vs
Array Technologies, Inc.（ARRY）与ORMAT TECHNOLOGIES, INC.（ORA）财务数据对比。点击上方公司名可切换其他公司
ORMAT TECHNOLOGIES, INC.的季度营收约是Array Technologies, Inc.的1.2倍（$276.0M vs $226.0M），ORMAT TECHNOLOGIES, INC.同比增速更快（19.6% vs -17.9%），Array Technologies, Inc.自由现金流更多（$36.2M vs $-40.0M），过去两年Array Technologies, Inc.的营收复合增速更高（21.4% vs 11.0%）
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。
Ormat Technologies是总部位于美国内华达州里诺的跨国企业，主打可再生地热能源技术，累计建成超190座电站，总装机容量超3200兆瓦；截至2021年1月自主运营933兆瓦地热及余热回收电站，还向全球多国供应超千台涡轮增压器。
ARRY vs ORA — 直观对比
营收规模更大
ORA
是对方的1.2倍
$226.0M
营收增速更快
ORA
高出37.5%
-17.9%
自由现金流更多
ARRY
多$76.2M
$-40.0M
两年增速更快
ARRY
近两年复合增速
11.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $226.0M | $276.0M |
| 净利润 | — | $31.4M |
| 毛利率 | 8.6% | 28.6% |
| 营业利润率 | -65.5% | 15.4% |
| 净利率 | — | 11.4% |
| 营收同比 | -17.9% | 19.6% |
| 净利润同比 | — | -23.2% |
| 每股收益（稀释后） | $-1.06 | $0.51 |
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ARRYORA
| Q4 25 | $226.0M | $276.0M | ||
| Q3 25 | $393.5M | $249.7M | ||
| Q2 25 | $362.2M | $234.0M | ||
| Q1 25 | $302.4M | $229.8M | ||
| Q4 24 | $275.2M | $230.7M | ||
| Q3 24 | $231.4M | $211.8M | ||
| Q2 24 | $255.8M | $213.0M | ||
| Q1 24 | $153.4M | $224.2M |
净利润ARRYORA
| Q4 25 | — | $31.4M | ||
| Q3 25 | $33.5M | $24.1M | ||
| Q2 25 | $43.3M | $28.0M | ||
| Q1 25 | $16.7M | $40.4M | ||
| Q4 24 | — | $40.8M | ||
| Q3 24 | $-141.4M | $22.1M | ||
| Q2 24 | $25.7M | $22.2M | ||
| Q1 24 | $2.2M | $38.6M |
毛利率ARRYORA
| Q4 25 | 8.6% | 28.6% | ||
| Q3 25 | 26.9% | 25.6% | ||
| Q2 25 | 26.8% | 24.3% | ||
| Q1 25 | 25.3% | 31.7% | ||
| Q4 24 | 28.5% | 31.9% | ||
| Q3 24 | 33.8% | 27.8% | ||
| Q2 24 | 33.6% | 28.8% | ||
| Q1 24 | 35.9% | 35.2% |
营业利润率ARRYORA
| Q4 25 | -65.5% | 15.4% | ||
| Q3 25 | 11.6% | 16.2% | ||
| Q2 25 | 12.8% | 15.1% | ||
| Q1 25 | 9.0% | 22.2% | ||
| Q4 24 | -51.7% | 21.3% | ||
| Q3 24 | -57.3% | 16.8% | ||
| Q2 24 | 15.5% | 16.5% | ||
| Q1 24 | 5.5% | 23.5% |
净利率ARRYORA
| Q4 25 | — | 11.4% | ||
| Q3 25 | 8.5% | 9.7% | ||
| Q2 25 | 11.9% | 12.0% | ||
| Q1 25 | 5.5% | 17.6% | ||
| Q4 24 | — | 17.7% | ||
| Q3 24 | -61.1% | 10.4% | ||
| Q2 24 | 10.0% | 10.4% | ||
| Q1 24 | 1.4% | 17.2% |
每股收益（稀释后）ARRYORA
| Q4 25 | $-1.06 | $0.51 | ||
| Q3 25 | $0.12 | $0.39 | ||
| Q2 25 | $0.19 | $0.46 | ||
| Q1 25 | $0.02 | $0.66 | ||
| Q4 24 | $-0.94 | $0.67 | ||
| Q3 24 | $-1.02 | $0.36 | ||
| Q2 24 | $0.08 | $0.37 | ||
| Q1 24 | $-0.07 | $0.64 |
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 | $147.4M |
| 总债务越低越好 | — | $2.7B |
| 股东权益账面价值 | $-206.3M | $2.5B |
| 总资产 | $1.5B | $6.2B |
| 负债/权益比越低杠杆越低 | — | 1.05× |
8季度趋势，按日历期对齐
现金及短期投资ARRYORA
| Q4 25 | $244.4M | $147.4M | ||
| Q3 25 | $221.5M | $79.6M | ||
| Q2 25 | $377.3M | $88.5M | ||
| Q1 25 | $348.3M | $112.7M | ||
| Q4 24 | $363.0M | $94.4M | ||
| Q3 24 | $332.4M | $88.1M | ||
| Q2 24 | $282.3M | $66.3M | ||
| Q1 24 | $287.6M | $201.5M |
总债务ARRYORA
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益ARRYORA
| Q4 25 | $-206.3M | $2.5B | ||
| Q3 25 | $-46.7M | $2.5B | ||
| Q2 25 | $-70.9M | $2.5B | ||
| Q1 25 | $-97.8M | $2.5B | ||
| Q4 24 | $-118.1M | $2.4B | ||
| Q3 24 | $64.5M | $2.4B | ||
| Q2 24 | $200.0M | $2.4B | ||
| Q1 24 | $231.2M | $2.4B |
总资产ARRYORA
| Q4 25 | $1.5B | $6.2B | ||
| Q3 25 | $1.6B | $6.1B | ||
| Q2 25 | $1.5B | $6.0B | ||
| Q1 25 | $1.4B | $5.8B | ||
| Q4 24 | $1.4B | $5.7B | ||
| Q3 24 | $1.6B | $5.6B | ||
| Q2 24 | $1.7B | $5.5B | ||
| Q1 24 | $1.6B | $5.5B |
负债/权益比ARRYORA
| Q4 25 | — | 1.05× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.97× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $43.6M | $105.0M |
| 自由现金流经营现金流 - 资本支出 | $36.2M | $-40.0M |
| 自由现金流率自由现金流/营收 | 16.0% | -14.5% |
| 资本支出强度资本支出/营收 | 3.3% | 52.6% |
| 现金转化率经营现金流/净利润 | — | 3.35× |
| 过去12个月自由现金流最近4个季度 | $79.8M | $-284.7M |
8季度趋势，按日历期对齐
经营现金流ARRYORA
| Q4 25 | $43.6M | $105.0M | ||
| Q3 25 | $27.4M | $45.2M | ||
| Q2 25 | $43.8M | $96.9M | ||
| Q1 25 | $-13.1M | $88.0M | ||
| Q4 24 | $57.6M | $158.6M | ||
| Q3 24 | $44.9M | $106.4M | ||
| Q2 24 | $4.0M | $30.7M | ||
| Q1 24 | $47.5M | $115.2M |
自由现金流ARRYORA
| Q4 25 | $36.2M | $-40.0M | ||
| Q3 25 | $21.9M | $-102.1M | ||
| Q2 25 | $37.2M | $-37.9M | ||
| Q1 25 | $-15.4M | $-104.6M | ||
| Q4 24 | $55.9M | $30.9M | ||
| Q3 24 | $43.9M | $-3.3M | ||
| Q2 24 | $1.8M | $-116.1M | ||
| Q1 24 | $45.1M | $11.8M |
自由现金流率ARRYORA
| Q4 25 | 16.0% | -14.5% | ||
| Q3 25 | 5.6% | -40.9% | ||
| Q2 25 | 10.3% | -16.2% | ||
| Q1 25 | -5.1% | -45.5% | ||
| Q4 24 | 20.3% | 13.4% | ||
| Q3 24 | 19.0% | -1.6% | ||
| Q2 24 | 0.7% | -54.5% | ||
| Q1 24 | 29.4% | 5.3% |
资本支出强度ARRYORA
| Q4 25 | 3.3% | 52.6% | ||
| Q3 25 | 1.4% | 59.0% | ||
| Q2 25 | 1.8% | 57.6% | ||
| Q1 25 | 0.8% | 83.8% | ||
| Q4 24 | 0.6% | 55.4% | ||
| Q3 24 | 0.5% | 51.8% | ||
| Q2 24 | 0.8% | 69.0% | ||
| Q1 24 | 1.6% | 46.1% |
现金转化率ARRYORA
| Q4 25 | — | 3.35× | ||
| Q3 25 | 0.82× | 1.87× | ||
| Q2 25 | 1.01× | 3.45× | ||
| Q1 25 | -0.78× | 2.18× | ||
| Q4 24 | — | 3.89× | ||
| Q3 24 | — | 4.82× | ||
| Q2 24 | 0.15× | 1.38× | ||
| Q1 24 | 21.94× | 2.99× |
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% |
ORA
| Electricity | $186.6M | 68% |
| Products | $63.1M | 23% |
| Energy Storage Segment | $26.3M | 10% |
| Product Segment | $1.2M | 0% |
