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FIRST HORIZON CORP（FHN）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FIRST HORIZON CORP的1.3倍（$1.2B vs $888.0M），FIRST HORIZON CORP净利率更高（29.4% vs 8.9%，领先20.5%），Sunrun Inc.同比增速更快（123.5% vs 21.8%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 20.0%）
第一地平线公司（前身为第一田纳西银行）是一家成立于1864年的金融服务企业，总部位于美国田纳西州孟菲斯市。该公司通过旗下子公司第一地平线银行开展业务，网点覆盖美国东南部12个州，是该区域第四大区域性银行。
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。
FHN vs RUN — 直观对比
营收规模更大
RUN
是对方的1.3倍
$888.0M
营收增速更快
RUN
高出101.7%
21.8%
净利率更高
FHN
高出20.5%
8.9%
两年增速更快
RUN
近两年复合增速
20.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $888.0M | $1.2B |
| 净利润 | $261.0M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 38.5% | 8.4% |
| 净利率 | 29.4% | 8.9% |
| 营收同比 | 21.8% | 123.5% |
| 净利润同比 | 57.2% | 103.7% |
| 每股收益（稀释后） | $0.51 | $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FHNRUN
| Q4 25 | $888.0M | $1.2B | ||
| Q3 25 | $889.0M | $724.6M | ||
| Q2 25 | $830.0M | $569.3M | ||
| Q1 25 | $812.0M | $504.3M | ||
| Q4 24 | $729.0M | $518.5M | ||
| Q3 24 | $827.0M | $537.2M | ||
| Q2 24 | — | $523.9M | ||
| Q1 24 | $819.0M | $458.2M |
净利润FHNRUN
| Q4 25 | $261.0M | $103.6M | ||
| Q3 25 | $262.0M | $16.6M | ||
| Q2 25 | $241.0M | $279.8M | ||
| Q1 25 | $218.0M | $50.0M | ||
| Q4 24 | $166.0M | $-2.8B | ||
| Q3 24 | $218.0M | $-83.8M | ||
| Q2 24 | — | $139.1M | ||
| Q1 24 | $192.0M | $-87.8M |
营业利润率FHNRUN
| Q4 25 | 38.5% | 8.4% | ||
| Q3 25 | 38.7% | 0.5% | ||
| Q2 25 | 37.2% | -19.7% | ||
| Q1 25 | 35.1% | -22.8% | ||
| Q4 24 | 28.8% | -628.0% | ||
| Q3 24 | 34.0% | -23.8% | ||
| Q2 24 | — | -24.4% | ||
| Q1 24 | 31.0% | -40.0% |
净利率FHNRUN
| Q4 25 | 29.4% | 8.9% | ||
| Q3 25 | 29.5% | 2.3% | ||
| Q2 25 | 29.0% | 49.1% | ||
| Q1 25 | 26.8% | 9.9% | ||
| Q4 24 | 22.8% | -542.7% | ||
| Q3 24 | 26.4% | -15.6% | ||
| Q2 24 | — | 26.5% | ||
| Q1 24 | 23.4% | -19.2% |
每股收益（稀释后）FHNRUN
| Q4 25 | $0.51 | $0.38 | ||
| Q3 25 | $0.50 | $0.06 | ||
| Q2 25 | $0.45 | $1.07 | ||
| Q1 25 | $0.41 | $0.20 | ||
| Q4 24 | $0.29 | $-12.59 | ||
| Q3 24 | $0.40 | $-0.37 | ||
| Q2 24 | — | $0.55 | ||
| Q1 24 | $0.33 | $-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 | — | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $8.8B | $3.1B |
| 总资产 | $83.9B | $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
总债务FHNRUN
| 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FHNRUN
| Q4 25 | $8.8B | $3.1B | ||
| Q3 25 | $8.9B | $3.0B | ||
| Q2 25 | $9.0B | $2.9B | ||
| Q1 25 | $8.7B | $2.6B | ||
| Q4 24 | $8.8B | $2.6B | ||
| Q3 24 | $9.0B | $5.3B | ||
| Q2 24 | — | $5.4B | ||
| Q1 24 | $8.9B | $5.2B |
总资产FHNRUN
| Q4 25 | $83.9B | $22.6B | ||
| Q3 25 | $83.2B | $22.2B | ||
| Q2 25 | $82.1B | $21.2B | ||
| Q1 25 | $81.5B | $20.4B | ||
| Q4 24 | $82.2B | $19.9B | ||
| Q3 24 | $82.6B | $22.1B | ||
| Q2 24 | — | $21.4B | ||
| Q1 24 | $81.8B | $20.8B |
负债/权益比FHNRUN
| 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 | $396.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $389.0M | — |
| 自由现金流率自由现金流/营收 | 43.8% | — |
| 资本支出强度资本支出/营收 | 0.8% | — |
| 现金转化率经营现金流/净利润 | 1.52× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $595.0M | — |
8季度趋势，按日历期对齐
经营现金流FHNRUN
| Q4 25 | $396.0M | $96.9M | ||
| Q3 25 | $-200.0M | $-121.5M | ||
| Q2 25 | $83.0M | $-292.7M | ||
| Q1 25 | $349.0M | $-104.2M | ||
| Q4 24 | $191.0M | $-258.4M | ||
| Q3 24 | $389.0M | $-156.2M | ||
| Q2 24 | — | $-208.5M | ||
| Q1 24 | $838.0M | $-143.1M |
自由现金流FHNRUN
| Q4 25 | $389.0M | — | ||
| Q3 25 | $-208.0M | — | ||
| Q2 25 | $74.0M | — | ||
| Q1 25 | $340.0M | — | ||
| Q4 24 | $174.0M | — | ||
| Q3 24 | $383.0M | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | $828.0M | — |
自由现金流率FHNRUN
| Q4 25 | 43.8% | — | ||
| Q3 25 | -23.4% | — | ||
| Q2 25 | 8.9% | — | ||
| Q1 25 | 41.9% | — | ||
| Q4 24 | 23.9% | — | ||
| Q3 24 | 46.3% | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | 101.1% | — |
资本支出强度FHNRUN
| Q4 25 | 0.8% | — | ||
| Q3 25 | 0.9% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 1.1% | — | ||
| Q4 24 | 2.3% | — | ||
| Q3 24 | 0.7% | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.2% | — |
现金转化率FHNRUN
| Q4 25 | 1.52× | 0.94× | ||
| Q3 25 | -0.76× | -7.33× | ||
| Q2 25 | 0.34× | -1.05× | ||
| Q1 25 | 1.60× | -2.08× | ||
| Q4 24 | 1.15× | — | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | — | -1.50× | ||
| Q1 24 | 4.36× | — |
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
FHN
| Commercial Consumer And Wealth Segment | $776.0M | 87% |
| Other | $88.0M | 10% |
| Corporate | $24.0M | 3% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
