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Crown Castle（CCI）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Crown Castle的1.1倍（$1.2B vs $1.0B），Sunrun Inc.净利率更高（8.9% vs -45.9%，领先54.9%），Sunrun Inc.同比增速更快（123.5% vs -4.8%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -4.5%）
Crown Castle Inc.是总部位于美国得克萨斯州休斯敦的房地产投资信托企业，同时是美国共享通信基础设施服务商，在全球设有100个办事处，旗下拥有超4万座信号塔、约8.5万英里光纤线路，为小基站及光纤系统提供网络支撑。
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。
CCI vs RUN — 直观对比
营收规模更大
RUN
是对方的1.1倍
$1.0B
营收增速更快
RUN
高出128.3%
-4.8%
净利率更高
RUN
高出54.9%
-45.9%
两年增速更快
RUN
近两年复合增速
-4.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.2B |
| 净利润 | $-464.0M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 46.0% | 8.4% |
| 净利率 | -45.9% | 8.9% |
| 营收同比 | -4.8% | 123.5% |
| 净利润同比 | — | 103.7% |
| 每股收益（稀释后） | $1.48 | $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CCIRUN
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.1B | $724.6M | ||
| Q2 25 | $1.1B | $569.3M | ||
| Q1 25 | $1.1B | $504.3M | ||
| Q4 24 | $1.1B | $518.5M | ||
| Q3 24 | $1.1B | $537.2M | ||
| Q2 24 | $1.1B | $523.9M |
净利润CCIRUN
| Q1 26 | $-464.0M | — | ||
| Q4 25 | $294.0M | $103.6M | ||
| Q3 25 | $323.0M | $16.6M | ||
| Q2 25 | $291.0M | $279.8M | ||
| Q1 25 | $-464.0M | $50.0M | ||
| Q4 24 | — | $-2.8B | ||
| Q3 24 | $303.0M | $-83.8M | ||
| Q2 24 | $251.0M | $139.1M |
毛利率CCIRUN
| Q1 26 | — | — | ||
| Q4 25 | 97.4% | — | ||
| Q3 25 | 97.2% | — | ||
| Q2 25 | 97.5% | — | ||
| Q1 25 | 97.4% | — | ||
| Q4 24 | 97.7% | — | ||
| Q3 24 | 97.6% | — | ||
| Q2 24 | 97.7% | — |
营业利润率CCIRUN
| Q1 26 | 46.0% | — | ||
| Q4 25 | 48.8% | 8.4% | ||
| Q3 25 | 49.0% | 0.5% | ||
| Q2 25 | 47.7% | -19.7% | ||
| Q1 25 | 49.1% | -22.8% | ||
| Q4 24 | 51.0% | -628.0% | ||
| Q3 24 | 47.5% | -23.8% | ||
| Q2 24 | 44.7% | -24.4% |
净利率CCIRUN
| Q1 26 | -45.9% | — | ||
| Q4 25 | 27.5% | 8.9% | ||
| Q3 25 | 30.1% | 2.3% | ||
| Q2 25 | 27.5% | 49.1% | ||
| Q1 25 | -43.7% | 9.9% | ||
| Q4 24 | — | -542.7% | ||
| Q3 24 | 27.1% | -15.6% | ||
| Q2 24 | 22.7% | 26.5% |
每股收益（稀释后）CCIRUN
| Q1 26 | $1.48 | — | ||
| Q4 25 | $0.67 | $0.38 | ||
| Q3 25 | $0.74 | $0.06 | ||
| Q2 25 | $0.67 | $1.07 | ||
| Q1 25 | $-1.07 | $0.20 | ||
| Q4 24 | — | $-12.59 | ||
| Q3 24 | $0.70 | $-0.37 | ||
| Q2 24 | $0.58 | $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 | $55.0M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | — | $3.1B |
| 总资产 | $31.4B | $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CCIRUN
| Q1 26 | $55.0M | — | ||
| Q4 25 | $99.0M | — | ||
| Q3 25 | $57.0M | — | ||
| Q2 25 | $94.0M | — | ||
| Q1 25 | $60.0M | — | ||
| Q4 24 | $100.0M | — | ||
| Q3 24 | $194.0M | — | ||
| Q2 24 | $155.0M | — |
总债务CCIRUN
| Q1 26 | — | — | ||
| Q4 25 | $21.6B | $14.7B | ||
| Q3 25 | $21.6B | $14.6B | ||
| Q2 25 | $22.0B | $14.0B | ||
| Q1 25 | $22.9B | $13.6B | ||
| Q4 24 | $23.5B | $12.9B | ||
| Q3 24 | $23.5B | $12.5B | ||
| Q2 24 | $22.9B | $12.0B |
股东权益CCIRUN
| Q1 26 | — | — | ||
| Q4 25 | $-1.6B | $3.1B | ||
| Q3 25 | $-1.5B | $3.0B | ||
| Q2 25 | $-1.4B | $2.9B | ||
| Q1 25 | $-1.3B | $2.6B | ||
| Q4 24 | $-133.0M | $2.6B | ||
| Q3 24 | $5.3B | $5.3B | ||
| Q2 24 | $5.7B | $5.4B |
总资产CCIRUN
| Q1 26 | $31.4B | — | ||
| Q4 25 | $31.5B | $22.6B | ||
| Q3 25 | $31.5B | $22.2B | ||
| Q2 25 | $31.6B | $21.2B | ||
| Q1 25 | $31.8B | $20.4B | ||
| Q4 24 | $32.7B | $19.9B | ||
| Q3 24 | $38.0B | $22.1B | ||
| Q2 24 | $38.2B | $21.4B |
负债/权益比CCIRUN
| Q1 26 | — | — | ||
| Q4 25 | — | 4.69× | ||
| Q3 25 | — | 4.90× | ||
| Q2 25 | — | 4.80× | ||
| Q1 25 | — | 5.19× | ||
| Q4 24 | — | 5.05× | ||
| Q3 24 | 4.43× | 2.36× | ||
| Q2 24 | 4.04× | 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 | $-43.0M | — |
| 自由现金流率自由现金流/营收 | -4.3% | — |
| 资本支出强度资本支出/营收 | 1.0% | — |
| 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 | $4.3B | — |
8季度趋势，按日历期对齐
经营现金流CCIRUN
| Q1 26 | — | — | ||
| Q4 25 | $3.1B | $96.9M | ||
| Q3 25 | $714.0M | $-121.5M | ||
| Q2 25 | $832.0M | $-292.7M | ||
| Q1 25 | $641.0M | $-104.2M | ||
| Q4 24 | $2.9B | $-258.4M | ||
| Q3 24 | $699.0M | $-156.2M | ||
| Q2 24 | $768.0M | $-208.5M |
自由现金流CCIRUN
| Q1 26 | $-43.0M | — | ||
| Q4 25 | $2.9B | — | ||
| Q3 25 | $671.0M | — | ||
| Q2 25 | $792.0M | — | ||
| Q1 25 | $601.0M | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $661.0M | $-156.4M | ||
| Q2 24 | $729.0M | — |
自由现金流率CCIRUN
| Q1 26 | -4.3% | — | ||
| Q4 25 | 268.4% | — | ||
| Q3 25 | 62.6% | — | ||
| Q2 25 | 74.7% | — | ||
| Q1 25 | 56.6% | — | ||
| Q4 24 | 247.3% | — | ||
| Q3 24 | 59.0% | -29.1% | ||
| Q2 24 | 65.9% | — |
资本支出强度CCIRUN
| Q1 26 | 1.0% | — | ||
| Q4 25 | 17.0% | — | ||
| Q3 25 | 4.0% | — | ||
| Q2 25 | 3.8% | — | ||
| Q1 25 | 3.8% | — | ||
| Q4 24 | 15.7% | — | ||
| Q3 24 | 3.4% | 0.0% | ||
| Q2 24 | 3.5% | — |
现金转化率CCIRUN
| Q1 26 | — | — | ||
| Q4 25 | 10.40× | 0.94× | ||
| Q3 25 | 2.21× | -7.33× | ||
| Q2 25 | 2.86× | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.31× | — | ||
| Q2 24 | 3.06× | -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
CCI
| Site rental | $961.0M | 95% |
| Services and other | $49.0M | 5% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
