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PORTLAND GENERAL ELECTRIC CO（POR）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PORTLAND GENERAL ELECTRIC CO的1.3倍（$1.2B vs $889.0M），Sunrun Inc.净利率更高（8.9% vs 4.6%，领先4.3%），Sunrun Inc.同比增速更快（123.5% vs 7.9%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -2.2%）
波特兰通用电气（简称PGE）是财富1000强上市能源企业，总部位于美国俄勒冈州波特兰，业务覆盖发电、输电、配电全链路，为俄勒冈州近三分之二的工商业活动提供电力服务，受俄勒冈州公用事业委员会监管，前身为1888年成立的威拉米特瀑布电气公司。
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。
POR vs RUN — 直观对比
营收规模更大
RUN
是对方的1.3倍
$889.0M
营收增速更快
RUN
高出115.6%
7.9%
净利率更高
RUN
高出4.3%
4.6%
两年增速更快
RUN
近两年复合增速
-2.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $889.0M | $1.2B |
| 净利润 | $41.0M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 10.7% | 8.4% |
| 净利率 | 4.6% | 8.9% |
| 营收同比 | 7.9% | 123.5% |
| 净利润同比 | 7.9% | 103.7% |
| 每股收益（稀释后） | $0.36 | $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PORRUN
| Q4 25 | $889.0M | $1.2B | ||
| Q3 25 | $952.0M | $724.6M | ||
| Q2 25 | $807.0M | $569.3M | ||
| Q1 25 | $928.0M | $504.3M | ||
| Q4 24 | $824.0M | $518.5M | ||
| Q3 24 | $929.0M | $537.2M | ||
| Q2 24 | $758.0M | $523.9M | ||
| Q1 24 | $929.0M | $458.2M |
净利润PORRUN
| Q4 25 | $41.0M | $103.6M | ||
| Q3 25 | $103.0M | $16.6M | ||
| Q2 25 | $62.0M | $279.8M | ||
| Q1 25 | $100.0M | $50.0M | ||
| Q4 24 | $38.0M | $-2.8B | ||
| Q3 24 | $94.0M | $-83.8M | ||
| Q2 24 | $72.0M | $139.1M | ||
| Q1 24 | $109.0M | $-87.8M |
营业利润率PORRUN
| Q4 25 | 10.7% | 8.4% | ||
| Q3 25 | 18.3% | 0.5% | ||
| Q2 25 | 14.6% | -19.7% | ||
| Q1 25 | 18.1% | -22.8% | ||
| Q4 24 | 10.7% | -628.0% | ||
| Q3 24 | 15.7% | -23.8% | ||
| Q2 24 | 15.3% | -24.4% | ||
| Q1 24 | 17.4% | -40.0% |
净利率PORRUN
| Q4 25 | 4.6% | 8.9% | ||
| Q3 25 | 10.8% | 2.3% | ||
| Q2 25 | 7.7% | 49.1% | ||
| Q1 25 | 10.8% | 9.9% | ||
| Q4 24 | 4.6% | -542.7% | ||
| Q3 24 | 10.1% | -15.6% | ||
| Q2 24 | 9.5% | 26.5% | ||
| Q1 24 | 11.7% | -19.2% |
每股收益（稀释后）PORRUN
| Q4 25 | $0.36 | $0.38 | ||
| Q3 25 | $0.94 | $0.06 | ||
| Q2 25 | $0.56 | $1.07 | ||
| Q1 25 | $0.91 | $0.20 | ||
| Q4 24 | $0.34 | $-12.59 | ||
| Q3 24 | $0.90 | $-0.37 | ||
| Q2 24 | $0.69 | $0.55 | ||
| Q1 24 | $1.08 | $-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 | $4.7B | $14.7B |
| 股东权益账面价值 | $4.1B | $3.1B |
| 总资产 | $13.2B | $22.6B |
| 负债/权益比越低杠杆越低 | 1.13× | 4.69× |
8季度趋势，按日历期对齐
总债务PORRUN
| Q4 25 | $4.7B | $14.7B | ||
| Q3 25 | $4.7B | $14.6B | ||
| Q2 25 | $4.7B | $14.0B | ||
| Q1 25 | $4.7B | $13.6B | ||
| Q4 24 | $4.5B | $12.9B | ||
| Q3 24 | $4.4B | $12.5B | ||
| Q2 24 | $4.4B | $12.0B | ||
| Q1 24 | $4.4B | $11.1B |
股东权益PORRUN
| Q4 25 | $4.1B | $3.1B | ||
| Q3 25 | $4.0B | $3.0B | ||
| Q2 25 | $3.9B | $2.9B | ||
| Q1 25 | $3.8B | $2.6B | ||
| Q4 24 | $3.8B | $2.6B | ||
| Q3 24 | $3.6B | $5.3B | ||
| Q2 24 | $3.5B | $5.4B | ||
| Q1 24 | $3.5B | $5.2B |
总资产PORRUN
| Q4 25 | $13.2B | $22.6B | ||
| Q3 25 | $13.0B | $22.2B | ||
| Q2 25 | $12.7B | $21.2B | ||
| Q1 25 | $12.7B | $20.4B | ||
| Q4 24 | $12.5B | $19.9B | ||
| Q3 24 | $11.9B | $22.1B | ||
| Q2 24 | $11.6B | $21.4B | ||
| Q1 24 | $11.6B | $20.8B |
负债/权益比PORRUN
| Q4 25 | 1.13× | 4.69× | ||
| Q3 25 | 1.20× | 4.90× | ||
| Q2 25 | 1.23× | 4.80× | ||
| Q1 25 | 1.23× | 5.19× | ||
| Q4 24 | 1.20× | 5.05× | ||
| Q3 24 | 1.22× | 2.36× | ||
| Q2 24 | 1.27× | 2.23× | ||
| Q1 24 | 1.28× | 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 | $148.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $-142.0M | — |
| 自由现金流率自由现金流/营收 | -16.0% | — |
| 资本支出强度资本支出/营收 | 32.6% | — |
| 现金转化率经营现金流/净利润 | 3.61× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $-71.0M | — |
8季度趋势，按日历期对齐
经营现金流PORRUN
| Q4 25 | $148.0M | $96.9M | ||
| Q3 25 | $403.0M | $-121.5M | ||
| Q2 25 | $336.0M | $-292.7M | ||
| Q1 25 | $231.0M | $-104.2M | ||
| Q4 24 | $170.0M | $-258.4M | ||
| Q3 24 | $244.0M | $-156.2M | ||
| Q2 24 | $189.0M | $-208.5M | ||
| Q1 24 | $175.0M | $-143.1M |
自由现金流PORRUN
| Q4 25 | $-142.0M | — | ||
| Q3 25 | $100.0M | — | ||
| Q2 25 | $99.0M | — | ||
| Q1 25 | $-128.0M | — | ||
| Q4 24 | $-222.0M | — | ||
| Q3 24 | $-9.0M | $-156.4M | ||
| Q2 24 | $-109.0M | — | ||
| Q1 24 | $-150.0M | — |
自由现金流率PORRUN
| Q4 25 | -16.0% | — | ||
| Q3 25 | 10.5% | — | ||
| Q2 25 | 12.3% | — | ||
| Q1 25 | -13.8% | — | ||
| Q4 24 | -26.9% | — | ||
| Q3 24 | -1.0% | -29.1% | ||
| Q2 24 | -14.4% | — | ||
| Q1 24 | -16.1% | — |
资本支出强度PORRUN
| Q4 25 | 32.6% | — | ||
| Q3 25 | 31.8% | — | ||
| Q2 25 | 29.4% | — | ||
| Q1 25 | 38.7% | — | ||
| Q4 24 | 47.6% | — | ||
| Q3 24 | 27.2% | 0.0% | ||
| Q2 24 | 39.3% | — | ||
| Q1 24 | 35.0% | — |
现金转化率PORRUN
| Q4 25 | 3.61× | 0.94× | ||
| Q3 25 | 3.91× | -7.33× | ||
| Q2 25 | 5.42× | -1.05× | ||
| Q1 25 | 2.31× | -2.08× | ||
| Q4 24 | 4.47× | — | ||
| Q3 24 | 2.60× | — | ||
| Q2 24 | 2.63× | -1.50× | ||
| Q1 24 | 1.61× | — |
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
POR
| Other | $507.0M | 57% |
| Commercial | $231.0M | 26% |
| Industrial | $140.0M | 16% |
| Direct Accesscustomers | $11.0M | 1% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
