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Royalty Pharma plc（RPRX）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Royalty Pharma plc的1.9倍（$1.2B vs $622.0M），Royalty Pharma plc净利率更高（34.4% vs 8.9%，领先25.5%），Sunrun Inc.同比增速更快（123.5% vs 4.8%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 4.6%）
本公司是总部位于美国马萨诸塞州剑桥市的临床阶段生物制药企业，专注于研发可调节转化生长因子β（TGF-β）超家族蛋白的药物，该类蛋白在红细胞、肌肉、骨骼、血管等细胞与组织的生长修复过程中发挥核心作用。
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。
RPRX vs RUN — 直观对比
营收规模更大
RUN
是对方的1.9倍
$622.0M
营收增速更快
RUN
高出118.7%
4.8%
净利率更高
RPRX
高出25.5%
8.9%
两年增速更快
RUN
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $622.0M | $1.2B |
| 净利润 | $214.2M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 62.4% | 8.4% |
| 净利率 | 34.4% | 8.9% |
| 营收同比 | 4.8% | 123.5% |
| 净利润同比 | 2.9% | 103.7% |
| 每股收益（稀释后） | $0.49 | $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RPRXRUN
| Q4 25 | $622.0M | $1.2B | ||
| Q3 25 | $609.3M | $724.6M | ||
| Q2 25 | $578.7M | $569.3M | ||
| Q1 25 | $568.2M | $504.3M | ||
| Q4 24 | $593.6M | $518.5M | ||
| Q3 24 | $564.7M | $537.2M | ||
| Q2 24 | $537.3M | $523.9M | ||
| Q1 24 | $568.0M | $458.2M |
净利润RPRXRUN
| Q4 25 | $214.2M | $103.6M | ||
| Q3 25 | $288.2M | $16.6M | ||
| Q2 25 | $30.2M | $279.8M | ||
| Q1 25 | $238.3M | $50.0M | ||
| Q4 24 | $208.2M | $-2.8B | ||
| Q3 24 | $544.0M | $-83.8M | ||
| Q2 24 | $102.0M | $139.1M | ||
| Q1 24 | $4.8M | $-87.8M |
营业利润率RPRXRUN
| Q4 25 | 62.4% | 8.4% | ||
| Q3 25 | 70.1% | 0.5% | ||
| Q2 25 | 36.3% | -19.7% | ||
| Q1 25 | 94.0% | -22.8% | ||
| Q4 24 | 60.9% | -628.0% | ||
| Q3 24 | — | -23.8% | ||
| Q2 24 | 50.2% | -24.4% | ||
| Q1 24 | -13.0% | -40.0% |
净利率RPRXRUN
| Q4 25 | 34.4% | 8.9% | ||
| Q3 25 | 47.3% | 2.3% | ||
| Q2 25 | 5.2% | 49.1% | ||
| Q1 25 | 41.9% | 9.9% | ||
| Q4 24 | 35.1% | -542.7% | ||
| Q3 24 | 96.3% | -15.6% | ||
| Q2 24 | 19.0% | 26.5% | ||
| Q1 24 | 0.8% | -19.2% |
每股收益（稀释后）RPRXRUN
| Q4 25 | $0.49 | $0.38 | ||
| Q3 25 | $0.67 | $0.06 | ||
| Q2 25 | $0.07 | $1.07 | ||
| Q1 25 | $0.55 | $0.20 | ||
| Q4 24 | $0.46 | $-12.59 | ||
| Q3 24 | $1.21 | $-0.37 | ||
| Q2 24 | $0.23 | $0.55 | ||
| Q1 24 | $0.01 | $-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 | $618.7M | — |
| 总债务越低越好 | $9.0B | $14.7B |
| 股东权益账面价值 | $9.7B | $3.1B |
| 总资产 | $19.6B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.92× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资RPRXRUN
| Q4 25 | $618.7M | — | ||
| Q3 25 | $938.9M | — | ||
| Q2 25 | $631.9M | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $929.0M | — | ||
| Q3 24 | $950.1M | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | $843.0M | — |
总债务RPRXRUN
| Q4 25 | $9.0B | $14.7B | ||
| Q3 25 | $8.9B | $14.6B | ||
| Q2 25 | $8.0B | $14.0B | ||
| Q1 25 | $7.6B | $13.6B | ||
| Q4 24 | $7.6B | $12.9B | ||
| Q3 24 | $7.6B | $12.5B | ||
| Q2 24 | $7.6B | $12.0B | ||
| Q1 24 | $6.1B | $11.1B |
股东权益RPRXRUN
| Q4 25 | $9.7B | $3.1B | ||
| Q3 25 | $9.6B | $3.0B | ||
| Q2 25 | $9.5B | $2.9B | ||
| Q1 25 | $9.8B | $2.6B | ||
| Q4 24 | $10.3B | $2.6B | ||
| Q3 24 | $10.3B | $5.3B | ||
| Q2 24 | $9.8B | $5.4B | ||
| Q1 24 | $9.9B | $5.2B |
总资产RPRXRUN
| Q4 25 | $19.6B | $22.6B | ||
| Q3 25 | $19.3B | $22.2B | ||
| Q2 25 | $18.3B | $21.2B | ||
| Q1 25 | $17.6B | $20.4B | ||
| Q4 24 | $18.2B | $19.9B | ||
| Q3 24 | $18.0B | $22.1B | ||
| Q2 24 | $17.7B | $21.4B | ||
| Q1 24 | $16.1B | $20.8B |
负债/权益比RPRXRUN
| Q4 25 | 0.92× | 4.69× | ||
| Q3 25 | 0.93× | 4.90× | ||
| Q2 25 | 0.84× | 4.80× | ||
| Q1 25 | 0.78× | 5.19× | ||
| Q4 24 | 0.74× | 5.05× | ||
| Q3 24 | 0.74× | 2.36× | ||
| Q2 24 | 0.78× | 2.23× | ||
| Q1 24 | 0.62× | 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 | $827.1M | $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 | — | — |
| 现金转化率经营现金流/净利润 | 3.86× | 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RPRXRUN
| Q4 25 | $827.1M | $96.9M | ||
| Q3 25 | $702.6M | $-121.5M | ||
| Q2 25 | $364.0M | $-292.7M | ||
| Q1 25 | $596.1M | $-104.2M | ||
| Q4 24 | $742.5M | $-258.4M | ||
| Q3 24 | $703.6M | $-156.2M | ||
| Q2 24 | $658.2M | $-208.5M | ||
| Q1 24 | $664.6M | $-143.1M |
自由现金流RPRXRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率RPRXRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度RPRXRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率RPRXRUN
| Q4 25 | 3.86× | 0.94× | ||
| Q3 25 | 2.44× | -7.33× | ||
| Q2 25 | 12.06× | -1.05× | ||
| Q1 25 | 2.50× | -2.08× | ||
| Q4 24 | 3.57× | — | ||
| Q3 24 | 1.29× | — | ||
| Q2 24 | 6.45× | -1.50× | ||
| Q1 24 | 139.10× | — |
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
RPRX
| Financial Royalty Assets | $592.4M | 95% |
| Royalty Income Other | $29.6M | 5% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
