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进步能源（FLNC）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
进步能源的季度营收约是SOLAREDGE TECHNOLOGIES, INC.的1.4倍（$475.2M vs $335.4M），进步能源净利率更高（-9.5% vs -39.4%，领先29.9%），进步能源同比增速更快（154.4% vs 70.9%），SOLAREDGE TECHNOLOGIES, INC.自由现金流更多（$43.3M vs $-232.6M），过去两年SOLAREDGE TECHNOLOGIES, INC.的营收复合增速更高（28.1% vs -12.7%）
进步能源是一家电力生产与分销企业，并入杜克能源前为财富500强能源企业，总发电容量超21000兆瓦，年营收达90亿美元。公司总部位于北卡罗来纳州罗利，旗下拥有两家大型电力公用事业公司，为卡罗来纳州及佛罗里达州约310万用户提供服务。
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。
FLNC vs SEDG — 直观对比
营收规模更大
FLNC
是对方的1.4倍
$335.4M
营收增速更快
FLNC
高出83.5%
70.9%
净利率更高
FLNC
高出29.9%
-39.4%
自由现金流更多
SEDG
多$276.0M
$-232.6M
两年增速更快
SEDG
近两年复合增速
-12.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $475.2M | $335.4M |
| 净利润 | $-45.1M | $-132.1M |
| 毛利率 | 4.9% | 22.2% |
| 营业利润率 | -14.8% | -14.4% |
| 净利率 | -9.5% | -39.4% |
| 营收同比 | 154.4% | 70.9% |
| 净利润同比 | -8.7% | 54.0% |
| 每股收益（稀释后） | $-0.34 | $-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FLNCSEDG
| Q4 25 | $475.2M | $335.4M | ||
| Q3 25 | $1.0B | $340.2M | ||
| Q2 25 | $602.5M | $289.4M | ||
| Q1 25 | $431.6M | $219.5M | ||
| Q4 24 | $186.8M | $196.2M | ||
| Q3 24 | $1.2B | $235.4M | ||
| Q2 24 | $483.3M | $265.4M | ||
| Q1 24 | $623.1M | $204.4M |
净利润FLNCSEDG
| Q4 25 | $-45.1M | $-132.1M | ||
| Q3 25 | $17.9M | $-50.1M | ||
| Q2 25 | $6.3M | $-124.7M | ||
| Q1 25 | $-31.0M | $-98.5M | ||
| Q4 24 | $-41.5M | $-287.4M | ||
| Q3 24 | $47.8M | $-1.2B | ||
| Q2 24 | $785.0K | $-130.8M | ||
| Q1 24 | $-9.2M | $-157.3M |
毛利率FLNCSEDG
| Q4 25 | 4.9% | 22.2% | ||
| Q3 25 | 13.7% | 21.2% | ||
| Q2 25 | 14.8% | 11.1% | ||
| Q1 25 | 9.9% | 8.0% | ||
| Q4 24 | 11.4% | -57.2% | ||
| Q3 24 | 12.8% | -309.1% | ||
| Q2 24 | 17.2% | -4.1% | ||
| Q1 24 | 10.3% | -12.8% |
营业利润率FLNCSEDG
| Q4 25 | -14.8% | -14.4% | ||
| Q3 25 | 4.4% | -10.3% | ||
| Q2 25 | 1.9% | -39.9% | ||
| Q1 25 | -10.2% | -46.8% | ||
| Q4 24 | -31.4% | -134.4% | ||
| Q3 24 | 6.2% | -471.8% | ||
| Q2 24 | 1.1% | -60.4% | ||
| Q1 24 | -2.3% | -85.0% |
净利率FLNCSEDG
| Q4 25 | -9.5% | -39.4% | ||
| Q3 25 | 1.7% | -14.7% | ||
| Q2 25 | 1.0% | -43.1% | ||
| Q1 25 | -7.2% | -44.9% | ||
| Q4 24 | -22.2% | -146.5% | ||
| Q3 24 | 3.9% | -522.8% | ||
| Q2 24 | 0.2% | -49.3% | ||
| Q1 24 | -1.5% | -77.0% |
每股收益（稀释后）FLNCSEDG
| Q4 25 | $-0.34 | $-2.21 | ||
| Q3 25 | $0.18 | $-0.84 | ||
| Q2 25 | $0.01 | $-2.13 | ||
| Q1 25 | $-0.24 | $-1.70 | ||
| Q4 24 | $-0.32 | $-5.00 | ||
| Q3 24 | $0.34 | $-21.58 | ||
| Q2 24 | $0.00 | $-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 | $452.6M | $493.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $388.0M | $427.5M |
| 总资产 | $2.3B | $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FLNCSEDG
| Q4 25 | $452.6M | $493.2M | ||
| Q3 25 | $690.8M | $498.6M | ||
| Q2 25 | $436.3M | $758.0M | ||
| Q1 25 | $568.6M | $651.6M | ||
| Q4 24 | $607.4M | $585.9M | ||
| Q3 24 | $448.7M | $678.8M | ||
| Q2 24 | $388.2M | $689.8M | ||
| Q1 24 | $411.8M | $680.6M |
股东权益FLNCSEDG
| Q4 25 | $388.0M | $427.5M | ||
| Q3 25 | $429.6M | $479.8M | ||
| Q2 25 | $407.4M | $513.2M | ||
| Q1 25 | $388.2M | $594.2M | ||
| Q4 24 | $409.4M | $658.3M | ||
| Q3 24 | $472.1M | $930.9M | ||
| Q2 24 | $421.2M | $2.1B | ||
| Q1 24 | $413.1M | $2.2B |
总资产FLNCSEDG
| Q4 25 | $2.3B | $2.2B | ||
| Q3 25 | $2.4B | $2.2B | ||
| Q2 25 | $2.1B | $2.5B | ||
| Q1 25 | $2.3B | $2.5B | ||
| Q4 24 | $2.2B | $2.6B | ||
| Q3 24 | $1.9B | $2.8B | ||
| Q2 24 | $1.7B | $3.9B | ||
| Q1 24 | $1.5B | $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 | $-226.8M | $52.6M |
| 自由现金流经营现金流 - 资本支出 | $-232.6M | $43.3M |
| 自由现金流率自由现金流/营收 | -48.9% | 12.9% |
| 资本支出强度资本支出/营收 | 1.2% | 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 | $-179.7M | $80.8M |
8季度趋势，按日历期对齐
经营现金流FLNCSEDG
| Q4 25 | $-226.8M | $52.6M | ||
| Q3 25 | $265.7M | $25.6M | ||
| Q2 25 | $-153.9M | $-7.8M | ||
| Q1 25 | $-46.2M | $33.8M | ||
| Q4 24 | $-211.2M | $37.8M | ||
| Q3 24 | $10.5M | $-89.3M | ||
| Q2 24 | $-21.1M | $-44.8M | ||
| Q1 24 | $70.9M | $-217.0M |
自由现金流FLNCSEDG
| Q4 25 | $-232.6M | $43.3M | ||
| Q3 25 | $260.9M | $22.8M | ||
| Q2 25 | $-157.4M | $-9.1M | ||
| Q1 25 | $-50.5M | $23.7M | ||
| Q4 24 | $-213.3M | $25.5M | ||
| Q3 24 | $7.3M | $-136.7M | ||
| Q2 24 | $-23.5M | $-67.0M | ||
| Q1 24 | $69.9M | $-243.4M |
自由现金流率FLNCSEDG
| Q4 25 | -48.9% | 12.9% | ||
| Q3 25 | 25.0% | 6.7% | ||
| Q2 25 | -26.1% | -3.1% | ||
| Q1 25 | -11.7% | 10.8% | ||
| Q4 24 | -114.2% | 13.0% | ||
| Q3 24 | 0.6% | -58.1% | ||
| Q2 24 | -4.9% | -25.2% | ||
| Q1 24 | 11.2% | -119.1% |
资本支出强度FLNCSEDG
| Q4 25 | 1.2% | 2.8% | ||
| Q3 25 | 0.5% | 0.8% | ||
| Q2 25 | 0.6% | 0.4% | ||
| Q1 25 | 1.0% | 4.6% | ||
| Q4 24 | 1.1% | 6.2% | ||
| Q3 24 | 0.3% | 20.1% | ||
| Q2 24 | 0.5% | 8.4% | ||
| Q1 24 | 0.2% | 12.9% |
现金转化率FLNCSEDG
| Q4 25 | — | — | ||
| Q3 25 | 14.81× | — | ||
| Q2 25 | -24.61× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.22× | — | ||
| Q2 24 | -26.87× | — | ||
| Q1 24 | — | — |
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
FLNC
| Products | $450.9M | 95% |
| Services | $22.5M | 5% |
| Digital Applications And Solutions | $1.9M | 0% |
SEDG
| Other | $197.7M | 59% |
| Europe Except Netherlands | $99.4M | 30% |
| Others | $38.2M | 11% |
