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BGC Group, Inc.（BGC）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BGC Group, Inc.的1.8倍（$1.2B vs $638.6M），Sunrun Inc.净利率更高（8.9% vs 2.3%，领先6.7%），Sunrun Inc.同比增速更快（123.5% vs 34.4%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 18.7%）
BGC集团是一家总部位于纽约和伦敦的美国全球性金融服务企业，最初隶属于康托·菲茨杰拉德集团，2004年正式独立运营，业务范围覆盖全球金融市场相关服务领域。
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。
BGC vs RUN — 直观对比
营收规模更大
RUN
是对方的1.8倍
$638.6M
营收增速更快
RUN
高出89.1%
34.4%
净利率更高
RUN
高出6.7%
2.3%
两年增速更快
RUN
近两年复合增速
18.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $638.6M | $1.2B |
| 净利润 | $14.4M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 3.9% | 8.4% |
| 净利率 | 2.3% | 8.9% |
| 营收同比 | 34.4% | 123.5% |
| 净利润同比 | -43.0% | 103.7% |
| 每股收益（稀释后） | $0.03 | $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BGCRUN
| Q4 25 | $638.6M | $1.2B | ||
| Q3 25 | $620.8M | $724.6M | ||
| Q2 25 | $648.0M | $569.3M | ||
| Q1 25 | $534.6M | $504.3M | ||
| Q4 24 | $475.2M | $518.5M | ||
| Q3 24 | $448.9M | $537.2M | ||
| Q2 24 | $435.0M | $523.9M | ||
| Q1 24 | $453.6M | $458.2M |
净利润BGCRUN
| Q4 25 | $14.4M | $103.6M | ||
| Q3 25 | $27.9M | $16.6M | ||
| Q2 25 | $57.5M | $279.8M | ||
| Q1 25 | $55.2M | $50.0M | ||
| Q4 24 | $25.2M | $-2.8B | ||
| Q3 24 | $14.7M | $-83.8M | ||
| Q2 24 | $37.8M | $139.1M | ||
| Q1 24 | $49.2M | $-87.8M |
营业利润率BGCRUN
| Q4 25 | 3.9% | 8.4% | ||
| Q3 25 | 5.4% | 0.5% | ||
| Q2 25 | 11.6% | -19.7% | ||
| Q1 25 | 15.0% | -22.8% | ||
| Q4 24 | 5.7% | -628.0% | ||
| Q3 24 | 4.4% | -23.8% | ||
| Q2 24 | 12.7% | -24.4% | ||
| Q1 24 | 15.7% | -40.0% |
净利率BGCRUN
| Q4 25 | 2.3% | 8.9% | ||
| Q3 25 | 4.5% | 2.3% | ||
| Q2 25 | 8.9% | 49.1% | ||
| Q1 25 | 10.3% | 9.9% | ||
| Q4 24 | 5.3% | -542.7% | ||
| Q3 24 | 3.3% | -15.6% | ||
| Q2 24 | 8.7% | 26.5% | ||
| Q1 24 | 10.8% | -19.2% |
每股收益（稀释后）BGCRUN
| Q4 25 | $0.03 | $0.38 | ||
| Q3 25 | $0.06 | $0.06 | ||
| Q2 25 | $0.11 | $1.07 | ||
| Q1 25 | $0.11 | $0.20 | ||
| Q4 24 | $0.04 | $-12.59 | ||
| Q3 24 | $0.03 | $-0.37 | ||
| Q2 24 | $0.08 | $0.55 | ||
| Q1 24 | $0.10 | $-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 | $851.5M | — |
| 总债务越低越好 | $1.5B | $14.7B |
| 股东权益账面价值 | $972.5M | $3.1B |
| 总资产 | $4.4B | $22.6B |
| 负债/权益比越低杠杆越低 | 1.58× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资BGCRUN
| Q4 25 | $851.5M | — | ||
| Q3 25 | $774.9M | — | ||
| Q2 25 | $827.8M | — | ||
| Q1 25 | $966.4M | — | ||
| Q4 24 | $711.6M | — | ||
| Q3 24 | $563.5M | — | ||
| Q2 24 | $571.7M | — | ||
| Q1 24 | $566.8M | — |
总债务BGCRUN
| Q4 25 | $1.5B | $14.7B | ||
| Q3 25 | $1.8B | $14.6B | ||
| Q2 25 | $1.8B | $14.0B | ||
| Q1 25 | $1.1B | $13.6B | ||
| Q4 24 | $1.1B | $12.9B | ||
| Q3 24 | $1.4B | $12.5B | ||
| Q2 24 | $1.4B | $12.0B | ||
| Q1 24 | $945.0M | $11.1B |
股东权益BGCRUN
| Q4 25 | $972.5M | $3.1B | ||
| Q3 25 | $965.3M | $3.0B | ||
| Q2 25 | $930.5M | $2.9B | ||
| Q1 25 | $963.8M | $2.6B | ||
| Q4 24 | $898.5M | $2.6B | ||
| Q3 24 | $860.1M | $5.3B | ||
| Q2 24 | $858.1M | $5.4B | ||
| Q1 24 | $912.1M | $5.2B |
总资产BGCRUN
| Q4 25 | $4.4B | $22.6B | ||
| Q3 25 | $5.8B | $22.2B | ||
| Q2 25 | $4.9B | $21.2B | ||
| Q1 25 | $4.9B | $20.4B | ||
| Q4 24 | $3.6B | $19.9B | ||
| Q3 24 | $4.4B | $22.1B | ||
| Q2 24 | $4.3B | $21.4B | ||
| Q1 24 | $4.4B | $20.8B |
负债/权益比BGCRUN
| Q4 25 | 1.58× | 4.69× | ||
| Q3 25 | 1.90× | 4.90× | ||
| Q2 25 | 1.97× | 4.80× | ||
| Q1 25 | 1.19× | 5.19× | ||
| Q4 24 | 1.27× | 5.05× | ||
| Q3 24 | 1.68× | 2.36× | ||
| Q2 24 | 1.68× | 2.23× | ||
| Q1 24 | 1.04× | 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 | $180.4M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $175.1M | — |
| 自由现金流率自由现金流/营收 | 27.4% | — |
| 资本支出强度资本支出/营收 | 0.8% | — |
| 现金转化率经营现金流/净利润 | 12.55× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $372.9M | — |
8季度趋势，按日历期对齐
经营现金流BGCRUN
| Q4 25 | $180.4M | $96.9M | ||
| Q3 25 | $141.9M | $-121.5M | ||
| Q2 25 | $71.2M | $-292.7M | ||
| Q1 25 | $839.0K | $-104.2M | ||
| Q4 24 | $251.9M | $-258.4M | ||
| Q3 24 | $88.3M | $-156.2M | ||
| Q2 24 | $-53.0M | $-208.5M | ||
| Q1 24 | $28.1M | $-143.1M |
自由现金流BGCRUN
| Q4 25 | $175.1M | — | ||
| Q3 25 | $137.2M | — | ||
| Q2 25 | $65.0M | — | ||
| Q1 25 | $-4.4M | — | ||
| Q4 24 | $245.6M | — | ||
| Q3 24 | $78.8M | $-156.4M | ||
| Q2 24 | $-63.5M | — | ||
| Q1 24 | $24.9M | — |
自由现金流率BGCRUN
| Q4 25 | 27.4% | — | ||
| Q3 25 | 22.1% | — | ||
| Q2 25 | 10.0% | — | ||
| Q1 25 | -0.8% | — | ||
| Q4 24 | 51.7% | — | ||
| Q3 24 | 17.5% | -29.1% | ||
| Q2 24 | -14.6% | — | ||
| Q1 24 | 5.5% | — |
资本支出强度BGCRUN
| Q4 25 | 0.8% | — | ||
| Q3 25 | 0.8% | — | ||
| Q2 25 | 1.0% | — | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 2.1% | 0.0% | ||
| Q2 24 | 2.4% | — | ||
| Q1 24 | 0.7% | — |
现金转化率BGCRUN
| Q4 25 | 12.55× | 0.94× | ||
| Q3 25 | 5.09× | -7.33× | ||
| Q2 25 | 1.24× | -1.05× | ||
| Q1 25 | 0.02× | -2.08× | ||
| Q4 24 | 9.99× | — | ||
| Q3 24 | 5.99× | — | ||
| Q2 24 | -1.40× | -1.50× | ||
| Q1 24 | 0.57× | — |
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
BGC
| Commissions | $590.2M | 92% |
| Data Software And Post Trade | $36.7M | 6% |
| Fees From Related Parties | $4.6M | 1% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
