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第一太阳能（FSLR）与高德纳（IT）财务数据对比。点击上方公司名可切换其他公司
高德纳的季度营收约是第一太阳能的1.0倍（$1.8B vs $1.7B），第一太阳能净利率更高（31.0% vs 13.8%，领先17.1%），第一太阳能同比增速更快（11.1% vs 2.2%），第一太阳能自由现金流更多（$1.1B vs $270.7M），过去两年第一太阳能的营收复合增速更高（45.6% vs 9.1%）
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。
高德纳是美国专注于商业与科技领域的研究咨询机构，服务客户覆盖大型企业、政府机构、科技公司、投资机构等群体，通过输出研究报告、举办行业峰会、提供定制咨询等形式，为客户决策提供权威专业的洞见支撑。
FSLR vs IT — 直观对比
营收规模更大
IT
是对方的1.0倍
$1.7B
营收增速更快
FSLR
高出9.0%
2.2%
净利率更高
FSLR
高出17.1%
13.8%
自由现金流更多
FSLR
多$799.5M
$270.7M
两年增速更快
FSLR
近两年复合增速
9.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.8B |
| 净利润 | $520.9M | $242.2M |
| 毛利率 | 39.5% | 67.8% |
| 营业利润率 | 32.6% | 19.1% |
| 净利率 | 31.0% | 13.8% |
| 营收同比 | 11.1% | 2.2% |
| 净利润同比 | 32.5% | -39.2% |
| 每股收益（稀释后） | $4.84 | $3.36 |
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FSLRIT
| Q4 25 | $1.7B | $1.8B | ||
| Q3 25 | $1.6B | $1.5B | ||
| Q2 25 | $1.1B | $1.7B | ||
| Q1 25 | $844.6M | $1.5B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $887.7M | $1.5B | ||
| Q2 24 | $1.0B | $1.6B | ||
| Q1 24 | $794.1M | $1.5B |
净利润FSLRIT
| Q4 25 | $520.9M | $242.2M | ||
| Q3 25 | $455.9M | $35.4M | ||
| Q2 25 | $341.9M | $240.8M | ||
| Q1 25 | $209.5M | $210.9M | ||
| Q4 24 | $393.1M | $398.6M | ||
| Q3 24 | $313.0M | $415.0M | ||
| Q2 24 | $349.4M | $229.5M | ||
| Q1 24 | $236.6M | $210.5M |
毛利率FSLRIT
| Q4 25 | 39.5% | 67.8% | ||
| Q3 25 | 38.3% | 69.3% | ||
| Q2 25 | 45.6% | 68.6% | ||
| Q1 25 | 40.8% | 69.4% | ||
| Q4 24 | 37.5% | 66.8% | ||
| Q3 24 | 50.2% | 68.4% | ||
| Q2 24 | 49.4% | 68.6% | ||
| Q1 24 | 43.6% | 69.4% |
营业利润率FSLRIT
| Q4 25 | 32.6% | 19.1% | ||
| Q3 25 | 29.2% | 5.7% | ||
| Q2 25 | 33.0% | 19.4% | ||
| Q1 25 | 26.2% | 18.1% | ||
| Q4 24 | 30.2% | 18.5% | ||
| Q3 24 | 36.3% | 16.6% | ||
| Q2 24 | 36.9% | 20.0% | ||
| Q1 24 | 30.6% | 18.6% |
净利率FSLRIT
| Q4 25 | 31.0% | 13.8% | ||
| Q3 25 | 28.6% | 2.3% | ||
| Q2 25 | 31.2% | 14.3% | ||
| Q1 25 | 24.8% | 13.7% | ||
| Q4 24 | 26.0% | 23.2% | ||
| Q3 24 | 35.3% | 28.0% | ||
| Q2 24 | 34.6% | 14.4% | ||
| Q1 24 | 29.8% | 14.3% |
每股收益（稀释后）FSLRIT
| Q4 25 | $4.84 | $3.36 | ||
| Q3 25 | $4.24 | $0.47 | ||
| Q2 25 | $3.18 | $3.11 | ||
| Q1 25 | $1.95 | $2.71 | ||
| Q4 24 | $3.66 | $5.08 | ||
| Q3 24 | $2.91 | $5.32 | ||
| Q2 24 | $3.25 | $2.93 | ||
| Q1 24 | $2.20 | $2.67 |
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 | $1.7B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.5B | $319.9M |
| 总资产 | $13.3B | $8.1B |
| 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FSLRIT
| Q4 25 | $2.8B | $1.7B | ||
| Q3 25 | $2.0B | $1.4B | ||
| Q2 25 | $1.1B | $2.2B | ||
| Q1 25 | $837.6M | $2.1B | ||
| Q4 24 | $1.6B | $1.9B | ||
| Q3 24 | $1.0B | $1.8B | ||
| Q2 24 | $1.7B | $1.2B | ||
| Q1 24 | $1.7B | $1.2B |
股东权益FSLRIT
| Q4 25 | $9.5B | $319.9M | ||
| Q3 25 | $9.0B | $556.6M | ||
| Q2 25 | $8.5B | $1.5B | ||
| Q1 25 | $8.2B | $1.5B | ||
| Q4 24 | $8.0B | $1.4B | ||
| Q3 24 | $7.6B | $1.1B | ||
| Q2 24 | $7.3B | $646.7M | ||
| Q1 24 | $6.9B | $718.2M |
总资产FSLRIT
| Q4 25 | $13.3B | $8.1B | ||
| Q3 25 | $13.5B | $7.2B | ||
| Q2 25 | $12.9B | $8.3B | ||
| Q1 25 | $12.1B | $8.5B | ||
| Q4 24 | $12.1B | $8.5B | ||
| Q3 24 | $11.4B | $7.8B | ||
| Q2 24 | $11.0B | $7.4B | ||
| Q1 24 | $10.8B | $7.7B |
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 | $294.5M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $270.7M |
| 自由现金流率自由现金流/营收 | 63.6% | 15.4% |
| 资本支出强度资本支出/营收 | 10.2% | 1.4% |
| 现金转化率经营现金流/净利润 | 2.38× | 1.22× |
| 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FSLRIT
| Q4 25 | $1.2B | $294.5M | ||
| Q3 25 | $1.3B | $298.7M | ||
| Q2 25 | $149.6M | $383.6M | ||
| Q1 25 | $-608.0M | $313.5M | ||
| Q4 24 | $811.0M | $335.4M | ||
| Q3 24 | $-53.7M | $590.8M | ||
| Q2 24 | $193.0M | $370.0M | ||
| Q1 24 | $267.7M | $188.8M |
自由现金流FSLRIT
| Q4 25 | $1.1B | $270.7M | ||
| Q3 25 | $1.1B | $269.3M | ||
| Q2 25 | $-138.6M | $347.3M | ||
| Q1 25 | $-813.9M | $287.9M | ||
| Q4 24 | $497.5M | $311.4M | ||
| Q3 24 | $-487.7M | $565.0M | ||
| Q2 24 | $-172.1M | $340.6M | ||
| Q1 24 | $-145.7M | $166.2M |
自由现金流率FSLRIT
| Q4 25 | 63.6% | 15.4% | ||
| Q3 25 | 67.1% | 17.7% | ||
| Q2 25 | -12.6% | 20.6% | ||
| Q1 25 | -96.4% | 18.8% | ||
| Q4 24 | 32.9% | 18.2% | ||
| Q3 24 | -54.9% | 38.1% | ||
| Q2 24 | -17.0% | 21.4% | ||
| Q1 24 | -18.4% | 11.3% |
资本支出强度FSLRIT
| Q4 25 | 10.2% | 1.4% | ||
| Q3 25 | 12.8% | 1.9% | ||
| Q2 25 | 26.3% | 2.1% | ||
| Q1 25 | 24.4% | 1.7% | ||
| Q4 24 | 20.7% | 1.4% | ||
| Q3 24 | 48.9% | 1.7% | ||
| Q2 24 | 36.1% | 1.8% | ||
| Q1 24 | 52.1% | 1.5% |
现金转化率FSLRIT
| Q4 25 | 2.38× | 1.22× | ||
| Q3 25 | 2.79× | 8.45× | ||
| Q2 25 | 0.44× | 1.59× | ||
| Q1 25 | -2.90× | 1.49× | ||
| Q4 24 | 2.06× | 0.84× | ||
| Q3 24 | -0.17× | 1.42× | ||
| Q2 24 | 0.55× | 1.61× | ||
| Q1 24 | 1.13× | 0.90× |
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
IT
| Transferred Over Time | $1.3B | 73% |
| Conferences | $286.2M | 16% |
| Consulting | $133.6M | 8% |
| Other | $52.3M | 3% |
