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BLACK HILLS CORP（BKH）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BLACK HILLS CORP的1.9倍（$1.2B vs $622.7M），BLACK HILLS CORP净利率更高（16.8% vs 8.9%，领先7.9%），Sunrun Inc.同比增速更快（123.5% vs 6.4%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -6.8%）
布莱克山集团是美国多元化能源企业，总部位于南达科他州拉皮德城，名称来源于当地的布莱克山区域。公司主营电力与天然气公用事业，服务覆盖南达科他、蒙大拿、怀俄明、科罗拉多等多个州，电力产品行销整个美国西部地区。
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。
BKH vs RUN — 直观对比
营收规模更大
RUN
是对方的1.9倍
$622.7M
营收增速更快
RUN
高出117.1%
6.4%
净利率更高
BKH
高出7.9%
8.9%
两年增速更快
RUN
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $622.7M | $1.2B |
| 净利润 | $104.9M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 27.5% | 8.4% |
| 净利率 | 16.8% | 8.9% |
| 营收同比 | 6.4% | 123.5% |
| 净利润同比 | 7.0% | 103.7% |
| 每股收益（稀释后） | $1.39 | $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BKHRUN
| Q4 25 | $622.7M | $1.2B | ||
| Q3 25 | $427.4M | $724.6M | ||
| Q2 25 | $435.7M | $569.3M | ||
| Q1 25 | $800.4M | $504.3M | ||
| Q4 24 | $585.1M | $518.5M | ||
| Q3 24 | $398.6M | $537.2M | ||
| Q2 24 | $397.1M | $523.9M | ||
| Q1 24 | $717.2M | $458.2M |
净利润BKHRUN
| Q4 25 | $104.9M | $103.6M | ||
| Q3 25 | $24.9M | $16.6M | ||
| Q2 25 | $27.5M | $279.8M | ||
| Q1 25 | $134.3M | $50.0M | ||
| Q4 24 | $98.0M | $-2.8B | ||
| Q3 24 | $24.4M | $-83.8M | ||
| Q2 24 | $22.8M | $139.1M | ||
| Q1 24 | $127.9M | $-87.8M |
营业利润率BKHRUN
| Q4 25 | 27.5% | 8.4% | ||
| Q3 25 | 18.4% | 0.5% | ||
| Q2 25 | 18.9% | -19.7% | ||
| Q1 25 | 25.6% | -22.8% | ||
| Q4 24 | 27.9% | -628.0% | ||
| Q3 24 | 19.0% | -23.8% | ||
| Q2 24 | 17.8% | -24.4% | ||
| Q1 24 | 27.0% | -40.0% |
净利率BKHRUN
| Q4 25 | 16.8% | 8.9% | ||
| Q3 25 | 5.8% | 2.3% | ||
| Q2 25 | 6.3% | 49.1% | ||
| Q1 25 | 16.8% | 9.9% | ||
| Q4 24 | 16.7% | -542.7% | ||
| Q3 24 | 6.1% | -15.6% | ||
| Q2 24 | 5.7% | 26.5% | ||
| Q1 24 | 17.8% | -19.2% |
每股收益（稀释后）BKHRUN
| Q4 25 | $1.39 | $0.38 | ||
| Q3 25 | $0.34 | $0.06 | ||
| Q2 25 | $0.38 | $1.07 | ||
| Q1 25 | $1.87 | $0.20 | ||
| Q4 24 | $1.36 | $-12.59 | ||
| Q3 24 | $0.35 | $-0.37 | ||
| Q2 24 | $0.33 | $0.55 | ||
| Q1 24 | $1.87 | $-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 | $182.8M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $3.8B | $3.1B |
| 总资产 | $10.9B | $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BKHRUN
| Q4 25 | $182.8M | — | ||
| Q3 25 | $21.1M | — | ||
| Q2 25 | $8.1M | — | ||
| Q1 25 | $6.6M | — | ||
| Q4 24 | $16.1M | — | ||
| Q3 24 | $12.5M | — | ||
| Q2 24 | $624.8M | — | ||
| Q1 24 | $123.0M | — |
总债务BKHRUN
| 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BKHRUN
| Q4 25 | $3.8B | $3.1B | ||
| Q3 25 | $3.8B | $3.0B | ||
| Q2 25 | $3.6B | $2.9B | ||
| Q1 25 | $3.6B | $2.6B | ||
| Q4 24 | $3.5B | $2.6B | ||
| Q3 24 | $3.4B | $5.3B | ||
| Q2 24 | $3.4B | $5.4B | ||
| Q1 24 | $3.3B | $5.2B |
总资产BKHRUN
| Q4 25 | $10.9B | $22.6B | ||
| Q3 25 | $10.3B | $22.2B | ||
| Q2 25 | $10.1B | $21.2B | ||
| Q1 25 | $10.1B | $20.4B | ||
| Q4 24 | $10.0B | $19.9B | ||
| Q3 24 | $9.7B | $22.1B | ||
| Q2 24 | $10.2B | $21.4B | ||
| Q1 24 | $9.7B | $20.8B |
负债/权益比BKHRUN
| 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 | $168.1M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $-101.5M | — |
| 自由现金流率自由现金流/营收 | -16.3% | — |
| 资本支出强度资本支出/营收 | 43.3% | — |
| 现金转化率经营现金流/净利润 | 1.60× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $-146.4M | — |
8季度趋势，按日历期对齐
经营现金流BKHRUN
| Q4 25 | $168.1M | $96.9M | ||
| Q3 25 | $88.9M | $-121.5M | ||
| Q2 25 | $188.6M | $-292.7M | ||
| Q1 25 | $227.8M | $-104.2M | ||
| Q4 24 | $153.2M | $-258.4M | ||
| Q3 24 | $102.1M | $-156.2M | ||
| Q2 24 | $230.6M | $-208.5M | ||
| Q1 24 | $233.4M | $-143.1M |
自由现金流BKHRUN
| Q4 25 | $-101.5M | — | ||
| Q3 25 | $-89.5M | — | ||
| Q2 25 | $-30.3M | — | ||
| Q1 25 | $74.9M | — | ||
| Q4 24 | $-60.5M | — | ||
| Q3 24 | $-86.0M | $-156.4M | ||
| Q2 24 | $64.4M | — | ||
| Q1 24 | $57.2M | — |
自由现金流率BKHRUN
| Q4 25 | -16.3% | — | ||
| Q3 25 | -20.9% | — | ||
| Q2 25 | -7.0% | — | ||
| Q1 25 | 9.4% | — | ||
| Q4 24 | -10.3% | — | ||
| Q3 24 | -21.6% | -29.1% | ||
| Q2 24 | 16.2% | — | ||
| Q1 24 | 8.0% | — |
资本支出强度BKHRUN
| Q4 25 | 43.3% | — | ||
| Q3 25 | 41.7% | — | ||
| Q2 25 | 50.2% | — | ||
| Q1 25 | 19.1% | — | ||
| Q4 24 | 36.5% | — | ||
| Q3 24 | 47.2% | 0.0% | ||
| Q2 24 | 41.9% | — | ||
| Q1 24 | 24.6% | — |
现金转化率BKHRUN
| Q4 25 | 1.60× | 0.94× | ||
| Q3 25 | 3.57× | -7.33× | ||
| Q2 25 | 6.86× | -1.05× | ||
| Q1 25 | 1.70× | -2.08× | ||
| Q4 24 | 1.56× | — | ||
| Q3 24 | 4.18× | — | ||
| Q2 24 | 10.11× | -1.50× | ||
| Q1 24 | 1.82× | — |
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
BKH
| Gas Utilities | $391.1M | 63% |
| Retail Electric Natural Gasand Coal | $189.7M | 30% |
| Other | $15.3M | 2% |
| Market Off System Sales | $13.6M | 2% |
| Transferred At Point In Time | $8.9M | 1% |
| Wholesale | $4.9M | 1% |
| Inter Segment Revenues | $2.4M | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
