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Alexandria Real Estate Equities（ARE）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
Sunrun Inc.的季度营收约是Alexandria Real Estate Equities的1.7倍（$1.2B vs $671.0M），Alexandria Real Estate Equities净利率更高（59.4% vs 8.9%，领先50.4%），Sunrun Inc.同比增速更快（123.5% vs -11.5%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -6.4%）
Alexandria Real Estate Equities（NYSE:ARE）是标普500成分股中的城市办公类房地产投资信托，作为业内首创、运营经验最丰富的先行企业，专注于在顶级创新集群区域开发、运营生命科学、科技及农业科技协作型产业园区。截至2020年12月末，公司总市值达319亿美元，北美地区资产总面积达4970万平方英尺。
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。
ARE vs RUN — 直观对比
营收规模更大
RUN
是对方的1.7倍
$671.0M
营收增速更快
RUN
高出135.0%
-11.5%
净利率更高
ARE
高出50.4%
8.9%
两年增速更快
RUN
近两年复合增速
-6.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $671.0M | $1.2B |
| 净利润 | $398.4M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | — | 8.4% |
| 净利率 | 59.4% | 8.9% |
| 营收同比 | -11.5% | 123.5% |
| 净利润同比 | 740.6% | 103.7% |
| 每股收益（稀释后） | $2.10 | $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ARERUN
| Q1 26 | $671.0M | — | ||
| Q4 25 | $754.4M | $1.2B | ||
| Q3 25 | $751.9M | $724.6M | ||
| Q2 25 | $762.0M | $569.3M | ||
| Q1 25 | $758.2M | $504.3M | ||
| Q4 24 | $788.9M | $518.5M | ||
| Q3 24 | $791.6M | $537.2M | ||
| Q2 24 | $766.7M | $523.9M |
净利润ARERUN
| Q1 26 | $398.4M | — | ||
| Q4 25 | $-1.1B | $103.6M | ||
| Q3 25 | $-232.8M | $16.6M | ||
| Q2 25 | $-107.0M | $279.8M | ||
| Q1 25 | $-8.9M | $50.0M | ||
| Q4 24 | $-62.2M | $-2.8B | ||
| Q3 24 | $167.9M | $-83.8M | ||
| Q2 24 | $46.7M | $139.1M |
营业利润率ARERUN
| Q1 26 | — | — | ||
| Q4 25 | — | 8.4% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | -19.7% | ||
| Q1 25 | — | -22.8% | ||
| Q4 24 | — | -628.0% | ||
| Q3 24 | — | -23.8% | ||
| Q2 24 | — | -24.4% |
净利率ARERUN
| Q1 26 | 59.4% | — | ||
| Q4 25 | -143.3% | 8.9% | ||
| Q3 25 | -31.0% | 2.3% | ||
| Q2 25 | -14.0% | 49.1% | ||
| Q1 25 | -1.2% | 9.9% | ||
| Q4 24 | -7.9% | -542.7% | ||
| Q3 24 | 21.2% | -15.6% | ||
| Q2 24 | 6.1% | 26.5% |
每股收益（稀释后）ARERUN
| Q1 26 | $2.10 | — | ||
| Q4 25 | $-6.35 | $0.38 | ||
| Q3 25 | $-1.38 | $0.06 | ||
| Q2 25 | $-0.64 | $1.07 | ||
| Q1 25 | $-0.07 | $0.20 | ||
| Q4 24 | $-0.38 | $-12.59 | ||
| Q3 24 | $0.96 | $-0.37 | ||
| Q2 24 | $0.25 | $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 | $418.7M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $19.4B | $3.1B |
| 总资产 | $34.2B | $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ARERUN
| Q1 26 | $418.7M | — | ||
| Q4 25 | $549.1M | — | ||
| Q3 25 | $579.5M | — | ||
| Q2 25 | $520.5M | — | ||
| Q1 25 | $476.4M | — | ||
| Q4 24 | $552.1M | — | ||
| Q3 24 | $562.6M | — | ||
| Q2 24 | $561.0M | — |
总债务ARERUN
| Q1 26 | — | — | ||
| Q4 25 | $12.4B | $14.7B | ||
| Q3 25 | $13.6B | $14.6B | ||
| Q2 25 | $13.3B | $14.0B | ||
| Q1 25 | $13.1B | $13.6B | ||
| Q4 24 | $12.2B | $12.9B | ||
| Q3 24 | $12.7B | $12.5B | ||
| Q2 24 | $12.4B | $12.0B |
股东权益ARERUN
| Q1 26 | $19.4B | — | ||
| Q4 25 | $15.5B | $3.1B | ||
| Q3 25 | $16.6B | $3.0B | ||
| Q2 25 | $17.2B | $2.9B | ||
| Q1 25 | $17.5B | $2.6B | ||
| Q4 24 | $17.9B | $2.6B | ||
| Q3 24 | $18.2B | $5.3B | ||
| Q2 24 | $18.3B | $5.4B |
总资产ARERUN
| Q1 26 | $34.2B | — | ||
| Q4 25 | $34.1B | $22.6B | ||
| Q3 25 | $37.4B | $22.2B | ||
| Q2 25 | $37.6B | $21.2B | ||
| Q1 25 | $37.6B | $20.4B | ||
| Q4 24 | $37.5B | $19.9B | ||
| Q3 24 | $38.5B | $22.1B | ||
| Q2 24 | $37.8B | $21.4B |
负债/权益比ARERUN
| Q1 26 | — | — | ||
| Q4 25 | 0.80× | 4.69× | ||
| Q3 25 | 0.82× | 4.90× | ||
| Q2 25 | 0.77× | 4.80× | ||
| Q1 25 | 0.75× | 5.19× | ||
| Q4 24 | 0.68× | 5.05× | ||
| Q3 24 | 0.70× | 2.36× | ||
| Q2 24 | 0.68× | 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 | $475.0M | $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 | 76.0% | — |
| 现金转化率经营现金流/净利润 | 1.19× | 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ARERUN
| Q1 26 | $475.0M | — | ||
| Q4 25 | $312.4M | $96.9M | ||
| Q3 25 | $433.5M | $-121.5M | ||
| Q2 25 | $460.2M | $-292.7M | ||
| Q1 25 | $207.9M | $-104.2M | ||
| Q4 24 | $274.2M | $-258.4M | ||
| Q3 24 | $477.4M | $-156.2M | ||
| Q2 24 | $411.8M | $-208.5M |
自由现金流ARERUN
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | — | — |
自由现金流率ARERUN
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | — | — |
资本支出强度ARERUN
| Q1 26 | 76.0% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — |
现金转化率ARERUN
| Q1 26 | 1.19× | — | ||
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.84× | — | ||
| Q2 24 | 8.82× | -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
ARE
| Same properties | $431.4M | 64% |
| Tenant recoveries | $178.2M | 27% |
| Non-same properties | $43.3M | 6% |
| Other | $18.0M | 3% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
