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百通（BDC）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.的季度营收约是百通的1.6倍（$1.2B vs $720.1M），百通净利率更高（9.4% vs 8.9%，领先0.5%），Sunrun Inc.同比增速更快（123.5% vs 8.1%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 15.9%）
百通公司是美国上市跨国企业，专注于端到端网络、安全及连接产品的设计、生产与销售，业务覆盖工业自动化解决方案、智能建筑、宽带及5G三大核心领域，为各行业客户提供可靠的通信连接相关产品与服务。
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。
BDC vs RUN — 直观对比
营收规模更大
RUN
是对方的1.6倍
$720.1M
营收增速更快
RUN
高出115.4%
8.1%
净利率更高
BDC
高出0.5%
8.9%
两年增速更快
RUN
近两年复合增速
15.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $720.1M | $1.2B |
| 净利润 | $67.9M | $103.6M |
| 毛利率 | 36.6% | — |
| 营业利润率 | 12.2% | 8.4% |
| 净利率 | 9.4% | 8.9% |
| 营收同比 | 8.1% | 123.5% |
| 净利润同比 | 16.3% | 103.7% |
| 每股收益（稀释后） | $1.70 | $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BDCRUN
| Q4 25 | $720.1M | $1.2B | ||
| Q3 25 | $698.2M | $724.6M | ||
| Q2 25 | $672.0M | $569.3M | ||
| Q1 25 | $624.9M | $504.3M | ||
| Q4 24 | $666.0M | $518.5M | ||
| Q3 24 | $654.9M | $537.2M | ||
| Q2 24 | $604.3M | $523.9M | ||
| Q1 24 | $535.7M | $458.2M |
净利润BDCRUN
| Q4 25 | $67.9M | $103.6M | ||
| Q3 25 | $56.7M | $16.6M | ||
| Q2 25 | $61.0M | $279.8M | ||
| Q1 25 | $51.9M | $50.0M | ||
| Q4 24 | $58.4M | $-2.8B | ||
| Q3 24 | $53.7M | $-83.8M | ||
| Q2 24 | $49.0M | $139.1M | ||
| Q1 24 | $37.3M | $-87.8M |
毛利率BDCRUN
| Q4 25 | 36.6% | — | ||
| Q3 25 | 37.7% | — | ||
| Q2 25 | 38.5% | — | ||
| Q1 25 | 39.3% | — | ||
| Q4 24 | 37.5% | — | ||
| Q3 24 | 37.3% | — | ||
| Q2 24 | 37.5% | — | ||
| Q1 24 | 37.6% | — |
营业利润率BDCRUN
| Q4 25 | 12.2% | 8.4% | ||
| Q3 25 | 10.9% | 0.5% | ||
| Q2 25 | 11.8% | -19.7% | ||
| Q1 25 | 11.6% | -22.8% | ||
| Q4 24 | 10.4% | -628.0% | ||
| Q3 24 | 11.5% | -23.8% | ||
| Q2 24 | 11.4% | -24.4% | ||
| Q1 24 | 9.9% | -40.0% |
净利率BDCRUN
| Q4 25 | 9.4% | 8.9% | ||
| Q3 25 | 8.1% | 2.3% | ||
| Q2 25 | 9.1% | 49.1% | ||
| Q1 25 | 8.3% | 9.9% | ||
| Q4 24 | 8.8% | -542.7% | ||
| Q3 24 | 8.2% | -15.6% | ||
| Q2 24 | 8.1% | 26.5% | ||
| Q1 24 | 7.0% | -19.2% |
每股收益（稀释后）BDCRUN
| Q4 25 | $1.70 | $0.38 | ||
| Q3 25 | $1.41 | $0.06 | ||
| Q2 25 | $1.53 | $1.07 | ||
| Q1 25 | $1.27 | $0.20 | ||
| Q4 24 | $1.41 | $-12.59 | ||
| Q3 24 | $1.30 | $-0.37 | ||
| Q2 24 | $1.19 | $0.55 | ||
| Q1 24 | $0.90 | $-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 | $389.9M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $1.3B | $3.1B |
| 总资产 | $3.5B | $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BDCRUN
| Q4 25 | $389.9M | — | ||
| Q3 25 | $314.3M | — | ||
| Q2 25 | $301.5M | — | ||
| Q1 25 | $259.0M | — | ||
| Q4 24 | $370.3M | — | ||
| Q3 24 | $323.0M | — | ||
| Q2 24 | $564.8M | — | ||
| Q1 24 | $506.8M | — |
总债务BDCRUN
| 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BDCRUN
| Q4 25 | $1.3B | $3.1B | ||
| Q3 25 | $1.2B | $3.0B | ||
| Q2 25 | $1.2B | $2.9B | ||
| Q1 25 | $1.2B | $2.6B | ||
| Q4 24 | $1.3B | $2.6B | ||
| Q3 24 | $1.2B | $5.3B | ||
| Q2 24 | $1.2B | $5.4B | ||
| Q1 24 | $1.2B | $5.2B |
总资产BDCRUN
| Q4 25 | $3.5B | $22.6B | ||
| Q3 25 | $3.4B | $22.2B | ||
| Q2 25 | $3.4B | $21.2B | ||
| Q1 25 | $3.3B | $20.4B | ||
| Q4 24 | $3.3B | $19.9B | ||
| Q3 24 | $3.3B | $22.1B | ||
| Q2 24 | $3.5B | $21.4B | ||
| Q1 24 | $3.1B | $20.8B |
负债/权益比BDCRUN
| 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 | $160.4M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $121.3M | — |
| 自由现金流率自由现金流/营收 | 16.8% | — |
| 资本支出强度资本支出/营收 | 5.4% | — |
| 现金转化率经营现金流/净利润 | 2.36× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $218.7M | — |
8季度趋势，按日历期对齐
经营现金流BDCRUN
| Q4 25 | $160.4M | $96.9M | ||
| Q3 25 | $105.0M | $-121.5M | ||
| Q2 25 | $82.0M | $-292.7M | ||
| Q1 25 | $7.4M | $-104.2M | ||
| Q4 24 | $174.7M | $-258.4M | ||
| Q3 24 | $91.7M | $-156.2M | ||
| Q2 24 | $83.0M | $-208.5M | ||
| Q1 24 | $2.7M | $-143.1M |
自由现金流BDCRUN
| Q4 25 | $121.3M | — | ||
| Q3 25 | $65.3M | — | ||
| Q2 25 | $56.9M | — | ||
| Q1 25 | $-24.8M | — | ||
| Q4 24 | $116.4M | — | ||
| Q3 24 | $67.2M | $-156.4M | ||
| Q2 24 | $61.0M | — | ||
| Q1 24 | $-21.5M | — |
自由现金流率BDCRUN
| Q4 25 | 16.8% | — | ||
| Q3 25 | 9.4% | — | ||
| Q2 25 | 8.5% | — | ||
| Q1 25 | -4.0% | — | ||
| Q4 24 | 17.5% | — | ||
| Q3 24 | 10.3% | -29.1% | ||
| Q2 24 | 10.1% | — | ||
| Q1 24 | -4.0% | — |
资本支出强度BDCRUN
| Q4 25 | 5.4% | — | ||
| Q3 25 | 5.7% | — | ||
| Q2 25 | 3.7% | — | ||
| Q1 25 | 5.2% | — | ||
| Q4 24 | 8.8% | — | ||
| Q3 24 | 3.7% | 0.0% | ||
| Q2 24 | 3.6% | — | ||
| Q1 24 | 4.5% | — |
现金转化率BDCRUN
| Q4 25 | 2.36× | 0.94× | ||
| Q3 25 | 1.85× | -7.33× | ||
| Q2 25 | 1.34× | -1.05× | ||
| Q1 25 | 0.14× | -2.08× | ||
| Q4 24 | 2.99× | — | ||
| Q3 24 | 1.71× | — | ||
| Q2 24 | 1.69× | -1.50× | ||
| Q1 24 | 0.07× | — |
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
BDC
| Automation Solutions Segment | $397.7M | 55% |
| Broadband Solutions | $164.8M | 23% |
| Smart Buildings Solutions | $157.7M | 22% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
