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第一太阳能（FSLR）与MPLX LP（MPLX）财务数据对比。点击上方公司名可切换其他公司
MPLX LP的季度营收约是第一太阳能的1.5倍（$2.5B vs $1.7B），MPLX LP净利率更高（49.1% vs 31.0%，领先18.1%），第一太阳能同比增速更快（11.1% vs 1.4%），第一太阳能自由现金流更多（$1.1B vs $782.0M），过去两年第一太阳能的营收复合增速更高（45.6% vs 6.2%）
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。
MPLX LP旗下子公司MarkWest Energy Partners是美国业主有限合伙企业，主营天然气收集、加工及运输业务。该公司1988年成立于科罗拉多州丹佛市，曾发展为科罗拉多州第13大企业，2015年被马拉松石油旗下的MPLX收购。
FSLR vs MPLX — 直观对比
营收规模更大
MPLX
是对方的1.5倍
$1.7B
营收增速更快
FSLR
高出9.7%
1.4%
净利率更高
MPLX
高出18.1%
31.0%
自由现金流更多
FSLR
多$288.2M
$782.0M
两年增速更快
FSLR
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $2.5B |
| 净利润 | $520.9M | $1.2B |
| 毛利率 | 39.5% | — |
| 营业利润率 | 32.6% | 60.5% |
| 净利率 | 31.0% | 49.1% |
| 营收同比 | 11.1% | 1.4% |
| 净利润同比 | 32.5% | 8.5% |
| 每股收益（稀释后） | $4.84 | — |
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FSLRMPLX
| Q4 25 | $1.7B | $2.5B | ||
| Q3 25 | $1.6B | $2.5B | ||
| Q2 25 | $1.1B | $2.4B | ||
| Q1 25 | $844.6M | $2.5B | ||
| Q4 24 | $1.5B | $2.4B | ||
| Q3 24 | $887.7M | $2.3B | ||
| Q2 24 | $1.0B | $2.3B | ||
| Q1 24 | $794.1M | $2.2B |
净利润FSLRMPLX
| Q4 25 | $520.9M | $1.2B | ||
| Q3 25 | $455.9M | $1.6B | ||
| Q2 25 | $341.9M | $1.1B | ||
| Q1 25 | $209.5M | $1.1B | ||
| Q4 24 | $393.1M | $1.1B | ||
| Q3 24 | $313.0M | $1.0B | ||
| Q2 24 | $349.4M | $1.2B | ||
| Q1 24 | $236.6M | $1.0B |
毛利率FSLRMPLX
| Q4 25 | 39.5% | — | ||
| Q3 25 | 38.3% | — | ||
| Q2 25 | 45.6% | — | ||
| Q1 25 | 40.8% | — | ||
| Q4 24 | 37.5% | — | ||
| Q3 24 | 50.2% | — | ||
| Q2 24 | 49.4% | — | ||
| Q1 24 | 43.6% | — |
营业利润率FSLRMPLX
| Q4 25 | 32.6% | 60.5% | ||
| Q3 25 | 29.2% | 73.2% | ||
| Q2 25 | 33.0% | 54.9% | ||
| Q1 25 | 26.2% | 55.5% | ||
| Q4 24 | 30.2% | 55.6% | ||
| Q3 24 | 36.3% | 54.4% | ||
| Q2 24 | 36.9% | 62.9% | ||
| Q1 24 | 30.6% | 57.6% |
净利率FSLRMPLX
| Q4 25 | 31.0% | 49.1% | ||
| Q3 25 | 28.6% | 63.2% | ||
| Q2 25 | 31.2% | 44.9% | ||
| Q1 25 | 24.8% | 46.2% | ||
| Q4 24 | 26.0% | 45.9% | ||
| Q3 24 | 35.3% | 44.6% | ||
| Q2 24 | 34.6% | 52.6% | ||
| Q1 24 | 29.8% | 46.7% |
每股收益（稀释后）FSLRMPLX
| Q4 25 | $4.84 | — | ||
| Q3 25 | $4.24 | — | ||
| Q2 25 | $3.18 | — | ||
| Q1 25 | $1.95 | — | ||
| Q4 24 | $3.66 | — | ||
| Q3 24 | $2.91 | — | ||
| Q2 24 | $3.25 | — | ||
| Q1 24 | $2.20 | — |
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 | $2.1B |
| 总债务越低越好 | — | $24.2B |
| 股东权益账面价值 | $9.5B | — |
| 总资产 | $13.3B | $43.0B |
| 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FSLRMPLX
| Q4 25 | $2.8B | $2.1B | ||
| Q3 25 | $2.0B | $1.8B | ||
| Q2 25 | $1.1B | $1.4B | ||
| Q1 25 | $837.6M | $2.5B | ||
| Q4 24 | $1.6B | $1.5B | ||
| Q3 24 | $1.0B | $2.4B | ||
| Q2 24 | $1.7B | $2.5B | ||
| Q1 24 | $1.7B | $385.0M |
总债务FSLRMPLX
| Q4 25 | — | $24.2B | ||
| Q3 25 | — | $24.1B | ||
| Q2 25 | — | $19.7B | ||
| Q1 25 | — | $19.7B | ||
| Q4 24 | — | $19.3B | ||
| Q3 24 | — | $19.3B | ||
| Q2 24 | — | $19.2B | ||
| Q1 24 | — | $18.8B |
股东权益FSLRMPLX
| Q4 25 | $9.5B | — | ||
| Q3 25 | $9.0B | — | ||
| Q2 25 | $8.5B | — | ||
| Q1 25 | $8.2B | — | ||
| Q4 24 | $8.0B | — | ||
| Q3 24 | $7.6B | — | ||
| Q2 24 | $7.3B | — | ||
| Q1 24 | $6.9B | — |
总资产FSLRMPLX
| Q4 25 | $13.3B | $43.0B | ||
| Q3 25 | $13.5B | $43.2B | ||
| Q2 25 | $12.9B | $37.8B | ||
| Q1 25 | $12.1B | $39.0B | ||
| Q4 24 | $12.1B | $37.5B | ||
| Q3 24 | $11.4B | $38.5B | ||
| Q2 24 | $11.0B | $38.4B | ||
| Q1 24 | $10.8B | $36.5B |
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 | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $782.0M |
| 自由现金流率自由现金流/营收 | 63.6% | 31.9% |
| 资本支出强度资本支出/营收 | 10.2% | 29.1% |
| 现金转化率经营现金流/净利润 | 2.38× | 1.24× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $4.1B |
8季度趋势，按日历期对齐
经营现金流FSLRMPLX
| Q4 25 | $1.2B | $1.5B | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $149.6M | $1.7B | ||
| Q1 25 | $-608.0M | $1.2B | ||
| Q4 24 | $811.0M | $1.7B | ||
| Q3 24 | $-53.7M | $1.4B | ||
| Q2 24 | $193.0M | $1.6B | ||
| Q1 24 | $267.7M | $1.3B |
自由现金流FSLRMPLX
| Q4 25 | $1.1B | $782.0M | ||
| Q3 25 | $1.1B | $905.0M | ||
| Q2 25 | $-138.6M | $1.4B | ||
| Q1 25 | $-813.9M | $979.0M | ||
| Q4 24 | $497.5M | $1.4B | ||
| Q3 24 | $-487.7M | $1.1B | ||
| Q2 24 | $-172.1M | $1.4B | ||
| Q1 24 | $-145.7M | $1.0B |
自由现金流率FSLRMPLX
| Q4 25 | 63.6% | 31.9% | ||
| Q3 25 | 67.1% | 36.8% | ||
| Q2 25 | -12.6% | 60.9% | ||
| Q1 25 | -96.4% | 39.8% | ||
| Q4 24 | 32.9% | 56.6% | ||
| Q3 24 | -54.9% | 48.4% | ||
| Q2 24 | -17.0% | 60.0% | ||
| Q1 24 | -18.4% | 47.7% |
资本支出强度FSLRMPLX
| Q4 25 | 10.2% | 29.1% | ||
| Q3 25 | 12.8% | 21.4% | ||
| Q2 25 | 26.3% | 12.8% | ||
| Q1 25 | 24.4% | 10.9% | ||
| Q4 24 | 20.7% | 12.7% | ||
| Q3 24 | 48.9% | 11.9% | ||
| Q2 24 | 36.1% | 9.4% | ||
| Q1 24 | 52.1% | 11.7% |
现金转化率FSLRMPLX
| Q4 25 | 2.38× | 1.24× | ||
| Q3 25 | 2.79× | 0.92× | ||
| Q2 25 | 0.44× | 1.64× | ||
| Q1 25 | -2.90× | 1.10× | ||
| Q4 24 | 2.06× | 1.51× | ||
| Q3 24 | -0.17× | 1.35× | ||
| Q2 24 | 0.55× | 1.32× | ||
| Q1 24 | 1.13× | 1.27× |
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
MPLX
| Services | $746.0M | 30% |
| Other | $675.0M | 28% |
| Products | $492.0M | 20% |
| Nonrelated Party | $186.0M | 8% |
| Related Party | $151.0M | 6% |
| Crude Oil And Products Logistics | $104.0M | 4% |
| Service Other | $56.0M | 2% |
| Natural Gas And NGL Services | $41.0M | 2% |
