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Sunrun Inc.（RUN）与UNITED THERAPEUTICS Corp（UTHR）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UNITED THERAPEUTICS Corp的1.5倍（$1.2B vs $790.2M），UNITED THERAPEUTICS Corp净利率更高（46.1% vs 8.9%，领先37.2%），Sunrun Inc.同比增速更快（123.5% vs 7.4%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 8.0%）
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。
United Therapeutics是美国生物技术企业，专注开发包含异种移植在内的器官移植相关药物与技术，多款产品布局肺部疾病及器官制造赛道，双总部位于马里兰州银泉与北卡罗来纳州三角研究园，在美加多地设有研发及运营分支机构。
RUN vs UTHR — 直观对比
营收规模更大
RUN
是对方的1.5倍
$790.2M
营收增速更快
RUN
高出116.1%
7.4%
净利率更高
UTHR
高出37.2%
8.9%
两年增速更快
RUN
近两年复合增速
8.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $790.2M |
| 净利润 | $103.6M | $364.3M |
| 毛利率 | — | 86.9% |
| 营业利润率 | 8.4% | 45.1% |
| 净利率 | 8.9% | 46.1% |
| 营收同比 | 123.5% | 7.4% |
| 净利润同比 | 103.7% | 20.9% |
| 每股收益（稀释后） | $0.38 | $7.66 |
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RUNUTHR
| Q4 25 | $1.2B | $790.2M | ||
| Q3 25 | $724.6M | $799.5M | ||
| Q2 25 | $569.3M | $798.6M | ||
| Q1 25 | $504.3M | $794.4M | ||
| Q4 24 | $518.5M | $735.9M | ||
| Q3 24 | $537.2M | $748.9M | ||
| Q2 24 | $523.9M | $714.9M | ||
| Q1 24 | $458.2M | $677.7M |
净利润RUNUTHR
| Q4 25 | $103.6M | $364.3M | ||
| Q3 25 | $16.6M | $338.7M | ||
| Q2 25 | $279.8M | $309.5M | ||
| Q1 25 | $50.0M | $322.2M | ||
| Q4 24 | $-2.8B | $301.3M | ||
| Q3 24 | $-83.8M | $309.1M | ||
| Q2 24 | $139.1M | $278.1M | ||
| Q1 24 | $-87.8M | $306.6M |
毛利率RUNUTHR
| Q4 25 | — | 86.9% | ||
| Q3 25 | — | 87.4% | ||
| Q2 25 | — | 89.0% | ||
| Q1 25 | — | 88.4% | ||
| Q4 24 | — | 89.7% | ||
| Q3 24 | — | 88.9% | ||
| Q2 24 | — | 89.1% | ||
| Q1 24 | — | 89.2% |
营业利润率RUNUTHR
| Q4 25 | 8.4% | 45.1% | ||
| Q3 25 | 0.5% | 48.6% | ||
| Q2 25 | -19.7% | 45.6% | ||
| Q1 25 | -22.8% | 48.2% | ||
| Q4 24 | -628.0% | 48.6% | ||
| Q3 24 | -23.8% | 45.8% | ||
| Q2 24 | -24.4% | 44.7% | ||
| Q1 24 | -40.0% | 52.6% |
净利率RUNUTHR
| Q4 25 | 8.9% | 46.1% | ||
| Q3 25 | 2.3% | 42.4% | ||
| Q2 25 | 49.1% | 38.8% | ||
| Q1 25 | 9.9% | 40.6% | ||
| Q4 24 | -542.7% | 40.9% | ||
| Q3 24 | -15.6% | 41.3% | ||
| Q2 24 | 26.5% | 38.9% | ||
| Q1 24 | -19.2% | 45.2% |
每股收益（稀释后）RUNUTHR
| Q4 25 | $0.38 | $7.66 | ||
| Q3 25 | $0.06 | $7.16 | ||
| Q2 25 | $1.07 | $6.41 | ||
| Q1 25 | $0.20 | $6.63 | ||
| Q4 24 | $-12.59 | $6.23 | ||
| Q3 24 | $-0.37 | $6.39 | ||
| Q2 24 | $0.55 | $5.85 | ||
| Q1 24 | $-0.40 | $6.17 |
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 | — | $2.9B |
| 总债务越低越好 | $14.7B | — |
| 股东权益账面价值 | $3.1B | $7.1B |
| 总资产 | $22.6B | $7.9B |
| 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RUNUTHR
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $3.0B | ||
| Q1 25 | — | $3.3B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $2.7B |
总债务RUNUTHR
| 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RUNUTHR
| Q4 25 | $3.1B | $7.1B | ||
| Q3 25 | $3.0B | $6.6B | ||
| Q2 25 | $2.9B | $7.2B | ||
| Q1 25 | $2.6B | $6.8B | ||
| Q4 24 | $2.6B | $6.4B | ||
| Q3 24 | $5.3B | $6.1B | ||
| Q2 24 | $5.4B | $5.7B | ||
| Q1 24 | $5.2B | $5.3B |
总资产RUNUTHR
| Q4 25 | $22.6B | $7.9B | ||
| Q3 25 | $22.2B | $7.4B | ||
| Q2 25 | $21.2B | $7.9B | ||
| Q1 25 | $20.4B | $7.7B | ||
| Q4 24 | $19.9B | $7.4B | ||
| Q3 24 | $22.1B | $7.1B | ||
| Q2 24 | $21.4B | $6.7B | ||
| Q1 24 | $20.8B | $6.5B |
负债/权益比RUNUTHR
| 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 | $346.2M |
| 自由现金流经营现金流 - 资本支出 | — | $173.3M |
| 自由现金流率自由现金流/营收 | — | 21.9% |
| 资本支出强度资本支出/营收 | — | 21.9% |
| 现金转化率经营现金流/净利润 | 0.94× | 0.95× |
| 过去12个月自由现金流最近4个季度 | — | $1.0B |
8季度趋势，按日历期对齐
经营现金流RUNUTHR
| Q4 25 | $96.9M | $346.2M | ||
| Q3 25 | $-121.5M | $562.1M | ||
| Q2 25 | $-292.7M | $191.7M | ||
| Q1 25 | $-104.2M | $461.2M | ||
| Q4 24 | $-258.4M | $341.2M | ||
| Q3 24 | $-156.2M | $377.2M | ||
| Q2 24 | $-208.5M | $232.2M | ||
| Q1 24 | $-143.1M | $376.5M |
自由现金流RUNUTHR
| Q4 25 | — | $173.3M | ||
| Q3 25 | — | $351.6M | ||
| Q2 25 | — | $129.5M | ||
| Q1 25 | — | $386.3M | ||
| Q4 24 | — | $254.5M | ||
| Q3 24 | $-156.4M | $300.7M | ||
| Q2 24 | — | $187.1M | ||
| Q1 24 | — | $338.3M |
自由现金流率RUNUTHR
| Q4 25 | — | 21.9% | ||
| Q3 25 | — | 44.0% | ||
| Q2 25 | — | 16.2% | ||
| Q1 25 | — | 48.6% | ||
| Q4 24 | — | 34.6% | ||
| Q3 24 | -29.1% | 40.2% | ||
| Q2 24 | — | 26.2% | ||
| Q1 24 | — | 49.9% |
资本支出强度RUNUTHR
| Q4 25 | — | 21.9% | ||
| Q3 25 | — | 26.3% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 9.4% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | 0.0% | 10.2% | ||
| Q2 24 | — | 6.3% | ||
| Q1 24 | — | 5.6% |
现金转化率RUNUTHR
| Q4 25 | 0.94× | 0.95× | ||
| Q3 25 | -7.33× | 1.66× | ||
| Q2 25 | -1.05× | 0.62× | ||
| Q1 25 | -2.08× | 1.43× | ||
| Q4 24 | — | 1.13× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | -1.50× | 0.83× | ||
| Q1 24 | — | 1.23× |
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% |
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
