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第一太阳能（FSLR）与MIDDLEBY Corp（MIDD）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MIDDLEBY Corp的1.9倍（$1.7B vs $866.4M），第一太阳能净利率更高（31.0% vs 4.3%，领先26.7%），第一太阳能同比增速更快（11.1% vs -30.6%），第一太阳能自由现金流更多（$1.1B vs $165.5M），过去两年第一太阳能的营收复合增速更高（45.6% vs -3.3%）
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。
美国Middleby公司是总部位于伊利诺伊州埃尔金的上市企业，主营商用烹饪设备、工业加工设备及民用家电，其商用烹饪设备业务覆盖美国及全球前100家餐饮连锁品牌中的97家，是全球餐饮设备领域的领先供应商。
FSLR vs MIDD — 直观对比
营收规模更大
FSLR
是对方的1.9倍
$866.4M
营收增速更快
FSLR
高出41.7%
-30.6%
净利率更高
FSLR
高出26.7%
4.3%
自由现金流更多
FSLR
多$904.6M
$165.5M
两年增速更快
FSLR
近两年复合增速
-3.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $866.4M |
| 净利润 | $520.9M | $36.9M |
| 毛利率 | 39.5% | 38.8% |
| 营业利润率 | 32.6% | 17.3% |
| 净利率 | 31.0% | 4.3% |
| 营收同比 | 11.1% | -30.6% |
| 净利润同比 | 32.5% | -67.1% |
| 每股收益（稀释后） | $4.84 | $0.74 |
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FSLRMIDD
| Q4 25 | $1.7B | $866.4M | ||
| Q3 25 | $1.6B | $982.1M | ||
| Q2 25 | $1.1B | $977.9M | ||
| Q1 25 | $844.6M | $906.6M | ||
| Q4 24 | $1.5B | $1.0B | ||
| Q3 24 | $887.7M | $942.8M | ||
| Q2 24 | $1.0B | $991.5M | ||
| Q1 24 | $794.1M | $926.9M |
净利润FSLRMIDD
| Q4 25 | $520.9M | $36.9M | ||
| Q3 25 | $455.9M | $-513.0M | ||
| Q2 25 | $341.9M | $106.0M | ||
| Q1 25 | $209.5M | $92.4M | ||
| Q4 24 | $393.1M | $112.3M | ||
| Q3 24 | $313.0M | $114.2M | ||
| Q2 24 | $349.4M | $115.4M | ||
| Q1 24 | $236.6M | $86.6M |
毛利率FSLRMIDD
| Q4 25 | 39.5% | 38.8% | ||
| Q3 25 | 38.3% | 36.8% | ||
| Q2 25 | 45.6% | 38.0% | ||
| Q1 25 | 40.8% | 38.2% | ||
| Q4 24 | 37.5% | 38.4% | ||
| Q3 24 | 50.2% | 37.7% | ||
| Q2 24 | 49.4% | 38.3% | ||
| Q1 24 | 43.6% | 37.4% |
营业利润率FSLRMIDD
| Q4 25 | 32.6% | 17.3% | ||
| Q3 25 | 29.2% | -56.4% | ||
| Q2 25 | 33.0% | 15.9% | ||
| Q1 25 | 26.2% | 15.5% | ||
| Q4 24 | 30.2% | 16.8% | ||
| Q3 24 | 36.3% | 18.4% | ||
| Q2 24 | 36.9% | 17.7% | ||
| Q1 24 | 30.6% | 14.8% |
净利率FSLRMIDD
| Q4 25 | 31.0% | 4.3% | ||
| Q3 25 | 28.6% | -52.2% | ||
| Q2 25 | 31.2% | 10.8% | ||
| Q1 25 | 24.8% | 10.2% | ||
| Q4 24 | 26.0% | 11.1% | ||
| Q3 24 | 35.3% | 12.1% | ||
| Q2 24 | 34.6% | 11.6% | ||
| Q1 24 | 29.8% | 9.3% |
每股收益（稀释后）FSLRMIDD
| Q4 25 | $4.84 | $0.74 | ||
| Q3 25 | $4.24 | $-10.15 | ||
| Q2 25 | $3.18 | $1.99 | ||
| Q1 25 | $1.95 | $1.69 | ||
| Q4 24 | $3.66 | $2.07 | ||
| Q3 24 | $2.91 | $2.11 | ||
| Q2 24 | $3.25 | $2.13 | ||
| Q1 24 | $2.20 | $1.59 |
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 | $222.2M |
| 总债务越低越好 | — | $2.2B |
| 股东权益账面价值 | $9.5B | $2.8B |
| 总资产 | $13.3B | $6.3B |
| 负债/权益比越低杠杆越低 | — | 0.78× |
8季度趋势，按日历期对齐
现金及短期投资FSLRMIDD
| Q4 25 | $2.8B | $222.2M | ||
| Q3 25 | $2.0B | $175.1M | ||
| Q2 25 | $1.1B | $511.5M | ||
| Q1 25 | $837.6M | $745.1M | ||
| Q4 24 | $1.6B | $689.5M | ||
| Q3 24 | $1.0B | $606.0M | ||
| Q2 24 | $1.7B | $459.5M | ||
| Q1 24 | $1.7B | $341.0M |
总债务FSLRMIDD
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益FSLRMIDD
| Q4 25 | $9.5B | $2.8B | ||
| Q3 25 | $9.0B | $2.9B | ||
| Q2 25 | $8.5B | $3.6B | ||
| Q1 25 | $8.2B | $3.7B | ||
| Q4 24 | $8.0B | $3.6B | ||
| Q3 24 | $7.6B | $3.6B | ||
| Q2 24 | $7.3B | $3.4B | ||
| Q1 24 | $6.9B | $3.3B |
总资产FSLRMIDD
| Q4 25 | $13.3B | $6.3B | ||
| Q3 25 | $13.5B | $6.4B | ||
| Q2 25 | $12.9B | $7.3B | ||
| Q1 25 | $12.1B | $7.4B | ||
| Q4 24 | $12.1B | $7.3B | ||
| Q3 24 | $11.4B | $7.2B | ||
| Q2 24 | $11.0B | $7.0B | ||
| Q1 24 | $10.8B | $6.9B |
负债/权益比FSLRMIDD
| Q4 25 | — | 0.78× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.66× | ||
| 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 | — |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $165.5M |
| 自由现金流率自由现金流/营收 | 63.6% | 19.1% |
| 资本支出强度资本支出/营收 | 10.2% | 1.5% |
| 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 | $530.1M |
8季度趋势，按日历期对齐
经营现金流FSLRMIDD
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.3B | $176.3M | ||
| Q2 25 | $149.6M | $122.0M | ||
| Q1 25 | $-608.0M | $141.1M | ||
| Q4 24 | $811.0M | $239.7M | ||
| Q3 24 | $-53.7M | $156.7M | ||
| Q2 24 | $193.0M | $149.5M | ||
| Q1 24 | $267.7M | $140.9M |
自由现金流FSLRMIDD
| Q4 25 | $1.1B | $165.5M | ||
| Q3 25 | $1.1B | $156.1M | ||
| Q2 25 | $-138.6M | $101.1M | ||
| Q1 25 | $-813.9M | $107.4M | ||
| Q4 24 | $497.5M | $226.6M | ||
| Q3 24 | $-487.7M | $145.2M | ||
| Q2 24 | $-172.1M | $138.6M | ||
| Q1 24 | $-145.7M | $127.2M |
自由现金流率FSLRMIDD
| Q4 25 | 63.6% | 19.1% | ||
| Q3 25 | 67.1% | 15.9% | ||
| Q2 25 | -12.6% | 10.3% | ||
| Q1 25 | -96.4% | 11.8% | ||
| Q4 24 | 32.9% | 22.3% | ||
| Q3 24 | -54.9% | 15.4% | ||
| Q2 24 | -17.0% | 14.0% | ||
| Q1 24 | -18.4% | 13.7% |
资本支出强度FSLRMIDD
| Q4 25 | 10.2% | 1.5% | ||
| Q3 25 | 12.8% | 2.1% | ||
| Q2 25 | 26.3% | 2.1% | ||
| Q1 25 | 24.4% | 3.7% | ||
| Q4 24 | 20.7% | 1.3% | ||
| Q3 24 | 48.9% | 1.2% | ||
| Q2 24 | 36.1% | 1.1% | ||
| Q1 24 | 52.1% | 1.5% |
现金转化率FSLRMIDD
| Q4 25 | 2.38× | — | ||
| Q3 25 | 2.79× | — | ||
| Q2 25 | 0.44× | 1.15× | ||
| Q1 25 | -2.90× | 1.53× | ||
| Q4 24 | 2.06× | 2.13× | ||
| Q3 24 | -0.17× | 1.37× | ||
| Q2 24 | 0.55× | 1.30× | ||
| Q1 24 | 1.13× | 1.63× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
