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明晟（MSCI）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.的季度营收约是明晟的1.4倍（$1.2B vs $822.5M），明晟净利率更高（34.6% vs 8.9%，领先25.7%），Sunrun Inc.同比增速更快（123.5% vs 10.6%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 10.0%）
MSCI（明晟）是总部位于美国纽约的金融服务企业，为全球市场提供股票、固定收益、房地产指数、多资产组合分析工具及ESG、气候金融相关产品，旗下运营MSCI全球指数、MSCI新兴市场指数、MSCI全球所有国家（ACWI）指数等多款知名指数产品。
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。
MSCI vs RUN — 直观对比
营收规模更大
RUN
是对方的1.4倍
$822.5M
营收增速更快
RUN
高出112.9%
10.6%
净利率更高
MSCI
高出25.7%
8.9%
两年增速更快
RUN
近两年复合增速
10.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $822.5M | $1.2B |
| 净利润 | $284.7M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 56.4% | 8.4% |
| 净利率 | 34.6% | 8.9% |
| 营收同比 | 10.6% | 123.5% |
| 净利润同比 | -6.8% | 103.7% |
| 每股收益（稀释后） | $3.81 | $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MSCIRUN
| Q4 25 | $822.5M | $1.2B | ||
| Q3 25 | $793.4M | $724.6M | ||
| Q2 25 | $772.7M | $569.3M | ||
| Q1 25 | $745.8M | $504.3M | ||
| Q4 24 | $743.5M | $518.5M | ||
| Q3 24 | $724.7M | $537.2M | ||
| Q2 24 | $707.9M | $523.9M | ||
| Q1 24 | $680.0M | $458.2M |
净利润MSCIRUN
| Q4 25 | $284.7M | $103.6M | ||
| Q3 25 | $325.4M | $16.6M | ||
| Q2 25 | $303.6M | $279.8M | ||
| Q1 25 | $288.6M | $50.0M | ||
| Q4 24 | $305.5M | $-2.8B | ||
| Q3 24 | $280.9M | $-83.8M | ||
| Q2 24 | $266.8M | $139.1M | ||
| Q1 24 | $256.0M | $-87.8M |
营业利润率MSCIRUN
| Q4 25 | 56.4% | 8.4% | ||
| Q3 25 | 56.4% | 0.5% | ||
| Q2 25 | 55.0% | -19.7% | ||
| Q1 25 | 50.6% | -22.8% | ||
| Q4 24 | 54.5% | -628.0% | ||
| Q3 24 | 55.4% | -23.8% | ||
| Q2 24 | 54.0% | -24.4% | ||
| Q1 24 | 49.9% | -40.0% |
净利率MSCIRUN
| Q4 25 | 34.6% | 8.9% | ||
| Q3 25 | 41.0% | 2.3% | ||
| Q2 25 | 39.3% | 49.1% | ||
| Q1 25 | 38.7% | 9.9% | ||
| Q4 24 | 41.1% | -542.7% | ||
| Q3 24 | 38.8% | -15.6% | ||
| Q2 24 | 37.7% | 26.5% | ||
| Q1 24 | 37.6% | -19.2% |
每股收益（稀释后）MSCIRUN
| Q4 25 | $3.81 | $0.38 | ||
| Q3 25 | $4.25 | $0.06 | ||
| Q2 25 | $3.92 | $1.07 | ||
| Q1 25 | $3.71 | $0.20 | ||
| Q4 24 | $3.89 | $-12.59 | ||
| Q3 24 | $3.57 | $-0.37 | ||
| Q2 24 | $3.37 | $0.55 | ||
| Q1 24 | $3.22 | $-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 | $515.3M | — |
| 总债务越低越好 | $6.2B | $14.7B |
| 股东权益账面价值 | $-2.7B | $3.1B |
| 总资产 | $5.7B | $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MSCIRUN
| Q4 25 | $515.3M | — | ||
| Q3 25 | $400.1M | — | ||
| Q2 25 | $347.3M | — | ||
| Q1 25 | $360.7M | — | ||
| Q4 24 | $409.4M | — | ||
| Q3 24 | $501.0M | — | ||
| Q2 24 | $451.4M | — | ||
| Q1 24 | $519.3M | — |
总债务MSCIRUN
| Q4 25 | $6.2B | $14.7B | ||
| Q3 25 | $5.5B | $14.6B | ||
| Q2 25 | $4.5B | $14.0B | ||
| Q1 25 | $4.5B | $13.6B | ||
| Q4 24 | $4.5B | $12.9B | ||
| Q3 24 | $4.5B | $12.5B | ||
| Q2 24 | $4.5B | $12.0B | ||
| Q1 24 | $4.5B | $11.1B |
股东权益MSCIRUN
| Q4 25 | $-2.7B | $3.1B | ||
| Q3 25 | $-1.9B | $3.0B | ||
| Q2 25 | $-886.2M | $2.9B | ||
| Q1 25 | $-958.6M | $2.6B | ||
| Q4 24 | $-940.0M | $2.6B | ||
| Q3 24 | $-751.0M | $5.3B | ||
| Q2 24 | $-734.5M | $5.4B | ||
| Q1 24 | $-650.5M | $5.2B |
总资产MSCIRUN
| Q4 25 | $5.7B | $22.6B | ||
| Q3 25 | $5.4B | $22.2B | ||
| Q2 25 | $5.4B | $21.2B | ||
| Q1 25 | $5.3B | $20.4B | ||
| Q4 24 | $5.4B | $19.9B | ||
| Q3 24 | $5.4B | $22.1B | ||
| Q2 24 | $5.5B | $21.4B | ||
| Q1 24 | $5.5B | $20.8B |
负债/权益比MSCIRUN
| 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 | $501.1M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $488.7M | — |
| 自由现金流率自由现金流/营收 | 59.4% | — |
| 资本支出强度资本支出/营收 | 1.5% | — |
| 现金转化率经营现金流/净利润 | 1.76× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $1.5B | — |
8季度趋势，按日历期对齐
经营现金流MSCIRUN
| Q4 25 | $501.1M | $96.9M | ||
| Q3 25 | $449.4M | $-121.5M | ||
| Q2 25 | $336.1M | $-292.7M | ||
| Q1 25 | $301.7M | $-104.2M | ||
| Q4 24 | $430.6M | $-258.4M | ||
| Q3 24 | $421.6M | $-156.2M | ||
| Q2 24 | $349.2M | $-208.5M | ||
| Q1 24 | $300.1M | $-143.1M |
自由现金流MSCIRUN
| Q4 25 | $488.7M | — | ||
| Q3 25 | $445.5M | — | ||
| Q2 25 | $324.7M | — | ||
| Q1 25 | $290.2M | — | ||
| Q4 24 | $416.4M | — | ||
| Q3 24 | $415.0M | $-156.4M | ||
| Q2 24 | $340.6M | — | ||
| Q1 24 | $295.9M | — |
自由现金流率MSCIRUN
| Q4 25 | 59.4% | — | ||
| Q3 25 | 56.2% | — | ||
| Q2 25 | 42.0% | — | ||
| Q1 25 | 38.9% | — | ||
| Q4 24 | 56.0% | — | ||
| Q3 24 | 57.3% | -29.1% | ||
| Q2 24 | 48.1% | — | ||
| Q1 24 | 43.5% | — |
资本支出强度MSCIRUN
| Q4 25 | 1.5% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 1.5% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 1.9% | — | ||
| Q3 24 | 0.9% | 0.0% | ||
| Q2 24 | 1.2% | — | ||
| Q1 24 | 0.6% | — |
现金转化率MSCIRUN
| Q4 25 | 1.76× | 0.94× | ||
| Q3 25 | 1.38× | -7.33× | ||
| Q2 25 | 1.11× | -1.05× | ||
| Q1 25 | 1.05× | -2.08× | ||
| Q4 24 | 1.41× | — | ||
| Q3 24 | 1.50× | — | ||
| Q2 24 | 1.31× | -1.50× | ||
| Q1 24 | 1.17× | — |
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
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
