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MERCURY GENERAL CORP（MCY）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
MERCURY GENERAL CORP的季度营收约是Sunrun Inc.的1.3倍（$1.5B vs $1.2B），MERCURY GENERAL CORP净利率更高（13.2% vs 8.9%，领先4.3%），Sunrun Inc.同比增速更快（123.5% vs 12.4%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 9.8%）
水星通用集团是一家综合性保险机构，业务覆盖个人车险、房主保险、租客保险及商业保险等多个品类，其中车险与房主保险是公司的核心经营板块。
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。
MCY vs RUN — 直观对比
营收规模更大
MCY
是对方的1.3倍
$1.2B
营收增速更快
RUN
高出111.1%
12.4%
净利率更高
MCY
高出4.3%
8.9%
两年增速更快
RUN
近两年复合增速
9.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.2B |
| 净利润 | $202.5M | $103.6M |
| 毛利率 | 99.7% | — |
| 营业利润率 | 16.2% | 8.4% |
| 净利率 | 13.2% | 8.9% |
| 营收同比 | 12.4% | 123.5% |
| 净利润同比 | 100.4% | 103.7% |
| 每股收益（稀释后） | $3.66 | $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MCYRUN
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.6B | $724.6M | ||
| Q2 25 | $1.5B | $569.3M | ||
| Q1 25 | $1.4B | $504.3M | ||
| Q4 24 | $1.4B | $518.5M | ||
| Q3 24 | $1.5B | $537.2M | ||
| Q2 24 | $1.3B | $523.9M | ||
| Q1 24 | $1.3B | $458.2M |
净利润MCYRUN
| Q4 25 | $202.5M | $103.6M | ||
| Q3 25 | $280.4M | $16.6M | ||
| Q2 25 | $166.5M | $279.8M | ||
| Q1 25 | $-108.3M | $50.0M | ||
| Q4 24 | $101.1M | $-2.8B | ||
| Q3 24 | $230.9M | $-83.8M | ||
| Q2 24 | $62.6M | $139.1M | ||
| Q1 24 | $73.5M | $-87.8M |
毛利率MCYRUN
| Q4 25 | 99.7% | — | ||
| Q3 25 | 99.8% | — | ||
| Q2 25 | 99.8% | — | ||
| Q1 25 | 99.7% | — | ||
| Q4 24 | 99.7% | — | ||
| Q3 24 | 99.8% | — | ||
| Q2 24 | 99.8% | — | ||
| Q1 24 | 99.7% | — |
营业利润率MCYRUN
| Q4 25 | 16.2% | 8.4% | ||
| Q3 25 | 22.1% | 0.5% | ||
| Q2 25 | 14.0% | -19.7% | ||
| Q1 25 | -10.2% | -22.8% | ||
| Q4 24 | 9.0% | -628.0% | ||
| Q3 24 | 18.8% | -23.8% | ||
| Q2 24 | 5.8% | -24.4% | ||
| Q1 24 | 7.0% | -40.0% |
净利率MCYRUN
| Q4 25 | 13.2% | 8.9% | ||
| Q3 25 | 17.7% | 2.3% | ||
| Q2 25 | 11.3% | 49.1% | ||
| Q1 25 | -7.8% | 9.9% | ||
| Q4 24 | 7.4% | -542.7% | ||
| Q3 24 | 15.1% | -15.6% | ||
| Q2 24 | 4.8% | 26.5% | ||
| Q1 24 | 5.8% | -19.2% |
每股收益（稀释后）MCYRUN
| Q4 25 | $3.66 | $0.38 | ||
| Q3 25 | $5.06 | $0.06 | ||
| Q2 25 | $3.01 | $1.07 | ||
| Q1 25 | $-1.96 | $0.20 | ||
| Q4 24 | $1.82 | $-12.59 | ||
| Q3 24 | $4.17 | $-0.37 | ||
| Q2 24 | $1.13 | $0.55 | ||
| Q1 24 | $1.33 | $-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 | — | — |
| 总债务越低越好 | $575.0M | $14.7B |
| 股东权益账面价值 | $2.4B | $3.1B |
| 总资产 | $9.6B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.24× | 4.69× |
8季度趋势，按日历期对齐
总债务MCYRUN
| Q4 25 | $575.0M | $14.7B | ||
| Q3 25 | — | $14.6B | ||
| Q2 25 | — | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | $575.0M | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益MCYRUN
| Q4 25 | $2.4B | $3.1B | ||
| Q3 25 | $2.2B | $3.0B | ||
| Q2 25 | $2.0B | $2.9B | ||
| Q1 25 | $1.8B | $2.6B | ||
| Q4 24 | $1.9B | $2.6B | ||
| Q3 24 | $1.9B | $5.3B | ||
| Q2 24 | $1.6B | $5.4B | ||
| Q1 24 | $1.6B | $5.2B |
总资产MCYRUN
| Q4 25 | $9.6B | $22.6B | ||
| Q3 25 | $9.4B | $22.2B | ||
| Q2 25 | $9.1B | $21.2B | ||
| Q1 25 | $9.0B | $20.4B | ||
| Q4 24 | $8.3B | $19.9B | ||
| Q3 24 | $8.2B | $22.1B | ||
| Q2 24 | $7.7B | $21.4B | ||
| Q1 24 | $7.4B | $20.8B |
负债/权益比MCYRUN
| Q4 25 | 0.24× | 4.69× | ||
| Q3 25 | — | 4.90× | ||
| Q2 25 | — | 4.80× | ||
| Q1 25 | — | 5.19× | ||
| Q4 24 | 0.30× | 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 | $287.9M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $273.9M | — |
| 自由现金流率自由现金流/营收 | 17.8% | — |
| 资本支出强度资本支出/营收 | 0.9% | — |
| 现金转化率经营现金流/净利润 | 1.42× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $1.0B | — |
8季度趋势，按日历期对齐
经营现金流MCYRUN
| Q4 25 | $287.9M | $96.9M | ||
| Q3 25 | $496.4M | $-121.5M | ||
| Q2 25 | $371.6M | $-292.7M | ||
| Q1 25 | $-68.7M | $-104.2M | ||
| Q4 24 | $248.3M | $-258.4M | ||
| Q3 24 | $318.1M | $-156.2M | ||
| Q2 24 | $278.0M | $-208.5M | ||
| Q1 24 | $192.6M | $-143.1M |
自由现金流MCYRUN
| Q4 25 | $273.9M | — | ||
| Q3 25 | $479.5M | — | ||
| Q2 25 | $357.2M | — | ||
| Q1 25 | $-81.9M | — | ||
| Q4 24 | $236.0M | — | ||
| Q3 24 | $306.2M | $-156.4M | ||
| Q2 24 | $266.5M | — | ||
| Q1 24 | $182.4M | — |
自由现金流率MCYRUN
| Q4 25 | 17.8% | — | ||
| Q3 25 | 30.3% | — | ||
| Q2 25 | 24.2% | — | ||
| Q1 25 | -5.9% | — | ||
| Q4 24 | 17.3% | — | ||
| Q3 24 | 20.0% | -29.1% | ||
| Q2 24 | 20.4% | — | ||
| Q1 24 | 14.3% | — |
资本支出强度MCYRUN
| Q4 25 | 0.9% | — | ||
| Q3 25 | 1.1% | — | ||
| Q2 25 | 1.0% | — | ||
| Q1 25 | 0.9% | — | ||
| Q4 24 | 0.9% | — | ||
| Q3 24 | 0.8% | 0.0% | ||
| Q2 24 | 0.9% | — | ||
| Q1 24 | 0.8% | — |
现金转化率MCYRUN
| Q4 25 | 1.42× | 0.94× | ||
| Q3 25 | 1.77× | -7.33× | ||
| Q2 25 | 2.23× | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | 2.46× | — | ||
| Q3 24 | 1.38× | — | ||
| Q2 24 | 4.44× | -1.50× | ||
| Q1 24 | 2.62× | — |
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
MCY
暂无分部数据
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
