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Circle Internet Group, Inc.（CRCL）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Circle Internet Group, Inc.的1.6倍（$1.2B vs $739.8M），Circle Internet Group, Inc.净利率更高（29.0% vs 8.9%，领先20.0%），Circle Internet Group, Inc.同比增速更快（5113.5% vs 123.5%）
Circle是2013年由杰里米·阿莱尔与肖恩·内维尔联合创立的支付科技企业，目前总部位于美国纽约，核心业务覆盖稳定币发行，推出了锚定美元的USDC、锚定欧元的EURC两款稳定币，同时还发行有代币化货币市场基金产品USYC。
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。
CRCL vs RUN — 直观对比
营收规模更大
RUN
是对方的1.6倍
$739.8M
营收增速更快
CRCL
高出4990.0%
123.5%
净利率更高
CRCL
高出20.0%
8.9%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $739.8M | $1.2B |
| 净利润 | $214.4M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 11.0% | 8.4% |
| 净利率 | 29.0% | 8.9% |
| 营收同比 | 5113.5% | 123.5% |
| 净利润同比 | 202.0% | 103.7% |
| 每股收益（稀释后） | $0.64 | $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CRCLRUN
| Q4 25 | — | $1.2B | ||
| Q3 25 | $739.8M | $724.6M | ||
| Q2 25 | $658.1M | $569.3M | ||
| Q1 25 | — | $504.3M | ||
| Q4 24 | — | $518.5M | ||
| Q3 24 | — | $537.2M | ||
| Q2 24 | $6.8M | $523.9M | ||
| Q1 24 | — | $458.2M |
净利润CRCLRUN
| Q4 25 | — | $103.6M | ||
| Q3 25 | $214.4M | $16.6M | ||
| Q2 25 | $-482.1M | $279.8M | ||
| Q1 25 | — | $50.0M | ||
| Q4 24 | — | $-2.8B | ||
| Q3 24 | — | $-83.8M | ||
| Q2 24 | $32.9M | $139.1M | ||
| Q1 24 | — | $-87.8M |
营业利润率CRCLRUN
| Q4 25 | — | 8.4% | ||
| Q3 25 | 11.0% | 0.5% | ||
| Q2 25 | -49.5% | -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CRCLRUN
| Q4 25 | — | 8.9% | ||
| Q3 25 | 29.0% | 2.3% | ||
| Q2 25 | -73.3% | 49.1% | ||
| Q1 25 | — | 9.9% | ||
| Q4 24 | — | -542.7% | ||
| Q3 24 | — | -15.6% | ||
| Q2 24 | 486.5% | 26.5% | ||
| Q1 24 | — | -19.2% |
每股收益（稀释后）CRCLRUN
| Q4 25 | — | $0.38 | ||
| Q3 25 | $0.64 | $0.06 | ||
| Q2 25 | $-4.48 | $1.07 | ||
| Q1 25 | — | $0.20 | ||
| Q4 24 | — | $-12.59 | ||
| Q3 24 | — | $-0.37 | ||
| Q2 24 | $0.00 | $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 | $1.3B | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $3.0B | $3.1B |
| 总资产 | $76.8B | $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CRCLRUN
| Q4 25 | — | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $457.5M | — | ||
| Q1 24 | — | — |
总债务CRCLRUN
| Q4 25 | — | $14.7B | ||
| Q3 25 | — | $14.6B | ||
| Q2 25 | — | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益CRCLRUN
| Q4 25 | — | $3.1B | ||
| Q3 25 | $3.0B | $3.0B | ||
| Q2 25 | $2.4B | $2.9B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $5.3B | ||
| Q2 24 | $460.9M | $5.4B | ||
| Q1 24 | — | $5.2B |
总资产CRCLRUN
| Q4 25 | — | $22.6B | ||
| Q3 25 | $76.8B | $22.2B | ||
| Q2 25 | $64.2B | $21.2B | ||
| Q1 25 | — | $20.4B | ||
| Q4 24 | — | $19.9B | ||
| Q3 24 | — | $22.1B | ||
| Q2 24 | — | $21.4B | ||
| Q1 24 | — | $20.8B |
负债/权益比CRCLRUN
| 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 | $-10.7M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $-14.7M | — |
| 自由现金流率自由现金流/营收 | -2.0% | — |
| 资本支出强度资本支出/营收 | 0.5% | — |
| 现金转化率经营现金流/净利润 | -0.05× | 0.94× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流CRCLRUN
| Q4 25 | — | $96.9M | ||
| Q3 25 | $-10.7M | $-121.5M | ||
| Q2 25 | $303.7M | $-292.7M | ||
| Q1 25 | — | $-104.2M | ||
| Q4 24 | — | $-258.4M | ||
| Q3 24 | — | $-156.2M | ||
| Q2 24 | — | $-208.5M | ||
| Q1 24 | — | $-143.1M |
自由现金流CRCLRUN
| Q4 25 | — | — | ||
| Q3 25 | $-14.7M | — | ||
| Q2 25 | $296.3M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率CRCLRUN
| Q4 25 | — | — | ||
| Q3 25 | -2.0% | — | ||
| Q2 25 | 45.0% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度CRCLRUN
| Q4 25 | — | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率CRCLRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | -0.05× | -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
CRCL
暂无分部数据
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
