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Public Storage（PSA）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
Public Storage的季度营收约是Sunrun Inc.的1.0倍（$1.2B vs $1.2B），Public Storage净利率更高（41.7% vs 8.9%，领先32.8%），Sunrun Inc.同比增速更快（123.5% vs 3.3%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 2.5%）
Public Storage总部位于美国加利福尼亚州格伦代尔，是主营自助仓储业务的房地产投资信托，也是美国最大的自助仓储服务品牌，持有美国约9%的自助仓储面积。截至2024年12月31日，公司运营3073处自助仓储设施，总可出租净面积达2.21亿平方英尺。
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。
PSA vs RUN — 直观对比
营收规模更大
PSA
是对方的1.0倍
$1.2B
营收增速更快
RUN
高出120.2%
3.3%
净利率更高
PSA
高出32.8%
8.9%
两年增速更快
RUN
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.2B |
| 净利润 | $507.1M | $103.6M |
| 毛利率 | — | — |
| 营业利润率 | 40.7% | 8.4% |
| 净利率 | 41.7% | 8.9% |
| 营收同比 | 3.3% | 123.5% |
| 净利润同比 | -17.5% | 103.7% |
| 每股收益（稀释后） | $2.59 | $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PSARUN
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.2B | $724.6M | ||
| Q2 25 | $1.2B | $569.3M | ||
| Q1 25 | $1.2B | $504.3M | ||
| Q4 24 | $1.2B | $518.5M | ||
| Q3 24 | $1.2B | $537.2M | ||
| Q2 24 | $1.2B | $523.9M | ||
| Q1 24 | $1.2B | $458.2M |
净利润PSARUN
| Q4 25 | $507.1M | $103.6M | ||
| Q3 25 | $511.1M | $16.6M | ||
| Q2 25 | $358.4M | $279.8M | ||
| Q1 25 | $407.8M | $50.0M | ||
| Q4 24 | $614.6M | $-2.8B | ||
| Q3 24 | $430.3M | $-83.8M | ||
| Q2 24 | $518.1M | $139.1M | ||
| Q1 24 | $508.9M | $-87.8M |
营业利润率PSARUN
| Q4 25 | 40.7% | 8.4% | ||
| Q3 25 | 42.3% | 0.5% | ||
| Q2 25 | 30.4% | -19.7% | ||
| Q1 25 | 34.8% | -22.8% | ||
| Q4 24 | 52.4% | -628.0% | ||
| Q3 24 | 36.7% | -23.8% | ||
| Q2 24 | 44.6% | -24.4% | ||
| Q1 24 | 44.3% | -40.0% |
净利率PSARUN
| Q4 25 | 41.7% | 8.9% | ||
| Q3 25 | 41.8% | 2.3% | ||
| Q2 25 | 29.8% | 49.1% | ||
| Q1 25 | 34.5% | 9.9% | ||
| Q4 24 | 52.2% | -542.7% | ||
| Q3 24 | 36.2% | -15.6% | ||
| Q2 24 | 44.2% | 26.5% | ||
| Q1 24 | 44.0% | -19.2% |
每股收益（稀释后）PSARUN
| Q4 25 | $2.59 | $0.38 | ||
| Q3 25 | $2.62 | $0.06 | ||
| Q2 25 | $1.76 | $1.07 | ||
| Q1 25 | $2.04 | $0.20 | ||
| Q4 24 | $3.22 | $-12.59 | ||
| Q3 24 | $2.16 | $-0.37 | ||
| Q2 24 | $2.66 | $0.55 | ||
| Q1 24 | $2.60 | $-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 | $318.1M | — |
| 总债务越低越好 | $10.3B | $14.7B |
| 股东权益账面价值 | $9.2B | $3.1B |
| 总资产 | $20.2B | $22.6B |
| 负债/权益比越低杠杆越低 | 1.11× | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资PSARUN
| Q4 25 | $318.1M | — | ||
| Q3 25 | $296.5M | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $287.2M | — | ||
| Q4 24 | $447.4M | — | ||
| Q3 24 | $599.0M | — | ||
| Q2 24 | $542.3M | — | ||
| Q1 24 | $271.6M | — |
总债务PSARUN
| Q4 25 | $10.3B | $14.7B | ||
| Q3 25 | $10.0B | $14.6B | ||
| Q2 25 | $10.4B | $14.0B | ||
| Q1 25 | $9.4B | $13.6B | ||
| Q4 24 | $9.4B | $12.9B | ||
| Q3 24 | $9.5B | $12.5B | ||
| Q2 24 | $9.4B | $12.0B | ||
| Q1 24 | $9.1B | $11.1B |
股东权益PSARUN
| Q4 25 | $9.2B | $3.1B | ||
| Q3 25 | $9.3B | $3.0B | ||
| Q2 25 | $9.4B | $2.9B | ||
| Q1 25 | $9.6B | $2.6B | ||
| Q4 24 | $9.7B | $2.6B | ||
| Q3 24 | $9.6B | $5.3B | ||
| Q2 24 | $9.7B | $5.4B | ||
| Q1 24 | $9.9B | $5.2B |
总资产PSARUN
| Q4 25 | $20.2B | $22.6B | ||
| Q3 25 | $20.1B | $22.2B | ||
| Q2 25 | $20.5B | $21.2B | ||
| Q1 25 | $19.6B | $20.4B | ||
| Q4 24 | $19.8B | $19.9B | ||
| Q3 24 | $19.8B | $22.1B | ||
| Q2 24 | $19.8B | $21.4B | ||
| Q1 24 | $19.6B | $20.8B |
负债/权益比PSARUN
| Q4 25 | 1.11× | 4.69× | ||
| Q3 25 | 1.08× | 4.90× | ||
| Q2 25 | 1.11× | 4.80× | ||
| Q1 25 | 0.99× | 5.19× | ||
| Q4 24 | 0.96× | 5.05× | ||
| Q3 24 | 0.99× | 2.36× | ||
| Q2 24 | 0.97× | 2.23× | ||
| Q1 24 | 0.91× | 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 | $733.6M | $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 | 1.45× | 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PSARUN
| Q4 25 | $733.6M | $96.9M | ||
| Q3 25 | $875.1M | $-121.5M | ||
| Q2 25 | $872.7M | $-292.7M | ||
| Q1 25 | $705.1M | $-104.2M | ||
| Q4 24 | $768.6M | $-258.4M | ||
| Q3 24 | $798.8M | $-156.2M | ||
| Q2 24 | $895.3M | $-208.5M | ||
| Q1 24 | $665.6M | $-143.1M |
自由现金流PSARUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-156.4M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率PSARUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -29.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度PSARUN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.0% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率PSARUN
| Q4 25 | 1.45× | 0.94× | ||
| Q3 25 | 1.71× | -7.33× | ||
| Q2 25 | 2.43× | -1.05× | ||
| Q1 25 | 1.73× | -2.08× | ||
| Q4 24 | 1.25× | — | ||
| Q3 24 | 1.86× | — | ||
| Q2 24 | 1.73× | -1.50× | ||
| Q1 24 | 1.31× | — |
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
PSA
| Self Storage Operations | $1.1B | 93% |
| Ancillary Operations | $86.9M | 7% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
