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Array Technologies, Inc.（ARRY）与SOLAREDGE TECHNOLOGIES, INC.（SEDG）财务数据对比。点击上方公司名可切换其他公司
SOLAREDGE TECHNOLOGIES, INC.的季度营收约是Array Technologies, Inc.的1.5倍（$335.4M vs $226.0M），SOLAREDGE TECHNOLOGIES, INC.同比增速更快（70.9% vs -17.9%），SOLAREDGE TECHNOLOGIES, INC.自由现金流更多（$43.3M vs $36.2M），过去两年SOLAREDGE TECHNOLOGIES, INC.的营收复合增速更高（28.1% 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。
SolarEdge Technologies是一家以色列新能源科技企业，核心研发并推出了直流优化逆变器系统，该方案可提升光伏发电的能效表现，助力光伏系统实现更稳定、高效的电力转换，在全球分布式光伏领域拥有广泛的应用场景和市场认可度。
ARRY vs SEDG — 直观对比
营收规模更大
SEDG
是对方的1.5倍
$226.0M
营收增速更快
SEDG
高出88.8%
-17.9%
自由现金流更多
SEDG
多$7.2M
$36.2M
两年增速更快
SEDG
近两年复合增速
21.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $226.0M | $335.4M |
| 净利润 | — | $-132.1M |
| 毛利率 | 8.6% | 22.2% |
| 营业利润率 | -65.5% | -14.4% |
| 净利率 | — | -39.4% |
| 营收同比 | -17.9% | 70.9% |
| 净利润同比 | — | 54.0% |
| 每股收益（稀释后） | $-1.06 | $-2.21 |
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ARRYSEDG
| Q4 25 | $226.0M | $335.4M | ||
| Q3 25 | $393.5M | $340.2M | ||
| Q2 25 | $362.2M | $289.4M | ||
| Q1 25 | $302.4M | $219.5M | ||
| Q4 24 | $275.2M | $196.2M | ||
| Q3 24 | $231.4M | $235.4M | ||
| Q2 24 | $255.8M | $265.4M | ||
| Q1 24 | $153.4M | $204.4M |
净利润ARRYSEDG
| Q4 25 | — | $-132.1M | ||
| Q3 25 | $33.5M | $-50.1M | ||
| Q2 25 | $43.3M | $-124.7M | ||
| Q1 25 | $16.7M | $-98.5M | ||
| Q4 24 | — | $-287.4M | ||
| Q3 24 | $-141.4M | $-1.2B | ||
| Q2 24 | $25.7M | $-130.8M | ||
| Q1 24 | $2.2M | $-157.3M |
毛利率ARRYSEDG
| Q4 25 | 8.6% | 22.2% | ||
| Q3 25 | 26.9% | 21.2% | ||
| Q2 25 | 26.8% | 11.1% | ||
| Q1 25 | 25.3% | 8.0% | ||
| Q4 24 | 28.5% | -57.2% | ||
| Q3 24 | 33.8% | -309.1% | ||
| Q2 24 | 33.6% | -4.1% | ||
| Q1 24 | 35.9% | -12.8% |
营业利润率ARRYSEDG
| Q4 25 | -65.5% | -14.4% | ||
| Q3 25 | 11.6% | -10.3% | ||
| Q2 25 | 12.8% | -39.9% | ||
| Q1 25 | 9.0% | -46.8% | ||
| Q4 24 | -51.7% | -134.4% | ||
| Q3 24 | -57.3% | -471.8% | ||
| Q2 24 | 15.5% | -60.4% | ||
| Q1 24 | 5.5% | -85.0% |
净利率ARRYSEDG
| Q4 25 | — | -39.4% | ||
| Q3 25 | 8.5% | -14.7% | ||
| Q2 25 | 11.9% | -43.1% | ||
| Q1 25 | 5.5% | -44.9% | ||
| Q4 24 | — | -146.5% | ||
| Q3 24 | -61.1% | -522.8% | ||
| Q2 24 | 10.0% | -49.3% | ||
| Q1 24 | 1.4% | -77.0% |
每股收益（稀释后）ARRYSEDG
| Q4 25 | $-1.06 | $-2.21 | ||
| Q3 25 | $0.12 | $-0.84 | ||
| Q2 25 | $0.19 | $-2.13 | ||
| Q1 25 | $0.02 | $-1.70 | ||
| Q4 24 | $-0.94 | $-5.00 | ||
| Q3 24 | $-1.02 | $-21.58 | ||
| Q2 24 | $0.08 | $-2.31 | ||
| Q1 24 | $-0.07 | $-2.75 |
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 | $493.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-206.3M | $427.5M |
| 总资产 | $1.5B | $2.2B |
| 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ARRYSEDG
| Q4 25 | $244.4M | $493.2M | ||
| Q3 25 | $221.5M | $498.6M | ||
| Q2 25 | $377.3M | $758.0M | ||
| Q1 25 | $348.3M | $651.6M | ||
| Q4 24 | $363.0M | $585.9M | ||
| Q3 24 | $332.4M | $678.8M | ||
| Q2 24 | $282.3M | $689.8M | ||
| Q1 24 | $287.6M | $680.6M |
股东权益ARRYSEDG
| Q4 25 | $-206.3M | $427.5M | ||
| Q3 25 | $-46.7M | $479.8M | ||
| Q2 25 | $-70.9M | $513.2M | ||
| Q1 25 | $-97.8M | $594.2M | ||
| Q4 24 | $-118.1M | $658.3M | ||
| Q3 24 | $64.5M | $930.9M | ||
| Q2 24 | $200.0M | $2.1B | ||
| Q1 24 | $231.2M | $2.2B |
总资产ARRYSEDG
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $1.6B | $2.2B | ||
| Q2 25 | $1.5B | $2.5B | ||
| Q1 25 | $1.4B | $2.5B | ||
| Q4 24 | $1.4B | $2.6B | ||
| Q3 24 | $1.6B | $2.8B | ||
| Q2 24 | $1.7B | $3.9B | ||
| Q1 24 | $1.6B | $4.2B |
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 | $52.6M |
| 自由现金流经营现金流 - 资本支出 | $36.2M | $43.3M |
| 自由现金流率自由现金流/营收 | 16.0% | 12.9% |
| 资本支出强度资本支出/营收 | 3.3% | 2.8% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $79.8M | $80.8M |
8季度趋势，按日历期对齐
经营现金流ARRYSEDG
| Q4 25 | $43.6M | $52.6M | ||
| Q3 25 | $27.4M | $25.6M | ||
| Q2 25 | $43.8M | $-7.8M | ||
| Q1 25 | $-13.1M | $33.8M | ||
| Q4 24 | $57.6M | $37.8M | ||
| Q3 24 | $44.9M | $-89.3M | ||
| Q2 24 | $4.0M | $-44.8M | ||
| Q1 24 | $47.5M | $-217.0M |
自由现金流ARRYSEDG
| Q4 25 | $36.2M | $43.3M | ||
| Q3 25 | $21.9M | $22.8M | ||
| Q2 25 | $37.2M | $-9.1M | ||
| Q1 25 | $-15.4M | $23.7M | ||
| Q4 24 | $55.9M | $25.5M | ||
| Q3 24 | $43.9M | $-136.7M | ||
| Q2 24 | $1.8M | $-67.0M | ||
| Q1 24 | $45.1M | $-243.4M |
自由现金流率ARRYSEDG
| Q4 25 | 16.0% | 12.9% | ||
| Q3 25 | 5.6% | 6.7% | ||
| Q2 25 | 10.3% | -3.1% | ||
| Q1 25 | -5.1% | 10.8% | ||
| Q4 24 | 20.3% | 13.0% | ||
| Q3 24 | 19.0% | -58.1% | ||
| Q2 24 | 0.7% | -25.2% | ||
| Q1 24 | 29.4% | -119.1% |
资本支出强度ARRYSEDG
| Q4 25 | 3.3% | 2.8% | ||
| Q3 25 | 1.4% | 0.8% | ||
| Q2 25 | 1.8% | 0.4% | ||
| Q1 25 | 0.8% | 4.6% | ||
| Q4 24 | 0.6% | 6.2% | ||
| Q3 24 | 0.5% | 20.1% | ||
| Q2 24 | 0.8% | 8.4% | ||
| Q1 24 | 1.6% | 12.9% |
现金转化率ARRYSEDG
| Q4 25 | — | — | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 1.01× | — | ||
| Q1 25 | -0.78× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.15× | — | ||
| Q1 24 | 21.94× | — |
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% |
SEDG
| Other | $197.7M | 59% |
| Europe Except Netherlands | $99.4M | 30% |
| Others | $38.2M | 11% |
