vs
纳斯达克（NDAQ）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
纳斯达克的季度营收约是Sunrun Inc.的1.8倍（$2.1B vs $1.2B），纳斯达克净利率更高（24.3% vs 8.9%，领先15.3%），Sunrun Inc.同比增速更快（123.5% vs 2.0%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 9.2%）
纳斯达克是美国的证券交易所，市值规模在全球证券交易所中排名第二，也是全球首个完全电子化的股票市场。其总部位于纽约曼哈顿，是美国交易量领先、活跃度最高的股票交易场所之一。
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。
NDAQ vs RUN — 直观对比
营收规模更大
NDAQ
是对方的1.8倍
$1.2B
营收增速更快
RUN
高出121.5%
2.0%
净利率更高
NDAQ
高出15.3%
8.9%
两年增速更快
RUN
近两年复合增速
9.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.2B |
| 净利润 | $519.0M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 30.7% | 8.4% |
| 净利率 | 24.3% | 8.9% |
| 营收同比 | 2.0% | 123.5% |
| 净利润同比 | 31.4% | 103.7% |
| 每股收益（稀释后） | $0.91 | $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NDAQRUN
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $2.0B | $724.6M | ||
| Q2 25 | $2.1B | $569.3M | ||
| Q1 25 | $2.1B | $504.3M | ||
| Q4 24 | $2.0B | $518.5M | ||
| Q3 24 | $1.9B | $537.2M | ||
| Q2 24 | $1.8B | $523.9M |
净利润NDAQRUN
| Q1 26 | $519.0M | — | ||
| Q4 25 | $518.0M | $103.6M | ||
| Q3 25 | $423.0M | $16.6M | ||
| Q2 25 | $452.0M | $279.8M | ||
| Q1 25 | $395.0M | $50.0M | ||
| Q4 24 | $355.0M | $-2.8B | ||
| Q3 24 | $306.0M | $-83.8M | ||
| Q2 24 | $222.0M | $139.1M |
毛利率NDAQRUN
| Q1 26 | — | — | ||
| Q4 25 | 65.5% | — | ||
| Q3 25 | 67.2% | — | ||
| Q2 25 | 62.5% | — | ||
| Q1 25 | 59.2% | — | ||
| Q4 24 | 60.4% | — | ||
| Q3 24 | 60.3% | — | ||
| Q2 24 | 64.7% | — |
营业利润率NDAQRUN
| Q1 26 | 30.7% | — | ||
| Q4 25 | 29.7% | 8.4% | ||
| Q3 25 | 29.9% | 0.5% | ||
| Q2 25 | 27.2% | -19.7% | ||
| Q1 25 | 26.2% | -22.8% | ||
| Q4 24 | 25.4% | -628.0% | ||
| Q3 24 | 23.6% | -23.8% | ||
| Q2 24 | 23.6% | -24.4% |
净利率NDAQRUN
| Q1 26 | 24.3% | — | ||
| Q4 25 | 24.4% | 8.9% | ||
| Q3 25 | 21.6% | 2.3% | ||
| Q2 25 | 21.6% | 49.1% | ||
| Q1 25 | 18.9% | 9.9% | ||
| Q4 24 | 17.5% | -542.7% | ||
| Q3 24 | 16.1% | -15.6% | ||
| Q2 24 | 12.4% | 26.5% |
每股收益（稀释后）NDAQRUN
| Q1 26 | $0.91 | — | ||
| Q4 25 | $0.90 | $0.38 | ||
| Q3 25 | $0.73 | $0.06 | ||
| Q2 25 | $0.78 | $1.07 | ||
| Q1 25 | $0.68 | $0.20 | ||
| Q4 24 | $0.62 | $-12.59 | ||
| Q3 24 | $0.53 | $-0.37 | ||
| Q2 24 | $0.38 | $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 | $515.0M | — |
| 总债务越低越好 | $9.0B | $14.7B |
| 股东权益账面价值 | $12.0B | $3.1B |
| 总资产 | $27.3B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.74× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资NDAQRUN
| Q1 26 | $515.0M | — | ||
| Q4 25 | $604.0M | — | ||
| Q3 25 | $470.0M | — | ||
| Q2 25 | $732.0M | — | ||
| Q1 25 | $690.0M | — | ||
| Q4 24 | $592.0M | — | ||
| Q3 24 | $266.0M | — | ||
| Q2 24 | $416.0M | — |
总债务NDAQRUN
| Q1 26 | $9.0B | — | ||
| Q4 25 | $8.6B | $14.7B | ||
| Q3 25 | $8.7B | $14.6B | ||
| Q2 25 | $8.7B | $14.0B | ||
| Q1 25 | $8.9B | $13.6B | ||
| Q4 24 | $9.1B | $12.9B | ||
| Q3 24 | $9.4B | $12.5B | ||
| Q2 24 | $9.2B | $12.0B |
股东权益NDAQRUN
| Q1 26 | $12.0B | — | ||
| Q4 25 | $12.2B | $3.1B | ||
| Q3 25 | $12.0B | $3.0B | ||
| Q2 25 | $11.8B | $2.9B | ||
| Q1 25 | $11.5B | $2.6B | ||
| Q4 24 | $11.2B | $2.6B | ||
| Q3 24 | $11.1B | $5.3B | ||
| Q2 24 | $10.9B | $5.4B |
总资产NDAQRUN
| Q1 26 | $27.3B | — | ||
| Q4 25 | $31.1B | $22.6B | ||
| Q3 25 | $30.7B | $22.2B | ||
| Q2 25 | $30.4B | $21.2B | ||
| Q1 25 | $30.6B | $20.4B | ||
| Q4 24 | $30.4B | $19.9B | ||
| Q3 24 | $30.6B | $22.1B | ||
| Q2 24 | $30.2B | $21.4B |
负债/权益比NDAQRUN
| Q1 26 | 0.74× | — | ||
| Q4 25 | 0.70× | 4.69× | ||
| Q3 25 | 0.72× | 4.90× | ||
| Q2 25 | 0.73× | 4.80× | ||
| Q1 25 | 0.77× | 5.19× | ||
| Q4 24 | 0.81× | 5.05× | ||
| Q3 24 | 0.85× | 2.36× | ||
| Q2 24 | 0.85× | 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 | — | — |
| 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 | — | 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NDAQRUN
| Q1 26 | — | — | ||
| Q4 25 | $625.0M | $96.9M | ||
| Q3 25 | $221.0M | $-121.5M | ||
| Q2 25 | $746.0M | $-292.7M | ||
| Q1 25 | $663.0M | $-104.2M | ||
| Q4 24 | $705.0M | $-258.4M | ||
| Q3 24 | $244.0M | $-156.2M | ||
| Q2 24 | $460.0M | $-208.5M |
自由现金流NDAQRUN
| Q1 26 | — | — | ||
| Q4 25 | $536.0M | — | ||
| Q3 25 | $152.0M | — | ||
| Q2 25 | $687.0M | — | ||
| Q1 25 | $614.0M | — | ||
| Q4 24 | $645.0M | — | ||
| Q3 24 | $188.0M | $-156.4M | ||
| Q2 24 | $408.0M | — |
自由现金流率NDAQRUN
| Q1 26 | — | — | ||
| Q4 25 | 25.2% | — | ||
| Q3 25 | 7.8% | — | ||
| Q2 25 | 32.9% | — | ||
| Q1 25 | 29.4% | — | ||
| Q4 24 | 31.7% | — | ||
| Q3 24 | 9.9% | -29.1% | ||
| Q2 24 | 22.8% | — |
资本支出强度NDAQRUN
| Q1 26 | — | — | ||
| Q4 25 | 4.2% | — | ||
| Q3 25 | 3.5% | — | ||
| Q2 25 | 2.8% | — | ||
| Q1 25 | 2.3% | — | ||
| Q4 24 | 3.0% | — | ||
| Q3 24 | 2.9% | 0.0% | ||
| Q2 24 | 2.9% | — |
现金转化率NDAQRUN
| Q1 26 | — | — | ||
| Q4 25 | 1.21× | 0.94× | ||
| Q3 25 | 0.52× | -7.33× | ||
| Q2 25 | 1.65× | -1.05× | ||
| Q1 25 | 1.68× | -2.08× | ||
| Q4 24 | 1.99× | — | ||
| Q3 24 | 0.80× | — | ||
| Q2 24 | 2.07× | -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
NDAQ
| Market Services | $1.0B | 49% |
| Capital Access Platforms | $565.0M | 26% |
| Financial Technology | $517.0M | 24% |
| Other Revenues | $8.0M | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
