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第一太阳能（FSLR）与欧文斯科宁（OC）财务数据对比。点击上方公司名可切换其他公司
欧文斯科宁的季度营收约是第一太阳能的1.3倍（$2.1B vs $1.7B），第一太阳能净利率更高（31.0% vs -13.9%，领先44.9%），第一太阳能同比增速更快（11.1% vs -24.6%），第一太阳能自由现金流更多（$1.1B vs $333.0M），过去两年第一太阳能的营收复合增速更高（45.6% vs -3.5%）
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。
欧文斯科宁是美国知名建材及复合材料企业，1935年由康宁玻璃厂与欧文斯-伊利诺伊公司合资组建。主营保温材料、屋面材料、玻璃纤维复合材料及相关产品，是全球最大的玻璃纤维复合材料生产商，全球员工约1.9万人，自1955年《财富》500强榜单创立以来连年上榜。
FSLR vs OC — 直观对比
营收规模更大
OC
是对方的1.3倍
$1.7B
营收增速更快
FSLR
高出35.7%
-24.6%
净利率更高
FSLR
高出44.9%
-13.9%
自由现金流更多
FSLR
多$737.2M
$333.0M
两年增速更快
FSLR
近两年复合增速
-3.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $2.1B |
| 净利润 | $520.9M | $-298.0M |
| 毛利率 | 39.5% | 23.2% |
| 营业利润率 | 32.6% | -10.5% |
| 净利率 | 31.0% | -13.9% |
| 营收同比 | 11.1% | -24.6% |
| 净利润同比 | 32.5% | -15.5% |
| 每股收益（稀释后） | $4.84 | $-3.47 |
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FSLROC
| Q4 25 | $1.7B | $2.1B | ||
| Q3 25 | $1.6B | $2.7B | ||
| Q2 25 | $1.1B | $2.7B | ||
| Q1 25 | $844.6M | $2.5B | ||
| Q4 24 | $1.5B | $2.8B | ||
| Q3 24 | $887.7M | $3.0B | ||
| Q2 24 | $1.0B | $2.8B | ||
| Q1 24 | $794.1M | $2.3B |
净利润FSLROC
| Q4 25 | $520.9M | $-298.0M | ||
| Q3 25 | $455.9M | $-494.0M | ||
| Q2 25 | $341.9M | $363.0M | ||
| Q1 25 | $209.5M | $-93.0M | ||
| Q4 24 | $393.1M | $-258.0M | ||
| Q3 24 | $313.0M | $321.0M | ||
| Q2 24 | $349.4M | $285.0M | ||
| Q1 24 | $236.6M | $299.0M |
毛利率FSLROC
| Q4 25 | 39.5% | 23.2% | ||
| Q3 25 | 38.3% | 28.2% | ||
| Q2 25 | 45.6% | 31.2% | ||
| Q1 25 | 40.8% | 28.7% | ||
| Q4 24 | 37.5% | 28.1% | ||
| Q3 24 | 50.2% | 29.8% | ||
| Q2 24 | 49.4% | 31.1% | ||
| Q1 24 | 43.6% | 29.6% |
营业利润率FSLROC
| Q4 25 | 32.6% | -10.5% | ||
| Q3 25 | 29.2% | -12.2% | ||
| Q2 25 | 33.0% | 18.4% | ||
| Q1 25 | 26.2% | 16.1% | ||
| Q4 24 | 30.2% | -8.5% | ||
| Q3 24 | 36.3% | 16.7% | ||
| Q2 24 | 36.9% | 16.4% | ||
| Q1 24 | 30.6% | 17.5% |
净利率FSLROC
| Q4 25 | 31.0% | -13.9% | ||
| Q3 25 | 28.6% | -18.4% | ||
| Q2 25 | 31.2% | 13.2% | ||
| Q1 25 | 24.8% | -3.7% | ||
| Q4 24 | 26.0% | -9.1% | ||
| Q3 24 | 35.3% | 10.5% | ||
| Q2 24 | 34.6% | 10.2% | ||
| Q1 24 | 29.8% | 13.0% |
每股收益（稀释后）FSLROC
| Q4 25 | $4.84 | $-3.47 | ||
| Q3 25 | $4.24 | $-5.92 | ||
| Q2 25 | $3.18 | $4.25 | ||
| Q1 25 | $1.95 | $-1.08 | ||
| Q4 24 | $3.66 | $-2.92 | ||
| Q3 24 | $2.91 | $3.65 | ||
| Q2 24 | $3.25 | $3.24 | ||
| Q1 24 | $2.20 | $3.40 |
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 | $345.0M |
| 总债务越低越好 | — | $4.7B |
| 股东权益账面价值 | $9.5B | $3.9B |
| 总资产 | $13.3B | $13.0B |
| 负债/权益比越低杠杆越低 | — | 1.22× |
8季度趋势，按日历期对齐
现金及短期投资FSLROC
| Q4 25 | $2.8B | $345.0M | ||
| Q3 25 | $2.0B | $286.0M | ||
| Q2 25 | $1.1B | $230.0M | ||
| Q1 25 | $837.6M | $400.0M | ||
| Q4 24 | $1.6B | $361.0M | ||
| Q3 24 | $1.0B | $499.0M | ||
| Q2 24 | $1.7B | $254.0M | ||
| Q1 24 | $1.7B | $1.3B |
总债务FSLROC
| Q4 25 | — | $4.7B | ||
| Q3 25 | — | $4.7B | ||
| Q2 25 | — | $5.1B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | $5.0B | ||
| Q2 24 | — | $5.0B | ||
| Q1 24 | — | $2.6B |
股东权益FSLROC
| Q4 25 | $9.5B | $3.9B | ||
| Q3 25 | $9.0B | $4.4B | ||
| Q2 25 | $8.5B | $5.2B | ||
| Q1 25 | $8.2B | $4.9B | ||
| Q4 24 | $8.0B | $5.1B | ||
| Q3 24 | $7.6B | $5.6B | ||
| Q2 24 | $7.3B | $5.5B | ||
| Q1 24 | $6.9B | $5.2B |
总资产FSLROC
| Q4 25 | $13.3B | $13.0B | ||
| Q3 25 | $13.5B | $13.5B | ||
| Q2 25 | $12.9B | $14.5B | ||
| Q1 25 | $12.1B | $14.3B | ||
| Q4 24 | $12.1B | $14.1B | ||
| Q3 24 | $11.4B | $15.1B | ||
| Q2 24 | $11.0B | $15.0B | ||
| Q1 24 | $10.8B | $11.3B |
负债/权益比FSLROC
| Q4 25 | — | 1.22× | ||
| Q3 25 | — | 1.06× | ||
| Q2 25 | — | 0.98× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | — | 1.01× | ||
| Q3 24 | — | 0.89× | ||
| Q2 24 | — | 0.92× | ||
| Q1 24 | — | 0.51× |
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 | $590.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $333.0M |
| 自由现金流率自由现金流/营收 | 63.6% | 15.5% |
| 资本支出强度资本支出/营收 | 10.2% | 12.0% |
| 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 | $962.0M |
8季度趋势，按日历期对齐
经营现金流FSLROC
| Q4 25 | $1.2B | $590.0M | ||
| Q3 25 | $1.3B | $918.0M | ||
| Q2 25 | $149.6M | $327.0M | ||
| Q1 25 | $-608.0M | $-49.0M | ||
| Q4 24 | $811.0M | $676.0M | ||
| Q3 24 | $-53.7M | $699.0M | ||
| Q2 24 | $193.0M | $493.0M | ||
| Q1 24 | $267.7M | $24.0M |
自由现金流FSLROC
| Q4 25 | $1.1B | $333.0M | ||
| Q3 25 | $1.1B | $752.0M | ||
| Q2 25 | $-138.6M | $129.0M | ||
| Q1 25 | $-813.9M | $-252.0M | ||
| Q4 24 | $497.5M | $479.0M | ||
| Q3 24 | $-487.7M | $558.0M | ||
| Q2 24 | $-172.1M | $336.0M | ||
| Q1 24 | $-145.7M | $-128.0M |
自由现金流率FSLROC
| Q4 25 | 63.6% | 15.5% | ||
| Q3 25 | 67.1% | 28.0% | ||
| Q2 25 | -12.6% | 4.7% | ||
| Q1 25 | -96.4% | -10.0% | ||
| Q4 24 | 32.9% | 16.9% | ||
| Q3 24 | -54.9% | 18.3% | ||
| Q2 24 | -17.0% | 12.0% | ||
| Q1 24 | -18.4% | -5.6% |
资本支出强度FSLROC
| Q4 25 | 10.2% | 12.0% | ||
| Q3 25 | 12.8% | 6.2% | ||
| Q2 25 | 26.3% | 7.2% | ||
| Q1 25 | 24.4% | 8.0% | ||
| Q4 24 | 20.7% | 6.9% | ||
| Q3 24 | 48.9% | 4.6% | ||
| Q2 24 | 36.1% | 5.6% | ||
| Q1 24 | 52.1% | 6.6% |
现金转化率FSLROC
| Q4 25 | 2.38× | — | ||
| Q3 25 | 2.79× | — | ||
| Q2 25 | 0.44× | 0.90× | ||
| Q1 25 | -2.90× | — | ||
| Q4 24 | 2.06× | — | ||
| Q3 24 | -0.17× | 2.18× | ||
| Q2 24 | 0.55× | 1.73× | ||
| Q1 24 | 1.13× | 0.08× |
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
OC
| Insulation | $724.0M | 34% |
| Residential | $625.0M | 29% |
| Doors | $427.0M | 20% |
| Discontinued Operations Disposed Of By Sale | $299.0M | 14% |
| Commercial And Industrial Sector | $101.0M | 5% |
