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第一太阳能（FSLR）与美盛公司（MOS）财务数据对比。点击上方公司名可切换其他公司
美盛公司的季度营收约是第一太阳能的1.8倍（$3.0B vs $1.7B），第一太阳能净利率更高（31.0% vs -17.5%，领先48.4%），第一太阳能同比增速更快（11.1% vs 5.6%），第一太阳能自由现金流更多（$1.1B vs $-405.7M），过去两年第一太阳能的营收复合增速更高（45.6% vs 5.3%）
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。
美盛公司（The Mosaic Company）是总部位于美国佛罗里达州坦帕的化工企业，主营磷矿、钾矿开采及尿素采集，依托多元国际分销网络和旗下肥料业务板块生产销售农用肥料，是美国规模最大的钾肥、磷肥生产商。
FSLR vs MOS — 直观对比
营收规模更大
MOS
是对方的1.8倍
$1.7B
营收增速更快
FSLR
高出5.5%
5.6%
净利率更高
FSLR
高出48.4%
-17.5%
自由现金流更多
FSLR
多$1.5B
$-405.7M
两年增速更快
FSLR
近两年复合增速
5.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $3.0B |
| 净利润 | $520.9M | $-519.5M |
| 毛利率 | 39.5% | 11.5% |
| 营业利润率 | 32.6% | -3.4% |
| 净利率 | 31.0% | -17.5% |
| 营收同比 | 11.1% | 5.6% |
| 净利润同比 | 32.5% | -407.4% |
| 每股收益（稀释后） | $4.84 | $-1.63 |
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FSLRMOS
| Q4 25 | $1.7B | $3.0B | ||
| Q3 25 | $1.6B | $3.5B | ||
| Q2 25 | $1.1B | $3.0B | ||
| Q1 25 | $844.6M | $2.6B | ||
| Q4 24 | $1.5B | $2.8B | ||
| Q3 24 | $887.7M | $2.8B | ||
| Q2 24 | $1.0B | $2.8B | ||
| Q1 24 | $794.1M | $2.7B |
净利润FSLRMOS
| Q4 25 | $520.9M | $-519.5M | ||
| Q3 25 | $455.9M | $411.4M | ||
| Q2 25 | $341.9M | $410.7M | ||
| Q1 25 | $209.5M | $238.1M | ||
| Q4 24 | $393.1M | $169.0M | ||
| Q3 24 | $313.0M | $122.2M | ||
| Q2 24 | $349.4M | $-161.5M | ||
| Q1 24 | $236.6M | $45.2M |
毛利率FSLRMOS
| Q4 25 | 39.5% | 11.5% | ||
| Q3 25 | 38.3% | 16.0% | ||
| Q2 25 | 45.6% | 17.3% | ||
| Q1 25 | 40.8% | 18.6% | ||
| Q4 24 | 37.5% | 10.7% | ||
| Q3 24 | 50.2% | 14.8% | ||
| Q2 24 | 49.4% | 14.0% | ||
| Q1 24 | 43.6% | 14.9% |
营业利润率FSLRMOS
| Q4 25 | 32.6% | -3.4% | ||
| Q3 25 | 29.2% | 9.8% | ||
| Q2 25 | 33.0% | 8.1% | ||
| Q1 25 | 26.2% | 12.9% | ||
| Q4 24 | 30.2% | 3.5% | ||
| Q3 24 | 36.3% | 4.1% | ||
| Q2 24 | 36.9% | 8.3% | ||
| Q1 24 | 30.6% | 6.5% |
净利率FSLRMOS
| Q4 25 | 31.0% | -17.5% | ||
| Q3 25 | 28.6% | 11.9% | ||
| Q2 25 | 31.2% | 13.7% | ||
| Q1 25 | 24.8% | 9.1% | ||
| Q4 24 | 26.0% | 6.0% | ||
| Q3 24 | 35.3% | 4.3% | ||
| Q2 24 | 34.6% | -5.7% | ||
| Q1 24 | 29.8% | 1.7% |
每股收益（稀释后）FSLRMOS
| Q4 25 | $4.84 | $-1.63 | ||
| Q3 25 | $4.24 | $1.29 | ||
| Q2 25 | $3.18 | $1.29 | ||
| Q1 25 | $1.95 | $0.75 | ||
| Q4 24 | $3.66 | $0.53 | ||
| Q3 24 | $2.91 | $0.38 | ||
| Q2 24 | $3.25 | $-0.50 | ||
| Q1 24 | $2.20 | $0.14 |
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 | $276.6M |
| 总债务越低越好 | — | $4.3B |
| 股东权益账面价值 | $9.5B | $12.1B |
| 总资产 | $13.3B | $24.5B |
| 负债/权益比越低杠杆越低 | — | 0.35× |
8季度趋势，按日历期对齐
现金及短期投资FSLRMOS
| Q4 25 | $2.8B | $276.6M | ||
| Q3 25 | $2.0B | $153.3M | ||
| Q2 25 | $1.1B | $286.2M | ||
| Q1 25 | $837.6M | $259.2M | ||
| Q4 24 | $1.6B | $272.8M | ||
| Q3 24 | $1.0B | $301.6M | ||
| Q2 24 | $1.7B | $322.0M | ||
| Q1 24 | $1.7B | $336.7M |
总债务FSLRMOS
| Q4 25 | — | $4.3B | ||
| Q3 25 | — | $3.4B | ||
| Q2 25 | — | $3.3B | ||
| Q1 25 | — | $3.3B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | — | $3.2B | ||
| Q1 24 | — | $3.2B |
股东权益FSLRMOS
| Q4 25 | $9.5B | $12.1B | ||
| Q3 25 | $9.0B | $12.8B | ||
| Q2 25 | $8.5B | $12.4B | ||
| Q1 25 | $8.2B | $11.8B | ||
| Q4 24 | $8.0B | $11.5B | ||
| Q3 24 | $7.6B | $11.8B | ||
| Q2 24 | $7.3B | $11.7B | ||
| Q1 24 | $6.9B | $12.0B |
总资产FSLRMOS
| Q4 25 | $13.3B | $24.5B | ||
| Q3 25 | $13.5B | $24.7B | ||
| Q2 25 | $12.9B | $24.3B | ||
| Q1 25 | $12.1B | $23.2B | ||
| Q4 24 | $12.1B | $22.9B | ||
| Q3 24 | $11.4B | $23.3B | ||
| Q2 24 | $11.0B | $22.6B | ||
| Q1 24 | $10.8B | $22.9B |
负债/权益比FSLRMOS
| Q4 25 | — | 0.35× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 0.27× | ||
| Q1 25 | — | 0.28× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.27× |
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 | $-56.1M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $-405.7M |
| 自由现金流率自由现金流/营收 | 63.6% | -13.6% |
| 资本支出强度资本支出/营收 | 10.2% | 11.8% |
| 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 | $-534.6M |
8季度趋势，按日历期对齐
经营现金流FSLRMOS
| Q4 25 | $1.2B | $-56.1M | ||
| Q3 25 | $1.3B | $228.5M | ||
| Q2 25 | $149.6M | $609.5M | ||
| Q1 25 | $-608.0M | $42.9M | ||
| Q4 24 | $811.0M | $219.3M | ||
| Q3 24 | $-53.7M | $312.9M | ||
| Q2 24 | $193.0M | $847.0M | ||
| Q1 24 | $267.7M | $-80.0M |
自由现金流FSLRMOS
| Q4 25 | $1.1B | $-405.7M | ||
| Q3 25 | $1.1B | $-135.9M | ||
| Q2 25 | $-138.6M | $304.9M | ||
| Q1 25 | $-813.9M | $-297.9M | ||
| Q4 24 | $497.5M | $-74.8M | ||
| Q3 24 | $-487.7M | $72.1M | ||
| Q2 24 | $-172.1M | $513.1M | ||
| Q1 24 | $-145.7M | $-463.0M |
自由现金流率FSLRMOS
| Q4 25 | 63.6% | -13.6% | ||
| Q3 25 | 67.1% | -3.9% | ||
| Q2 25 | -12.6% | 10.1% | ||
| Q1 25 | -96.4% | -11.4% | ||
| Q4 24 | 32.9% | -2.7% | ||
| Q3 24 | -54.9% | 2.6% | ||
| Q2 24 | -17.0% | 18.2% | ||
| Q1 24 | -18.4% | -17.3% |
资本支出强度FSLRMOS
| Q4 25 | 10.2% | 11.8% | ||
| Q3 25 | 12.8% | 10.6% | ||
| Q2 25 | 26.3% | 10.1% | ||
| Q1 25 | 24.4% | 13.0% | ||
| Q4 24 | 20.7% | 10.4% | ||
| Q3 24 | 48.9% | 8.6% | ||
| Q2 24 | 36.1% | 11.9% | ||
| Q1 24 | 52.1% | 14.3% |
现金转化率FSLRMOS
| Q4 25 | 2.38× | — | ||
| Q3 25 | 2.79× | 0.56× | ||
| Q2 25 | 0.44× | 1.48× | ||
| Q1 25 | -2.90× | 0.18× | ||
| Q4 24 | 2.06× | 1.30× | ||
| Q3 24 | -0.17× | 2.56× | ||
| Q2 24 | 0.55× | — | ||
| Q1 24 | 1.13× | -1.77× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
