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亨斯迈（HUN）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
亨斯迈的季度营收约是Sunrun Inc.的1.2倍（$1.4B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs -7.1%，领先16.0%），Sunrun Inc.同比增速更快（123.5% vs -6.7%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -4.0%）
亨斯迈公司是总部位于美国得克萨斯州伍德兰兹的全球化化工巨头，面向消费端与工业客户生产、销售各类化工产品，主营聚氨酯、高性能材料及胶粘剂，客户覆盖宝马、通用电气、雪佛龙、宝洁、联合利华等知名品牌。目前公司在全球25个国家设有60余处生产、研发及运营基地，员工约7000人。
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。
HUN vs RUN — 直观对比
营收规模更大
HUN
是对方的1.2倍
$1.2B
营收增速更快
RUN
高出130.2%
-6.7%
净利率更高
RUN
高出16.0%
-7.1%
两年增速更快
RUN
近两年复合增速
-4.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.2B |
| 净利润 | $-96.0M | $103.6M |
| 毛利率 | 12.1% | — |
| 营业利润率 | -4.4% | 8.4% |
| 净利率 | -7.1% | 8.9% |
| 营收同比 | -6.7% | 123.5% |
| 净利润同比 | 31.9% | 103.7% |
| 每股收益（稀释后） | $-0.56 | $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HUNRUN
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.5B | $724.6M | ||
| Q2 25 | $1.5B | $569.3M | ||
| Q1 25 | $1.4B | $504.3M | ||
| Q4 24 | $1.5B | $518.5M | ||
| Q3 24 | $1.5B | $537.2M | ||
| Q2 24 | $1.6B | $523.9M | ||
| Q1 24 | $1.5B | $458.2M |
净利润HUNRUN
| Q4 25 | $-96.0M | $103.6M | ||
| Q3 25 | $-25.0M | $16.6M | ||
| Q2 25 | $-158.0M | $279.8M | ||
| Q1 25 | $-5.0M | $50.0M | ||
| Q4 24 | $-141.0M | $-2.8B | ||
| Q3 24 | $-33.0M | $-83.8M | ||
| Q2 24 | $22.0M | $139.1M | ||
| Q1 24 | $-37.0M | $-87.8M |
毛利率HUNRUN
| Q4 25 | 12.1% | — | ||
| Q3 25 | 14.0% | — | ||
| Q2 25 | 12.5% | — | ||
| Q1 25 | 14.3% | — | ||
| Q4 24 | 12.9% | — | ||
| Q3 24 | 15.2% | — | ||
| Q2 24 | 15.4% | — | ||
| Q1 24 | 13.7% | — |
营业利润率HUNRUN
| Q4 25 | -4.4% | 8.4% | ||
| Q3 25 | 0.4% | 0.5% | ||
| Q2 25 | -8.2% | -19.7% | ||
| Q1 25 | 3.0% | -22.8% | ||
| Q4 24 | -4.3% | -628.0% | ||
| Q3 24 | 2.7% | -23.8% | ||
| Q2 24 | 2.2% | -24.4% | ||
| Q1 24 | -2.6% | -40.0% |
净利率HUNRUN
| Q4 25 | -7.1% | 8.9% | ||
| Q3 25 | -1.7% | 2.3% | ||
| Q2 25 | -10.8% | 49.1% | ||
| Q1 25 | -0.4% | 9.9% | ||
| Q4 24 | -9.7% | -542.7% | ||
| Q3 24 | -2.1% | -15.6% | ||
| Q2 24 | 1.4% | 26.5% | ||
| Q1 24 | -2.5% | -19.2% |
每股收益（稀释后）HUNRUN
| Q4 25 | $-0.56 | $0.38 | ||
| Q3 25 | $-0.14 | $0.06 | ||
| Q2 25 | $-0.92 | $1.07 | ||
| Q1 25 | $-0.03 | $0.20 | ||
| Q4 24 | $-0.82 | $-12.59 | ||
| Q3 24 | $-0.19 | $-0.37 | ||
| Q2 24 | $0.13 | $0.55 | ||
| Q1 24 | $-0.22 | $-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 | $429.0M | — |
| 总债务越低越好 | $2.0B | $14.7B |
| 股东权益账面价值 | $2.8B | $3.1B |
| 总资产 | $7.0B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.73× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资HUNRUN
| Q4 25 | $429.0M | — | ||
| Q3 25 | $468.0M | — | ||
| Q2 25 | $399.0M | — | ||
| Q1 25 | $334.0M | — | ||
| Q4 24 | $340.0M | — | ||
| Q3 24 | $330.0M | — | ||
| Q2 24 | $335.0M | — | ||
| Q1 24 | $552.0M | — |
总债务HUNRUN
| Q4 25 | $2.0B | $14.7B | ||
| Q3 25 | $2.0B | $14.6B | ||
| Q2 25 | $2.0B | $14.0B | ||
| Q1 25 | $2.0B | $13.6B | ||
| Q4 24 | $1.8B | $12.9B | ||
| Q3 24 | $1.9B | $12.5B | ||
| Q2 24 | $1.9B | $12.0B | ||
| Q1 24 | $2.1B | $11.1B |
股东权益HUNRUN
| Q4 25 | $2.8B | $3.1B | ||
| Q3 25 | $2.8B | $3.0B | ||
| Q2 25 | $2.8B | $2.9B | ||
| Q1 25 | $3.0B | $2.6B | ||
| Q4 24 | $3.0B | $2.6B | ||
| Q3 24 | $3.1B | $5.3B | ||
| Q2 24 | $3.1B | $5.4B | ||
| Q1 24 | $3.2B | $5.2B |
总资产HUNRUN
| Q4 25 | $7.0B | $22.6B | ||
| Q3 25 | $7.1B | $22.2B | ||
| Q2 25 | $7.1B | $21.2B | ||
| Q1 25 | $7.2B | $20.4B | ||
| Q4 24 | $7.1B | $19.9B | ||
| Q3 24 | $7.3B | $22.1B | ||
| Q2 24 | $7.3B | $21.4B | ||
| Q1 24 | $7.6B | $20.8B |
负债/权益比HUNRUN
| Q4 25 | 0.73× | 4.69× | ||
| Q3 25 | 0.73× | 4.90× | ||
| Q2 25 | 0.72× | 4.80× | ||
| Q1 25 | 0.66× | 5.19× | ||
| Q4 24 | 0.62× | 5.05× | ||
| Q3 24 | 0.60× | 2.36× | ||
| Q2 24 | 0.62× | 2.23× | ||
| Q1 24 | 0.65× | 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 | $76.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $19.0M | — |
| 自由现金流率自由现金流/营收 | 1.4% | — |
| 资本支出强度资本支出/营收 | 4.2% | — |
| 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 | $116.0M | — |
8季度趋势，按日历期对齐
经营现金流HUNRUN
| Q4 25 | $76.0M | $96.9M | ||
| Q3 25 | $196.0M | $-121.5M | ||
| Q2 25 | $91.0M | $-292.7M | ||
| Q1 25 | $-74.0M | $-104.2M | ||
| Q4 24 | $153.0M | $-258.4M | ||
| Q3 24 | $129.0M | $-156.2M | ||
| Q2 24 | $46.0M | $-208.5M | ||
| Q1 24 | $-65.0M | $-143.1M |
自由现金流HUNRUN
| Q4 25 | $19.0M | — | ||
| Q3 25 | $153.0M | — | ||
| Q2 25 | $54.0M | — | ||
| Q1 25 | $-110.0M | — | ||
| Q4 24 | $102.0M | — | ||
| Q3 24 | $88.0M | $-156.4M | ||
| Q2 24 | $-4.0M | — | ||
| Q1 24 | $-107.0M | — |
自由现金流率HUNRUN
| Q4 25 | 1.4% | — | ||
| Q3 25 | 10.5% | — | ||
| Q2 25 | 3.7% | — | ||
| Q1 25 | -7.8% | — | ||
| Q4 24 | 7.0% | — | ||
| Q3 24 | 5.7% | -29.1% | ||
| Q2 24 | -0.3% | — | ||
| Q1 24 | -7.3% | — |
资本支出强度HUNRUN
| Q4 25 | 4.2% | — | ||
| Q3 25 | 2.9% | — | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 3.5% | — | ||
| Q3 24 | 2.7% | 0.0% | ||
| Q2 24 | 3.2% | — | ||
| Q1 24 | 2.9% | — |
现金转化率HUNRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 2.09× | -1.50× | ||
| Q1 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
HUN
| Diversified | $897.0M | 66% |
| Specialty | $231.0M | 17% |
| Performance Products | $113.0M | 8% |
| Advanced Materials | $61.0M | 5% |
| Related Party Customers | $19.0M | 1% |
| Other | $12.0M | 1% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
