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第一太阳能（FSLR）与美泰（MAT）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美泰的1.2倍（$1.0B vs $862.2M），第一太阳能净利率更高（33.2% vs 7.1%，领先26.1%），第一太阳能同比增速更快（23.6% vs 4.3%），过去两年第一太阳能的营收复合增速更高（1.7% vs -10.6%）
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。
美泰是美国知名玩具及娱乐企业，旗下影视制作部门美泰影业运营时间为2018年9月6日至2025年6月2日。其前身为2013年10月16日成立的美泰Playground Productions，更早可追溯至美泰娱乐、美泰工作室等集团原有娱乐业务品牌。
FSLR vs MAT — 直观对比
营收规模更大
FSLR
是对方的1.2倍
$862.2M
营收增速更快
FSLR
高出19.3%
4.3%
净利率更高
FSLR
高出26.1%
7.1%
两年增速更快
FSLR
近两年复合增速
-10.6%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $862.2M |
| 净利润 | $346.6M | $61.0M |
| 毛利率 | 46.6% | 44.9% |
| 营业利润率 | 33.1% | — |
| 净利率 | 33.2% | 7.1% |
| 营收同比 | 23.6% | 4.3% |
| 净利润同比 | 65.4% | 251.4% |
| 每股收益（稀释后） | $3.22 | $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FSLRMAT
| Q1 26 | $1.0B | $862.2M | ||
| Q4 25 | $1.7B | $1.8B | ||
| Q3 25 | $1.6B | $1.7B | ||
| Q2 25 | $1.1B | $1.0B | ||
| Q1 25 | $844.6M | $826.6M | ||
| Q4 24 | $1.5B | $1.6B | ||
| Q3 24 | $887.7M | $1.8B | ||
| Q2 24 | $1.0B | $1.1B |
净利润FSLRMAT
| Q1 26 | $346.6M | $61.0M | ||
| Q4 25 | $520.9M | $106.2M | ||
| Q3 25 | $455.9M | $278.4M | ||
| Q2 25 | $341.9M | $53.4M | ||
| Q1 25 | $209.5M | $-40.3M | ||
| Q4 24 | $393.1M | $140.9M | ||
| Q3 24 | $313.0M | $372.4M | ||
| Q2 24 | $349.4M | $56.9M |
毛利率FSLRMAT
| Q1 26 | 46.6% | 44.9% | ||
| Q4 25 | 39.5% | 45.9% | ||
| Q3 25 | 38.3% | 50.0% | ||
| Q2 25 | 45.6% | 50.9% | ||
| Q1 25 | 40.8% | 49.4% | ||
| Q4 24 | 37.5% | 50.7% | ||
| Q3 24 | 50.2% | 53.1% | ||
| Q2 24 | 49.4% | 49.2% |
营业利润率FSLRMAT
| Q1 26 | 33.1% | — | ||
| Q4 25 | 32.6% | 8.0% | ||
| Q3 25 | 29.2% | 21.9% | ||
| Q2 25 | 33.0% | 7.7% | ||
| Q1 25 | 26.2% | -6.4% | ||
| Q4 24 | 30.2% | 9.6% | ||
| Q3 24 | 36.3% | 26.5% | ||
| Q2 24 | 36.9% | 7.7% |
净利率FSLRMAT
| Q1 26 | 33.2% | 7.1% | ||
| Q4 25 | 31.0% | 6.0% | ||
| Q3 25 | 28.6% | 16.0% | ||
| Q2 25 | 31.2% | 5.2% | ||
| Q1 25 | 24.8% | -4.9% | ||
| Q4 24 | 26.0% | 8.6% | ||
| Q3 24 | 35.3% | 20.2% | ||
| Q2 24 | 34.6% | 5.3% |
每股收益（稀释后）FSLRMAT
| Q1 26 | $3.22 | $0.20 | ||
| Q4 25 | $4.84 | $0.32 | ||
| Q3 25 | $4.24 | $0.88 | ||
| Q2 25 | $3.18 | $0.16 | ||
| Q1 25 | $1.95 | $-0.12 | ||
| Q4 24 | $3.66 | $0.40 | ||
| Q3 24 | $2.91 | $1.09 | ||
| Q2 24 | $3.25 | $0.17 |
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 | $866.0M |
| 总债务越低越好 | $425.8M | $2.3B |
| 股东权益账面价值 | $9.9B | $2.1B |
| 总资产 | $13.4B | $6.3B |
| 负债/权益比越低杠杆越低 | 0.04× | 1.11× |
8季度趋势，按日历期对齐
现金及短期投资FSLRMAT
| Q1 26 | $2.4B | $866.0M | ||
| Q4 25 | $2.8B | $1.2B | ||
| Q3 25 | $2.0B | $691.9M | ||
| Q2 25 | $1.1B | $870.5M | ||
| Q1 25 | $837.6M | $1.2B | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $1.0B | $723.5M | ||
| Q2 24 | $1.7B | $722.4M |
总债务FSLRMAT
| Q1 26 | $425.8M | $2.3B | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B |
股东权益FSLRMAT
| Q1 26 | $9.9B | $2.1B | ||
| Q4 25 | $9.5B | $2.2B | ||
| Q3 25 | $9.0B | $2.3B | ||
| Q2 25 | $8.5B | $2.2B | ||
| Q1 25 | $8.2B | $2.1B | ||
| Q4 24 | $8.0B | $2.3B | ||
| Q3 24 | $7.6B | $2.3B | ||
| Q2 24 | $7.3B | $2.0B |
总资产FSLRMAT
| Q1 26 | $13.4B | $6.3B | ||
| Q4 25 | $13.3B | $6.6B | ||
| Q3 25 | $13.5B | $6.6B | ||
| Q2 25 | $12.9B | $6.2B | ||
| Q1 25 | $12.1B | $6.2B | ||
| Q4 24 | $12.1B | $6.5B | ||
| Q3 24 | $11.4B | $6.5B | ||
| Q2 24 | $11.0B | $5.9B |
负债/权益比FSLRMAT
| Q1 26 | 0.04× | 1.11× | ||
| Q4 25 | — | 1.04× | ||
| Q3 25 | — | 1.03× | ||
| Q2 25 | — | 1.08× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | — | 1.01× | ||
| Q2 24 | — | 1.18× |
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 | — | $-88.1M |
| 自由现金流率自由现金流/营收 | — | -10.2% |
| 资本支出强度资本支出/营收 | — | 7.6% |
| 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FSLRMAT
| Q1 26 | $-214.9M | — | ||
| Q4 25 | $1.2B | $796.6M | ||
| Q3 25 | $1.3B | $72.0M | ||
| Q2 25 | $149.6M | $-300.1M | ||
| Q1 25 | $-608.0M | $24.8M | ||
| Q4 24 | $811.0M | $862.1M | ||
| Q3 24 | $-53.7M | $155.8M | ||
| Q2 24 | $193.0M | $-252.9M |
自由现金流FSLRMAT
| Q1 26 | — | $-88.1M | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $-138.6M | — | ||
| Q1 25 | $-813.9M | — | ||
| Q4 24 | $497.5M | — | ||
| Q3 24 | $-487.7M | — | ||
| Q2 24 | $-172.1M | — |
自由现金流率FSLRMAT
| Q1 26 | — | -10.2% | ||
| Q4 25 | 63.6% | — | ||
| Q3 25 | 67.1% | — | ||
| Q2 25 | -12.6% | — | ||
| Q1 25 | -96.4% | — | ||
| Q4 24 | 32.9% | — | ||
| Q3 24 | -54.9% | — | ||
| Q2 24 | -17.0% | — |
资本支出强度FSLRMAT
| Q1 26 | — | 7.6% | ||
| Q4 25 | 10.2% | — | ||
| Q3 25 | 12.8% | — | ||
| Q2 25 | 26.3% | — | ||
| Q1 25 | 24.4% | — | ||
| Q4 24 | 20.7% | — | ||
| Q3 24 | 48.9% | — | ||
| Q2 24 | 36.1% | — |
现金转化率FSLRMAT
| Q1 26 | -0.62× | — | ||
| Q4 25 | 2.38× | 7.50× | ||
| Q3 25 | 2.79× | 0.26× | ||
| Q2 25 | 0.44× | -5.62× | ||
| Q1 25 | -2.90× | — | ||
| Q4 24 | 2.06× | 6.12× | ||
| Q3 24 | -0.17× | 0.42× | ||
| Q2 24 | 0.55× | -4.45× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
