vs
CrossAmerica Partners LP（CAPL）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CrossAmerica Partners LP的1.3倍（$1.2B vs $866.3M），Sunrun Inc.净利率更高（8.9% vs 1.2%，领先7.8%），Sunrun Inc.同比增速更快（123.5% vs -8.3%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -4.1%）
塔峰资本合伙人（TowerBrook Capital Partners）是一家总部位于伦敦和纽约的投资管理公司，2005年从索罗斯基金管理分拆独立。该机构主打私募股权及结构性机会投资，曾收购奢侈品品牌Jimmy Choo控股权，截至2025年其管理规模超250亿美元，官网公示在管投资项目共110个。
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。
CAPL vs RUN — 直观对比
营收规模更大
RUN
是对方的1.3倍
$866.3M
营收增速更快
RUN
高出131.8%
-8.3%
净利率更高
RUN
高出7.8%
1.2%
两年增速更快
RUN
近两年复合增速
-4.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $866.3M | $1.2B |
| 净利润 | $10.2M | $103.6M |
| 毛利率 | 12.4% | — |
| 营业利润率 | 3.0% | 8.4% |
| 净利率 | 1.2% | 8.9% |
| 营收同比 | -8.3% | 123.5% |
| 净利润同比 | -39.6% | 103.7% |
| 每股收益（稀释后） | $0.24 | $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CAPLRUN
| Q4 25 | $866.3M | $1.2B | ||
| Q3 25 | $971.8M | $724.6M | ||
| Q2 25 | $961.9M | $569.3M | ||
| Q1 25 | $862.5M | $504.3M | ||
| Q4 24 | $944.2M | $518.5M | ||
| Q3 24 | $1.1B | $537.2M | ||
| Q2 24 | $1.1B | $523.9M | ||
| Q1 24 | $941.5M | $458.2M |
净利润CAPLRUN
| Q4 25 | $10.2M | $103.6M | ||
| Q3 25 | $13.6M | $16.6M | ||
| Q2 25 | $25.2M | $279.8M | ||
| Q1 25 | $-7.1M | $50.0M | ||
| Q4 24 | $16.9M | $-2.8B | ||
| Q3 24 | $10.7M | $-83.8M | ||
| Q2 24 | $12.4M | $139.1M | ||
| Q1 24 | $-17.5M | $-87.8M |
毛利率CAPLRUN
| Q4 25 | 12.4% | — | ||
| Q3 25 | 10.8% | — | ||
| Q2 25 | 10.5% | — | ||
| Q1 25 | 10.4% | — | ||
| Q4 24 | 10.7% | — | ||
| Q3 24 | 10.3% | — | ||
| Q2 24 | 9.2% | — | ||
| Q1 24 | 8.6% | — |
营业利润率CAPLRUN
| Q4 25 | 3.0% | 8.4% | ||
| Q3 25 | 2.9% | 0.5% | ||
| Q2 25 | 4.3% | -19.7% | ||
| Q1 25 | 0.2% | -22.8% | ||
| Q4 24 | 3.0% | -628.0% | ||
| Q3 24 | 2.5% | -23.8% | ||
| Q2 24 | 2.5% | -24.4% | ||
| Q1 24 | -1.4% | -40.0% |
净利率CAPLRUN
| Q4 25 | 1.2% | 8.9% | ||
| Q3 25 | 1.4% | 2.3% | ||
| Q2 25 | 2.6% | 49.1% | ||
| Q1 25 | -0.8% | 9.9% | ||
| Q4 24 | 1.8% | -542.7% | ||
| Q3 24 | 1.0% | -15.6% | ||
| Q2 24 | 1.1% | 26.5% | ||
| Q1 24 | -1.9% | -19.2% |
每股收益（稀释后）CAPLRUN
| Q4 25 | $0.24 | $0.38 | ||
| Q3 25 | $0.34 | $0.06 | ||
| Q2 25 | $0.64 | $1.07 | ||
| Q1 25 | $-0.20 | $0.20 | ||
| Q4 24 | $0.42 | $-12.59 | ||
| Q3 24 | $0.27 | $-0.37 | ||
| Q2 24 | $0.31 | $0.55 | ||
| Q1 24 | $-0.48 | $-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 | $3.1M | — |
| 总债务越低越好 | $687.2M | $14.7B |
| 股东权益账面价值 | — | $3.1B |
| 总资产 | $964.7M | $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CAPLRUN
| Q4 25 | $3.1M | — | ||
| Q3 25 | $5.8M | — | ||
| Q2 25 | $9.7M | — | ||
| Q1 25 | $6.7M | — | ||
| Q4 24 | $3.4M | — | ||
| Q3 24 | $7.8M | — | ||
| Q2 24 | $5.5M | — | ||
| Q1 24 | $6.3M | — |
总债务CAPLRUN
| Q4 25 | $687.2M | $14.7B | ||
| Q3 25 | $700.8M | $14.6B | ||
| Q2 25 | $722.7M | $14.0B | ||
| Q1 25 | $774.1M | $13.6B | ||
| Q4 24 | $763.9M | $12.9B | ||
| Q3 24 | $769.2M | $12.5B | ||
| Q2 24 | $786.7M | $12.0B | ||
| Q1 24 | $795.8M | $11.1B |
股东权益CAPLRUN
| Q4 25 | — | $3.1B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $5.3B | ||
| Q2 24 | — | $5.4B | ||
| Q1 24 | — | $5.2B |
总资产CAPLRUN
| Q4 25 | $964.7M | $22.6B | ||
| Q3 25 | $998.9M | $22.2B | ||
| Q2 25 | $1.0B | $21.2B | ||
| Q1 25 | $1.1B | $20.4B | ||
| Q4 24 | $1.1B | $19.9B | ||
| Q3 24 | $1.1B | $22.1B | ||
| Q2 24 | $1.2B | $21.4B | ||
| Q1 24 | $1.2B | $20.8B |
负债/权益比CAPLRUN
| 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 | $29.4M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $22.4M | — |
| 自由现金流率自由现金流/营收 | 2.6% | — |
| 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 | 2.89× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $55.8M | — |
8季度趋势，按日历期对齐
经营现金流CAPLRUN
| Q4 25 | $29.4M | $96.9M | ||
| Q3 25 | $24.4M | $-121.5M | ||
| Q2 25 | $22.6M | $-292.7M | ||
| Q1 25 | $15.0M | $-104.2M | ||
| Q4 24 | $11.1M | $-258.4M | ||
| Q3 24 | $41.9M | $-156.2M | ||
| Q2 24 | $28.9M | $-208.5M | ||
| Q1 24 | $5.8M | $-143.1M |
自由现金流CAPLRUN
| Q4 25 | $22.4M | — | ||
| Q3 25 | $17.7M | — | ||
| Q2 25 | $10.8M | — | ||
| Q1 25 | $4.9M | — | ||
| Q4 24 | $3.9M | — | ||
| Q3 24 | $34.2M | $-156.4M | ||
| Q2 24 | $23.6M | — | ||
| Q1 24 | $-289.0K | — |
自由现金流率CAPLRUN
| Q4 25 | 2.6% | — | ||
| Q3 25 | 1.8% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 0.6% | — | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 3.2% | -29.1% | ||
| Q2 24 | 2.1% | — | ||
| Q1 24 | -0.0% | — |
资本支出强度CAPLRUN
| Q4 25 | 0.8% | — | ||
| Q3 25 | 0.7% | — | ||
| Q2 25 | 1.2% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 0.8% | — | ||
| Q3 24 | 0.7% | 0.0% | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | 0.6% | — |
现金转化率CAPLRUN
| Q4 25 | 2.89× | 0.94× | ||
| Q3 25 | 1.79× | -7.33× | ||
| Q2 25 | 0.90× | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | 0.66× | — | ||
| Q3 24 | 3.92× | — | ||
| Q2 24 | 2.33× | -1.50× | ||
| Q1 24 | — | — |
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
CAPL
| Retail Segment | $505.3M | 58% |
| Wholesale | $360.9M | 42% |
| Other | $1.2M | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
