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AXIS CAPITAL HOLDINGS LTD（AXS）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
AXIS CAPITAL HOLDINGS LTD的季度营收约是Sunrun Inc.的1.5倍（$1.7B vs $1.2B），AXIS CAPITAL HOLDINGS LTD净利率更高（16.7% vs 8.9%，领先7.8%），Sunrun Inc.同比增速更快（123.5% vs 17.8%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 10.3%）
AXIS资本控股有限公司是AXIS集团的控股主体，通过百慕大、美国、加拿大、欧洲及新加坡的子公司与分支机构网络，提供各类风险转移产品及服务。保险业务覆盖财产、职业责任、恐怖主义、航运、能源、环境等领域，再保险业务包含财产、职业责任、信用债券等品类。
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。
AXS vs RUN — 直观对比
营收规模更大
AXS
是对方的1.5倍
$1.2B
营收增速更快
RUN
高出105.7%
17.8%
净利率更高
AXS
高出7.8%
8.9%
两年增速更快
RUN
近两年复合增速
10.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.2B |
| 净利润 | $289.6M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 19.0% | 8.4% |
| 净利率 | 16.7% | 8.9% |
| 营收同比 | 17.8% | 123.5% |
| 净利润同比 | -1.4% | 103.7% |
| 每股收益（稀释后） | $3.63 | $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AXSRUN
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.7B | $724.6M | ||
| Q2 25 | $1.6B | $569.3M | ||
| Q1 25 | $1.5B | $504.3M | ||
| Q4 24 | $1.5B | $518.5M | ||
| Q3 24 | $1.6B | $537.2M | ||
| Q2 24 | $1.5B | $523.9M | ||
| Q1 24 | $1.4B | $458.2M |
净利润AXSRUN
| Q4 25 | $289.6M | $103.6M | ||
| Q3 25 | $301.9M | $16.6M | ||
| Q2 25 | $223.4M | $279.8M | ||
| Q1 25 | $194.1M | $50.0M | ||
| Q4 24 | $293.6M | $-2.8B | ||
| Q3 24 | $180.7M | $-83.8M | ||
| Q2 24 | $212.0M | $139.1M | ||
| Q1 24 | $395.5M | $-87.8M |
营业利润率AXSRUN
| Q4 25 | 19.0% | 8.4% | ||
| Q3 25 | 22.1% | 0.5% | ||
| Q2 25 | 17.2% | -19.7% | ||
| Q1 25 | 15.5% | -22.8% | ||
| Q4 24 | 18.6% | -628.0% | ||
| Q3 24 | 14.2% | -23.8% | ||
| Q2 24 | 17.4% | -24.4% | ||
| Q1 24 | 19.0% | -40.0% |
净利率AXSRUN
| Q4 25 | 16.7% | 8.9% | ||
| Q3 25 | 18.0% | 2.3% | ||
| Q2 25 | 13.7% | 49.1% | ||
| Q1 25 | 12.8% | 9.9% | ||
| Q4 24 | 20.0% | -542.7% | ||
| Q3 24 | 11.2% | -15.6% | ||
| Q2 24 | 14.6% | 26.5% | ||
| Q1 24 | 27.8% | -19.2% |
每股收益（稀释后）AXSRUN
| Q4 25 | $3.63 | $0.38 | ||
| Q3 25 | $3.74 | $0.06 | ||
| Q2 25 | $2.72 | $1.07 | ||
| Q1 25 | $2.26 | $0.20 | ||
| Q4 24 | $3.38 | $-12.59 | ||
| Q3 24 | $2.04 | $-0.37 | ||
| Q2 24 | $2.40 | $0.55 | ||
| Q1 24 | $4.53 | $-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 | $820.3M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $6.4B | $3.1B |
| 总资产 | $34.5B | $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AXSRUN
| Q4 25 | $820.3M | — | ||
| Q3 25 | $825.9M | — | ||
| Q2 25 | $852.1M | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $981.0M | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $1.1B | — |
总债务AXSRUN
| 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 | ||
| Q1 24 | — | $11.1B |
股东权益AXSRUN
| Q4 25 | $6.4B | $3.1B | ||
| Q3 25 | $6.4B | $3.0B | ||
| Q2 25 | $6.2B | $2.9B | ||
| Q1 25 | $5.9B | $2.6B | ||
| Q4 24 | $6.1B | $2.6B | ||
| Q3 24 | $6.1B | $5.3B | ||
| Q2 24 | $5.7B | $5.4B | ||
| Q1 24 | $5.5B | $5.2B |
总资产AXSRUN
| Q4 25 | $34.5B | $22.6B | ||
| Q3 25 | $34.3B | $22.2B | ||
| Q2 25 | $34.2B | $21.2B | ||
| Q1 25 | $33.2B | $20.4B | ||
| Q4 24 | $32.5B | $19.9B | ||
| Q3 24 | $32.7B | $22.1B | ||
| Q2 24 | $32.1B | $21.4B | ||
| Q1 24 | $31.8B | $20.8B |
负债/权益比AXSRUN
| 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× | ||
| Q1 24 | — | 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 | $630.4M | $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 | 2.18× | 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AXSRUN
| Q4 25 | $630.4M | $96.9M | ||
| Q3 25 | $673.8M | $-121.5M | ||
| Q2 25 | $-1.7B | $-292.7M | ||
| Q1 25 | $309.1M | $-104.2M | ||
| Q4 24 | $355.5M | $-258.4M | ||
| Q3 24 | $587.0M | $-156.2M | ||
| Q2 24 | $518.1M | $-208.5M | ||
| Q1 24 | $384.1M | $-143.1M |
自由现金流AXSRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率AXSRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度AXSRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率AXSRUN
| Q4 25 | 2.18× | 0.94× | ||
| Q3 25 | 2.23× | -7.33× | ||
| Q2 25 | -7.41× | -1.05× | ||
| Q1 25 | 1.59× | -2.08× | ||
| Q4 24 | 1.21× | — | ||
| Q3 24 | 3.25× | — | ||
| Q2 24 | 2.44× | -1.50× | ||
| Q1 24 | 0.97× | — |
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
AXS
| Reinsurance | $1.4B | 82% |
| Other | $311.3M | 18% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
