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ADAMAS TRUST, INC.（ADAM）与SunPower Inc.（SPWR）财务数据对比。点击上方公司名可切换其他公司
SunPower Inc.的季度营收约是ADAMAS TRUST, INC.的1.8倍（$79.7M vs $43.2M），ADAMAS TRUST, INC.净利率更高（124.0% vs -17.8%，领先141.7%），ADAMAS TRUST, INC.同比增速更快（61.6% vs -10.1%），过去两年SunPower Inc.的营收复合增速更高（118.7% vs 55.5%）
SunPower是一家美国光伏太阳能发电系统与储能电池产品供应商，主要服务住宅客户。公司由斯坦福大学电气工程教授理查德·斯旺森于1985年创立，总部位于加利福尼亚州圣何塞。赛普拉斯半导体2002年收购该公司多数股权后推动其快速发展，SunPower最终于2005年完成上市，目前是全球光伏领域知名企业。
ADAM vs SPWR — 直观对比
营收规模更大
SPWR
是对方的1.8倍
$43.2M
营收增速更快
ADAM
高出71.7%
-10.1%
净利率更高
ADAM
高出141.7%
-17.8%
两年增速更快
SPWR
近两年复合增速
55.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $43.2M | $79.7M |
| 净利润 | $53.5M | $-14.2M |
| 毛利率 | — | 35.5% |
| 营业利润率 | — | -27.4% |
| 净利率 | 124.0% | -17.8% |
| 营收同比 | 61.6% | -10.1% |
| 净利润同比 | 270.5% | -130.1% |
| 每股收益（稀释后） | $0.45 | $-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ADAMSPWR
| Q4 25 | $43.2M | $79.7M | ||
| Q3 25 | $36.6M | $22.0M | ||
| Q2 25 | $36.4M | $67.5M | ||
| Q1 25 | $33.1M | $82.7M | ||
| Q4 24 | $26.7M | $88.7M | ||
| Q3 24 | $20.2M | — | ||
| Q2 24 | $19.0M | — | ||
| Q1 24 | $17.9M | — |
净利润ADAMSPWR
| Q4 25 | $53.5M | $-14.2M | ||
| Q3 25 | $44.8M | $-16.9M | ||
| Q2 25 | $8.5M | $-22.4M | ||
| Q1 25 | $42.2M | $8.1M | ||
| Q4 24 | $-31.4M | $47.0M | ||
| Q3 24 | $42.8M | — | ||
| Q2 24 | $-15.6M | — | ||
| Q1 24 | $-57.9M | — |
毛利率ADAMSPWR
| Q4 25 | — | 35.5% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 42.6% | ||
| Q1 25 | — | 48.5% | ||
| Q4 24 | — | 46.5% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率ADAMSPWR
| Q4 25 | — | -27.4% | ||
| Q3 25 | — | -15.7% | ||
| Q2 25 | 11.7% | -4.0% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | -119.0% | -24.2% | ||
| Q3 24 | — | — | ||
| Q2 24 | -124.7% | — | ||
| Q1 24 | -448.8% | — |
净利率ADAMSPWR
| Q4 25 | 124.0% | -17.8% | ||
| Q3 25 | 122.5% | -76.9% | ||
| Q2 25 | 23.4% | -33.2% | ||
| Q1 25 | 127.4% | 9.8% | ||
| Q4 24 | -117.5% | 53.0% | ||
| Q3 24 | 211.7% | — | ||
| Q2 24 | -81.9% | — | ||
| Q1 24 | -324.1% | — |
每股收益（稀释后）ADAMSPWR
| Q4 25 | $0.45 | $-0.05 | ||
| Q3 25 | $0.36 | $-0.19 | ||
| Q2 25 | $-0.04 | $-0.28 | ||
| Q1 25 | $0.33 | $0.00 | ||
| Q4 24 | $-0.46 | $0.27 | ||
| Q3 24 | $0.36 | — | ||
| Q2 24 | $-0.29 | — | ||
| Q1 24 | $-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 | $210.3M | $9.6M |
| 总债务越低越好 | $735.8M | $164.8M |
| 股东权益账面价值 | $1.4B | $-90.1M |
| 总资产 | $12.6B | $241.2M |
| 负债/权益比越低杠杆越低 | 0.52× | — |
8季度趋势，按日历期对齐
现金及短期投资ADAMSPWR
| Q4 25 | $210.3M | $9.6M | ||
| Q3 25 | $185.3M | $5.1M | ||
| Q2 25 | $160.4M | $11.1M | ||
| Q1 25 | $177.1M | $10.6M | ||
| Q4 24 | $167.4M | $13.4M | ||
| Q3 24 | $195.1M | — | ||
| Q2 24 | $235.5M | — | ||
| Q1 24 | $226.9M | — |
总债务ADAMSPWR
| Q4 25 | $735.8M | $164.8M | ||
| Q3 25 | $766.6M | $204.3M | ||
| Q2 25 | $653.0M | $152.9M | ||
| Q1 25 | $654.4M | — | ||
| Q4 24 | $573.2M | $147.3M | ||
| Q3 24 | $699.4M | — | ||
| Q2 24 | $800.7M | — | ||
| Q1 24 | $1.0B | — |
股东权益ADAMSPWR
| Q4 25 | $1.4B | $-90.1M | ||
| Q3 25 | $1.4B | $-112.3M | ||
| Q2 25 | $1.4B | $-107.2M | ||
| Q1 25 | $1.4B | $-89.0M | ||
| Q4 24 | $1.4B | $-97.5M | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.5B | — |
总资产ADAMSPWR
| Q4 25 | $12.6B | $241.2M | ||
| Q3 25 | $12.4B | $208.3M | ||
| Q2 25 | $10.6B | $163.1M | ||
| Q1 25 | $10.0B | $147.8M | ||
| Q4 24 | $9.2B | $144.5M | ||
| Q3 24 | $8.9B | — | ||
| Q2 24 | $8.2B | — | ||
| Q1 24 | $7.4B | — |
负债/权益比ADAMSPWR
| Q4 25 | 0.52× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.56× | — | ||
| Q1 24 | 0.67× | — |
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 | $134.0M | $-1.9M |
| 自由现金流经营现金流 - 资本支出 | $125.9M | — |
| 自由现金流率自由现金流/营收 | 291.6% | — |
| 资本支出强度资本支出/营收 | 18.9% | — |
| 现金转化率经营现金流/净利润 | 2.50× | — |
| 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ADAMSPWR
| Q4 25 | $134.0M | $-1.9M | ||
| Q3 25 | $6.9M | $-6.4M | ||
| Q2 25 | $39.2M | $-4.4M | ||
| Q1 25 | $25.8M | $-2.6M | ||
| Q4 24 | $14.1M | $-25.6M | ||
| Q3 24 | $-922.0K | — | ||
| Q2 24 | $-993.0K | — | ||
| Q1 24 | $-13.1M | — |
自由现金流ADAMSPWR
| Q4 25 | $125.9M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-10.6M | — | ||
| Q3 24 | $-8.6M | — | ||
| Q2 24 | $-8.6M | — | ||
| Q1 24 | $-19.1M | — |
自由现金流率ADAMSPWR
| Q4 25 | 291.6% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -39.6% | — | ||
| Q3 24 | -42.3% | — | ||
| Q2 24 | -44.9% | — | ||
| Q1 24 | -107.0% | — |
资本支出强度ADAMSPWR
| Q4 25 | 18.9% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 92.3% | — | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 39.7% | — | ||
| Q1 24 | 33.5% | — |
现金转化率ADAMSPWR
| Q4 25 | 2.50× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 0.61× | -0.32× | ||
| Q4 24 | — | -0.54× | ||
| Q3 24 | -0.02× | — | ||
| Q2 24 | — | — | ||
| 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
ADAM
| Other | $19.6M | 45% |
| Constructive Loans LLC | $14.4M | 33% |
| Multifamily | $9.1M | 21% |
SPWR
| Residential Solar Installation | $46.9M | 59% |
| New Homes Business | $22.7M | 29% |
| Other | $10.1M | 13% |
