vs
Realty Income（O）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
Realty Income的季度营收约是Sunrun Inc.的1.3倍（$1.5B vs $1.2B），Realty Income净利率更高（19.9% vs 8.9%，领先11.0%），Sunrun Inc.同比增速更快（123.5% vs 11.0%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 8.6%）
Realty Income是一家房地产投资信托企业，投资范围覆盖美国、英国及欧洲其他六个国家的独立单租户商业地产，旗下物业普遍采用三重净租约模式。公司注册地为美国马里兰州，总部位于加利福尼亚州圣迭戈市。
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。
O vs RUN — 直观对比
营收规模更大
O
是对方的1.3倍
$1.2B
营收增速更快
RUN
高出112.5%
11.0%
净利率更高
O
高出11.0%
8.9%
两年增速更快
RUN
近两年复合增速
8.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.5B | $1.2B |
| 净利润 | $296.1M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 21.7% | 8.4% |
| 净利率 | 19.9% | 8.9% |
| 营收同比 | 11.0% | 123.5% |
| 净利润同比 | 48.3% | 103.7% |
| 每股收益（稀释后） | $0.32 | $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ORUN
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.5B | $724.6M | ||
| Q2 25 | $1.4B | $569.3M | ||
| Q1 25 | $1.4B | $504.3M | ||
| Q4 24 | $1.3B | $518.5M | ||
| Q3 24 | $1.3B | $537.2M | ||
| Q2 24 | $1.3B | $523.9M | ||
| Q1 24 | $1.3B | $458.2M |
净利润ORUN
| Q4 25 | $296.1M | $103.6M | ||
| Q3 25 | $315.8M | $16.6M | ||
| Q2 25 | $196.9M | $279.8M | ||
| Q1 25 | $249.8M | $50.0M | ||
| Q4 24 | $199.6M | $-2.8B | ||
| Q3 24 | $269.5M | $-83.8M | ||
| Q2 24 | $259.4M | $139.1M | ||
| Q1 24 | $132.3M | $-87.8M |
营业利润率ORUN
| Q4 25 | 21.7% | 8.4% | ||
| Q3 25 | 23.2% | 0.5% | ||
| Q2 25 | 15.8% | -19.7% | ||
| Q1 25 | 19.3% | -22.8% | ||
| Q4 24 | 16.5% | -628.0% | ||
| Q3 24 | 21.5% | -23.8% | ||
| Q2 24 | 20.7% | -24.4% | ||
| Q1 24 | 11.9% | -40.0% |
净利率ORUN
| Q4 25 | 19.9% | 8.9% | ||
| Q3 25 | 21.5% | 2.3% | ||
| Q2 25 | 14.0% | 49.1% | ||
| Q1 25 | 18.1% | 9.9% | ||
| Q4 24 | 14.9% | -542.7% | ||
| Q3 24 | 20.2% | -15.6% | ||
| Q2 24 | 19.4% | 26.5% | ||
| Q1 24 | 10.5% | -19.2% |
每股收益（稀释后）ORUN
| Q4 25 | $0.32 | $0.38 | ||
| Q3 25 | $0.35 | $0.06 | ||
| Q2 25 | $0.22 | $1.07 | ||
| Q1 25 | $0.28 | $0.20 | ||
| Q4 24 | $0.23 | $-12.59 | ||
| Q3 24 | $0.30 | $-0.37 | ||
| Q2 24 | $0.29 | $0.55 | ||
| Q1 24 | $0.16 | $-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 | $434.8M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $39.4B | $3.1B |
| 总资产 | $72.8B | $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ORUN
| Q4 25 | $434.8M | — | ||
| Q3 25 | $417.2M | — | ||
| Q2 25 | $800.4M | — | ||
| Q1 25 | $319.0M | — | ||
| Q4 24 | $445.0M | — | ||
| Q3 24 | $397.0M | — | ||
| Q2 24 | $442.8M | — | ||
| Q1 24 | $680.2M | — |
总债务ORUN
| 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 | ||
| Q1 24 | — | $11.1B |
股东权益ORUN
| Q4 25 | $39.4B | $3.1B | ||
| Q3 25 | $39.1B | $3.0B | ||
| Q2 25 | $39.2B | $2.9B | ||
| Q1 25 | $39.0B | $2.6B | ||
| Q4 24 | $38.8B | $2.6B | ||
| Q3 24 | $38.5B | $5.3B | ||
| Q2 24 | $38.6B | $5.4B | ||
| Q1 24 | $39.0B | $5.2B |
总资产ORUN
| Q4 25 | $72.8B | $22.6B | ||
| Q3 25 | $71.3B | $22.2B | ||
| Q2 25 | $71.4B | $21.2B | ||
| Q1 25 | $69.8B | $20.4B | ||
| Q4 24 | $68.8B | $19.9B | ||
| Q3 24 | $68.5B | $22.1B | ||
| Q2 24 | $68.1B | $21.4B | ||
| Q1 24 | $68.3B | $20.8B |
负债/权益比ORUN
| 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 | $1.2B | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $1.2B | — |
| 自由现金流率自由现金流/营收 | 77.6% | — |
| 资本支出强度资本支出/营收 | 3.3% | — |
| 现金转化率经营现金流/净利润 | 4.06× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $3.9B | — |
8季度趋势，按日历期对齐
经营现金流ORUN
| Q4 25 | $1.2B | $96.9M | ||
| Q3 25 | $943.1M | $-121.5M | ||
| Q2 25 | $1.1B | $-292.7M | ||
| Q1 25 | $787.5M | $-104.2M | ||
| Q4 24 | $972.0M | $-258.4M | ||
| Q3 24 | $841.5M | $-156.2M | ||
| Q2 24 | $981.2M | $-208.5M | ||
| Q1 24 | $778.7M | $-143.1M |
自由现金流ORUN
| Q4 25 | $1.2B | — | ||
| Q3 25 | $909.9M | — | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $764.6M | — | ||
| Q4 24 | $935.8M | — | ||
| Q3 24 | $807.9M | $-156.4M | ||
| Q2 24 | $939.2M | — | ||
| Q1 24 | $769.0M | — |
自由现金流率ORUN
| Q4 25 | 77.6% | — | ||
| Q3 25 | 61.9% | — | ||
| Q2 25 | 73.3% | — | ||
| Q1 25 | 55.4% | — | ||
| Q4 24 | 69.8% | — | ||
| Q3 24 | 60.7% | -29.1% | ||
| Q2 24 | 70.1% | — | ||
| Q1 24 | 61.0% | — |
资本支出强度ORUN
| Q4 25 | 3.3% | — | ||
| Q3 25 | 2.3% | — | ||
| Q2 25 | 1.9% | — | ||
| Q1 25 | 1.7% | — | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 2.5% | 0.0% | ||
| Q2 24 | 3.1% | — | ||
| Q1 24 | 0.8% | — |
现金转化率ORUN
| Q4 25 | 4.06× | 0.94× | ||
| Q3 25 | 2.99× | -7.33× | ||
| Q2 25 | 5.39× | -1.05× | ||
| Q1 25 | 3.15× | -2.08× | ||
| Q4 24 | 4.87× | — | ||
| Q3 24 | 3.12× | — | ||
| Q2 24 | 3.78× | -1.50× | ||
| Q1 24 | 5.89× | — |
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
O
| Product And Service Retail | $900.8M | 61% |
| Other | $531.5M | 36% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
