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CoStar Group（CSGP）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CoStar Group的1.3倍（$1.2B vs $899.9M），Sunrun Inc.净利率更高（8.9% vs 5.2%，领先3.8%），Sunrun Inc.同比增速更快（123.5% vs 26.9%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 17.1%）
CoStar Group是1987年成立的美国商业地产服务商，总部位于弗吉尼亚州阿灵顿，业务覆盖北美、欧洲地区，为商业地产行业提供信息、分析及营销解决方案，旗下运营CoStar线上数据库、新闻网站及Apartments.com、Homes.com等多个线上平台。
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。
CSGP vs RUN — 直观对比
营收规模更大
RUN
是对方的1.3倍
$899.9M
营收增速更快
RUN
高出96.6%
26.9%
净利率更高
RUN
高出3.8%
5.2%
两年增速更快
RUN
近两年复合增速
17.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $899.9M | $1.2B |
| 净利润 | $46.5M | $103.6M |
| 毛利率 | 78.6% | — |
| 营业利润率 | 5.5% | 8.4% |
| 净利率 | 5.2% | 8.9% |
| 营收同比 | 26.9% | 123.5% |
| 净利润同比 | -22.2% | 103.7% |
| 每股收益（稀释后） | $0.12 | $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CSGPRUN
| Q4 25 | $899.9M | $1.2B | ||
| Q3 25 | $833.6M | $724.6M | ||
| Q2 25 | $781.3M | $569.3M | ||
| Q1 25 | $732.2M | $504.3M | ||
| Q4 24 | $709.4M | $518.5M | ||
| Q3 24 | $692.6M | $537.2M | ||
| Q2 24 | $677.8M | $523.9M | ||
| Q1 24 | $656.4M | $458.2M |
净利润CSGPRUN
| Q4 25 | $46.5M | $103.6M | ||
| Q3 25 | $-30.9M | $16.6M | ||
| Q2 25 | $6.2M | $279.8M | ||
| Q1 25 | $-14.8M | $50.0M | ||
| Q4 24 | $59.8M | $-2.8B | ||
| Q3 24 | $53.0M | $-83.8M | ||
| Q2 24 | $19.2M | $139.1M | ||
| Q1 24 | $6.7M | $-87.8M |
毛利率CSGPRUN
| Q4 25 | 78.6% | — | ||
| Q3 25 | 79.3% | — | ||
| Q2 25 | 78.5% | — | ||
| Q1 25 | 79.1% | — | ||
| Q4 24 | 80.1% | — | ||
| Q3 24 | 79.7% | — | ||
| Q2 24 | 80.0% | — | ||
| Q1 24 | 78.5% | — |
营业利润率CSGPRUN
| Q4 25 | 5.5% | 8.4% | ||
| Q3 25 | -6.1% | 0.5% | ||
| Q2 25 | -3.5% | -19.7% | ||
| Q1 25 | -5.8% | -22.8% | ||
| Q4 24 | 5.6% | -628.0% | ||
| Q3 24 | 3.4% | -23.8% | ||
| Q2 24 | -2.4% | -24.4% | ||
| Q1 24 | -6.5% | -40.0% |
净利率CSGPRUN
| Q4 25 | 5.2% | 8.9% | ||
| Q3 25 | -3.7% | 2.3% | ||
| Q2 25 | 0.8% | 49.1% | ||
| Q1 25 | -2.0% | 9.9% | ||
| Q4 24 | 8.4% | -542.7% | ||
| Q3 24 | 7.7% | -15.6% | ||
| Q2 24 | 2.8% | 26.5% | ||
| Q1 24 | 1.0% | -19.2% |
每股收益（稀释后）CSGPRUN
| Q4 25 | $0.12 | $0.38 | ||
| Q3 25 | $-0.07 | $0.06 | ||
| Q2 25 | $0.01 | $1.07 | ||
| Q1 25 | $-0.04 | $0.20 | ||
| Q4 24 | $0.14 | $-12.59 | ||
| Q3 24 | $0.13 | $-0.37 | ||
| Q2 24 | $0.05 | $0.55 | ||
| Q1 24 | $0.02 | $-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 | $1.6B | — |
| 总债务越低越好 | $140.0M | $14.7B |
| 股东权益账面价值 | $8.3B | $3.1B |
| 总资产 | $10.5B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.02× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资CSGPRUN
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $3.6B | — | ||
| Q1 25 | $3.7B | — | ||
| Q4 24 | $4.7B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总债务CSGPRUN
| Q4 25 | $140.0M | $14.7B | ||
| Q3 25 | $1.0B | $14.6B | ||
| Q2 25 | $1.0B | $14.0B | ||
| Q1 25 | $1.0B | $13.6B | ||
| Q4 24 | $1.0B | $12.9B | ||
| Q3 24 | $1.0B | $12.5B | ||
| Q2 24 | $1.0B | $12.0B | ||
| Q1 24 | $1.0B | $11.1B |
股东权益CSGPRUN
| Q4 25 | $8.3B | $3.1B | ||
| Q3 25 | $8.6B | $3.0B | ||
| Q2 25 | $8.6B | $2.9B | ||
| Q1 25 | $8.6B | $2.6B | ||
| Q4 24 | $7.6B | $2.6B | ||
| Q3 24 | $7.5B | $5.3B | ||
| Q2 24 | $7.4B | $5.4B | ||
| Q1 24 | $7.3B | $5.2B |
总资产CSGPRUN
| Q4 25 | $10.5B | $22.6B | ||
| Q3 25 | $10.8B | $22.2B | ||
| Q2 25 | $10.5B | $21.2B | ||
| Q1 25 | $10.4B | $20.4B | ||
| Q4 24 | $9.3B | $19.9B | ||
| Q3 24 | $9.1B | $22.1B | ||
| Q2 24 | $9.1B | $21.4B | ||
| Q1 24 | $9.0B | $20.8B |
负债/权益比CSGPRUN
| Q4 25 | 0.02× | 4.69× | ||
| Q3 25 | 0.12× | 4.90× | ||
| Q2 25 | 0.12× | 4.80× | ||
| Q1 25 | 0.12× | 5.19× | ||
| Q4 24 | 0.13× | 5.05× | ||
| Q3 24 | 0.13× | 2.36× | ||
| Q2 24 | 0.14× | 2.23× | ||
| Q1 24 | 0.14× | 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 | $162.1M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $101.3M | — |
| 自由现金流率自由现金流/营收 | 11.3% | — |
| 资本支出强度资本支出/营收 | 6.8% | — |
| 现金转化率经营现金流/净利润 | 3.49× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $123.0M | — |
8季度趋势，按日历期对齐
经营现金流CSGPRUN
| Q4 25 | $162.1M | $96.9M | ||
| Q3 25 | $68.2M | $-121.5M | ||
| Q2 25 | $146.5M | $-292.7M | ||
| Q1 25 | $53.2M | $-104.2M | ||
| Q4 24 | $94.6M | $-258.4M | ||
| Q3 24 | $100.3M | $-156.2M | ||
| Q2 24 | $58.1M | $-208.5M | ||
| Q1 24 | $139.6M | $-143.1M |
自由现金流CSGPRUN
| Q4 25 | $101.3M | — | ||
| Q3 25 | $-5.5M | — | ||
| Q2 25 | $27.7M | — | ||
| Q1 25 | $-500.0K | — | ||
| Q4 24 | $25.2M | — | ||
| Q3 24 | $40.2M | $-156.4M | ||
| Q2 24 | $-14.7M | — | ||
| Q1 24 | $-237.1M | — |
自由现金流率CSGPRUN
| Q4 25 | 11.3% | — | ||
| Q3 25 | -0.7% | — | ||
| Q2 25 | 3.5% | — | ||
| Q1 25 | -0.1% | — | ||
| Q4 24 | 3.6% | — | ||
| Q3 24 | 5.8% | -29.1% | ||
| Q2 24 | -2.2% | — | ||
| Q1 24 | -36.1% | — |
资本支出强度CSGPRUN
| Q4 25 | 6.8% | — | ||
| Q3 25 | 8.8% | — | ||
| Q2 25 | 15.2% | — | ||
| Q1 25 | 7.3% | — | ||
| Q4 24 | 9.8% | — | ||
| Q3 24 | 8.7% | 0.0% | ||
| Q2 24 | 10.7% | — | ||
| Q1 24 | 57.4% | — |
现金转化率CSGPRUN
| Q4 25 | 3.49× | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | 23.63× | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | 1.58× | — | ||
| Q3 24 | 1.89× | — | ||
| Q2 24 | 3.03× | -1.50× | ||
| Q1 24 | 20.84× | — |
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
CSGP
| Co Star | $503.8M | 56% |
| Other | $283.0M | 31% |
| Loop Net | $94.7M | 11% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
