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Calumet, Inc.（CLMT）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Calumet, Inc.的1.1倍（$1.2B vs $1.0B），Sunrun Inc.净利率更高（8.9% vs -3.6%，领先12.5%）
Calumet是总部位于美国的特种产品企业，专注于生产和分销高价值碳氢化合物与特种化学品，产品覆盖特种油、润滑剂、蜡制品及可再生燃料解决方案，服务北美及全球的工业、消费、交通等下游领域。
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。
CLMT vs RUN — 直观对比
营收规模更大
RUN
是对方的1.1倍
$1.0B
净利率更高
RUN
高出12.5%
-3.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.2B |
| 净利润 | $-37.3M | $103.6M |
| 毛利率 | -0.3% | — |
| 营业利润率 | -6.2% | 8.4% |
| 净利率 | -3.6% | 8.9% |
| 营收同比 | — | 123.5% |
| 净利润同比 | — | 103.7% |
| 每股收益（稀释后） | $-0.43 | $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CLMTRUN
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $1.1B | $724.6M | ||
| Q2 25 | $1.0B | $569.3M | ||
| Q1 25 | $993.9M | $504.3M | ||
| Q4 24 | — | $518.5M | ||
| Q3 24 | $1.1B | $537.2M | ||
| Q2 24 | $1.1B | $523.9M | ||
| Q1 24 | — | $458.2M |
净利润CLMTRUN
| Q4 25 | $-37.3M | $103.6M | ||
| Q3 25 | $313.4M | $16.6M | ||
| Q2 25 | $-147.9M | $279.8M | ||
| Q1 25 | $-162.0M | $50.0M | ||
| Q4 24 | — | $-2.8B | ||
| Q3 24 | $-100.6M | $-83.8M | ||
| Q2 24 | $-39.1M | $139.1M | ||
| Q1 24 | — | $-87.8M |
毛利率CLMTRUN
| Q4 25 | -0.3% | — | ||
| Q3 25 | 34.7% | — | ||
| Q2 25 | -4.2% | — | ||
| Q1 25 | -8.2% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.4% | — | ||
| Q2 24 | 5.6% | — | ||
| Q1 24 | — | — |
营业利润率CLMTRUN
| Q4 25 | -6.2% | 8.4% | ||
| Q3 25 | 30.0% | 0.5% | ||
| Q2 25 | -9.8% | -19.7% | ||
| Q1 25 | -4.9% | -22.8% | ||
| Q4 24 | — | -628.0% | ||
| Q3 24 | -5.2% | -23.8% | ||
| Q2 24 | 0.5% | -24.4% | ||
| Q1 24 | — | -40.0% |
净利率CLMTRUN
| Q4 25 | -3.6% | 8.9% | ||
| Q3 25 | 29.1% | 2.3% | ||
| Q2 25 | -14.4% | 49.1% | ||
| Q1 25 | -16.3% | 9.9% | ||
| Q4 24 | — | -542.7% | ||
| Q3 24 | -9.1% | -15.6% | ||
| Q2 24 | -3.4% | 26.5% | ||
| Q1 24 | — | -19.2% |
每股收益（稀释后）CLMTRUN
| Q4 25 | $-0.43 | $0.38 | ||
| Q3 25 | $3.61 | $0.06 | ||
| Q2 25 | $-1.70 | $1.07 | ||
| Q1 25 | $-1.87 | $0.20 | ||
| Q4 24 | — | $-12.59 | ||
| Q3 24 | $-1.18 | $-0.37 | ||
| Q2 24 | $-0.48 | $0.55 | ||
| Q1 24 | — | $-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 | $125.1M | — |
| 总债务越低越好 | $2.1B | $14.7B |
| 股东权益账面价值 | $-732.7M | $3.1B |
| 总资产 | $2.7B | $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CLMTRUN
| Q4 25 | $125.1M | — | ||
| Q3 25 | $94.6M | — | ||
| Q2 25 | $110.6M | — | ||
| Q1 25 | $123.4M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $34.6M | — | ||
| Q2 24 | $7.0M | — | ||
| Q1 24 | — | — |
总债务CLMTRUN
| Q4 25 | $2.1B | $14.7B | ||
| Q3 25 | $2.1B | $14.6B | ||
| Q2 25 | $2.1B | $14.0B | ||
| Q1 25 | $2.3B | $13.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | $1.7B | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益CLMTRUN
| Q4 25 | $-732.7M | $3.1B | ||
| Q3 25 | $-695.3M | $3.0B | ||
| Q2 25 | $-1.0B | $2.9B | ||
| Q1 25 | $-862.3M | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | $-672.2M | $5.3B | ||
| Q2 24 | $-566.4M | $5.4B | ||
| Q1 24 | — | $5.2B |
总资产CLMTRUN
| Q4 25 | $2.7B | $22.6B | ||
| Q3 25 | $2.7B | $22.2B | ||
| Q2 25 | $2.8B | $21.2B | ||
| Q1 25 | $2.8B | $20.4B | ||
| Q4 24 | — | $19.9B | ||
| Q3 24 | $2.6B | $22.1B | ||
| Q2 24 | $100 | $21.4B | ||
| Q1 24 | — | $20.8B |
负债/权益比CLMTRUN
| 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 | $116.5M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $103.8M | — |
| 自由现金流率自由现金流/营收 | 10.0% | — |
| 资本支出强度资本支出/营收 | 1.2% | — |
| 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 | $56.6M | — |
8季度趋势，按日历期对齐
经营现金流CLMTRUN
| Q4 25 | $116.5M | $96.9M | ||
| Q3 25 | $23.5M | $-121.5M | ||
| Q2 25 | $-1.8M | $-292.7M | ||
| Q1 25 | $-29.3M | $-104.2M | ||
| Q4 24 | — | $-258.4M | ||
| Q3 24 | $-15.5M | $-156.2M | ||
| Q2 24 | — | $-208.5M | ||
| Q1 24 | — | $-143.1M |
自由现金流CLMTRUN
| Q4 25 | $103.8M | — | ||
| Q3 25 | $15.1M | — | ||
| Q2 25 | $-15.4M | — | ||
| Q1 25 | $-46.9M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-32.2M | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率CLMTRUN
| Q4 25 | 10.0% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | -1.5% | — | ||
| Q1 25 | -4.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -2.9% | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度CLMTRUN
| Q4 25 | 1.2% | — | ||
| Q3 25 | 0.8% | — | ||
| Q2 25 | 1.3% | — | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.5% | 0.0% | ||
| Q2 24 | 2.2% | — | ||
| Q1 24 | — | — |
现金转化率CLMTRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | 0.07× | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -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
CLMT
| Specialty Products And Solutions | $675.9M | 65% |
| Montana Renewables | $294.2M | 28% |
| Performance Brands | $68.5M | 7% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
