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第一太阳能（FSLR）与Meritage Homes CORP（MTH）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Meritage Homes CORP的1.2倍（$1.7B vs $1.4B），第一太阳能净利率更高（31.0% vs 17.7%，领先13.2%），第一太阳能同比增速更快（11.1% vs 10.5%），第一太阳能自由现金流更多（$1.1B vs $-225.4M）
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。
Meritage Homes Corporation是美国上市房地产开发企业，主营全美范围内各类独栋住宅建造业务，按2023年房屋销量计算为美国第五大住宅建筑商，同时在亚利桑那州开发活跃长者社区及高端地产项目。
FSLR vs MTH — 直观对比
营收规模更大
FSLR
是对方的1.2倍
$1.4B
营收增速更快
FSLR
高出0.6%
10.5%
净利率更高
FSLR
高出13.2%
17.7%
自由现金流更多
FSLR
多$1.3B
$-225.4M
损益表 — Q4 FY2025 vs Q2 FY2022
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.4B |
| 净利润 | $520.9M | $250.1M |
| 毛利率 | 39.5% | 31.5% |
| 营业利润率 | 32.6% | 23.5% |
| 净利率 | 31.0% | 17.7% |
| 营收同比 | 11.1% | 10.5% |
| 净利润同比 | 32.5% | 49.4% |
| 每股收益（稀释后） | $4.84 | $6.77 |
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FSLRMTH
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $844.6M | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $887.7M | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $794.1M | — |
净利润FSLRMTH
| Q4 25 | $520.9M | — | ||
| Q3 25 | $455.9M | — | ||
| Q2 25 | $341.9M | — | ||
| Q1 25 | $209.5M | — | ||
| Q4 24 | $393.1M | — | ||
| Q3 24 | $313.0M | — | ||
| Q2 24 | $349.4M | — | ||
| Q1 24 | $236.6M | — |
毛利率FSLRMTH
| 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FSLRMTH
| Q4 25 | 32.6% | — | ||
| Q3 25 | 29.2% | — | ||
| Q2 25 | 33.0% | — | ||
| Q1 25 | 26.2% | — | ||
| Q4 24 | 30.2% | — | ||
| Q3 24 | 36.3% | — | ||
| Q2 24 | 36.9% | — | ||
| Q1 24 | 30.6% | — |
净利率FSLRMTH
| Q4 25 | 31.0% | — | ||
| Q3 25 | 28.6% | — | ||
| Q2 25 | 31.2% | — | ||
| Q1 25 | 24.8% | — | ||
| Q4 24 | 26.0% | — | ||
| Q3 24 | 35.3% | — | ||
| Q2 24 | 34.6% | — | ||
| Q1 24 | 29.8% | — |
每股收益（稀释后）FSLRMTH
| 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 | $272.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.5B | $3.4B |
| 总资产 | $13.3B | $5.3B |
| 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FSLRMTH
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $837.6M | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.7B | — |
股东权益FSLRMTH
| 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FSLRMTH
| Q4 25 | $13.3B | — | ||
| Q3 25 | $13.5B | — | ||
| Q2 25 | $12.9B | — | ||
| Q1 25 | $12.1B | — | ||
| Q4 24 | $12.1B | — | ||
| Q3 24 | $11.4B | — | ||
| Q2 24 | $11.0B | — | ||
| Q1 24 | $10.8B | — |
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 | $-219.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $-225.4M |
| 自由现金流率自由现金流/营收 | 63.6% | -16.0% |
| 资本支出强度资本支出/营收 | 10.2% | 0.5% |
| 现金转化率经营现金流/净利润 | 2.38× | -0.88× |
| 过去12个月自由现金流最近4个季度 | $1.2B | — |
8季度趋势，按日历期对齐
经营现金流FSLRMTH
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $149.6M | — | ||
| Q1 25 | $-608.0M | — | ||
| Q4 24 | $811.0M | — | ||
| Q3 24 | $-53.7M | — | ||
| Q2 24 | $193.0M | — | ||
| Q1 24 | $267.7M | — |
自由现金流FSLRMTH
| 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 | — | ||
| Q1 24 | $-145.7M | — |
自由现金流率FSLRMTH
| 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% | — | ||
| Q1 24 | -18.4% | — |
资本支出强度FSLRMTH
| 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% | — | ||
| Q1 24 | 52.1% | — |
现金转化率FSLRMTH
| Q4 25 | 2.38× | — | ||
| Q3 25 | 2.79× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | -2.90× | — | ||
| Q4 24 | 2.06× | — | ||
| Q3 24 | -0.17× | — | ||
| Q2 24 | 0.55× | — | ||
| Q1 24 | 1.13× | — |
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
MTH
| Home Building | $1.4B | 100% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $9.8M | 1% |
| Financial Service | $5.1M | 0% |
| Land Closing | $3.4M | 0% |
