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拉扎德（LAZ）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.的季度营收约是拉扎德的1.2倍（$1.2B vs $929.4M），Sunrun Inc.净利率更高（8.9% vs 5.4%，领先3.6%），Sunrun Inc.同比增速更快（123.5% vs 10.8%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 8.8%）
拉扎德公司是一家美国金融咨询与资产管理机构，业务覆盖投资银行、资产管理及其他金融服务，核心客户以机构客户为主。作为全球规模最大的独立投资银行，其主要行政办公室分布于纽约、巴黎及伦敦三地。
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。
LAZ vs RUN — 直观对比
营收规模更大
RUN
是对方的1.2倍
$929.4M
营收增速更快
RUN
高出112.7%
10.8%
净利率更高
RUN
高出3.6%
5.4%
两年增速更快
RUN
近两年复合增速
8.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $929.4M | $1.2B |
| 净利润 | $49.9M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 9.1% | 8.4% |
| 净利率 | 5.4% | 8.9% |
| 营收同比 | 10.8% | 123.5% |
| 净利润同比 | -42.2% | 103.7% |
| 每股收益（稀释后） | $0.44 | $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LAZRUN
| Q4 25 | $929.4M | $1.2B | ||
| Q3 25 | $770.8M | $724.6M | ||
| Q2 25 | $817.2M | $569.3M | ||
| Q1 25 | $669.2M | $504.3M | ||
| Q4 24 | $839.0M | $518.5M | ||
| Q3 24 | $807.4M | $537.2M | ||
| Q2 24 | $708.0M | $523.9M | ||
| Q1 24 | $785.5M | $458.2M |
净利润LAZRUN
| Q4 25 | $49.9M | $103.6M | ||
| Q3 25 | $71.2M | $16.6M | ||
| Q2 25 | $55.3M | $279.8M | ||
| Q1 25 | $60.4M | $50.0M | ||
| Q4 24 | $86.3M | $-2.8B | ||
| Q3 24 | $107.9M | $-83.8M | ||
| Q2 24 | $49.9M | $139.1M | ||
| Q1 24 | $35.8M | $-87.8M |
营业利润率LAZRUN
| Q4 25 | 9.1% | 8.4% | ||
| Q3 25 | 12.3% | 0.5% | ||
| Q2 25 | 11.4% | -19.7% | ||
| Q1 25 | 8.2% | -22.8% | ||
| Q4 24 | 12.8% | -628.0% | ||
| Q3 24 | 20.0% | -23.8% | ||
| Q2 24 | 9.0% | -24.4% | ||
| Q1 24 | 6.9% | -40.0% |
净利率LAZRUN
| Q4 25 | 5.4% | 8.9% | ||
| Q3 25 | 9.2% | 2.3% | ||
| Q2 25 | 6.8% | 49.1% | ||
| Q1 25 | 9.0% | 9.9% | ||
| Q4 24 | 10.3% | -542.7% | ||
| Q3 24 | 13.4% | -15.6% | ||
| Q2 24 | 7.0% | 26.5% | ||
| Q1 24 | 4.6% | -19.2% |
每股收益（稀释后）LAZRUN
| Q4 25 | $0.44 | $0.38 | ||
| Q3 25 | $0.65 | $0.06 | ||
| Q2 25 | $0.52 | $1.07 | ||
| Q1 25 | $0.56 | $0.20 | ||
| Q4 24 | $0.82 | $-12.59 | ||
| Q3 24 | $1.02 | $-0.37 | ||
| Q2 24 | $0.49 | $0.55 | ||
| Q1 24 | $0.35 | $-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 | $1.5B | — |
| 总债务越低越好 | $1.7B | $14.7B |
| 股东权益账面价值 | $873.7M | $3.1B |
| 总资产 | $4.9B | $22.6B |
| 负债/权益比越低杠杆越低 | 1.93× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资LAZRUN
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $978.3M | — | ||
| Q1 25 | $908.6M | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $847.6M | — | ||
| Q1 24 | $923.2M | — |
总债务LAZRUN
| Q4 25 | $1.7B | $14.7B | ||
| Q3 25 | $1.7B | $14.6B | ||
| Q2 25 | $1.7B | $14.0B | ||
| Q1 25 | $1.7B | $13.6B | ||
| Q4 24 | $1.7B | $12.9B | ||
| Q3 24 | $1.9B | $12.5B | ||
| Q2 24 | $1.9B | $12.0B | ||
| Q1 24 | $1.9B | $11.1B |
股东权益LAZRUN
| Q4 25 | $873.7M | $3.1B | ||
| Q3 25 | $841.5M | $3.0B | ||
| Q2 25 | $741.6M | $2.9B | ||
| Q1 25 | $603.0M | $2.6B | ||
| Q4 24 | $636.2M | $2.6B | ||
| Q3 24 | $624.3M | $5.3B | ||
| Q2 24 | $458.7M | $5.4B | ||
| Q1 24 | $392.7M | $5.2B |
总资产LAZRUN
| Q4 25 | $4.9B | $22.6B | ||
| Q3 25 | $4.6B | $22.2B | ||
| Q2 25 | $4.5B | $21.2B | ||
| Q1 25 | $4.2B | $20.4B | ||
| Q4 24 | $4.8B | $19.9B | ||
| Q3 24 | $4.8B | $22.1B | ||
| Q2 24 | $4.5B | $21.4B | ||
| Q1 24 | $4.6B | $20.8B |
负债/权益比LAZRUN
| Q4 25 | 1.93× | 4.69× | ||
| Q3 25 | 2.01× | 4.90× | ||
| Q2 25 | 2.28× | 4.80× | ||
| Q1 25 | 2.80× | 5.19× | ||
| Q4 24 | 2.65× | 5.05× | ||
| Q3 24 | 2.97× | 2.36× | ||
| Q2 24 | 4.04× | 2.23× | ||
| Q1 24 | 4.71× | 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 | $399.7M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $396.1M | — |
| 自由现金流率自由现金流/营收 | 42.6% | — |
| 资本支出强度资本支出/营收 | 0.4% | — |
| 现金转化率经营现金流/净利润 | 8.02× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $487.4M | — |
8季度趋势，按日历期对齐
经营现金流LAZRUN
| Q4 25 | $399.7M | $96.9M | ||
| Q3 25 | $287.5M | $-121.5M | ||
| Q2 25 | $49.7M | $-292.7M | ||
| Q1 25 | $-217.5M | $-104.2M | ||
| Q4 24 | $362.9M | $-258.4M | ||
| Q3 24 | $293.7M | $-156.2M | ||
| Q2 24 | $176.2M | $-208.5M | ||
| Q1 24 | $-90.0M | $-143.1M |
自由现金流LAZRUN
| Q4 25 | $396.1M | — | ||
| Q3 25 | $284.6M | — | ||
| Q2 25 | $38.0M | — | ||
| Q1 25 | $-231.3M | — | ||
| Q4 24 | $348.0M | — | ||
| Q3 24 | $276.2M | $-156.4M | ||
| Q2 24 | $169.8M | — | ||
| Q1 24 | $-96.6M | — |
自由现金流率LAZRUN
| Q4 25 | 42.6% | — | ||
| Q3 25 | 36.9% | — | ||
| Q2 25 | 4.6% | — | ||
| Q1 25 | -34.6% | — | ||
| Q4 24 | 41.5% | — | ||
| Q3 24 | 34.2% | -29.1% | ||
| Q2 24 | 24.0% | — | ||
| Q1 24 | -12.3% | — |
资本支出强度LAZRUN
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.4% | — | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 2.1% | — | ||
| Q4 24 | 1.8% | — | ||
| Q3 24 | 2.2% | 0.0% | ||
| Q2 24 | 0.9% | — | ||
| Q1 24 | 0.8% | — |
现金转化率LAZRUN
| Q4 25 | 8.02× | 0.94× | ||
| Q3 25 | 4.03× | -7.33× | ||
| Q2 25 | 0.90× | -1.05× | ||
| Q1 25 | -3.60× | -2.08× | ||
| Q4 24 | 4.20× | — | ||
| Q3 24 | 2.72× | — | ||
| Q2 24 | 3.53× | -1.50× | ||
| Q1 24 | -2.52× | — |
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
LAZ
| Financial Advisory Segment | $542.3M | 58% |
| Asset Management1 | $347.8M | 37% |
| Incentive Fees | $40.9M | 4% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
