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Bloom Energy Corp（BE）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Bloom Energy Corp的1.5倍（$1.2B vs $751.1M），Bloom Energy Corp净利率更高（9.4% vs 8.9%，领先0.5%），Bloom Energy Corp同比增速更快（130.4% vs 123.5%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 51.7%）
Bloom Energy Corp是一家能源技术企业，由印裔美国工程师、发明家、企业家KR·斯里达尔创立，他同时担任公司董事长兼首席执行官。斯里达尔此前曾任亚利桑那大学航空航天与机械工程教授、空间技术实验室主任，曾为NASA提供顾问服务，现为美国国家工程院院士。
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。
BE vs RUN — 直观对比
营收规模更大
RUN
是对方的1.5倍
$751.1M
营收增速更快
BE
高出6.9%
123.5%
净利率更高
BE
高出0.5%
8.9%
两年增速更快
RUN
近两年复合增速
51.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $751.1M | $1.2B |
| 净利润 | $70.7M | $103.6M |
| 毛利率 | 30.0% | — |
| 营业利润率 | 17.3% | 8.4% |
| 净利率 | 9.4% | 8.9% |
| 营收同比 | 130.4% | 123.5% |
| 净利润同比 | — | 103.7% |
| 每股收益（稀释后） | $0.44 | $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BERUN
| Q1 26 | $751.1M | — | ||
| Q4 25 | $772.8M | $1.2B | ||
| Q3 25 | $513.3M | $724.6M | ||
| Q2 25 | $396.3M | $569.3M | ||
| Q1 25 | $319.3M | $504.3M | ||
| Q4 24 | $567.0M | $518.5M | ||
| Q3 24 | $321.8M | $537.2M | ||
| Q2 24 | $326.5M | $523.9M |
净利润BERUN
| Q1 26 | $70.7M | — | ||
| Q4 25 | $1.4M | $103.6M | ||
| Q3 25 | $-23.0M | $16.6M | ||
| Q2 25 | $-42.2M | $279.8M | ||
| Q1 25 | $-23.4M | $50.0M | ||
| Q4 24 | $105.2M | $-2.8B | ||
| Q3 24 | $-14.6M | $-83.8M | ||
| Q2 24 | $-61.2M | $139.1M |
毛利率BERUN
| Q1 26 | 30.0% | — | ||
| Q4 25 | 31.0% | — | ||
| Q3 25 | 29.5% | — | ||
| Q2 25 | 27.0% | — | ||
| Q1 25 | 27.8% | — | ||
| Q4 24 | 38.7% | — | ||
| Q3 24 | 24.5% | — | ||
| Q2 24 | 21.0% | — |
营业利润率BERUN
| Q1 26 | 17.3% | — | ||
| Q4 25 | 11.3% | 8.4% | ||
| Q3 25 | 1.5% | 0.5% | ||
| Q2 25 | -0.9% | -19.7% | ||
| Q1 25 | -6.0% | -22.8% | ||
| Q4 24 | 18.5% | -628.0% | ||
| Q3 24 | -3.0% | -23.8% | ||
| Q2 24 | -7.1% | -24.4% |
净利率BERUN
| Q1 26 | 9.4% | — | ||
| Q4 25 | 0.2% | 8.9% | ||
| Q3 25 | -4.5% | 2.3% | ||
| Q2 25 | -10.6% | 49.1% | ||
| Q1 25 | -7.3% | 9.9% | ||
| Q4 24 | 18.5% | -542.7% | ||
| Q3 24 | -4.5% | -15.6% | ||
| Q2 24 | -18.7% | 26.5% |
每股收益（稀释后）BERUN
| Q1 26 | $0.44 | — | ||
| Q4 25 | $99.91 | $0.38 | ||
| Q3 25 | $-100.00 | $0.06 | ||
| Q2 25 | $-0.18 | $1.07 | ||
| Q1 25 | $-0.10 | $0.20 | ||
| Q4 24 | $0.45 | $-12.59 | ||
| Q3 24 | $-0.06 | $-0.37 | ||
| Q2 24 | $-0.27 | $0.55 |
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 | — | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $948.0K | $3.1B |
| 总资产 | $4.7B | $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BERUN
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $595.1M | — | ||
| Q2 25 | $574.8M | — | ||
| Q1 25 | $794.8M | — | ||
| Q4 24 | $802.9M | — | ||
| Q3 24 | $495.7M | — | ||
| Q2 24 | $581.7M | — |
总债务BERUN
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $14.7B | ||
| Q3 25 | $1.1B | $14.6B | ||
| Q2 25 | $1.1B | $14.0B | ||
| Q1 25 | $1.1B | $13.6B | ||
| Q4 24 | $1.1B | $12.9B | ||
| Q3 24 | $1.1B | $12.5B | ||
| Q2 24 | $1.1B | $12.0B |
股东权益BERUN
| Q1 26 | $948.0K | — | ||
| Q4 25 | $768.6M | $3.1B | ||
| Q3 25 | $653.1M | $3.0B | ||
| Q2 25 | $594.6M | $2.9B | ||
| Q1 25 | $578.3M | $2.6B | ||
| Q4 24 | $562.5M | $2.6B | ||
| Q3 24 | $430.9M | $5.3B | ||
| Q2 24 | $423.3M | $5.4B |
总资产BERUN
| Q1 26 | $4.7B | — | ||
| Q4 25 | $4.4B | $22.6B | ||
| Q3 25 | $2.6B | $22.2B | ||
| Q2 25 | $2.5B | $21.2B | ||
| Q1 25 | $2.6B | $20.4B | ||
| Q4 24 | $2.7B | $19.9B | ||
| Q3 24 | $2.6B | $22.1B | ||
| Q2 24 | $2.5B | $21.4B |
负债/权益比BERUN
| Q1 26 | — | — | ||
| Q4 25 | 3.41× | 4.69× | ||
| Q3 25 | 1.73× | 4.90× | ||
| Q2 25 | 1.91× | 4.80× | ||
| Q1 25 | 1.96× | 5.19× | ||
| Q4 24 | 2.01× | 5.05× | ||
| Q3 24 | 2.62× | 2.36× | ||
| Q2 24 | 2.66× | 2.23× |
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 | — | $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 | — | 0.94× |
| 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BERUN
| Q1 26 | — | — | ||
| Q4 25 | $418.1M | $96.9M | ||
| Q3 25 | $19.7M | $-121.5M | ||
| Q2 25 | $-213.1M | $-292.7M | ||
| Q1 25 | $-110.7M | $-104.2M | ||
| Q4 24 | $484.2M | $-258.4M | ||
| Q3 24 | $-69.5M | $-156.2M | ||
| Q2 24 | $-175.5M | $-208.5M |
自由现金流BERUN
| Q1 26 | — | — | ||
| Q4 25 | $395.1M | — | ||
| Q3 25 | $7.4M | — | ||
| Q2 25 | $-220.4M | — | ||
| Q1 25 | $-124.9M | — | ||
| Q4 24 | $473.1M | — | ||
| Q3 24 | $-83.8M | $-156.4M | ||
| Q2 24 | $-187.5M | — |
自由现金流率BERUN
| Q1 26 | — | — | ||
| Q4 25 | 51.1% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | -55.6% | — | ||
| Q1 25 | -39.1% | — | ||
| Q4 24 | 83.4% | — | ||
| Q3 24 | -26.0% | -29.1% | ||
| Q2 24 | -57.4% | — |
资本支出强度BERUN
| Q1 26 | — | — | ||
| Q4 25 | 3.0% | — | ||
| Q3 25 | 2.4% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 4.5% | — | ||
| Q4 24 | 2.0% | — | ||
| Q3 24 | 4.4% | 0.0% | ||
| Q2 24 | 3.7% | — |
现金转化率BERUN
| Q1 26 | — | — | ||
| Q4 25 | 293.18× | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | 4.60× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -1.50× |
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
BE
| Product | $653.3M | 87% |
| Service | $61.9M | 8% |
| Installation | $25.9M | 3% |
| Electricity | $9.9M | 1% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
