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Sunrun Inc.（RUN）与Shoals Technologies Group, Inc.（SHLS）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Shoals Technologies Group, Inc.的7.8倍（$1.2B vs $148.3M），Sunrun Inc.净利率更高（8.9% vs 5.5%，领先3.5%），Sunrun Inc.同比增速更快（123.5% vs 38.6%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 27.8%）
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。
Shoals科技集团是可再生能源及电动出行领域的电气系统平衡解决方案供应商，核心产品覆盖光伏、储能及充电桩用连接组件，主要服务北美、欧洲、亚太市场的公用事业、工商业及民用客户。
RUN vs SHLS — 直观对比
营收规模更大
RUN
是对方的7.8倍
$148.3M
营收增速更快
RUN
高出84.9%
38.6%
净利率更高
RUN
高出3.5%
5.5%
两年增速更快
RUN
近两年复合增速
27.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $148.3M |
| 净利润 | $103.6M | $8.1M |
| 毛利率 | — | 31.6% |
| 营业利润率 | 8.4% | 11.7% |
| 净利率 | 8.9% | 5.5% |
| 营收同比 | 123.5% | 38.6% |
| 净利润同比 | 103.7% | 3.9% |
| 每股收益（稀释后） | $0.38 | $0.05 |
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RUNSHLS
| Q4 25 | $1.2B | $148.3M | ||
| Q3 25 | $724.6M | $135.8M | ||
| Q2 25 | $569.3M | $110.8M | ||
| Q1 25 | $504.3M | $80.4M | ||
| Q4 24 | $518.5M | $107.0M | ||
| Q3 24 | $537.2M | $102.2M | ||
| Q2 24 | $523.9M | $99.2M | ||
| Q1 24 | $458.2M | $90.8M |
净利润RUNSHLS
| Q4 25 | $103.6M | $8.1M | ||
| Q3 25 | $16.6M | $11.9M | ||
| Q2 25 | $279.8M | $13.9M | ||
| Q1 25 | $50.0M | $-282.0K | ||
| Q4 24 | $-2.8B | $7.8M | ||
| Q3 24 | $-83.8M | $-267.0K | ||
| Q2 24 | $139.1M | $11.8M | ||
| Q1 24 | $-87.8M | $4.8M |
毛利率RUNSHLS
| Q4 25 | — | 31.6% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 35.0% | ||
| Q4 24 | — | 37.6% | ||
| Q3 24 | — | 24.8% | ||
| Q2 24 | — | 40.3% | ||
| Q1 24 | — | 40.2% |
营业利润率RUNSHLS
| Q4 25 | 8.4% | 11.7% | ||
| Q3 25 | 0.5% | 13.7% | ||
| Q2 25 | -19.7% | 14.4% | ||
| Q1 25 | -22.8% | 5.4% | ||
| Q4 24 | -628.0% | 15.4% | ||
| Q3 24 | -23.8% | 4.4% | ||
| Q2 24 | -24.4% | 18.7% | ||
| Q1 24 | -40.0% | 12.8% |
净利率RUNSHLS
| Q4 25 | 8.9% | 5.5% | ||
| Q3 25 | 2.3% | 8.7% | ||
| Q2 25 | 49.1% | 12.5% | ||
| Q1 25 | 9.9% | -0.4% | ||
| Q4 24 | -542.7% | 7.3% | ||
| Q3 24 | -15.6% | -0.3% | ||
| Q2 24 | 26.5% | 11.9% | ||
| Q1 24 | -19.2% | 5.3% |
每股收益（稀释后）RUNSHLS
| Q4 25 | $0.38 | $0.05 | ||
| Q3 25 | $0.06 | $0.07 | ||
| Q2 25 | $1.07 | $0.08 | ||
| Q1 25 | $0.20 | $0.00 | ||
| Q4 24 | $-12.59 | $0.04 | ||
| Q3 24 | $-0.37 | $0.00 | ||
| Q2 24 | $0.55 | $0.07 | ||
| Q1 24 | $-0.40 | $0.03 |
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 | — | $7.3M |
| 总债务越低越好 | $14.7B | — |
| 股东权益账面价值 | $3.1B | $600.0M |
| 总资产 | $22.6B | $904.1M |
| 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RUNSHLS
| Q4 25 | — | $7.3M | ||
| Q3 25 | — | $8.6M | ||
| Q2 25 | — | $4.7M | ||
| Q1 25 | — | $35.6M | ||
| Q4 24 | — | $23.5M | ||
| Q3 24 | — | $11.1M | ||
| Q2 24 | — | $3.2M | ||
| Q1 24 | — | $15.2M |
总债务RUNSHLS
| Q4 25 | $14.7B | — | ||
| Q3 25 | $14.6B | — | ||
| Q2 25 | $14.0B | — | ||
| Q1 25 | $13.6B | $141.8M | ||
| Q4 24 | $12.9B | $141.8M | ||
| Q3 24 | $12.5B | $141.8M | ||
| Q2 24 | $12.0B | $146.8M | ||
| Q1 24 | $11.1B | $168.8M |
股东权益RUNSHLS
| Q4 25 | $3.1B | $600.0M | ||
| Q3 25 | $3.0B | $589.6M | ||
| Q2 25 | $2.9B | $575.4M | ||
| Q1 25 | $2.6B | $558.9M | ||
| Q4 24 | $2.6B | $556.8M | ||
| Q3 24 | $5.3B | $545.2M | ||
| Q2 24 | $5.4B | $544.6M | ||
| Q1 24 | $5.2B | $554.0M |
总资产RUNSHLS
| Q4 25 | $22.6B | $904.1M | ||
| Q3 25 | $22.2B | $851.8M | ||
| Q2 25 | $21.2B | $795.0M | ||
| Q1 25 | $20.4B | $788.4M | ||
| Q4 24 | $19.9B | $793.1M | ||
| Q3 24 | $22.1B | $801.3M | ||
| Q2 24 | $21.4B | $788.4M | ||
| Q1 24 | $20.8B | $825.3M |
负债/权益比RUNSHLS
| Q4 25 | 4.69× | — | ||
| Q3 25 | 4.90× | — | ||
| Q2 25 | 4.80× | — | ||
| Q1 25 | 5.19× | 0.25× | ||
| Q4 24 | 5.05× | 0.25× | ||
| Q3 24 | 2.36× | 0.26× | ||
| Q2 24 | 2.23× | 0.27× | ||
| Q1 24 | 2.15× | 0.30× |
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 | $-4.1M |
| 自由现金流经营现金流 - 资本支出 | — | $-11.3M |
| 自由现金流率自由现金流/营收 | — | -7.6% |
| 资本支出强度资本支出/营收 | — | 4.8% |
| 现金转化率经营现金流/净利润 | 0.94× | -0.50× |
| 过去12个月自由现金流最近4个季度 | — | $-16.0M |
8季度趋势，按日历期对齐
经营现金流RUNSHLS
| Q4 25 | $96.9M | $-4.1M | ||
| Q3 25 | $-121.5M | $19.4M | ||
| Q2 25 | $-292.7M | $-13.8M | ||
| Q1 25 | $-104.2M | $15.6M | ||
| Q4 24 | $-258.4M | $14.0M | ||
| Q3 24 | $-156.2M | $15.7M | ||
| Q2 24 | $-208.5M | $37.8M | ||
| Q1 24 | $-143.1M | $12.9M |
自由现金流RUNSHLS
| Q4 25 | — | $-11.3M | ||
| Q3 25 | — | $9.0M | ||
| Q2 25 | — | $-26.0M | ||
| Q1 25 | — | $12.3M | ||
| Q4 24 | — | $12.5M | ||
| Q3 24 | $-156.4M | $13.3M | ||
| Q2 24 | — | $35.8M | ||
| Q1 24 | — | $10.4M |
自由现金流率RUNSHLS
| Q4 25 | — | -7.6% | ||
| Q3 25 | — | 6.6% | ||
| Q2 25 | — | -23.5% | ||
| Q1 25 | — | 15.4% | ||
| Q4 24 | — | 11.6% | ||
| Q3 24 | -29.1% | 13.0% | ||
| Q2 24 | — | 36.1% | ||
| Q1 24 | — | 11.4% |
资本支出强度RUNSHLS
| Q4 25 | — | 4.8% | ||
| Q3 25 | — | 7.7% | ||
| Q2 25 | — | 11.0% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | 0.0% | 2.3% | ||
| Q2 24 | — | 2.0% | ||
| Q1 24 | — | 2.7% |
现金转化率RUNSHLS
| Q4 25 | 0.94× | -0.50× | ||
| Q3 25 | -7.33× | 1.63× | ||
| Q2 25 | -1.05× | -1.00× | ||
| Q1 25 | -2.08× | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | -1.50× | 3.21× | ||
| Q1 24 | — | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
