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布鲁克菲尔德资产管理（BAM）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.的季度营收约是布鲁克菲尔德资产管理的1.1倍（$1.2B vs $1.1B），布鲁克菲尔德资产管理净利率更高（56.7% vs 8.9%，领先47.7%）
布鲁克菲尔德资产管理有限公司是加美两地的另类资产管理机构，2022年12月从布鲁克菲尔德集团的资管业务分拆成立，在全球范围内管理不动产、基础设施、可再生能源、私募股权及信贷市场等领域的投资。
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。
BAM vs RUN — 直观对比
营收规模更大
RUN
是对方的1.1倍
$1.1B
净利率更高
BAM
高出47.7%
8.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.2B |
| 净利润 | $615.0M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 84.2% | 8.4% |
| 净利率 | 56.7% | 8.9% |
| 营收同比 | — | 123.5% |
| 净利润同比 | — | 103.7% |
| 每股收益（稀释后） | — | $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BAMRUN
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $974.0M | $724.6M | ||
| Q2 25 | $931.0M | $569.3M | ||
| Q1 25 | $954.0M | $504.3M | ||
| Q4 24 | — | $518.5M | ||
| Q3 24 | $873.0M | $537.2M | ||
| Q2 24 | $821.0M | $523.9M | ||
| Q1 24 | $786.0M | $458.2M |
净利润BAMRUN
| Q4 25 | $615.0M | $103.6M | ||
| Q3 25 | $692.0M | $16.6M | ||
| Q2 25 | $584.0M | $279.8M | ||
| Q1 25 | $507.0M | $50.0M | ||
| Q4 24 | — | $-2.8B | ||
| Q3 24 | $537.0M | $-83.8M | ||
| Q2 24 | $124.0M | $139.1M | ||
| Q1 24 | $373.0M | $-87.8M |
营业利润率BAMRUN
| Q4 25 | 84.2% | 8.4% | ||
| Q3 25 | 79.1% | 0.5% | ||
| Q2 25 | 70.8% | -19.7% | ||
| Q1 25 | 61.0% | -22.8% | ||
| Q4 24 | — | -628.0% | ||
| Q3 24 | 72.5% | -23.8% | ||
| Q2 24 | 80.4% | -24.4% | ||
| Q1 24 | 56.5% | -40.0% |
净利率BAMRUN
| Q4 25 | 56.7% | 8.9% | ||
| Q3 25 | 71.0% | 2.3% | ||
| Q2 25 | 62.7% | 49.1% | ||
| Q1 25 | 53.1% | 9.9% | ||
| Q4 24 | — | -542.7% | ||
| Q3 24 | 61.5% | -15.6% | ||
| Q2 24 | 15.1% | 26.5% | ||
| Q1 24 | 47.5% | -19.2% |
每股收益（稀释后）BAMRUN
| Q4 25 | — | $0.38 | ||
| Q3 25 | — | $0.06 | ||
| Q2 25 | — | $1.07 | ||
| Q1 25 | — | $0.20 | ||
| Q4 24 | — | $-12.59 | ||
| Q3 24 | — | $-0.37 | ||
| Q2 24 | — | $0.55 | ||
| Q1 24 | — | $-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 | $1.6B | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $8.9B | $3.1B |
| 总资产 | $17.0B | $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BAMRUN
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $480.0M | — | ||
| Q1 25 | $332.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $10.0M | — | ||
| Q1 24 | — | — |
总债务BAMRUN
| 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BAMRUN
| Q4 25 | $8.9B | $3.1B | ||
| Q3 25 | $8.5B | $3.0B | ||
| Q2 25 | $8.5B | $2.9B | ||
| Q1 25 | $8.5B | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | $9.0B | $5.3B | ||
| Q2 24 | $3.2B | $5.4B | ||
| Q1 24 | $2.2B | $5.2B |
总资产BAMRUN
| Q4 25 | $17.0B | $22.6B | ||
| Q3 25 | $16.5B | $22.2B | ||
| Q2 25 | $16.1B | $21.2B | ||
| Q1 25 | $15.0B | $20.4B | ||
| Q4 24 | — | $19.9B | ||
| Q3 24 | — | $22.1B | ||
| Q2 24 | $4.2B | $21.4B | ||
| Q1 24 | — | $20.8B |
负债/权益比BAMRUN
| 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 | $562.0M | $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 | — | — |
| 现金转化率经营现金流/净利润 | 0.91× | 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BAMRUN
| Q4 25 | $562.0M | $96.9M | ||
| Q3 25 | $745.0M | $-121.5M | ||
| Q2 25 | $529.0M | $-292.7M | ||
| Q1 25 | $265.0M | $-104.2M | ||
| Q4 24 | — | $-258.4M | ||
| Q3 24 | $567.0M | $-156.2M | ||
| Q2 24 | $159.0M | $-208.5M | ||
| Q1 24 | $516.0M | $-143.1M |
自由现金流BAMRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率BAMRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度BAMRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率BAMRUN
| Q4 25 | 0.91× | 0.94× | ||
| Q3 25 | 1.08× | -7.33× | ||
| Q2 25 | 0.91× | -1.05× | ||
| Q1 25 | 0.52× | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.06× | — | ||
| Q2 24 | 1.28× | -1.50× | ||
| Q1 24 | 1.38× | — |
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
BAM
| Incentive Fees | $452.0M | 42% |
| Infrastruture | $332.0M | 31% |
| Private Equity | $174.0M | 16% |
| Renewable Power And Transition | $66.0M | 6% |
| Other | $47.0M | 4% |
| Management And Advisory Fees | $14.0M | 1% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
