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塞拉尼斯（CE）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
塞拉尼斯的季度营收约是Sunrun Inc.的1.9倍（$2.2B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs 0.6%，领先8.3%），Sunrun Inc.同比增速更快（123.5% vs -7.0%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -8.1%）
塞拉尼斯是总部位于美国得克萨斯州欧文市的技术及特种材料企业，位列财富500强。公司是全球醋酸行业领军生产商，年产量约195万吨，占全球总产量的20%左右，同时也是全球最大的醋酸乙烯酯单体（VAM）供应商。
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。
CE vs RUN — 直观对比
营收规模更大
CE
是对方的1.9倍
$1.2B
营收增速更快
RUN
高出130.5%
-7.0%
净利率更高
RUN
高出8.3%
0.6%
两年增速更快
RUN
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.2B |
| 净利润 | $14.0M | $103.6M |
| 毛利率 | 19.1% | — |
| 营业利润率 | 4.0% | 8.4% |
| 净利率 | 0.6% | 8.9% |
| 营收同比 | -7.0% | 123.5% |
| 净利润同比 | 100.7% | 103.7% |
| 每股收益（稀释后） | $0.13 | $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CERUN
| Q4 25 | $2.2B | $1.2B | ||
| Q3 25 | $2.4B | $724.6M | ||
| Q2 25 | $2.5B | $569.3M | ||
| Q1 25 | $2.4B | $504.3M | ||
| Q4 24 | $2.4B | $518.5M | ||
| Q3 24 | $2.6B | $537.2M | ||
| Q2 24 | $2.7B | $523.9M | ||
| Q1 24 | $2.6B | $458.2M |
净利润CERUN
| Q4 25 | $14.0M | $103.6M | ||
| Q3 25 | $-1.4B | $16.6M | ||
| Q2 25 | $199.0M | $279.8M | ||
| Q1 25 | $-21.0M | $50.0M | ||
| Q4 24 | $-1.9B | $-2.8B | ||
| Q3 24 | $116.0M | $-83.8M | ||
| Q2 24 | $155.0M | $139.1M | ||
| Q1 24 | $121.0M | $-87.8M |
毛利率CERUN
| Q4 25 | 19.1% | — | ||
| Q3 25 | 21.5% | — | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 19.9% | — | ||
| Q4 24 | 22.7% | — | ||
| Q3 24 | 23.5% | — | ||
| Q2 24 | 24.2% | — | ||
| Q1 24 | 21.2% | — |
营业利润率CERUN
| Q4 25 | 4.0% | 8.4% | ||
| Q3 25 | -52.7% | 0.5% | ||
| Q2 25 | 9.2% | -19.7% | ||
| Q1 25 | 7.0% | -22.8% | ||
| Q4 24 | -59.3% | -628.0% | ||
| Q3 24 | 9.4% | -23.8% | ||
| Q2 24 | 9.4% | -24.4% | ||
| Q1 24 | 8.0% | -40.0% |
净利率CERUN
| Q4 25 | 0.6% | 8.9% | ||
| Q3 25 | -56.1% | 2.3% | ||
| Q2 25 | 7.9% | 49.1% | ||
| Q1 25 | -0.9% | 9.9% | ||
| Q4 24 | -80.8% | -542.7% | ||
| Q3 24 | 4.4% | -15.6% | ||
| Q2 24 | 5.8% | 26.5% | ||
| Q1 24 | 4.6% | -19.2% |
每股收益（稀释后）CERUN
| Q4 25 | $0.13 | $0.38 | ||
| Q3 25 | $-12.39 | $0.06 | ||
| Q2 25 | $1.81 | $1.07 | ||
| Q1 25 | $-0.19 | $0.20 | ||
| Q4 24 | $-17.50 | $-12.59 | ||
| Q3 24 | $1.06 | $-0.37 | ||
| Q2 24 | $1.41 | $0.55 | ||
| Q1 24 | $1.10 | $-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 | — | — |
| 总债务越低越好 | $11.4B | $14.7B |
| 股东权益账面价值 | $4.0B | $3.1B |
| 总资产 | $21.7B | $22.6B |
| 负债/权益比越低杠杆越低 | 2.81× | 4.69× |
8季度趋势，按日历期对齐
总债务CERUN
| Q4 25 | $11.4B | $14.7B | ||
| Q3 25 | $11.7B | $14.6B | ||
| Q2 25 | $12.7B | $14.0B | ||
| Q1 25 | $12.4B | $13.6B | ||
| Q4 24 | $11.1B | $12.9B | ||
| Q3 24 | $11.3B | $12.5B | ||
| Q2 24 | $11.1B | $12.0B | ||
| Q1 24 | $11.0B | $11.1B |
股东权益CERUN
| Q4 25 | $4.0B | $3.1B | ||
| Q3 25 | $4.0B | $3.0B | ||
| Q2 25 | $5.3B | $2.9B | ||
| Q1 25 | $5.2B | $2.6B | ||
| Q4 24 | $5.2B | $2.6B | ||
| Q3 24 | $7.3B | $5.3B | ||
| Q2 24 | $7.2B | $5.4B | ||
| Q1 24 | $7.1B | $5.2B |
总资产CERUN
| Q4 25 | $21.7B | $22.6B | ||
| Q3 25 | $22.2B | $22.2B | ||
| Q2 25 | $23.7B | $21.2B | ||
| Q1 25 | $23.2B | $20.4B | ||
| Q4 24 | $22.9B | $19.9B | ||
| Q3 24 | $25.9B | $22.1B | ||
| Q2 24 | $25.8B | $21.4B | ||
| Q1 24 | $26.0B | $20.8B |
负债/权益比CERUN
| Q4 25 | 2.81× | 4.69× | ||
| Q3 25 | 2.95× | 4.90× | ||
| Q2 25 | 2.41× | 4.80× | ||
| Q1 25 | 2.39× | 5.19× | ||
| Q4 24 | 2.14× | 5.05× | ||
| Q3 24 | 1.56× | 2.36× | ||
| Q2 24 | 1.54× | 2.23× | ||
| Q1 24 | 1.56× | 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 | $252.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $168.0M | — |
| 自由现金流率自由现金流/营收 | 7.6% | — |
| 资本支出强度资本支出/营收 | 3.8% | — |
| 现金转化率经营现金流/净利润 | 18.00× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $803.0M | — |
8季度趋势，按日历期对齐
经营现金流CERUN
| Q4 25 | $252.0M | $96.9M | ||
| Q3 25 | $447.0M | $-121.5M | ||
| Q2 25 | $410.0M | $-292.7M | ||
| Q1 25 | $37.0M | $-104.2M | ||
| Q4 24 | $494.0M | $-258.4M | ||
| Q3 24 | $79.0M | $-156.2M | ||
| Q2 24 | $292.0M | $-208.5M | ||
| Q1 24 | $101.0M | $-143.1M |
自由现金流CERUN
| Q4 25 | $168.0M | — | ||
| Q3 25 | $383.0M | — | ||
| Q2 25 | $317.0M | — | ||
| Q1 25 | $-65.0M | — | ||
| Q4 24 | $389.0M | — | ||
| Q3 24 | $-9.0M | $-156.4M | ||
| Q2 24 | $187.0M | — | ||
| Q1 24 | $-36.0M | — |
自由现金流率CERUN
| Q4 25 | 7.6% | — | ||
| Q3 25 | 15.8% | — | ||
| Q2 25 | 12.5% | — | ||
| Q1 25 | -2.7% | — | ||
| Q4 24 | 16.4% | — | ||
| Q3 24 | -0.3% | -29.1% | ||
| Q2 24 | 7.1% | — | ||
| Q1 24 | -1.4% | — |
资本支出强度CERUN
| Q4 25 | 3.8% | — | ||
| Q3 25 | 2.6% | — | ||
| Q2 25 | 3.7% | — | ||
| Q1 25 | 4.3% | — | ||
| Q4 24 | 4.4% | — | ||
| Q3 24 | 3.3% | 0.0% | ||
| Q2 24 | 4.0% | — | ||
| Q1 24 | 5.2% | — |
现金转化率CERUN
| Q4 25 | 18.00× | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | 2.06× | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 1.88× | -1.50× | ||
| Q1 24 | 0.83× | — |
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
CE
| Engineered Materials | $1.3B | 58% |
| Acetyl Chain | $940.0M | 43% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
