vs
PAR PACIFIC HOLDINGS, INC.（PARR）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
PAR PACIFIC HOLDINGS, INC.的季度营收约是Sunrun Inc.的1.6倍（$1.8B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs 4.3%，领先4.7%），Sunrun Inc.同比增速更快（123.5% vs -1.0%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -4.3%）
Par Pacific Holdings是总部位于美国休斯顿的油气勘探生产企业，曾在破产重组后以Par Petroleum Corporation为名运营，2015年10月20日正式更名为现名，2017年入选《财富》美国1000强企业。
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。
PARR vs RUN — 直观对比
营收规模更大
PARR
是对方的1.6倍
$1.2B
营收增速更快
RUN
高出124.5%
-1.0%
净利率更高
RUN
高出4.7%
4.3%
两年增速更快
RUN
近两年复合增速
-4.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $1.2B |
| 净利润 | $77.7M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 5.5% | 8.4% |
| 净利率 | 4.3% | 8.9% |
| 营收同比 | -1.0% | 123.5% |
| 净利润同比 | 239.5% | 103.7% |
| 每股收益（稀释后） | $1.40 | $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PARRRUN
| Q4 25 | $1.8B | $1.2B | ||
| Q3 25 | $2.0B | $724.6M | ||
| Q2 25 | $1.9B | $569.3M | ||
| Q1 25 | $1.7B | $504.3M | ||
| Q4 24 | $1.8B | $518.5M | ||
| Q3 24 | $2.1B | $537.2M | ||
| Q2 24 | $2.0B | $523.9M | ||
| Q1 24 | $2.0B | $458.2M |
净利润PARRRUN
| Q4 25 | $77.7M | $103.6M | ||
| Q3 25 | $262.6M | $16.6M | ||
| Q2 25 | $59.5M | $279.8M | ||
| Q1 25 | $-30.4M | $50.0M | ||
| Q4 24 | $-55.7M | $-2.8B | ||
| Q3 24 | $7.5M | $-83.8M | ||
| Q2 24 | $18.6M | $139.1M | ||
| Q1 24 | $-3.8M | $-87.8M |
营业利润率PARRRUN
| Q4 25 | 5.5% | 8.4% | ||
| Q3 25 | 17.8% | 0.5% | ||
| Q2 25 | 5.1% | -19.7% | ||
| Q1 25 | -0.9% | -22.8% | ||
| Q4 24 | -2.6% | -628.0% | ||
| Q3 24 | 1.7% | -23.8% | ||
| Q2 24 | 2.4% | -24.4% | ||
| Q1 24 | 0.5% | -40.0% |
净利率PARRRUN
| Q4 25 | 4.3% | 8.9% | ||
| Q3 25 | 13.0% | 2.3% | ||
| Q2 25 | 3.1% | 49.1% | ||
| Q1 25 | -1.7% | 9.9% | ||
| Q4 24 | -3.0% | -542.7% | ||
| Q3 24 | 0.3% | -15.6% | ||
| Q2 24 | 0.9% | 26.5% | ||
| Q1 24 | -0.2% | -19.2% |
每股收益（稀释后）PARRRUN
| Q4 25 | $1.40 | $0.38 | ||
| Q3 25 | $5.16 | $0.06 | ||
| Q2 25 | $1.17 | $1.07 | ||
| Q1 25 | $-0.57 | $0.20 | ||
| Q4 24 | $-0.98 | $-12.59 | ||
| Q3 24 | $0.13 | $-0.37 | ||
| Q2 24 | $0.32 | $0.55 | ||
| Q1 24 | $-0.06 | $-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 | $164.1M | — |
| 总债务越低越好 | $802.9M | $14.7B |
| 股东权益账面价值 | $1.5B | $3.1B |
| 总资产 | $3.8B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.53× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资PARRRUN
| Q4 25 | $164.1M | — | ||
| Q3 25 | $159.1M | — | ||
| Q2 25 | $169.2M | — | ||
| Q1 25 | $133.7M | — | ||
| Q4 24 | $191.9M | — | ||
| Q3 24 | $183.0M | — | ||
| Q2 24 | $179.7M | — | ||
| Q1 24 | $228.3M | — |
总债务PARRRUN
| Q4 25 | $802.9M | $14.7B | ||
| Q3 25 | $967.1M | $14.6B | ||
| Q2 25 | $1.1B | $14.0B | ||
| Q1 25 | $1.2B | $13.6B | ||
| Q4 24 | $1.1B | $12.9B | ||
| Q3 24 | $1.0B | $12.5B | ||
| Q2 24 | $1.1B | $12.0B | ||
| Q1 24 | $639.5M | $11.1B |
股东权益PARRRUN
| Q4 25 | $1.5B | $3.1B | ||
| Q3 25 | $1.4B | $3.0B | ||
| Q2 25 | $1.1B | $2.9B | ||
| Q1 25 | $1.1B | $2.6B | ||
| Q4 24 | $1.2B | $2.6B | ||
| Q3 24 | $1.3B | $5.3B | ||
| Q2 24 | $1.3B | $5.4B | ||
| Q1 24 | $1.3B | $5.2B |
总资产PARRRUN
| Q4 25 | $3.8B | $22.6B | ||
| Q3 25 | $4.1B | $22.2B | ||
| Q2 25 | $3.9B | $21.2B | ||
| Q1 25 | $3.8B | $20.4B | ||
| Q4 24 | $3.8B | $19.9B | ||
| Q3 24 | $3.9B | $22.1B | ||
| Q2 24 | $3.9B | $21.4B | ||
| Q1 24 | $3.8B | $20.8B |
负债/权益比PARRRUN
| Q4 25 | 0.53× | 4.69× | ||
| Q3 25 | 0.69× | 4.90× | ||
| Q2 25 | 0.97× | 4.80× | ||
| Q1 25 | 1.04× | 5.19× | ||
| Q4 24 | 0.93× | 5.05× | ||
| Q3 24 | 0.83× | 2.36× | ||
| Q2 24 | 0.84× | 2.23× | ||
| Q1 24 | 0.49× | 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 | $93.8M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $66.3M | — |
| 自由现金流率自由现金流/营收 | 3.7% | — |
| 资本支出强度资本支出/营收 | 1.5% | — |
| 现金转化率经营现金流/净利润 | 1.21× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $296.5M | — |
8季度趋势，按日历期对齐
经营现金流PARRRUN
| Q4 25 | $93.8M | $96.9M | ||
| Q3 25 | $219.4M | $-121.5M | ||
| Q2 25 | $133.6M | $-292.7M | ||
| Q1 25 | $-1.4M | $-104.2M | ||
| Q4 24 | $-15.5M | $-258.4M | ||
| Q3 24 | $78.5M | $-156.2M | ||
| Q2 24 | $-4.7M | $-208.5M | ||
| Q1 24 | $25.4M | $-143.1M |
自由现金流PARRRUN
| Q4 25 | $66.3M | — | ||
| Q3 25 | $187.1M | — | ||
| Q2 25 | $85.5M | — | ||
| Q1 25 | $-42.3M | — | ||
| Q4 24 | $-63.1M | — | ||
| Q3 24 | $50.2M | $-156.4M | ||
| Q2 24 | $-41.6M | — | ||
| Q1 24 | $2.8M | — |
自由现金流率PARRRUN
| Q4 25 | 3.7% | — | ||
| Q3 25 | 9.3% | — | ||
| Q2 25 | 4.5% | — | ||
| Q1 25 | -2.4% | — | ||
| Q4 24 | -3.4% | — | ||
| Q3 24 | 2.3% | -29.1% | ||
| Q2 24 | -2.1% | — | ||
| Q1 24 | 0.1% | — |
资本支出强度PARRRUN
| Q4 25 | 1.5% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 2.5% | — | ||
| Q1 25 | 2.3% | — | ||
| Q4 24 | 2.6% | — | ||
| Q3 24 | 1.3% | 0.0% | ||
| Q2 24 | 1.8% | — | ||
| Q1 24 | 1.1% | — |
现金转化率PARRRUN
| Q4 25 | 1.21× | 0.94× | ||
| Q3 25 | 0.84× | -7.33× | ||
| Q2 25 | 2.25× | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 10.48× | — | ||
| Q2 24 | -0.25× | -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
PARR
| Distillates | $750.6M | 41% |
| Gasoline | $603.9M | 33% |
| Other Refined Products | $348.8M | 19% |
| Logistics | $73.7M | 4% |
| Other Revenues | $44.8M | 2% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
