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晨星（MORN）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.的季度营收约是晨星的1.8倍（$1.2B vs $644.8M），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 6.2%）
晨星（Morningstar, Inc.）是总部位于美国伊利诺伊州芝加哥的金融服务机构，由乔·曼苏托于1984年创立，面向全球提供全方位的投资研究、投资管理等专业服务，是全球颇具知名度的投资资讯服务提供商。
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。
MORN vs RUN — 直观对比
营收规模更大
RUN
是对方的1.8倍
$644.8M
营收增速更快
RUN
高出112.7%
10.8%
两年增速更快
RUN
近两年复合增速
6.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $644.8M | $1.2B |
| 净利润 | — | $103.6M |
| 毛利率 | 62.9% | — |
| 营业利润率 | 24.2% | 8.4% |
| 净利率 | — | 8.9% |
| 营收同比 | 10.8% | 123.5% |
| 净利润同比 | — | 103.7% |
| 每股收益（稀释后） | $2.73 | $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MORNRUN
| Q1 26 | $644.8M | — | ||
| Q4 25 | $641.1M | $1.2B | ||
| Q3 25 | $617.4M | $724.6M | ||
| Q2 25 | $605.1M | $569.3M | ||
| Q1 25 | $581.9M | $504.3M | ||
| Q4 24 | $591.0M | $518.5M | ||
| Q3 24 | $569.4M | $537.2M | ||
| Q2 24 | $571.9M | $523.9M |
净利润MORNRUN
| Q1 26 | — | — | ||
| Q4 25 | $115.1M | $103.6M | ||
| Q3 25 | $91.6M | $16.6M | ||
| Q2 25 | $89.0M | $279.8M | ||
| Q1 25 | $78.5M | $50.0M | ||
| Q4 24 | $116.9M | $-2.8B | ||
| Q3 24 | $119.7M | $-83.8M | ||
| Q2 24 | $69.1M | $139.1M |
毛利率MORNRUN
| Q1 26 | 62.9% | — | ||
| Q4 25 | 61.1% | — | ||
| Q3 25 | 60.9% | — | ||
| Q2 25 | 61.9% | — | ||
| Q1 25 | 60.2% | — | ||
| Q4 24 | 60.7% | — | ||
| Q3 24 | 60.9% | — | ||
| Q2 24 | 61.1% | — |
营业利润率MORNRUN
| Q1 26 | 24.2% | — | ||
| Q4 25 | 24.9% | 8.4% | ||
| Q3 25 | 20.7% | 0.5% | ||
| Q2 25 | 20.7% | -19.7% | ||
| Q1 25 | 19.6% | -22.8% | ||
| Q4 24 | 28.5% | -628.0% | ||
| Q3 24 | 20.3% | -23.8% | ||
| Q2 24 | 19.0% | -24.4% |
净利率MORNRUN
| Q1 26 | — | — | ||
| Q4 25 | 18.0% | 8.9% | ||
| Q3 25 | 14.8% | 2.3% | ||
| Q2 25 | 14.7% | 49.1% | ||
| Q1 25 | 13.5% | 9.9% | ||
| Q4 24 | 19.8% | -542.7% | ||
| Q3 24 | 21.0% | -15.6% | ||
| Q2 24 | 12.1% | 26.5% |
每股收益（稀释后）MORNRUN
| Q1 26 | $2.73 | — | ||
| Q4 25 | $2.79 | $0.38 | ||
| Q3 25 | $2.17 | $0.06 | ||
| Q2 25 | $2.09 | $1.07 | ||
| Q1 25 | $1.82 | $0.20 | ||
| Q4 24 | $2.72 | $-12.59 | ||
| Q3 24 | $2.77 | $-0.37 | ||
| Q2 24 | $1.60 | $0.55 |
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 | $492.8M | — |
| 总债务越低越好 | $1.7B | $14.7B |
| 股东权益账面价值 | $1.0B | $3.1B |
| 总资产 | $4.0B | $22.6B |
| 负债/权益比越低杠杆越低 | 1.68× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资MORNRUN
| Q1 26 | $492.8M | — | ||
| Q4 25 | $528.7M | — | ||
| Q3 25 | $40.3M | — | ||
| Q2 25 | $38.1M | — | ||
| Q1 25 | $47.7M | — | ||
| Q4 24 | $551.0M | — | ||
| Q3 24 | $48.8M | — | ||
| Q2 24 | $48.0M | — |
总债务MORNRUN
| Q1 26 | $1.7B | — | ||
| Q4 25 | — | $14.7B | ||
| Q3 25 | $848.9M | $14.6B | ||
| Q2 25 | $838.8M | $14.0B | ||
| Q1 25 | $803.7M | $13.6B | ||
| Q4 24 | $698.6M | $12.9B | ||
| Q3 24 | $864.7M | $12.5B | ||
| Q2 24 | $899.6M | $12.0B |
股东权益MORNRUN
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.2B | $3.1B | ||
| Q3 25 | $1.5B | $3.0B | ||
| Q2 25 | $1.6B | $2.9B | ||
| Q1 25 | $1.6B | $2.6B | ||
| Q4 24 | $1.6B | $2.6B | ||
| Q3 24 | $1.6B | $5.3B | ||
| Q2 24 | $1.4B | $5.4B |
总资产MORNRUN
| Q1 26 | $4.0B | — | ||
| Q4 25 | $3.6B | $22.6B | ||
| Q3 25 | $3.6B | $22.2B | ||
| Q2 25 | $3.6B | $21.2B | ||
| Q1 25 | $3.6B | $20.4B | ||
| Q4 24 | $3.5B | $19.9B | ||
| Q3 24 | $3.6B | $22.1B | ||
| Q2 24 | $3.4B | $21.4B |
负债/权益比MORNRUN
| Q1 26 | 1.68× | — | ||
| Q4 25 | — | 4.69× | ||
| Q3 25 | 0.56× | 4.90× | ||
| Q2 25 | 0.52× | 4.80× | ||
| Q1 25 | 0.50× | 5.19× | ||
| Q4 24 | 0.43× | 5.05× | ||
| Q3 24 | 0.55× | 2.36× | ||
| Q2 24 | 0.63× | 2.23× |
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 | — | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $53.6M | — |
| 自由现金流率自由现金流/营收 | 8.3% | — |
| 资本支出强度资本支出/营收 | 5.9% | — |
| 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 | $437.4M | — |
8季度趋势，按日历期对齐
经营现金流MORNRUN
| Q1 26 | — | — | ||
| Q4 25 | $204.0M | $96.9M | ||
| Q3 25 | $195.7M | $-121.5M | ||
| Q2 25 | $99.0M | $-292.7M | ||
| Q1 25 | $91.0M | $-104.2M | ||
| Q4 24 | $153.4M | $-258.4M | ||
| Q3 24 | $191.9M | $-156.2M | ||
| Q2 24 | $152.7M | $-208.5M |
自由现金流MORNRUN
| Q1 26 | $53.6M | — | ||
| Q4 25 | $161.3M | — | ||
| Q3 25 | $160.1M | — | ||
| Q2 25 | $62.4M | — | ||
| Q1 25 | $58.8M | — | ||
| Q4 24 | $112.8M | — | ||
| Q3 24 | $155.8M | $-156.4M | ||
| Q2 24 | $120.8M | — |
自由现金流率MORNRUN
| Q1 26 | 8.3% | — | ||
| Q4 25 | 25.2% | — | ||
| Q3 25 | 25.9% | — | ||
| Q2 25 | 10.3% | — | ||
| Q1 25 | 10.1% | — | ||
| Q4 24 | 19.1% | — | ||
| Q3 24 | 27.4% | -29.1% | ||
| Q2 24 | 21.1% | — |
资本支出强度MORNRUN
| Q1 26 | 5.9% | — | ||
| Q4 25 | 6.7% | — | ||
| Q3 25 | 5.8% | — | ||
| Q2 25 | 6.0% | — | ||
| Q1 25 | 5.5% | — | ||
| Q4 24 | 6.9% | — | ||
| Q3 24 | 6.3% | 0.0% | ||
| Q2 24 | 5.6% | — |
现金转化率MORNRUN
| Q1 26 | — | — | ||
| Q4 25 | 1.77× | 0.94× | ||
| Q3 25 | 2.14× | -7.33× | ||
| Q2 25 | 1.11× | -1.05× | ||
| Q1 25 | 1.16× | -2.08× | ||
| Q4 24 | 1.31× | — | ||
| Q3 24 | 1.60× | — | ||
| Q2 24 | 2.21× | -1.50× |
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
MORN
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% |
