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塞拉尼斯（CE）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
塞拉尼斯的季度营收约是第一太阳能的1.3倍（$2.2B vs $1.7B），第一太阳能净利率更高（31.0% vs 0.6%，领先30.3%），第一太阳能同比增速更快（11.1% vs -7.0%），第一太阳能自由现金流更多（$1.1B vs $168.0M），过去两年第一太阳能的营收复合增速更高（45.6% vs -8.1%）
塞拉尼斯是总部位于美国得克萨斯州欧文市的技术及特种材料企业，位列财富500强。公司是全球醋酸行业领军生产商，年产量约195万吨，占全球总产量的20%左右，同时也是全球最大的醋酸乙烯酯单体（VAM）供应商。
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。
CE vs FSLR — 直观对比
营收规模更大
CE
是对方的1.3倍
$1.7B
营收增速更快
FSLR
高出18.2%
-7.0%
净利率更高
FSLR
高出30.3%
0.6%
自由现金流更多
FSLR
多$902.2M
$168.0M
两年增速更快
FSLR
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $1.7B |
| 净利润 | $14.0M | $520.9M |
| 毛利率 | 19.1% | 39.5% |
| 营业利润率 | 4.0% | 32.6% |
| 净利率 | 0.6% | 31.0% |
| 营收同比 | -7.0% | 11.1% |
| 净利润同比 | 100.7% | 32.5% |
| 每股收益（稀释后） | $0.13 | $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CEFSLR
| Q4 25 | $2.2B | $1.7B | ||
| Q3 25 | $2.4B | $1.6B | ||
| Q2 25 | $2.5B | $1.1B | ||
| Q1 25 | $2.4B | $844.6M | ||
| Q4 24 | $2.4B | $1.5B | ||
| Q3 24 | $2.6B | $887.7M | ||
| Q2 24 | $2.7B | $1.0B | ||
| Q1 24 | $2.6B | $794.1M |
净利润CEFSLR
| Q4 25 | $14.0M | $520.9M | ||
| Q3 25 | $-1.4B | $455.9M | ||
| Q2 25 | $199.0M | $341.9M | ||
| Q1 25 | $-21.0M | $209.5M | ||
| Q4 24 | $-1.9B | $393.1M | ||
| Q3 24 | $116.0M | $313.0M | ||
| Q2 24 | $155.0M | $349.4M | ||
| Q1 24 | $121.0M | $236.6M |
毛利率CEFSLR
| Q4 25 | 19.1% | 39.5% | ||
| Q3 25 | 21.5% | 38.3% | ||
| Q2 25 | 21.1% | 45.6% | ||
| Q1 25 | 19.9% | 40.8% | ||
| Q4 24 | 22.7% | 37.5% | ||
| Q3 24 | 23.5% | 50.2% | ||
| Q2 24 | 24.2% | 49.4% | ||
| Q1 24 | 21.2% | 43.6% |
营业利润率CEFSLR
| Q4 25 | 4.0% | 32.6% | ||
| Q3 25 | -52.7% | 29.2% | ||
| Q2 25 | 9.2% | 33.0% | ||
| Q1 25 | 7.0% | 26.2% | ||
| Q4 24 | -59.3% | 30.2% | ||
| Q3 24 | 9.4% | 36.3% | ||
| Q2 24 | 9.4% | 36.9% | ||
| Q1 24 | 8.0% | 30.6% |
净利率CEFSLR
| Q4 25 | 0.6% | 31.0% | ||
| Q3 25 | -56.1% | 28.6% | ||
| Q2 25 | 7.9% | 31.2% | ||
| Q1 25 | -0.9% | 24.8% | ||
| Q4 24 | -80.8% | 26.0% | ||
| Q3 24 | 4.4% | 35.3% | ||
| Q2 24 | 5.8% | 34.6% | ||
| Q1 24 | 4.6% | 29.8% |
每股收益（稀释后）CEFSLR
| Q4 25 | $0.13 | $4.84 | ||
| Q3 25 | $-12.39 | $4.24 | ||
| Q2 25 | $1.81 | $3.18 | ||
| Q1 25 | $-0.19 | $1.95 | ||
| Q4 24 | $-17.50 | $3.66 | ||
| Q3 24 | $1.06 | $2.91 | ||
| Q2 24 | $1.41 | $3.25 | ||
| Q1 24 | $1.10 | $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 | — | $2.8B |
| 总债务越低越好 | $11.4B | — |
| 股东权益账面价值 | $4.0B | $9.5B |
| 总资产 | $21.7B | $13.3B |
| 负债/权益比越低杠杆越低 | 2.81× | — |
8季度趋势，按日历期对齐
现金及短期投资CEFSLR
| Q4 25 | — | $2.8B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $837.6M | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $1.7B | ||
| Q1 24 | — | $1.7B |
总债务CEFSLR
| Q4 25 | $11.4B | — | ||
| Q3 25 | $11.7B | — | ||
| Q2 25 | $12.7B | — | ||
| Q1 25 | $12.4B | — | ||
| Q4 24 | $11.1B | — | ||
| Q3 24 | $11.3B | — | ||
| Q2 24 | $11.1B | — | ||
| Q1 24 | $11.0B | — |
股东权益CEFSLR
| Q4 25 | $4.0B | $9.5B | ||
| Q3 25 | $4.0B | $9.0B | ||
| Q2 25 | $5.3B | $8.5B | ||
| Q1 25 | $5.2B | $8.2B | ||
| Q4 24 | $5.2B | $8.0B | ||
| Q3 24 | $7.3B | $7.6B | ||
| Q2 24 | $7.2B | $7.3B | ||
| Q1 24 | $7.1B | $6.9B |
总资产CEFSLR
| Q4 25 | $21.7B | $13.3B | ||
| Q3 25 | $22.2B | $13.5B | ||
| Q2 25 | $23.7B | $12.9B | ||
| Q1 25 | $23.2B | $12.1B | ||
| Q4 24 | $22.9B | $12.1B | ||
| Q3 24 | $25.9B | $11.4B | ||
| Q2 24 | $25.8B | $11.0B | ||
| Q1 24 | $26.0B | $10.8B |
负债/权益比CEFSLR
| Q4 25 | 2.81× | — | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 2.41× | — | ||
| Q1 25 | 2.39× | — | ||
| Q4 24 | 2.14× | — | ||
| Q3 24 | 1.56× | — | ||
| Q2 24 | 1.54× | — | ||
| Q1 24 | 1.56× | — |
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 | $252.0M | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $1.1B |
| 自由现金流率自由现金流/营收 | 7.6% | 63.6% |
| 资本支出强度资本支出/营收 | 3.8% | 10.2% |
| 现金转化率经营现金流/净利润 | 18.00× | 2.38× |
| 过去12个月自由现金流最近4个季度 | $803.0M | $1.2B |
8季度趋势，按日历期对齐
经营现金流CEFSLR
| Q4 25 | $252.0M | $1.2B | ||
| Q3 25 | $447.0M | $1.3B | ||
| Q2 25 | $410.0M | $149.6M | ||
| Q1 25 | $37.0M | $-608.0M | ||
| Q4 24 | $494.0M | $811.0M | ||
| Q3 24 | $79.0M | $-53.7M | ||
| Q2 24 | $292.0M | $193.0M | ||
| Q1 24 | $101.0M | $267.7M |
自由现金流CEFSLR
| Q4 25 | $168.0M | $1.1B | ||
| Q3 25 | $383.0M | $1.1B | ||
| Q2 25 | $317.0M | $-138.6M | ||
| Q1 25 | $-65.0M | $-813.9M | ||
| Q4 24 | $389.0M | $497.5M | ||
| Q3 24 | $-9.0M | $-487.7M | ||
| Q2 24 | $187.0M | $-172.1M | ||
| Q1 24 | $-36.0M | $-145.7M |
自由现金流率CEFSLR
| Q4 25 | 7.6% | 63.6% | ||
| Q3 25 | 15.8% | 67.1% | ||
| Q2 25 | 12.5% | -12.6% | ||
| Q1 25 | -2.7% | -96.4% | ||
| Q4 24 | 16.4% | 32.9% | ||
| Q3 24 | -0.3% | -54.9% | ||
| Q2 24 | 7.1% | -17.0% | ||
| Q1 24 | -1.4% | -18.4% |
资本支出强度CEFSLR
| Q4 25 | 3.8% | 10.2% | ||
| Q3 25 | 2.6% | 12.8% | ||
| Q2 25 | 3.7% | 26.3% | ||
| Q1 25 | 4.3% | 24.4% | ||
| Q4 24 | 4.4% | 20.7% | ||
| Q3 24 | 3.3% | 48.9% | ||
| Q2 24 | 4.0% | 36.1% | ||
| Q1 24 | 5.2% | 52.1% |
现金转化率CEFSLR
| Q4 25 | 18.00× | 2.38× | ||
| Q3 25 | — | 2.79× | ||
| Q2 25 | 2.06× | 0.44× | ||
| Q1 25 | — | -2.90× | ||
| Q4 24 | — | 2.06× | ||
| Q3 24 | 0.68× | -0.17× | ||
| Q2 24 | 1.88× | 0.55× | ||
| Q1 24 | 0.83× | 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
CE
| Engineered Materials | $1.3B | 58% |
| Acetyl Chain | $940.0M | 43% |
FSLR
暂无分部数据
