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空气化工产品公司（APD）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
空气化工产品公司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 21.9%，领先9.1%），第一太阳能同比增速更快（11.1% vs 5.8%），第一太阳能自由现金流更多（$1.1B vs $-350.5M），过去两年第一太阳能的营收复合增速更高（45.6% vs 2.9%）
空气化工产品公司是全球知名的工业气体供应商，业务覆盖全球各地，主营大气气体、工艺气体、特种气体、相关设备及服务，产品涵盖氧气、氮气、氩气、氢气、氦气、二氧化碳、一氧化碳、合成气等，同时供应空分装置、非低温发生器等气体生产处理设备，服务炼油、化工、气化等多个行业领域。
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。
APD vs FSLR — 直观对比
营收规模更大
APD
是对方的1.8倍
$1.7B
营收增速更快
FSLR
高出5.3%
5.8%
净利率更高
FSLR
高出9.1%
21.9%
自由现金流更多
FSLR
多$1.4B
$-350.5M
两年增速更快
FSLR
近两年复合增速
2.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $1.7B |
| 净利润 | $678.2M | $520.9M |
| 毛利率 | 32.1% | 39.5% |
| 营业利润率 | 23.7% | 32.6% |
| 净利率 | 21.9% | 31.0% |
| 营收同比 | 5.8% | 11.1% |
| 净利润同比 | 9.8% | 32.5% |
| 每股收益（稀释后） | $3.04 | $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APDFSLR
| Q4 25 | $3.1B | $1.7B | ||
| Q3 25 | $3.2B | $1.6B | ||
| Q2 25 | $3.0B | $1.1B | ||
| Q1 25 | $2.9B | $844.6M | ||
| Q4 24 | $2.9B | $1.5B | ||
| Q3 24 | $3.2B | $887.7M | ||
| Q2 24 | $3.0B | $1.0B | ||
| Q1 24 | $2.9B | $794.1M |
净利润APDFSLR
| Q4 25 | $678.2M | $520.9M | ||
| Q3 25 | $4.9M | $455.9M | ||
| Q2 25 | $713.8M | $341.9M | ||
| Q1 25 | $-1.7B | $209.5M | ||
| Q4 24 | $617.4M | $393.1M | ||
| Q3 24 | $1.9B | $313.0M | ||
| Q2 24 | $696.6M | $349.4M | ||
| Q1 24 | $572.4M | $236.6M |
毛利率APDFSLR
| Q4 25 | 32.1% | 39.5% | ||
| Q3 25 | 32.3% | 38.3% | ||
| Q2 25 | 32.5% | 45.6% | ||
| Q1 25 | 29.6% | 40.8% | ||
| Q4 24 | 31.2% | 37.5% | ||
| Q3 24 | 34.0% | 50.2% | ||
| Q2 24 | 32.8% | 49.4% | ||
| Q1 24 | 32.0% | 43.6% |
营业利润率APDFSLR
| Q4 25 | 23.7% | 32.6% | ||
| Q3 25 | 0.5% | 29.2% | ||
| Q2 25 | 26.2% | 33.0% | ||
| Q1 25 | -79.8% | 26.2% | ||
| Q4 24 | 22.0% | 30.2% | ||
| Q3 24 | 76.1% | 36.3% | ||
| Q2 24 | 24.7% | 36.9% | ||
| Q1 24 | 21.7% | 30.6% |
净利率APDFSLR
| Q4 25 | 21.9% | 31.0% | ||
| Q3 25 | 0.2% | 28.6% | ||
| Q2 25 | 23.6% | 31.2% | ||
| Q1 25 | -59.3% | 24.8% | ||
| Q4 24 | 21.1% | 26.0% | ||
| Q3 24 | 61.2% | 35.3% | ||
| Q2 24 | 23.3% | 34.6% | ||
| Q1 24 | 19.5% | 29.8% |
每股收益（稀释后）APDFSLR
| Q4 25 | $3.04 | $4.84 | ||
| Q3 25 | $0.03 | $4.24 | ||
| Q2 25 | $3.20 | $3.18 | ||
| Q1 25 | $-7.77 | $1.95 | ||
| Q4 24 | $2.77 | $3.66 | ||
| Q3 24 | $8.75 | $2.91 | ||
| Q2 24 | $3.13 | $3.25 | ||
| Q1 24 | $2.57 | $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 | $1.0B | $2.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $15.4B | $9.5B |
| 总资产 | $41.2B | $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APDFSLR
| Q4 25 | $1.0B | $2.8B | ||
| Q3 25 | $1.9B | $2.0B | ||
| Q2 25 | $2.3B | $1.1B | ||
| Q1 25 | $1.6B | $837.6M | ||
| Q4 24 | $2.0B | $1.6B | ||
| Q3 24 | $3.0B | $1.0B | ||
| Q2 24 | $2.4B | $1.7B | ||
| Q1 24 | $2.6B | $1.7B |
股东权益APDFSLR
| Q4 25 | $15.4B | $9.5B | ||
| Q3 25 | $15.0B | $9.0B | ||
| Q2 25 | $15.5B | $8.5B | ||
| Q1 25 | $14.7B | $8.2B | ||
| Q4 24 | $16.7B | $8.0B | ||
| Q3 24 | $17.0B | $7.6B | ||
| Q2 24 | $15.1B | $7.3B | ||
| Q1 24 | $14.9B | $6.9B |
总资产APDFSLR
| Q4 25 | $41.2B | $13.3B | ||
| Q3 25 | $41.1B | $13.5B | ||
| Q2 25 | $41.7B | $12.9B | ||
| Q1 25 | $38.9B | $12.1B | ||
| Q4 24 | $40.0B | $12.1B | ||
| Q3 24 | $39.6B | $11.4B | ||
| Q2 24 | $37.0B | $11.0B | ||
| Q1 24 | $35.9B | $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 | $900.7M | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $1.1B |
| 自由现金流率自由现金流/营收 | -11.3% | 63.6% |
| 资本支出强度资本支出/营收 | 40.3% | 10.2% |
| 现金转化率经营现金流/净利润 | 1.33× | 2.38× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流APDFSLR
| Q4 25 | $900.7M | $1.2B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | $855.8M | $149.6M | ||
| Q1 25 | $328.1M | $-608.0M | ||
| Q4 24 | $811.7M | $811.0M | ||
| Q3 24 | — | $-53.7M | ||
| Q2 24 | $1.3B | $193.0M | ||
| Q1 24 | $801.7M | $267.7M |
自由现金流APDFSLR
| Q4 25 | $-350.5M | $1.1B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | $-640.0M | $-138.6M | ||
| Q1 25 | $-1.6B | $-813.9M | ||
| Q4 24 | $-1.3B | $497.5M | ||
| Q3 24 | — | $-487.7M | ||
| Q2 24 | $-345.2M | $-172.1M | ||
| Q1 24 | $-867.7M | $-145.7M |
自由现金流率APDFSLR
| Q4 25 | -11.3% | 63.6% | ||
| Q3 25 | — | 67.1% | ||
| Q2 25 | -21.2% | -12.6% | ||
| Q1 25 | -53.6% | -96.4% | ||
| Q4 24 | -44.5% | 32.9% | ||
| Q3 24 | — | -54.9% | ||
| Q2 24 | -11.6% | -17.0% | ||
| Q1 24 | -29.6% | -18.4% |
资本支出强度APDFSLR
| Q4 25 | 40.3% | 10.2% | ||
| Q3 25 | 47.9% | 12.8% | ||
| Q2 25 | 49.5% | 26.3% | ||
| Q1 25 | 64.9% | 24.4% | ||
| Q4 24 | 72.2% | 20.7% | ||
| Q3 24 | 65.1% | 48.9% | ||
| Q2 24 | 53.8% | 36.1% | ||
| Q1 24 | 57.0% | 52.1% |
现金转化率APDFSLR
| Q4 25 | 1.33× | 2.38× | ||
| Q3 25 | — | 2.79× | ||
| Q2 25 | 1.20× | 0.44× | ||
| Q1 25 | — | -2.90× | ||
| Q4 24 | 1.31× | 2.06× | ||
| Q3 24 | — | -0.17× | ||
| Q2 24 | 1.81× | 0.55× | ||
| Q1 24 | 1.40× | 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
APD
| Other | $1.6B | 53% |
| Onsite | $783.9M | 25% |
| Merchant | $557.8M | 18% |
| Saleof Equipment | $117.0M | 4% |
FSLR
暂无分部数据
