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BLUE OWL CAPITAL INC.（OWL）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BLUE OWL CAPITAL INC.的1.5倍（$1.2B vs $755.6M），Sunrun Inc.净利率更高（8.9% vs 6.3%，领先2.6%），Sunrun Inc.同比增速更快（123.5% vs 19.7%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 21.3%）
Blue Owl Capital Inc.是美国另类投资资产管理机构，于纽约证券交易所挂牌上市，股票代码为OWL，总部设在纽约市，在伦敦、迪拜、中国香港等全球多地设有办事处，专注为各类客户提供专业的另类资产管理解决方案。
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。
OWL vs RUN — 直观对比
营收规模更大
RUN
是对方的1.5倍
$755.6M
营收增速更快
RUN
高出103.8%
19.7%
净利率更高
RUN
高出2.6%
6.3%
两年增速更快
RUN
近两年复合增速
21.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $755.6M | $1.2B |
| 净利润 | $47.7M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 22.2% | 8.4% |
| 净利率 | 6.3% | 8.9% |
| 营收同比 | 19.7% | 123.5% |
| 净利润同比 | 129.8% | 103.7% |
| 每股收益（稀释后） | $0.07 | $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OWLRUN
| Q4 25 | $755.6M | $1.2B | ||
| Q3 25 | $728.0M | $724.6M | ||
| Q2 25 | $703.1M | $569.3M | ||
| Q1 25 | $683.5M | $504.3M | ||
| Q4 24 | $631.4M | $518.5M | ||
| Q3 24 | $600.9M | $537.2M | ||
| Q2 24 | $549.8M | $523.9M | ||
| Q1 24 | $513.3M | $458.2M |
净利润OWLRUN
| Q4 25 | $47.7M | $103.6M | ||
| Q3 25 | $6.3M | $16.6M | ||
| Q2 25 | $17.4M | $279.8M | ||
| Q1 25 | $7.4M | $50.0M | ||
| Q4 24 | $20.7M | $-2.8B | ||
| Q3 24 | $29.8M | $-83.8M | ||
| Q2 24 | $33.9M | $139.1M | ||
| Q1 24 | $25.1M | $-87.8M |
营业利润率OWLRUN
| Q4 25 | 22.2% | 8.4% | ||
| Q3 25 | 7.6% | 0.5% | ||
| Q2 25 | 12.0% | -19.7% | ||
| Q1 25 | 5.9% | -22.8% | ||
| Q4 24 | 11.7% | -628.0% | ||
| Q3 24 | 18.7% | -23.8% | ||
| Q2 24 | 28.4% | -24.4% | ||
| Q1 24 | 24.7% | -40.0% |
净利率OWLRUN
| Q4 25 | 6.3% | 8.9% | ||
| Q3 25 | 0.9% | 2.3% | ||
| Q2 25 | 2.5% | 49.1% | ||
| Q1 25 | 1.1% | 9.9% | ||
| Q4 24 | 3.3% | -542.7% | ||
| Q3 24 | 5.0% | -15.6% | ||
| Q2 24 | 6.2% | 26.5% | ||
| Q1 24 | 4.9% | -19.2% |
每股收益（稀释后）OWLRUN
| Q4 25 | $0.07 | $0.38 | ||
| Q3 25 | $0.01 | $0.06 | ||
| Q2 25 | $0.02 | $1.07 | ||
| Q1 25 | $0.00 | $0.20 | ||
| Q4 24 | $0.06 | $-12.59 | ||
| Q3 24 | $0.04 | $-0.37 | ||
| Q2 24 | $0.06 | $0.55 | ||
| Q1 24 | $0.04 | $-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 | $194.5M | — |
| 总债务越低越好 | $3.3B | $14.7B |
| 股东权益账面价值 | $2.2B | $3.1B |
| 总资产 | $12.5B | $22.6B |
| 负债/权益比越低杠杆越低 | 1.51× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资OWLRUN
| Q4 25 | $194.5M | — | ||
| Q3 25 | $137.3M | — | ||
| Q2 25 | $117.6M | — | ||
| Q1 25 | $97.6M | — | ||
| Q4 24 | $152.1M | — | ||
| Q3 24 | $115.9M | — | ||
| Q2 24 | $436.8M | — | ||
| Q1 24 | $155.8M | — |
总债务OWLRUN
| Q4 25 | $3.3B | $14.7B | ||
| Q3 25 | $3.2B | $14.6B | ||
| Q2 25 | $3.2B | $14.0B | ||
| Q1 25 | $3.2B | $13.6B | ||
| Q4 24 | $2.6B | $12.9B | ||
| Q3 24 | $2.5B | $12.5B | ||
| Q2 24 | $2.5B | $12.0B | ||
| Q1 24 | $2.1B | $11.1B |
股东权益OWLRUN
| Q4 25 | $2.2B | $3.1B | ||
| Q3 25 | $2.3B | $3.0B | ||
| Q2 25 | $2.4B | $2.9B | ||
| Q1 25 | $2.3B | $2.6B | ||
| Q4 24 | $2.1B | $2.6B | ||
| Q3 24 | $2.0B | $5.3B | ||
| Q2 24 | $1.7B | $5.4B | ||
| Q1 24 | $1.6B | $5.2B |
总资产OWLRUN
| Q4 25 | $12.5B | $22.6B | ||
| Q3 25 | $12.5B | $22.2B | ||
| Q2 25 | $12.3B | $21.2B | ||
| Q1 25 | $12.3B | $20.4B | ||
| Q4 24 | $11.0B | $19.9B | ||
| Q3 24 | $10.8B | $22.1B | ||
| Q2 24 | $9.7B | $21.4B | ||
| Q1 24 | $9.0B | $20.8B |
负债/权益比OWLRUN
| Q4 25 | 1.51× | 4.69× | ||
| Q3 25 | 1.41× | 4.90× | ||
| Q2 25 | 1.38× | 4.80× | ||
| Q1 25 | 1.37× | 5.19× | ||
| Q4 24 | 1.22× | 5.05× | ||
| Q3 24 | 1.27× | 2.36× | ||
| Q2 24 | 1.41× | 2.23× | ||
| Q1 24 | 1.26× | 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 | $382.9M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $359.1M | — |
| 自由现金流率自由现金流/营收 | 47.5% | — |
| 资本支出强度资本支出/营收 | 3.1% | — |
| 现金转化率经营现金流/净利润 | 8.03× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $1.2B | — |
8季度趋势，按日历期对齐
经营现金流OWLRUN
| Q4 25 | $382.9M | $96.9M | ||
| Q3 25 | $433.1M | $-121.5M | ||
| Q2 25 | $422.5M | $-292.7M | ||
| Q1 25 | $17.6M | $-104.2M | ||
| Q4 24 | $324.0M | $-258.4M | ||
| Q3 24 | $326.0M | $-156.2M | ||
| Q2 24 | $302.3M | $-208.5M | ||
| Q1 24 | $47.2M | $-143.1M |
自由现金流OWLRUN
| Q4 25 | $359.1M | — | ||
| Q3 25 | $422.5M | — | ||
| Q2 25 | $412.5M | — | ||
| Q1 25 | $4.2M | — | ||
| Q4 24 | $310.1M | — | ||
| Q3 24 | $314.8M | $-156.4M | ||
| Q2 24 | $269.4M | — | ||
| Q1 24 | $41.1M | — |
自由现金流率OWLRUN
| Q4 25 | 47.5% | — | ||
| Q3 25 | 58.0% | — | ||
| Q2 25 | 58.7% | — | ||
| Q1 25 | 0.6% | — | ||
| Q4 24 | 49.1% | — | ||
| Q3 24 | 52.4% | -29.1% | ||
| Q2 24 | 49.0% | — | ||
| Q1 24 | 8.0% | — |
资本支出强度OWLRUN
| Q4 25 | 3.1% | — | ||
| Q3 25 | 1.5% | — | ||
| Q2 25 | 1.4% | — | ||
| Q1 25 | 2.0% | — | ||
| Q4 24 | 2.2% | — | ||
| Q3 24 | 1.9% | 0.0% | ||
| Q2 24 | 6.0% | — | ||
| Q1 24 | 1.2% | — |
现金转化率OWLRUN
| Q4 25 | 8.03× | 0.94× | ||
| Q3 25 | 68.64× | -7.33× | ||
| Q2 25 | 24.25× | -1.05× | ||
| Q1 25 | 2.37× | -2.08× | ||
| Q4 24 | 15.62× | — | ||
| Q3 24 | 10.94× | — | ||
| Q2 24 | 8.91× | -1.50× | ||
| Q1 24 | 1.88× | — |
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
OWL
| Credit Platform | $455.0M | 60% |
| GP Strategic Capital Platform | $157.0M | 21% |
| Administrative Service | $87.6M | 12% |
| IPI Partners LLC | $33.8M | 4% |
| Other | $22.2M | 3% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
