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EPAM Systems（EPAM）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
EPAM Systems的季度营收约是Sunrun Inc.的1.2倍（$1.4B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs 7.8%，领先1.2%），Sunrun Inc.同比增速更快（123.5% vs 12.8%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 9.9%）
EPAM Systems是总部位于美国宾夕法尼亚州纽敦的企业，核心业务涵盖软件工程服务、数字平台研发、数字产品设计三大板块，同时是MACH联盟的创始成员，在全球数字化服务赛道拥有深厚的技术积累与行业认可度。
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。
EPAM vs RUN — 直观对比
营收规模更大
EPAM
是对方的1.2倍
$1.2B
营收增速更快
RUN
高出110.7%
12.8%
净利率更高
RUN
高出1.2%
7.8%
两年增速更快
RUN
近两年复合增速
9.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.2B |
| 净利润 | $109.4M | $103.6M |
| 毛利率 | 30.1% | — |
| 营业利润率 | 10.6% | 8.4% |
| 净利率 | 7.8% | 8.9% |
| 营收同比 | 12.8% | 123.5% |
| 净利润同比 | 5.9% | 103.7% |
| 每股收益（稀释后） | $1.97 | $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EPAMRUN
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.4B | $724.6M | ||
| Q2 25 | $1.4B | $569.3M | ||
| Q1 25 | $1.3B | $504.3M | ||
| Q4 24 | $1.2B | $518.5M | ||
| Q3 24 | $1.2B | $537.2M | ||
| Q2 24 | $1.1B | $523.9M | ||
| Q1 24 | $1.2B | $458.2M |
净利润EPAMRUN
| Q4 25 | $109.4M | $103.6M | ||
| Q3 25 | $106.8M | $16.6M | ||
| Q2 25 | $88.0M | $279.8M | ||
| Q1 25 | $73.5M | $50.0M | ||
| Q4 24 | $103.3M | $-2.8B | ||
| Q3 24 | $136.3M | $-83.8M | ||
| Q2 24 | $98.6M | $139.1M | ||
| Q1 24 | $116.2M | $-87.8M |
毛利率EPAMRUN
| Q4 25 | 30.1% | — | ||
| Q3 25 | 29.5% | — | ||
| Q2 25 | 28.8% | — | ||
| Q1 25 | 26.9% | — | ||
| Q4 24 | 30.4% | — | ||
| Q3 24 | 34.6% | — | ||
| Q2 24 | 29.3% | — | ||
| Q1 24 | 28.4% | — |
营业利润率EPAMRUN
| Q4 25 | 10.6% | 8.4% | ||
| Q3 25 | 10.4% | 0.5% | ||
| Q2 25 | 9.3% | -19.7% | ||
| Q1 25 | 7.6% | -22.8% | ||
| Q4 24 | 10.9% | -628.0% | ||
| Q3 24 | 15.2% | -23.8% | ||
| Q2 24 | 10.5% | -24.4% | ||
| Q1 24 | 9.5% | -40.0% |
净利率EPAMRUN
| Q4 25 | 7.8% | 8.9% | ||
| Q3 25 | 7.7% | 2.3% | ||
| Q2 25 | 6.5% | 49.1% | ||
| Q1 25 | 5.6% | 9.9% | ||
| Q4 24 | 8.3% | -542.7% | ||
| Q3 24 | 11.7% | -15.6% | ||
| Q2 24 | 8.6% | 26.5% | ||
| Q1 24 | 10.0% | -19.2% |
每股收益（稀释后）EPAMRUN
| Q4 25 | $1.97 | $0.38 | ||
| Q3 25 | $1.91 | $0.06 | ||
| Q2 25 | $1.56 | $1.07 | ||
| Q1 25 | $1.28 | $0.20 | ||
| Q4 24 | $1.80 | $-12.59 | ||
| Q3 24 | $2.37 | $-0.37 | ||
| Q2 24 | $1.70 | $0.55 | ||
| Q1 24 | $1.97 | $-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 | $3.7B | $3.1B |
| 总资产 | $4.9B | $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EPAMRUN
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | $2.0B | — |
总债务EPAMRUN
| 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EPAMRUN
| Q4 25 | $3.7B | $3.1B | ||
| Q3 25 | $3.7B | $3.0B | ||
| Q2 25 | $3.7B | $2.9B | ||
| Q1 25 | $3.6B | $2.6B | ||
| Q4 24 | $3.6B | $2.6B | ||
| Q3 24 | $3.6B | $5.3B | ||
| Q2 24 | $3.4B | $5.4B | ||
| Q1 24 | $3.5B | $5.2B |
总资产EPAMRUN
| Q4 25 | $4.9B | $22.6B | ||
| Q3 25 | $4.8B | $22.2B | ||
| Q2 25 | $4.7B | $21.2B | ||
| Q1 25 | $4.7B | $20.4B | ||
| Q4 24 | $4.8B | $19.9B | ||
| Q3 24 | $4.5B | $22.1B | ||
| Q2 24 | $4.2B | $21.4B | ||
| Q1 24 | $4.4B | $20.8B |
负债/权益比EPAMRUN
| 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 | $282.9M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $268.1M | — |
| 自由现金流率自由现金流/营收 | 19.0% | — |
| 资本支出强度资本支出/营收 | 1.1% | — |
| 现金转化率经营现金流/净利润 | 2.59× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $612.7M | — |
8季度趋势，按日历期对齐
经营现金流EPAMRUN
| Q4 25 | $282.9M | $96.9M | ||
| Q3 25 | $294.7M | $-121.5M | ||
| Q2 25 | $53.2M | $-292.7M | ||
| Q1 25 | $24.2M | $-104.2M | ||
| Q4 24 | $130.3M | $-258.4M | ||
| Q3 24 | $242.0M | $-156.2M | ||
| Q2 24 | $57.0M | $-208.5M | ||
| Q1 24 | $129.9M | $-143.1M |
自由现金流EPAMRUN
| Q4 25 | $268.1M | — | ||
| Q3 25 | $286.4M | — | ||
| Q2 25 | $43.4M | — | ||
| Q1 25 | $14.8M | — | ||
| Q4 24 | $114.5M | — | ||
| Q3 24 | $237.0M | $-156.4M | ||
| Q2 24 | $52.3M | — | ||
| Q1 24 | $123.2M | — |
自由现金流率EPAMRUN
| Q4 25 | 19.0% | — | ||
| Q3 25 | 20.5% | — | ||
| Q2 25 | 3.2% | — | ||
| Q1 25 | 1.1% | — | ||
| Q4 24 | 9.2% | — | ||
| Q3 24 | 20.3% | -29.1% | ||
| Q2 24 | 4.6% | — | ||
| Q1 24 | 10.6% | — |
资本支出强度EPAMRUN
| Q4 25 | 1.1% | — | ||
| Q3 25 | 0.6% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 0.7% | — | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 0.4% | 0.0% | ||
| Q2 24 | 0.4% | — | ||
| Q1 24 | 0.6% | — |
现金转化率EPAMRUN
| Q4 25 | 2.59× | 0.94× | ||
| Q3 25 | 2.76× | -7.33× | ||
| Q2 25 | 0.60× | -1.05× | ||
| Q1 25 | 0.33× | -2.08× | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | 1.77× | — | ||
| Q2 24 | 0.58× | -1.50× | ||
| Q1 24 | 1.12× | — |
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
EPAM
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% |
