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第一太阳能（FSLR）与盖茨工业（GTES）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盖茨工业的2.0倍（$1.7B vs $856.2M），第一太阳能净利率更高（31.0% vs 6.0%，领先25.0%），第一太阳能同比增速更快（11.1% vs 3.2%），第一太阳能自由现金流更多（$1.1B vs $251.0M），过去两年第一太阳能的营收复合增速更高（45.6% vs -0.4%）
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。
盖茨工业总部位于美国科罗拉多州丹佛市，是动力传动带及流体动力产品的专业制造商，产品广泛应用于各类工业和汽车领域。公司员工规模超1.5万人，在美洲、欧洲、亚洲、澳洲及中东均设有销售和生产基地。
FSLR vs GTES — 直观对比
营收规模更大
FSLR
是对方的2.0倍
$856.2M
营收增速更快
FSLR
高出7.9%
3.2%
净利率更高
FSLR
高出25.0%
6.0%
自由现金流更多
FSLR
多$819.2M
$251.0M
两年增速更快
FSLR
近两年复合增速
-0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $856.2M |
| 净利润 | $520.9M | $51.3M |
| 毛利率 | 39.5% | 38.0% |
| 营业利润率 | 32.6% | 12.8% |
| 净利率 | 31.0% | 6.0% |
| 营收同比 | 11.1% | 3.2% |
| 净利润同比 | 32.5% | 40.2% |
| 每股收益（稀释后） | $4.84 | $0.19 |
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FSLRGTES
| Q4 25 | $1.7B | $856.2M | ||
| Q3 25 | $1.6B | $855.7M | ||
| Q2 25 | $1.1B | $883.7M | ||
| Q1 25 | $844.6M | $847.6M | ||
| Q4 24 | $1.5B | $829.4M | ||
| Q3 24 | $887.7M | $830.7M | ||
| Q2 24 | $1.0B | $885.5M | ||
| Q1 24 | $794.1M | $862.6M |
净利润FSLRGTES
| Q4 25 | $520.9M | $51.3M | ||
| Q3 25 | $455.9M | $81.6M | ||
| Q2 25 | $341.9M | $56.5M | ||
| Q1 25 | $209.5M | $62.0M | ||
| Q4 24 | $393.1M | $36.6M | ||
| Q3 24 | $313.0M | $47.6M | ||
| Q2 24 | $349.4M | $70.7M | ||
| Q1 24 | $236.6M | $40.0M |
毛利率FSLRGTES
| Q4 25 | 39.5% | 38.0% | ||
| Q3 25 | 38.3% | 39.9% | ||
| Q2 25 | 45.6% | 40.8% | ||
| Q1 25 | 40.8% | 40.7% | ||
| Q4 24 | 37.5% | 40.4% | ||
| Q3 24 | 50.2% | 40.4% | ||
| Q2 24 | 49.4% | 40.4% | ||
| Q1 24 | 43.6% | 38.3% |
营业利润率FSLRGTES
| Q4 25 | 32.6% | 12.8% | ||
| Q3 25 | 29.2% | 13.5% | ||
| Q2 25 | 33.0% | 13.1% | ||
| Q1 25 | 26.2% | 14.7% | ||
| Q4 24 | 30.2% | 13.6% | ||
| Q3 24 | 36.3% | 13.6% | ||
| Q2 24 | 36.9% | 15.4% | ||
| Q1 24 | 30.6% | 13.5% |
净利率FSLRGTES
| Q4 25 | 31.0% | 6.0% | ||
| Q3 25 | 28.6% | 9.5% | ||
| Q2 25 | 31.2% | 6.4% | ||
| Q1 25 | 24.8% | 7.3% | ||
| Q4 24 | 26.0% | 4.4% | ||
| Q3 24 | 35.3% | 5.7% | ||
| Q2 24 | 34.6% | 8.0% | ||
| Q1 24 | 29.8% | 4.6% |
每股收益（稀释后）FSLRGTES
| Q4 25 | $4.84 | $0.19 | ||
| Q3 25 | $4.24 | $0.31 | ||
| Q2 25 | $3.18 | $0.22 | ||
| Q1 25 | $1.95 | $0.24 | ||
| Q4 24 | $3.66 | $0.15 | ||
| Q3 24 | $2.91 | $0.18 | ||
| Q2 24 | $3.25 | $0.26 | ||
| Q1 24 | $2.20 | $0.15 |
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 | $812.1M |
| 总债务越低越好 | — | $2.2B |
| 股东权益账面价值 | $9.5B | $3.3B |
| 总资产 | $13.3B | $7.2B |
| 负债/权益比越低杠杆越低 | — | 0.67× |
8季度趋势，按日历期对齐
现金及短期投资FSLRGTES
| Q4 25 | $2.8B | $812.1M | ||
| Q3 25 | $2.0B | $689.4M | ||
| Q2 25 | $1.1B | $719.7M | ||
| Q1 25 | $837.6M | $640.2M | ||
| Q4 24 | $1.6B | $682.0M | ||
| Q3 24 | $1.0B | $574.4M | ||
| Q2 24 | $1.7B | $579.7M | ||
| Q1 24 | $1.7B | $522.2M |
总债务FSLRGTES
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.3B |
股东权益FSLRGTES
| Q4 25 | $9.5B | $3.3B | ||
| Q3 25 | $9.0B | $3.4B | ||
| Q2 25 | $8.5B | $3.3B | ||
| Q1 25 | $8.2B | $3.1B | ||
| Q4 24 | $8.0B | $3.0B | ||
| Q3 24 | $7.6B | $3.1B | ||
| Q2 24 | $7.3B | $3.2B | ||
| Q1 24 | $6.9B | $3.2B |
总资产FSLRGTES
| Q4 25 | $13.3B | $7.2B | ||
| Q3 25 | $13.5B | $7.1B | ||
| Q2 25 | $12.9B | $7.2B | ||
| Q1 25 | $12.1B | $6.9B | ||
| Q4 24 | $12.1B | $6.8B | ||
| Q3 24 | $11.4B | $7.1B | ||
| Q2 24 | $11.0B | $7.0B | ||
| Q1 24 | $10.8B | $7.0B |
负债/权益比FSLRGTES
| Q4 25 | — | 0.67× | ||
| Q3 25 | — | 0.66× | ||
| Q2 25 | — | 0.72× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 0.78× | ||
| Q3 24 | — | 0.76× | ||
| Q2 24 | — | 0.73× | ||
| Q1 24 | — | 0.74× |
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 | $1.2B | $269.8M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $251.0M |
| 自由现金流率自由现金流/营收 | 63.6% | 29.3% |
| 资本支出强度资本支出/营收 | 10.2% | 2.2% |
| 现金转化率经营现金流/净利润 | 2.38× | 5.26× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $404.9M |
8季度趋势，按日历期对齐
经营现金流FSLRGTES
| Q4 25 | $1.2B | $269.8M | ||
| Q3 25 | $1.3B | $98.0M | ||
| Q2 25 | $149.6M | $103.0M | ||
| Q1 25 | $-608.0M | $7.3M | ||
| Q4 24 | $811.0M | $190.9M | ||
| Q3 24 | $-53.7M | $115.9M | ||
| Q2 24 | $193.0M | $93.8M | ||
| Q1 24 | $267.7M | $-21.0M |
自由现金流FSLRGTES
| Q4 25 | $1.1B | $251.0M | ||
| Q3 25 | $1.1B | $80.5M | ||
| Q2 25 | $-138.6M | $83.6M | ||
| Q1 25 | $-813.9M | $-10.2M | ||
| Q4 24 | $497.5M | $167.6M | ||
| Q3 24 | $-487.7M | $94.0M | ||
| Q2 24 | $-172.1M | $71.9M | ||
| Q1 24 | $-145.7M | $-37.0M |
自由现金流率FSLRGTES
| Q4 25 | 63.6% | 29.3% | ||
| Q3 25 | 67.1% | 9.4% | ||
| Q2 25 | -12.6% | 9.5% | ||
| Q1 25 | -96.4% | -1.2% | ||
| Q4 24 | 32.9% | 20.2% | ||
| Q3 24 | -54.9% | 11.3% | ||
| Q2 24 | -17.0% | 8.1% | ||
| Q1 24 | -18.4% | -4.3% |
资本支出强度FSLRGTES
| Q4 25 | 10.2% | 2.2% | ||
| Q3 25 | 12.8% | 2.0% | ||
| Q2 25 | 26.3% | 2.2% | ||
| Q1 25 | 24.4% | 2.1% | ||
| Q4 24 | 20.7% | 2.8% | ||
| Q3 24 | 48.9% | 2.6% | ||
| Q2 24 | 36.1% | 2.5% | ||
| Q1 24 | 52.1% | 1.9% |
现金转化率FSLRGTES
| Q4 25 | 2.38× | 5.26× | ||
| Q3 25 | 2.79× | 1.20× | ||
| Q2 25 | 0.44× | 1.82× | ||
| Q1 25 | -2.90× | 0.12× | ||
| Q4 24 | 2.06× | 5.22× | ||
| Q3 24 | -0.17× | 2.43× | ||
| Q2 24 | 0.55× | 1.33× | ||
| Q1 24 | 1.13× | -0.53× |
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
GTES
| Power Transmission Segment | $536.5M | 63% |
| Fluid Power Segment | $319.7M | 37% |
