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Healthpeak Properties（DOC）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Healthpeak Properties的1.6倍（$1.2B vs $719.4M），Healthpeak Properties净利率更高（73.2% vs 8.9%，领先64.2%），Sunrun Inc.同比增速更快（123.5% vs 3.1%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 8.9%）
Healthpeak Properties是美国医疗地产领域的房地产投资信托基金，核心投资范畴覆盖老年住宅、生命科学相关物业及医疗办公楼三类资产。公司2007年于马里兰州组建，总部设在科罗拉多州丹佛市，在尔湾、纳什维尔、旧金山均设有办事处，截至2019年12月31日共持有617处物业的权益。
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。
DOC vs RUN — 直观对比
营收规模更大
RUN
是对方的1.6倍
$719.4M
营收增速更快
RUN
高出120.4%
3.1%
净利率更高
DOC
高出64.2%
8.9%
两年增速更快
RUN
近两年复合增速
8.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $719.4M | $1.2B |
| 净利润 | $114.0M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 17.4% | 8.4% |
| 净利率 | 73.2% | 8.9% |
| 营收同比 | 3.1% | 123.5% |
| 净利润同比 | 2406.4% | 103.7% |
| 每股收益（稀释后） | $0.16 | $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DOCRUN
| Q4 25 | $719.4M | $1.2B | ||
| Q3 25 | $705.9M | $724.6M | ||
| Q2 25 | $694.3M | $569.3M | ||
| Q1 25 | $702.9M | $504.3M | ||
| Q4 24 | $698.0M | $518.5M | ||
| Q3 24 | $700.4M | $537.2M | ||
| Q2 24 | $695.5M | $523.9M | ||
| Q1 24 | $606.6M | $458.2M |
净利润DOCRUN
| Q4 25 | $114.0M | $103.6M | ||
| Q3 25 | $-117.1M | $16.6M | ||
| Q2 25 | $31.7M | $279.8M | ||
| Q1 25 | $42.8M | $50.0M | ||
| Q4 24 | $4.5M | $-2.8B | ||
| Q3 24 | $85.9M | $-83.8M | ||
| Q2 24 | $146.0M | $139.1M | ||
| Q1 24 | $6.7M | $-87.8M |
毛利率DOCRUN
| Q4 25 | — | — | ||
| Q3 25 | 58.6% | — | ||
| Q2 25 | 60.2% | — | ||
| Q1 25 | 61.1% | — | ||
| Q4 24 | 60.3% | — | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | 60.6% | — | ||
| Q1 24 | 59.8% | — |
营业利润率DOCRUN
| Q4 25 | 17.4% | 8.4% | ||
| Q3 25 | 9.2% | 0.5% | ||
| Q2 25 | 5.7% | -19.7% | ||
| Q1 25 | 7.7% | -22.8% | ||
| Q4 24 | -2.2% | -628.0% | ||
| Q3 24 | 14.1% | -23.8% | ||
| Q2 24 | 22.3% | -24.4% | ||
| Q1 24 | 3.7% | -40.0% |
净利率DOCRUN
| Q4 25 | 73.2% | 8.9% | ||
| Q3 25 | -16.6% | 2.3% | ||
| Q2 25 | 4.6% | 49.1% | ||
| Q1 25 | 6.1% | 9.9% | ||
| Q4 24 | 0.7% | -542.7% | ||
| Q3 24 | 12.3% | -15.6% | ||
| Q2 24 | 21.0% | 26.5% | ||
| Q1 24 | 1.1% | -19.2% |
每股收益（稀释后）DOCRUN
| Q4 25 | $0.16 | $0.38 | ||
| Q3 25 | $-0.17 | $0.06 | ||
| Q2 25 | $0.05 | $1.07 | ||
| Q1 25 | $0.06 | $0.20 | ||
| Q4 24 | $0.02 | $-12.59 | ||
| Q3 24 | $0.12 | $-0.37 | ||
| Q2 24 | $0.21 | $0.55 | ||
| Q1 24 | $0.01 | $-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 | $467.5M | — |
| 总债务越低越好 | $9.8B | $14.7B |
| 股东权益账面价值 | $7.5B | $3.1B |
| 总资产 | $20.3B | $22.6B |
| 负债/权益比越低杠杆越低 | 1.31× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资DOCRUN
| Q4 25 | $467.5M | — | ||
| Q3 25 | $91.0M | — | ||
| Q2 25 | $89.4M | — | ||
| Q1 25 | $70.6M | — | ||
| Q4 24 | $119.8M | — | ||
| Q3 24 | $180.4M | — | ||
| Q2 24 | $106.9M | — | ||
| Q1 24 | $101.8M | — |
总债务DOCRUN
| Q4 25 | $9.8B | $14.7B | ||
| Q3 25 | $9.1B | $14.6B | ||
| Q2 25 | $9.0B | $14.0B | ||
| Q1 25 | $8.9B | $13.6B | ||
| Q4 24 | $8.7B | $12.9B | ||
| Q3 24 | $8.6B | $12.5B | ||
| Q2 24 | $8.6B | $12.0B | ||
| Q1 24 | $8.8B | $11.1B |
股东权益DOCRUN
| Q4 25 | $7.5B | $3.1B | ||
| Q3 25 | $7.6B | $3.0B | ||
| Q2 25 | $7.9B | $2.9B | ||
| Q1 25 | $8.2B | $2.6B | ||
| Q4 24 | $8.4B | $2.6B | ||
| Q3 24 | $8.6B | $5.3B | ||
| Q2 24 | $8.8B | $5.4B | ||
| Q1 24 | $8.9B | $5.2B |
总资产DOCRUN
| Q4 25 | $20.3B | $22.6B | ||
| Q3 25 | $19.6B | $22.2B | ||
| Q2 25 | $19.8B | $21.2B | ||
| Q1 25 | $19.8B | $20.4B | ||
| Q4 24 | $19.9B | $19.9B | ||
| Q3 24 | $20.0B | $22.1B | ||
| Q2 24 | $20.2B | $21.4B | ||
| Q1 24 | $20.5B | $20.8B |
负债/权益比DOCRUN
| Q4 25 | 1.31× | 4.69× | ||
| Q3 25 | 1.20× | 4.90× | ||
| Q2 25 | 1.14× | 4.80× | ||
| Q1 25 | 1.08× | 5.19× | ||
| Q4 24 | 1.04× | 5.05× | ||
| Q3 24 | 1.00× | 2.36× | ||
| Q2 24 | 0.98× | 2.23× | ||
| Q1 24 | 0.99× | 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 | $1.3B | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $357.0M | — |
| 自由现金流率自由现金流/营收 | 49.6% | — |
| 资本支出强度资本支出/营收 | 124.4% | — |
| 现金转化率经营现金流/净利润 | 10.99× | 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DOCRUN
| Q4 25 | $1.3B | $96.9M | ||
| Q3 25 | $315.0M | $-121.5M | ||
| Q2 25 | $363.5M | $-292.7M | ||
| Q1 25 | $279.4M | $-104.2M | ||
| Q4 24 | $1.1B | $-258.4M | ||
| Q3 24 | $318.2M | $-156.2M | ||
| Q2 24 | $316.2M | $-208.5M | ||
| Q1 24 | $152.6M | $-143.1M |
自由现金流DOCRUN
| Q4 25 | $357.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $333.7M | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率DOCRUN
| Q4 25 | 49.6% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 47.8% | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度DOCRUN
| Q4 25 | 124.4% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 105.6% | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率DOCRUN
| Q4 25 | 10.99× | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | 11.48× | -1.05× | ||
| Q1 25 | 6.52× | -2.08× | ||
| Q4 24 | 235.43× | — | ||
| Q3 24 | 3.71× | — | ||
| Q2 24 | 2.17× | -1.50× | ||
| Q1 24 | 22.85× | — |
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
DOC
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% |
