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进步能源（FLNC）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.的季度营收约是进步能源的2.4倍（$1.2B vs $475.2M）。Sunrun Inc.净利率更高（8.9% vs -9.5%，领先18.4%）。进步能源同比增速更快（154.4% vs 123.5%）。过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -12.7%）
进步能源是一家电力生产与分销企业，并入杜克能源前为财富500强能源企业，总发电容量超21000兆瓦，年营收达90亿美元。公司总部位于北卡罗来纳州罗利，旗下拥有两家大型电力公用事业公司，为卡罗来纳州及佛罗里达州约310万用户提供服务。
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。
FLNC vs RUN — 直观对比
营收规模更大
RUN
是对方的2.4倍
$475.2M
营收增速更快
FLNC
高出30.9%
123.5%
净利率更高
RUN
高出18.4%
-9.5%
两年增速更快
RUN
近两年复合增速
-12.7%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $475.2M | $1.2B |
| 净利润 | $-45.1M | $103.6M |
| 毛利率 | 4.9% | — |
| 营业利润率 | -14.8% | 8.4% |
| 净利率 | -9.5% | 8.9% |
| 营收同比 | 154.4% | 123.5% |
| 净利润同比 | -8.7% | 103.7% |
| 每股收益（稀释后） | $-0.34 | $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FLNCRUN
| Q4 25 | $475.2M | $1.2B | ||
| Q3 25 | $1.0B | $724.6M | ||
| Q2 25 | $602.5M | $569.3M | ||
| Q1 25 | $431.6M | $504.3M | ||
| Q4 24 | $186.8M | $518.5M | ||
| Q3 24 | $1.2B | $537.2M | ||
| Q2 24 | $483.3M | $523.9M | ||
| Q1 24 | $623.1M | $458.2M |
净利润FLNCRUN
| Q4 25 | $-45.1M | $103.6M | ||
| Q3 25 | $17.9M | $16.6M | ||
| Q2 25 | $6.3M | $279.8M | ||
| Q1 25 | $-31.0M | $50.0M | ||
| Q4 24 | $-41.5M | $-2.8B | ||
| Q3 24 | $47.8M | $-83.8M | ||
| Q2 24 | $785.0K | $139.1M | ||
| Q1 24 | $-9.2M | $-87.8M |
毛利率FLNCRUN
| Q4 25 | 4.9% | — | ||
| Q3 25 | 13.7% | — | ||
| Q2 25 | 14.8% | — | ||
| Q1 25 | 9.9% | — | ||
| Q4 24 | 11.4% | — | ||
| Q3 24 | 12.8% | — | ||
| Q2 24 | 17.2% | — | ||
| Q1 24 | 10.3% | — |
营业利润率FLNCRUN
| Q4 25 | -14.8% | 8.4% | ||
| Q3 25 | 4.4% | 0.5% | ||
| Q2 25 | 1.9% | -19.7% | ||
| Q1 25 | -10.2% | -22.8% | ||
| Q4 24 | -31.4% | -628.0% | ||
| Q3 24 | 6.2% | -23.8% | ||
| Q2 24 | 1.1% | -24.4% | ||
| Q1 24 | -2.3% | -40.0% |
净利率FLNCRUN
| Q4 25 | -9.5% | 8.9% | ||
| Q3 25 | 1.7% | 2.3% | ||
| Q2 25 | 1.0% | 49.1% | ||
| Q1 25 | -7.2% | 9.9% | ||
| Q4 24 | -22.2% | -542.7% | ||
| Q3 24 | 3.9% | -15.6% | ||
| Q2 24 | 0.2% | 26.5% | ||
| Q1 24 | -1.5% | -19.2% |
每股收益（稀释后）FLNCRUN
| Q4 25 | $-0.34 | $0.38 | ||
| Q3 25 | $0.18 | $0.06 | ||
| Q2 25 | $0.01 | $1.07 | ||
| Q1 25 | $-0.24 | $0.20 | ||
| Q4 24 | $-0.32 | $-12.59 | ||
| Q3 24 | $0.34 | $-0.37 | ||
| Q2 24 | $0.00 | $0.55 | ||
| Q1 24 | $-0.07 | $-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 | $452.6M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $388.0M | $3.1B |
| 总资产 | $2.3B | $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FLNCRUN
| Q4 25 | $452.6M | — | ||
| Q3 25 | $690.8M | — | ||
| Q2 25 | $436.3M | — | ||
| Q1 25 | $568.6M | — | ||
| Q4 24 | $607.4M | — | ||
| Q3 24 | $448.7M | — | ||
| Q2 24 | $388.2M | — | ||
| Q1 24 | $411.8M | — |
总债务FLNCRUN
| 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FLNCRUN
| Q4 25 | $388.0M | $3.1B | ||
| Q3 25 | $429.6M | $3.0B | ||
| Q2 25 | $407.4M | $2.9B | ||
| Q1 25 | $388.2M | $2.6B | ||
| Q4 24 | $409.4M | $2.6B | ||
| Q3 24 | $472.1M | $5.3B | ||
| Q2 24 | $421.2M | $5.4B | ||
| Q1 24 | $413.1M | $5.2B |
总资产FLNCRUN
| Q4 25 | $2.3B | $22.6B | ||
| Q3 25 | $2.4B | $22.2B | ||
| Q2 25 | $2.1B | $21.2B | ||
| Q1 25 | $2.3B | $20.4B | ||
| Q4 24 | $2.2B | $19.9B | ||
| Q3 24 | $1.9B | $22.1B | ||
| Q2 24 | $1.7B | $21.4B | ||
| Q1 24 | $1.5B | $20.8B |
负债/权益比FLNCRUN
| 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 | $-226.8M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $-232.6M | — |
| 自由现金流率自由现金流/营收 | -48.9% | — |
| 资本支出强度资本支出/营收 | 1.2% | — |
| 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 | $-179.7M | — |
8季度趋势，按日历期对齐
经营现金流FLNCRUN
| Q4 25 | $-226.8M | $96.9M | ||
| Q3 25 | $265.7M | $-121.5M | ||
| Q2 25 | $-153.9M | $-292.7M | ||
| Q1 25 | $-46.2M | $-104.2M | ||
| Q4 24 | $-211.2M | $-258.4M | ||
| Q3 24 | $10.5M | $-156.2M | ||
| Q2 24 | $-21.1M | $-208.5M | ||
| Q1 24 | $70.9M | $-143.1M |
自由现金流FLNCRUN
| Q4 25 | $-232.6M | — | ||
| Q3 25 | $260.9M | — | ||
| Q2 25 | $-157.4M | — | ||
| Q1 25 | $-50.5M | — | ||
| Q4 24 | $-213.3M | — | ||
| Q3 24 | $7.3M | $-156.4M | ||
| Q2 24 | $-23.5M | — | ||
| Q1 24 | $69.9M | — |
自由现金流率FLNCRUN
| Q4 25 | -48.9% | — | ||
| Q3 25 | 25.0% | — | ||
| Q2 25 | -26.1% | — | ||
| Q1 25 | -11.7% | — | ||
| Q4 24 | -114.2% | — | ||
| Q3 24 | 0.6% | -29.1% | ||
| Q2 24 | -4.9% | — | ||
| Q1 24 | 11.2% | — |
资本支出强度FLNCRUN
| Q4 25 | 1.2% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 0.6% | — | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | 1.1% | — | ||
| Q3 24 | 0.3% | 0.0% | ||
| Q2 24 | 0.5% | — | ||
| Q1 24 | 0.2% | — |
现金转化率FLNCRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | 14.81× | -7.33× | ||
| Q2 25 | -24.61× | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.22× | — | ||
| Q2 24 | -26.87× | -1.50× | ||
| Q1 24 | — | — |
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
FLNC
| Products | $450.9M | 95% |
| Services | $22.5M | 5% |
| Digital Applications And Solutions | $1.9M | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
