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Freedom Holding Corp.（FRHC）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Freedom Holding Corp.的1.8倍（$1.2B vs $628.6M），Freedom Holding Corp.净利率更高（12.1% vs 8.9%，领先3.2%），Sunrun Inc.同比增速更快（123.5% vs -4.1%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 16.3%）
Freedom Holding Corp.是在美国内华达州注册的投资集团，业务覆盖零售证券经纪交易、资产管理、资本市场服务、投研咨询、投行承销、抵押贷款、保险、银行及其他消费金融服务，核心布局美股、欧洲及以哈萨克斯坦为核心的中亚市场。
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。
FRHC vs RUN — 直观对比
营收规模更大
RUN
是对方的1.8倍
$628.6M
营收增速更快
RUN
高出127.6%
-4.1%
净利率更高
FRHC
高出3.2%
8.9%
两年增速更快
RUN
近两年复合增速
16.3%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $628.6M | $1.2B |
| 净利润 | $76.2M | $103.6M |
| 毛利率 | 96.0% | — |
| 营业利润率 | 14.9% | 8.4% |
| 净利率 | 12.1% | 8.9% |
| 营收同比 | -4.1% | 123.5% |
| 净利润同比 | -2.6% | 103.7% |
| 每股收益（稀释后） | $1.25 | $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FRHCRUN
| Q4 25 | $628.6M | $1.2B | ||
| Q3 25 | $526.1M | $724.6M | ||
| Q2 25 | $533.4M | $569.3M | ||
| Q1 25 | $363.7M | $504.3M | ||
| Q4 24 | $655.2M | $518.5M | ||
| Q3 24 | $580.9M | $537.2M | ||
| Q2 24 | $450.7M | $523.9M | ||
| Q1 24 | $464.7M | $458.2M |
净利润FRHCRUN
| Q4 25 | $76.2M | $103.6M | ||
| Q3 25 | $38.7M | $16.6M | ||
| Q2 25 | $30.4M | $279.8M | ||
| Q1 25 | $-142.7M | $50.0M | ||
| Q4 24 | $78.3M | $-2.8B | ||
| Q3 24 | $114.7M | $-83.8M | ||
| Q2 24 | $34.4M | $139.1M | ||
| Q1 24 | $95.2M | $-87.8M |
毛利率FRHCRUN
| Q4 25 | 96.0% | — | ||
| Q3 25 | 97.1% | — | ||
| Q2 25 | 97.4% | — | ||
| Q1 25 | 96.6% | — | ||
| Q4 24 | 98.6% | — | ||
| Q3 24 | 99.1% | — | ||
| Q2 24 | 99.0% | — | ||
| Q1 24 | — | — |
营业利润率FRHCRUN
| Q4 25 | 14.9% | 8.4% | ||
| Q3 25 | 11.5% | 0.5% | ||
| Q2 25 | 7.6% | -19.7% | ||
| Q1 25 | -42.7% | -22.8% | ||
| Q4 24 | 15.0% | -628.0% | ||
| Q3 24 | 22.1% | -23.8% | ||
| Q2 24 | 9.2% | -24.4% | ||
| Q1 24 | 22.5% | -40.0% |
净利率FRHCRUN
| Q4 25 | 12.1% | 8.9% | ||
| Q3 25 | 7.4% | 2.3% | ||
| Q2 25 | 5.7% | 49.1% | ||
| Q1 25 | -39.2% | 9.9% | ||
| Q4 24 | 11.9% | -542.7% | ||
| Q3 24 | 19.7% | -15.6% | ||
| Q2 24 | 7.6% | 26.5% | ||
| Q1 24 | 20.5% | -19.2% |
每股收益（稀释后）FRHCRUN
| Q4 25 | $1.25 | $0.38 | ||
| Q3 25 | $0.63 | $0.06 | ||
| Q2 25 | $0.50 | $1.07 | ||
| Q1 25 | $-2.35 | $0.20 | ||
| Q4 24 | $1.29 | $-12.59 | ||
| Q3 24 | $1.89 | $-0.37 | ||
| Q2 24 | $0.57 | $0.55 | ||
| Q1 24 | $1.60 | $-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 | $869.2M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $1.4B | $3.1B |
| 总资产 | $12.4B | $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FRHCRUN
| Q4 25 | $869.2M | — | ||
| Q3 25 | $636.0M | — | ||
| Q2 25 | $567.9M | — | ||
| Q1 25 | $837.3M | — | ||
| Q4 24 | $577.9M | — | ||
| Q3 24 | $569.2M | — | ||
| Q2 24 | $718.7M | — | ||
| Q1 24 | $545.1M | — |
总债务FRHCRUN
| 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FRHCRUN
| Q4 25 | $1.4B | $3.1B | ||
| Q3 25 | $1.2B | $3.0B | ||
| Q2 25 | $1.2B | $2.9B | ||
| Q1 25 | $1.2B | $2.6B | ||
| Q4 24 | $1.3B | $2.6B | ||
| Q3 24 | $1.3B | $5.3B | ||
| Q2 24 | $1.1B | $5.4B | ||
| Q1 24 | $1.2B | $5.2B |
总资产FRHCRUN
| Q4 25 | $12.4B | $22.6B | ||
| Q3 25 | $10.3B | $22.2B | ||
| Q2 25 | $9.7B | $21.2B | ||
| Q1 25 | $9.9B | $20.4B | ||
| Q4 24 | $9.1B | $19.9B | ||
| Q3 24 | $8.8B | $22.1B | ||
| Q2 24 | $8.5B | $21.4B | ||
| Q1 24 | $8.3B | $20.8B |
负债/权益比FRHCRUN
| 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 | $717.8M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $651.7M | — |
| 自由现金流率自由现金流/营收 | 103.7% | — |
| 资本支出强度资本支出/营收 | 10.5% | — |
| 现金转化率经营现金流/净利润 | 9.42× | 0.94× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流FRHCRUN
| Q4 25 | $717.8M | $96.9M | ||
| Q3 25 | $535.3M | $-121.5M | ||
| Q2 25 | $480.8M | $-292.7M | ||
| Q1 25 | $1.3B | $-104.2M | ||
| Q4 24 | $-72.8M | $-258.4M | ||
| Q3 24 | $-438.0M | $-156.2M | ||
| Q2 24 | $854.1M | $-208.5M | ||
| Q1 24 | $309.0M | $-143.1M |
自由现金流FRHCRUN
| Q4 25 | $651.7M | — | ||
| Q3 25 | $456.4M | — | ||
| Q2 25 | $450.0M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-92.7M | — | ||
| Q3 24 | $-447.5M | $-156.4M | ||
| Q2 24 | $829.9M | — | ||
| Q1 24 | — | — |
自由现金流率FRHCRUN
| Q4 25 | 103.7% | — | ||
| Q3 25 | 86.7% | — | ||
| Q2 25 | 84.4% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -14.1% | — | ||
| Q3 24 | -77.0% | -29.1% | ||
| Q2 24 | 184.1% | — | ||
| Q1 24 | — | — |
资本支出强度FRHCRUN
| Q4 25 | 10.5% | — | ||
| Q3 25 | 15.0% | — | ||
| Q2 25 | 5.8% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.0% | — | ||
| Q3 24 | 1.6% | 0.0% | ||
| Q2 24 | 5.4% | — | ||
| Q1 24 | — | — |
现金转化率FRHCRUN
| Q4 25 | 9.42× | 0.94× | ||
| Q3 25 | 13.82× | -7.33× | ||
| Q2 25 | 15.82× | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | -0.93× | — | ||
| Q3 24 | -3.82× | — | ||
| Q2 24 | 24.83× | -1.50× | ||
| Q1 24 | 3.24× | — |
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
FRHC
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% |
