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凯悦酒店集团（H）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
凯悦酒店集团的季度营收约是Sunrun Inc.的1.5倍（$1.8B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs -1.1%，领先10.1%），Sunrun Inc.同比增速更快（123.5% vs 11.7%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 2.2%）
凯悦酒店集团是来自美国的跨国酒店管理企业，总部位于芝加哥河畔广场区域，由普利兹克家族运营管理。集团主营高端及商务酒店、度假村、度假物业的管理与特许经营业务，目前在全球69个国家拥有逾1350家酒店及一价全包物业，覆盖六大洲。
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。
H vs RUN — 直观对比
营收规模更大
H
是对方的1.5倍
$1.2B
营收增速更快
RUN
高出111.8%
11.7%
净利率更高
RUN
高出10.1%
-1.1%
两年增速更快
RUN
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $-20.0M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 0.4% | 8.4% |
| 净利率 | -1.1% | 8.9% |
| 营收同比 | 11.7% | 123.5% |
| 净利润同比 | 64.3% | 103.7% |
| 每股收益（稀释后） | $-0.20 | $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HRUN
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.8B | $724.6M | ||
| Q2 25 | $1.8B | $569.3M | ||
| Q1 25 | $1.7B | $504.3M | ||
| Q4 24 | $1.6B | $518.5M | ||
| Q3 24 | $1.6B | $537.2M | ||
| Q2 24 | $1.7B | $523.9M | ||
| Q1 24 | $1.7B | $458.2M |
净利润HRUN
| Q4 25 | $-20.0M | $103.6M | ||
| Q3 25 | $-49.0M | $16.6M | ||
| Q2 25 | $-3.0M | $279.8M | ||
| Q1 25 | $20.0M | $50.0M | ||
| Q4 24 | $-56.0M | $-2.8B | ||
| Q3 24 | $471.0M | $-83.8M | ||
| Q2 24 | $359.0M | $139.1M | ||
| Q1 24 | $522.0M | $-87.8M |
营业利润率HRUN
| Q4 25 | 0.4% | 8.4% | ||
| Q3 25 | -1.0% | 0.5% | ||
| Q2 25 | 2.1% | -19.7% | ||
| Q1 25 | 3.0% | -22.8% | ||
| Q4 24 | -3.0% | -628.0% | ||
| Q3 24 | 37.3% | -23.8% | ||
| Q2 24 | 27.1% | -24.4% | ||
| Q1 24 | 31.6% | -40.0% |
净利率HRUN
| Q4 25 | -1.1% | 8.9% | ||
| Q3 25 | -2.7% | 2.3% | ||
| Q2 25 | -0.2% | 49.1% | ||
| Q1 25 | 1.2% | 9.9% | ||
| Q4 24 | -3.5% | -542.7% | ||
| Q3 24 | 28.9% | -15.6% | ||
| Q2 24 | 21.1% | 26.5% | ||
| Q1 24 | 30.5% | -19.2% |
每股收益（稀释后）HRUN
| Q4 25 | $-0.20 | $0.38 | ||
| Q3 25 | $-0.51 | $0.06 | ||
| Q2 25 | $-0.03 | $1.07 | ||
| Q1 25 | $0.19 | $0.20 | ||
| Q4 24 | $-0.37 | $-12.59 | ||
| Q3 24 | $4.63 | $-0.37 | ||
| Q2 24 | $3.46 | $0.55 | ||
| Q1 24 | $4.93 | $-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 | $813.0M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $3.3B | $3.1B |
| 总资产 | $14.0B | $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HRUN
| Q4 25 | $813.0M | — | ||
| Q3 25 | $749.0M | — | ||
| Q2 25 | $912.0M | — | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $2.0B | — | ||
| Q1 24 | $794.0M | — |
总债务HRUN
| Q4 25 | — | $14.7B | ||
| Q3 25 | $6.0B | $14.6B | ||
| Q2 25 | $6.0B | $14.0B | ||
| Q1 25 | $4.3B | $13.6B | ||
| Q4 24 | $3.8B | $12.9B | ||
| Q3 24 | $3.1B | $12.5B | ||
| Q2 24 | $3.9B | $12.0B | ||
| Q1 24 | $3.1B | $11.1B |
股东权益HRUN
| Q4 25 | $3.3B | $3.1B | ||
| Q3 25 | $3.5B | $3.0B | ||
| Q2 25 | $3.6B | $2.9B | ||
| Q1 25 | $3.5B | $2.6B | ||
| Q4 24 | $3.5B | $2.6B | ||
| Q3 24 | $3.7B | $5.3B | ||
| Q2 24 | $3.9B | $5.4B | ||
| Q1 24 | $3.7B | $5.2B |
总资产HRUN
| Q4 25 | $14.0B | $22.6B | ||
| Q3 25 | $15.7B | $22.2B | ||
| Q2 25 | $15.9B | $21.2B | ||
| Q1 25 | $14.0B | $20.4B | ||
| Q4 24 | $13.3B | $19.9B | ||
| Q3 24 | $11.9B | $22.1B | ||
| Q2 24 | $12.8B | $21.4B | ||
| Q1 24 | $11.7B | $20.8B |
负债/权益比HRUN
| Q4 25 | — | 4.69× | ||
| Q3 25 | 1.73× | 4.90× | ||
| Q2 25 | 1.69× | 4.80× | ||
| Q1 25 | 1.25× | 5.19× | ||
| Q4 24 | 1.07× | 5.05× | ||
| Q3 24 | 0.85× | 2.36× | ||
| Q2 24 | 1.01× | 2.23× | ||
| Q1 24 | 0.84× | 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 | $313.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $236.0M | — |
| 自由现金流率自由现金流/营收 | 13.2% | — |
| 资本支出强度资本支出/营收 | 4.3% | — |
| 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 | $159.0M | — |
8季度趋势，按日历期对齐
经营现金流HRUN
| Q4 25 | $313.0M | $96.9M | ||
| Q3 25 | $-20.0M | $-121.5M | ||
| Q2 25 | $-67.0M | $-292.7M | ||
| Q1 25 | $153.0M | $-104.2M | ||
| Q4 24 | $235.0M | $-258.4M | ||
| Q3 24 | $-21.0M | $-156.2M | ||
| Q2 24 | $177.0M | $-208.5M | ||
| Q1 24 | $242.0M | $-143.1M |
自由现金流HRUN
| Q4 25 | $236.0M | — | ||
| Q3 25 | $-89.0M | — | ||
| Q2 25 | $-111.0M | — | ||
| Q1 25 | $123.0M | — | ||
| Q4 24 | $184.0M | — | ||
| Q3 24 | $-64.0M | $-156.4M | ||
| Q2 24 | $135.0M | — | ||
| Q1 24 | $208.0M | — |
自由现金流率HRUN
| Q4 25 | 13.2% | — | ||
| Q3 25 | -5.0% | — | ||
| Q2 25 | -6.1% | — | ||
| Q1 25 | 7.2% | — | ||
| Q4 24 | 11.5% | — | ||
| Q3 24 | -3.9% | -29.1% | ||
| Q2 24 | 7.9% | — | ||
| Q1 24 | 12.1% | — |
资本支出强度HRUN
| Q4 25 | 4.3% | — | ||
| Q3 25 | 3.9% | — | ||
| Q2 25 | 2.4% | — | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 3.2% | — | ||
| Q3 24 | 2.6% | 0.0% | ||
| Q2 24 | 2.5% | — | ||
| Q1 24 | 2.0% | — |
现金转化率HRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | 7.65× | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.04× | — | ||
| Q2 24 | 0.49× | -1.50× | ||
| Q1 24 | 0.46× | — |
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
H
| Other | $627.0M | 35% |
| Rooms Revenue | $326.0M | 18% |
| Net Fees | $290.0M | 16% |
| Distribution Segment | $177.0M | 10% |
| Franchise And Other Fees | $114.0M | 6% |
| Base Management Fees | $112.0M | 6% |
| Incentive Management Fees | $81.0M | 5% |
| Other Owned And Leased Hotel Revenue | $41.0M | 2% |
| Contra Revenue | $17.0M | 1% |
| Other Revenues | $4.0M | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
