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大都会人寿（MET）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.的季度营收约是大都会人寿的1.9倍（$1.2B vs $600.0M），大都会人寿净利率更高（134.8% vs 8.9%，领先125.9%），Sunrun Inc.同比增速更快（123.5% vs 7.9%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 2.0%）
大都会人寿（MetLife）是全球规模领先的保险、年金及员工福利服务提供商之一，创立于1868年，业务覆盖超60个国家和地区，服务约9000万客户，2018年位列《财富》美国500强营收排行榜第43位。
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。
MET vs RUN — 直观对比
营收规模更大
RUN
是对方的1.9倍
$600.0M
营收增速更快
RUN
高出115.6%
7.9%
净利率更高
MET
高出125.9%
8.9%
两年增速更快
RUN
近两年复合增速
2.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $600.0M | $1.2B |
| 净利润 | $809.0M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | — | 8.4% |
| 净利率 | 134.8% | 8.9% |
| 营收同比 | 7.9% | 123.5% |
| 净利润同比 | -36.3% | 103.7% |
| 每股收益（稀释后） | $1.18 | $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METRUN
| Q4 25 | $600.0M | $1.2B | ||
| Q3 25 | $621.0M | $724.6M | ||
| Q2 25 | $604.0M | $569.3M | ||
| Q1 25 | $611.0M | $504.3M | ||
| Q4 24 | $556.0M | $518.5M | ||
| Q3 24 | $554.0M | $537.2M | ||
| Q2 24 | $558.0M | $523.9M | ||
| Q1 24 | $577.0M | $458.2M |
净利润METRUN
| Q4 25 | $809.0M | $103.6M | ||
| Q3 25 | $896.0M | $16.6M | ||
| Q2 25 | $729.0M | $279.8M | ||
| Q1 25 | $945.0M | $50.0M | ||
| Q4 24 | $1.3B | $-2.8B | ||
| Q3 24 | $1.3B | $-83.8M | ||
| Q2 24 | $946.0M | $139.1M | ||
| Q1 24 | $867.0M | $-87.8M |
营业利润率METRUN
| Q4 25 | — | 8.4% | ||
| Q3 25 | — | 0.5% | ||
| Q2 25 | — | -19.7% | ||
| Q1 25 | — | -22.8% | ||
| Q4 24 | — | -628.0% | ||
| Q3 24 | — | -23.8% | ||
| Q2 24 | — | -24.4% | ||
| Q1 24 | — | -40.0% |
净利率METRUN
| Q4 25 | 134.8% | 8.9% | ||
| Q3 25 | 144.3% | 2.3% | ||
| Q2 25 | 120.7% | 49.1% | ||
| Q1 25 | 154.7% | 9.9% | ||
| Q4 24 | 228.6% | -542.7% | ||
| Q3 24 | 242.2% | -15.6% | ||
| Q2 24 | 169.5% | 26.5% | ||
| Q1 24 | 150.3% | -19.2% |
每股收益（稀释后）METRUN
| Q4 25 | $1.18 | $0.38 | ||
| Q3 25 | $1.22 | $0.06 | ||
| Q2 25 | $1.03 | $1.07 | ||
| Q1 25 | $1.28 | $0.20 | ||
| Q4 24 | $1.75 | $-12.59 | ||
| Q3 24 | $1.81 | $-0.37 | ||
| Q2 24 | $1.28 | $0.55 | ||
| Q1 24 | $1.10 | $-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 | $25.6B | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $28.4B | $3.1B |
| 总资产 | $745.2B | $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METRUN
| Q4 25 | $25.6B | — | ||
| Q3 25 | $26.2B | — | ||
| Q2 25 | $27.5B | — | ||
| Q1 25 | $26.9B | — | ||
| Q4 24 | $25.2B | — | ||
| Q3 24 | $26.4B | — | ||
| Q2 24 | $24.6B | — | ||
| Q1 24 | $24.7B | — |
总债务METRUN
| 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METRUN
| Q4 25 | $28.4B | $3.1B | ||
| Q3 25 | $28.9B | $3.0B | ||
| Q2 25 | $27.7B | $2.9B | ||
| Q1 25 | $27.5B | $2.6B | ||
| Q4 24 | $27.4B | $2.6B | ||
| Q3 24 | $30.9B | $5.3B | ||
| Q2 24 | $27.3B | $5.4B | ||
| Q1 24 | $28.5B | $5.2B |
总资产METRUN
| Q4 25 | $745.2B | $22.6B | ||
| Q3 25 | $719.7B | $22.2B | ||
| Q2 25 | $702.5B | $21.2B | ||
| Q1 25 | $688.3B | $20.4B | ||
| Q4 24 | $677.5B | $19.9B | ||
| Q3 24 | $705.0B | $22.1B | ||
| Q2 24 | $675.7B | $21.4B | ||
| Q1 24 | $677.6B | $20.8B |
负债/权益比METRUN
| 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 | $7.1B | $96.9M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 8.75× | 0.94× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流METRUN
| Q4 25 | $7.1B | $96.9M | ||
| Q3 25 | $3.6B | $-121.5M | ||
| Q2 25 | $2.2B | $-292.7M | ||
| Q1 25 | $4.3B | $-104.2M | ||
| Q4 24 | $4.6B | $-258.4M | ||
| Q3 24 | $4.2B | $-156.2M | ||
| Q2 24 | $3.5B | $-208.5M | ||
| Q1 24 | $2.3B | $-143.1M |
自由现金流METRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率METRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度METRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率METRUN
| Q4 25 | 8.75× | 0.94× | ||
| Q3 25 | 3.98× | -7.33× | ||
| Q2 25 | 3.00× | -1.05× | ||
| Q1 25 | 4.51× | -2.08× | ||
| Q4 24 | 3.63× | — | ||
| Q3 24 | 3.11× | — | ||
| Q2 24 | 3.69× | -1.50× | ||
| Q1 24 | 2.69× | — |
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
MET
| Other | $165.0M | 28% |
| Prepaidlegalplansandadministrativeonlycontracts | $158.0M | 26% |
| Vision Fee For Service Arrangements | $140.0M | 23% |
| Administrative Service | $76.0M | 13% |
| Distribution Service | $36.0M | 6% |
| Feebasedinvestmentmanagementservices | $25.0M | 4% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
