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NCR Atleos Corp（NATL）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NCR Atleos Corp的1.0倍（$1.2B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs 7.2%，领先1.7%），Sunrun Inc.同比增速更快（123.5% vs 4.0%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 4.9%）
NCR Atleos Corp 前身为NCR公司（National Cash Register），是全球知名的软件、咨询与技术企业，提供多元专业服务与电子产品，业务覆盖自助服务 kiosk、销售点终端、自动柜员机、支票处理系统、条码扫描器等商用软硬件的研发与生产，服务全球各行业客户的数字化运营需求。
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。
NATL vs RUN — 直观对比
营收规模更大
RUN
是对方的1.0倍
$1.2B
营收增速更快
RUN
高出119.5%
4.0%
净利率更高
RUN
高出1.7%
7.2%
两年增速更快
RUN
近两年复合增速
4.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $83.0M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 13.5% | 8.4% |
| 净利率 | 7.2% | 8.9% |
| 营收同比 | 4.0% | 123.5% |
| 净利润同比 | 102.4% | 103.7% |
| 每股收益（稀释后） | $1.09 | $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NATLRUN
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.1B | $724.6M | ||
| Q2 25 | $1.1B | $569.3M | ||
| Q1 25 | $979.0M | $504.3M | ||
| Q4 24 | $1.1B | $518.5M | ||
| Q3 24 | $1.1B | $537.2M | ||
| Q2 24 | $1.1B | $523.9M | ||
| Q1 24 | $1.0B | $458.2M |
净利润NATLRUN
| Q4 25 | $83.0M | $103.6M | ||
| Q3 25 | $26.0M | $16.6M | ||
| Q2 25 | $39.0M | $279.8M | ||
| Q1 25 | $14.0M | $50.0M | ||
| Q4 24 | $41.0M | $-2.8B | ||
| Q3 24 | $21.0M | $-83.8M | ||
| Q2 24 | $27.0M | $139.1M | ||
| Q1 24 | $-9.0M | $-87.8M |
营业利润率NATLRUN
| Q4 25 | 13.5% | 8.4% | ||
| Q3 25 | 9.8% | 0.5% | ||
| Q2 25 | 10.8% | -19.7% | ||
| Q1 25 | 9.5% | -22.8% | ||
| Q4 24 | 13.4% | -628.0% | ||
| Q3 24 | 10.6% | -23.8% | ||
| Q2 24 | 9.8% | -24.4% | ||
| Q1 24 | 6.5% | -40.0% |
净利率NATLRUN
| Q4 25 | 7.2% | 8.9% | ||
| Q3 25 | 2.3% | 2.3% | ||
| Q2 25 | 3.5% | 49.1% | ||
| Q1 25 | 1.4% | 9.9% | ||
| Q4 24 | 3.7% | -542.7% | ||
| Q3 24 | 2.0% | -15.6% | ||
| Q2 24 | 2.5% | 26.5% | ||
| Q1 24 | -0.9% | -19.2% |
每股收益（稀释后）NATLRUN
| Q4 25 | $1.09 | $0.38 | ||
| Q3 25 | $0.34 | $0.06 | ||
| Q2 25 | $0.52 | $1.07 | ||
| Q1 25 | $0.19 | $0.20 | ||
| Q4 24 | $0.56 | $-12.59 | ||
| Q3 24 | $0.28 | $-0.37 | ||
| Q2 24 | $0.37 | $0.55 | ||
| Q1 24 | $-0.13 | $-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 | $456.0M | — |
| 总债务越低越好 | $2.7B | $14.7B |
| 股东权益账面价值 | $403.0M | $3.1B |
| 总资产 | $5.7B | $22.6B |
| 负债/权益比越低杠杆越低 | 6.63× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资NATLRUN
| Q4 25 | $456.0M | — | ||
| Q3 25 | $412.0M | — | ||
| Q2 25 | $357.0M | — | ||
| Q1 25 | $352.0M | — | ||
| Q4 24 | $419.0M | — | ||
| Q3 24 | $395.0M | — | ||
| Q2 24 | $374.0M | — | ||
| Q1 24 | $343.0M | — |
总债务NATLRUN
| Q4 25 | $2.7B | $14.7B | ||
| Q3 25 | $2.8B | $14.6B | ||
| Q2 25 | $2.8B | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | $2.9B | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益NATLRUN
| Q4 25 | $403.0M | $3.1B | ||
| Q3 25 | $330.0M | $3.0B | ||
| Q2 25 | $350.0M | $2.9B | ||
| Q1 25 | $275.0M | $2.6B | ||
| Q4 24 | $219.0M | $2.6B | ||
| Q3 24 | $264.0M | $5.3B | ||
| Q2 24 | $250.0M | $5.4B | ||
| Q1 24 | $283.0M | $5.2B |
总资产NATLRUN
| Q4 25 | $5.7B | $22.6B | ||
| Q3 25 | $5.7B | $22.2B | ||
| Q2 25 | $5.8B | $21.2B | ||
| Q1 25 | $5.7B | $20.4B | ||
| Q4 24 | $5.5B | $19.9B | ||
| Q3 24 | $5.7B | $22.1B | ||
| Q2 24 | $5.8B | $21.4B | ||
| Q1 24 | $5.8B | $20.8B |
负债/权益比NATLRUN
| Q4 25 | 6.63× | 4.69× | ||
| Q3 25 | 8.45× | 4.90× | ||
| Q2 25 | 8.05× | 4.80× | ||
| Q1 25 | — | 5.19× | ||
| Q4 24 | 13.05× | 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 | $231.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $194.0M | — |
| 自由现金流率自由现金流/营收 | 16.8% | — |
| 资本支出强度资本支出/营收 | 3.2% | — |
| 现金转化率经营现金流/净利润 | 2.78× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $239.0M | — |
8季度趋势，按日历期对齐
经营现金流NATLRUN
| Q4 25 | $231.0M | $96.9M | ||
| Q3 25 | $25.0M | $-121.5M | ||
| Q2 25 | $-23.0M | $-292.7M | ||
| Q1 25 | $123.0M | $-104.2M | ||
| Q4 24 | $80.0M | $-258.4M | ||
| Q3 24 | $107.0M | $-156.2M | ||
| Q2 24 | $9.0M | $-208.5M | ||
| Q1 24 | $148.0M | $-143.1M |
自由现金流NATLRUN
| Q4 25 | $194.0M | — | ||
| Q3 25 | $-5.0M | — | ||
| Q2 25 | $-44.0M | — | ||
| Q1 25 | $94.0M | — | ||
| Q4 24 | $62.0M | — | ||
| Q3 24 | $85.0M | $-156.4M | ||
| Q2 24 | $-14.0M | — | ||
| Q1 24 | $124.0M | — |
自由现金流率NATLRUN
| Q4 25 | 16.8% | — | ||
| Q3 25 | -0.4% | — | ||
| Q2 25 | -4.0% | — | ||
| Q1 25 | 9.6% | — | ||
| Q4 24 | 5.6% | — | ||
| Q3 24 | 7.9% | -29.1% | ||
| Q2 24 | -1.3% | — | ||
| Q1 24 | 11.9% | — |
资本支出强度NATLRUN
| Q4 25 | 3.2% | — | ||
| Q3 25 | 2.7% | — | ||
| Q2 25 | 1.9% | — | ||
| Q1 25 | 3.0% | — | ||
| Q4 24 | 1.6% | — | ||
| Q3 24 | 2.1% | 0.0% | ||
| Q2 24 | 2.1% | — | ||
| Q1 24 | 2.3% | — |
现金转化率NATLRUN
| Q4 25 | 2.78× | 0.94× | ||
| Q3 25 | 0.96× | -7.33× | ||
| Q2 25 | -0.59× | -1.05× | ||
| Q1 25 | 8.79× | -2.08× | ||
| Q4 24 | 1.95× | — | ||
| Q3 24 | 5.10× | — | ||
| Q2 24 | 0.33× | -1.50× | ||
| Q1 24 | — | — |
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
NATL
| Services | $848.0M | 74% |
| APJ | $136.0M | 12% |
| Americas Excluding United States | $135.0M | 12% |
| TT | $44.0M | 4% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
