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Sunrun Inc.（RUN）与SS&C Technologies Holdings Inc（SSNC）财务数据对比。点击上方公司名可切换其他公司
SS&C Technologies Holdings Inc的季度营收约是Sunrun Inc.的1.4倍（$1.6B vs $1.2B），SS&C Technologies Holdings Inc净利率更高（13.7% vs 8.9%，领先4.8%），Sunrun Inc.同比增速更快（123.5% vs 8.8%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 6.5%）
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。
SS&C Technologies Holdings Inc.是总部位于美国康涅狄格州温莎的跨国控股企业，面向金融服务行业提供专业软件及软件即服务（SaaS）解决方案，业务覆盖全球，在美洲、欧洲、亚洲、非洲及澳洲均设有办公网点。
RUN vs SSNC — 直观对比
营收规模更大
SSNC
是对方的1.4倍
$1.2B
营收增速更快
RUN
高出114.7%
8.8%
净利率更高
SSNC
高出4.8%
8.9%
两年增速更快
RUN
近两年复合增速
6.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.6B |
| 净利润 | $103.6M | $226.1M |
| 毛利率 | — | 48.7% |
| 营业利润率 | 8.4% | 24.2% |
| 净利率 | 8.9% | 13.7% |
| 营收同比 | 123.5% | 8.8% |
| 净利润同比 | 103.7% | 6.2% |
| 每股收益（稀释后） | $0.38 | $0.91 |
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RUNSSNC
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.2B | $1.7B | ||
| Q3 25 | $724.6M | $1.6B | ||
| Q2 25 | $569.3M | $1.5B | ||
| Q1 25 | $504.3M | $1.5B | ||
| Q4 24 | $518.5M | $1.5B | ||
| Q3 24 | $537.2M | $1.5B | ||
| Q2 24 | $523.9M | $1.5B |
净利润RUNSSNC
| Q1 26 | — | $226.1M | ||
| Q4 25 | $103.6M | $193.1M | ||
| Q3 25 | $16.6M | $210.0M | ||
| Q2 25 | $279.8M | $180.8M | ||
| Q1 25 | $50.0M | $213.0M | ||
| Q4 24 | $-2.8B | $248.2M | ||
| Q3 24 | $-83.8M | $164.4M | ||
| Q2 24 | $139.1M | $190.3M |
毛利率RUNSSNC
| Q1 26 | — | 48.7% | ||
| Q4 25 | — | 47.8% | ||
| Q3 25 | — | 47.7% | ||
| Q2 25 | — | 48.0% | ||
| Q1 25 | — | 49.3% | ||
| Q4 24 | — | 49.3% | ||
| Q3 24 | — | 48.0% | ||
| Q2 24 | — | 48.1% |
营业利润率RUNSSNC
| Q1 26 | — | 24.2% | ||
| Q4 25 | 8.4% | 22.3% | ||
| Q3 25 | 0.5% | 23.3% | ||
| Q2 25 | -19.7% | 22.4% | ||
| Q1 25 | -22.8% | 23.6% | ||
| Q4 24 | -628.0% | 23.4% | ||
| Q3 24 | -23.8% | 22.2% | ||
| Q2 24 | -24.4% | 22.6% |
净利率RUNSSNC
| Q1 26 | — | 13.7% | ||
| Q4 25 | 8.9% | 11.7% | ||
| Q3 25 | 2.3% | 13.4% | ||
| Q2 25 | 49.1% | 11.8% | ||
| Q1 25 | 9.9% | 14.1% | ||
| Q4 24 | -542.7% | 16.2% | ||
| Q3 24 | -15.6% | 11.2% | ||
| Q2 24 | 26.5% | 13.1% |
每股收益（稀释后）RUNSSNC
| Q1 26 | — | $0.91 | ||
| Q4 25 | $0.38 | $0.76 | ||
| Q3 25 | $0.06 | $0.83 | ||
| Q2 25 | $1.07 | $0.72 | ||
| Q1 25 | $0.20 | $0.84 | ||
| Q4 24 | $-12.59 | $0.98 | ||
| Q3 24 | $-0.37 | $0.65 | ||
| Q2 24 | $0.55 | $0.75 |
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 | — | $420.9M |
| 总债务越低越好 | $14.7B | $7.4B |
| 股东权益账面价值 | $3.1B | $6.9B |
| 总资产 | $22.6B | $20.3B |
| 负债/权益比越低杠杆越低 | 4.69× | 1.08× |
8季度趋势，按日历期对齐
现金及短期投资RUNSSNC
| Q1 26 | — | $420.9M | ||
| Q4 25 | — | $462.1M | ||
| Q3 25 | — | $388.3M | ||
| Q2 25 | — | $480.3M | ||
| Q1 25 | — | $515.0M | ||
| Q4 24 | — | $567.1M | ||
| Q3 24 | — | $694.7M | ||
| Q2 24 | — | $462.7M |
总债务RUNSSNC
| Q1 26 | — | $7.4B | ||
| 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 | — |
股东权益RUNSSNC
| Q1 26 | — | $6.9B | ||
| Q4 25 | $3.1B | $6.9B | ||
| Q3 25 | $3.0B | $6.9B | ||
| Q2 25 | $2.9B | $6.9B | ||
| Q1 25 | $2.6B | $6.8B | ||
| Q4 24 | $2.6B | $6.5B | ||
| Q3 24 | $5.3B | $6.8B | ||
| Q2 24 | $5.4B | $6.4B |
总资产RUNSSNC
| Q1 26 | — | $20.3B | ||
| Q4 25 | $22.6B | $20.7B | ||
| Q3 25 | $22.2B | $19.5B | ||
| Q2 25 | $21.2B | $19.0B | ||
| Q1 25 | $20.4B | $20.4B | ||
| Q4 24 | $19.9B | $19.0B | ||
| Q3 24 | $22.1B | $18.4B | ||
| Q2 24 | $21.4B | $16.9B |
负债/权益比RUNSSNC
| Q1 26 | — | 1.08× | ||
| 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× | — |
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 | $299.7M |
| 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 | — | 0.0% |
| 现金转化率经营现金流/净利润 | 0.94× | 1.33× |
| 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RUNSSNC
| Q1 26 | — | $299.7M | ||
| Q4 25 | $96.9M | $643.5M | ||
| Q3 25 | $-121.5M | $456.2M | ||
| Q2 25 | $-292.7M | $372.9M | ||
| Q1 25 | $-104.2M | $272.2M | ||
| Q4 24 | $-258.4M | $486.6M | ||
| Q3 24 | $-156.2M | $336.6M | ||
| Q2 24 | $-208.5M | $384.9M |
自由现金流RUNSSNC
| Q1 26 | — | — | ||
| Q4 25 | — | $633.0M | ||
| Q3 25 | — | $421.5M | ||
| Q2 25 | — | $350.0M | ||
| Q1 25 | — | $259.5M | ||
| Q4 24 | — | $466.9M | ||
| Q3 24 | $-156.4M | $310.7M | ||
| Q2 24 | — | $374.9M |
自由现金流率RUNSSNC
| Q1 26 | — | — | ||
| Q4 25 | — | 38.3% | ||
| Q3 25 | — | 26.9% | ||
| Q2 25 | — | 22.8% | ||
| Q1 25 | — | 17.1% | ||
| Q4 24 | — | 30.5% | ||
| Q3 24 | -29.1% | 21.2% | ||
| Q2 24 | — | 25.8% |
资本支出强度RUNSSNC
| Q1 26 | — | 0.0% | ||
| Q4 25 | — | 0.6% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 1.3% | ||
| Q3 24 | 0.0% | 1.8% | ||
| Q2 24 | — | 0.7% |
现金转化率RUNSSNC
| Q1 26 | — | 1.33× | ||
| Q4 25 | 0.94× | 3.33× | ||
| Q3 25 | -7.33× | 2.17× | ||
| Q2 25 | -1.05× | 2.06× | ||
| Q1 25 | -2.08× | 1.28× | ||
| Q4 24 | — | 1.96× | ||
| Q3 24 | — | 2.05× | ||
| Q2 24 | -1.50× | 2.02× |
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% |
SSNC
| Technology-enabled services | $1.4B | 85% |
| License, maintenance and related | $239.8M | 15% |
