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景顺（IVZ）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
景顺的季度营收约是Sunrun Inc.的1.5倍（$1.7B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs -58.9%，领先67.8%），Sunrun Inc.同比增速更快（123.5% vs 6.2%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 7.1%）
景顺是总部位于美国佐治亚州亚特兰大的独立投资管理企业，在全球20个国家设有分支机构，旗下运营景顺、Invesco Perpetual、PowerShares等品牌，普通股为标普500指数成分股，于纽约证券交易所挂牌交易。
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。
IVZ vs RUN — 直观对比
营收规模更大
IVZ
是对方的1.5倍
$1.2B
营收增速更快
RUN
高出117.3%
6.2%
净利率更高
RUN
高出67.8%
-58.9%
两年增速更快
RUN
近两年复合增速
7.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.2B |
| 净利润 | $-995.9M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | -86.2% | 8.4% |
| 净利率 | -58.9% | 8.9% |
| 营收同比 | 6.2% | 123.5% |
| 净利润同比 | -575.8% | 103.7% |
| 每股收益（稀释后） | $-2.61 | $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IVZRUN
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.6B | $724.6M | ||
| Q2 25 | $1.5B | $569.3M | ||
| Q1 25 | $1.5B | $504.3M | ||
| Q4 24 | $1.6B | $518.5M | ||
| Q3 24 | $1.5B | $537.2M | ||
| Q2 24 | $1.5B | $523.9M | ||
| Q1 24 | $1.5B | $458.2M |
净利润IVZRUN
| Q4 25 | $-995.9M | $103.6M | ||
| Q3 25 | $356.4M | $16.6M | ||
| Q2 25 | $197.4M | $279.8M | ||
| Q1 25 | $171.1M | $50.0M | ||
| Q4 24 | $209.3M | $-2.8B | ||
| Q3 24 | $55.0M | $-83.8M | ||
| Q2 24 | $132.2M | $139.1M | ||
| Q1 24 | $141.5M | $-87.8M |
营业利润率IVZRUN
| Q4 25 | -86.2% | 8.4% | ||
| Q3 25 | 16.5% | 0.5% | ||
| Q2 25 | 14.1% | -19.7% | ||
| Q1 25 | 18.1% | -22.8% | ||
| Q4 24 | 19.6% | -628.0% | ||
| Q3 24 | 6.6% | -23.8% | ||
| Q2 24 | 13.9% | -24.4% | ||
| Q1 24 | 14.4% | -40.0% |
净利率IVZRUN
| Q4 25 | -58.9% | 8.9% | ||
| Q3 25 | 21.7% | 2.3% | ||
| Q2 25 | 13.0% | 49.1% | ||
| Q1 25 | 11.2% | 9.9% | ||
| Q4 24 | 13.1% | -542.7% | ||
| Q3 24 | 3.6% | -15.6% | ||
| Q2 24 | 8.9% | 26.5% | ||
| Q1 24 | 9.6% | -19.2% |
每股收益（稀释后）IVZRUN
| Q4 25 | $-2.61 | $0.38 | ||
| Q3 25 | $0.66 | $0.06 | ||
| Q2 25 | $-0.03 | $1.07 | ||
| Q1 25 | $0.38 | $0.20 | ||
| Q4 24 | $0.46 | $-12.59 | ||
| Q3 24 | $0.12 | $-0.37 | ||
| Q2 24 | $0.29 | $0.55 | ||
| Q1 24 | $0.31 | $-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 | $1.0B | — |
| 总债务越低越好 | $1.8B | $14.7B |
| 股东权益账面价值 | $12.2B | $3.1B |
| 总资产 | $27.1B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.15× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资IVZRUN
| Q4 25 | $1.0B | — | ||
| Q3 25 | $973.1M | — | ||
| Q2 25 | $922.7M | — | ||
| Q1 25 | $821.7M | — | ||
| Q4 24 | $986.5M | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $878.5M | — | ||
| Q1 24 | $895.7M | — |
总债务IVZRUN
| Q4 25 | $1.8B | $14.7B | ||
| Q3 25 | $1.6B | $14.6B | ||
| Q2 25 | $1.9B | $14.0B | ||
| Q1 25 | $964.8M | $13.6B | ||
| Q4 24 | $890.6M | $12.9B | ||
| Q3 24 | $890.3M | $12.5B | ||
| Q2 24 | $890.1M | $12.0B | ||
| Q1 24 | $1.3B | $11.1B |
股东权益IVZRUN
| Q4 25 | $12.2B | $3.1B | ||
| Q3 25 | $14.0B | $3.0B | ||
| Q2 25 | $13.9B | $2.9B | ||
| Q1 25 | $14.7B | $2.6B | ||
| Q4 24 | $14.6B | $2.6B | ||
| Q3 24 | $14.8B | $5.3B | ||
| Q2 24 | $14.6B | $5.4B | ||
| Q1 24 | $14.6B | $5.2B |
总资产IVZRUN
| Q4 25 | $27.1B | $22.6B | ||
| Q3 25 | $28.4B | $22.2B | ||
| Q2 25 | $28.5B | $21.2B | ||
| Q1 25 | $28.1B | $20.4B | ||
| Q4 24 | $27.0B | $19.9B | ||
| Q3 24 | $27.5B | $22.1B | ||
| Q2 24 | $27.2B | $21.4B | ||
| Q1 24 | $28.1B | $20.8B |
负债/权益比IVZRUN
| Q4 25 | 0.15× | 4.69× | ||
| Q3 25 | 0.12× | 4.90× | ||
| Q2 25 | 0.14× | 4.80× | ||
| Q1 25 | 0.07× | 5.19× | ||
| Q4 24 | 0.06× | 5.05× | ||
| Q3 24 | 0.06× | 2.36× | ||
| Q2 24 | 0.06× | 2.23× | ||
| Q1 24 | 0.09× | 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 | $455.8M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $432.2M | — |
| 自由现金流率自由现金流/营收 | 25.5% | — |
| 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 | — | 0.94× |
| 过去12个月自由现金流最近4个季度 | $1.4B | — |
8季度趋势，按日历期对齐
经营现金流IVZRUN
| Q4 25 | $455.8M | $96.9M | ||
| Q3 25 | $606.2M | $-121.5M | ||
| Q2 25 | $547.9M | $-292.7M | ||
| Q1 25 | $-84.6M | $-104.2M | ||
| Q4 24 | $316.9M | $-258.4M | ||
| Q3 24 | $438.4M | $-156.2M | ||
| Q2 24 | $489.1M | $-208.5M | ||
| Q1 24 | $-54.4M | $-143.1M |
自由现金流IVZRUN
| Q4 25 | $432.2M | — | ||
| Q3 25 | $586.4M | — | ||
| Q2 25 | $530.4M | — | ||
| Q1 25 | $-108.0M | — | ||
| Q4 24 | $309.9M | — | ||
| Q3 24 | $410.0M | $-156.4M | ||
| Q2 24 | $462.4M | — | ||
| Q1 24 | $-75.4M | — |
自由现金流率IVZRUN
| Q4 25 | 25.5% | — | ||
| Q3 25 | 35.7% | — | ||
| Q2 25 | 35.0% | — | ||
| Q1 25 | -7.1% | — | ||
| Q4 24 | 19.5% | — | ||
| Q3 24 | 27.1% | -29.1% | ||
| Q2 24 | 31.2% | — | ||
| Q1 24 | -5.1% | — |
资本支出强度IVZRUN
| Q4 25 | 1.4% | — | ||
| Q3 25 | 1.2% | — | ||
| Q2 25 | 1.2% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 1.9% | 0.0% | ||
| Q2 24 | 1.8% | — | ||
| Q1 24 | 1.4% | — |
现金转化率IVZRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | 1.70× | -7.33× | ||
| Q2 25 | 2.78× | -1.05× | ||
| Q1 25 | -0.49× | -2.08× | ||
| Q4 24 | 1.51× | — | ||
| Q3 24 | 7.97× | — | ||
| Q2 24 | 3.70× | -1.50× | ||
| Q1 24 | -0.38× | — |
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
IVZ
| Investment Advice | $1.2B | 73% |
| Distribution And Shareholder Service | $382.7M | 23% |
| Financial Service Other | $51.0M | 3% |
| Investment Performance | $28.9M | 2% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
