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Sunrun Inc.（RUN）与SOLAREDGE TECHNOLOGIES, INC.（SEDG）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SOLAREDGE TECHNOLOGIES, INC.的3.5倍（$1.2B vs $335.4M），Sunrun Inc.净利率更高（8.9% vs -39.4%，领先48.3%），Sunrun Inc.同比增速更快（123.5% vs 70.9%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 28.1%）
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。
SolarEdge Technologies是一家以色列新能源科技企业，核心研发并推出了直流优化逆变器系统，该方案可提升光伏发电的能效表现，助力光伏系统实现更稳定、高效的电力转换，在全球分布式光伏领域拥有广泛的应用场景和市场认可度。
RUN vs SEDG — 直观对比
营收规模更大
RUN
是对方的3.5倍
$335.4M
营收增速更快
RUN
高出52.6%
70.9%
净利率更高
RUN
高出48.3%
-39.4%
两年增速更快
RUN
近两年复合增速
28.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $335.4M |
| 净利润 | $103.6M | $-132.1M |
| 毛利率 | — | 22.2% |
| 营业利润率 | 8.4% | -14.4% |
| 净利率 | 8.9% | -39.4% |
| 营收同比 | 123.5% | 70.9% |
| 净利润同比 | 103.7% | 54.0% |
| 每股收益（稀释后） | $0.38 | $-2.21 |
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RUNSEDG
| Q4 25 | $1.2B | $335.4M | ||
| Q3 25 | $724.6M | $340.2M | ||
| Q2 25 | $569.3M | $289.4M | ||
| Q1 25 | $504.3M | $219.5M | ||
| Q4 24 | $518.5M | $196.2M | ||
| Q3 24 | $537.2M | $235.4M | ||
| Q2 24 | $523.9M | $265.4M | ||
| Q1 24 | $458.2M | $204.4M |
净利润RUNSEDG
| Q4 25 | $103.6M | $-132.1M | ||
| Q3 25 | $16.6M | $-50.1M | ||
| Q2 25 | $279.8M | $-124.7M | ||
| Q1 25 | $50.0M | $-98.5M | ||
| Q4 24 | $-2.8B | $-287.4M | ||
| Q3 24 | $-83.8M | $-1.2B | ||
| Q2 24 | $139.1M | $-130.8M | ||
| Q1 24 | $-87.8M | $-157.3M |
毛利率RUNSEDG
| Q4 25 | — | 22.2% | ||
| Q3 25 | — | 21.2% | ||
| Q2 25 | — | 11.1% | ||
| Q1 25 | — | 8.0% | ||
| Q4 24 | — | -57.2% | ||
| Q3 24 | — | -309.1% | ||
| Q2 24 | — | -4.1% | ||
| Q1 24 | — | -12.8% |
营业利润率RUNSEDG
| Q4 25 | 8.4% | -14.4% | ||
| Q3 25 | 0.5% | -10.3% | ||
| Q2 25 | -19.7% | -39.9% | ||
| Q1 25 | -22.8% | -46.8% | ||
| Q4 24 | -628.0% | -134.4% | ||
| Q3 24 | -23.8% | -471.8% | ||
| Q2 24 | -24.4% | -60.4% | ||
| Q1 24 | -40.0% | -85.0% |
净利率RUNSEDG
| Q4 25 | 8.9% | -39.4% | ||
| Q3 25 | 2.3% | -14.7% | ||
| Q2 25 | 49.1% | -43.1% | ||
| Q1 25 | 9.9% | -44.9% | ||
| Q4 24 | -542.7% | -146.5% | ||
| Q3 24 | -15.6% | -522.8% | ||
| Q2 24 | 26.5% | -49.3% | ||
| Q1 24 | -19.2% | -77.0% |
每股收益（稀释后）RUNSEDG
| Q4 25 | $0.38 | $-2.21 | ||
| Q3 25 | $0.06 | $-0.84 | ||
| Q2 25 | $1.07 | $-2.13 | ||
| Q1 25 | $0.20 | $-1.70 | ||
| Q4 24 | $-12.59 | $-5.00 | ||
| Q3 24 | $-0.37 | $-21.58 | ||
| Q2 24 | $0.55 | $-2.31 | ||
| Q1 24 | $-0.40 | $-2.75 |
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 | — | $493.2M |
| 总债务越低越好 | $14.7B | — |
| 股东权益账面价值 | $3.1B | $427.5M |
| 总资产 | $22.6B | $2.2B |
| 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RUNSEDG
| Q4 25 | — | $493.2M | ||
| Q3 25 | — | $498.6M | ||
| Q2 25 | — | $758.0M | ||
| Q1 25 | — | $651.6M | ||
| Q4 24 | — | $585.9M | ||
| Q3 24 | — | $678.8M | ||
| Q2 24 | — | $689.8M | ||
| Q1 24 | — | $680.6M |
总债务RUNSEDG
| 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RUNSEDG
| Q4 25 | $3.1B | $427.5M | ||
| Q3 25 | $3.0B | $479.8M | ||
| Q2 25 | $2.9B | $513.2M | ||
| Q1 25 | $2.6B | $594.2M | ||
| Q4 24 | $2.6B | $658.3M | ||
| Q3 24 | $5.3B | $930.9M | ||
| Q2 24 | $5.4B | $2.1B | ||
| Q1 24 | $5.2B | $2.2B |
总资产RUNSEDG
| Q4 25 | $22.6B | $2.2B | ||
| Q3 25 | $22.2B | $2.2B | ||
| Q2 25 | $21.2B | $2.5B | ||
| Q1 25 | $20.4B | $2.5B | ||
| Q4 24 | $19.9B | $2.6B | ||
| Q3 24 | $22.1B | $2.8B | ||
| Q2 24 | $21.4B | $3.9B | ||
| Q1 24 | $20.8B | $4.2B |
负债/权益比RUNSEDG
| 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 | $96.9M | $52.6M |
| 自由现金流经营现金流 - 资本支出 | — | $43.3M |
| 自由现金流率自由现金流/营收 | — | 12.9% |
| 资本支出强度资本支出/营收 | — | 2.8% |
| 现金转化率经营现金流/净利润 | 0.94× | — |
| 过去12个月自由现金流最近4个季度 | — | $80.8M |
8季度趋势，按日历期对齐
经营现金流RUNSEDG
| Q4 25 | $96.9M | $52.6M | ||
| Q3 25 | $-121.5M | $25.6M | ||
| Q2 25 | $-292.7M | $-7.8M | ||
| Q1 25 | $-104.2M | $33.8M | ||
| Q4 24 | $-258.4M | $37.8M | ||
| Q3 24 | $-156.2M | $-89.3M | ||
| Q2 24 | $-208.5M | $-44.8M | ||
| Q1 24 | $-143.1M | $-217.0M |
自由现金流RUNSEDG
| Q4 25 | — | $43.3M | ||
| Q3 25 | — | $22.8M | ||
| Q2 25 | — | $-9.1M | ||
| Q1 25 | — | $23.7M | ||
| Q4 24 | — | $25.5M | ||
| Q3 24 | $-156.4M | $-136.7M | ||
| Q2 24 | — | $-67.0M | ||
| Q1 24 | — | $-243.4M |
自由现金流率RUNSEDG
| Q4 25 | — | 12.9% | ||
| Q3 25 | — | 6.7% | ||
| Q2 25 | — | -3.1% | ||
| Q1 25 | — | 10.8% | ||
| Q4 24 | — | 13.0% | ||
| Q3 24 | -29.1% | -58.1% | ||
| Q2 24 | — | -25.2% | ||
| Q1 24 | — | -119.1% |
资本支出强度RUNSEDG
| Q4 25 | — | 2.8% | ||
| Q3 25 | — | 0.8% | ||
| Q2 25 | — | 0.4% | ||
| Q1 25 | — | 4.6% | ||
| Q4 24 | — | 6.2% | ||
| Q3 24 | 0.0% | 20.1% | ||
| Q2 24 | — | 8.4% | ||
| Q1 24 | — | 12.9% |
现金转化率RUNSEDG
| Q4 25 | 0.94× | — | ||
| Q3 25 | -7.33× | — | ||
| Q2 25 | -1.05× | — | ||
| Q1 25 | -2.08× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -1.50× | — | ||
| Q1 24 | — | — |
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
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
SEDG
| Other | $197.7M | 59% |
| Europe Except Netherlands | $99.4M | 30% |
| Others | $38.2M | 11% |
