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Global Payments（GPN）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
Global Payments的季度营收约是Sunrun Inc.的1.1倍（$1.3B vs $1.2B），Global Payments净利率更高（16.4% vs 8.9%，领先7.4%），Sunrun Inc.同比增速更快（123.5% vs -47.1%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -25.9%）
Global Payments Inc.是美国跨国金融科技企业，面向商户、发卡机构及消费者提供支付技术与相关服务，支持信用卡、借记卡、数字支付及非接触式支付的交易处理，2021年6月入选《财富》500强榜单。
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。
GPN vs RUN — 直观对比
营收规模更大
GPN
是对方的1.1倍
$1.2B
营收增速更快
RUN
高出170.7%
-47.1%
净利率更高
GPN
高出7.4%
8.9%
两年增速更快
RUN
近两年复合增速
-25.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.2B |
| 净利润 | $217.5M | $103.6M |
| 毛利率 | 89.7% | — |
| 营业利润率 | 5.9% | 8.4% |
| 净利率 | 16.4% | 8.9% |
| 营收同比 | -47.1% | 123.5% |
| 净利润同比 | -61.6% | 103.7% |
| 每股收益（稀释后） | $0.91 | $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GPNRUN
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $2.0B | $724.6M | ||
| Q2 25 | $2.0B | $569.3M | ||
| Q1 25 | $2.4B | $504.3M | ||
| Q4 24 | $2.5B | $518.5M | ||
| Q3 24 | $2.6B | $537.2M | ||
| Q2 24 | $2.6B | $523.9M | ||
| Q1 24 | $2.4B | $458.2M |
净利润GPNRUN
| Q4 25 | $217.5M | $103.6M | ||
| Q3 25 | $635.2M | $16.6M | ||
| Q2 25 | $241.6M | $279.8M | ||
| Q1 25 | $305.7M | $50.0M | ||
| Q4 24 | $567.2M | $-2.8B | ||
| Q3 24 | $315.1M | $-83.8M | ||
| Q2 24 | $374.8M | $139.1M | ||
| Q1 24 | $313.3M | $-87.8M |
毛利率GPNRUN
| Q4 25 | 89.7% | — | ||
| Q3 25 | 72.3% | — | ||
| Q2 25 | 74.5% | — | ||
| Q1 25 | 61.8% | — | ||
| Q4 24 | 62.1% | — | ||
| Q3 24 | 63.6% | — | ||
| Q2 24 | 63.5% | — | ||
| Q1 24 | 61.9% | — |
营业利润率GPNRUN
| Q4 25 | 5.9% | 8.4% | ||
| Q3 25 | 38.8% | 0.5% | ||
| Q2 25 | 21.8% | -19.7% | ||
| Q1 25 | 19.5% | -22.8% | ||
| Q4 24 | 33.1% | -628.0% | ||
| Q3 24 | 18.3% | -23.8% | ||
| Q2 24 | 22.3% | -24.4% | ||
| Q1 24 | 18.7% | -40.0% |
净利率GPNRUN
| Q4 25 | 16.4% | 8.9% | ||
| Q3 25 | 31.6% | 2.3% | ||
| Q2 25 | 12.3% | 49.1% | ||
| Q1 25 | 12.7% | 9.9% | ||
| Q4 24 | 22.5% | -542.7% | ||
| Q3 24 | 12.1% | -15.6% | ||
| Q2 24 | 14.6% | 26.5% | ||
| Q1 24 | 12.9% | -19.2% |
每股收益（稀释后）GPNRUN
| Q4 25 | $0.91 | $0.38 | ||
| Q3 25 | $2.64 | $0.06 | ||
| Q2 25 | $0.99 | $1.07 | ||
| Q1 25 | $1.24 | $0.20 | ||
| Q4 24 | $2.23 | $-12.59 | ||
| Q3 24 | $1.24 | $-0.37 | ||
| Q2 24 | $1.47 | $0.55 | ||
| Q1 24 | $1.22 | $-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 | $8.3B | — |
| 总债务越低越好 | $19.5B | $14.7B |
| 股东权益账面价值 | $22.9B | $3.1B |
| 总资产 | $53.3B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.85× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资GPNRUN
| Q4 25 | $8.3B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.6B | — | ||
| Q1 25 | $2.9B | — | ||
| Q4 24 | $2.5B | — | ||
| Q3 24 | $2.9B | — | ||
| Q2 24 | $2.1B | — | ||
| Q1 24 | $2.2B | — |
总债务GPNRUN
| Q4 25 | $19.5B | $14.7B | ||
| Q3 25 | $13.3B | $14.6B | ||
| Q2 25 | $14.2B | $14.0B | ||
| Q1 25 | $15.0B | $13.6B | ||
| Q4 24 | $15.2B | $12.9B | ||
| Q3 24 | $15.2B | $12.5B | ||
| Q2 24 | $15.6B | $12.0B | ||
| Q1 24 | $15.6B | $11.1B |
股东权益GPNRUN
| Q4 25 | $22.9B | $3.1B | ||
| Q3 25 | $22.7B | $3.0B | ||
| Q2 25 | $22.6B | $2.9B | ||
| Q1 25 | $22.2B | $2.6B | ||
| Q4 24 | $22.3B | $2.6B | ||
| Q3 24 | $22.8B | $5.3B | ||
| Q2 24 | $22.4B | $5.4B | ||
| Q1 24 | $22.2B | $5.2B |
总资产GPNRUN
| Q4 25 | $53.3B | $22.6B | ||
| Q3 25 | $48.0B | $22.2B | ||
| Q2 25 | $48.5B | $21.2B | ||
| Q1 25 | $47.6B | $20.4B | ||
| Q4 24 | $46.9B | $19.9B | ||
| Q3 24 | $50.0B | $22.1B | ||
| Q2 24 | $50.8B | $21.4B | ||
| Q1 24 | $51.8B | $20.8B |
负债/权益比GPNRUN
| Q4 25 | 0.85× | 4.69× | ||
| Q3 25 | 0.59× | 4.90× | ||
| Q2 25 | 0.63× | 4.80× | ||
| Q1 25 | 0.67× | 5.19× | ||
| Q4 24 | 0.68× | 5.05× | ||
| Q3 24 | 0.67× | 2.36× | ||
| Q2 24 | 0.70× | 2.23× | ||
| Q1 24 | 0.70× | 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 | $515.2M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $347.0M | — |
| 自由现金流率自由现金流/营收 | 26.1% | — |
| 资本支出强度资本支出/营收 | 12.7% | — |
| 现金转化率经营现金流/净利润 | 2.37× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $2.0B | — |
8季度趋势，按日历期对齐
经营现金流GPNRUN
| Q4 25 | $515.2M | $96.9M | ||
| Q3 25 | $768.7M | $-121.5M | ||
| Q2 25 | $817.5M | $-292.7M | ||
| Q1 25 | $555.1M | $-104.2M | ||
| Q4 24 | $653.4M | $-258.4M | ||
| Q3 24 | $1.7B | $-156.2M | ||
| Q2 24 | $736.9M | $-208.5M | ||
| Q1 24 | $416.3M | $-143.1M |
自由现金流GPNRUN
| Q4 25 | $347.0M | — | ||
| Q3 25 | $598.9M | — | ||
| Q2 25 | $665.4M | — | ||
| Q1 25 | $427.5M | — | ||
| Q4 24 | $469.4M | — | ||
| Q3 24 | $1.6B | $-156.4M | ||
| Q2 24 | $557.7M | — | ||
| Q1 24 | $270.9M | — |
自由现金流率GPNRUN
| Q4 25 | 26.1% | — | ||
| Q3 25 | 29.8% | — | ||
| Q2 25 | 34.0% | — | ||
| Q1 25 | 17.7% | — | ||
| Q4 24 | 18.7% | — | ||
| Q3 24 | 60.0% | -29.1% | ||
| Q2 24 | 21.7% | — | ||
| Q1 24 | 11.2% | — |
资本支出强度GPNRUN
| Q4 25 | 12.7% | — | ||
| Q3 25 | 8.5% | — | ||
| Q2 25 | 7.8% | — | ||
| Q1 25 | 5.3% | — | ||
| Q4 24 | 7.3% | — | ||
| Q3 24 | 6.4% | 0.0% | ||
| Q2 24 | 7.0% | — | ||
| Q1 24 | 6.0% | — |
现金转化率GPNRUN
| Q4 25 | 2.37× | 0.94× | ||
| Q3 25 | 1.21× | -7.33× | ||
| Q2 25 | 3.38× | -1.05× | ||
| Q1 25 | 1.82× | -2.08× | ||
| Q4 24 | 1.15× | — | ||
| Q3 24 | 5.48× | — | ||
| Q2 24 | 1.97× | -1.50× | ||
| Q1 24 | 1.33× | — |
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
GPN
| Integrated And Embedded Solutions | $869.3M | 65% |
| Point Of Sale And Software Solutions | $281.7M | 21% |
| Other | $178.4M | 13% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
