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Cboe Global Markets（CBOE）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
Cboe Global Markets的季度营收约是Sunrun Inc.的1.0倍（$1.2B vs $1.2B），Cboe Global Markets净利率更高（26.0% vs 8.9%，领先17.1%），Sunrun Inc.同比增速更快（123.5% vs 8.7%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 12.2%）
Cboe Global Markets是总部位于美国芝加哥的金融交易所运营集团，旗下拥有并运营多类交易所及交易场所，业务覆盖股票、期权、期货、数字资产等多个交易领域，为全球市场参与者提供专业交易服务支持。
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。
CBOE vs RUN — 直观对比
营收规模更大
CBOE
是对方的1.0倍
$1.2B
营收增速更快
RUN
高出114.8%
8.7%
净利率更高
CBOE
高出17.1%
8.9%
两年增速更快
RUN
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $313.5M | $103.6M |
| 毛利率 | 55.7% | — |
| 营业利润率 | 33.5% | 8.4% |
| 净利率 | 26.0% | 8.9% |
| 营收同比 | 8.7% | 123.5% |
| 净利润同比 | 59.5% | 103.7% |
| 每股收益（稀释后） | $2.97 | $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CBOERUN
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.1B | $724.6M | ||
| Q2 25 | $1.2B | $569.3M | ||
| Q1 25 | $1.2B | $504.3M | ||
| Q4 24 | $1.1B | $518.5M | ||
| Q3 24 | $1.1B | $537.2M | ||
| Q2 24 | $974.0M | $523.9M | ||
| Q1 24 | $957.2M | $458.2M |
净利润CBOERUN
| Q4 25 | $313.5M | $103.6M | ||
| Q3 25 | $300.8M | $16.6M | ||
| Q2 25 | $235.1M | $279.8M | ||
| Q1 25 | $250.6M | $50.0M | ||
| Q4 24 | $196.5M | $-2.8B | ||
| Q3 24 | $218.5M | $-83.8M | ||
| Q2 24 | $140.4M | $139.1M | ||
| Q1 24 | $209.5M | $-87.8M |
毛利率CBOERUN
| Q4 25 | 55.7% | — | ||
| Q3 25 | 53.0% | — | ||
| Q2 25 | 50.0% | — | ||
| Q1 25 | 47.3% | — | ||
| Q4 24 | 47.4% | — | ||
| Q3 24 | 50.4% | — | ||
| Q2 24 | 52.8% | — | ||
| Q1 24 | 52.5% | — |
营业利润率CBOERUN
| Q4 25 | 33.5% | 8.4% | ||
| Q3 25 | 32.4% | 0.5% | ||
| Q2 25 | 28.9% | -19.7% | ||
| Q1 25 | 29.6% | -22.8% | ||
| Q4 24 | 27.0% | -628.0% | ||
| Q3 24 | 29.1% | -23.8% | ||
| Q2 24 | 21.6% | -24.4% | ||
| Q1 24 | 29.5% | -40.0% |
净利率CBOERUN
| Q4 25 | 26.0% | 8.9% | ||
| Q3 25 | 26.3% | 2.3% | ||
| Q2 25 | 20.0% | 49.1% | ||
| Q1 25 | 21.0% | 9.9% | ||
| Q4 24 | 17.7% | -542.7% | ||
| Q3 24 | 20.7% | -15.6% | ||
| Q2 24 | 14.4% | 26.5% | ||
| Q1 24 | 21.9% | -19.2% |
每股收益（稀释后）CBOERUN
| Q4 25 | $2.97 | $0.38 | ||
| Q3 25 | $2.85 | $0.06 | ||
| Q2 25 | $2.23 | $1.07 | ||
| Q1 25 | $2.37 | $0.20 | ||
| Q4 24 | $1.85 | $-12.59 | ||
| Q3 24 | $2.07 | $-0.37 | ||
| Q2 24 | $1.33 | $0.55 | ||
| Q1 24 | $1.96 | $-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 | $2.3B | — |
| 总债务越低越好 | $1.4B | $14.7B |
| 股东权益账面价值 | $5.1B | $3.1B |
| 总资产 | $9.3B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.28× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资CBOERUN
| Q4 25 | $2.3B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $763.2M | — | ||
| Q2 24 | $698.3M | — | ||
| Q1 24 | $595.1M | — |
总债务CBOERUN
| Q4 25 | $1.4B | $14.7B | ||
| Q3 25 | $1.4B | $14.6B | ||
| Q2 25 | $1.4B | $14.0B | ||
| Q1 25 | $1.4B | $13.6B | ||
| Q4 24 | $1.4B | $12.9B | ||
| Q3 24 | $1.4B | $12.5B | ||
| Q2 24 | $1.4B | $12.0B | ||
| Q1 24 | $1.4B | $11.1B |
股东权益CBOERUN
| Q4 25 | $5.1B | $3.1B | ||
| Q3 25 | $4.9B | $3.0B | ||
| Q2 25 | $4.7B | $2.9B | ||
| Q1 25 | $4.5B | $2.6B | ||
| Q4 24 | $4.3B | $2.6B | ||
| Q3 24 | $4.2B | $5.3B | ||
| Q2 24 | $4.0B | $5.4B | ||
| Q1 24 | $4.0B | $5.2B |
总资产CBOERUN
| Q4 25 | $9.3B | $22.6B | ||
| Q3 25 | $9.1B | $22.2B | ||
| Q2 25 | $9.0B | $21.2B | ||
| Q1 25 | $8.7B | $20.4B | ||
| Q4 24 | $7.8B | $19.9B | ||
| Q3 24 | $8.7B | $22.1B | ||
| Q2 24 | $9.3B | $21.4B | ||
| Q1 24 | $8.2B | $20.8B |
负债/权益比CBOERUN
| Q4 25 | 0.28× | 4.69× | ||
| Q3 25 | 0.30× | 4.90× | ||
| Q2 25 | 0.31× | 4.80× | ||
| Q1 25 | 0.32× | 5.19× | ||
| Q4 24 | 0.34× | 5.05× | ||
| Q3 24 | 0.34× | 2.36× | ||
| Q2 24 | 0.36× | 2.23× | ||
| Q1 24 | 0.36× | 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 | $352.1M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $332.1M | — |
| 自由现金流率自由现金流/营收 | 27.6% | — |
| 资本支出强度资本支出/营收 | 1.7% | — |
| 现金转化率经营现金流/净利润 | 1.12× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $1.7B | — |
8季度趋势，按日历期对齐
经营现金流CBOERUN
| Q4 25 | $352.1M | $96.9M | ||
| Q3 25 | $153.9M | $-121.5M | ||
| Q2 25 | $333.7M | $-292.7M | ||
| Q1 25 | $912.9M | $-104.2M | ||
| Q4 24 | $-710.4M | $-258.4M | ||
| Q3 24 | $-578.5M | $-156.2M | ||
| Q2 24 | $1.5B | $-208.5M | ||
| Q1 24 | $895.6M | $-143.1M |
自由现金流CBOERUN
| Q4 25 | $332.1M | — | ||
| Q3 25 | $137.9M | — | ||
| Q2 25 | $313.4M | — | ||
| Q1 25 | $898.2M | — | ||
| Q4 24 | $-734.2M | — | ||
| Q3 24 | $-590.5M | $-156.4M | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $888.3M | — |
自由现金流率CBOERUN
| Q4 25 | 27.6% | — | ||
| Q3 25 | 12.1% | — | ||
| Q2 25 | 26.7% | — | ||
| Q1 25 | 75.2% | — | ||
| Q4 24 | -66.3% | — | ||
| Q3 24 | -55.9% | -29.1% | ||
| Q2 24 | 151.6% | — | ||
| Q1 24 | 92.8% | — |
资本支出强度CBOERUN
| Q4 25 | 1.7% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.7% | — | ||
| Q1 25 | 1.2% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 1.1% | 0.0% | ||
| Q2 24 | 1.8% | — | ||
| Q1 24 | 0.8% | — |
现金转化率CBOERUN
| Q4 25 | 1.12× | 0.94× | ||
| Q3 25 | 0.51× | -7.33× | ||
| Q2 25 | 1.42× | -1.05× | ||
| Q1 25 | 3.64× | -2.08× | ||
| Q4 24 | -3.62× | — | ||
| Q3 24 | -2.65× | — | ||
| Q2 24 | 10.64× | -1.50× | ||
| Q1 24 | 4.27× | — |
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
CBOE
| Liquidity Payments | $443.6M | 37% |
| Cash And Spot Markets | $431.3M | 36% |
| Transferred Over Time | $84.3M | 7% |
| Market Data Fees | $82.7M | 7% |
| Royalty Fees | $68.9M | 6% |
| Futures | $36.1M | 3% |
| Global FX | $24.4M | 2% |
| Other Revenue | $23.1M | 2% |
| Routing And Clearing | $20.1M | 2% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
