vs
先锋自然资源公司（PR）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
先锋自然资源公司的季度营收约是Sunrun Inc.的1.0倍（$1.2B vs $1.2B），先锋自然资源公司净利率更高（29.0% vs 8.9%，领先20.1%），Sunrun Inc.同比增速更快（123.5% vs -9.8%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs -3.0%）
先锋自然资源公司总部位于美国得克萨斯州欧文市，主要从事油气勘探业务，运营覆盖二叠纪盆地Spraberry产区的克莱恩页岩区块，是该区域最大的土地权益持有方，2024年5月被埃克森美孚收购。
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。
PR vs RUN — 直观对比
营收规模更大
PR
是对方的1.0倍
$1.2B
营收增速更快
RUN
高出133.3%
-9.8%
净利率更高
PR
高出20.1%
8.9%
两年增速更快
RUN
近两年复合增速
-3.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $339.5M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 23.1% | 8.4% |
| 净利率 | 29.0% | 8.9% |
| 营收同比 | -9.8% | 123.5% |
| 净利润同比 | 56.7% | 103.7% |
| 每股收益（稀释后） | $0.48 | $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PRRUN
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.3B | $724.6M | ||
| Q2 25 | $1.2B | $569.3M | ||
| Q1 25 | $1.4B | $504.3M | ||
| Q4 24 | $1.3B | $518.5M | ||
| Q3 24 | $1.2B | $537.2M | ||
| Q2 24 | $1.2B | $523.9M | ||
| Q1 24 | $1.2B | $458.2M |
净利润PRRUN
| Q4 25 | $339.5M | $103.6M | ||
| Q3 25 | $59.2M | $16.6M | ||
| Q2 25 | $207.1M | $279.8M | ||
| Q1 25 | $329.3M | $50.0M | ||
| Q4 24 | $216.7M | $-2.8B | ||
| Q3 24 | $386.4M | $-83.8M | ||
| Q2 24 | $235.1M | $139.1M | ||
| Q1 24 | $146.6M | $-87.8M |
营业利润率PRRUN
| Q4 25 | 23.1% | 8.4% | ||
| Q3 25 | 29.6% | 0.5% | ||
| Q2 25 | 24.8% | -19.7% | ||
| Q1 25 | 36.6% | -22.8% | ||
| Q4 24 | 32.8% | -628.0% | ||
| Q3 24 | 32.5% | -23.8% | ||
| Q2 24 | 36.5% | -24.4% | ||
| Q1 24 | 37.7% | -40.0% |
净利率PRRUN
| Q4 25 | 29.0% | 8.9% | ||
| Q3 25 | 4.5% | 2.3% | ||
| Q2 25 | 17.3% | 49.1% | ||
| Q1 25 | 23.9% | 9.9% | ||
| Q4 24 | 16.7% | -542.7% | ||
| Q3 24 | 31.8% | -15.6% | ||
| Q2 24 | 18.9% | 26.5% | ||
| Q1 24 | 11.8% | -19.2% |
每股收益（稀释后）PRRUN
| Q4 25 | $0.48 | $0.38 | ||
| Q3 25 | $0.08 | $0.06 | ||
| Q2 25 | $0.28 | $1.07 | ||
| Q1 25 | $0.44 | $0.20 | ||
| Q4 24 | $0.31 | $-12.59 | ||
| Q3 24 | $0.53 | $-0.37 | ||
| Q2 24 | $0.36 | $0.55 | ||
| Q1 24 | $0.25 | $-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 | $153.7M | — |
| 总债务越低越好 | $3.5B | $14.7B |
| 股东权益账面价值 | $10.3B | $3.1B |
| 总资产 | $17.9B | $22.6B |
| 负债/权益比越低杠杆越低 | 0.34× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资PRRUN
| Q4 25 | $153.7M | — | ||
| Q3 25 | $111.8M | — | ||
| Q2 25 | $451.0M | — | ||
| Q1 25 | $702.2M | — | ||
| Q4 24 | $479.3M | — | ||
| Q3 24 | $272.0M | — | ||
| Q2 24 | $47.8M | — | ||
| Q1 24 | $12.7M | — |
总债务PRRUN
| Q4 25 | $3.5B | $14.7B | ||
| Q3 25 | $3.5B | $14.6B | ||
| Q2 25 | $4.0B | $14.0B | ||
| Q1 25 | $4.0B | $13.6B | ||
| Q4 24 | $4.2B | $12.9B | ||
| Q3 24 | $4.2B | $12.5B | ||
| Q2 24 | $3.9B | $12.0B | ||
| Q1 24 | $3.9B | $11.1B |
股东权益PRRUN
| Q4 25 | $10.3B | $3.1B | ||
| Q3 25 | $10.0B | $3.0B | ||
| Q2 25 | $9.5B | $2.9B | ||
| Q1 25 | $9.4B | $2.6B | ||
| Q4 24 | $9.1B | $2.6B | ||
| Q3 24 | $9.0B | $5.3B | ||
| Q2 24 | $8.3B | $5.4B | ||
| Q1 24 | $7.0B | $5.2B |
总资产PRRUN
| Q4 25 | $17.9B | $22.6B | ||
| Q3 25 | $17.3B | $22.2B | ||
| Q2 25 | $17.5B | $21.2B | ||
| Q1 25 | $17.1B | $20.4B | ||
| Q4 24 | $16.9B | $19.9B | ||
| Q3 24 | $16.6B | $22.1B | ||
| Q2 24 | $15.4B | $21.4B | ||
| Q1 24 | $15.1B | $20.8B |
负债/权益比PRRUN
| Q4 25 | 0.34× | 4.69× | ||
| Q3 25 | 0.35× | 4.90× | ||
| Q2 25 | 0.42× | 4.80× | ||
| Q1 25 | 0.43× | 5.19× | ||
| Q4 24 | 0.46× | 5.05× | ||
| Q3 24 | 0.47× | 2.36× | ||
| Q2 24 | 0.46× | 2.23× | ||
| Q1 24 | 0.56× | 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 | $904.3M | $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 | 2.66× | 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PRRUN
| Q4 25 | $904.3M | $96.9M | ||
| Q3 25 | $766.5M | $-121.5M | ||
| Q2 25 | $1.0B | $-292.7M | ||
| Q1 25 | $898.0M | $-104.2M | ||
| Q4 24 | $871.6M | $-258.4M | ||
| Q3 24 | $954.4M | $-156.2M | ||
| Q2 24 | $938.4M | $-208.5M | ||
| Q1 24 | $647.6M | $-143.1M |
自由现金流PRRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率PRRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度PRRUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率PRRUN
| Q4 25 | 2.66× | 0.94× | ||
| Q3 25 | 12.94× | -7.33× | ||
| Q2 25 | 5.01× | -1.05× | ||
| Q1 25 | 2.73× | -2.08× | ||
| Q4 24 | 4.02× | — | ||
| Q3 24 | 2.47× | — | ||
| Q2 24 | 3.99× | -1.50× | ||
| Q1 24 | 4.42× | — |
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
PR
| Crude Oil | $1.0B | 87% |
| Natural Gas Liquids Reserves | $145.1M | 12% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
