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NATIONAL FUEL GAS CO（NFG）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NATIONAL FUEL GAS CO的1.8倍（$1.2B vs $637.9M），NATIONAL FUEL GAS CO净利率更高（28.5% vs 8.9%，领先19.5%），Sunrun Inc.同比增速更快（123.5% vs 24.1%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 6.9%）
该多元化能源企业成立于1902年，总部位于美国纽约州威廉斯维尔，总资产达62亿美元，下设勘探与生产、管道与存储、燃气集输、公用事业、能源营销五大运营板块，业务覆盖能源产业链上下游多个核心环节。
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。
NFG vs RUN — 直观对比
营收规模更大
RUN
是对方的1.8倍
$637.9M
营收增速更快
RUN
高出99.4%
24.1%
净利率更高
NFG
高出19.5%
8.9%
两年增速更快
RUN
近两年复合增速
6.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $637.9M | $1.2B |
| 净利润 | $181.6M | $103.6M |
| 毛利率 | 86.6% | — |
| 营业利润率 | 43.3% | 8.4% |
| 净利率 | 28.5% | 8.9% |
| 营收同比 | 24.1% | 123.5% |
| 净利润同比 | 303.8% | 103.7% |
| 每股收益（稀释后） | $1.98 | $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NFGRUN
| Q4 25 | $637.9M | $1.2B | ||
| Q3 25 | $443.1M | $724.6M | ||
| Q2 25 | $527.4M | $569.3M | ||
| Q1 25 | $734.8M | $504.3M | ||
| Q4 24 | $513.8M | $518.5M | ||
| Q3 24 | $310.0M | $537.2M | ||
| Q2 24 | $338.6M | $523.9M | ||
| Q1 24 | $558.7M | $458.2M |
净利润NFGRUN
| Q4 25 | $181.6M | $103.6M | ||
| Q3 25 | $107.3M | $16.6M | ||
| Q2 25 | $149.8M | $279.8M | ||
| Q1 25 | $216.4M | $50.0M | ||
| Q4 24 | $45.0M | $-2.8B | ||
| Q3 24 | $-167.6M | $-83.8M | ||
| Q2 24 | $-54.2M | $139.1M | ||
| Q1 24 | $166.3M | $-87.8M |
毛利率NFGRUN
| Q4 25 | 86.6% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 94.7% | — | ||
| Q1 25 | 81.6% | — | ||
| Q4 24 | 87.3% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 98.5% | — | ||
| Q1 24 | 81.0% | — |
营业利润率NFGRUN
| Q4 25 | 43.3% | 8.4% | ||
| Q3 25 | 40.6% | 0.5% | ||
| Q2 25 | 43.7% | -19.7% | ||
| Q1 25 | 43.2% | -22.8% | ||
| Q4 24 | 16.8% | -628.0% | ||
| Q3 24 | -63.4% | -23.8% | ||
| Q2 24 | -15.2% | -24.4% | ||
| Q1 24 | 44.9% | -40.0% |
净利率NFGRUN
| Q4 25 | 28.5% | 8.9% | ||
| Q3 25 | 24.2% | 2.3% | ||
| Q2 25 | 28.4% | 49.1% | ||
| Q1 25 | 29.4% | 9.9% | ||
| Q4 24 | 8.8% | -542.7% | ||
| Q3 24 | -54.1% | -15.6% | ||
| Q2 24 | -16.0% | 26.5% | ||
| Q1 24 | 29.8% | -19.2% |
每股收益（稀释后）NFGRUN
| Q4 25 | $1.98 | $0.38 | ||
| Q3 25 | $1.18 | $0.06 | ||
| Q2 25 | $1.64 | $1.07 | ||
| Q1 25 | $2.37 | $0.20 | ||
| Q4 24 | $0.49 | $-12.59 | ||
| Q3 24 | $-1.81 | $-0.37 | ||
| Q2 24 | $-0.59 | $0.55 | ||
| Q1 24 | $1.80 | $-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 | $271.4M | — |
| 总债务越低越好 | $2.7B | $14.7B |
| 股东权益账面价值 | $3.6B | $3.1B |
| 总资产 | $9.2B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.75× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资NFGRUN
| Q4 25 | $271.4M | — | ||
| Q3 25 | $43.2M | — | ||
| Q2 25 | $39.3M | — | ||
| Q1 25 | $40.0M | — | ||
| Q4 24 | $48.7M | — | ||
| Q3 24 | $38.2M | — | ||
| Q2 24 | $81.4M | — | ||
| Q1 24 | $50.8M | — |
总债务NFGRUN
| Q4 25 | $2.7B | $14.7B | ||
| Q3 25 | $2.7B | $14.6B | ||
| Q2 25 | $2.7B | $14.0B | ||
| Q1 25 | $2.7B | $13.6B | ||
| Q4 24 | $2.7B | $12.9B | ||
| Q3 24 | $2.7B | $12.5B | ||
| Q2 24 | $2.7B | $12.0B | ||
| Q1 24 | $2.4B | $11.1B |
股东权益NFGRUN
| Q4 25 | $3.6B | $3.1B | ||
| Q3 25 | $3.1B | $3.0B | ||
| Q2 25 | $3.0B | $2.9B | ||
| Q1 25 | $2.8B | $2.6B | ||
| Q4 24 | $-76.2M | $2.6B | ||
| Q3 24 | $-15.5M | $5.3B | ||
| Q2 24 | $5.0M | $5.4B | ||
| Q1 24 | $75.3M | $5.2B |
总资产NFGRUN
| Q4 25 | $9.2B | $22.6B | ||
| Q3 25 | $8.7B | $22.2B | ||
| Q2 25 | $8.4B | $21.2B | ||
| Q1 25 | $8.5B | $20.4B | ||
| Q4 24 | $8.3B | $19.9B | ||
| Q3 24 | $8.3B | $22.1B | ||
| Q2 24 | $8.5B | $21.4B | ||
| Q1 24 | $8.7B | $20.8B |
负债/权益比NFGRUN
| Q4 25 | 0.75× | 4.69× | ||
| Q3 25 | 0.87× | 4.90× | ||
| Q2 25 | 0.90× | 4.80× | ||
| Q1 25 | 0.99× | 5.19× | ||
| Q4 24 | — | 5.05× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | 532.10× | 2.23× | ||
| Q1 24 | 31.68× | 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 | $274.9M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $-2.7M | — |
| 自由现金流率自由现金流/营收 | -0.4% | — |
| 资本支出强度资本支出/营收 | 43.5% | — |
| 现金转化率经营现金流/净利润 | 1.51× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $204.8M | — |
8季度趋势，按日历期对齐
经营现金流NFGRUN
| Q4 25 | $274.9M | $96.9M | ||
| Q3 25 | $237.8M | $-121.5M | ||
| Q2 25 | $388.4M | $-292.7M | ||
| Q1 25 | $253.8M | $-104.2M | ||
| Q4 24 | $220.1M | $-258.4M | ||
| Q3 24 | $197.9M | $-156.2M | ||
| Q2 24 | $281.8M | $-208.5M | ||
| Q1 24 | $315.3M | $-143.1M |
自由现金流NFGRUN
| Q4 25 | $-2.7M | — | ||
| Q3 25 | $-47.8M | — | ||
| Q2 25 | $195.3M | — | ||
| Q1 25 | $59.9M | — | ||
| Q4 24 | $-20.3M | — | ||
| Q3 24 | $-49.1M | $-156.4M | ||
| Q2 24 | $79.5M | — | ||
| Q1 24 | $80.3M | — |
自由现金流率NFGRUN
| Q4 25 | -0.4% | — | ||
| Q3 25 | -10.8% | — | ||
| Q2 25 | 37.0% | — | ||
| Q1 25 | 8.2% | — | ||
| Q4 24 | -4.0% | — | ||
| Q3 24 | -15.8% | -29.1% | ||
| Q2 24 | 23.5% | — | ||
| Q1 24 | 14.4% | — |
资本支出强度NFGRUN
| Q4 25 | 43.5% | — | ||
| Q3 25 | 64.4% | — | ||
| Q2 25 | 36.6% | — | ||
| Q1 25 | 26.4% | — | ||
| Q4 24 | 46.8% | — | ||
| Q3 24 | 79.7% | 0.0% | ||
| Q2 24 | 59.7% | — | ||
| Q1 24 | 42.1% | — |
现金转化率NFGRUN
| Q4 25 | 1.51× | 0.94× | ||
| Q3 25 | 2.21× | -7.33× | ||
| Q2 25 | 2.59× | -1.05× | ||
| Q1 25 | 1.17× | -2.08× | ||
| Q4 24 | 4.89× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -1.50× | ||
| Q1 24 | 1.90× | — |
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
NFG
| Natural Gas Production | $302.5M | 47% |
| Natural Gas Residential Sales | $198.0M | 31% |
| Pipeline And Storage | $69.2M | 11% |
| Natural Gas Commercial Sales | $27.9M | 4% |
| Natural Gas Storage | $25.1M | 4% |
| Other | $4.1M | 1% |
| Natural Gas Midstream | $2.8M | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
