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Northern Trust（NTRS）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
Northern Trust的季度营收约是Sunrun Inc.的1.9倍（$2.2B vs $1.2B），Northern Trust净利率更高（23.7% vs 8.9%，领先14.8%），Sunrun Inc.同比增速更快（123.5% vs 13.8%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 37.8%）
Northern Trust是总部位于美国伊利诺伊州芝加哥的专业金融服务企业，主要服务对象包括各类企业、机构投资者以及超高净值个人客户，是美国规模最大、持续运营历史最悠久的银行机构之一。截至2025年12月末，其管理资产规模达1.8万亿美元，托管资产规模达14.9万亿美元。
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。
NTRS vs RUN — 直观对比
营收规模更大
NTRS
是对方的1.9倍
$1.2B
营收增速更快
RUN
高出109.7%
13.8%
净利率更高
NTRS
高出14.8%
8.9%
两年增速更快
RUN
近两年复合增速
37.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.2B |
| 净利润 | $525.5M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | — | 8.4% |
| 净利率 | 23.7% | 8.9% |
| 营收同比 | 13.8% | 123.5% |
| 净利润同比 | 13.0% | 103.7% |
| 每股收益（稀释后） | $2.71 | $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NTRSRUN
| Q1 26 | $2.2B | — | ||
| Q4 25 | $1.3B | $1.2B | ||
| Q3 25 | $1.3B | $724.6M | ||
| Q2 25 | $1.2B | $569.3M | ||
| Q1 25 | $1.2B | $504.3M | ||
| Q4 24 | $1.2B | $518.5M | ||
| Q3 24 | $1.2B | $537.2M | ||
| Q2 24 | $1.2B | $523.9M |
净利润NTRSRUN
| Q1 26 | $525.5M | — | ||
| Q4 25 | $466.0M | $103.6M | ||
| Q3 25 | $457.6M | $16.6M | ||
| Q2 25 | $421.3M | $279.8M | ||
| Q1 25 | $392.0M | $50.0M | ||
| Q4 24 | $455.4M | $-2.8B | ||
| Q3 24 | $464.9M | $-83.8M | ||
| Q2 24 | $896.1M | $139.1M |
营业利润率NTRSRUN
| Q1 26 | — | — | ||
| Q4 25 | 48.5% | 8.4% | ||
| Q3 25 | 49.0% | 0.5% | ||
| Q2 25 | 45.9% | -19.7% | ||
| Q1 25 | 43.0% | -22.8% | ||
| Q4 24 | 48.6% | -628.0% | ||
| Q3 24 | 50.2% | -23.8% | ||
| Q2 24 | — | -24.4% |
净利率NTRSRUN
| Q1 26 | 23.7% | — | ||
| Q4 25 | 35.6% | 8.9% | ||
| Q3 25 | 36.2% | 2.3% | ||
| Q2 25 | 34.2% | 49.1% | ||
| Q1 25 | 32.3% | 9.9% | ||
| Q4 24 | 37.3% | -542.7% | ||
| Q3 24 | 38.9% | -15.6% | ||
| Q2 24 | 76.8% | 26.5% |
每股收益（稀释后）NTRSRUN
| Q1 26 | $2.71 | — | ||
| Q4 25 | $2.42 | $0.38 | ||
| Q3 25 | $2.29 | $0.06 | ||
| Q2 25 | $2.13 | $1.07 | ||
| Q1 25 | $1.90 | $0.20 | ||
| Q4 24 | $2.25 | $-12.59 | ||
| Q3 24 | $2.22 | $-0.37 | ||
| Q2 24 | $4.34 | $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 | — | — |
| 总债务越低越好 | $2.9B | $14.7B |
| 股东权益账面价值 | $13.0B | $3.1B |
| 总资产 | $174.6B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.22× | 4.69× |
8季度趋势，按日历期对齐
总债务NTRSRUN
| Q1 26 | $2.9B | — | ||
| Q4 25 | — | $14.7B | ||
| Q3 25 | — | $14.6B | ||
| Q2 25 | — | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B |
股东权益NTRSRUN
| Q1 26 | $13.0B | — | ||
| Q4 25 | $13.0B | $3.1B | ||
| Q3 25 | $13.0B | $3.0B | ||
| Q2 25 | $12.9B | $2.9B | ||
| Q1 25 | $12.9B | $2.6B | ||
| Q4 24 | $12.8B | $2.6B | ||
| Q3 24 | $12.7B | $5.3B | ||
| Q2 24 | $12.7B | $5.4B |
总资产NTRSRUN
| Q1 26 | $174.6B | — | ||
| Q4 25 | $177.1B | $22.6B | ||
| Q3 25 | $170.3B | $22.2B | ||
| Q2 25 | $171.9B | $21.2B | ||
| Q1 25 | $165.1B | $20.4B | ||
| Q4 24 | $155.5B | $19.9B | ||
| Q3 24 | $155.8B | $22.1B | ||
| Q2 24 | $156.8B | $21.4B |
负债/权益比NTRSRUN
| Q1 26 | 0.22× | — | ||
| 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× |
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NTRSRUN
| Q1 26 | — | — | ||
| Q4 25 | $388.4M | $96.9M | ||
| Q3 25 | $525.8M | $-121.5M | ||
| Q2 25 | $1.9B | $-292.7M | ||
| Q1 25 | $2.7B | $-104.2M | ||
| Q4 24 | $-2.6B | $-258.4M | ||
| Q3 24 | $611.1M | $-156.2M | ||
| Q2 24 | $3.0B | $-208.5M |
自由现金流NTRSRUN
| Q1 26 | — | — | ||
| Q4 25 | $355.6M | — | ||
| Q3 25 | $509.4M | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $2.7B | — | ||
| Q4 24 | $-2.7B | — | ||
| Q3 24 | $585.4M | $-156.4M | ||
| Q2 24 | $3.0B | — |
自由现金流率NTRSRUN
| Q1 26 | — | — | ||
| Q4 25 | 27.2% | — | ||
| Q3 25 | 40.3% | — | ||
| Q2 25 | 150.8% | — | ||
| Q1 25 | 225.5% | — | ||
| Q4 24 | -218.9% | — | ||
| Q3 24 | 48.9% | -29.1% | ||
| Q2 24 | 254.7% | — |
资本支出强度NTRSRUN
| Q1 26 | — | — | ||
| Q4 25 | 2.5% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 1.0% | — | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | 3.3% | — | ||
| Q3 24 | 2.1% | 0.0% | ||
| Q2 24 | 1.8% | — |
现金转化率NTRSRUN
| Q1 26 | — | — | ||
| Q4 25 | 0.83× | 0.94× | ||
| Q3 25 | 1.15× | -7.33× | ||
| Q2 25 | 4.44× | -1.05× | ||
| Q1 25 | 7.01× | -2.08× | ||
| Q4 24 | -5.79× | — | ||
| Q3 24 | 1.31× | — | ||
| Q2 24 | 3.34× | -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
NTRS
| Trust, Investment and Other Servicing Fees | $1.3B | 61% |
| Other | $871.8M | 39% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
