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第一太阳能（FSLR）与Host Hotels & Resorts（HST）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Host Hotels & Resorts的1.0倍（$1.7B vs $1.6B），第一太阳能净利率更高（31.0% vs 8.4%，领先22.5%），Host Hotels & Resorts同比增速更快（12.3% vs 11.1%），第一太阳能自由现金流更多（$1.1B vs $445.0M），过去两年第一太阳能的营收复合增速更高（45.6% vs 4.4%）
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。
Host Hotels & Resorts是总部位于美国马里兰州贝塞斯达的房地产投资信托企业，专注于高端酒店资产投资。截至2024年12月31日，公司在美国、巴西、加拿大共持有81家高端酒店，总客房数约4.34万间，是全球知名的酒店不动产投资机构。
FSLR vs HST — 直观对比
营收规模更大
FSLR
是对方的1.0倍
$1.6B
营收增速更快
HST
高出1.1%
11.1%
净利率更高
FSLR
高出22.5%
8.4%
自由现金流更多
FSLR
多$625.2M
$445.0M
两年增速更快
FSLR
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.6B |
| 净利润 | $520.9M | $135.0M |
| 毛利率 | 39.5% | — |
| 营业利润率 | 32.6% | 12.0% |
| 净利率 | 31.0% | 8.4% |
| 营收同比 | 11.1% | 12.3% |
| 净利润同比 | 32.5% | 25.0% |
| 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FSLRHST
| Q4 25 | $1.7B | $1.6B | ||
| Q3 25 | $1.6B | $1.3B | ||
| Q2 25 | $1.1B | $1.6B | ||
| Q1 25 | $844.6M | $1.6B | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $887.7M | $1.3B | ||
| Q2 24 | $1.0B | $1.5B | ||
| Q1 24 | $794.1M | $1.5B |
净利润FSLRHST
| Q4 25 | $520.9M | $135.0M | ||
| Q3 25 | $455.9M | $161.0M | ||
| Q2 25 | $341.9M | $221.0M | ||
| Q1 25 | $209.5M | $248.0M | ||
| Q4 24 | $393.1M | $108.0M | ||
| Q3 24 | $313.0M | $82.0M | ||
| Q2 24 | $349.4M | $239.0M | ||
| Q1 24 | $236.6M | $268.0M |
毛利率FSLRHST
| 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FSLRHST
| Q4 25 | 32.6% | 12.0% | ||
| Q3 25 | 29.2% | 7.6% | ||
| Q2 25 | 33.0% | 17.5% | ||
| Q1 25 | 26.2% | 17.9% | ||
| Q4 24 | 30.2% | 11.0% | ||
| Q3 24 | 36.3% | 10.2% | ||
| Q2 24 | 36.9% | 19.9% | ||
| Q1 24 | 30.6% | 19.8% |
净利率FSLRHST
| Q4 25 | 31.0% | 8.4% | ||
| Q3 25 | 28.6% | 12.1% | ||
| Q2 25 | 31.2% | 13.9% | ||
| Q1 25 | 24.8% | 15.6% | ||
| Q4 24 | 26.0% | 7.6% | ||
| Q3 24 | 35.3% | 6.2% | ||
| Q2 24 | 34.6% | 16.3% | ||
| Q1 24 | 29.8% | 18.2% |
每股收益（稀释后）FSLRHST
| Q4 25 | $4.84 | $0.20 | ||
| Q3 25 | $4.24 | $0.23 | ||
| Q2 25 | $3.18 | $0.32 | ||
| Q1 25 | $1.95 | $0.35 | ||
| Q4 24 | $3.66 | $0.15 | ||
| Q3 24 | $2.91 | $0.12 | ||
| Q2 24 | $3.25 | $0.34 | ||
| Q1 24 | $2.20 | $0.38 |
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 | $768.0M |
| 总债务越低越好 | — | $1.3B |
| 股东权益账面价值 | $9.5B | $6.6B |
| 总资产 | $13.3B | $13.0B |
| 负债/权益比越低杠杆越低 | — | 0.19× |
8季度趋势，按日历期对齐
现金及短期投资FSLRHST
| Q4 25 | $2.8B | $768.0M | ||
| Q3 25 | $2.0B | $539.0M | ||
| Q2 25 | $1.1B | $490.0M | ||
| Q1 25 | $837.6M | $428.0M | ||
| Q4 24 | $1.6B | $554.0M | ||
| Q3 24 | $1.0B | $564.0M | ||
| Q2 24 | $1.7B | $805.0M | ||
| Q1 24 | $1.7B | $1.3B |
总债务FSLRHST
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $896.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益FSLRHST
| Q4 25 | $9.5B | $6.6B | ||
| Q3 25 | $9.0B | $6.7B | ||
| Q2 25 | $8.5B | $6.6B | ||
| Q1 25 | $8.2B | $6.7B | ||
| Q4 24 | $8.0B | $6.6B | ||
| Q3 24 | $7.6B | $6.7B | ||
| Q2 24 | $7.3B | $6.8B | ||
| Q1 24 | $6.9B | $6.7B |
总资产FSLRHST
| Q4 25 | $13.3B | $13.0B | ||
| Q3 25 | $13.5B | $13.0B | ||
| Q2 25 | $12.9B | $13.0B | ||
| Q1 25 | $12.1B | $12.9B | ||
| Q4 24 | $12.1B | $13.0B | ||
| Q3 24 | $11.4B | $13.1B | ||
| Q2 24 | $11.0B | $12.4B | ||
| Q1 24 | $10.8B | $12.5B |
负债/权益比FSLRHST
| Q4 25 | — | 0.19× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.14× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $1.2B | $543.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $445.0M |
| 自由现金流率自由现金流/营收 | 63.6% | 27.8% |
| 资本支出强度资本支出/营收 | 10.2% | 6.1% |
| 现金转化率经营现金流/净利润 | 2.38× | 4.02× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $1.2B |
8季度趋势，按日历期对齐
经营现金流FSLRHST
| Q4 25 | $1.2B | $543.0M | ||
| Q3 25 | $1.3B | $218.0M | ||
| Q2 25 | $149.6M | $444.0M | ||
| Q1 25 | $-608.0M | $305.0M | ||
| Q4 24 | $811.0M | $331.0M | ||
| Q3 24 | $-53.7M | $349.0M | ||
| Q2 24 | $193.0M | $453.0M | ||
| Q1 24 | $267.7M | $365.0M |
自由现金流FSLRHST
| Q4 25 | $1.1B | $445.0M | ||
| Q3 25 | $1.1B | $143.0M | ||
| Q2 25 | $-138.6M | $381.0M | ||
| Q1 25 | $-813.9M | $259.0M | ||
| Q4 24 | $497.5M | $235.0M | ||
| Q3 24 | $-487.7M | $262.0M | ||
| Q2 24 | $-172.1M | $409.0M | ||
| Q1 24 | $-145.7M | $332.0M |
自由现金流率FSLRHST
| Q4 25 | 63.6% | 27.8% | ||
| Q3 25 | 67.1% | 10.7% | ||
| Q2 25 | -12.6% | 24.0% | ||
| Q1 25 | -96.4% | 16.2% | ||
| Q4 24 | 32.9% | 16.5% | ||
| Q3 24 | -54.9% | 19.9% | ||
| Q2 24 | -17.0% | 27.9% | ||
| Q1 24 | -18.4% | 22.6% |
资本支出强度FSLRHST
| Q4 25 | 10.2% | 6.1% | ||
| Q3 25 | 12.8% | 5.6% | ||
| Q2 25 | 26.3% | 4.0% | ||
| Q1 25 | 24.4% | 2.9% | ||
| Q4 24 | 20.7% | 6.7% | ||
| Q3 24 | 48.9% | 6.6% | ||
| Q2 24 | 36.1% | 3.0% | ||
| Q1 24 | 52.1% | 2.2% |
现金转化率FSLRHST
| Q4 25 | 2.38× | 4.02× | ||
| Q3 25 | 2.79× | 1.35× | ||
| Q2 25 | 0.44× | 2.01× | ||
| Q1 25 | -2.90× | 1.23× | ||
| Q4 24 | 2.06× | 3.06× | ||
| Q3 24 | -0.17× | 4.26× | ||
| Q2 24 | 0.55× | 1.90× | ||
| Q1 24 | 1.13× | 1.36× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
