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西联汇款（AFG）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
西联汇款的季度营收约是Sunrun Inc.的1.8倍（$2.1B vs $1.2B），西联汇款净利率更高（14.5% vs 8.9%，领先5.6%），Sunrun Inc.同比增速更快（123.5% vs -4.0%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 4.0%）
西联汇款是总部位于美国科罗拉多州丹佛市的跨国金融服务企业，为全球个人及商业客户提供跨境汇款、支付等多元金融解决方案，在全球绝大多数国家和地区拥有覆盖广泛的服务网络。
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。
AFG vs RUN — 直观对比
营收规模更大
AFG
是对方的1.8倍
$1.2B
营收增速更快
RUN
高出127.5%
-4.0%
净利率更高
AFG
高出5.6%
8.9%
两年增速更快
RUN
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $299.0M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 18.4% | 8.4% |
| 净利率 | 14.5% | 8.9% |
| 营收同比 | -4.0% | 123.5% |
| 净利润同比 | 17.3% | 103.7% |
| 每股收益（稀释后） | $3.59 | $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AFGRUN
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.3B | $724.6M | ||
| Q2 25 | $1.9B | $569.3M | ||
| Q1 25 | $1.9B | $504.3M | ||
| Q4 24 | $2.1B | $518.5M | ||
| Q3 24 | $2.4B | $537.2M | ||
| Q2 24 | $1.9B | $523.9M | ||
| Q1 24 | $1.9B | $458.2M |
净利润AFGRUN
| Q4 25 | $299.0M | $103.6M | ||
| Q3 25 | $215.0M | $16.6M | ||
| Q2 25 | $174.0M | $279.8M | ||
| Q1 25 | $154.0M | $50.0M | ||
| Q4 24 | $255.0M | $-2.8B | ||
| Q3 24 | $181.0M | $-83.8M | ||
| Q2 24 | $209.0M | $139.1M | ||
| Q1 24 | $242.0M | $-87.8M |
营业利润率AFGRUN
| Q4 25 | 18.4% | 8.4% | ||
| Q3 25 | 11.5% | 0.5% | ||
| Q2 25 | 11.9% | -19.7% | ||
| Q1 25 | 10.6% | -22.8% | ||
| Q4 24 | 14.9% | -628.0% | ||
| Q3 24 | 9.7% | -23.8% | ||
| Q2 24 | 14.3% | -24.4% | ||
| Q1 24 | 15.9% | -40.0% |
净利率AFGRUN
| Q4 25 | 14.5% | 8.9% | ||
| Q3 25 | 9.2% | 2.3% | ||
| Q2 25 | 9.0% | 49.1% | ||
| Q1 25 | 8.3% | 9.9% | ||
| Q4 24 | 11.9% | -542.7% | ||
| Q3 24 | 7.6% | -15.6% | ||
| Q2 24 | 11.0% | 26.5% | ||
| Q1 24 | 12.7% | -19.2% |
每股收益（稀释后）AFGRUN
| Q4 25 | $3.59 | $0.38 | ||
| Q3 25 | $2.58 | $0.06 | ||
| Q2 25 | $2.07 | $1.07 | ||
| Q1 25 | $1.84 | $0.20 | ||
| Q4 24 | $3.03 | $-12.59 | ||
| Q3 24 | $2.16 | $-0.37 | ||
| Q2 24 | $2.49 | $0.55 | ||
| Q1 24 | $2.89 | $-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 | $1.7B | — |
| 总债务越低越好 | $1.8B | $14.7B |
| 股东权益账面价值 | $4.8B | $3.1B |
| 总资产 | $32.6B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.38× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资AFGRUN
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
总债务AFGRUN
| Q4 25 | $1.8B | $14.7B | ||
| Q3 25 | $1.8B | $14.6B | ||
| Q2 25 | $1.5B | $14.0B | ||
| Q1 25 | $1.5B | $13.6B | ||
| Q4 24 | $1.5B | $12.9B | ||
| Q3 24 | $1.5B | $12.5B | ||
| Q2 24 | $1.5B | $12.0B | ||
| Q1 24 | $1.5B | $11.1B |
股东权益AFGRUN
| Q4 25 | $4.8B | $3.1B | ||
| Q3 25 | $4.7B | $3.0B | ||
| Q2 25 | $4.5B | $2.9B | ||
| Q1 25 | $4.4B | $2.6B | ||
| Q4 24 | $4.5B | $2.6B | ||
| Q3 24 | $4.7B | $5.3B | ||
| Q2 24 | $4.4B | $5.4B | ||
| Q1 24 | $4.2B | $5.2B |
总资产AFGRUN
| Q4 25 | $32.6B | $22.6B | ||
| Q3 25 | $33.8B | $22.2B | ||
| Q2 25 | $30.7B | $21.2B | ||
| Q1 25 | $30.3B | $20.4B | ||
| Q4 24 | $30.8B | $19.9B | ||
| Q3 24 | $32.6B | $22.1B | ||
| Q2 24 | $29.9B | $21.4B | ||
| Q1 24 | $30.0B | $20.8B |
负债/权益比AFGRUN
| Q4 25 | 0.38× | 4.69× | ||
| Q3 25 | 0.38× | 4.90× | ||
| Q2 25 | 0.33× | 4.80× | ||
| Q1 25 | 0.34× | 5.19× | ||
| Q4 24 | 0.33× | 5.05× | ||
| Q3 24 | 0.31× | 2.36× | ||
| Q2 24 | 0.34× | 2.23× | ||
| Q1 24 | 0.35× | 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 | $784.0M | $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 | 2.62× | 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AFGRUN
| Q4 25 | $784.0M | $96.9M | ||
| Q3 25 | $216.0M | $-121.5M | ||
| Q2 25 | $191.0M | $-292.7M | ||
| Q1 25 | $342.0M | $-104.2M | ||
| Q4 24 | $674.0M | $-258.4M | ||
| Q3 24 | $459.0M | $-156.2M | ||
| Q2 24 | $-88.0M | $-208.5M | ||
| Q1 24 | $107.0M | $-143.1M |
自由现金流AFGRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率AFGRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度AFGRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率AFGRUN
| Q4 25 | 2.62× | 0.94× | ||
| Q3 25 | 1.00× | -7.33× | ||
| Q2 25 | 1.10× | -1.05× | ||
| Q1 25 | 2.22× | -2.08× | ||
| Q4 24 | 2.64× | — | ||
| Q3 24 | 2.54× | — | ||
| Q2 24 | -0.42× | -1.50× | ||
| Q1 24 | 0.44× | — |
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
AFG
| Property And Casualty Insurance | $2.0B | 96% |
| Other | $83.0M | 4% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
