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Alignment Healthcare, Inc.（ALHC）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
第一太阳能的季度营收约是Alignment Healthcare, Inc.的1.7倍（$1.7B vs $1.0B），第一太阳能净利率更高（31.0% vs -1.1%，领先32.0%），Alignment Healthcare, Inc.同比增速更快（44.4% vs 11.1%），第一太阳能自由现金流更多（$1.1B vs $-55.4M），过去两年第一太阳能的营收复合增速更高（45.6% vs 26.9%）
Alignment Healthcare是总部位于美国的医疗保健企业，主打联邦医疗保险优势计划，为老年群体提供协调医疗服务、处方药保障及补充福利，采用价值导向医疗模式，与本土医疗机构合作，业务覆盖美国多个州，致力提升患者健康水平。
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。
ALHC vs FSLR — 直观对比
营收规模更大
FSLR
是对方的1.7倍
$1.0B
营收增速更快
ALHC
高出33.3%
11.1%
净利率更高
FSLR
高出32.0%
-1.1%
自由现金流更多
FSLR
多$1.1B
$-55.4M
两年增速更快
FSLR
近两年复合增速
26.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.7B |
| 净利润 | $-11.0M | $520.9M |
| 毛利率 | — | 39.5% |
| 营业利润率 | -1.0% | 32.6% |
| 净利率 | -1.1% | 31.0% |
| 营收同比 | 44.4% | 11.1% |
| 净利润同比 | 64.6% | 32.5% |
| 每股收益（稀释后） | $-0.04 | $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ALHCFSLR
| Q4 25 | $1.0B | $1.7B | ||
| Q3 25 | $993.7M | $1.6B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $926.9M | $844.6M | ||
| Q4 24 | $701.2M | $1.5B | ||
| Q3 24 | $692.4M | $887.7M | ||
| Q2 24 | $681.3M | $1.0B | ||
| Q1 24 | $628.6M | $794.1M |
净利润ALHCFSLR
| Q4 25 | $-11.0M | $520.9M | ||
| Q3 25 | $3.7M | $455.9M | ||
| Q2 25 | $15.7M | $341.9M | ||
| Q1 25 | $-9.1M | $209.5M | ||
| Q4 24 | $-31.1M | $393.1M | ||
| Q3 24 | $-26.4M | $313.0M | ||
| Q2 24 | $-24.0M | $349.4M | ||
| Q1 24 | $-46.5M | $236.6M |
毛利率ALHCFSLR
| Q4 25 | — | 39.5% | ||
| Q3 25 | — | 38.3% | ||
| Q2 25 | — | 45.6% | ||
| Q1 25 | — | 40.8% | ||
| Q4 24 | — | 37.5% | ||
| Q3 24 | — | 50.2% | ||
| Q2 24 | — | 49.4% | ||
| Q1 24 | — | 43.6% |
营业利润率ALHCFSLR
| Q4 25 | -1.0% | 32.6% | ||
| Q3 25 | 0.8% | 29.2% | ||
| Q2 25 | 2.2% | 33.0% | ||
| Q1 25 | -0.6% | 26.2% | ||
| Q4 24 | -3.2% | 30.2% | ||
| Q3 24 | -2.8% | 36.3% | ||
| Q2 24 | -2.7% | 36.9% | ||
| Q1 24 | -6.5% | 30.6% |
净利率ALHCFSLR
| Q4 25 | -1.1% | 31.0% | ||
| Q3 25 | 0.4% | 28.6% | ||
| Q2 25 | 1.5% | 31.2% | ||
| Q1 25 | -1.0% | 24.8% | ||
| Q4 24 | -4.4% | 26.0% | ||
| Q3 24 | -3.8% | 35.3% | ||
| Q2 24 | -3.5% | 34.6% | ||
| Q1 24 | -7.4% | 29.8% |
每股收益（稀释后）ALHCFSLR
| Q4 25 | $-0.04 | $4.84 | ||
| Q3 25 | $0.02 | $4.24 | ||
| Q2 25 | $0.07 | $3.18 | ||
| Q1 25 | $-0.05 | $1.95 | ||
| Q4 24 | $-0.15 | $3.66 | ||
| Q3 24 | $-0.14 | $2.91 | ||
| Q2 24 | $-0.13 | $3.25 | ||
| Q1 24 | $-0.25 | $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 | $604.2M | $2.8B |
| 总债务越低越好 | $323.2M | — |
| 股东权益账面价值 | $179.3M | $9.5B |
| 总资产 | $1.1B | $13.3B |
| 负债/权益比越低杠杆越低 | 1.80× | — |
8季度趋势，按日历期对齐
现金及短期投资ALHCFSLR
| Q4 25 | $604.2M | $2.8B | ||
| Q3 25 | $644.1M | $2.0B | ||
| Q2 25 | $503.8M | $1.1B | ||
| Q1 25 | $479.5M | $837.6M | ||
| Q4 24 | $470.6M | $1.6B | ||
| Q3 24 | $381.0M | $1.0B | ||
| Q2 24 | $363.7M | $1.7B | ||
| Q1 24 | $301.7M | $1.7B |
总债务ALHCFSLR
| Q4 25 | $323.2M | — | ||
| Q3 25 | $322.7M | — | ||
| Q2 25 | $322.3M | — | ||
| Q1 25 | $321.9M | — | ||
| Q4 24 | $321.4M | — | ||
| Q3 24 | $212.0M | — | ||
| Q2 24 | $211.7M | — | ||
| Q1 24 | $162.0M | — |
股东权益ALHCFSLR
| Q4 25 | $179.3M | $9.5B | ||
| Q3 25 | $161.9M | $9.0B | ||
| Q2 25 | $141.0M | $8.5B | ||
| Q1 25 | $108.1M | $8.2B | ||
| Q4 24 | $99.9M | $8.0B | ||
| Q3 24 | $114.5M | $7.6B | ||
| Q2 24 | $123.7M | $7.3B | ||
| Q1 24 | $130.9M | $6.9B |
总资产ALHCFSLR
| Q4 25 | $1.1B | $13.3B | ||
| Q3 25 | $1.1B | $13.5B | ||
| Q2 25 | $1.0B | $12.9B | ||
| Q1 25 | $895.6M | $12.1B | ||
| Q4 24 | $782.1M | $12.1B | ||
| Q3 24 | $692.3M | $11.4B | ||
| Q2 24 | $716.3M | $11.0B | ||
| Q1 24 | $633.2M | $10.8B |
负债/权益比ALHCFSLR
| Q4 25 | 1.80× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 2.29× | — | ||
| Q1 25 | 2.98× | — | ||
| Q4 24 | 3.22× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.71× | — | ||
| Q1 24 | 1.24× | — |
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 | $-50.4M | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $-55.4M | $1.1B |
| 自由现金流率自由现金流/营收 | -5.5% | 63.6% |
| 资本支出强度资本支出/营收 | 0.5% | 10.2% |
| 现金转化率经营现金流/净利润 | — | 2.38× |
| 过去12个月自由现金流最近4个季度 | $113.1M | $1.2B |
8季度趋势，按日历期对齐
经营现金流ALHCFSLR
| Q4 25 | $-50.4M | $1.2B | ||
| Q3 25 | $144.6M | $1.3B | ||
| Q2 25 | $29.1M | $149.6M | ||
| Q1 25 | $16.6M | $-608.0M | ||
| Q4 24 | $-8.7M | $811.0M | ||
| Q3 24 | $26.2M | $-53.7M | ||
| Q2 24 | $23.5M | $193.0M | ||
| Q1 24 | $-6.2M | $267.7M |
自由现金流ALHCFSLR
| Q4 25 | $-55.4M | $1.1B | ||
| Q3 25 | $139.1M | $1.1B | ||
| Q2 25 | $21.1M | $-138.6M | ||
| Q1 25 | $8.4M | $-813.9M | ||
| Q4 24 | $-18.0M | $497.5M | ||
| Q3 24 | $16.9M | $-487.7M | ||
| Q2 24 | $11.8M | $-172.1M | ||
| Q1 24 | $-17.4M | $-145.7M |
自由现金流率ALHCFSLR
| Q4 25 | -5.5% | 63.6% | ||
| Q3 25 | 14.0% | 67.1% | ||
| Q2 25 | 2.1% | -12.6% | ||
| Q1 25 | 0.9% | -96.4% | ||
| Q4 24 | -2.6% | 32.9% | ||
| Q3 24 | 2.4% | -54.9% | ||
| Q2 24 | 1.7% | -17.0% | ||
| Q1 24 | -2.8% | -18.4% |
资本支出强度ALHCFSLR
| Q4 25 | 0.5% | 10.2% | ||
| Q3 25 | 0.6% | 12.8% | ||
| Q2 25 | 0.8% | 26.3% | ||
| Q1 25 | 0.9% | 24.4% | ||
| Q4 24 | 1.3% | 20.7% | ||
| Q3 24 | 1.3% | 48.9% | ||
| Q2 24 | 1.7% | 36.1% | ||
| Q1 24 | 1.8% | 52.1% |
现金转化率ALHCFSLR
| Q4 25 | — | 2.38× | ||
| Q3 25 | 38.77× | 2.79× | ||
| Q2 25 | 1.86× | 0.44× | ||
| Q1 25 | — | -2.90× | ||
| Q4 24 | — | 2.06× | ||
| Q3 24 | — | -0.17× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 1.13× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
