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高德纳（IT）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
高德纳的季度营收约是Sunrun Inc.的1.5倍（$1.8B vs $1.2B），高德纳净利率更高（13.8% vs 8.9%，领先4.9%），Sunrun Inc.同比增速更快（123.5% vs 2.2%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 9.1%）
高德纳是美国专注于商业与科技领域的研究咨询机构，服务客户覆盖大型企业、政府机构、科技公司、投资机构等群体，通过输出研究报告、举办行业峰会、提供定制咨询等形式，为客户决策提供权威专业的洞见支撑。
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。
IT vs RUN — 直观对比
营收规模更大
IT
是对方的1.5倍
$1.2B
营收增速更快
RUN
高出121.3%
2.2%
净利率更高
IT
高出4.9%
8.9%
两年增速更快
RUN
近两年复合增速
9.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $242.2M | $103.6M |
| 毛利率 | 67.8% | — |
| 营业利润率 | 19.1% | 8.4% |
| 净利率 | 13.8% | 8.9% |
| 营收同比 | 2.2% | 123.5% |
| 净利润同比 | -39.2% | 103.7% |
| 每股收益（稀释后） | $3.36 | $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ITRUN
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $1.5B | $724.6M | ||
| Q2 25 | $1.7B | $569.3M | ||
| Q1 25 | $1.5B | $504.3M | ||
| Q4 24 | $1.7B | $518.5M | ||
| Q3 24 | $1.5B | $537.2M | ||
| Q2 24 | $1.6B | $523.9M | ||
| Q1 24 | $1.5B | $458.2M |
净利润ITRUN
| Q4 25 | $242.2M | $103.6M | ||
| Q3 25 | $35.4M | $16.6M | ||
| Q2 25 | $240.8M | $279.8M | ||
| Q1 25 | $210.9M | $50.0M | ||
| Q4 24 | $398.6M | $-2.8B | ||
| Q3 24 | $415.0M | $-83.8M | ||
| Q2 24 | $229.5M | $139.1M | ||
| Q1 24 | $210.5M | $-87.8M |
毛利率ITRUN
| Q4 25 | 67.8% | — | ||
| Q3 25 | 69.3% | — | ||
| Q2 25 | 68.6% | — | ||
| Q1 25 | 69.4% | — | ||
| Q4 24 | 66.8% | — | ||
| Q3 24 | 68.4% | — | ||
| Q2 24 | 68.6% | — | ||
| Q1 24 | 69.4% | — |
营业利润率ITRUN
| Q4 25 | 19.1% | 8.4% | ||
| Q3 25 | 5.7% | 0.5% | ||
| Q2 25 | 19.4% | -19.7% | ||
| Q1 25 | 18.1% | -22.8% | ||
| Q4 24 | 18.5% | -628.0% | ||
| Q3 24 | 16.6% | -23.8% | ||
| Q2 24 | 20.0% | -24.4% | ||
| Q1 24 | 18.6% | -40.0% |
净利率ITRUN
| Q4 25 | 13.8% | 8.9% | ||
| Q3 25 | 2.3% | 2.3% | ||
| Q2 25 | 14.3% | 49.1% | ||
| Q1 25 | 13.7% | 9.9% | ||
| Q4 24 | 23.2% | -542.7% | ||
| Q3 24 | 28.0% | -15.6% | ||
| Q2 24 | 14.4% | 26.5% | ||
| Q1 24 | 14.3% | -19.2% |
每股收益（稀释后）ITRUN
| Q4 25 | $3.36 | $0.38 | ||
| Q3 25 | $0.47 | $0.06 | ||
| Q2 25 | $3.11 | $1.07 | ||
| Q1 25 | $2.71 | $0.20 | ||
| Q4 24 | $5.08 | $-12.59 | ||
| Q3 24 | $5.32 | $-0.37 | ||
| Q2 24 | $2.93 | $0.55 | ||
| Q1 24 | $2.67 | $-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 | $1.7B | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $319.9M | $3.1B |
| 总资产 | $8.1B | $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ITRUN
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
总债务ITRUN
| 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ITRUN
| Q4 25 | $319.9M | $3.1B | ||
| Q3 25 | $556.6M | $3.0B | ||
| Q2 25 | $1.5B | $2.9B | ||
| Q1 25 | $1.5B | $2.6B | ||
| Q4 24 | $1.4B | $2.6B | ||
| Q3 24 | $1.1B | $5.3B | ||
| Q2 24 | $646.7M | $5.4B | ||
| Q1 24 | $718.2M | $5.2B |
总资产ITRUN
| Q4 25 | $8.1B | $22.6B | ||
| Q3 25 | $7.2B | $22.2B | ||
| Q2 25 | $8.3B | $21.2B | ||
| Q1 25 | $8.5B | $20.4B | ||
| Q4 24 | $8.5B | $19.9B | ||
| Q3 24 | $7.8B | $22.1B | ||
| Q2 24 | $7.4B | $21.4B | ||
| Q1 24 | $7.7B | $20.8B |
负债/权益比ITRUN
| 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 | $294.5M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $270.7M | — |
| 自由现金流率自由现金流/营收 | 15.4% | — |
| 资本支出强度资本支出/营收 | 1.4% | — |
| 现金转化率经营现金流/净利润 | 1.22× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $1.2B | — |
8季度趋势，按日历期对齐
经营现金流ITRUN
| Q4 25 | $294.5M | $96.9M | ||
| Q3 25 | $298.7M | $-121.5M | ||
| Q2 25 | $383.6M | $-292.7M | ||
| Q1 25 | $313.5M | $-104.2M | ||
| Q4 24 | $335.4M | $-258.4M | ||
| Q3 24 | $590.8M | $-156.2M | ||
| Q2 24 | $370.0M | $-208.5M | ||
| Q1 24 | $188.8M | $-143.1M |
自由现金流ITRUN
| Q4 25 | $270.7M | — | ||
| Q3 25 | $269.3M | — | ||
| Q2 25 | $347.3M | — | ||
| Q1 25 | $287.9M | — | ||
| Q4 24 | $311.4M | — | ||
| Q3 24 | $565.0M | $-156.4M | ||
| Q2 24 | $340.6M | — | ||
| Q1 24 | $166.2M | — |
自由现金流率ITRUN
| Q4 25 | 15.4% | — | ||
| Q3 25 | 17.7% | — | ||
| Q2 25 | 20.6% | — | ||
| Q1 25 | 18.8% | — | ||
| Q4 24 | 18.2% | — | ||
| Q3 24 | 38.1% | -29.1% | ||
| Q2 24 | 21.4% | — | ||
| Q1 24 | 11.3% | — |
资本支出强度ITRUN
| Q4 25 | 1.4% | — | ||
| Q3 25 | 1.9% | — | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 1.7% | 0.0% | ||
| Q2 24 | 1.8% | — | ||
| Q1 24 | 1.5% | — |
现金转化率ITRUN
| Q4 25 | 1.22× | 0.94× | ||
| Q3 25 | 8.45× | -7.33× | ||
| Q2 25 | 1.59× | -1.05× | ||
| Q1 25 | 1.49× | -2.08× | ||
| Q4 24 | 0.84× | — | ||
| Q3 24 | 1.42× | — | ||
| Q2 24 | 1.61× | -1.50× | ||
| Q1 24 | 0.90× | — |
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
IT
| Transferred Over Time | $1.3B | 73% |
| Conferences | $286.2M | 16% |
| Consulting | $133.6M | 8% |
| Other | $52.3M | 3% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
