vs
Enphase Energy（ENPH）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Enphase Energy的4.1倍（$1.2B vs $282.9M），Sunrun Inc.净利率更高（8.9% vs -2.6%，领先11.6%），Sunrun Inc.同比增速更快（123.5% vs -20.6%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -3.4%）
Enphase Energy是总部位于美国加利福尼亚州弗里蒙特的能源科技企业，成立于2006年，是全球首家成功实现光伏微型逆变器商业化的企业，主要面向住宅用户研发生产光伏微型逆变器、储能电池及电动汽车充电桩。
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。
ENPH vs RUN — 直观对比
营收规模更大
RUN
是对方的4.1倍
$282.9M
营收增速更快
RUN
高出144.1%
-20.6%
净利率更高
RUN
高出11.6%
-2.6%
两年增速更快
RUN
近两年复合增速
-3.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $282.9M | $1.2B |
| 净利润 | $-7.4M | $103.6M |
| 毛利率 | 35.5% | — |
| 营业利润率 | — | 8.4% |
| 净利率 | -2.6% | 8.9% |
| 营收同比 | -20.6% | 123.5% |
| 净利润同比 | -124.9% | 103.7% |
| 每股收益（稀释后） | $-0.06 | $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ENPHRUN
| Q1 26 | $282.9M | — | ||
| Q4 25 | $343.3M | $1.2B | ||
| Q3 25 | $410.4M | $724.6M | ||
| Q2 25 | $363.2M | $569.3M | ||
| Q1 25 | $356.1M | $504.3M | ||
| Q4 24 | $382.7M | $518.5M | ||
| Q3 24 | $380.9M | $537.2M | ||
| Q2 24 | $303.5M | $523.9M |
净利润ENPHRUN
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $103.6M | ||
| Q3 25 | $66.6M | $16.6M | ||
| Q2 25 | $37.1M | $279.8M | ||
| Q1 25 | $29.7M | $50.0M | ||
| Q4 24 | $62.2M | $-2.8B | ||
| Q3 24 | $45.8M | $-83.8M | ||
| Q2 24 | $10.8M | $139.1M |
毛利率ENPHRUN
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | — | ||
| Q3 25 | 47.8% | — | ||
| Q2 25 | 46.9% | — | ||
| Q1 25 | 47.2% | — | ||
| Q4 24 | 51.8% | — | ||
| Q3 24 | 46.8% | — | ||
| Q2 24 | 45.2% | — |
营业利润率ENPHRUN
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 8.4% | ||
| Q3 25 | 16.1% | 0.5% | ||
| Q2 25 | 10.2% | -19.7% | ||
| Q1 25 | 9.0% | -22.8% | ||
| Q4 24 | 14.3% | -628.0% | ||
| Q3 24 | 13.1% | -23.8% | ||
| Q2 24 | 0.6% | -24.4% |
净利率ENPHRUN
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | 8.9% | ||
| Q3 25 | 16.2% | 2.3% | ||
| Q2 25 | 10.2% | 49.1% | ||
| Q1 25 | 8.3% | 9.9% | ||
| Q4 24 | 16.2% | -542.7% | ||
| Q3 24 | 12.0% | -15.6% | ||
| Q2 24 | 3.6% | 26.5% |
每股收益（稀释后）ENPHRUN
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $0.38 | ||
| Q3 25 | $0.50 | $0.06 | ||
| Q2 25 | $0.28 | $1.07 | ||
| Q1 25 | $0.22 | $0.20 | ||
| Q4 24 | $0.46 | $-12.59 | ||
| Q3 24 | $0.33 | $-0.37 | ||
| Q2 24 | $0.08 | $0.55 |
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 | $497.5M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $1.1B | $3.1B |
| 总资产 | $2.7B | $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ENPHRUN
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.5B | — | ||
| Q1 25 | $1.5B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.6B | — |
总债务ENPHRUN
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $14.7B | ||
| Q3 25 | $1.2B | $14.6B | ||
| Q2 25 | $1.2B | $14.0B | ||
| Q1 25 | $1.2B | $13.6B | ||
| Q4 24 | $1.3B | $12.9B | ||
| Q3 24 | $1.3B | $12.5B | ||
| Q2 24 | $1.3B | $12.0B |
股东权益ENPHRUN
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $3.1B | ||
| Q3 25 | $995.0M | $3.0B | ||
| Q2 25 | $880.6M | $2.9B | ||
| Q1 25 | $810.7M | $2.6B | ||
| Q4 24 | $833.0M | $2.6B | ||
| Q3 24 | $931.4M | $5.3B | ||
| Q2 24 | $884.5M | $5.4B |
总资产ENPHRUN
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $22.6B | ||
| Q3 25 | $3.3B | $22.2B | ||
| Q2 25 | $3.2B | $21.2B | ||
| Q1 25 | $3.1B | $20.4B | ||
| Q4 24 | $3.2B | $19.9B | ||
| Q3 24 | $3.3B | $22.1B | ||
| Q2 24 | $3.2B | $21.4B |
负债/权益比ENPHRUN
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | 4.69× | ||
| Q3 25 | 1.21× | 4.90× | ||
| Q2 25 | 1.37× | 4.80× | ||
| Q1 25 | 1.48× | 5.19× | ||
| Q4 24 | 1.56× | 5.05× | ||
| Q3 24 | 1.40× | 2.36× | ||
| Q2 24 | 1.47× | 2.23× |
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 | $102.9M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $83.0M | — |
| 自由现金流率自由现金流/营收 | 29.3% | — |
| 资本支出强度资本支出/营收 | — | — |
| 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 | $145.1M | — |
8季度趋势，按日历期对齐
经营现金流ENPHRUN
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $96.9M | ||
| Q3 25 | $13.9M | $-121.5M | ||
| Q2 25 | $26.6M | $-292.7M | ||
| Q1 25 | $48.4M | $-104.2M | ||
| Q4 24 | $167.3M | $-258.4M | ||
| Q3 24 | $170.1M | $-156.2M | ||
| Q2 24 | $127.1M | $-208.5M |
自由现金流ENPHRUN
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | — | ||
| Q3 25 | $5.9M | — | ||
| Q2 25 | $18.4M | — | ||
| Q1 25 | $33.8M | — | ||
| Q4 24 | $159.2M | — | ||
| Q3 24 | $161.6M | $-156.4M | ||
| Q2 24 | $117.4M | — |
自由现金流率ENPHRUN
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 5.1% | — | ||
| Q1 25 | 9.5% | — | ||
| Q4 24 | 41.6% | — | ||
| Q3 24 | 42.4% | -29.1% | ||
| Q2 24 | 38.7% | — |
资本支出强度ENPHRUN
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | — | ||
| Q3 25 | 2.0% | — | ||
| Q2 25 | 2.3% | — | ||
| Q1 25 | 4.1% | — | ||
| Q4 24 | 2.1% | — | ||
| Q3 24 | 2.2% | 0.0% | ||
| Q2 24 | 3.2% | — |
现金转化率ENPHRUN
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 0.94× | ||
| Q3 25 | 0.21× | -7.33× | ||
| Q2 25 | 0.72× | -1.05× | ||
| Q1 25 | 1.63× | -2.08× | ||
| Q4 24 | 2.69× | — | ||
| Q3 24 | 3.72× | — | ||
| Q2 24 | 11.73× | -1.50× |
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
ENPH
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% |
