vs
Clearway Energy, Inc.（CWEN）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Clearway Energy, Inc.的5.4倍（$1.7B vs $310.0M），第一太阳能净利率更高（31.0% vs -33.5%，领先64.5%），Clearway Energy, Inc.同比增速更快（21.1% vs 11.1%），第一太阳能自由现金流更多（$1.1B vs $71.0M），过去两年第一太阳能的营收复合增速更高（45.6% vs 8.6%）
NRG能源是总部位于美国得克萨斯州休斯敦的能源企业，前身为后续更名为埃克西尔能源的北方州电力公司的批发业务板块，2000年独立运营。业务覆盖发电与电力零售，拥有天然气、煤炭、石油、核能、风电、公用事业级及分布式太阳能等发电资产，服务超700万零售用户。
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。
CWEN vs FSLR — 直观对比
营收规模更大
FSLR
是对方的5.4倍
$310.0M
营收增速更快
CWEN
高出9.9%
11.1%
净利率更高
FSLR
高出64.5%
-33.5%
自由现金流更多
FSLR
多$999.2M
$71.0M
两年增速更快
FSLR
近两年复合增速
8.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $310.0M | $1.7B |
| 净利润 | $-104.0M | $520.9M |
| 毛利率 | 51.9% | 39.5% |
| 营业利润率 | -11.9% | 32.6% |
| 净利率 | -33.5% | 31.0% |
| 营收同比 | 21.1% | 11.1% |
| 净利润同比 | -3566.7% | 32.5% |
| 每股收益（稀释后） | — | $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CWENFSLR
| Q4 25 | $310.0M | $1.7B | ||
| Q3 25 | $429.0M | $1.6B | ||
| Q2 25 | $392.0M | $1.1B | ||
| Q1 25 | $298.0M | $844.6M | ||
| Q4 24 | $256.0M | $1.5B | ||
| Q3 24 | $486.0M | $887.7M | ||
| Q2 24 | $366.0M | $1.0B | ||
| Q1 24 | $263.0M | $794.1M |
净利润CWENFSLR
| Q4 25 | $-104.0M | $520.9M | ||
| Q3 25 | $236.0M | $455.9M | ||
| Q2 25 | $33.0M | $341.9M | ||
| Q1 25 | $4.0M | $209.5M | ||
| Q4 24 | $3.0M | $393.1M | ||
| Q3 24 | $36.0M | $313.0M | ||
| Q2 24 | $51.0M | $349.4M | ||
| Q1 24 | $-2.0M | $236.6M |
毛利率CWENFSLR
| Q4 25 | 51.9% | 39.5% | ||
| Q3 25 | 70.2% | 38.3% | ||
| Q2 25 | 66.6% | 45.6% | ||
| Q1 25 | 59.1% | 40.8% | ||
| Q4 24 | 52.0% | 37.5% | ||
| Q3 24 | 72.2% | 50.2% | ||
| Q2 24 | 68.0% | 49.4% | ||
| Q1 24 | 52.1% | 43.6% |
营业利润率CWENFSLR
| Q4 25 | -11.9% | 32.6% | ||
| Q3 25 | 26.1% | 29.2% | ||
| Q2 25 | 21.7% | 33.0% | ||
| Q1 25 | — | 26.2% | ||
| Q4 24 | -14.5% | 30.2% | ||
| Q3 24 | 36.6% | 36.3% | ||
| Q2 24 | 23.0% | 36.9% | ||
| Q1 24 | -11.0% | 30.6% |
净利率CWENFSLR
| Q4 25 | -33.5% | 31.0% | ||
| Q3 25 | 55.0% | 28.6% | ||
| Q2 25 | 8.4% | 31.2% | ||
| Q1 25 | 1.3% | 24.8% | ||
| Q4 24 | 1.2% | 26.0% | ||
| Q3 24 | 7.4% | 35.3% | ||
| Q2 24 | 13.9% | 34.6% | ||
| Q1 24 | -0.8% | 29.8% |
每股收益（稀释后）CWENFSLR
| Q4 25 | — | $4.84 | ||
| Q3 25 | — | $4.24 | ||
| Q2 25 | — | $3.18 | ||
| Q1 25 | — | $1.95 | ||
| Q4 24 | — | $3.66 | ||
| Q3 24 | — | $2.91 | ||
| Q2 24 | — | $3.25 | ||
| Q1 24 | — | $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 | $231.0M | $2.8B |
| 总债务越低越好 | $7.9B | — |
| 股东权益账面价值 | $5.8B | $9.5B |
| 总资产 | $16.7B | $13.3B |
| 负债/权益比越低杠杆越低 | 1.36× | — |
8季度趋势，按日历期对齐
现金及短期投资CWENFSLR
| Q4 25 | $231.0M | $2.8B | ||
| Q3 25 | $251.0M | $2.0B | ||
| Q2 25 | $260.0M | $1.1B | ||
| Q1 25 | $297.0M | $837.6M | ||
| Q4 24 | $332.0M | $1.6B | ||
| Q3 24 | $292.0M | $1.0B | ||
| Q2 24 | $226.0M | $1.7B | ||
| Q1 24 | $478.0M | $1.7B |
总债务CWENFSLR
| Q4 25 | $7.9B | — | ||
| Q3 25 | $8.1B | — | ||
| Q2 25 | $8.3B | — | ||
| Q1 25 | $7.2B | — | ||
| Q4 24 | $6.8B | — | ||
| Q3 24 | $6.7B | — | ||
| Q2 24 | $6.8B | — | ||
| Q1 24 | $7.6B | — |
股东权益CWENFSLR
| Q4 25 | $5.8B | $9.5B | ||
| Q3 25 | $5.7B | $9.0B | ||
| Q2 25 | $5.5B | $8.5B | ||
| Q1 25 | $5.4B | $8.2B | ||
| Q4 24 | $5.6B | $8.0B | ||
| Q3 24 | $5.6B | $7.6B | ||
| Q2 24 | $5.7B | $7.3B | ||
| Q1 24 | $5.0B | $6.9B |
总资产CWENFSLR
| Q4 25 | $16.7B | $13.3B | ||
| Q3 25 | $16.1B | $13.5B | ||
| Q2 25 | $16.0B | $12.9B | ||
| Q1 25 | $14.6B | $12.1B | ||
| Q4 24 | $14.3B | $12.1B | ||
| Q3 24 | $14.2B | $11.4B | ||
| Q2 24 | $14.5B | $11.0B | ||
| Q1 24 | $14.9B | $10.8B |
负债/权益比CWENFSLR
| Q4 25 | 1.36× | — | ||
| Q3 25 | 1.41× | — | ||
| Q2 25 | 1.49× | — | ||
| Q1 25 | 1.33× | — | ||
| Q4 24 | 1.21× | — | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 1.19× | — | ||
| Q1 24 | 1.50× | — |
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 | $177.0M | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $71.0M | $1.1B |
| 自由现金流率自由现金流/营收 | 22.9% | 63.6% |
| 资本支出强度资本支出/营收 | 34.2% | 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 | $369.0M | $1.2B |
8季度趋势，按日历期对齐
经营现金流CWENFSLR
| Q4 25 | $177.0M | $1.2B | ||
| Q3 25 | $225.0M | $1.3B | ||
| Q2 25 | $191.0M | $149.6M | ||
| Q1 25 | $95.0M | $-608.0M | ||
| Q4 24 | $192.0M | $811.0M | ||
| Q3 24 | $301.0M | $-53.7M | ||
| Q2 24 | $196.0M | $193.0M | ||
| Q1 24 | $81.0M | $267.7M |
自由现金流CWENFSLR
| Q4 25 | $71.0M | $1.1B | ||
| Q3 25 | $144.0M | $1.1B | ||
| Q2 25 | $115.0M | $-138.6M | ||
| Q1 25 | $39.0M | $-813.9M | ||
| Q4 24 | $142.0M | $497.5M | ||
| Q3 24 | $266.0M | $-487.7M | ||
| Q2 24 | $92.0M | $-172.1M | ||
| Q1 24 | $-17.0M | $-145.7M |
自由现金流率CWENFSLR
| Q4 25 | 22.9% | 63.6% | ||
| Q3 25 | 33.6% | 67.1% | ||
| Q2 25 | 29.3% | -12.6% | ||
| Q1 25 | 13.1% | -96.4% | ||
| Q4 24 | 55.5% | 32.9% | ||
| Q3 24 | 54.7% | -54.9% | ||
| Q2 24 | 25.1% | -17.0% | ||
| Q1 24 | -6.5% | -18.4% |
资本支出强度CWENFSLR
| Q4 25 | 34.2% | 10.2% | ||
| Q3 25 | 18.9% | 12.8% | ||
| Q2 25 | 19.4% | 26.3% | ||
| Q1 25 | 18.8% | 24.4% | ||
| Q4 24 | 19.5% | 20.7% | ||
| Q3 24 | 7.2% | 48.9% | ||
| Q2 24 | 28.4% | 36.1% | ||
| Q1 24 | 37.3% | 52.1% |
现金转化率CWENFSLR
| Q4 25 | — | 2.38× | ||
| Q3 25 | 0.95× | 2.79× | ||
| Q2 25 | 5.79× | 0.44× | ||
| Q1 25 | 23.75× | -2.90× | ||
| Q4 24 | 64.00× | 2.06× | ||
| Q3 24 | 8.36× | -0.17× | ||
| Q2 24 | 3.84× | 0.55× | ||
| Q1 24 | — | 1.13× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
