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第一太阳能（FSLR）与NVR, Inc.（NVR）财务数据对比。点击上方公司名可切换其他公司
NVR, Inc.的季度营收约是第一太阳能的1.6倍（$2.7B vs $1.7B），第一太阳能净利率更高（31.0% vs 13.4%，领先17.5%），第一太阳能同比增速更快（11.1% vs -4.7%），第一太阳能自由现金流更多（$1.1B vs $436.0M），过去两年第一太阳能的营收复合增速更高（45.6% vs 7.8%）
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。
NVR, Inc.是总部位于美国弗吉尼亚州雷斯顿的知名住宅建造企业，同时运营抵押贷款银行及产权服务相关业务。公司业务主要布局美国东海岸，覆盖14个州及华盛顿特区，2021年有22%的营收来自华盛顿大都会区。
FSLR vs NVR — 直观对比
营收规模更大
NVR
是对方的1.6倍
$1.7B
营收增速更快
FSLR
高出15.8%
-4.7%
净利率更高
FSLR
高出17.5%
13.4%
自由现金流更多
FSLR
多$634.1M
$436.0M
两年增速更快
FSLR
近两年复合增速
7.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $2.7B |
| 净利润 | $520.9M | $363.8M |
| 毛利率 | 39.5% | — |
| 营业利润率 | 32.6% | — |
| 净利率 | 31.0% | 13.4% |
| 营收同比 | 11.1% | -4.7% |
| 净利润同比 | 32.5% | -20.5% |
| 每股收益（稀释后） | $4.84 | $120.85 |
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FSLRNVR
| Q4 25 | $1.7B | $2.7B | ||
| Q3 25 | $1.6B | $2.6B | ||
| Q2 25 | $1.1B | $2.6B | ||
| Q1 25 | $844.6M | $2.4B | ||
| Q4 24 | $1.5B | $2.8B | ||
| Q3 24 | $887.7M | $2.7B | ||
| Q2 24 | $1.0B | $2.6B | ||
| Q1 24 | $794.1M | $2.3B |
净利润FSLRNVR
| Q4 25 | $520.9M | $363.8M | ||
| Q3 25 | $455.9M | $342.7M | ||
| Q2 25 | $341.9M | $333.7M | ||
| Q1 25 | $209.5M | $299.6M | ||
| Q4 24 | $393.1M | $457.4M | ||
| Q3 24 | $313.0M | $429.3M | ||
| Q2 24 | $349.4M | $400.9M | ||
| Q1 24 | $236.6M | $394.3M |
毛利率FSLRNVR
| 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FSLRNVR
| 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FSLRNVR
| Q4 25 | 31.0% | 13.4% | ||
| Q3 25 | 28.6% | 13.1% | ||
| Q2 25 | 31.2% | 12.8% | ||
| Q1 25 | 24.8% | 12.5% | ||
| Q4 24 | 26.0% | 16.1% | ||
| Q3 24 | 35.3% | 15.7% | ||
| Q2 24 | 34.6% | 15.3% | ||
| Q1 24 | 29.8% | 16.9% |
每股收益（稀释后）FSLRNVR
| Q4 25 | $4.84 | $120.85 | ||
| Q3 25 | $4.24 | $112.33 | ||
| Q2 25 | $3.18 | $108.54 | ||
| Q1 25 | $1.95 | $94.83 | ||
| Q4 24 | $3.66 | $139.09 | ||
| Q3 24 | $2.91 | $130.50 | ||
| Q2 24 | $3.25 | $120.69 | ||
| Q1 24 | $2.20 | $116.41 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.5B | $3.9B |
| 总资产 | $13.3B | $5.9B |
| 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FSLRNVR
| 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FSLRNVR
| Q4 25 | $9.5B | $3.9B | ||
| Q3 25 | $9.0B | $4.0B | ||
| Q2 25 | $8.5B | $3.8B | ||
| Q1 25 | $8.2B | $4.0B | ||
| Q4 24 | $8.0B | $4.2B | ||
| Q3 24 | $7.6B | $4.3B | ||
| Q2 24 | $7.3B | $4.1B | ||
| Q1 24 | $6.9B | $4.3B |
总资产FSLRNVR
| Q4 25 | $13.3B | $5.9B | ||
| Q3 25 | $13.5B | $6.0B | ||
| Q2 25 | $12.9B | $5.9B | ||
| Q1 25 | $12.1B | $6.2B | ||
| Q4 24 | $12.1B | $6.4B | ||
| Q3 24 | $11.4B | $6.5B | ||
| Q2 24 | $11.0B | $6.4B | ||
| Q1 24 | $10.8B | $6.5B |
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 | $439.7M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $436.0M |
| 自由现金流率自由现金流/营收 | 63.6% | 16.1% |
| 资本支出强度资本支出/营收 | 10.2% | 0.1% |
| 现金转化率经营现金流/净利润 | 2.38× | 1.21× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $1.1B |
8季度趋势，按日历期对齐
经营现金流FSLRNVR
| Q4 25 | $1.2B | $439.7M | ||
| Q3 25 | $1.3B | $438.7M | ||
| Q2 25 | $149.6M | $35.1M | ||
| Q1 25 | $-608.0M | $207.8M | ||
| Q4 24 | $811.0M | $637.0M | ||
| Q3 24 | $-53.7M | $358.3M | ||
| Q2 24 | $193.0M | $232.7M | ||
| Q1 24 | $267.7M | $146.5M |
自由现金流FSLRNVR
| Q4 25 | $1.1B | $436.0M | ||
| Q3 25 | $1.1B | $433.3M | ||
| Q2 25 | $-138.6M | $26.8M | ||
| Q1 25 | $-813.9M | $200.7M | ||
| Q4 24 | $497.5M | $631.5M | ||
| Q3 24 | $-487.7M | $350.1M | ||
| Q2 24 | $-172.1M | $226.3M | ||
| Q1 24 | $-145.7M | $137.5M |
自由现金流率FSLRNVR
| Q4 25 | 63.6% | 16.1% | ||
| Q3 25 | 67.1% | 16.6% | ||
| Q2 25 | -12.6% | 1.0% | ||
| Q1 25 | -96.4% | 8.4% | ||
| Q4 24 | 32.9% | 22.2% | ||
| Q3 24 | -54.9% | 12.8% | ||
| Q2 24 | -17.0% | 8.7% | ||
| Q1 24 | -18.4% | 5.9% |
资本支出强度FSLRNVR
| Q4 25 | 10.2% | 0.1% | ||
| Q3 25 | 12.8% | 0.2% | ||
| Q2 25 | 26.3% | 0.3% | ||
| Q1 25 | 24.4% | 0.3% | ||
| Q4 24 | 20.7% | 0.2% | ||
| Q3 24 | 48.9% | 0.3% | ||
| Q2 24 | 36.1% | 0.2% | ||
| Q1 24 | 52.1% | 0.4% |
现金转化率FSLRNVR
| Q4 25 | 2.38× | 1.21× | ||
| Q3 25 | 2.79× | 1.28× | ||
| Q2 25 | 0.44× | 0.11× | ||
| Q1 25 | -2.90× | 0.69× | ||
| Q4 24 | 2.06× | 1.39× | ||
| Q3 24 | -0.17× | 0.83× | ||
| Q2 24 | 0.55× | 0.58× | ||
| Q1 24 | 1.13× | 0.37× |
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
NVR
| Home Building Segment | $2.6B | 97% |
| Mortgage Banking Segment | $77.4M | 3% |
