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Alignment Healthcare, Inc.（ALHC）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
Alignment Healthcare, Inc.的季度营收约是Sunrun Inc.的1.1倍（$1.2B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs 0.9%，领先8.0%），Sunrun Inc.同比增速更快（123.5% vs -74.7%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 34.6%）
Alignment Healthcare是总部位于美国的医疗保健企业，主打联邦医疗保险优势计划，为老年群体提供协调医疗服务、处方药保障及补充福利，采用价值导向医疗模式，与本土医疗机构合作，业务覆盖美国多个州，致力提升患者健康水平。
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。
ALHC vs RUN — 直观对比
营收规模更大
ALHC
是对方的1.1倍
$1.2B
营收增速更快
RUN
高出198.2%
-74.7%
净利率更高
RUN
高出8.0%
0.9%
两年增速更快
RUN
近两年复合增速
34.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $11.4M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | — | 8.4% |
| 净利率 | 0.9% | 8.9% |
| 营收同比 | -74.7% | 123.5% |
| 净利润同比 | — | 103.7% |
| 每股收益（稀释后） | — | $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ALHCRUN
| Q1 26 | $1.2B | — | ||
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $993.7M | $724.6M | ||
| Q2 25 | $1.0B | $569.3M | ||
| Q1 25 | $926.9M | $504.3M | ||
| Q4 24 | $701.2M | $518.5M | ||
| Q3 24 | $692.4M | $537.2M | ||
| Q2 24 | $681.3M | $523.9M |
净利润ALHCRUN
| Q1 26 | $11.4M | — | ||
| Q4 25 | $-11.0M | $103.6M | ||
| Q3 25 | $3.7M | $16.6M | ||
| Q2 25 | $15.7M | $279.8M | ||
| Q1 25 | $-9.1M | $50.0M | ||
| Q4 24 | $-31.1M | $-2.8B | ||
| Q3 24 | $-26.4M | $-83.8M | ||
| Q2 24 | $-24.0M | $139.1M |
营业利润率ALHCRUN
| Q1 26 | — | — | ||
| Q4 25 | -1.0% | 8.4% | ||
| Q3 25 | 0.8% | 0.5% | ||
| Q2 25 | 2.2% | -19.7% | ||
| Q1 25 | -0.6% | -22.8% | ||
| Q4 24 | -3.2% | -628.0% | ||
| Q3 24 | -2.8% | -23.8% | ||
| Q2 24 | -2.7% | -24.4% |
净利率ALHCRUN
| Q1 26 | 0.9% | — | ||
| Q4 25 | -1.1% | 8.9% | ||
| Q3 25 | 0.4% | 2.3% | ||
| Q2 25 | 1.5% | 49.1% | ||
| Q1 25 | -1.0% | 9.9% | ||
| Q4 24 | -4.4% | -542.7% | ||
| Q3 24 | -3.8% | -15.6% | ||
| Q2 24 | -3.5% | 26.5% |
每股收益（稀释后）ALHCRUN
| Q1 26 | — | — | ||
| Q4 25 | $-0.04 | $0.38 | ||
| Q3 25 | $0.02 | $0.06 | ||
| Q2 25 | $0.07 | $1.07 | ||
| Q1 25 | $-0.05 | $0.20 | ||
| Q4 24 | $-0.15 | $-12.59 | ||
| Q3 24 | $-0.14 | $-0.37 | ||
| Q2 24 | $-0.13 | $0.55 |
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 | $705.6M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $206.9M | $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ALHCRUN
| Q1 26 | $705.6M | — | ||
| Q4 25 | $604.2M | — | ||
| Q3 25 | $644.1M | — | ||
| Q2 25 | $503.8M | — | ||
| Q1 25 | $479.5M | — | ||
| Q4 24 | $470.6M | — | ||
| Q3 24 | $381.0M | — | ||
| Q2 24 | $363.7M | — |
总债务ALHCRUN
| Q1 26 | — | — | ||
| Q4 25 | $323.2M | $14.7B | ||
| Q3 25 | $322.7M | $14.6B | ||
| Q2 25 | $322.3M | $14.0B | ||
| Q1 25 | $321.9M | $13.6B | ||
| Q4 24 | $321.4M | $12.9B | ||
| Q3 24 | $212.0M | $12.5B | ||
| Q2 24 | $211.7M | $12.0B |
股东权益ALHCRUN
| Q1 26 | $206.9M | — | ||
| Q4 25 | $179.3M | $3.1B | ||
| Q3 25 | $161.9M | $3.0B | ||
| Q2 25 | $141.0M | $2.9B | ||
| Q1 25 | $108.1M | $2.6B | ||
| Q4 24 | $99.9M | $2.6B | ||
| Q3 24 | $114.5M | $5.3B | ||
| Q2 24 | $123.7M | $5.4B |
总资产ALHCRUN
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.1B | $22.6B | ||
| Q3 25 | $1.1B | $22.2B | ||
| Q2 25 | $1.0B | $21.2B | ||
| Q1 25 | $895.6M | $20.4B | ||
| Q4 24 | $782.1M | $19.9B | ||
| Q3 24 | $692.3M | $22.1B | ||
| Q2 24 | $716.3M | $21.4B |
负债/权益比ALHCRUN
| Q1 26 | — | — | ||
| Q4 25 | 1.80× | 4.69× | ||
| Q3 25 | 1.99× | 4.90× | ||
| Q2 25 | 2.29× | 4.80× | ||
| Q1 25 | 2.98× | 5.19× | ||
| Q4 24 | 3.22× | 5.05× | ||
| Q3 24 | 1.85× | 2.36× | ||
| Q2 24 | 1.71× | 2.23× |
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 | $128.7M | $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 | 11.27× | 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ALHCRUN
| Q1 26 | $128.7M | — | ||
| Q4 25 | $-50.4M | $96.9M | ||
| Q3 25 | $144.6M | $-121.5M | ||
| Q2 25 | $29.1M | $-292.7M | ||
| Q1 25 | $16.6M | $-104.2M | ||
| Q4 24 | $-8.7M | $-258.4M | ||
| Q3 24 | $26.2M | $-156.2M | ||
| Q2 24 | $23.5M | $-208.5M |
自由现金流ALHCRUN
| Q1 26 | — | — | ||
| Q4 25 | $-55.4M | — | ||
| Q3 25 | $139.1M | — | ||
| Q2 25 | $21.1M | — | ||
| Q1 25 | $8.4M | — | ||
| Q4 24 | $-18.0M | — | ||
| Q3 24 | $16.9M | $-156.4M | ||
| Q2 24 | $11.8M | — |
自由现金流率ALHCRUN
| Q1 26 | — | — | ||
| Q4 25 | -5.5% | — | ||
| Q3 25 | 14.0% | — | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 0.9% | — | ||
| Q4 24 | -2.6% | — | ||
| Q3 24 | 2.4% | -29.1% | ||
| Q2 24 | 1.7% | — |
资本支出强度ALHCRUN
| Q1 26 | — | — | ||
| Q4 25 | 0.5% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | 0.8% | — | ||
| Q1 25 | 0.9% | — | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 1.3% | 0.0% | ||
| Q2 24 | 1.7% | — |
现金转化率ALHCRUN
| Q1 26 | 11.27× | — | ||
| Q4 25 | — | 0.94× | ||
| Q3 25 | 38.77× | -7.33× | ||
| Q2 25 | 1.86× | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -1.50× |
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
ALHC
暂无分部数据
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
