vs
Pinnacle West Capital（PNW）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Pinnacle West Capital的1.0倍（$1.2B vs $1.1B），Sunrun Inc.净利率更高（8.9% vs 1.6%，领先7.4%），Sunrun Inc.同比增速更快（123.5% vs 3.0%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 8.9%）
Pinnacle West Capital是美国公用事业控股企业，旗下拥有亚利桑那州规模最大的公用事业公司亚利桑那公共服务（APS）。公司于纽约证券交易所上市，是标普500指数成分股，运营受亚利桑那州公司委员会监管。
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。
PNW vs RUN — 直观对比
营收规模更大
RUN
是对方的1.0倍
$1.1B
营收增速更快
RUN
高出120.5%
3.0%
净利率更高
RUN
高出7.4%
1.6%
两年增速更快
RUN
近两年复合增速
8.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.2B |
| 净利润 | $17.6M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 10.7% | 8.4% |
| 净利率 | 1.6% | 8.9% |
| 营收同比 | 3.0% | 123.5% |
| 净利润同比 | 798.0% | 103.7% |
| 每股收益（稀释后） | $0.12 | $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PNWRUN
| Q4 25 | $1.1B | $1.2B | ||
| Q3 25 | $1.8B | $724.6M | ||
| Q2 25 | $1.4B | $569.3M | ||
| Q1 25 | $1.0B | $504.3M | ||
| Q4 24 | $1.1B | $518.5M | ||
| Q3 24 | $1.8B | $537.2M | ||
| Q2 24 | $1.3B | $523.9M | ||
| Q1 24 | $951.7M | $458.2M |
净利润PNWRUN
| Q4 25 | $17.6M | $103.6M | ||
| Q3 25 | $417.5M | $16.6M | ||
| Q2 25 | $196.9M | $279.8M | ||
| Q1 25 | $-338.0K | $50.0M | ||
| Q4 24 | $-2.5M | $-2.8B | ||
| Q3 24 | $399.3M | $-83.8M | ||
| Q2 24 | $208.1M | $139.1M | ||
| Q1 24 | $21.2M | $-87.8M |
营业利润率PNWRUN
| Q4 25 | 10.7% | 8.4% | ||
| Q3 25 | 32.0% | 0.5% | ||
| Q2 25 | 22.6% | -19.7% | ||
| Q1 25 | 5.5% | -22.8% | ||
| Q4 24 | 7.7% | -628.0% | ||
| Q3 24 | 30.9% | -23.8% | ||
| Q2 24 | 24.0% | -24.4% | ||
| Q1 24 | 7.0% | -40.0% |
净利率PNWRUN
| Q4 25 | 1.6% | 8.9% | ||
| Q3 25 | 22.9% | 2.3% | ||
| Q2 25 | 14.5% | 49.1% | ||
| Q1 25 | -0.0% | 9.9% | ||
| Q4 24 | -0.2% | -542.7% | ||
| Q3 24 | 22.6% | -15.6% | ||
| Q2 24 | 15.9% | 26.5% | ||
| Q1 24 | 2.2% | -19.2% |
每股收益（稀释后）PNWRUN
| Q4 25 | $0.12 | $0.38 | ||
| Q3 25 | $3.39 | $0.06 | ||
| Q2 25 | $1.58 | $1.07 | ||
| Q1 25 | $-0.04 | $0.20 | ||
| Q4 24 | $-0.04 | $-12.59 | ||
| Q3 24 | $3.37 | $-0.37 | ||
| Q2 24 | $1.76 | $0.55 | ||
| Q1 24 | $0.15 | $-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 | $6.6M | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $7.0B | $3.1B |
| 总资产 | $30.0B | $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PNWRUN
| Q4 25 | $6.6M | — | ||
| Q3 25 | $30.9M | — | ||
| Q2 25 | $18.8M | — | ||
| Q1 25 | $10.0M | — | ||
| Q4 24 | $3.8M | — | ||
| Q3 24 | $49.2M | — | ||
| Q2 24 | $4.0M | — | ||
| Q1 24 | $9.6M | — |
总债务PNWRUN
| 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PNWRUN
| Q4 25 | $7.0B | $3.1B | ||
| Q3 25 | $7.2B | $3.0B | ||
| Q2 25 | $6.7B | $2.9B | ||
| Q1 25 | $6.7B | $2.6B | ||
| Q4 24 | $6.8B | $2.6B | ||
| Q3 24 | $6.6B | $5.3B | ||
| Q2 24 | $6.2B | $5.4B | ||
| Q1 24 | $6.2B | $5.2B |
总资产PNWRUN
| Q4 25 | $30.0B | $22.6B | ||
| Q3 25 | $29.9B | $22.2B | ||
| Q2 25 | $29.2B | $21.2B | ||
| Q1 25 | $27.2B | $20.4B | ||
| Q4 24 | $26.1B | $19.9B | ||
| Q3 24 | $26.3B | $22.1B | ||
| Q2 24 | $25.7B | $21.4B | ||
| Q1 24 | $24.8B | $20.8B |
负债/权益比PNWRUN
| 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 | $476.8M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $-192.7M | — |
| 自由现金流率自由现金流/营收 | -17.1% | — |
| 资本支出强度资本支出/营收 | 59.3% | — |
| 现金转化率经营现金流/净利润 | 27.09× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $-819.5M | — |
8季度趋势，按日历期对齐
经营现金流PNWRUN
| Q4 25 | $476.8M | $96.9M | ||
| Q3 25 | $665.0M | $-121.5M | ||
| Q2 25 | $261.4M | $-292.7M | ||
| Q1 25 | $401.9M | $-104.2M | ||
| Q4 24 | $439.5M | $-258.4M | ||
| Q3 24 | $633.2M | $-156.2M | ||
| Q2 24 | $189.8M | $-208.5M | ||
| Q1 24 | $347.4M | $-143.1M |
自由现金流PNWRUN
| Q4 25 | $-192.7M | — | ||
| Q3 25 | $42.0M | — | ||
| Q2 25 | $-448.1M | — | ||
| Q1 25 | $-220.7M | — | ||
| Q4 24 | $-92.1M | — | ||
| Q3 24 | $-32.7M | $-156.4M | ||
| Q2 24 | $-344.2M | — | ||
| Q1 24 | $-170.4M | — |
自由现金流率PNWRUN
| Q4 25 | -17.1% | — | ||
| Q3 25 | 2.3% | — | ||
| Q2 25 | -33.0% | — | ||
| Q1 25 | -21.4% | — | ||
| Q4 24 | -8.4% | — | ||
| Q3 24 | -1.8% | -29.1% | ||
| Q2 24 | -26.3% | — | ||
| Q1 24 | -17.9% | — |
资本支出强度PNWRUN
| Q4 25 | 59.3% | — | ||
| Q3 25 | 34.2% | — | ||
| Q2 25 | 52.2% | — | ||
| Q1 25 | 60.3% | — | ||
| Q4 24 | 48.5% | — | ||
| Q3 24 | 37.6% | 0.0% | ||
| Q2 24 | 40.8% | — | ||
| Q1 24 | 54.4% | — |
现金转化率PNWRUN
| Q4 25 | 27.09× | 0.94× | ||
| Q3 25 | 1.59× | -7.33× | ||
| Q2 25 | 1.33× | -1.05× | ||
| Q1 25 | — | -2.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.59× | — | ||
| Q2 24 | 0.91× | -1.50× | ||
| Q1 24 | 16.41× | — |
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
PNW
| Electricand Transmission Service | $1.1B | 100% |
| Other Services | $4.4M | 0% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
