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NiSource（NI）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
NiSource的季度营收约是Sunrun Inc.的1.6倍（$1.9B vs $1.2B），NiSource净利率更高（13.7% vs 8.9%，领先4.7%），Sunrun Inc.同比增速更快（123.5% vs 22.5%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 7.2%）
NiSource是美国规模最大的受全面监管公用事业企业之一，总部位于印第安纳州梅里尔维尔，员工规模超8000人。公司旗下拥有Columbia Gas、NIPSCO两大本土品牌，业务覆盖美国六个州，为约350万天然气用户、50万电力用户提供服务，2018年时是印第安纳州唯一的本土公用事业企业。
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。
NI vs RUN — 直观对比
营收规模更大
NI
是对方的1.6倍
$1.2B
营收增速更快
RUN
高出101.0%
22.5%
净利率更高
NI
高出4.7%
8.9%
两年增速更快
RUN
近两年复合增速
7.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.2B |
| 净利润 | $257.8M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 27.3% | 8.4% |
| 净利率 | 13.7% | 8.9% |
| 营收同比 | 22.5% | 123.5% |
| 净利润同比 | 15.1% | 103.7% |
| 每股收益（稀释后） | $0.53 | $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NIRUN
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $1.2B | $724.6M | ||
| Q2 25 | $1.2B | $569.3M | ||
| Q1 25 | $2.1B | $504.3M | ||
| Q4 24 | $1.5B | $518.5M | ||
| Q3 24 | $1.0B | $537.2M | ||
| Q2 24 | $1.1B | $523.9M | ||
| Q1 24 | $1.6B | $458.2M |
净利润NIRUN
| Q4 25 | $257.8M | $103.6M | ||
| Q3 25 | $94.7M | $16.6M | ||
| Q2 25 | $102.2M | $279.8M | ||
| Q1 25 | $474.8M | $50.0M | ||
| Q4 24 | $223.9M | $-2.8B | ||
| Q3 24 | $85.7M | $-83.8M | ||
| Q2 24 | $85.8M | $139.1M | ||
| Q1 24 | $365.0M | $-87.8M |
营业利润率NIRUN
| Q4 25 | 27.3% | 8.4% | ||
| Q3 25 | 24.0% | 0.5% | ||
| Q2 25 | 21.1% | -19.7% | ||
| Q1 25 | 35.3% | -22.8% | ||
| Q4 24 | 27.1% | -628.0% | ||
| Q3 24 | 20.9% | -23.8% | ||
| Q2 24 | 22.5% | -24.4% | ||
| Q1 24 | 35.5% | -40.0% |
净利率NIRUN
| Q4 25 | 13.7% | 8.9% | ||
| Q3 25 | 7.6% | 2.3% | ||
| Q2 25 | 8.2% | 49.1% | ||
| Q1 25 | 22.1% | 9.9% | ||
| Q4 24 | 14.5% | -542.7% | ||
| Q3 24 | 8.2% | -15.6% | ||
| Q2 24 | 8.1% | 26.5% | ||
| Q1 24 | 22.2% | -19.2% |
每股收益（稀释后）NIRUN
| Q4 25 | $0.53 | $0.38 | ||
| Q3 25 | $0.20 | $0.06 | ||
| Q2 25 | $0.22 | $1.07 | ||
| Q1 25 | $1.00 | $0.20 | ||
| Q4 24 | $0.47 | $-12.59 | ||
| Q3 24 | $0.19 | $-0.37 | ||
| Q2 24 | $0.19 | $0.55 | ||
| Q1 24 | $0.77 | $-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 | $110.1M | — |
| 总债务越低越好 | $15.5B | $14.7B |
| 股东权益账面价值 | $9.5B | $3.1B |
| 总资产 | $35.9B | $22.6B |
| 负债/权益比越低杠杆越低 | 1.64× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资NIRUN
| Q4 25 | $110.1M | — | ||
| Q3 25 | $95.0M | — | ||
| Q2 25 | $335.4M | — | ||
| Q1 25 | $259.4M | — | ||
| Q4 24 | $156.6M | — | ||
| Q3 24 | $126.2M | — | ||
| Q2 24 | $101.2M | — | ||
| Q1 24 | $102.2M | — |
总债务NIRUN
| Q4 25 | $15.5B | $14.7B | ||
| Q3 25 | $14.5B | $14.6B | ||
| Q2 25 | $14.5B | $14.0B | ||
| Q1 25 | $12.8B | $13.6B | ||
| Q4 24 | $12.1B | $12.9B | ||
| Q3 24 | $12.1B | $12.5B | ||
| Q2 24 | $12.8B | $12.0B | ||
| Q1 24 | $11.7B | $11.1B |
股东权益NIRUN
| Q4 25 | $9.5B | $3.1B | ||
| Q3 25 | $9.1B | $3.0B | ||
| Q2 25 | $8.9B | $2.9B | ||
| Q1 25 | $8.9B | $2.6B | ||
| Q4 24 | $8.7B | $2.6B | ||
| Q3 24 | $8.3B | $5.3B | ||
| Q2 24 | $7.9B | $5.4B | ||
| Q1 24 | $7.9B | $5.2B |
总资产NIRUN
| Q4 25 | $35.9B | $22.6B | ||
| Q3 25 | $34.4B | $22.2B | ||
| Q2 25 | $34.0B | $21.2B | ||
| Q1 25 | $33.1B | $20.4B | ||
| Q4 24 | $31.8B | $19.9B | ||
| Q3 24 | $30.8B | $22.1B | ||
| Q2 24 | $29.9B | $21.4B | ||
| Q1 24 | $29.3B | $20.8B |
负债/权益比NIRUN
| Q4 25 | 1.64× | 4.69× | ||
| Q3 25 | 1.59× | 4.90× | ||
| Q2 25 | 1.63× | 4.80× | ||
| Q1 25 | 1.44× | 5.19× | ||
| Q4 24 | 1.39× | 5.05× | ||
| Q3 24 | 1.45× | 2.36× | ||
| Q2 24 | 1.63× | 2.23× | ||
| Q1 24 | 1.48× | 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 | $712.6M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $-133.7M | — |
| 自由现金流率自由现金流/营收 | -7.1% | — |
| 资本支出强度资本支出/营收 | 44.9% | — |
| 现金转化率经营现金流/净利润 | 2.76× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $-420.0M | — |
8季度趋势，按日历期对齐
经营现金流NIRUN
| Q4 25 | $712.6M | $96.9M | ||
| Q3 25 | $467.9M | $-121.5M | ||
| Q2 25 | $495.4M | $-292.7M | ||
| Q1 25 | $686.4M | $-104.2M | ||
| Q4 24 | $539.8M | $-258.4M | ||
| Q3 24 | $340.0M | $-156.2M | ||
| Q2 24 | $445.5M | $-208.5M | ||
| Q1 24 | $456.2M | $-143.1M |
自由现金流NIRUN
| Q4 25 | $-133.7M | — | ||
| Q3 25 | $-172.6M | — | ||
| Q2 25 | $-162.8M | — | ||
| Q1 25 | $49.1M | — | ||
| Q4 24 | $-220.2M | — | ||
| Q3 24 | $-294.7M | $-156.4M | ||
| Q2 24 | $-184.3M | — | ||
| Q1 24 | $-133.3M | — |
自由现金流率NIRUN
| Q4 25 | -7.1% | — | ||
| Q3 25 | -13.9% | — | ||
| Q2 25 | -13.1% | — | ||
| Q1 25 | 2.3% | — | ||
| Q4 24 | -14.3% | — | ||
| Q3 24 | -28.2% | -29.1% | ||
| Q2 24 | -17.5% | — | ||
| Q1 24 | -8.1% | — |
资本支出强度NIRUN
| Q4 25 | 44.9% | — | ||
| Q3 25 | 51.6% | — | ||
| Q2 25 | 52.8% | — | ||
| Q1 25 | 29.6% | — | ||
| Q4 24 | 49.4% | — | ||
| Q3 24 | 60.7% | 0.0% | ||
| Q2 24 | 59.7% | — | ||
| Q1 24 | 35.9% | — |
现金转化率NIRUN
| Q4 25 | 2.76× | 0.94× | ||
| Q3 25 | 4.94× | -7.33× | ||
| Q2 25 | 4.85× | -1.05× | ||
| Q1 25 | 1.45× | -2.08× | ||
| Q4 24 | 2.41× | — | ||
| Q3 24 | 3.97× | — | ||
| Q2 24 | 5.19× | -1.50× | ||
| Q1 24 | 1.25× | — |
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
NI
| Residential | $703.6M | 37% |
| Ni Source Electric Generation And Power Delivery | $525.6M | 28% |
| NIPSCO Gas Distribution | $348.1M | 18% |
| Commercial | $235.9M | 13% |
| Industrial | $45.9M | 2% |
| Offsystem | $16.9M | 1% |
| Misc. | $9.6M | 1% |
| Related Party | $3.3M | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
