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AES Corporation（AES）与第一太阳能（FSLR）财务数据对比。点击上方公司名可切换其他公司
AES Corporation的季度营收约是第一太阳能的1.8倍（$3.1B vs $1.7B），第一太阳能净利率更高（31.0% vs 10.3%，领先20.6%），第一太阳能同比增速更快（11.1% vs 4.7%），第一太阳能自由现金流更多（$1.1B vs $-47.0M），过去两年第一太阳能的营收复合增速更高（45.6% vs 0.3%）
AES公司是美国知名公用事业及发电企业，总部位于弗吉尼亚州阿灵顿，位列《财富》全球500强。集团在全球15个国家运营电力生产及分销业务，持有并运营多座发电厂，向终端用户、公用事业机构、工业设施等客户售电，全球员工总数达10500人。
第一太阳能是美国上市光伏面板制造商，1990年成立时名为Solar Cells, Inc.，1999年被True North Partners收购后改为现名。公司采用碲化镉（CdTe）半导体技术生产刚性薄膜光伏面板，旗下所有生产基地均提供退役面板回收服务。
AES vs FSLR — 直观对比
营收规模更大
AES
是对方的1.8倍
$1.7B
营收增速更快
FSLR
高出6.5%
4.7%
净利率更高
FSLR
高出20.6%
10.3%
自由现金流更多
FSLR
多$1.1B
$-47.0M
两年增速更快
FSLR
近两年复合增速
0.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $1.7B |
| 净利润 | $320.0M | $520.9M |
| 毛利率 | 18.8% | 39.5% |
| 营业利润率 | -8.7% | 32.6% |
| 净利率 | 10.3% | 31.0% |
| 营收同比 | 4.7% | 11.1% |
| 净利润同比 | -42.9% | 32.5% |
| 每股收益（稀释后） | $0.45 | $4.84 |
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AESFSLR
| Q4 25 | $3.1B | $1.7B | ||
| Q3 25 | $3.4B | $1.6B | ||
| Q2 25 | $2.9B | $1.1B | ||
| Q1 25 | $2.9B | $844.6M | ||
| Q4 24 | $3.0B | $1.5B | ||
| Q3 24 | $3.3B | $887.7M | ||
| Q2 24 | $2.9B | $1.0B | ||
| Q1 24 | $3.1B | $794.1M |
净利润AESFSLR
| Q4 25 | $320.0M | $520.9M | ||
| Q3 25 | $639.0M | $455.9M | ||
| Q2 25 | $-95.0M | $341.9M | ||
| Q1 25 | $46.0M | $209.5M | ||
| Q4 24 | $560.0M | $393.1M | ||
| Q3 24 | $502.0M | $313.0M | ||
| Q2 24 | $185.0M | $349.4M | ||
| Q1 24 | $432.0M | $236.6M |
毛利率AESFSLR
| Q4 25 | 18.8% | 39.5% | ||
| Q3 25 | 21.9% | 38.3% | ||
| Q2 25 | 15.9% | 45.6% | ||
| Q1 25 | 15.1% | 40.8% | ||
| Q4 24 | 14.2% | 37.5% | ||
| Q3 24 | 22.0% | 50.2% | ||
| Q2 24 | 18.8% | 49.4% | ||
| Q1 24 | 20.1% | 43.6% |
营业利润率AESFSLR
| Q4 25 | -8.7% | 32.6% | ||
| Q3 25 | 9.8% | 29.2% | ||
| Q2 25 | 1.4% | 33.0% | ||
| Q1 25 | -0.8% | 26.2% | ||
| Q4 24 | 12.3% | 30.2% | ||
| Q3 24 | 10.0% | 36.3% | ||
| Q2 24 | -2.6% | 36.9% | ||
| Q1 24 | 9.0% | 30.6% |
净利率AESFSLR
| Q4 25 | 10.3% | 31.0% | ||
| Q3 25 | 19.1% | 28.6% | ||
| Q2 25 | -3.3% | 31.2% | ||
| Q1 25 | 1.6% | 24.8% | ||
| Q4 24 | 18.9% | 26.0% | ||
| Q3 24 | 15.3% | 35.3% | ||
| Q2 24 | 6.3% | 34.6% | ||
| Q1 24 | 14.0% | 29.8% |
每股收益（稀释后）AESFSLR
| Q4 25 | $0.45 | $4.84 | ||
| Q3 25 | $0.89 | $4.24 | ||
| Q2 25 | $-0.15 | $3.18 | ||
| Q1 25 | $0.07 | $1.95 | ||
| Q4 24 | $0.78 | $3.66 | ||
| Q3 24 | $0.71 | $2.91 | ||
| Q2 24 | $0.27 | $3.25 | ||
| Q1 24 | $0.60 | $2.20 |
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 | $1.6B | $2.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.1B | $9.5B |
| 总资产 | $51.8B | $13.3B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资AESFSLR
| Q4 25 | $1.6B | $2.8B | ||
| Q3 25 | $1.8B | $2.0B | ||
| Q2 25 | $1.4B | $1.1B | ||
| Q1 25 | $1.8B | $837.6M | ||
| Q4 24 | $1.6B | $1.6B | ||
| Q3 24 | $2.0B | $1.0B | ||
| Q2 24 | $1.8B | $1.7B | ||
| Q1 24 | $2.4B | $1.7B |
股东权益AESFSLR
| Q4 25 | $4.1B | $9.5B | ||
| Q3 25 | $3.9B | $9.0B | ||
| Q2 25 | $3.4B | $8.5B | ||
| Q1 25 | $3.5B | $8.2B | ||
| Q4 24 | $3.6B | $8.0B | ||
| Q3 24 | $3.3B | $7.6B | ||
| Q2 24 | $3.1B | $7.3B | ||
| Q1 24 | $2.9B | $6.9B |
总资产AESFSLR
| Q4 25 | $51.8B | $13.3B | ||
| Q3 25 | $50.8B | $13.5B | ||
| Q2 25 | $48.5B | $12.9B | ||
| Q1 25 | $48.6B | $12.1B | ||
| Q4 24 | $47.4B | $12.1B | ||
| Q3 24 | $50.1B | $11.4B | ||
| Q2 24 | $47.7B | $11.0B | ||
| Q1 24 | $47.0B | $10.8B |
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 | $1.5B | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $-47.0M | $1.1B |
| 自由现金流率自由现金流/营收 | -1.5% | 63.6% |
| 资本支出强度资本支出/营收 | 49.5% | 10.2% |
| 现金转化率经营现金流/净利润 | 4.65× | 2.38× |
| 过去12个月自由现金流最近4个季度 | $-1.6B | $1.2B |
8季度趋势，按日历期对齐
经营现金流AESFSLR
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.3B | $1.3B | ||
| Q2 25 | $976.0M | $149.6M | ||
| Q1 25 | $545.0M | $-608.0M | ||
| Q4 24 | $1.1B | $811.0M | ||
| Q3 24 | $985.0M | $-53.7M | ||
| Q2 24 | $392.0M | $193.0M | ||
| Q1 24 | $287.0M | $267.7M |
自由现金流AESFSLR
| Q4 25 | $-47.0M | $1.1B | ||
| Q3 25 | $-511.0M | $1.1B | ||
| Q2 25 | $-356.0M | $-138.6M | ||
| Q1 25 | $-709.0M | $-813.9M | ||
| Q4 24 | $-639.0M | $497.5M | ||
| Q3 24 | $-847.0M | $-487.7M | ||
| Q2 24 | $-1.3B | $-172.1M | ||
| Q1 24 | $-1.9B | $-145.7M |
自由现金流率AESFSLR
| Q4 25 | -1.5% | 63.6% | ||
| Q3 25 | -15.2% | 67.1% | ||
| Q2 25 | -12.5% | -12.6% | ||
| Q1 25 | -24.2% | -96.4% | ||
| Q4 24 | -21.6% | 32.9% | ||
| Q3 24 | -25.8% | -54.9% | ||
| Q2 24 | -43.9% | -17.0% | ||
| Q1 24 | -60.3% | -18.4% |
资本支出强度AESFSLR
| Q4 25 | 49.5% | 10.2% | ||
| Q3 25 | 54.0% | 12.8% | ||
| Q2 25 | 46.7% | 26.3% | ||
| Q1 25 | 42.9% | 24.4% | ||
| Q4 24 | 58.3% | 20.7% | ||
| Q3 24 | 55.7% | 48.9% | ||
| Q2 24 | 57.3% | 36.1% | ||
| Q1 24 | 69.6% | 52.1% |
现金转化率AESFSLR
| Q4 25 | 4.65× | 2.38× | ||
| Q3 25 | 2.03× | 2.79× | ||
| Q2 25 | — | 0.44× | ||
| Q1 25 | 11.85× | -2.90× | ||
| Q4 24 | 1.94× | 2.06× | ||
| Q3 24 | 1.96× | -0.17× | ||
| Q2 24 | 2.12× | 0.55× | ||
| Q1 24 | 0.66× | 1.13× |
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
AES
| Electric Distribution | $1.0B | 33% |
| Regulated Revenue | $1.0B | 33% |
| Renewables | $786.0M | 25% |
| AES Andes | $225.0M | 7% |
| Corporate Other And Other | $38.0M | 1% |
| Other Expense | $10.0M | 0% |
FSLR
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