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RESIDEO TECHNOLOGIES, INC.（REZI）与Sunrun Inc.（RUN）财务数据对比。点击上方公司名可切换其他公司
RESIDEO TECHNOLOGIES, INC.的季度营收约是Sunrun Inc.的1.6倍（$1.9B vs $1.2B），Sunrun Inc.净利率更高（8.9% vs 7.2%，领先1.8%），Sunrun Inc.同比增速更快（123.5% vs 2.0%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 12.9%）
Resideo Technologies是2018年从霍尼韦尔分拆成立的美国跨国企业，主营住宅场景的温控、空气质量调节、湿度控制及安防系统，业务覆盖美国及全球市场。公司下设产品、分销两大业务板块，生产销售温度照明控制、安防、水气监测等智能家居硬件及配套软件产品。
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。
REZI vs RUN — 直观对比
营收规模更大
REZI
是对方的1.6倍
$1.2B
营收增速更快
RUN
高出121.5%
2.0%
净利率更高
RUN
高出1.8%
7.2%
两年增速更快
RUN
近两年复合增速
12.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $1.2B |
| 净利润 | $136.0M | $103.6M |
| 毛利率 | 29.6% | — |
| 营业利润率 | 7.4% | 8.4% |
| 净利率 | 7.2% | 8.9% |
| 营收同比 | 2.0% | 123.5% |
| 净利润同比 | 491.3% | 103.7% |
| 每股收益（稀释后） | $0.99 | $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REZIRUN
| Q4 25 | $1.9B | $1.2B | ||
| Q3 25 | $1.9B | $724.6M | ||
| Q2 25 | $1.9B | $569.3M | ||
| Q1 25 | $1.8B | $504.3M | ||
| Q4 24 | $1.9B | $518.5M | ||
| Q3 24 | $1.8B | $537.2M | ||
| Q2 24 | $1.6B | $523.9M | ||
| Q1 24 | $1.5B | $458.2M |
净利润REZIRUN
| Q4 25 | $136.0M | $103.6M | ||
| Q3 25 | $156.0M | $16.6M | ||
| Q2 25 | $-825.0M | $279.8M | ||
| Q1 25 | $6.0M | $50.0M | ||
| Q4 24 | $23.0M | $-2.8B | ||
| Q3 24 | $20.0M | $-83.8M | ||
| Q2 24 | $30.0M | $139.1M | ||
| Q1 24 | $43.0M | $-87.8M |
毛利率REZIRUN
| Q4 25 | 29.6% | — | ||
| Q3 25 | 29.8% | — | ||
| Q2 25 | 29.3% | — | ||
| Q1 25 | 28.9% | — | ||
| Q4 24 | 28.5% | — | ||
| Q3 24 | 28.7% | — | ||
| Q2 24 | 28.1% | — | ||
| Q1 24 | 26.9% | — |
营业利润率REZIRUN
| Q4 25 | 7.4% | 8.4% | ||
| Q3 25 | 8.3% | 0.5% | ||
| Q2 25 | 9.1% | -19.7% | ||
| Q1 25 | 7.7% | -22.8% | ||
| Q4 24 | 7.8% | -628.0% | ||
| Q3 24 | 6.9% | -23.8% | ||
| Q2 24 | 7.7% | -24.4% | ||
| Q1 24 | 8.6% | -40.0% |
净利率REZIRUN
| Q4 25 | 7.2% | 8.9% | ||
| Q3 25 | 8.4% | 2.3% | ||
| Q2 25 | -42.5% | 49.1% | ||
| Q1 25 | 0.3% | 9.9% | ||
| Q4 24 | 1.2% | -542.7% | ||
| Q3 24 | 1.1% | -15.6% | ||
| Q2 24 | 1.9% | 26.5% | ||
| Q1 24 | 2.9% | -19.2% |
每股收益（稀释后）REZIRUN
| Q4 25 | $0.99 | $0.38 | ||
| Q3 25 | $0.85 | $0.06 | ||
| Q2 25 | $-5.59 | $1.07 | ||
| Q1 25 | $-0.02 | $0.20 | ||
| Q4 24 | $0.06 | $-12.59 | ||
| Q3 24 | $0.07 | $-0.37 | ||
| Q2 24 | $0.19 | $0.55 | ||
| Q1 24 | $0.29 | $-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 | $661.0M | — |
| 总债务越低越好 | $3.2B | $14.7B |
| 股东权益账面价值 | $2.9B | $3.1B |
| 总资产 | $8.4B | $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REZIRUN
| Q4 25 | $661.0M | — | ||
| Q3 25 | $345.0M | — | ||
| Q2 25 | $753.0M | — | ||
| Q1 25 | $577.0M | — | ||
| Q4 24 | $692.0M | — | ||
| Q3 24 | $531.0M | — | ||
| Q2 24 | $413.0M | — | ||
| Q1 24 | $603.0M | — |
总债务REZIRUN
| Q4 25 | $3.2B | $14.7B | ||
| Q3 25 | $3.2B | $14.6B | ||
| Q2 25 | $2.0B | $14.0B | ||
| Q1 25 | $2.0B | $13.6B | ||
| Q4 24 | $2.0B | $12.9B | ||
| Q3 24 | $2.0B | $12.5B | ||
| Q2 24 | $2.0B | $12.0B | ||
| Q1 24 | $1.4B | $11.1B |
股东权益REZIRUN
| Q4 25 | $2.9B | $3.1B | ||
| Q3 25 | $2.8B | $3.0B | ||
| Q2 25 | $2.6B | $2.9B | ||
| Q1 25 | $3.3B | $2.6B | ||
| Q4 24 | $3.3B | $2.6B | ||
| Q3 24 | $3.4B | $5.3B | ||
| Q2 24 | $3.3B | $5.4B | ||
| Q1 24 | $2.8B | $5.2B |
总资产REZIRUN
| Q4 25 | $8.4B | $22.6B | ||
| Q3 25 | $8.2B | $22.2B | ||
| Q2 25 | $8.5B | $21.2B | ||
| Q1 25 | $8.1B | $20.4B | ||
| Q4 24 | $8.2B | $19.9B | ||
| Q3 24 | $8.1B | $22.1B | ||
| Q2 24 | $8.0B | $21.4B | ||
| Q1 24 | $6.5B | $20.8B |
负债/权益比REZIRUN
| Q4 25 | 1.11× | 4.69× | ||
| Q3 25 | 1.17× | 4.90× | ||
| Q2 25 | 0.77× | 4.80× | ||
| Q1 25 | 0.60× | 5.19× | ||
| Q4 24 | 0.61× | 5.05× | ||
| Q3 24 | 0.60× | 2.36× | ||
| Q2 24 | 0.61× | 2.23× | ||
| Q1 24 | 0.51× | 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 | $299.0M | $96.9M |
| 自由现金流经营现金流 - 资本支出 | $262.0M | — |
| 自由现金流率自由现金流/营收 | 13.8% | — |
| 资本支出强度资本支出/营收 | 2.0% | — |
| 现金转化率经营现金流/净利润 | 2.20× | 0.94× |
| 过去12个月自由现金流最近4个季度 | $-1.3B | — |
8季度趋势，按日历期对齐
经营现金流REZIRUN
| Q4 25 | $299.0M | $96.9M | ||
| Q3 25 | $-1.6B | $-121.5M | ||
| Q2 25 | $200.0M | $-292.7M | ||
| Q1 25 | $-65.0M | $-104.2M | ||
| Q4 24 | $203.0M | $-258.4M | ||
| Q3 24 | $147.0M | $-156.2M | ||
| Q2 24 | $92.0M | $-208.5M | ||
| Q1 24 | $2.0M | $-143.1M |
自由现金流REZIRUN
| Q4 25 | $262.0M | — | ||
| Q3 25 | $-1.6B | — | ||
| Q2 25 | $180.0M | — | ||
| Q1 25 | $-96.0M | — | ||
| Q4 24 | $181.0M | — | ||
| Q3 24 | $125.0M | $-156.4M | ||
| Q2 24 | $77.0M | — | ||
| Q1 24 | $-19.0M | — |
自由现金流率REZIRUN
| Q4 25 | 13.8% | — | ||
| Q3 25 | -85.8% | — | ||
| Q2 25 | 9.3% | — | ||
| Q1 25 | -5.4% | — | ||
| Q4 24 | 9.7% | — | ||
| Q3 24 | 6.8% | -29.1% | ||
| Q2 24 | 4.8% | — | ||
| Q1 24 | -1.3% | — |
资本支出强度REZIRUN
| Q4 25 | 2.0% | — | ||
| Q3 25 | 1.5% | — | ||
| Q2 25 | 1.0% | — | ||
| Q1 25 | 1.8% | — | ||
| Q4 24 | 1.2% | — | ||
| Q3 24 | 1.2% | 0.0% | ||
| Q2 24 | 0.9% | — | ||
| Q1 24 | 1.4% | — |
现金转化率REZIRUN
| Q4 25 | 2.20× | 0.94× | ||
| Q3 25 | -10.07× | -7.33× | ||
| Q2 25 | — | -1.05× | ||
| Q1 25 | -10.83× | -2.08× | ||
| Q4 24 | 8.83× | — | ||
| Q3 24 | 7.35× | — | ||
| Q2 24 | 3.07× | -1.50× | ||
| Q1 24 | 0.05× | — |
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
REZI
| ADI Global Distribution Segment | $1.2B | 62% |
| Safety And Security | $257.0M | 14% |
| Air | $211.0M | 11% |
| Energy Service | $153.0M | 8% |
| Public Utilities Inventory Water | $91.0M | 5% |
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
