vs
American Water Works（AWK）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
American Water Works的季度营收约是Sunrun Inc.的1.1倍（$1.3B vs $1.2B），American Water Works净利率更高（18.7% vs 8.9%，领先9.8%），Sunrun Inc.同比增速更快（123.5% vs 5.8%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 12.6%）
American Water Works通过旗下子公司在美国境内提供专业供水与污水处理服务，业务覆盖14个州的约1700个社区，服务约340万活跃用户，客户群体涵盖住宅用户、食品饮料供应商、商业地产开发商与运营商、能源供应商等商业客户、消防服务及工业类客户等。
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。
AWK vs RUN — 直观对比
营收规模更大
AWK
是对方的1.1倍
$1.2B
营收增速更快
RUN
高出117.7%
5.8%
净利率更高
AWK
高出9.8%
8.9%
两年增速更快
RUN
近两年复合增速
12.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $238.0M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 31.9% | 8.4% |
| 净利率 | 18.7% | 8.9% |
| 营收同比 | 5.8% | 123.5% |
| 净利润同比 | -0.4% | 103.7% |
| 每股收益（稀释后） | $1.22 | $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AWKRUN
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.5B | $724.6M | ||
| Q2 25 | $1.3B | $569.3M | ||
| Q1 25 | $1.1B | $504.3M | ||
| Q4 24 | $1.2B | $518.5M | ||
| Q3 24 | $1.3B | $537.2M | ||
| Q2 24 | $1.1B | $523.9M | ||
| Q1 24 | $1.0B | $458.2M |
净利润AWKRUN
| Q4 25 | $238.0M | $103.6M | ||
| Q3 25 | $379.0M | $16.6M | ||
| Q2 25 | $289.0M | $279.8M | ||
| Q1 25 | $205.0M | $50.0M | ||
| Q4 24 | $239.0M | $-2.8B | ||
| Q3 24 | $350.0M | $-83.8M | ||
| Q2 24 | $277.0M | $139.1M | ||
| Q1 24 | $185.0M | $-87.8M |
营业利润率AWKRUN
| Q4 25 | 31.9% | 8.4% | ||
| Q3 25 | 42.2% | 0.5% | ||
| Q2 25 | 38.4% | -19.7% | ||
| Q1 25 | 32.7% | -22.8% | ||
| Q4 24 | 33.3% | -628.0% | ||
| Q3 24 | 40.9% | -23.8% | ||
| Q2 24 | 39.4% | -24.4% | ||
| Q1 24 | 32.5% | -40.0% |
净利率AWKRUN
| Q4 25 | 18.7% | 8.9% | ||
| Q3 25 | 26.1% | 2.3% | ||
| Q2 25 | 22.7% | 49.1% | ||
| Q1 25 | 18.1% | 9.9% | ||
| Q4 24 | 19.9% | -542.7% | ||
| Q3 24 | 26.4% | -15.6% | ||
| Q2 24 | 24.3% | 26.5% | ||
| Q1 24 | 18.4% | -19.2% |
每股收益（稀释后）AWKRUN
| Q4 25 | $1.22 | $0.38 | ||
| Q3 25 | $1.94 | $0.06 | ||
| Q2 25 | $1.48 | $1.07 | ||
| Q1 25 | $1.05 | $0.20 | ||
| Q4 24 | $1.22 | $-12.59 | ||
| Q3 24 | $1.80 | $-0.37 | ||
| Q2 24 | $1.42 | $0.55 | ||
| Q1 24 | $0.95 | $-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 | $98.0M | — |
| 总债务越低越好 | $12.8B | $14.7B |
| 股东权益账面价值 | $10.8B | $3.1B |
| 总资产 | $35.4B | $22.6B |
| 负债/权益比越低杠杆越低 | 1.18× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资AWKRUN
| Q4 25 | $98.0M | — | ||
| Q3 25 | $166.0M | — | ||
| Q2 25 | $94.0M | — | ||
| Q1 25 | $114.0M | — | ||
| Q4 24 | $96.0M | — | ||
| Q3 24 | $127.0M | — | ||
| Q2 24 | $48.0M | — | ||
| Q1 24 | $584.0M | — |
总债务AWKRUN
| Q4 25 | $12.8B | $14.7B | ||
| Q3 25 | $13.0B | $14.6B | ||
| Q2 25 | $12.3B | $14.0B | ||
| Q1 25 | $13.3B | $13.6B | ||
| Q4 24 | $12.5B | $12.9B | ||
| Q3 24 | $12.6B | $12.5B | ||
| Q2 24 | $12.6B | $12.0B | ||
| Q1 24 | $12.6B | $11.1B |
股东权益AWKRUN
| Q4 25 | $10.8B | $3.1B | ||
| Q3 25 | $10.9B | $3.0B | ||
| Q2 25 | $10.7B | $2.9B | ||
| Q1 25 | $10.5B | $2.6B | ||
| Q4 24 | $10.3B | $2.6B | ||
| Q3 24 | $10.4B | $5.3B | ||
| Q2 24 | $10.2B | $5.4B | ||
| Q1 24 | $10.0B | $5.2B |
总资产AWKRUN
| Q4 25 | $35.4B | $22.6B | ||
| Q3 25 | $34.7B | $22.2B | ||
| Q2 25 | $33.9B | $21.2B | ||
| Q1 25 | $33.2B | $20.4B | ||
| Q4 24 | $32.8B | $19.9B | ||
| Q3 24 | $31.8B | $22.1B | ||
| Q2 24 | $31.2B | $21.4B | ||
| Q1 24 | $31.1B | $20.8B |
负债/权益比AWKRUN
| Q4 25 | 1.18× | 4.69× | ||
| Q3 25 | 1.19× | 4.90× | ||
| Q2 25 | 1.15× | 4.80× | ||
| Q1 25 | 1.26× | 5.19× | ||
| Q4 24 | 1.21× | 5.05× | ||
| Q3 24 | 1.21× | 2.36× | ||
| Q2 24 | 1.24× | 2.23× | ||
| Q1 24 | 1.26× | 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 | $663.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $-385.0M | — |
| 自由现金流率自由现金流/营收 | -30.3% | — |
| 资本支出强度资本支出/营收 | 82.5% | — |
| 现金转化率经营现金流/净利润 | 2.79× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $-1.1B | — |
8季度趋势，按日历期对齐
经营现金流AWKRUN
| Q4 25 | $663.0M | $96.9M | ||
| Q3 25 | $764.0M | $-121.5M | ||
| Q2 25 | $301.0M | $-292.7M | ||
| Q1 25 | $331.0M | $-104.2M | ||
| Q4 24 | $639.0M | $-258.4M | ||
| Q3 24 | $679.0M | $-156.2M | ||
| Q2 24 | $345.0M | $-208.5M | ||
| Q1 24 | $382.0M | $-143.1M |
自由现金流AWKRUN
| Q4 25 | $-385.0M | — | ||
| Q3 25 | $-33.0M | — | ||
| Q2 25 | $-432.0M | — | ||
| Q1 25 | $-217.0M | — | ||
| Q4 24 | $-255.0M | — | ||
| Q3 24 | $-4.0M | $-156.4M | ||
| Q2 24 | $-325.0M | — | ||
| Q1 24 | $-227.0M | — |
自由现金流率AWKRUN
| Q4 25 | -30.3% | — | ||
| Q3 25 | -2.3% | — | ||
| Q2 25 | -34.0% | — | ||
| Q1 25 | -19.1% | — | ||
| Q4 24 | -21.2% | — | ||
| Q3 24 | -0.3% | -29.1% | ||
| Q2 24 | -28.5% | — | ||
| Q1 24 | -22.6% | — |
资本支出强度AWKRUN
| Q4 25 | 82.5% | — | ||
| Q3 25 | 54.8% | — | ||
| Q2 25 | 57.6% | — | ||
| Q1 25 | 48.3% | — | ||
| Q4 24 | 74.4% | — | ||
| Q3 24 | 51.4% | 0.0% | ||
| Q2 24 | 58.8% | — | ||
| Q1 24 | 60.7% | — |
现金转化率AWKRUN
| Q4 25 | 2.79× | 0.94× | ||
| Q3 25 | 2.02× | -7.33× | ||
| Q2 25 | 1.04× | -1.05× | ||
| Q1 25 | 1.61× | -2.08× | ||
| Q4 24 | 2.67× | — | ||
| Q3 24 | 1.94× | — | ||
| Q2 24 | 1.25× | -1.50× | ||
| Q1 24 | 2.06× | — |
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
AWK
| Water Services | $1.0B | 81% |
| Other | $127.0M | 10% |
| Wastewater Services | $101.0M | 8% |
| Miscellaneous Utility Charge | $11.0M | 1% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
