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Sunrun Inc.（RUN）与Vici Properties（VICI）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Vici Properties的1.1倍（$1.2B vs $1.0B），Vici Properties净利率更高（59.7% vs 8.9%，领先50.8%），Sunrun Inc.同比增速更快（123.5% vs 3.8%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 3.2%）
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。
Vici Properties是总部位于美国纽约的房地产投资信托（REIT），专注于博彩及娱乐类物业。公司成立于2017年，由凯撒娱乐集团破产重组时分拆而来，目前在美加两国持有54家赌场、酒店、赛马场，4座高尔夫球场及38个保龄球馆。
RUN vs VICI — 直观对比
营收规模更大
RUN
是对方的1.1倍
$1.0B
营收增速更快
RUN
高出119.7%
3.8%
净利率更高
VICI
高出50.8%
8.9%
两年增速更快
RUN
近两年复合增速
3.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.2B | $1.0B |
| 净利润 | $103.6M | $604.8M |
| 毛利率 | — | 99.3% |
| 营业利润率 | 8.4% | 60.2% |
| 净利率 | 8.9% | 59.7% |
| 营收同比 | 123.5% | 3.8% |
| 净利润同比 | 103.7% | -1.6% |
| 每股收益（稀释后） | $0.38 | $0.57 |
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RUNVICI
| Q4 25 | $1.2B | $1.0B | ||
| Q3 25 | $724.6M | $1.0B | ||
| Q2 25 | $569.3M | $1.0B | ||
| Q1 25 | $504.3M | $984.2M | ||
| Q4 24 | $518.5M | $976.1M | ||
| Q3 24 | $537.2M | $964.7M | ||
| Q2 24 | $523.9M | $957.0M | ||
| Q1 24 | $458.2M | $951.5M |
净利润RUNVICI
| Q4 25 | $103.6M | $604.8M | ||
| Q3 25 | $16.6M | $762.0M | ||
| Q2 25 | $279.8M | $865.1M | ||
| Q1 25 | $50.0M | $543.6M | ||
| Q4 24 | $-2.8B | $614.6M | ||
| Q3 24 | $-83.8M | $732.9M | ||
| Q2 24 | $139.1M | $741.3M | ||
| Q1 24 | $-87.8M | $590.0M |
毛利率RUNVICI
| Q4 25 | — | 99.3% | ||
| Q3 25 | — | 99.3% | ||
| Q2 25 | — | 99.3% | ||
| Q1 25 | — | 99.4% | ||
| Q4 24 | — | 99.3% | ||
| Q3 24 | — | 99.3% | ||
| Q2 24 | — | 99.3% | ||
| Q1 24 | — | 99.3% |
营业利润率RUNVICI
| Q4 25 | 8.4% | 60.2% | ||
| Q3 25 | 0.5% | 77.2% | ||
| Q2 25 | -19.7% | 88.3% | ||
| Q1 25 | -22.8% | 55.9% | ||
| Q4 24 | -628.0% | 64.2% | ||
| Q3 24 | -23.8% | 77.4% | ||
| Q2 24 | -24.4% | 79.0% | ||
| Q1 24 | -40.0% | 63.2% |
净利率RUNVICI
| Q4 25 | 8.9% | 59.7% | ||
| Q3 25 | 2.3% | 75.6% | ||
| Q2 25 | 49.1% | 86.4% | ||
| Q1 25 | 9.9% | 55.2% | ||
| Q4 24 | -542.7% | 63.0% | ||
| Q3 24 | -15.6% | 76.0% | ||
| Q2 24 | 26.5% | 77.5% | ||
| Q1 24 | -19.2% | 62.0% |
每股收益（稀释后）RUNVICI
| Q4 25 | $0.38 | $0.57 | ||
| Q3 25 | $0.06 | $0.71 | ||
| Q2 25 | $1.07 | $0.82 | ||
| Q1 25 | $0.20 | $0.51 | ||
| Q4 24 | $-12.59 | $0.58 | ||
| Q3 24 | $-0.37 | $0.70 | ||
| Q2 24 | $0.55 | $0.71 | ||
| Q1 24 | $-0.40 | $0.57 |
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 | — | $608.0M |
| 总债务越低越好 | $14.7B | $16.8B |
| 股东权益账面价值 | $3.1B | $27.8B |
| 总资产 | $22.6B | $46.7B |
| 负债/权益比越低杠杆越低 | 4.69× | 0.60× |
8季度趋势，按日历期对齐
现金及短期投资RUNVICI
| Q4 25 | — | $608.0M | ||
| Q3 25 | — | $507.5M | ||
| Q2 25 | — | $233.0M | ||
| Q1 25 | — | $334.3M | ||
| Q4 24 | — | $524.6M | ||
| Q3 24 | — | $355.7M | ||
| Q2 24 | — | $347.2M | ||
| Q1 24 | — | $514.9M |
总债务RUNVICI
| Q4 25 | $14.7B | $16.8B | ||
| Q3 25 | $14.6B | $16.8B | ||
| Q2 25 | $14.0B | $16.9B | ||
| Q1 25 | $13.6B | $16.8B | ||
| Q4 24 | $12.9B | $16.7B | ||
| Q3 24 | $12.5B | $16.7B | ||
| Q2 24 | $12.0B | $16.7B | ||
| Q1 24 | $11.1B | $16.7B |
股东权益RUNVICI
| Q4 25 | $3.1B | $27.8B | ||
| Q3 25 | $3.0B | $27.7B | ||
| Q2 25 | $2.9B | $27.0B | ||
| Q1 25 | $2.6B | $26.6B | ||
| Q4 24 | $2.6B | $26.5B | ||
| Q3 24 | $5.3B | $26.1B | ||
| Q2 24 | $5.4B | $25.7B | ||
| Q1 24 | $5.2B | $25.4B |
总资产RUNVICI
| Q4 25 | $22.6B | $46.7B | ||
| Q3 25 | $22.2B | $46.5B | ||
| Q2 25 | $21.2B | $46.1B | ||
| Q1 25 | $20.4B | $45.5B | ||
| Q4 24 | $19.9B | $45.4B | ||
| Q3 24 | $22.1B | $44.9B | ||
| Q2 24 | $21.4B | $44.5B | ||
| Q1 24 | $20.8B | $44.2B |
负债/权益比RUNVICI
| Q4 25 | 4.69× | 0.60× | ||
| Q3 25 | 4.90× | 0.61× | ||
| Q2 25 | 4.80× | 0.63× | ||
| Q1 25 | 5.19× | 0.63× | ||
| Q4 24 | 5.05× | 0.63× | ||
| Q3 24 | 2.36× | 0.64× | ||
| Q2 24 | 2.23× | 0.65× | ||
| Q1 24 | 2.15× | 0.66× |
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 | $691.9M |
| 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 | — | — |
| 现金转化率经营现金流/净利润 | 0.94× | 1.14× |
| 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RUNVICI
| Q4 25 | $96.9M | $691.9M | ||
| Q3 25 | $-121.5M | $586.3M | ||
| Q2 25 | $-292.7M | $639.9M | ||
| Q1 25 | $-104.2M | $591.9M | ||
| Q4 24 | $-258.4M | $644.1M | ||
| Q3 24 | $-156.2M | $579.1M | ||
| Q2 24 | $-208.5M | $614.6M | ||
| Q1 24 | $-143.1M | $543.7M |
自由现金流RUNVICI
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-156.4M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率RUNVICI
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -29.1% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度RUNVICI
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率RUNVICI
| Q4 25 | 0.94× | 1.14× | ||
| Q3 25 | -7.33× | 0.77× | ||
| Q2 25 | -1.05× | 0.74× | ||
| Q1 25 | -2.08× | 1.09× | ||
| Q4 24 | — | 1.05× | ||
| Q3 24 | — | 0.79× | ||
| Q2 24 | -1.50× | 0.83× | ||
| Q1 24 | — | 0.92× |
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% |
VICI
| Fixed Rent | $504.3M | 50% |
| Other | $478.4M | 47% |
| Contingent Rent | $30.4M | 3% |
