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Array Technologies, Inc.（ARRY）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Array Technologies, Inc.的7.4倍（$1.7B vs $226.0M），第一太阳能同比增速更快（11.1% vs -17.9%），第一太阳能自由现金流更多（$1.1B vs $36.2M），过去两年第一太阳能的营收复合增速更高（45.6% vs 21.4%）
ATI科技是原加拿大半导体科技企业，总部位于安大略省万锦市，专注于图形处理器与芯片组的研发，1985年成立，1993年公开上市，2006年被AMD收购。作为全球知名的无晶圆厂半导体厂商，其掌握自研核心技术，生产组装环节采用外包模式。2000年3dfx破产后，ATI成为全球图形芯片领域的核心厂商之一。
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。
ARRY vs FSLR — 直观对比
营收规模更大
FSLR
是对方的7.4倍
$226.0M
营收增速更快
FSLR
高出29.0%
-17.9%
自由现金流更多
FSLR
多$1.0B
$36.2M
两年增速更快
FSLR
近两年复合增速
21.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $226.0M | $1.7B |
| 净利润 | — | $520.9M |
| 毛利率 | 8.6% | 39.5% |
| 营业利润率 | -65.5% | 32.6% |
| 净利率 | — | 31.0% |
| 营收同比 | -17.9% | 11.1% |
| 净利润同比 | — | 32.5% |
| 每股收益（稀释后） | $-1.06 | $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ARRYFSLR
| Q4 25 | $226.0M | $1.7B | ||
| Q3 25 | $393.5M | $1.6B | ||
| Q2 25 | $362.2M | $1.1B | ||
| Q1 25 | $302.4M | $844.6M | ||
| Q4 24 | $275.2M | $1.5B | ||
| Q3 24 | $231.4M | $887.7M | ||
| Q2 24 | $255.8M | $1.0B | ||
| Q1 24 | $153.4M | $794.1M |
净利润ARRYFSLR
| Q4 25 | — | $520.9M | ||
| Q3 25 | $33.5M | $455.9M | ||
| Q2 25 | $43.3M | $341.9M | ||
| Q1 25 | $16.7M | $209.5M | ||
| Q4 24 | — | $393.1M | ||
| Q3 24 | $-141.4M | $313.0M | ||
| Q2 24 | $25.7M | $349.4M | ||
| Q1 24 | $2.2M | $236.6M |
毛利率ARRYFSLR
| Q4 25 | 8.6% | 39.5% | ||
| Q3 25 | 26.9% | 38.3% | ||
| Q2 25 | 26.8% | 45.6% | ||
| Q1 25 | 25.3% | 40.8% | ||
| Q4 24 | 28.5% | 37.5% | ||
| Q3 24 | 33.8% | 50.2% | ||
| Q2 24 | 33.6% | 49.4% | ||
| Q1 24 | 35.9% | 43.6% |
营业利润率ARRYFSLR
| Q4 25 | -65.5% | 32.6% | ||
| Q3 25 | 11.6% | 29.2% | ||
| Q2 25 | 12.8% | 33.0% | ||
| Q1 25 | 9.0% | 26.2% | ||
| Q4 24 | -51.7% | 30.2% | ||
| Q3 24 | -57.3% | 36.3% | ||
| Q2 24 | 15.5% | 36.9% | ||
| Q1 24 | 5.5% | 30.6% |
净利率ARRYFSLR
| Q4 25 | — | 31.0% | ||
| Q3 25 | 8.5% | 28.6% | ||
| Q2 25 | 11.9% | 31.2% | ||
| Q1 25 | 5.5% | 24.8% | ||
| Q4 24 | — | 26.0% | ||
| Q3 24 | -61.1% | 35.3% | ||
| Q2 24 | 10.0% | 34.6% | ||
| Q1 24 | 1.4% | 29.8% |
每股收益（稀释后）ARRYFSLR
| Q4 25 | $-1.06 | $4.84 | ||
| Q3 25 | $0.12 | $4.24 | ||
| Q2 25 | $0.19 | $3.18 | ||
| Q1 25 | $0.02 | $1.95 | ||
| Q4 24 | $-0.94 | $3.66 | ||
| Q3 24 | $-1.02 | $2.91 | ||
| Q2 24 | $0.08 | $3.25 | ||
| Q1 24 | $-0.07 | $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 | $244.4M | $2.8B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-206.3M | $9.5B |
| 总资产 | $1.5B | $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ARRYFSLR
| Q4 25 | $244.4M | $2.8B | ||
| Q3 25 | $221.5M | $2.0B | ||
| Q2 25 | $377.3M | $1.1B | ||
| Q1 25 | $348.3M | $837.6M | ||
| Q4 24 | $363.0M | $1.6B | ||
| Q3 24 | $332.4M | $1.0B | ||
| Q2 24 | $282.3M | $1.7B | ||
| Q1 24 | $287.6M | $1.7B |
股东权益ARRYFSLR
| Q4 25 | $-206.3M | $9.5B | ||
| Q3 25 | $-46.7M | $9.0B | ||
| Q2 25 | $-70.9M | $8.5B | ||
| Q1 25 | $-97.8M | $8.2B | ||
| Q4 24 | $-118.1M | $8.0B | ||
| Q3 24 | $64.5M | $7.6B | ||
| Q2 24 | $200.0M | $7.3B | ||
| Q1 24 | $231.2M | $6.9B |
总资产ARRYFSLR
| Q4 25 | $1.5B | $13.3B | ||
| Q3 25 | $1.6B | $13.5B | ||
| Q2 25 | $1.5B | $12.9B | ||
| Q1 25 | $1.4B | $12.1B | ||
| Q4 24 | $1.4B | $12.1B | ||
| Q3 24 | $1.6B | $11.4B | ||
| Q2 24 | $1.7B | $11.0B | ||
| Q1 24 | $1.6B | $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 | $43.6M | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $36.2M | $1.1B |
| 自由现金流率自由现金流/营收 | 16.0% | 63.6% |
| 资本支出强度资本支出/营收 | 3.3% | 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 | $79.8M | $1.2B |
8季度趋势，按日历期对齐
经营现金流ARRYFSLR
| Q4 25 | $43.6M | $1.2B | ||
| Q3 25 | $27.4M | $1.3B | ||
| Q2 25 | $43.8M | $149.6M | ||
| Q1 25 | $-13.1M | $-608.0M | ||
| Q4 24 | $57.6M | $811.0M | ||
| Q3 24 | $44.9M | $-53.7M | ||
| Q2 24 | $4.0M | $193.0M | ||
| Q1 24 | $47.5M | $267.7M |
自由现金流ARRYFSLR
| Q4 25 | $36.2M | $1.1B | ||
| Q3 25 | $21.9M | $1.1B | ||
| Q2 25 | $37.2M | $-138.6M | ||
| Q1 25 | $-15.4M | $-813.9M | ||
| Q4 24 | $55.9M | $497.5M | ||
| Q3 24 | $43.9M | $-487.7M | ||
| Q2 24 | $1.8M | $-172.1M | ||
| Q1 24 | $45.1M | $-145.7M |
自由现金流率ARRYFSLR
| Q4 25 | 16.0% | 63.6% | ||
| Q3 25 | 5.6% | 67.1% | ||
| Q2 25 | 10.3% | -12.6% | ||
| Q1 25 | -5.1% | -96.4% | ||
| Q4 24 | 20.3% | 32.9% | ||
| Q3 24 | 19.0% | -54.9% | ||
| Q2 24 | 0.7% | -17.0% | ||
| Q1 24 | 29.4% | -18.4% |
资本支出强度ARRYFSLR
| Q4 25 | 3.3% | 10.2% | ||
| Q3 25 | 1.4% | 12.8% | ||
| Q2 25 | 1.8% | 26.3% | ||
| Q1 25 | 0.8% | 24.4% | ||
| Q4 24 | 0.6% | 20.7% | ||
| Q3 24 | 0.5% | 48.9% | ||
| Q2 24 | 0.8% | 36.1% | ||
| Q1 24 | 1.6% | 52.1% |
现金转化率ARRYFSLR
| Q4 25 | — | 2.38× | ||
| Q3 25 | 0.82× | 2.79× | ||
| Q2 25 | 1.01× | 0.44× | ||
| Q1 25 | -0.78× | -2.90× | ||
| Q4 24 | — | 2.06× | ||
| Q3 24 | — | -0.17× | ||
| Q2 24 | 0.15× | 0.55× | ||
| Q1 24 | 21.94× | 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
ARRY
| Array Legacy Operations Segment | $212.0M | 94% |
| STI Operations Segment | $14.0M | 6% |
FSLR
暂无分部数据
