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First American Financial Corp（FAF）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
First American Financial Corp的季度营收约是Sunrun Inc.的1.8倍（$2.0B vs $1.2B），First American Financial Corp净利率更高（10.3% vs 8.9%，领先1.4%），Sunrun Inc.同比增速更快（123.5% vs 21.6%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 19.9%）
第一美国金融公司是美国知名金融服务企业，主要面向房地产及抵押贷款行业开展业务，核心服务涵盖产权保险、房产交易与抵押业务相关的交割结算服务，在全球地产金融服务领域具备成熟的服务能力与较高的行业认可度。
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。
FAF vs RUN — 直观对比
营收规模更大
FAF
是对方的1.8倍
$1.2B
营收增速更快
RUN
高出101.9%
21.6%
净利率更高
FAF
高出1.4%
8.9%
两年增速更快
RUN
近两年复合增速
19.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.0B | $1.2B |
| 净利润 | $211.9M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 14.0% | 8.4% |
| 净利率 | 10.3% | 8.9% |
| 营收同比 | 21.6% | 123.5% |
| 净利润同比 | 192.7% | 103.7% |
| 每股收益（稀释后） | $2.04 | $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FAFRUN
| Q4 25 | $2.0B | $1.2B | ||
| Q3 25 | $2.0B | $724.6M | ||
| Q2 25 | $1.8B | $569.3M | ||
| Q1 25 | $1.6B | $504.3M | ||
| Q4 24 | $1.7B | $518.5M | ||
| Q3 24 | $1.4B | $537.2M | ||
| Q2 24 | $1.6B | $523.9M | ||
| Q1 24 | $1.4B | $458.2M |
净利润FAFRUN
| Q4 25 | $211.9M | $103.6M | ||
| Q3 25 | $189.6M | $16.6M | ||
| Q2 25 | $146.1M | $279.8M | ||
| Q1 25 | $74.2M | $50.0M | ||
| Q4 24 | $72.4M | $-2.8B | ||
| Q3 24 | $-104.0M | $-83.8M | ||
| Q2 24 | $116.0M | $139.1M | ||
| Q1 24 | $46.7M | $-87.8M |
营业利润率FAFRUN
| Q4 25 | 14.0% | 8.4% | ||
| Q3 25 | 12.5% | 0.5% | ||
| Q2 25 | 10.6% | -19.7% | ||
| Q1 25 | 6.1% | -22.8% | ||
| Q4 24 | 5.9% | -628.0% | ||
| Q3 24 | -10.3% | -23.8% | ||
| Q2 24 | 9.4% | -24.4% | ||
| Q1 24 | 4.1% | -40.0% |
净利率FAFRUN
| Q4 25 | 10.3% | 8.9% | ||
| Q3 25 | 9.6% | 2.3% | ||
| Q2 25 | 7.9% | 49.1% | ||
| Q1 25 | 4.7% | 9.9% | ||
| Q4 24 | 4.3% | -542.7% | ||
| Q3 24 | -7.4% | -15.6% | ||
| Q2 24 | 7.2% | 26.5% | ||
| Q1 24 | 3.3% | -19.2% |
每股收益（稀释后）FAFRUN
| Q4 25 | $2.04 | $0.38 | ||
| Q3 25 | $1.84 | $0.06 | ||
| Q2 25 | $1.41 | $1.07 | ||
| Q1 25 | $0.71 | $0.20 | ||
| Q4 24 | $0.70 | $-12.59 | ||
| Q3 24 | $-1.00 | $-0.37 | ||
| Q2 24 | $1.11 | $0.55 | ||
| Q1 24 | $0.45 | $-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 | $1.4B | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $5.5B | $3.1B |
| 总资产 | $16.2B | $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FAFRUN
| Q4 25 | $1.4B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $2.0B | — | ||
| Q1 24 | $1.5B | — |
总债务FAFRUN
| 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FAFRUN
| Q4 25 | $5.5B | $3.1B | ||
| Q3 25 | $5.3B | $3.0B | ||
| Q2 25 | $5.1B | $2.9B | ||
| Q1 25 | $5.0B | $2.6B | ||
| Q4 24 | $4.9B | $2.6B | ||
| Q3 24 | $5.1B | $5.3B | ||
| Q2 24 | $4.8B | $5.4B | ||
| Q1 24 | $4.8B | $5.2B |
总资产FAFRUN
| Q4 25 | $16.2B | $22.6B | ||
| Q3 25 | $17.6B | $22.2B | ||
| Q2 25 | $16.3B | $21.2B | ||
| Q1 25 | $15.5B | $20.4B | ||
| Q4 24 | $14.9B | $19.9B | ||
| Q3 24 | $16.6B | $22.1B | ||
| Q2 24 | $15.2B | $21.4B | ||
| Q1 24 | $14.7B | $20.8B |
负债/权益比FAFRUN
| 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 | $369.3M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $324.5M | — |
| 自由现金流率自由现金流/营收 | 15.8% | — |
| 资本支出强度资本支出/营收 | 2.2% | — |
| 现金转化率经营现金流/净利润 | 1.74× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $762.5M | — |
8季度趋势，按日历期对齐
经营现金流FAFRUN
| Q4 25 | $369.3M | $96.9M | ||
| Q3 25 | $272.5M | $-121.5M | ||
| Q2 25 | $361.8M | $-292.7M | ||
| Q1 25 | $-52.8M | $-104.2M | ||
| Q4 24 | $324.6M | $-258.4M | ||
| Q3 24 | $236.9M | $-156.2M | ||
| Q2 24 | $266.7M | $-208.5M | ||
| Q1 24 | $69.3M | $-143.1M |
自由现金流FAFRUN
| Q4 25 | $324.5M | — | ||
| Q3 25 | $223.1M | — | ||
| Q2 25 | $309.4M | — | ||
| Q1 25 | $-94.5M | — | ||
| Q4 24 | $266.2M | — | ||
| Q3 24 | $185.4M | $-156.4M | ||
| Q2 24 | $210.0M | — | ||
| Q1 24 | $17.6M | — |
自由现金流率FAFRUN
| Q4 25 | 15.8% | — | ||
| Q3 25 | 11.3% | — | ||
| Q2 25 | 16.8% | — | ||
| Q1 25 | -6.0% | — | ||
| Q4 24 | 15.8% | — | ||
| Q3 24 | 13.2% | -29.1% | ||
| Q2 24 | 13.0% | — | ||
| Q1 24 | 1.2% | — |
资本支出强度FAFRUN
| Q4 25 | 2.2% | — | ||
| Q3 25 | 2.5% | — | ||
| Q2 25 | 2.8% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 3.5% | — | ||
| Q3 24 | 3.7% | 0.0% | ||
| Q2 24 | 3.5% | — | ||
| Q1 24 | 3.6% | — |
现金转化率FAFRUN
| Q4 25 | 1.74× | 0.94× | ||
| Q3 25 | 1.44× | -7.33× | ||
| Q2 25 | 2.48× | -1.05× | ||
| Q1 25 | -0.71× | -2.08× | ||
| Q4 24 | 4.48× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.30× | -1.50× | ||
| Q1 24 | 1.48× | — |
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
FAF
| Title Insurance And Services | $1.9B | 94% |
| Home Warranty | $110.3M | 5% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
