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BXP, Inc.（BXP）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BXP, Inc.的1.3倍（$1.2B vs $872.1M），BXP, Inc.净利率更高（15.3% vs 8.9%，领先6.3%），Sunrun Inc.同比增速更快（123.5% vs 0.8%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 1.3%）
BXP是美国头部商业地产投资信托企业，核心业务为持有、运营及开发A级高端写字楼资产，项目覆盖纽约、波士顿、旧金山等美国核心都市圈，服务企业、科技、专业服务等领域的多元租户。
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。
BXP vs RUN — 直观对比
营收规模更大
RUN
是对方的1.3倍
$872.1M
营收增速更快
RUN
高出122.7%
0.8%
净利率更高
BXP
高出6.3%
8.9%
两年增速更快
RUN
近两年复合增速
1.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $872.1M | $1.2B |
| 净利润 | $133.0M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | — | 8.4% |
| 净利率 | 15.3% | 8.9% |
| 营收同比 | 0.8% | 123.5% |
| 净利润同比 | 53.0% | 103.7% |
| 每股收益（稀释后） | $1.69 | $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BXPRUN
| Q1 26 | $872.1M | — | ||
| Q4 25 | $877.1M | $1.2B | ||
| Q3 25 | $871.5M | $724.6M | ||
| Q2 25 | $868.5M | $569.3M | ||
| Q1 25 | $865.2M | $504.3M | ||
| Q4 24 | $858.6M | $518.5M | ||
| Q3 24 | $859.2M | $537.2M | ||
| Q2 24 | $850.5M | $523.9M |
净利润BXPRUN
| Q1 26 | $133.0M | — | ||
| Q4 25 | $248.4M | $103.6M | ||
| Q3 25 | $-121.7M | $16.6M | ||
| Q2 25 | $89.0M | $279.8M | ||
| Q1 25 | $61.2M | $50.0M | ||
| Q4 24 | $-228.9M | $-2.8B | ||
| Q3 24 | $83.6M | $-83.8M | ||
| Q2 24 | $79.6M | $139.1M |
毛利率BXPRUN
| Q1 26 | — | — | ||
| Q4 25 | 58.8% | — | ||
| Q3 25 | 59.3% | — | ||
| Q2 25 | 59.2% | — | ||
| Q1 25 | 59.2% | — | ||
| Q4 24 | 59.7% | — | ||
| Q3 24 | 59.5% | — | ||
| Q2 24 | 59.8% | — |
营业利润率BXPRUN
| Q1 26 | — | — | ||
| Q4 25 | — | 8.4% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | -19.7% | ||
| Q1 25 | — | -22.8% | ||
| Q4 24 | — | -628.0% | ||
| Q3 24 | — | -23.8% | ||
| Q2 24 | — | -24.4% |
净利率BXPRUN
| Q1 26 | 15.3% | — | ||
| Q4 25 | 28.3% | 8.9% | ||
| Q3 25 | -14.0% | 2.3% | ||
| Q2 25 | 10.2% | 49.1% | ||
| Q1 25 | 7.1% | 9.9% | ||
| Q4 24 | -26.7% | -542.7% | ||
| Q3 24 | 9.7% | -15.6% | ||
| Q2 24 | 9.4% | 26.5% |
每股收益（稀释后）BXPRUN
| Q1 26 | $1.69 | — | ||
| Q4 25 | $1.56 | $0.38 | ||
| Q3 25 | $-0.77 | $0.06 | ||
| Q2 25 | $0.56 | $1.07 | ||
| Q1 25 | $0.39 | $0.20 | ||
| Q4 24 | $-1.46 | $-12.59 | ||
| Q3 24 | $0.53 | $-0.37 | ||
| Q2 24 | $0.51 | $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 | $512.8M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $7.7B | $3.1B |
| 总资产 | $25.1B | $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BXPRUN
| Q1 26 | $512.8M | — | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $861.1M | — | ||
| Q2 25 | $447.0M | — | ||
| Q1 25 | $398.1M | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $685.4M | — |
总债务BXPRUN
| Q1 26 | — | — | ||
| 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 |
股东权益BXPRUN
| Q1 26 | $7.7B | — | ||
| Q4 25 | $5.1B | $3.1B | ||
| Q3 25 | $5.0B | $3.0B | ||
| Q2 25 | $5.3B | $2.9B | ||
| Q1 25 | $5.3B | $2.6B | ||
| Q4 24 | $5.4B | $2.6B | ||
| Q3 24 | $5.8B | $5.3B | ||
| Q2 24 | $5.8B | $5.4B |
总资产BXPRUN
| Q1 26 | $25.1B | — | ||
| Q4 25 | $26.2B | $22.6B | ||
| Q3 25 | $26.0B | $22.2B | ||
| Q2 25 | $25.6B | $21.2B | ||
| Q1 25 | $25.4B | $20.4B | ||
| Q4 24 | $26.1B | $19.9B | ||
| Q3 24 | $26.4B | $22.1B | ||
| Q2 24 | $25.5B | $21.4B |
负债/权益比BXPRUN
| Q1 26 | — | — | ||
| 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× |
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 | 1.5% | — |
| 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BXPRUN
| Q1 26 | — | — | ||
| Q4 25 | $407.8M | $96.9M | ||
| Q3 25 | $274.2M | $-121.5M | ||
| Q2 25 | $353.1M | $-292.7M | ||
| Q1 25 | $210.0M | $-104.2M | ||
| Q4 24 | $383.7M | $-258.4M | ||
| Q3 24 | $286.1M | $-156.2M | ||
| Q2 24 | $367.1M | $-208.5M |
自由现金流BXPRUN
| Q1 26 | — | — | ||
| Q4 25 | $362.7M | — | ||
| Q3 25 | $231.6M | — | ||
| Q2 25 | $281.5M | — | ||
| Q1 25 | $152.6M | — | ||
| Q4 24 | $312.5M | — | ||
| Q3 24 | $234.5M | $-156.4M | ||
| Q2 24 | $332.4M | — |
自由现金流率BXPRUN
| Q1 26 | — | — | ||
| Q4 25 | 41.4% | — | ||
| Q3 25 | 26.6% | — | ||
| Q2 25 | 32.4% | — | ||
| Q1 25 | 17.6% | — | ||
| Q4 24 | 36.4% | — | ||
| Q3 24 | 27.3% | -29.1% | ||
| Q2 24 | 39.1% | — |
资本支出强度BXPRUN
| Q1 26 | 1.5% | — | ||
| Q4 25 | 5.1% | — | ||
| Q3 25 | 4.9% | — | ||
| Q2 25 | 8.2% | — | ||
| Q1 25 | 6.6% | — | ||
| Q4 24 | 8.3% | — | ||
| Q3 24 | 6.0% | 0.0% | ||
| Q2 24 | 4.1% | — |
现金转化率BXPRUN
| Q1 26 | — | — | ||
| Q4 25 | 1.64× | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | 3.97× | -1.05× | ||
| Q1 25 | 3.43× | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.42× | — | ||
| Q2 24 | 4.61× | -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
BXP
| Lease | $818.2M | 94% |
| Parking and other | $30.8M | 4% |
| Development and management services | $9.2M | 1% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
