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NGL Energy Partners LP（NGL）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NGL Energy Partners LP的1.3倍（$1.2B vs $909.8M），Sunrun Inc.净利率更高（8.9% vs 5.2%，领先3.8%），Sunrun Inc.同比增速更快（123.5% vs -41.3%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -6.4%）
NGL Energy Partners LP是一家总部位于美国的中游能源服务企业，主营原油、液化天然气、可再生燃料的运输、存储及物流服务，同时为上游能源生产商提供水资源管理解决方案，业务主要覆盖北美市场。
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。
NGL vs RUN — 直观对比
营收规模更大
RUN
是对方的1.3倍
$909.8M
营收增速更快
RUN
高出164.8%
-41.3%
净利率更高
RUN
高出3.8%
5.2%
两年增速更快
RUN
近两年复合增速
-6.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $909.8M | $1.2B |
| 净利润 | $47.2M | $103.6M |
| 毛利率 | 29.0% | — |
| 营业利润率 | 12.1% | 8.4% |
| 净利率 | 5.2% | 8.9% |
| 营收同比 | -41.3% | 123.5% |
| 净利润同比 | 249.3% | 103.7% |
| 每股收益（稀释后） | — | $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NGLRUN
| Q4 25 | $909.8M | $1.2B | ||
| Q3 25 | $674.7M | $724.6M | ||
| Q2 25 | $622.2M | $569.3M | ||
| Q1 25 | $971.1M | $504.3M | ||
| Q4 24 | $982.4M | $518.5M | ||
| Q3 24 | $756.5M | $537.2M | ||
| Q2 24 | $759.2M | $523.9M | ||
| Q1 24 | $1.0B | $458.2M |
净利润NGLRUN
| Q4 25 | $47.2M | $103.6M | ||
| Q3 25 | $29.3M | $16.6M | ||
| Q2 25 | $68.9M | $279.8M | ||
| Q1 25 | $13.7M | $50.0M | ||
| Q4 24 | $13.5M | $-2.8B | ||
| Q3 24 | $2.5M | $-83.8M | ||
| Q2 24 | $9.7M | $139.1M | ||
| Q1 24 | $-236.8M | $-87.8M |
毛利率NGLRUN
| Q4 25 | 29.0% | — | ||
| Q3 25 | 37.6% | — | ||
| Q2 25 | 38.5% | — | ||
| Q1 25 | 26.9% | — | ||
| Q4 24 | 25.1% | — | ||
| Q3 24 | 30.9% | — | ||
| Q2 24 | 29.0% | — | ||
| Q1 24 | 21.8% | — |
营业利润率NGLRUN
| Q4 25 | 12.1% | 8.4% | ||
| Q3 25 | 14.0% | 0.5% | ||
| Q2 25 | 15.7% | -19.7% | ||
| Q1 25 | 8.4% | -22.8% | ||
| Q4 24 | 8.6% | -628.0% | ||
| Q3 24 | 10.8% | -23.8% | ||
| Q2 24 | 10.8% | -24.4% | ||
| Q1 24 | -9.4% | -40.0% |
净利率NGLRUN
| Q4 25 | 5.2% | 8.9% | ||
| Q3 25 | 4.3% | 2.3% | ||
| Q2 25 | 11.1% | 49.1% | ||
| Q1 25 | 1.4% | 9.9% | ||
| Q4 24 | 1.4% | -542.7% | ||
| Q3 24 | 0.3% | -15.6% | ||
| Q2 24 | 1.3% | 26.5% | ||
| Q1 24 | -22.8% | -19.2% |
每股收益（稀释后）NGLRUN
| Q4 25 | — | $0.38 | ||
| Q3 25 | — | $0.06 | ||
| Q2 25 | — | $1.07 | ||
| Q1 25 | — | $0.20 | ||
| Q4 24 | — | $-12.59 | ||
| Q3 24 | — | $-0.37 | ||
| Q2 24 | — | $0.55 | ||
| Q1 24 | — | $-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 | $6.5M | — |
| 总债务越低越好 | $2.9B | $14.7B |
| 股东权益账面价值 | — | $3.1B |
| 总资产 | $4.4B | $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NGLRUN
| Q4 25 | $6.5M | — | ||
| Q3 25 | $8.7M | — | ||
| Q2 25 | $5.4M | — | ||
| Q1 25 | $13.5M | — | ||
| Q4 24 | $5.7M | — | ||
| Q3 24 | $4.5M | — | ||
| Q2 24 | $5.3M | — | ||
| Q1 24 | $38.9M | — |
总债务NGLRUN
| Q4 25 | $2.9B | $14.7B | ||
| Q3 25 | $2.9B | $14.6B | ||
| Q2 25 | $2.9B | $14.0B | ||
| Q1 25 | $3.0B | $13.6B | ||
| Q4 24 | $3.1B | $12.9B | ||
| Q3 24 | $3.1B | $12.5B | ||
| Q2 24 | $3.0B | $12.0B | ||
| Q1 24 | $2.9B | $11.1B |
股东权益NGLRUN
| Q4 25 | — | $3.1B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $5.3B | ||
| Q2 24 | — | $5.4B | ||
| Q1 24 | — | $5.2B |
总资产NGLRUN
| Q4 25 | $4.4B | $22.6B | ||
| Q3 25 | $4.3B | $22.2B | ||
| Q2 25 | $4.2B | $21.2B | ||
| Q1 25 | $4.6B | $20.4B | ||
| Q4 24 | $4.8B | $19.9B | ||
| Q3 24 | $4.9B | $22.1B | ||
| Q2 24 | $4.8B | $21.4B | ||
| Q1 24 | $5.0B | $20.8B |
负债/权益比NGLRUN
| 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 | $182.3M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $45.7M | — |
| 自由现金流率自由现金流/营收 | 5.0% | — |
| 资本支出强度资本支出/营收 | 15.0% | — |
| 现金转化率经营现金流/净利润 | 3.86× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $126.7M | — |
8季度趋势，按日历期对齐
经营现金流NGLRUN
| Q4 25 | $182.3M | $96.9M | ||
| Q3 25 | $40.5M | $-121.5M | ||
| Q2 25 | $33.2M | $-292.7M | ||
| Q1 25 | $155.0M | $-104.2M | ||
| Q4 24 | $153.8M | $-258.4M | ||
| Q3 24 | $6.7M | $-156.2M | ||
| Q2 24 | $-18.1M | $-208.5M | ||
| Q1 24 | $152.2M | $-143.1M |
自由现金流NGLRUN
| Q4 25 | $45.7M | — | ||
| Q3 25 | $9.5M | — | ||
| Q2 25 | $11.1M | — | ||
| Q1 25 | $60.4M | — | ||
| Q4 24 | $152.1M | — | ||
| Q3 24 | $-82.9M | $-156.4M | ||
| Q2 24 | $-78.0M | — | ||
| Q1 24 | $119.8M | — |
自由现金流率NGLRUN
| Q4 25 | 5.0% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 6.2% | — | ||
| Q4 24 | 15.5% | — | ||
| Q3 24 | -11.0% | -29.1% | ||
| Q2 24 | -10.3% | — | ||
| Q1 24 | 11.5% | — |
资本支出强度NGLRUN
| Q4 25 | 15.0% | — | ||
| Q3 25 | 4.6% | — | ||
| Q2 25 | 3.6% | — | ||
| Q1 25 | 9.7% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 11.8% | 0.0% | ||
| Q2 24 | 7.9% | — | ||
| Q1 24 | 3.1% | — |
现金转化率NGLRUN
| Q4 25 | 3.86× | 0.94× | ||
| Q3 25 | 1.38× | -7.33× | ||
| Q2 25 | 0.48× | -1.05× | ||
| Q1 25 | 11.29× | -2.08× | ||
| Q4 24 | 11.39× | — | ||
| Q3 24 | 2.74× | — | ||
| Q2 24 | -1.87× | -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
NGL
| Water Solutions Segment | $208.6M | 23% |
| Services | $193.3M | 21% |
| Butane | $192.5M | 21% |
| Service Fees | $182.8M | 20% |
| Public Utilities Inventory Propane | $93.9M | 10% |
| Crude Oil | $23.3M | 3% |
| Crude Oil Transportation And Other | $6.5M | 1% |
| Liquids Logistics Segment | $2.5M | 0% |
| Crude Oil Logistics Segment | $1.2M | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
