When it comes to burning calories, your heart rate is much more important than what you are doing.
If you can reach and sustain the same heart rate for the same amount of time you will burn pretty much the same amount of calories regardless of activity.
For the same length of time, riding flat out will burn more calories than a casual walk, while walking briskly can burn more than a casual ride.
When you have a set distance, cycling will burn less calories than walking at the same level of effort, as the higher speed of the bike means you'll finish the distance faster.
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It all depends on how you do it. Vigorous exercise of any type will burn calories but in general running involves more muscle groups. But the stationary bike will minimize your joint impact and possibly reduce the damage that exercise inevitably causes.
Calorie burn is much more about effort than about what activity you're doing.
Basically, whatever you do that get you equally winded and sweaty, will use up pretty much the same amount of calories for any given time.
It doesn't have to, and doesn't always do.
When it comes to burning calories, your heart rate is much more important than what it is that you are doing. If you can reach and sustain the same heart rate for the same amount of time you will burn pretty much the same amount of calories regardless of activity.
For the same length of time, riding flat out will burn more calories than a casual jog, while running hard can burn more than a casual ride.
When you have a set distance, cycling will burn less calories than running at the same level of effort, as the higher speed of the bike means you'll finish the distance faster.