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Helmerich & Payne, Inc.（HP）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Helmerich & Payne, Inc.的1.2倍（$1.2B vs $981.1M），Sunrun Inc.净利率更高（8.9% vs -9.9%，领先18.8%），Sunrun Inc.同比增速更快（123.5% vs 45.4%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 19.7%）
Helmerich & Payne（简称H&P）是总部位于美国俄克拉荷马州塔尔萨的跨国石油钻探承包商，为油气勘探开发企业提供钻井及相关配套服务。公司1998年推出的FlexRigs系列钻井平台广泛应用于非常规页岩地层钻探作业，是全球最大的陆上钻探服务商之一。
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。
HP vs RUN — 直观对比
营收规模更大
RUN
是对方的1.2倍
$981.1M
营收增速更快
RUN
高出78.1%
45.4%
净利率更高
RUN
高出18.8%
-9.9%
两年增速更快
RUN
近两年复合增速
19.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $981.1M | $1.2B |
| 净利润 | $-96.7M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | -6.1% | 8.4% |
| 净利率 | -9.9% | 8.9% |
| 营收同比 | 45.4% | 123.5% |
| 净利润同比 | -276.6% | 103.7% |
| 每股收益（稀释后） | $-0.98 | $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HPRUN
| Q4 25 | $981.1M | $1.2B | ||
| Q3 25 | $953.8M | $724.6M | ||
| Q2 25 | $1.0B | $569.3M | ||
| Q1 25 | $1.0B | $504.3M | ||
| Q4 24 | $674.6M | $518.5M | ||
| Q3 24 | $691.3M | $537.2M | ||
| Q2 24 | $695.1M | $523.9M | ||
| Q1 24 | $685.1M | $458.2M |
净利润HPRUN
| Q4 25 | $-96.7M | $103.6M | ||
| Q3 25 | $-57.4M | $16.6M | ||
| Q2 25 | $-162.8M | $279.8M | ||
| Q1 25 | $1.7M | $50.0M | ||
| Q4 24 | $54.8M | $-2.8B | ||
| Q3 24 | $75.5M | $-83.8M | ||
| Q2 24 | $88.7M | $139.1M | ||
| Q1 24 | $84.8M | $-87.8M |
营业利润率HPRUN
| Q4 25 | -6.1% | 8.4% | ||
| Q3 25 | -0.1% | 0.5% | ||
| Q2 25 | -12.4% | -19.7% | ||
| Q1 25 | 4.2% | -22.8% | ||
| Q4 24 | 13.3% | -628.0% | ||
| Q3 24 | 15.4% | -23.8% | ||
| Q2 24 | 16.0% | -24.4% | ||
| Q1 24 | 16.1% | -40.0% |
净利率HPRUN
| Q4 25 | -9.9% | 8.9% | ||
| Q3 25 | -6.0% | 2.3% | ||
| Q2 25 | -15.7% | 49.1% | ||
| Q1 25 | 0.2% | 9.9% | ||
| Q4 24 | 8.1% | -542.7% | ||
| Q3 24 | 10.9% | -15.6% | ||
| Q2 24 | 12.8% | 26.5% | ||
| Q1 24 | 12.4% | -19.2% |
每股收益（稀释后）HPRUN
| Q4 25 | $-0.98 | $0.38 | ||
| Q3 25 | $-0.57 | $0.06 | ||
| Q2 25 | $-1.64 | $1.07 | ||
| Q1 25 | $0.01 | $0.20 | ||
| Q4 24 | $0.54 | $-12.59 | ||
| Q3 24 | $0.77 | $-0.37 | ||
| Q2 24 | $0.88 | $0.55 | ||
| Q1 24 | $0.84 | $-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 | $269.0M | — |
| 总债务越低越好 | $2.0B | $14.7B |
| 股东权益账面价值 | $2.7B | $3.1B |
| 总资产 | $6.5B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.75× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资HPRUN
| Q4 25 | $269.0M | — | ||
| Q3 25 | $218.3M | — | ||
| Q2 25 | $187.4M | — | ||
| Q1 25 | $195.6M | — | ||
| Q4 24 | $526.5M | — | ||
| Q3 24 | $510.3M | — | ||
| Q2 24 | $289.7M | — | ||
| Q1 24 | $277.0M | — |
总债务HPRUN
| Q4 25 | $2.0B | $14.7B | ||
| Q3 25 | $2.1B | $14.6B | ||
| Q2 25 | $2.2B | $14.0B | ||
| Q1 25 | $2.2B | $13.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | $1.8B | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益HPRUN
| Q4 25 | $2.7B | $3.1B | ||
| Q3 25 | $2.8B | $3.0B | ||
| Q2 25 | $2.9B | $2.9B | ||
| Q1 25 | $3.1B | $2.6B | ||
| Q4 24 | $2.9B | $2.6B | ||
| Q3 24 | $2.9B | $5.3B | ||
| Q2 24 | $2.9B | $5.4B | ||
| Q1 24 | $2.8B | $5.2B |
总资产HPRUN
| Q4 25 | $6.5B | $22.6B | ||
| Q3 25 | $6.7B | $22.2B | ||
| Q2 25 | $6.9B | $21.2B | ||
| Q1 25 | $7.2B | $20.4B | ||
| Q4 24 | $5.8B | $19.9B | ||
| Q3 24 | $5.8B | $22.1B | ||
| Q2 24 | $4.5B | $21.4B | ||
| Q1 24 | $4.4B | $20.8B |
负债/权益比HPRUN
| Q4 25 | 0.75× | 4.69× | ||
| Q3 25 | 0.73× | 4.90× | ||
| Q2 25 | 0.76× | 4.80× | ||
| Q1 25 | 0.73× | 5.19× | ||
| Q4 24 | — | 5.05× | ||
| Q3 24 | 0.61× | 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 | $182.4M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $114.9M | — |
| 自由现金流率自由现金流/营收 | 11.7% | — |
| 资本支出强度资本支出/营收 | 6.9% | — |
| 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 | $179.6M | — |
8季度趋势，按日历期对齐
经营现金流HPRUN
| Q4 25 | $182.4M | $96.9M | ||
| Q3 25 | $206.9M | $-121.5M | ||
| Q2 25 | $121.6M | $-292.7M | ||
| Q1 25 | $56.0M | $-104.2M | ||
| Q4 24 | $158.4M | $-258.4M | ||
| Q3 24 | $168.8M | $-156.2M | ||
| Q2 24 | $197.4M | $-208.5M | ||
| Q1 24 | $143.7M | $-143.1M |
自由现金流HPRUN
| Q4 25 | $114.9M | — | ||
| Q3 25 | $142.8M | — | ||
| Q2 25 | $24.6M | — | ||
| Q1 25 | $-102.7M | — | ||
| Q4 24 | $51.9M | — | ||
| Q3 24 | $62.8M | $-156.4M | ||
| Q2 24 | $63.0M | — | ||
| Q1 24 | $25.4M | — |
自由现金流率HPRUN
| Q4 25 | 11.7% | — | ||
| Q3 25 | 15.0% | — | ||
| Q2 25 | 2.4% | — | ||
| Q1 25 | -10.1% | — | ||
| Q4 24 | 7.7% | — | ||
| Q3 24 | 9.1% | -29.1% | ||
| Q2 24 | 9.1% | — | ||
| Q1 24 | 3.7% | — |
资本支出强度HPRUN
| Q4 25 | 6.9% | — | ||
| Q3 25 | 6.7% | — | ||
| Q2 25 | 9.3% | — | ||
| Q1 25 | 15.7% | — | ||
| Q4 24 | 15.8% | — | ||
| Q3 24 | 15.3% | 0.0% | ||
| Q2 24 | 19.3% | — | ||
| Q1 24 | 17.3% | — |
现金转化率HPRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | 33.89× | -2.08× | ||
| Q4 24 | 2.89× | — | ||
| Q3 24 | 2.24× | — | ||
| Q2 24 | 2.23× | -1.50× | ||
| Q1 24 | 1.69× | — |
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
HP
| North America Solutions | $563.6M | 57% |
| International Solutions Segment | $229.3M | 23% |
| Offshore Solutions | $188.3M | 19% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
