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ANTERO RESOURCES Corp（AR）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
ANTERO RESOURCES Corp的季度营收约是Sunrun Inc.的1.2倍（$1.4B vs $1.2B），Sunrun Inc.同比增速更快（123.5% vs -30.5%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 17.6%）
Antero Resources Corporation是一家美国油气勘探企业，注册地为特拉华州，总部设于科罗拉多州丹佛市。公司全部油气储量均位于阿巴拉契亚盆地，采用水力压裂技术开展开采作业，深耕北美本土油气资源开发领域。
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。
AR vs RUN — 直观对比
营收规模更大
AR
是对方的1.2倍
$1.2B
营收增速更快
RUN
高出154.0%
-30.5%
两年增速更快
RUN
近两年复合增速
17.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.2B |
| 净利润 | — | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 20.1% | 8.4% |
| 净利率 | — | 8.9% |
| 营收同比 | -30.5% | 123.5% |
| 净利润同比 | — | 103.7% |
| 每股收益（稀释后） | $0.66 | $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ARRUN
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.2B | $724.6M | ||
| Q2 25 | $1.3B | $569.3M | ||
| Q1 25 | $1.4B | $504.3M | ||
| Q4 24 | $1.2B | $518.5M | ||
| Q3 24 | $1.1B | $537.2M | ||
| Q2 24 | $978.7M | $523.9M |
净利润ARRUN
| Q1 26 | — | — | ||
| Q4 25 | $202.9M | $103.6M | ||
| Q3 25 | $85.6M | $16.6M | ||
| Q2 25 | $166.6M | $279.8M | ||
| Q1 25 | $219.5M | $50.0M | ||
| Q4 24 | $158.8M | $-2.8B | ||
| Q3 24 | $-25.2M | $-83.8M | ||
| Q2 24 | $-74.6M | $139.1M |
营业利润率ARRUN
| Q1 26 | 20.1% | — | ||
| Q4 25 | 20.5% | 8.4% | ||
| Q3 25 | 9.7% | 0.5% | ||
| Q2 25 | 15.8% | -19.7% | ||
| Q1 25 | 20.1% | -22.8% | ||
| Q4 24 | 4.9% | -628.0% | ||
| Q3 24 | -2.4% | -23.8% | ||
| Q2 24 | -8.2% | -24.4% |
净利率ARRUN
| Q1 26 | — | — | ||
| Q4 25 | 14.4% | 8.9% | ||
| Q3 25 | 7.1% | 2.3% | ||
| Q2 25 | 12.8% | 49.1% | ||
| Q1 25 | 16.2% | 9.9% | ||
| Q4 24 | 13.6% | -542.7% | ||
| Q3 24 | -2.4% | -15.6% | ||
| Q2 24 | -7.6% | 26.5% |
每股收益（稀释后）ARRUN
| Q1 26 | $0.66 | — | ||
| Q4 25 | $0.63 | $0.38 | ||
| Q3 25 | $0.24 | $0.06 | ||
| Q2 25 | $0.50 | $1.07 | ||
| Q1 25 | $0.66 | $0.20 | ||
| Q4 24 | $0.48 | $-12.59 | ||
| Q3 24 | $-0.11 | $-0.37 | ||
| Q2 24 | $-0.26 | $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 | — | — |
| 总债务越低越好 | $1.4B | $14.7B |
| 股东权益账面价值 | $7.6B | $3.1B |
| 总资产 | $13.2B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.19× | 4.69× |
8季度趋势，按日历期对齐
总债务ARRUN
| Q1 26 | $1.4B | — | ||
| Q4 25 | — | $14.7B | ||
| Q3 25 | — | $14.6B | ||
| Q2 25 | — | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B |
股东权益ARRUN
| Q1 26 | $7.6B | — | ||
| Q4 25 | $7.6B | $3.1B | ||
| Q3 25 | $7.3B | $3.0B | ||
| Q2 25 | $7.3B | $2.9B | ||
| Q1 25 | $7.2B | $2.6B | ||
| Q4 24 | $7.0B | $2.6B | ||
| Q3 24 | $7.0B | $5.3B | ||
| Q2 24 | $7.0B | $5.4B |
总资产ARRUN
| Q1 26 | $13.2B | — | ||
| Q4 25 | $13.2B | $22.6B | ||
| Q3 25 | $12.9B | $22.2B | ||
| Q2 25 | $12.8B | $21.2B | ||
| Q1 25 | $13.0B | $20.4B | ||
| Q4 24 | $13.0B | $19.9B | ||
| Q3 24 | $13.2B | $22.1B | ||
| Q2 24 | $13.4B | $21.4B |
负债/权益比ARRUN
| Q1 26 | 0.19× | — | ||
| Q4 25 | — | 4.69× | ||
| Q3 25 | — | 4.90× | ||
| Q2 25 | — | 4.80× | ||
| Q1 25 | — | 5.19× | ||
| Q4 24 | — | 5.05× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | — | 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 | $457.7M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $235.6M | — |
| 自由现金流率自由现金流/营收 | 17.4% | — |
| 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 | — | 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ARRUN
| Q1 26 | $457.7M | — | ||
| Q4 25 | $370.7M | $96.9M | ||
| Q3 25 | $310.1M | $-121.5M | ||
| Q2 25 | $492.4M | $-292.7M | ||
| Q1 25 | $457.7M | $-104.2M | ||
| Q4 24 | $278.0M | $-258.4M | ||
| Q3 24 | $166.2M | $-156.2M | ||
| Q2 24 | $143.5M | $-208.5M |
自由现金流ARRUN
| Q1 26 | $235.6M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | — | — |
自由现金流率ARRUN
| Q1 26 | 17.4% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | — | — |
资本支出强度ARRUN
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — |
现金转化率ARRUN
| Q1 26 | — | — | ||
| Q4 25 | 1.83× | 0.94× | ||
| Q3 25 | 3.62× | -7.33× | ||
| Q2 25 | 2.96× | -1.05× | ||
| Q1 25 | 2.09× | -2.08× | ||
| Q4 24 | 1.75× | — | ||
| 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
AR
| Natural gas sales | $780.0M | 58% |
| Natural gas liquids sales | $561.4M | 42% |
| Oil sales | $50.3M | 4% |
| Other revenue and income | $818.0K | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
