.6% | — | ||
| Q4 24 | 22.4% | — | ||
| Q3 24 | 21.8% | — | ||
| Q2 24 | 22.1% | — | ||
| Q1 24 | 20.4% | — |
营业利润率QUADRUN
| Q4 25 | 5.9% | 8.4% | ||
| Q3 25 | 4.5% | 0.5% | ||
| Q2 25 | 2.4% | -19.7% | ||
| Q1 25 | 3.1% | -22.8% | ||
| Q4 24 | 2.8% | -628.0% | ||
| Q3 24 | -0.7% | -23.8% | ||
| Q2 24 | 2.4% | -24.4% | ||
| Q1 24 | -1.6% | -40.0% |
净利率QUADRUN
| Q4 25 | — | 8.9% | ||
| Q3 25 | 1.7% | 2.3% | ||
| Q2 25 | -0.0% | 49.1% | ||
| Q1 25 | 0.9% | 9.9% | ||
| Q4 24 | — | -542.7% | ||
| Q3 24 | -3.7% | -15.6% | ||
| Q2 24 | -0.4% | 26.5% | ||
| Q1 24 | -4.3% | -19.2% |
每股收益（稀释后）QUADRUN
| Q4 25 | $0.22 | $0.38 | ||
| Q3 25 | $0.21 | $0.06 | ||
| Q2 25 | $0.00 | $1.07 | ||
| Q1 25 | $0.11 | $0.20 | ||
| Q4 24 | $0.11 | $-12.59 | ||
| Q3 24 | $-0.52 | $-0.37 | ||
| Q2 24 | $-0.06 | $0.55 | ||
| Q1 24 | $-0.60 | $-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 | $63.3M | — |
| 总债务越低越好 | $369.9M | $14.7B |
| 股东权益账面价值 | $-59.5M | $3.1B |
| 总资产 | $1.3B | $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QUADRUN
| Q4 25 | $63.3M | — | ||
| Q3 25 | $6.2M | — | ||
| Q2 25 | $6.7M | — | ||
| Q1 25 | $8.1M | — | ||
| Q4 24 | $29.2M | — | ||
| Q3 24 | $12.5M | — | ||
| Q2 24 | $12.8M | — | ||
| Q1 24 | $10.2M | — |
总债务QUADRUN
| Q4 25 | $369.9M | $14.7B | ||
| Q3 25 | — | $14.6B | ||
| Q2 25 | — | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | $377.1M | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益QUADRUN
| Q4 25 | $-59.5M | $3.1B | ||
| Q3 25 | $96.7M | $3.0B | ||
| Q2 25 | $87.0M | $2.9B | ||
| Q1 25 | $87.4M | $2.6B | ||
| Q4 24 | $-131.2M | $2.6B | ||
| Q3 24 | $50.9M | $5.3B | ||
| Q2 24 | $79.1M | $5.4B | ||
| Q1 24 | $89.2M | $5.2B |
总资产QUADRUN
| Q4 25 | $1.3B | $22.6B | ||
| Q3 25 | $1.3B | $22.2B | ||
| Q2 25 | $1.2B | $21.2B | ||
| Q1 25 | $1.2B | $20.4B | ||
| Q4 24 | $1.3B | $19.9B | ||
| Q3 24 | $1.4B | $22.1B | ||
| Q2 24 | $1.4B | $21.4B | ||
| Q1 24 | $1.4B | $20.8B |
负债/权益比QUADRUN
| Q4 25 | — | 4.69× | ||
| Q3 25 | — | 4.90× | ||
| Q2 25 | — | 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 | $145.9M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $137.2M | — |
| 自由现金流率自由现金流/营收 | 21.8% | — |
| 资本支出强度资本支出/营收 | 1.4% | — |
| 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 | $50.7M | — |
8季度趋势，按日历期对齐
经营现金流QUADRUN
| Q4 25 | $145.9M | $96.9M | ||
| Q3 25 | $-8.4M | $-121.5M | ||
| Q2 25 | $47.4M | $-292.7M | ||
| Q1 25 | $-89.0M | $-104.2M | ||
| Q4 24 | $158.8M | $-258.4M | ||
| Q3 24 | $2.4M | $-156.2M | ||
| Q2 24 | $3.9M | $-208.5M | ||
| Q1 24 | $-52.2M | $-143.1M |
自由现金流QUADRUN
| Q4 25 | $137.2M | — | ||
| Q3 25 | $-20.6M | — | ||
| Q2 25 | $34.4M | — | ||
| Q1 25 | $-100.3M | — | ||
| Q4 24 | $147.3M | — | ||
| Q3 24 | $-9.8M | $-156.4M | ||
| Q2 24 | $-11.7M | — | ||
| Q1 24 | $-70.1M | — |
自由现金流率QUADRUN
| Q4 25 | 21.8% | — | ||
| Q3 25 | -3.5% | — | ||
| Q2 25 | 6.0% | — | ||
| Q1 25 | -15.9% | — | ||
| Q4 24 | 20.8% | — | ||
| Q3 24 | -1.5% | -29.1% | ||
| Q2 24 | -1.8% | — | ||
| Q1 24 | -10.7% | — |
资本支出强度QUADRUN
| Q4 25 | 1.4% | — | ||
| Q3 25 | 2.1% | — | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | 1.6% | — | ||
| Q3 24 | 1.8% | 0.0% | ||
| Q2 24 | 2.5% | — | ||
| Q1 24 | 2.7% | — |
现金转化率QUADRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | -0.82× | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | -15.34× | -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
QUAD
| Catalog Publications Retail Inserts Books And Directories | $300.6M | 48% |
| Direct Mail And Other Printed Products | $147.1M | 23% |
| Imaging Marketing Services And Other Services | $79.8M | 13% |
| Logistic Services | $61.4M | 10% |
| Other | $39.3M | 6% |
| Other Revenues | $2.4M | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
