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APA Corporation（APA）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
APA Corporation的季度营收约是Sunrun Inc.的1.9倍（$2.2B vs $1.2B），APA Corporation净利率更高（15.0% vs 8.9%，领先6.1%），Sunrun Inc.同比增速更快（123.5% vs -24.3%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 1.4%）
APA Corporation是美国能源企业阿帕奇公司的控股主体，主要从事碳氢化合物资源勘探相关业务，在特拉华州注册成立，总部位于得克萨斯州休斯敦，是北美地区拥有丰富项目经验的能源勘探运营企业。
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。
APA vs RUN — 直观对比
营收规模更大
APA
是对方的1.9倍
$1.2B
营收增速更快
RUN
高出147.8%
-24.3%
净利率更高
APA
高出6.1%
8.9%
两年增速更快
RUN
近两年复合增速
1.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.2B |
| 净利润 | $331.0M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 32.5% | 8.4% |
| 净利率 | 15.0% | 8.9% |
| 营收同比 | -24.3% | 123.5% |
| 净利润同比 | -22.1% | 103.7% |
| 每股收益（稀释后） | $0.79 | $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APARUN
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.3B | $724.6M | ||
| Q2 25 | $2.3B | $569.3M | ||
| Q1 25 | $2.7B | $504.3M | ||
| Q4 24 | $2.9B | $518.5M | ||
| Q3 24 | $2.7B | $537.2M | ||
| Q2 24 | $2.8B | $523.9M | ||
| Q1 24 | $2.1B | $458.2M |
净利润APARUN
| Q4 25 | $331.0M | $103.6M | ||
| Q3 25 | $205.0M | $16.6M | ||
| Q2 25 | $603.0M | $279.8M | ||
| Q1 25 | $418.0M | $50.0M | ||
| Q4 24 | $425.0M | $-2.8B | ||
| Q3 24 | $-223.0M | $-83.8M | ||
| Q2 24 | $541.0M | $139.1M | ||
| Q1 24 | $212.0M | $-87.8M |
营业利润率APARUN
| Q4 25 | 32.5% | 8.4% | ||
| Q3 25 | 33.7% | 0.5% | ||
| Q2 25 | 31.8% | -19.7% | ||
| Q1 25 | 31.9% | -22.8% | ||
| Q4 24 | 31.4% | -628.0% | ||
| Q3 24 | -5.2% | -23.8% | ||
| Q2 24 | 34.4% | -24.4% | ||
| Q1 24 | 32.2% | -40.0% |
净利率APARUN
| Q4 25 | 15.0% | 8.9% | ||
| Q3 25 | 9.0% | 2.3% | ||
| Q2 25 | 26.0% | 49.1% | ||
| Q1 25 | 15.4% | 9.9% | ||
| Q4 24 | 14.6% | -542.7% | ||
| Q3 24 | -8.1% | -15.6% | ||
| Q2 24 | 19.0% | 26.5% | ||
| Q1 24 | 9.9% | -19.2% |
每股收益（稀释后）APARUN
| Q4 25 | $0.79 | $0.38 | ||
| Q3 25 | $0.57 | $0.06 | ||
| Q2 25 | $1.67 | $1.07 | ||
| Q1 25 | $0.96 | $0.20 | ||
| Q4 24 | $0.97 | $-12.59 | ||
| Q3 24 | $-0.60 | $-0.37 | ||
| Q2 24 | $1.46 | $0.55 | ||
| Q1 24 | $0.44 | $-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 | $516.0M | — |
| 总债务越低越好 | $4.3B | $14.7B |
| 股东权益账面价值 | $6.1B | $3.1B |
| 总资产 | $17.8B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.70× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资APARUN
| Q4 25 | $516.0M | — | ||
| Q3 25 | $475.0M | — | ||
| Q2 25 | $107.0M | — | ||
| Q1 25 | $67.0M | — | ||
| Q4 24 | $625.0M | — | ||
| Q3 24 | $64.0M | — | ||
| Q2 24 | $160.0M | — | ||
| Q1 24 | $102.0M | — |
总债务APARUN
| Q4 25 | $4.3B | $14.7B | ||
| Q3 25 | $4.3B | $14.6B | ||
| Q2 25 | $4.3B | $14.0B | ||
| Q1 25 | $5.2B | $13.6B | ||
| Q4 24 | $6.0B | $12.9B | ||
| Q3 24 | $6.4B | $12.5B | ||
| Q2 24 | $6.7B | $12.0B | ||
| Q1 24 | $5.2B | $11.1B |
股东权益APARUN
| Q4 25 | $6.1B | $3.1B | ||
| Q3 25 | $6.0B | $3.0B | ||
| Q2 25 | $5.9B | $2.9B | ||
| Q1 25 | $5.4B | $2.6B | ||
| Q4 24 | $5.3B | $2.6B | ||
| Q3 24 | $5.1B | $5.3B | ||
| Q2 24 | $5.4B | $5.4B | ||
| Q1 24 | $2.6B | $5.2B |
总资产APARUN
| Q4 25 | $17.8B | $22.6B | ||
| Q3 25 | $17.7B | $22.2B | ||
| Q2 25 | $18.1B | $21.2B | ||
| Q1 25 | $18.5B | $20.4B | ||
| Q4 24 | $19.4B | $19.9B | ||
| Q3 24 | $19.4B | $22.1B | ||
| Q2 24 | $20.2B | $21.4B | ||
| Q1 24 | $15.0B | $20.8B |
负债/权益比APARUN
| Q4 25 | 0.70× | 4.69× | ||
| Q3 25 | 0.72× | 4.90× | ||
| Q2 25 | 0.73× | 4.80× | ||
| Q1 25 | 0.96× | 5.19× | ||
| Q4 24 | 1.13× | 5.05× | ||
| Q3 24 | 1.25× | 2.36× | ||
| Q2 24 | 1.24× | 2.23× | ||
| Q1 24 | 1.99× | 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 | $808.0M | $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 | 2.44× | 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APARUN
| Q4 25 | $808.0M | $96.9M | ||
| Q3 25 | $1.5B | $-121.5M | ||
| Q2 25 | $1.2B | $-292.7M | ||
| Q1 25 | $1.1B | $-104.2M | ||
| Q4 24 | $1.0B | $-258.4M | ||
| Q3 24 | $1.3B | $-156.2M | ||
| Q2 24 | $877.0M | $-208.5M | ||
| Q1 24 | $368.0M | $-143.1M |
自由现金流APARUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率APARUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度APARUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率APARUN
| Q4 25 | 2.44× | 0.94× | ||
| Q3 25 | 7.12× | -7.33× | ||
| Q2 25 | 1.96× | -1.05× | ||
| Q1 25 | 2.62× | -2.08× | ||
| Q4 24 | 2.44× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.62× | -1.50× | ||
| Q1 24 | 1.74× | — |
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
APA
| Oil And Gas Excluding Purchased | $1.7B | 76% |
| Oil And Gas Purchased | $323.0M | 15% |
| Oil Reserves | $114.0M | 5% |
| Other | $72.0M | 3% |
| Natural Gas Reserves | $30.0M | 1% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
