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Park Hotels & Resorts Inc.（PK）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Park Hotels & Resorts Inc.的1.8倍（$1.2B vs $629.0M），Sunrun Inc.净利率更高（8.9% vs -32.6%，领先41.5%），Sunrun Inc.同比增速更快（123.5% vs 0.6%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -0.8%）
Park Hotels & Resorts是一家总部位于美国弗吉尼亚州泰森斯的房地产投资信托（REIT），核心业务为酒店物业投资运营。该企业于2017年从希尔顿全球集团分拆成立，在酒店不动产领域拥有专业的投资与管理经验。
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。
PK vs RUN — 直观对比
营收规模更大
RUN
是对方的1.8倍
$629.0M
营收增速更快
RUN
高出122.9%
0.6%
净利率更高
RUN
高出41.5%
-32.6%
两年增速更快
RUN
近两年复合增速
-0.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $629.0M | $1.2B |
| 净利润 | $-205.0M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | -26.1% | 8.4% |
| 净利率 | -32.6% | 8.9% |
| 营收同比 | 0.6% | 123.5% |
| 净利润同比 | -410.6% | 103.7% |
| 每股收益（稀释后） | $-1.04 | $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PKRUN
| Q4 25 | $629.0M | $1.2B | ||
| Q3 25 | $610.0M | $724.6M | ||
| Q2 25 | $672.0M | $569.3M | ||
| Q1 25 | $630.0M | $504.3M | ||
| Q4 24 | $625.0M | $518.5M | ||
| Q3 24 | $649.0M | $537.2M | ||
| Q2 24 | $686.0M | $523.9M | ||
| Q1 24 | $639.0M | $458.2M |
净利润PKRUN
| Q4 25 | $-205.0M | $103.6M | ||
| Q3 25 | $-16.0M | $16.6M | ||
| Q2 25 | $-5.0M | $279.8M | ||
| Q1 25 | $-57.0M | $50.0M | ||
| Q4 24 | $66.0M | $-2.8B | ||
| Q3 24 | $54.0M | $-83.8M | ||
| Q2 24 | $64.0M | $139.1M | ||
| Q1 24 | $28.0M | $-87.8M |
营业利润率PKRUN
| Q4 25 | -26.1% | 8.4% | ||
| Q3 25 | 9.7% | 0.5% | ||
| Q2 25 | 9.7% | -19.7% | ||
| Q1 25 | 1.1% | -22.8% | ||
| Q4 24 | 13.3% | -628.0% | ||
| Q3 24 | 14.6% | -23.8% | ||
| Q2 24 | 17.6% | -24.4% | ||
| Q1 24 | 14.4% | -40.0% |
净利率PKRUN
| Q4 25 | -32.6% | 8.9% | ||
| Q3 25 | -2.6% | 2.3% | ||
| Q2 25 | -0.7% | 49.1% | ||
| Q1 25 | -9.0% | 9.9% | ||
| Q4 24 | 10.6% | -542.7% | ||
| Q3 24 | 8.3% | -15.6% | ||
| Q2 24 | 9.3% | 26.5% | ||
| Q1 24 | 4.4% | -19.2% |
每股收益（稀释后）PKRUN
| Q4 25 | $-1.04 | $0.38 | ||
| Q3 25 | $-0.08 | $0.06 | ||
| Q2 25 | $-0.02 | $1.07 | ||
| Q1 25 | $-0.29 | $0.20 | ||
| Q4 24 | $0.32 | $-12.59 | ||
| Q3 24 | $0.26 | $-0.37 | ||
| Q2 24 | $0.30 | $0.55 | ||
| Q1 24 | $0.13 | $-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 | $232.0M | — |
| 总债务越低越好 | $3.9B | $14.7B |
| 股东权益账面价值 | $3.1B | $3.1B |
| 总资产 | $7.7B | $22.6B |
| 负债/权益比越低杠杆越低 | 1.23× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资PKRUN
| Q4 25 | $232.0M | — | ||
| Q3 25 | $278.0M | — | ||
| Q2 25 | $319.0M | — | ||
| Q1 25 | $233.0M | — | ||
| Q4 24 | $402.0M | — | ||
| Q3 24 | $480.0M | — | ||
| Q2 24 | $449.0M | — | ||
| Q1 24 | $378.0M | — |
总债务PKRUN
| Q4 25 | $3.9B | $14.7B | ||
| Q3 25 | $3.9B | $14.6B | ||
| Q2 25 | $3.9B | $14.0B | ||
| Q1 25 | $3.9B | $13.6B | ||
| Q4 24 | $3.9B | $12.9B | ||
| Q3 24 | $3.9B | $12.5B | ||
| Q2 24 | $3.9B | $12.0B | ||
| Q1 24 | $3.8B | $11.1B |
股东权益PKRUN
| Q4 25 | $3.1B | $3.1B | ||
| Q3 25 | $3.4B | $3.0B | ||
| Q2 25 | $3.4B | $2.9B | ||
| Q1 25 | $3.5B | $2.6B | ||
| Q4 24 | $3.6B | $2.6B | ||
| Q3 24 | $3.8B | $5.3B | ||
| Q2 24 | $3.8B | $5.4B | ||
| Q1 24 | $3.8B | $5.2B |
总资产PKRUN
| Q4 25 | $7.7B | $22.6B | ||
| Q3 25 | $8.8B | $22.2B | ||
| Q2 25 | $8.9B | $21.2B | ||
| Q1 25 | $8.9B | $20.4B | ||
| Q4 24 | $9.2B | $19.9B | ||
| Q3 24 | $9.2B | $22.1B | ||
| Q2 24 | $9.2B | $21.4B | ||
| Q1 24 | $9.1B | $20.8B |
负债/权益比PKRUN
| Q4 25 | 1.23× | 4.69× | ||
| Q3 25 | 1.14× | 4.90× | ||
| Q2 25 | 1.12× | 4.80× | ||
| Q1 25 | 1.11× | 5.19× | ||
| Q4 24 | 1.06× | 5.05× | ||
| Q3 24 | 1.03× | 2.36× | ||
| Q2 24 | 1.03× | 2.23× | ||
| Q1 24 | 1.00× | 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 | $105.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $-3.0M | — |
| 自由现金流率自由现金流/营收 | -0.5% | — |
| 资本支出强度资本支出/营收 | 17.2% | — |
| 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 | $102.0M | — |
8季度趋势，按日历期对齐
经营现金流PKRUN
| Q4 25 | $105.0M | $96.9M | ||
| Q3 25 | $99.0M | $-121.5M | ||
| Q2 25 | $108.0M | $-292.7M | ||
| Q1 25 | $86.0M | $-104.2M | ||
| Q4 24 | $80.0M | $-258.4M | ||
| Q3 24 | $140.0M | $-156.2M | ||
| Q2 24 | $117.0M | $-208.5M | ||
| Q1 24 | $92.0M | $-143.1M |
自由现金流PKRUN
| Q4 25 | $-3.0M | — | ||
| Q3 25 | $31.0M | — | ||
| Q2 25 | $65.0M | — | ||
| Q1 25 | $9.0M | — | ||
| Q4 24 | $17.0M | — | ||
| Q3 24 | $97.0M | $-156.4M | ||
| Q2 24 | $66.0M | — | ||
| Q1 24 | $22.0M | — |
自由现金流率PKRUN
| Q4 25 | -0.5% | — | ||
| Q3 25 | 5.1% | — | ||
| Q2 25 | 9.7% | — | ||
| Q1 25 | 1.4% | — | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 14.9% | -29.1% | ||
| Q2 24 | 9.6% | — | ||
| Q1 24 | 3.4% | — |
资本支出强度PKRUN
| Q4 25 | 17.2% | — | ||
| Q3 25 | 11.1% | — | ||
| Q2 25 | 6.4% | — | ||
| Q1 25 | 12.2% | — | ||
| Q4 24 | 10.1% | — | ||
| Q3 24 | 6.6% | 0.0% | ||
| Q2 24 | 7.4% | — | ||
| Q1 24 | 11.0% | — |
现金转化率PKRUN
| Q4 25 | — | 0.94× | ||
| Q3 25 | — | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | 1.21× | — | ||
| Q3 24 | 2.59× | — | ||
| Q2 24 | 1.83× | -1.50× | ||
| Q1 24 | 3.29× | — |
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
PK
| Occupancy | $371.0M | 59% |
| Food And Beverage | $173.0M | 28% |
| Ancillary Hotel | $61.0M | 10% |
| Hotel Other | $24.0M | 4% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
