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QWEST CORP（CTBB）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QWEST CORP的1.1倍（$1.2B vs $1.1B），Sunrun Inc.净利率更高（8.9% vs -187.5%，领先196.4%），Sunrun Inc.同比增速更快（123.5% vs -15.0%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -8.6%）
奎斯特公司（以CenturyLink QC名义运营）是一家隶属于 lumen Technologies 的地区性贝尔运营公司。其前身为1911年成立的山地电话电报公司，先后更名为山地贝尔、美国西部通讯，2000年改为现名，业务整合了原Malheur Bell、西北贝尔、太平洋西北贝尔的运营资源。
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。
CTBB vs RUN — 直观对比
营收规模更大
RUN
是对方的1.1倍
$1.1B
营收增速更快
RUN
高出138.5%
-15.0%
净利率更高
RUN
高出196.4%
-187.5%
两年增速更快
RUN
近两年复合增速
-8.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.2B |
| 净利润 | $-2.1B | $103.6M |
| 毛利率 | 67.9% | — |
| 营业利润率 | -183.2% | 8.4% |
| 净利率 | -187.5% | 8.9% |
| 营收同比 | -15.0% | 123.5% |
| 净利润同比 | -627.9% | 103.7% |
| 每股收益（稀释后） | — | $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CTBBRUN
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.1B | $724.6M | ||
| Q2 25 | $1.1B | $569.3M | ||
| Q1 25 | $1.2B | $504.3M | ||
| Q4 24 | $1.3B | $518.5M | ||
| Q3 24 | $1.3B | $537.2M | ||
| Q2 24 | $1.3B | $523.9M | ||
| Q1 24 | $1.3B | $458.2M |
净利润CTBBRUN
| Q4 25 | $-2.1B | $103.6M | ||
| Q3 25 | $176.0M | $16.6M | ||
| Q2 25 | $277.0M | $279.8M | ||
| Q1 25 | $284.0M | $50.0M | ||
| Q4 24 | $391.0M | $-2.8B | ||
| Q3 24 | $365.0M | $-83.8M | ||
| Q2 24 | $378.0M | $139.1M | ||
| Q1 24 | $353.0M | $-87.8M |
毛利率CTBBRUN
| Q4 25 | 67.9% | — | ||
| Q3 25 | 65.3% | — | ||
| Q2 25 | 68.2% | — | ||
| Q1 25 | 69.3% | — | ||
| Q4 24 | 71.2% | — | ||
| Q3 24 | 69.9% | — | ||
| Q2 24 | 71.6% | — | ||
| Q1 24 | 71.9% | — |
营业利润率CTBBRUN
| Q4 25 | -183.2% | 8.4% | ||
| Q3 25 | 22.3% | 0.5% | ||
| Q2 25 | 33.1% | -19.7% | ||
| Q1 25 | 33.7% | -22.8% | ||
| Q4 24 | 40.7% | -628.0% | ||
| Q3 24 | 38.5% | -23.8% | ||
| Q2 24 | 40.3% | -24.4% | ||
| Q1 24 | 37.6% | -40.0% |
净利率CTBBRUN
| Q4 25 | -187.5% | 8.9% | ||
| Q3 25 | 16.1% | 2.3% | ||
| Q2 25 | 24.3% | 49.1% | ||
| Q1 25 | 24.7% | 9.9% | ||
| Q4 24 | 30.2% | -542.7% | ||
| Q3 24 | 28.2% | -15.6% | ||
| Q2 24 | 28.7% | 26.5% | ||
| Q1 24 | 26.8% | -19.2% |
每股收益（稀释后）CTBBRUN
| Q4 25 | — | $0.38 | ||
| Q3 25 | — | $0.06 | ||
| Q2 25 | — | $1.07 | ||
| Q1 25 | — | $0.20 | ||
| Q4 24 | — | $-12.59 | ||
| Q3 24 | — | $-0.37 | ||
| Q2 24 | — | $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 | $39.0M | — |
| 总债务越低越好 | $1.7B | $14.7B |
| 股东权益账面价值 | $10.9B | $3.1B |
| 总资产 | $15.8B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.15× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资CTBBRUN
| Q4 25 | $39.0M | — | ||
| Q3 25 | $36.0M | — | ||
| Q2 25 | $25.0M | — | ||
| Q1 25 | $40.0M | — | ||
| Q4 24 | $26.0M | — | ||
| Q3 24 | $22.0M | — | ||
| Q2 24 | $18.0M | — | ||
| Q1 24 | $14.0M | — |
总债务CTBBRUN
| Q4 25 | $1.7B | $14.7B | ||
| Q3 25 | $1.7B | $14.6B | ||
| Q2 25 | $1.7B | $14.0B | ||
| Q1 25 | $1.7B | $13.6B | ||
| Q4 24 | $1.7B | $12.9B | ||
| Q3 24 | $1.7B | $12.5B | ||
| Q2 24 | $1.9B | $12.0B | ||
| Q1 24 | $1.9B | $11.1B |
股东权益CTBBRUN
| Q4 25 | $10.9B | $3.1B | ||
| Q3 25 | $13.0B | $3.0B | ||
| Q2 25 | $12.8B | $2.9B | ||
| Q1 25 | $12.5B | $2.6B | ||
| Q4 24 | $12.2B | $2.6B | ||
| Q3 24 | $11.9B | $5.3B | ||
| Q2 24 | $11.5B | $5.4B | ||
| Q1 24 | $11.1B | $5.2B |
总资产CTBBRUN
| Q4 25 | $15.8B | $22.6B | ||
| Q3 25 | $17.9B | $22.2B | ||
| Q2 25 | $17.8B | $21.2B | ||
| Q1 25 | $17.6B | $20.4B | ||
| Q4 24 | $17.4B | $19.9B | ||
| Q3 24 | $17.0B | $22.1B | ||
| Q2 24 | $16.6B | $21.4B | ||
| Q1 24 | $16.4B | $20.8B |
负债/权益比CTBBRUN
| Q4 25 | 0.15× | 4.69× | ||
| Q3 25 | 0.13× | 4.90× | ||
| Q2 25 | 0.13× | 4.80× | ||
| Q1 25 | 0.13× | 5.19× | ||
| Q4 24 | 0.14× | 5.05× | ||
| Q3 24 | 0.14× | 2.36× | ||
| Q2 24 | 0.17× | 2.23× | ||
| Q1 24 | 0.17× | 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 | $402.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $160.0M | — |
| 自由现金流率自由现金流/营收 | 14.5% | — |
| 资本支出强度资本支出/营收 | 22.0% | — |
| 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 | $938.0M | — |
8季度趋势，按日历期对齐
经营现金流CTBBRUN
| Q4 25 | $402.0M | $96.9M | ||
| Q3 25 | $427.0M | $-121.5M | ||
| Q2 25 | $480.0M | $-292.7M | ||
| Q1 25 | $453.0M | $-104.2M | ||
| Q4 24 | $548.0M | $-258.4M | ||
| Q3 24 | $627.0M | $-156.2M | ||
| Q2 24 | $548.0M | $-208.5M | ||
| Q1 24 | $471.0M | $-143.1M |
自由现金流CTBBRUN
| Q4 25 | $160.0M | — | ||
| Q3 25 | $252.0M | — | ||
| Q2 25 | $276.0M | — | ||
| Q1 25 | $250.0M | — | ||
| Q4 24 | $277.0M | — | ||
| Q3 24 | $396.0M | $-156.4M | ||
| Q2 24 | $280.0M | — | ||
| Q1 24 | $194.0M | — |
自由现金流率CTBBRUN
| Q4 25 | 14.5% | — | ||
| Q3 25 | 23.1% | — | ||
| Q2 25 | 24.2% | — | ||
| Q1 25 | 21.7% | — | ||
| Q4 24 | 21.4% | — | ||
| Q3 24 | 30.6% | -29.1% | ||
| Q2 24 | 21.3% | — | ||
| Q1 24 | 14.7% | — |
资本支出强度CTBBRUN
| Q4 25 | 22.0% | — | ||
| Q3 25 | 16.0% | — | ||
| Q2 25 | 17.9% | — | ||
| Q1 25 | 17.6% | — | ||
| Q4 24 | 20.9% | — | ||
| Q3 24 | 17.9% | 0.0% | ||
| Q2 24 | 20.4% | — | ||
| Q1 24 | 21.0% | — |
现金转化率CTBBRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | 2.43× | -7.33× | ||
| Q2 25 | 1.73× | -1.05× | ||
| Q1 25 | 1.60× | -2.08× | ||
| Q4 24 | 1.40× | — | ||
| Q3 24 | 1.72× | — | ||
| Q2 24 | 1.45× | -1.50× | ||
| Q1 24 | 1.33× | — |
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
CTBB
| Nonrelated Party | $665.0M | 60% |
| Other | $436.0M | 40% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
