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第一太阳能（FSLR）与Martin Marietta Materials（MLM）财务数据对比。点击上方公司名可切换其他公司
Martin Marietta Materials的季度营收约是第一太阳能的1.3倍（$1.4B vs $1.0B），Martin Marietta Materials净利率更高（111.1% vs 33.2%，领先77.9%），第一太阳能同比增速更快（23.6% vs 17.0%），过去两年第一太阳能的营收复合增速更高（1.7% vs -12.1%）
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。
马丁·玛丽埃塔材料公司是美国大型集料及重型建筑材料供应商，业务覆盖美国26个州、加拿大及加勒比地区，主要为道路、人行道、地基等各类基建项目提供所需原材料。
FSLR vs MLM — 直观对比
营收规模更大
MLM
是对方的1.3倍
$1.0B
营收增速更快
FSLR
高出6.6%
17.0%
净利率更高
MLM
高出77.9%
33.2%
两年增速更快
FSLR
近两年复合增速
-12.1%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $1.4B |
| 净利润 | $346.6M | $1.5B |
| 毛利率 | 46.6% | 22.8% |
| 营业利润率 | 33.1% | 11.9% |
| 净利率 | 33.2% | 111.1% |
| 营收同比 | 23.6% | 17.0% |
| 净利润同比 | 65.4% | — |
| 每股收益（稀释后） | $3.22 | — |
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FSLRMLM
| Q1 26 | $1.0B | $1.4B | ||
| Q4 25 | $1.7B | $1.1B | ||
| Q3 25 | $1.6B | $1.8B | ||
| Q2 25 | $1.1B | $1.8B | ||
| Q1 25 | $844.6M | $1.4B | ||
| Q4 24 | $1.5B | $1.6B | ||
| Q3 24 | $887.7M | $1.9B | ||
| Q2 24 | $1.0B | $1.8B |
净利润FSLRMLM
| Q1 26 | $346.6M | $1.5B | ||
| Q4 25 | $520.9M | $279.0M | ||
| Q3 25 | $455.9M | $414.0M | ||
| Q2 25 | $341.9M | $328.0M | ||
| Q1 25 | $209.5M | $116.0M | ||
| Q4 24 | $393.1M | $293.0M | ||
| Q3 24 | $313.0M | $363.0M | ||
| Q2 24 | $349.4M | $294.0M |
毛利率FSLRMLM
| Q1 26 | 46.6% | 22.8% | ||
| Q4 25 | 39.5% | 35.0% | ||
| Q3 25 | 38.3% | 33.1% | ||
| Q2 25 | 45.6% | 30.0% | ||
| Q1 25 | 40.8% | 24.8% | ||
| Q4 24 | 37.5% | 30.0% | ||
| Q3 24 | 50.2% | 31.7% | ||
| Q2 24 | 49.4% | 29.3% |
营业利润率FSLRMLM
| Q1 26 | 33.1% | 11.9% | ||
| Q4 25 | 32.6% | 24.6% | ||
| Q3 25 | 29.2% | 27.4% | ||
| Q2 25 | 33.0% | 25.3% | ||
| Q1 25 | 26.2% | 14.3% | ||
| Q4 24 | 30.2% | 24.4% | ||
| Q3 24 | 36.3% | 25.9% | ||
| Q2 24 | 36.9% | 22.6% |
净利率FSLRMLM
| Q1 26 | 33.2% | 111.1% | ||
| Q4 25 | 31.0% | 24.5% | ||
| Q3 25 | 28.6% | 22.4% | ||
| Q2 25 | 31.2% | 18.1% | ||
| Q1 25 | 24.8% | 8.6% | ||
| Q4 24 | 26.0% | 18.0% | ||
| Q3 24 | 35.3% | 19.2% | ||
| Q2 24 | 34.6% | 16.7% |
每股收益（稀释后）FSLRMLM
| Q1 26 | $3.22 | — | ||
| Q4 25 | $4.84 | $4.59 | ||
| Q3 25 | $4.24 | $6.85 | ||
| Q2 25 | $3.18 | $5.43 | ||
| Q1 25 | $1.95 | $1.90 | ||
| Q4 24 | $3.66 | $4.87 | ||
| Q3 24 | $2.91 | $5.91 | ||
| Q2 24 | $3.25 | $4.76 |
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 | $273.0M |
| 总债务越低越好 | $425.8M | $0 |
| 股东权益账面价值 | $9.9B | $11.3B |
| 总资产 | $13.4B | $20.5B |
| 负债/权益比越低杠杆越低 | 0.04× | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资FSLRMLM
| Q1 26 | $2.4B | $273.0M | ||
| Q4 25 | $2.8B | $67.0M | ||
| Q3 25 | $2.0B | $57.0M | ||
| Q2 25 | $1.1B | $225.0M | ||
| Q1 25 | $837.6M | $101.0M | ||
| Q4 24 | $1.6B | $670.0M | ||
| Q3 24 | $1.0B | $52.0M | ||
| Q2 24 | $1.7B | $109.0M |
总债务FSLRMLM
| Q1 26 | $425.8M | $0 | ||
| Q4 25 | — | $5.3B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $5.4B | ||
| Q1 25 | — | $5.4B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.3B |
股东权益FSLRMLM
| Q1 26 | $9.9B | $11.3B | ||
| Q4 25 | $9.5B | $10.0B | ||
| Q3 25 | $9.0B | $9.7B | ||
| Q2 25 | $8.5B | $9.4B | ||
| Q1 25 | $8.2B | $9.1B | ||
| Q4 24 | $8.0B | $9.5B | ||
| Q3 24 | $7.6B | $9.2B | ||
| Q2 24 | $7.3B | $8.8B |
总资产FSLRMLM
| Q1 26 | $13.4B | $20.5B | ||
| Q4 25 | $13.3B | $18.7B | ||
| Q3 25 | $13.5B | $18.7B | ||
| Q2 25 | $12.9B | $18.1B | ||
| Q1 25 | $12.1B | $17.7B | ||
| Q4 24 | $12.1B | $18.2B | ||
| Q3 24 | $11.4B | $16.5B | ||
| Q2 24 | $11.0B | $16.3B |
负债/权益比FSLRMLM
| Q1 26 | 0.04× | 0.00× | ||
| Q4 25 | — | 0.53× | ||
| Q3 25 | — | 0.57× | ||
| Q2 25 | — | 0.58× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.57× | ||
| Q3 24 | — | 0.44× | ||
| Q2 24 | — | 0.49× |
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 | $227.0M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | 40.4% |
| 现金转化率经营现金流/净利润 | -0.62× | 0.15× |
| 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FSLRMLM
| Q1 26 | $-214.9M | $227.0M | ||
| Q4 25 | $1.2B | $629.0M | ||
| Q3 25 | $1.3B | $551.0M | ||
| Q2 25 | $149.6M | $387.0M | ||
| Q1 25 | $-608.0M | $218.0M | ||
| Q4 24 | $811.0M | $686.0M | ||
| Q3 24 | $-53.7M | $600.0M | ||
| Q2 24 | $193.0M | $1.0M |
自由现金流FSLRMLM
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $424.0M | ||
| Q3 25 | $1.1B | $361.0M | ||
| Q2 25 | $-138.6M | $208.0M | ||
| Q1 25 | $-813.9M | $-15.0M | ||
| Q4 24 | $497.5M | $453.0M | ||
| Q3 24 | $-487.7M | $317.0M | ||
| Q2 24 | $-172.1M | $-138.0M |
自由现金流率FSLRMLM
| Q1 26 | — | — | ||
| Q4 25 | 63.6% | 37.2% | ||
| Q3 25 | 67.1% | 19.6% | ||
| Q2 25 | -12.6% | 11.5% | ||
| Q1 25 | -96.4% | -1.1% | ||
| Q4 24 | 32.9% | 27.8% | ||
| Q3 24 | -54.9% | 16.8% | ||
| Q2 24 | -17.0% | -7.8% |
资本支出强度FSLRMLM
| Q1 26 | — | 40.4% | ||
| Q4 25 | 10.2% | 18.0% | ||
| Q3 25 | 12.8% | 10.3% | ||
| Q2 25 | 26.3% | 9.9% | ||
| Q1 25 | 24.4% | 17.2% | ||
| Q4 24 | 20.7% | 14.3% | ||
| Q3 24 | 48.9% | 15.0% | ||
| Q2 24 | 36.1% | 7.9% |
现金转化率FSLRMLM
| Q1 26 | -0.62× | 0.15× | ||
| Q4 25 | 2.38× | 2.25× | ||
| Q3 25 | 2.79× | 1.33× | ||
| Q2 25 | 0.44× | 1.18× | ||
| Q1 25 | -2.90× | 1.88× | ||
| Q4 24 | 2.06× | 2.34× | ||
| Q3 24 | -0.17× | 1.65× | ||
| Q2 24 | 0.55× | 0.00× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
