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骏利亨德森集团（JHG）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.的季度营收约是骏利亨德森集团的1.0倍（$1.2B vs $1.1B），骏利亨德森集团净利率更高（35.3% vs 8.9%，领先26.4%），Sunrun Inc.同比增速更快（123.5% vs 61.3%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 43.9%）
骏利亨德森集团是英美联手设立的全球资产管理企业，总部位于英国伦敦金融城，旗下以「骏利亨德森投资者」为运营品牌，面向全球个人投资者、中介顾问及机构客户提供多元金融产品与专业资产管理服务。
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。
JHG vs RUN — 直观对比
营收规模更大
RUN
是对方的1.0倍
$1.1B
营收增速更快
RUN
高出62.2%
61.3%
净利率更高
JHG
高出26.4%
8.9%
两年增速更快
RUN
近两年复合增速
43.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.2B |
| 净利润 | $403.2M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 42.7% | 8.4% |
| 净利率 | 35.3% | 8.9% |
| 营收同比 | 61.3% | 123.5% |
| 净利润同比 | 231.0% | 103.7% |
| 每股收益（稀释后） | $2.59 | $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JHGRUN
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $700.4M | $724.6M | ||
| Q2 25 | $633.2M | $569.3M | ||
| Q1 25 | $621.4M | $504.3M | ||
| Q4 24 | $708.3M | $518.5M | ||
| Q3 24 | $624.8M | $537.2M | ||
| Q2 24 | $588.4M | $523.9M | ||
| Q1 24 | $551.7M | $458.2M |
净利润JHGRUN
| Q4 25 | $403.2M | $103.6M | ||
| Q3 25 | $142.1M | $16.6M | ||
| Q2 25 | $149.9M | $279.8M | ||
| Q1 25 | $120.7M | $50.0M | ||
| Q4 24 | $121.8M | $-2.8B | ||
| Q3 24 | $27.3M | $-83.8M | ||
| Q2 24 | $129.7M | $139.1M | ||
| Q1 24 | $130.1M | $-87.8M |
营业利润率JHGRUN
| Q4 25 | 42.7% | 8.4% | ||
| Q3 25 | 24.6% | 0.5% | ||
| Q2 25 | 25.9% | -19.7% | ||
| Q1 25 | 24.7% | -22.8% | ||
| Q4 24 | 27.9% | -628.0% | ||
| Q3 24 | 26.4% | -23.8% | ||
| Q2 24 | 27.9% | -24.4% | ||
| Q1 24 | 21.6% | -40.0% |
净利率JHGRUN
| Q4 25 | 35.3% | 8.9% | ||
| Q3 25 | 20.3% | 2.3% | ||
| Q2 25 | 23.7% | 49.1% | ||
| Q1 25 | 19.4% | 9.9% | ||
| Q4 24 | 17.2% | -542.7% | ||
| Q3 24 | 4.4% | -15.6% | ||
| Q2 24 | 22.0% | 26.5% | ||
| Q1 24 | 23.6% | -19.2% |
每股收益（稀释后）JHGRUN
| Q4 25 | $2.59 | $0.38 | ||
| Q3 25 | $0.92 | $0.06 | ||
| Q2 25 | $0.95 | $1.07 | ||
| Q1 25 | $0.77 | $0.20 | ||
| Q4 24 | $0.77 | $-12.59 | ||
| Q3 24 | $0.17 | $-0.37 | ||
| Q2 24 | $0.81 | $0.55 | ||
| Q1 24 | $0.81 | $-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 | $1.6B | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $5.1B | $3.1B |
| 总资产 | $8.3B | $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JHGRUN
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.3B | — | ||
| Q1 24 | $1.1B | — |
总债务JHGRUN
| 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JHGRUN
| Q4 25 | $5.1B | $3.1B | ||
| Q3 25 | $4.8B | $3.0B | ||
| Q2 25 | $4.8B | $2.9B | ||
| Q1 25 | $4.7B | $2.6B | ||
| Q4 24 | $4.6B | $2.6B | ||
| Q3 24 | $4.6B | $5.3B | ||
| Q2 24 | $4.5B | $5.4B | ||
| Q1 24 | $4.4B | $5.2B |
总资产JHGRUN
| Q4 25 | $8.3B | $22.6B | ||
| Q3 25 | $7.6B | $22.2B | ||
| Q2 25 | $7.5B | $21.2B | ||
| Q1 25 | $7.1B | $20.4B | ||
| Q4 24 | $7.0B | $19.9B | ||
| Q3 24 | $7.3B | $22.1B | ||
| Q2 24 | $6.4B | $21.4B | ||
| Q1 24 | $6.3B | $20.8B |
负债/权益比JHGRUN
| 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 | $322.7M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $320.4M | — |
| 自由现金流率自由现金流/营收 | 28.0% | — |
| 资本支出强度资本支出/营收 | 0.2% | — |
| 现金转化率经营现金流/净利润 | 0.80× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $710.9M | — |
8季度趋势，按日历期对齐
经营现金流JHGRUN
| Q4 25 | $322.7M | $96.9M | ||
| Q3 25 | $258.8M | $-121.5M | ||
| Q2 25 | $135.2M | $-292.7M | ||
| Q1 25 | $2.8M | $-104.2M | ||
| Q4 24 | $247.3M | $-258.4M | ||
| Q3 24 | $228.5M | $-156.2M | ||
| Q2 24 | $223.8M | $-208.5M | ||
| Q1 24 | $-5.0M | $-143.1M |
自由现金流JHGRUN
| Q4 25 | $320.4M | — | ||
| Q3 25 | $256.4M | — | ||
| Q2 25 | $133.2M | — | ||
| Q1 25 | $900.0K | — | ||
| Q4 24 | $243.5M | — | ||
| Q3 24 | $225.9M | $-156.4M | ||
| Q2 24 | $221.9M | — | ||
| Q1 24 | $-6.8M | — |
自由现金流率JHGRUN
| Q4 25 | 28.0% | — | ||
| Q3 25 | 36.6% | — | ||
| Q2 25 | 21.0% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 34.4% | — | ||
| Q3 24 | 36.2% | -29.1% | ||
| Q2 24 | 37.7% | — | ||
| Q1 24 | -1.2% | — |
资本支出强度JHGRUN
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.3% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.5% | — | ||
| Q3 24 | 0.4% | 0.0% | ||
| Q2 24 | 0.3% | — | ||
| Q1 24 | 0.3% | — |
现金转化率JHGRUN
| Q4 25 | 0.80× | 0.94× | ||
| Q3 25 | 1.82× | -7.33× | ||
| Q2 25 | 0.90× | -1.05× | ||
| Q1 25 | 0.02× | -2.08× | ||
| Q4 24 | 2.03× | — | ||
| Q3 24 | 8.37× | — | ||
| Q2 24 | 1.73× | -1.50× | ||
| Q1 24 | -0.04× | — |
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
JHG
| Investment Advice | $585.2M | 51% |
| Investment Performance | $425.8M | 37% |
| Other | $76.4M | 7% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
