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第一太阳能（FSLR）与FORWARD AIR CORP（FWRD）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FORWARD AIR CORP的1.7倍（$1.0B vs $631.2M），第一太阳能净利率更高（33.2% vs -4.5%，领先37.7%），第一太阳能同比增速更快（23.6% vs -0.3%），过去两年FORWARD AIR CORP的营收复合增速更高（7.9% vs 1.7%）
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。
Forward Air Corp是北美领先的轻资产物流运输服务商，核心业务包括加急零担货运、最后一公里配送、多式联运、仓储及供应链解决方案，服务覆盖美加墨地区，主要服务电商、零售、制造、汽车等行业。
FSLR vs FWRD — 直观对比
营收规模更大
FSLR
是对方的1.7倍
$631.2M
营收增速更快
FSLR
高出23.9%
-0.3%
净利率更高
FSLR
高出37.7%
-4.5%
两年增速更快
FWRD
近两年复合增速
1.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $631.2M |
| 净利润 | $346.6M | $-28.3M |
| 毛利率 | 46.6% | — |
| 营业利润率 | 33.1% | -0.5% |
| 净利率 | 33.2% | -4.5% |
| 营收同比 | 23.6% | -0.3% |
| 净利润同比 | 65.4% | 22.2% |
| 每股收益（稀释后） | $3.22 | $-0.90 |
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FSLRFWRD
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.7B | $631.2M | ||
| Q3 25 | $1.6B | $631.8M | ||
| Q2 25 | $1.1B | $618.8M | ||
| Q1 25 | $844.6M | $613.3M | ||
| Q4 24 | $1.5B | $632.8M | ||
| Q3 24 | $887.7M | $655.9M | ||
| Q2 24 | $1.0B | $643.7M |
净利润FSLRFWRD
| Q1 26 | $346.6M | — | ||
| Q4 25 | $520.9M | $-28.3M | ||
| Q3 25 | $455.9M | $-16.3M | ||
| Q2 25 | $341.9M | $-12.6M | ||
| Q1 25 | $209.5M | $-50.6M | ||
| Q4 24 | $393.1M | $-36.4M | ||
| Q3 24 | $313.0M | $-73.4M | ||
| Q2 24 | $349.4M | $-645.4M |
毛利率FSLRFWRD
| Q1 26 | 46.6% | — | ||
| Q4 25 | 39.5% | — | ||
| Q3 25 | 38.3% | — | ||
| Q2 25 | 45.6% | — | ||
| Q1 25 | 40.8% | — | ||
| Q4 24 | 37.5% | — | ||
| Q3 24 | 50.2% | — | ||
| Q2 24 | 49.4% | — |
营业利润率FSLRFWRD
| Q1 26 | 33.1% | — | ||
| Q4 25 | 32.6% | -0.5% | ||
| Q3 25 | 29.2% | 2.4% | ||
| Q2 25 | 33.0% | 3.2% | ||
| Q1 25 | 26.2% | 0.8% | ||
| Q4 24 | 30.2% | 12.0% | ||
| Q3 24 | 36.3% | 3.5% | ||
| Q2 24 | 36.9% | -170.2% |
净利率FSLRFWRD
| Q1 26 | 33.2% | — | ||
| Q4 25 | 31.0% | -4.5% | ||
| Q3 25 | 28.6% | -2.6% | ||
| Q2 25 | 31.2% | -2.0% | ||
| Q1 25 | 24.8% | -8.3% | ||
| Q4 24 | 26.0% | -5.8% | ||
| Q3 24 | 35.3% | -11.2% | ||
| Q2 24 | 34.6% | -100.3% |
每股收益（稀释后）FSLRFWRD
| Q1 26 | $3.22 | — | ||
| Q4 25 | $4.84 | $-0.90 | ||
| Q3 25 | $4.24 | $-0.52 | ||
| Q2 25 | $3.18 | $-0.41 | ||
| Q1 25 | $1.95 | $-1.68 | ||
| Q4 24 | $3.66 | $-1.69 | ||
| Q3 24 | $2.91 | $-2.66 | ||
| Q2 24 | $3.25 | $-23.47 |
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 | $2.4B | $106.0M |
| 总债务越低越好 | $425.8M | $1.7B |
| 股东权益账面价值 | $9.9B | $113.3M |
| 总资产 | $13.4B | $2.7B |
| 负债/权益比越低杠杆越低 | 0.04× | 14.89× |
8季度趋势，按日历期对齐
现金及短期投资FSLRFWRD
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.8B | $106.0M | ||
| Q3 25 | $2.0B | $140.4M | ||
| Q2 25 | $1.1B | $95.1M | ||
| Q1 25 | $837.6M | $116.3M | ||
| Q4 24 | $1.6B | $104.9M | ||
| Q3 24 | $1.0B | $136.6M | ||
| Q2 24 | $1.7B | $84.9M |
总债务FSLRFWRD
| Q1 26 | $425.8M | — | ||
| Q4 25 | — | $1.7B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益FSLRFWRD
| Q1 26 | $9.9B | — | ||
| Q4 25 | $9.5B | $113.3M | ||
| Q3 25 | $9.0B | $139.8M | ||
| Q2 25 | $8.5B | $151.8M | ||
| Q1 25 | $8.2B | $154.6M | ||
| Q4 24 | $8.0B | $201.7M | ||
| Q3 24 | $7.6B | $226.1M | ||
| Q2 24 | $7.3B | $283.8M |
总资产FSLRFWRD
| Q1 26 | $13.4B | — | ||
| Q4 25 | $13.3B | $2.7B | ||
| Q3 25 | $13.5B | $2.8B | ||
| Q2 25 | $12.9B | $2.8B | ||
| Q1 25 | $12.1B | $2.8B | ||
| Q4 24 | $12.1B | $2.8B | ||
| Q3 24 | $11.4B | $3.1B | ||
| Q2 24 | $11.0B | $3.1B |
负债/权益比FSLRFWRD
| Q1 26 | 0.04× | — | ||
| Q4 25 | — | 14.89× | ||
| Q3 25 | — | 12.05× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $-214.9M | — |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | 1.3% |
| 现金转化率经营现金流/净利润 | -0.62× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流FSLRFWRD
| Q1 26 | $-214.9M | — | ||
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.3B | $52.7M | ||
| Q2 25 | $149.6M | — | ||
| Q1 25 | $-608.0M | $27.6M | ||
| Q4 24 | $811.0M | $-23.2M | ||
| Q3 24 | $-53.7M | $51.2M | ||
| Q2 24 | $193.0M | $-45.2M |
自由现金流FSLRFWRD
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | $48.6M | ||
| Q2 25 | $-138.6M | — | ||
| Q1 25 | $-813.9M | $15.7M | ||
| Q4 24 | $497.5M | $-30.5M | ||
| Q3 24 | $-487.7M | $40.7M | ||
| Q2 24 | $-172.1M | $-59.6M |
自由现金流率FSLRFWRD
| Q1 26 | — | — | ||
| Q4 25 | 63.6% | — | ||
| Q3 25 | 67.1% | 7.7% | ||
| Q2 25 | -12.6% | — | ||
| Q1 25 | -96.4% | 2.6% | ||
| Q4 24 | 32.9% | -4.8% | ||
| Q3 24 | -54.9% | 6.2% | ||
| Q2 24 | -17.0% | -9.3% |
资本支出强度FSLRFWRD
| Q1 26 | — | — | ||
| Q4 25 | 10.2% | 1.3% | ||
| Q3 25 | 12.8% | 0.7% | ||
| Q2 25 | 26.3% | 0.8% | ||
| Q1 25 | 24.4% | 1.9% | ||
| Q4 24 | 20.7% | 1.1% | ||
| Q3 24 | 48.9% | 1.6% | ||
| Q2 24 | 36.1% | 2.2% |
现金转化率FSLRFWRD
| Q1 26 | -0.62× | — | ||
| Q4 25 | 2.38× | — | ||
| Q3 25 | 2.79× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | -2.90× | — | ||
| Q4 24 | 2.06× | — | ||
| Q3 24 | -0.17× | — | ||
| Q2 24 | 0.55× | — |
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
FSLR
暂无分部数据
FWRD
| Omni Logistics Segment | $359.8M | 57% |
| Network | $183.9M | 29% |
| Intermodal Segment | $50.2M | 8% |
| Truckload | $41.6M | 7% |
