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华利安（HLI）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.的季度营收约是华利安的1.6倍（$1.2B vs $717.1M），华利安净利率更高（16.3% vs 8.9%，领先7.3%），Sunrun Inc.同比增速更快（123.5% vs 13.0%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 17.4%）
华利安是美国知名跨国独立投资银行及金融服务机构，1972年成立，总部位于加利福尼亚州洛杉矶世纪城的星座广场。公司为上市企业、非公众公司、机构及政府主体提供专业服务，核心业务涵盖并购咨询、资本解决方案、重组与困境并购、公允意见出具，以及财务与估值顾问等领域。
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。
HLI vs RUN — 直观对比
营收规模更大
RUN
是对方的1.6倍
$717.1M
营收增速更快
RUN
高出110.5%
13.0%
净利率更高
HLI
高出7.3%
8.9%
两年增速更快
RUN
近两年复合增速
17.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $717.1M | $1.2B |
| 净利润 | $116.5M | $103.6M |
| 毛利率 | 32.2% | — |
| 营业利润率 | 22.4% | 8.4% |
| 净利率 | 16.3% | 8.9% |
| 营收同比 | 13.0% | 123.5% |
| 净利润同比 | 22.3% | 103.7% |
| 每股收益（稀释后） | $1.70 | $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HLIRUN
| Q4 25 | $717.1M | $1.2B | ||
| Q3 25 | $659.5M | $724.6M | ||
| Q2 25 | $605.3M | $569.3M | ||
| Q1 25 | $666.4M | $504.3M | ||
| Q4 24 | $634.4M | $518.5M | ||
| Q3 24 | $575.0M | $537.2M | ||
| Q2 24 | $513.6M | $523.9M | ||
| Q1 24 | $520.5M | $458.2M |
净利润HLIRUN
| Q4 25 | $116.5M | $103.6M | ||
| Q3 25 | $111.8M | $16.6M | ||
| Q2 25 | $97.5M | $279.8M | ||
| Q1 25 | $121.9M | $50.0M | ||
| Q4 24 | $95.3M | $-2.8B | ||
| Q3 24 | $93.5M | $-83.8M | ||
| Q2 24 | $88.9M | $139.1M | ||
| Q1 24 | $81.1M | $-87.8M |
毛利率HLIRUN
| Q4 25 | 32.2% | — | ||
| Q3 25 | 33.8% | — | ||
| Q2 25 | 31.0% | — | ||
| Q1 25 | 33.9% | — | ||
| Q4 24 | 31.4% | — | ||
| Q3 24 | 33.0% | — | ||
| Q2 24 | 30.6% | — | ||
| Q1 24 | 30.3% | — |
营业利润率HLIRUN
| Q4 25 | 22.4% | 8.4% | ||
| Q3 25 | 22.9% | 0.5% | ||
| Q2 25 | 14.8% | -19.7% | ||
| Q1 25 | 20.9% | -22.8% | ||
| Q4 24 | 21.5% | -628.0% | ||
| Q3 24 | 22.7% | -23.8% | ||
| Q2 24 | 18.6% | -24.4% | ||
| Q1 24 | 19.7% | -40.0% |
净利率HLIRUN
| Q4 25 | 16.3% | 8.9% | ||
| Q3 25 | 17.0% | 2.3% | ||
| Q2 25 | 16.1% | 49.1% | ||
| Q1 25 | 18.3% | 9.9% | ||
| Q4 24 | 15.0% | -542.7% | ||
| Q3 24 | 16.3% | -15.6% | ||
| Q2 24 | 17.3% | 26.5% | ||
| Q1 24 | 15.6% | -19.2% |
每股收益（稀释后）HLIRUN
| Q4 25 | $1.70 | $0.38 | ||
| Q3 25 | $1.63 | $0.06 | ||
| Q2 25 | $1.42 | $1.07 | ||
| Q1 25 | $1.76 | $0.20 | ||
| Q4 24 | $1.39 | $-12.59 | ||
| Q3 24 | $1.37 | $-0.37 | ||
| Q2 24 | $1.30 | $0.55 | ||
| Q1 24 | $1.18 | $-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 | $1.1B | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $2.3B | $3.1B |
| 总资产 | $3.9B | $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
现金及短期投资HLIRUN
| Q4 25 | $1.1B | — | ||
| Q3 25 | $923.6M | — | ||
| Q2 25 | $793.8M | — | ||
| Q1 25 | $971.0M | — | ||
| Q4 24 | $799.3M | — | ||
| Q3 24 | $691.4M | — | ||
| Q2 24 | $449.7M | — | ||
| Q1 24 | $721.2M | — |
总债务HLIRUN
| 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HLIRUN
| Q4 25 | $2.3B | $3.1B | ||
| Q3 25 | $2.2B | $3.0B | ||
| Q2 25 | $2.2B | $2.9B | ||
| Q1 25 | $2.2B | $2.6B | ||
| Q4 24 | $2.1B | $2.6B | ||
| Q3 24 | $2.0B | $5.3B | ||
| Q2 24 | $1.8B | $5.4B | ||
| Q1 24 | $1.8B | $5.2B |
总资产HLIRUN
| Q4 25 | $3.9B | $22.6B | ||
| Q3 25 | $3.8B | $22.2B | ||
| Q2 25 | $3.5B | $21.2B | ||
| Q1 25 | $3.8B | $20.4B | ||
| Q4 24 | $3.5B | $19.9B | ||
| Q3 24 | $3.2B | $22.1B | ||
| Q2 24 | $2.9B | $21.4B | ||
| Q1 24 | $3.2B | $20.8B |
负债/权益比HLIRUN
| 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 | $217.7M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $217.0M | — |
| 自由现金流率自由现金流/营收 | 30.3% | — |
| 资本支出强度资本支出/营收 | 0.1% | — |
| 现金转化率经营现金流/净利润 | 1.87× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $738.9M | — |
8季度趋势，按日历期对齐
经营现金流HLIRUN
| Q4 25 | $217.7M | $96.9M | ||
| Q3 25 | $325.0M | $-121.5M | ||
| Q2 25 | $-131.6M | $-292.7M | ||
| Q1 25 | $358.4M | $-104.2M | ||
| Q4 24 | $265.5M | $-258.4M | ||
| Q3 24 | $289.2M | $-156.2M | ||
| Q2 24 | $-64.5M | $-208.5M | ||
| Q1 24 | $225.3M | $-143.1M |
自由现金流HLIRUN
| Q4 25 | $217.0M | — | ||
| Q3 25 | $322.8M | — | ||
| Q2 25 | $-144.8M | — | ||
| Q1 25 | $343.9M | — | ||
| Q4 24 | $261.7M | — | ||
| Q3 24 | $278.7M | $-156.4M | ||
| Q2 24 | $-75.4M | — | ||
| Q1 24 | $213.1M | — |
自由现金流率HLIRUN
| Q4 25 | 30.3% | — | ||
| Q3 25 | 49.0% | — | ||
| Q2 25 | -23.9% | — | ||
| Q1 25 | 51.6% | — | ||
| Q4 24 | 41.2% | — | ||
| Q3 24 | 48.5% | -29.1% | ||
| Q2 24 | -14.7% | — | ||
| Q1 24 | 40.9% | — |
资本支出强度HLIRUN
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 2.2% | — | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 1.8% | 0.0% | ||
| Q2 24 | 2.1% | — | ||
| Q1 24 | 2.3% | — |
现金转化率HLIRUN
| Q4 25 | 1.87× | 0.94× | ||
| Q3 25 | 2.91× | -7.33× | ||
| Q2 25 | -1.35× | -1.05× | ||
| Q1 25 | 2.94× | -2.08× | ||
| Q4 24 | 2.79× | — | ||
| Q3 24 | 3.09× | — | ||
| Q2 24 | -0.73× | -1.50× | ||
| Q1 24 | 2.78× | — |
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
HLI
| Corporate Finance | $473.7M | 66% |
| Financial Restructuring | $156.3M | 22% |
| Financial Advisory Services | $87.1M | 12% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
