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第一太阳能（FSLR）与凯悦酒店集团（H）财务数据对比。点击上方公司名可切换其他公司
凯悦酒店集团的季度营收约是第一太阳能的1.1倍（$1.8B vs $1.7B），第一太阳能净利率更高（31.0% vs -1.1%，领先32.1%），凯悦酒店集团同比增速更快（11.7% vs 11.1%），第一太阳能自由现金流更多（$1.1B vs $236.0M），过去两年第一太阳能的营收复合增速更高（45.6% vs 2.2%）
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。
凯悦酒店集团是来自美国的跨国酒店管理企业，总部位于芝加哥河畔广场区域，由普利兹克家族运营管理。集团主营高端及商务酒店、度假村、度假物业的管理与特许经营业务，目前在全球69个国家拥有逾1350家酒店及一价全包物业，覆盖六大洲。
FSLR vs H — 直观对比
营收规模更大
H
是对方的1.1倍
$1.7B
营收增速更快
H
高出0.5%
11.1%
净利率更高
FSLR
高出32.1%
-1.1%
自由现金流更多
FSLR
多$834.2M
$236.0M
两年增速更快
FSLR
近两年复合增速
2.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.8B |
| 净利润 | $520.9M | $-20.0M |
| 毛利率 | 39.5% | — |
| 营业利润率 | 32.6% | 0.4% |
| 净利率 | 31.0% | -1.1% |
| 营收同比 | 11.1% | 11.7% |
| 净利润同比 | 32.5% | 64.3% |
| 每股收益（稀释后） | $4.84 | $-0.20 |
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FSLRH
| Q4 25 | $1.7B | $1.8B | ||
| Q3 25 | $1.6B | $1.8B | ||
| Q2 25 | $1.1B | $1.8B | ||
| Q1 25 | $844.6M | $1.7B | ||
| Q4 24 | $1.5B | $1.6B | ||
| Q3 24 | $887.7M | $1.6B | ||
| Q2 24 | $1.0B | $1.7B | ||
| Q1 24 | $794.1M | $1.7B |
净利润FSLRH
| Q4 25 | $520.9M | $-20.0M | ||
| Q3 25 | $455.9M | $-49.0M | ||
| Q2 25 | $341.9M | $-3.0M | ||
| Q1 25 | $209.5M | $20.0M | ||
| Q4 24 | $393.1M | $-56.0M | ||
| Q3 24 | $313.0M | $471.0M | ||
| Q2 24 | $349.4M | $359.0M | ||
| Q1 24 | $236.6M | $522.0M |
毛利率FSLRH
| 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% | — | ||
| Q1 24 | 43.6% | — |
营业利润率FSLRH
| Q4 25 | 32.6% | 0.4% | ||
| Q3 25 | 29.2% | -1.0% | ||
| Q2 25 | 33.0% | 2.1% | ||
| Q1 25 | 26.2% | 3.0% | ||
| Q4 24 | 30.2% | -3.0% | ||
| Q3 24 | 36.3% | 37.3% | ||
| Q2 24 | 36.9% | 27.1% | ||
| Q1 24 | 30.6% | 31.6% |
净利率FSLRH
| Q4 25 | 31.0% | -1.1% | ||
| Q3 25 | 28.6% | -2.7% | ||
| Q2 25 | 31.2% | -0.2% | ||
| Q1 25 | 24.8% | 1.2% | ||
| Q4 24 | 26.0% | -3.5% | ||
| Q3 24 | 35.3% | 28.9% | ||
| Q2 24 | 34.6% | 21.1% | ||
| Q1 24 | 29.8% | 30.5% |
每股收益（稀释后）FSLRH
| Q4 25 | $4.84 | $-0.20 | ||
| Q3 25 | $4.24 | $-0.51 | ||
| Q2 25 | $3.18 | $-0.03 | ||
| Q1 25 | $1.95 | $0.19 | ||
| Q4 24 | $3.66 | $-0.37 | ||
| Q3 24 | $2.91 | $4.63 | ||
| Q2 24 | $3.25 | $3.46 | ||
| Q1 24 | $2.20 | $4.93 |
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 | $813.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.5B | $3.3B |
| 总资产 | $13.3B | $14.0B |
| 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FSLRH
| Q4 25 | $2.8B | $813.0M | ||
| Q3 25 | $2.0B | $749.0M | ||
| Q2 25 | $1.1B | $912.0M | ||
| Q1 25 | $837.6M | $1.8B | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $1.0B | $1.1B | ||
| Q2 24 | $1.7B | $2.0B | ||
| Q1 24 | $1.7B | $794.0M |
总债务FSLRH
| Q4 25 | — | — | ||
| Q3 25 | — | $6.0B | ||
| Q2 25 | — | $6.0B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $3.8B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | — | $3.1B |
股东权益FSLRH
| Q4 25 | $9.5B | $3.3B | ||
| Q3 25 | $9.0B | $3.5B | ||
| Q2 25 | $8.5B | $3.6B | ||
| Q1 25 | $8.2B | $3.5B | ||
| Q4 24 | $8.0B | $3.5B | ||
| Q3 24 | $7.6B | $3.7B | ||
| Q2 24 | $7.3B | $3.9B | ||
| Q1 24 | $6.9B | $3.7B |
总资产FSLRH
| Q4 25 | $13.3B | $14.0B | ||
| Q3 25 | $13.5B | $15.7B | ||
| Q2 25 | $12.9B | $15.9B | ||
| Q1 25 | $12.1B | $14.0B | ||
| Q4 24 | $12.1B | $13.3B | ||
| Q3 24 | $11.4B | $11.9B | ||
| Q2 24 | $11.0B | $12.8B | ||
| Q1 24 | $10.8B | $11.7B |
负债/权益比FSLRH
| Q4 25 | — | — | ||
| Q3 25 | — | 1.73× | ||
| Q2 25 | — | 1.69× | ||
| Q1 25 | — | 1.25× | ||
| Q4 24 | — | 1.07× | ||
| Q3 24 | — | 0.85× | ||
| Q2 24 | — | 1.01× | ||
| Q1 24 | — | 0.84× |
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 | $313.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $236.0M |
| 自由现金流率自由现金流/营收 | 63.6% | 13.2% |
| 资本支出强度资本支出/营收 | 10.2% | 4.3% |
| 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 | $1.2B | $159.0M |
8季度趋势，按日历期对齐
经营现金流FSLRH
| Q4 25 | $1.2B | $313.0M | ||
| Q3 25 | $1.3B | $-20.0M | ||
| Q2 25 | $149.6M | $-67.0M | ||
| Q1 25 | $-608.0M | $153.0M | ||
| Q4 24 | $811.0M | $235.0M | ||
| Q3 24 | $-53.7M | $-21.0M | ||
| Q2 24 | $193.0M | $177.0M | ||
| Q1 24 | $267.7M | $242.0M |
自由现金流FSLRH
| Q4 25 | $1.1B | $236.0M | ||
| Q3 25 | $1.1B | $-89.0M | ||
| Q2 25 | $-138.6M | $-111.0M | ||
| Q1 25 | $-813.9M | $123.0M | ||
| Q4 24 | $497.5M | $184.0M | ||
| Q3 24 | $-487.7M | $-64.0M | ||
| Q2 24 | $-172.1M | $135.0M | ||
| Q1 24 | $-145.7M | $208.0M |
自由现金流率FSLRH
| Q4 25 | 63.6% | 13.2% | ||
| Q3 25 | 67.1% | -5.0% | ||
| Q2 25 | -12.6% | -6.1% | ||
| Q1 25 | -96.4% | 7.2% | ||
| Q4 24 | 32.9% | 11.5% | ||
| Q3 24 | -54.9% | -3.9% | ||
| Q2 24 | -17.0% | 7.9% | ||
| Q1 24 | -18.4% | 12.1% |
资本支出强度FSLRH
| Q4 25 | 10.2% | 4.3% | ||
| Q3 25 | 12.8% | 3.9% | ||
| Q2 25 | 26.3% | 2.4% | ||
| Q1 25 | 24.4% | 1.7% | ||
| Q4 24 | 20.7% | 3.2% | ||
| Q3 24 | 48.9% | 2.6% | ||
| Q2 24 | 36.1% | 2.5% | ||
| Q1 24 | 52.1% | 2.0% |
现金转化率FSLRH
| Q4 25 | 2.38× | — | ||
| Q3 25 | 2.79× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | -2.90× | 7.65× | ||
| Q4 24 | 2.06× | — | ||
| Q3 24 | -0.17× | -0.04× | ||
| Q2 24 | 0.55× | 0.49× | ||
| Q1 24 | 1.13× | 0.46× |
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
H
| Other | $627.0M | 35% |
| Rooms Revenue | $326.0M | 18% |
| Net Fees | $290.0M | 16% |
| Distribution Segment | $177.0M | 10% |
| Franchise And Other Fees | $114.0M | 6% |
| Base Management Fees | $112.0M | 6% |
| Incentive Management Fees | $81.0M | 5% |
| Other Owned And Leased Hotel Revenue | $41.0M | 2% |
| Contra Revenue | $17.0M | 1% |
| Other Revenues | $4.0M | 0% |
