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第一太阳能（FSLR）与NEWMARK GROUP, INC.（NMRK）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NEWMARK GROUP, INC.的2.0倍（$1.7B vs $859.5M），第一太阳能净利率更高（31.0% vs 7.9%，领先23.0%），NEWMARK GROUP, INC.同比增速更快（18.1% vs 11.1%），第一太阳能自由现金流更多（$1.1B vs $608.8M），过去两年第一太阳能的营收复合增速更高（45.6% vs 38.2%）
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。
纽马克集团是一家总部位于纽约的全球性商业地产咨询及服务企业，旗下业务以Newmark品牌开展，在纳斯达克全球精选市场上市，股票代码为NMRK，为全球客户提供商业地产领域的多元专业服务。
FSLR vs NMRK — 直观对比
营收规模更大
FSLR
是对方的2.0倍
$859.5M
营收增速更快
NMRK
高出7.0%
11.1%
净利率更高
FSLR
高出23.0%
7.9%
自由现金流更多
FSLR
多$461.3M
$608.8M
两年增速更快
FSLR
近两年复合增速
38.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $859.5M |
| 净利润 | $520.9M | $68.0M |
| 毛利率 | 39.5% | — |
| 营业利润率 | 32.6% | 14.4% |
| 净利率 | 31.0% | 7.9% |
| 营收同比 | 11.1% | 18.1% |
| 净利润同比 | 32.5% | 49.7% |
| 每股收益（稀释后） | $4.84 | $0.37 |
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FSLRNMRK
| Q4 25 | $1.7B | $859.5M | ||
| Q3 25 | $1.6B | $715.0M | ||
| Q2 25 | $1.1B | $639.6M | ||
| Q1 25 | $844.6M | $556.2M | ||
| Q4 24 | $1.5B | $727.5M | ||
| Q3 24 | $887.7M | $568.0M | ||
| Q2 24 | $1.0B | $527.3M | ||
| Q1 24 | $794.1M | $450.2M |
净利润FSLRNMRK
| Q4 25 | $520.9M | $68.0M | ||
| Q3 25 | $455.9M | $46.2M | ||
| Q2 25 | $341.9M | $20.8M | ||
| Q1 25 | $209.5M | $-8.8M | ||
| Q4 24 | $393.1M | $45.4M | ||
| Q3 24 | $313.0M | $17.8M | ||
| Q2 24 | $349.4M | $14.3M | ||
| Q1 24 | $236.6M | $-16.3M |
毛利率FSLRNMRK
| 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FSLRNMRK
| Q4 25 | 32.6% | 14.4% | ||
| Q3 25 | 29.2% | 11.9% | ||
| Q2 25 | 33.0% | 6.7% | ||
| Q1 25 | 26.2% | -3.1% | ||
| Q4 24 | 30.2% | 14.3% | ||
| Q3 24 | 36.3% | 7.2% | ||
| Q2 24 | 36.9% | 7.7% | ||
| Q1 24 | 30.6% | -5.0% |
净利率FSLRNMRK
| Q4 25 | 31.0% | 7.9% | ||
| Q3 25 | 28.6% | 6.5% | ||
| Q2 25 | 31.2% | 3.3% | ||
| Q1 25 | 24.8% | -1.6% | ||
| Q4 24 | 26.0% | 6.2% | ||
| Q3 24 | 35.3% | 3.1% | ||
| Q2 24 | 34.6% | 2.7% | ||
| Q1 24 | 29.8% | -3.6% |
每股收益（稀释后）FSLRNMRK
| Q4 25 | $4.84 | $0.37 | ||
| Q3 25 | $4.24 | $0.25 | ||
| Q2 25 | $3.18 | $0.11 | ||
| Q1 25 | $1.95 | $-0.05 | ||
| Q4 24 | $3.66 | $0.25 | ||
| Q3 24 | $2.91 | $0.10 | ||
| Q2 24 | $3.25 | $0.08 | ||
| Q1 24 | $2.20 | $-0.09 |
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 | $229.1M |
| 总债务越低越好 | — | $671.7M |
| 股东权益账面价值 | $9.5B | $1.5B |
| 总资产 | $13.3B | $5.0B |
| 负债/权益比越低杠杆越低 | — | 0.46× |
8季度趋势，按日历期对齐
现金及短期投资FSLRNMRK
| Q4 25 | $2.8B | $229.1M | ||
| Q3 25 | $2.0B | $224.1M | ||
| Q2 25 | $1.1B | $195.8M | ||
| Q1 25 | $837.6M | $157.1M | ||
| Q4 24 | $1.6B | $197.7M | ||
| Q3 24 | $1.0B | $178.6M | ||
| Q2 24 | $1.7B | $176.4M | ||
| Q1 24 | $1.7B | $140.9M |
总债务FSLRNMRK
| Q4 25 | — | $671.7M | ||
| Q3 25 | — | $746.5M | ||
| Q2 25 | — | $871.2M | ||
| Q1 25 | — | $770.9M | ||
| Q4 24 | — | $670.7M | ||
| Q3 24 | — | $770.4M | ||
| Q2 24 | — | $745.2M | ||
| Q1 24 | — | $670.2M |
股东权益FSLRNMRK
| Q4 25 | $9.5B | $1.5B | ||
| Q3 25 | $9.0B | $1.4B | ||
| Q2 25 | $8.5B | $1.3B | ||
| Q1 25 | $8.2B | $1.3B | ||
| Q4 24 | $8.0B | $1.2B | ||
| Q3 24 | $7.6B | $1.2B | ||
| Q2 24 | $7.3B | $1.2B | ||
| Q1 24 | $6.9B | $1.2B |
总资产FSLRNMRK
| Q4 25 | $13.3B | $5.0B | ||
| Q3 25 | $13.5B | $5.5B | ||
| Q2 25 | $12.9B | $5.4B | ||
| Q1 25 | $12.1B | $4.8B | ||
| Q4 24 | $12.1B | $4.7B | ||
| Q3 24 | $11.4B | $5.0B | ||
| Q2 24 | $11.0B | $4.8B | ||
| Q1 24 | $10.8B | $4.4B |
负债/权益比FSLRNMRK
| Q4 25 | — | 0.46× | ||
| Q3 25 | — | 0.55× | ||
| Q2 25 | — | 0.68× | ||
| Q1 25 | — | 0.58× | ||
| Q4 24 | — | 0.56× | ||
| Q3 24 | — | 0.66× | ||
| Q2 24 | — | 0.62× | ||
| Q1 24 | — | 0.54× |
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 | $618.5M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $608.8M |
| 自由现金流率自由现金流/营收 | 63.6% | 70.8% |
| 资本支出强度资本支出/营收 | 10.2% | 1.1% |
| 现金转化率经营现金流/净利润 | 2.38× | 9.10× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $142.6M |
8季度趋势，按日历期对齐
经营现金流FSLRNMRK
| Q4 25 | $1.2B | $618.5M | ||
| Q3 25 | $1.3B | $112.6M | ||
| Q2 25 | $149.6M | $-379.7M | ||
| Q1 25 | $-608.0M | $-179.4M | ||
| Q4 24 | $811.0M | $402.6M | ||
| Q3 24 | $-53.7M | $-85.2M | ||
| Q2 24 | $193.0M | $-258.5M | ||
| Q1 24 | $267.7M | $-68.8M |
自由现金流FSLRNMRK
| Q4 25 | $1.1B | $608.8M | ||
| Q3 25 | $1.1B | $104.9M | ||
| Q2 25 | $-138.6M | $-386.2M | ||
| Q1 25 | $-813.9M | $-184.8M | ||
| Q4 24 | $497.5M | $396.6M | ||
| Q3 24 | $-487.7M | $-94.4M | ||
| Q2 24 | $-172.1M | $-267.8M | ||
| Q1 24 | $-145.7M | $-75.8M |
自由现金流率FSLRNMRK
| Q4 25 | 63.6% | 70.8% | ||
| Q3 25 | 67.1% | 14.7% | ||
| Q2 25 | -12.6% | -60.4% | ||
| Q1 25 | -96.4% | -33.2% | ||
| Q4 24 | 32.9% | 54.5% | ||
| Q3 24 | -54.9% | -16.6% | ||
| Q2 24 | -17.0% | -50.8% | ||
| Q1 24 | -18.4% | -16.8% |
资本支出强度FSLRNMRK
| Q4 25 | 10.2% | 1.1% | ||
| Q3 25 | 12.8% | 1.1% | ||
| Q2 25 | 26.3% | 1.0% | ||
| Q1 25 | 24.4% | 1.0% | ||
| Q4 24 | 20.7% | 0.8% | ||
| Q3 24 | 48.9% | 1.6% | ||
| Q2 24 | 36.1% | 1.8% | ||
| Q1 24 | 52.1% | 1.6% |
现金转化率FSLRNMRK
| Q4 25 | 2.38× | 9.10× | ||
| Q3 25 | 2.79× | 2.44× | ||
| Q2 25 | 0.44× | -18.24× | ||
| Q1 25 | -2.90× | — | ||
| Q4 24 | 2.06× | 8.86× | ||
| Q3 24 | -0.17× | -4.79× | ||
| Q2 24 | 0.55× | -18.10× | ||
| 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
NMRK
| Management Services | $263.1M | 31% |
| Investment Advice | $200.1M | 23% |
| Mortgage Brokerage And Debt Placement | $83.1M | 10% |
| Servicing Fees And Other | $80.7M | 9% |
| GB | $69.0M | 8% |
| Other Geographical Areas | $63.6M | 7% |
| Servicing | $36.2M | 4% |
| Other | $34.2M | 4% |
| Loan Originations Related Fees And Sales Premiums Net | $29.6M | 3% |
