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CNX Resources Corp（CNX）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CNX Resources Corp的1.9倍（$1.2B vs $610.5M），CNX Resources Corp净利率更高（32.1% vs 8.9%，领先23.2%），CNX Resources Corp同比增速更快（347.0% vs 123.5%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 32.0%）
CNX资源公司是总部位于美国匹兹堡的天然气企业，业务布局覆盖阿巴拉契亚盆地，核心产区位于宾夕法尼亚州、俄亥俄州、西弗吉尼亚州的马塞勒斯和尤蒂卡页岩区，同时在弗吉尼亚州开发煤层气资产、运营甲烷捕获减排项目，拥有完善的中游业务体系，是美国规模最大的天然气生产商之一。
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。
CNX vs RUN — 直观对比
营收规模更大
RUN
是对方的1.9倍
$610.5M
营收增速更快
CNX
高出223.5%
123.5%
净利率更高
CNX
高出23.2%
8.9%
两年增速更快
RUN
近两年复合增速
32.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $610.5M | $1.2B |
| 净利润 | $196.3M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | — | 8.4% |
| 净利率 | 32.1% | 8.9% |
| 营收同比 | 347.0% | 123.5% |
| 净利润同比 | 235.7% | 103.7% |
| 每股收益（稀释后） | $1.58 | $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CNXRUN
| Q4 25 | $610.5M | $1.2B | ||
| Q3 25 | $583.8M | $724.6M | ||
| Q2 25 | $962.4M | $569.3M | ||
| Q1 25 | — | $504.3M | ||
| Q4 24 | — | $518.5M | ||
| Q3 24 | $424.2M | $537.2M | ||
| Q2 24 | $321.4M | $523.9M | ||
| Q1 24 | $384.6M | $458.2M |
净利润CNXRUN
| Q4 25 | $196.3M | $103.6M | ||
| Q3 25 | $202.1M | $16.6M | ||
| Q2 25 | $432.5M | $279.8M | ||
| Q1 25 | — | $50.0M | ||
| Q4 24 | — | $-2.8B | ||
| Q3 24 | $65.5M | $-83.8M | ||
| Q2 24 | $-18.3M | $139.1M | ||
| Q1 24 | $6.9M | $-87.8M |
营业利润率CNXRUN
| Q4 25 | — | 8.4% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | -19.7% | ||
| Q1 25 | — | -22.8% | ||
| Q4 24 | — | -628.0% | ||
| Q3 24 | — | -23.8% | ||
| Q2 24 | — | -24.4% | ||
| Q1 24 | — | -40.0% |
净利率CNXRUN
| Q4 25 | 32.1% | 8.9% | ||
| Q3 25 | 34.6% | 2.3% | ||
| Q2 25 | 44.9% | 49.1% | ||
| Q1 25 | — | 9.9% | ||
| Q4 24 | — | -542.7% | ||
| Q3 24 | 15.4% | -15.6% | ||
| Q2 24 | -5.7% | 26.5% | ||
| Q1 24 | 1.8% | -19.2% |
每股收益（稀释后）CNXRUN
| Q4 25 | $1.58 | $0.38 | ||
| Q3 25 | $1.21 | $0.06 | ||
| Q2 25 | $2.53 | $1.07 | ||
| Q1 25 | — | $0.20 | ||
| Q4 24 | — | $-12.59 | ||
| Q3 24 | $0.37 | $-0.37 | ||
| Q2 24 | $-0.12 | $0.55 | ||
| Q1 24 | $0.04 | $-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 | $779.0K | — |
| 总债务越低越好 | $2.4B | $14.7B |
| 股东权益账面价值 | $4.3B | $3.1B |
| 总资产 | $9.1B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.56× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资CNXRUN
| Q4 25 | $779.0K | — | ||
| Q3 25 | $4.7M | — | ||
| Q2 25 | $3.4M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.3M | — | ||
| Q2 24 | $3.9M | — | ||
| Q1 24 | $2.0M | — |
总债务CNXRUN
| Q4 25 | $2.4B | $14.7B | ||
| Q3 25 | $2.6B | $14.6B | ||
| Q2 25 | $2.6B | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | $2.3B | $12.5B | ||
| Q2 24 | $2.3B | $12.0B | ||
| Q1 24 | $2.3B | $11.1B |
股东权益CNXRUN
| Q4 25 | $4.3B | $3.1B | ||
| Q3 25 | $4.1B | $3.0B | ||
| Q2 25 | $4.1B | $2.9B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | $4.3B | $5.3B | ||
| Q2 24 | $4.3B | $5.4B | ||
| Q1 24 | $4.3B | $5.2B |
总资产CNXRUN
| Q4 25 | $9.1B | $22.6B | ||
| Q3 25 | $8.9B | $22.2B | ||
| Q2 25 | $9.0B | $21.2B | ||
| Q1 25 | — | $20.4B | ||
| Q4 24 | — | $19.9B | ||
| Q3 24 | $8.5B | $22.1B | ||
| Q2 24 | $8.6B | $21.4B | ||
| Q1 24 | $8.7B | $20.8B |
负债/权益比CNXRUN
| Q4 25 | 0.56× | 4.69× | ||
| Q3 25 | 0.63× | 4.90× | ||
| Q2 25 | 0.64× | 4.80× | ||
| Q1 25 | — | 5.19× | ||
| Q4 24 | — | 5.05× | ||
| Q3 24 | 0.54× | 2.36× | ||
| Q2 24 | 0.54× | 2.23× | ||
| Q1 24 | 0.53× | 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 | $297.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $122.6M | — |
| 自由现金流率自由现金流/营收 | 20.1% | — |
| 资本支出强度资本支出/营收 | 28.6% | — |
| 现金转化率经营现金流/净利润 | 1.51× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $505.2M | — |
8季度趋势，按日历期对齐
经营现金流CNXRUN
| Q4 25 | $297.0M | $96.9M | ||
| Q3 25 | $233.8M | $-121.5M | ||
| Q2 25 | $282.5M | $-292.7M | ||
| Q1 25 | — | $-104.2M | ||
| Q4 24 | — | $-258.4M | ||
| Q3 24 | $170.2M | $-156.2M | ||
| Q2 24 | $191.8M | $-208.5M | ||
| Q1 24 | $185.1M | $-143.1M |
自由现金流CNXRUN
| Q4 25 | $122.6M | — | ||
| Q3 25 | $158.2M | — | ||
| Q2 25 | $168.9M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $55.4M | $-156.4M | ||
| Q2 24 | $39.8M | — | ||
| Q1 24 | $16.9M | — |
自由现金流率CNXRUN
| Q4 25 | 20.1% | — | ||
| Q3 25 | 27.1% | — | ||
| Q2 25 | 17.6% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 13.1% | -29.1% | ||
| Q2 24 | 12.4% | — | ||
| Q1 24 | 4.4% | — |
资本支出强度CNXRUN
| Q4 25 | 28.6% | — | ||
| Q3 25 | 12.9% | — | ||
| Q2 25 | 11.8% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 27.0% | 0.0% | ||
| Q2 24 | 47.3% | — | ||
| Q1 24 | 43.7% | — |
现金转化率CNXRUN
| Q4 25 | 1.51× | 0.94× | ||
| Q3 25 | 1.16× | -7.33× | ||
| Q2 25 | 0.65× | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.60× | — | ||
| Q2 24 | — | -1.50× | ||
| Q1 24 | 27.01× | — |
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
CNX
| Natural Gas Reserves | $436.6M | 72% |
| Other | $66.8M | 11% |
| NG Ls | $38.1M | 6% |
| Coalbed Methane | $35.2M | 6% |
| Shale | $17.5M | 3% |
| Oil And Gas Purchased | $14.4M | 2% |
| Oil And Condensate | $1.9M | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
