vs
PIPER SANDLER COMPANIES（PIPR）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PIPER SANDLER COMPANIES的1.7倍（$1.2B vs $667.0M），PIPER SANDLER COMPANIES净利率更高（17.1% vs 8.9%，领先8.1%），Sunrun Inc.同比增速更快（123.5% vs 37.4%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 39.2%）
Piper Sandler是一家美国跨国投资银行及金融服务提供商，核心业务覆盖并购重组、财务重整、公开募股、公共财政、机构经纪、投资管理、证券研究等领域，通过旗下核心子公司Piper Sandler & Co.为企业、机构投资者及公共组织提供专业金融服务。
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。
PIPR vs RUN — 直观对比
营收规模更大
RUN
是对方的1.7倍
$667.0M
营收增速更快
RUN
高出86.1%
37.4%
净利率更高
PIPR
高出8.1%
8.9%
两年增速更快
RUN
近两年复合增速
39.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $667.0M | $1.2B |
| 净利润 | $114.0M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 28.3% | 8.4% |
| 净利率 | 17.1% | 8.9% |
| 营收同比 | 37.4% | 123.5% |
| 净利润同比 | 65.0% | 103.7% |
| 每股收益（稀释后） | $6.41 | $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PIPRRUN
| Q4 25 | $667.0M | $1.2B | ||
| Q3 25 | $480.1M | $724.6M | ||
| Q2 25 | $398.6M | $569.3M | ||
| Q1 25 | $358.6M | $504.3M | ||
| Q4 24 | $485.4M | $518.5M | ||
| Q3 24 | $360.9M | $537.2M | ||
| Q2 24 | $340.8M | $523.9M | ||
| Q1 24 | $344.4M | $458.2M |
净利润PIPRRUN
| Q4 25 | $114.0M | $103.6M | ||
| Q3 25 | $60.3M | $16.6M | ||
| Q2 25 | $42.2M | $279.8M | ||
| Q1 25 | $64.9M | $50.0M | ||
| Q4 24 | $69.1M | $-2.8B | ||
| Q3 24 | $34.8M | $-83.8M | ||
| Q2 24 | $34.8M | $139.1M | ||
| Q1 24 | $42.5M | $-87.8M |
营业利润率PIPRRUN
| Q4 25 | 28.3% | 8.4% | ||
| Q3 25 | 22.4% | 0.5% | ||
| Q2 25 | 12.3% | -19.7% | ||
| Q1 25 | 8.2% | -22.8% | ||
| Q4 24 | 16.9% | -628.0% | ||
| Q3 24 | 15.4% | -23.8% | ||
| Q2 24 | 8.3% | -24.4% | ||
| Q1 24 | 15.2% | -40.0% |
净利率PIPRRUN
| Q4 25 | 17.1% | 8.9% | ||
| Q3 25 | 12.6% | 2.3% | ||
| Q2 25 | 10.6% | 49.1% | ||
| Q1 25 | 18.1% | 9.9% | ||
| Q4 24 | 14.2% | -542.7% | ||
| Q3 24 | 9.6% | -15.6% | ||
| Q2 24 | 10.2% | 26.5% | ||
| Q1 24 | 12.3% | -19.2% |
每股收益（稀释后）PIPRRUN
| Q4 25 | $6.41 | $0.38 | ||
| Q3 25 | $3.38 | $0.06 | ||
| Q2 25 | $2.38 | $1.07 | ||
| Q1 25 | $3.65 | $0.20 | ||
| Q4 24 | $3.88 | $-12.59 | ||
| Q3 24 | $1.96 | $-0.37 | ||
| Q2 24 | $1.97 | $0.55 | ||
| Q1 24 | $2.43 | $-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 | — | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $1.4B | $3.1B |
| 总资产 | $2.6B | $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
总债务PIPRRUN
| 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PIPRRUN
| Q4 25 | $1.4B | $3.1B | ||
| Q3 25 | $1.3B | $3.0B | ||
| Q2 25 | $1.2B | $2.9B | ||
| Q1 25 | $1.2B | $2.6B | ||
| Q4 24 | $1.2B | $2.6B | ||
| Q3 24 | $1.2B | $5.3B | ||
| Q2 24 | $1.1B | $5.4B | ||
| Q1 24 | $1.1B | $5.2B |
总资产PIPRRUN
| Q4 25 | $2.6B | $22.6B | ||
| Q3 25 | $2.2B | $22.2B | ||
| Q2 25 | $2.0B | $21.2B | ||
| Q1 25 | $1.8B | $20.4B | ||
| Q4 24 | $2.3B | $19.9B | ||
| Q3 24 | $2.0B | $22.1B | ||
| Q2 24 | $1.9B | $21.4B | ||
| Q1 24 | $1.8B | $20.8B |
负债/权益比PIPRRUN
| 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 | $729.8M | $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 | 6.40× | 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PIPRRUN
| Q4 25 | $729.8M | $96.9M | ||
| Q3 25 | $31.9M | $-121.5M | ||
| Q2 25 | $32.1M | $-292.7M | ||
| Q1 25 | $-207.2M | $-104.2M | ||
| Q4 24 | $163.8M | $-258.4M | ||
| Q3 24 | $80.1M | $-156.2M | ||
| Q2 24 | $266.5M | $-208.5M | ||
| Q1 24 | $-197.2M | $-143.1M |
自由现金流PIPRRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率PIPRRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度PIPRRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率PIPRRUN
| Q4 25 | 6.40× | 0.94× | ||
| Q3 25 | 0.53× | -7.33× | ||
| Q2 25 | 0.76× | -1.05× | ||
| Q1 25 | -3.19× | -2.08× | ||
| Q4 24 | 2.37× | — | ||
| Q3 24 | 2.30× | — | ||
| Q2 24 | 7.66× | -1.50× | ||
| Q1 24 | -4.64× | — |
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
PIPR
| Advisory Services | $402.6M | 60% |
| Equities Financing | $66.7M | 10% |
| Equity Salesand Trading | $64.2M | 10% |
| Fixed Income Salesand Trading | $47.9M | 7% |
| Other | $46.7M | 7% |
| Debt Financing | $38.9M | 6% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
