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Atmos Energy（ATO）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
Atmos Energy的季度营收约是Sunrun Inc.的1.2倍（$1.3B vs $1.2B），Atmos Energy净利率更高（30.0% vs 8.9%，领先21.1%），Sunrun Inc.同比增速更快（123.5% vs 14.2%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -9.7%）
Atmos Energy总部位于美国得克萨斯州达拉斯，是美国规模最大的纯天然气分销商之一，业务覆盖美国9个州的1400多个社区，为东起蓝岭山脉、西至落基山脉区域内的约300万天然气用户提供服务。
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。
ATO vs RUN — 直观对比
营收规模更大
ATO
是对方的1.2倍
$1.2B
营收增速更快
RUN
高出109.3%
14.2%
净利率更高
ATO
高出21.1%
8.9%
两年增速更快
RUN
近两年复合增速
-9.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $403.0M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 38.3% | 8.4% |
| 净利率 | 30.0% | 8.9% |
| 营收同比 | 14.2% | 123.5% |
| 净利润同比 | 14.5% | 103.7% |
| 每股收益（稀释后） | $2.44 | $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ATORUN
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $737.5M | $724.6M | ||
| Q2 25 | $838.8M | $569.3M | ||
| Q1 25 | $2.0B | $504.3M | ||
| Q4 24 | $1.2B | $518.5M | ||
| Q3 24 | $657.9M | $537.2M | ||
| Q2 24 | $701.5M | $523.9M | ||
| Q1 24 | $1.6B | $458.2M |
净利润ATORUN
| Q4 25 | $403.0M | $103.6M | ||
| Q3 25 | $174.9M | $16.6M | ||
| Q2 25 | $186.4M | $279.8M | ||
| Q1 25 | $485.6M | $50.0M | ||
| Q4 24 | $351.9M | $-2.8B | ||
| Q3 24 | $134.0M | $-83.8M | ||
| Q2 24 | $165.6M | $139.1M | ||
| Q1 24 | $432.0M | $-87.8M |
毛利率ATORUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 60.0% | — | ||
| Q4 24 | 80.1% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 62.1% | — |
营业利润率ATORUN
| Q4 25 | 38.3% | 8.4% | ||
| Q3 25 | 29.8% | 0.5% | ||
| Q2 25 | 30.1% | -19.7% | ||
| Q1 25 | 32.2% | -22.8% | ||
| Q4 24 | 39.1% | -628.0% | ||
| Q3 24 | 28.1% | -23.8% | ||
| Q2 24 | 31.4% | -24.4% | ||
| Q1 24 | 33.4% | -40.0% |
净利率ATORUN
| Q4 25 | 30.0% | 8.9% | ||
| Q3 25 | 23.7% | 2.3% | ||
| Q2 25 | 22.2% | 49.1% | ||
| Q1 25 | 24.9% | 9.9% | ||
| Q4 24 | 29.9% | -542.7% | ||
| Q3 24 | 20.4% | -15.6% | ||
| Q2 24 | 23.6% | 26.5% | ||
| Q1 24 | 26.2% | -19.2% |
每股收益（稀释后）ATORUN
| Q4 25 | $2.44 | $0.38 | ||
| Q3 25 | $1.04 | $0.06 | ||
| Q2 25 | $1.16 | $1.07 | ||
| Q1 25 | $3.03 | $0.20 | ||
| Q4 24 | $2.23 | $-12.59 | ||
| Q3 24 | $0.82 | $-0.37 | ||
| Q2 24 | $1.08 | $0.55 | ||
| Q1 24 | $2.85 | $-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 | $367.0M | — |
| 总债务越低越好 | $9.6B | $14.7B |
| 股东权益账面价值 | $14.3B | $3.1B |
| 总资产 | $29.8B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.67× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资ATORUN
| Q4 25 | $367.0M | — | ||
| Q3 25 | $202.7M | — | ||
| Q2 25 | $709.4M | — | ||
| Q1 25 | $543.5M | — | ||
| Q4 24 | $584.5M | — | ||
| Q3 24 | $307.3M | — | ||
| Q2 24 | $674.6M | — | ||
| Q1 24 | $262.5M | — |
总债务ATORUN
| Q4 25 | $9.6B | $14.7B | ||
| Q3 25 | $8.9B | $14.6B | ||
| Q2 25 | $8.9B | $14.0B | ||
| Q1 25 | $8.4B | $13.6B | ||
| Q4 24 | $8.4B | $12.9B | ||
| Q3 24 | $7.8B | $12.5B | ||
| Q2 24 | $7.8B | $12.0B | ||
| Q1 24 | $7.4B | $11.1B |
股东权益ATORUN
| Q4 25 | $14.3B | $3.1B | ||
| Q3 25 | $13.6B | $3.0B | ||
| Q2 25 | $13.4B | $2.9B | ||
| Q1 25 | $13.1B | $2.6B | ||
| Q4 24 | $12.8B | $2.6B | ||
| Q3 24 | $12.2B | $5.3B | ||
| Q2 24 | $12.2B | $5.4B | ||
| Q1 24 | $11.6B | $5.2B |
总资产ATORUN
| Q4 25 | $29.8B | $22.6B | ||
| Q3 25 | $28.2B | $22.2B | ||
| Q2 25 | $27.7B | $21.2B | ||
| Q1 25 | $27.0B | $20.4B | ||
| Q4 24 | $26.5B | $19.9B | ||
| Q3 24 | $25.2B | $22.1B | ||
| Q2 24 | $24.9B | $21.4B | ||
| Q1 24 | $24.0B | $20.8B |
负债/权益比ATORUN
| Q4 25 | 0.67× | 4.69× | ||
| Q3 25 | 0.66× | 4.90× | ||
| Q2 25 | 0.67× | 4.80× | ||
| Q1 25 | 0.64× | 5.19× | ||
| Q4 24 | 0.66× | 5.05× | ||
| Q3 24 | 0.64× | 2.36× | ||
| Q2 24 | 0.64× | 2.23× | ||
| Q1 24 | 0.64× | 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 | $308.1M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $-725.3M | — |
| 自由现金流率自由现金流/营收 | -54.0% | — |
| 资本支出强度资本支出/营收 | 77.0% | — |
| 现金转化率经营现金流/净利润 | 0.76× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $-1.6B | — |
8季度趋势，按日历期对齐
经营现金流ATORUN
| Q4 25 | $308.1M | $96.9M | ||
| Q3 25 | $348.1M | $-121.5M | ||
| Q2 25 | $496.4M | $-292.7M | ||
| Q1 25 | $922.9M | $-104.2M | ||
| Q4 24 | $282.0M | $-258.4M | ||
| Q3 24 | $330.7M | $-156.2M | ||
| Q2 24 | $411.2M | $-208.5M | ||
| Q1 24 | $746.6M | $-143.1M |
自由现金流ATORUN
| Q4 25 | $-725.3M | — | ||
| Q3 25 | $-615.5M | — | ||
| Q2 25 | $-370.6M | — | ||
| Q1 25 | $83.3M | — | ||
| Q4 24 | $-609.2M | — | ||
| Q3 24 | $-477.3M | $-156.4M | ||
| Q2 24 | $-302.4M | — | ||
| Q1 24 | $100.7M | — |
自由现金流率ATORUN
| Q4 25 | -54.0% | — | ||
| Q3 25 | -83.5% | — | ||
| Q2 25 | -44.2% | — | ||
| Q1 25 | 4.3% | — | ||
| Q4 24 | -51.8% | — | ||
| Q3 24 | -72.5% | -29.1% | ||
| Q2 24 | -43.1% | — | ||
| Q1 24 | 6.1% | — |
资本支出强度ATORUN
| Q4 25 | 77.0% | — | ||
| Q3 25 | 130.7% | — | ||
| Q2 25 | 103.4% | — | ||
| Q1 25 | 43.0% | — | ||
| Q4 24 | 75.8% | — | ||
| Q3 24 | 122.8% | 0.0% | ||
| Q2 24 | 101.7% | — | ||
| Q1 24 | 39.2% | — |
现金转化率ATORUN
| Q4 25 | 0.76× | 0.94× | ||
| Q3 25 | 1.99× | -7.33× | ||
| Q2 25 | 2.66× | -1.05× | ||
| Q1 25 | 1.90× | -2.08× | ||
| Q4 24 | 0.80× | — | ||
| Q3 24 | 2.47× | — | ||
| Q2 24 | 2.48× | -1.50× | ||
| Q1 24 | 1.73× | — |
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
ATO
| Distribution Segment | $1.3B | 94% |
| Transportation Revenue | $41.5M | 3% |
| Other | $39.4M | 3% |
| Miscellaneous Revenue | $2.8M | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
