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Corpay（CPAY）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
Corpay的季度营收约是Sunrun Inc.的1.1倍（$1.2B vs $1.2B），Corpay净利率更高（21.2% vs 8.9%，领先12.3%），Sunrun Inc.同比增速更快（123.5% vs 20.7%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 15.5%）
Corpay总部位于美国佐治亚州亚特兰大，是专业的支付与支出管理服务提供商，旗下系统及服务可帮助客户高效管控采购、支付全流程的相关费用，核心业务覆盖车辆相关支出、住宿支出及企业支付三大领域。
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。
CPAY vs RUN — 直观对比
营收规模更大
CPAY
是对方的1.1倍
$1.2B
营收增速更快
RUN
高出102.8%
20.7%
净利率更高
CPAY
高出12.3%
8.9%
两年增速更快
RUN
近两年复合增速
15.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $264.5M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 45.2% | 8.4% |
| 净利率 | 21.2% | 8.9% |
| 营收同比 | 20.7% | 123.5% |
| 净利润同比 | 7.5% | 103.7% |
| 每股收益（稀释后） | $3.74 | $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CPAYRUN
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.2B | $724.6M | ||
| Q2 25 | $1.1B | $569.3M | ||
| Q1 25 | $1.0B | $504.3M | ||
| Q4 24 | $1.0B | $518.5M | ||
| Q3 24 | $1.0B | $537.2M | ||
| Q2 24 | $975.7M | $523.9M | ||
| Q1 24 | $935.3M | $458.2M |
净利润CPAYRUN
| Q4 25 | $264.5M | $103.6M | ||
| Q3 25 | $277.9M | $16.6M | ||
| Q2 25 | $284.2M | $279.8M | ||
| Q1 25 | $243.2M | $50.0M | ||
| Q4 24 | $246.0M | $-2.8B | ||
| Q3 24 | $276.4M | $-83.8M | ||
| Q2 24 | $251.6M | $139.1M | ||
| Q1 24 | $229.8M | $-87.8M |
营业利润率CPAYRUN
| Q4 25 | 45.2% | 8.4% | ||
| Q3 25 | 44.6% | 0.5% | ||
| Q2 25 | 43.5% | -19.7% | ||
| Q1 25 | 42.5% | -22.8% | ||
| Q4 24 | 47.2% | -628.0% | ||
| Q3 24 | 45.5% | -23.8% | ||
| Q2 24 | 44.4% | -24.4% | ||
| Q1 24 | 42.5% | -40.0% |
净利率CPAYRUN
| Q4 25 | 21.2% | 8.9% | ||
| Q3 25 | 23.7% | 2.3% | ||
| Q2 25 | 25.8% | 49.1% | ||
| Q1 25 | 24.2% | 9.9% | ||
| Q4 24 | 23.8% | -542.7% | ||
| Q3 24 | 26.9% | -15.6% | ||
| Q2 24 | 25.8% | 26.5% | ||
| Q1 24 | 24.6% | -19.2% |
每股收益（稀释后）CPAYRUN
| Q4 25 | $3.74 | $0.38 | ||
| Q3 25 | $3.91 | $0.06 | ||
| Q2 25 | $3.98 | $1.07 | ||
| Q1 25 | $3.40 | $0.20 | ||
| Q4 24 | $3.43 | $-12.59 | ||
| Q3 24 | $3.90 | $-0.37 | ||
| Q2 24 | $3.52 | $0.55 | ||
| Q1 24 | $3.12 | $-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 | $2.4B | — |
| 总债务越低越好 | $10.0B | $14.7B |
| 股东权益账面价值 | $3.9B | $3.1B |
| 总资产 | $26.4B | $22.6B |
| 负债/权益比越低杠杆越低 | 2.58× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资CPAYRUN
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.3B | — |
总债务CPAYRUN
| Q4 25 | $10.0B | $14.7B | ||
| Q3 25 | $8.1B | $14.6B | ||
| Q2 25 | $8.1B | $14.0B | ||
| Q1 25 | $8.2B | $13.6B | ||
| Q4 24 | $8.0B | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益CPAYRUN
| Q4 25 | $3.9B | $3.1B | ||
| Q3 25 | $4.1B | $3.0B | ||
| Q2 25 | $3.9B | $2.9B | ||
| Q1 25 | $3.5B | $2.6B | ||
| Q4 24 | $3.1B | $2.6B | ||
| Q3 24 | $3.1B | $5.3B | ||
| Q2 24 | $2.8B | $5.4B | ||
| Q1 24 | $3.3B | $5.2B |
总资产CPAYRUN
| Q4 25 | $26.4B | $22.6B | ||
| Q3 25 | $19.7B | $22.2B | ||
| Q2 25 | $20.4B | $21.2B | ||
| Q1 25 | $18.5B | $20.4B | ||
| Q4 24 | $18.0B | $19.9B | ||
| Q3 24 | $17.6B | $22.1B | ||
| Q2 24 | $16.2B | $21.4B | ||
| Q1 24 | $15.8B | $20.8B |
负债/权益比CPAYRUN
| Q4 25 | 2.58× | 4.69× | ||
| Q3 25 | 1.99× | 4.90× | ||
| Q2 25 | 2.07× | 4.80× | ||
| Q1 25 | 2.37× | 5.19× | ||
| Q4 24 | 2.56× | 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 | $812.7M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $760.3M | — |
| 自由现金流率自由现金流/营收 | 60.9% | — |
| 资本支出强度资本支出/营收 | 4.2% | — |
| 现金转化率经营现金流/净利润 | 3.07× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $1.3B | — |
8季度趋势，按日历期对齐
经营现金流CPAYRUN
| Q4 25 | $812.7M | $96.9M | ||
| Q3 25 | $-378.9M | $-121.5M | ||
| Q2 25 | $1.1B | $-292.7M | ||
| Q1 25 | $-74.2M | $-104.2M | ||
| Q4 24 | $648.7M | $-258.4M | ||
| Q3 24 | $400.8M | $-156.2M | ||
| Q2 24 | $540.9M | $-208.5M | ||
| Q1 24 | $350.2M | $-143.1M |
自由现金流CPAYRUN
| Q4 25 | $760.3M | — | ||
| Q3 25 | $-429.8M | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $-118.9M | — | ||
| Q4 24 | $604.6M | — | ||
| Q3 24 | $355.0M | $-156.4M | ||
| Q2 24 | $496.8M | — | ||
| Q1 24 | $309.0M | — |
自由现金流率CPAYRUN
| Q4 25 | 60.9% | — | ||
| Q3 25 | -36.7% | — | ||
| Q2 25 | 98.7% | — | ||
| Q1 25 | -11.8% | — | ||
| Q4 24 | 58.4% | — | ||
| Q3 24 | 34.5% | -29.1% | ||
| Q2 24 | 50.9% | — | ||
| Q1 24 | 33.0% | — |
资本支出强度CPAYRUN
| Q4 25 | 4.2% | — | ||
| Q3 25 | 4.3% | — | ||
| Q2 25 | 4.8% | — | ||
| Q1 25 | 4.5% | — | ||
| Q4 24 | 4.3% | — | ||
| Q3 24 | 4.4% | 0.0% | ||
| Q2 24 | 4.5% | — | ||
| Q1 24 | 4.4% | — |
现金转化率CPAYRUN
| Q4 25 | 3.07× | 0.94× | ||
| Q3 25 | -1.36× | -7.33× | ||
| Q2 25 | 4.01× | -1.05× | ||
| Q1 25 | -0.30× | -2.08× | ||
| Q4 24 | 2.64× | — | ||
| Q3 24 | 1.45× | — | ||
| Q2 24 | 2.15× | -1.50× | ||
| Q1 24 | 1.52× | — |
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
CPAY
| Vehicle Payments | $572.9M | 46% |
| Corporate Payments | $480.8M | 39% |
| Lodging Payments | $112.5M | 9% |
| Other Operating Segments | $82.1M | 7% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
