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第一太阳能（FSLR）与欧加隆（OGN）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欧加隆的1.1倍（$1.7B vs $1.5B），第一太阳能净利率更高（31.0% vs -13.6%，领先44.6%），第一太阳能同比增速更快（11.1% vs -5.3%），第一太阳能自由现金流更多（$1.1B vs $96.0M），过去两年第一太阳能的营收复合增速更高（45.6% vs -3.6%）
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。
欧加隆是一家总部位于美国新泽西州泽西城的制药企业，核心业务覆盖生殖医学、避孕、精神科、激素替代疗法及麻醉领域的药物研发与生产。公司所有产品均在美国境外生产，同时美国市场贡献了其三分之一的营收。
FSLR vs OGN — 直观对比
营收规模更大
FSLR
是对方的1.1倍
$1.5B
营收增速更快
FSLR
高出16.5%
-5.3%
净利率更高
FSLR
高出44.6%
-13.6%
自由现金流更多
FSLR
多$974.2M
$96.0M
两年增速更快
FSLR
近两年复合增速
-3.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.5B |
| 净利润 | $520.9M | $-205.0M |
| 毛利率 | 39.5% | 49.2% |
| 营业利润率 | 32.6% | -9.8% |
| 净利率 | 31.0% | -13.6% |
| 营收同比 | 11.1% | -5.3% |
| 净利润同比 | 32.5% | -288.1% |
| 每股收益（稀释后） | $4.84 | $-0.78 |
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FSLROGN
| Q4 25 | $1.7B | $1.5B | ||
| Q3 25 | $1.6B | $1.6B | ||
| Q2 25 | $1.1B | $1.6B | ||
| Q1 25 | $844.6M | $1.5B | ||
| Q4 24 | $1.5B | $1.6B | ||
| Q3 24 | $887.7M | $1.6B | ||
| Q2 24 | $1.0B | $1.6B | ||
| Q1 24 | $794.1M | $1.6B |
净利润FSLROGN
| Q4 25 | $520.9M | $-205.0M | ||
| Q3 25 | $455.9M | $160.0M | ||
| Q2 25 | $341.9M | $145.0M | ||
| Q1 25 | $209.5M | $87.0M | ||
| Q4 24 | $393.1M | $109.0M | ||
| Q3 24 | $313.0M | $359.0M | ||
| Q2 24 | $349.4M | $195.0M | ||
| Q1 24 | $236.6M | $201.0M |
毛利率FSLROGN
| Q4 25 | 39.5% | 49.2% | ||
| Q3 25 | 38.3% | 53.5% | ||
| Q2 25 | 45.6% | 54.8% | ||
| Q1 25 | 40.8% | 55.6% | ||
| Q4 24 | 37.5% | 56.3% | ||
| Q3 24 | 50.2% | 58.3% | ||
| Q2 24 | 49.4% | 58.4% | ||
| Q1 24 | 43.6% | 59.0% |
营业利润率FSLROGN
| Q4 25 | 32.6% | -9.8% | ||
| Q3 25 | 29.2% | 15.2% | ||
| Q2 25 | 33.0% | 14.4% | ||
| Q1 25 | 26.2% | 6.7% | ||
| Q4 24 | 30.2% | 8.1% | ||
| Q3 24 | 36.3% | 13.1% | ||
| Q2 24 | 36.9% | 14.6% | ||
| Q1 24 | 30.6% | 14.5% |
净利率FSLROGN
| Q4 25 | 31.0% | -13.6% | ||
| Q3 25 | 28.6% | 10.0% | ||
| Q2 25 | 31.2% | 9.1% | ||
| Q1 25 | 24.8% | 5.8% | ||
| Q4 24 | 26.0% | 6.8% | ||
| Q3 24 | 35.3% | 22.7% | ||
| Q2 24 | 34.6% | 12.1% | ||
| Q1 24 | 29.8% | 12.4% |
每股收益（稀释后）FSLROGN
| Q4 25 | $4.84 | $-0.78 | ||
| Q3 25 | $4.24 | $0.61 | ||
| Q2 25 | $3.18 | $0.56 | ||
| Q1 25 | $1.95 | $0.33 | ||
| Q4 24 | $3.66 | $0.42 | ||
| Q3 24 | $2.91 | $1.38 | ||
| Q2 24 | $3.25 | $0.75 | ||
| Q1 24 | $2.20 | $0.78 |
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 | $574.0M |
| 总债务越低越好 | — | $8.6B |
| 股东权益账面价值 | $9.5B | $752.0M |
| 总资产 | $13.3B | $12.9B |
| 负债/权益比越低杠杆越低 | — | 11.49× |
8季度趋势，按日历期对齐
现金及短期投资FSLROGN
| Q4 25 | $2.8B | $574.0M | ||
| Q3 25 | $2.0B | $672.0M | ||
| Q2 25 | $1.1B | $599.0M | ||
| Q1 25 | $837.6M | $547.0M | ||
| Q4 24 | $1.6B | $675.0M | ||
| Q3 24 | $1.0B | $763.0M | ||
| Q2 24 | $1.7B | $704.0M | ||
| Q1 24 | $1.7B | $575.0M |
总债务FSLROGN
| Q4 25 | — | $8.6B | ||
| Q3 25 | — | $8.8B | ||
| Q2 25 | — | $8.9B | ||
| Q1 25 | — | $9.0B | ||
| Q4 24 | — | $8.9B | ||
| Q3 24 | — | $8.7B | ||
| Q2 24 | — | $8.7B | ||
| Q1 24 | — | $8.7B |
股东权益FSLROGN
| Q4 25 | $9.5B | $752.0M | ||
| Q3 25 | $9.0B | $906.0M | ||
| Q2 25 | $8.5B | $733.0M | ||
| Q1 25 | $8.2B | $542.0M | ||
| Q4 24 | $8.0B | $472.0M | ||
| Q3 24 | $7.6B | $493.0M | ||
| Q2 24 | $7.3B | $144.0M | ||
| Q1 24 | $6.9B | $48.0M |
总资产FSLROGN
| Q4 25 | $13.3B | $12.9B | ||
| Q3 25 | $13.5B | $13.6B | ||
| Q2 25 | $12.9B | $13.5B | ||
| Q1 25 | $12.1B | $13.2B | ||
| Q4 24 | $12.1B | $13.1B | ||
| Q3 24 | $11.4B | $12.8B | ||
| Q2 24 | $11.0B | $12.2B | ||
| Q1 24 | $10.8B | $11.9B |
负债/权益比FSLROGN
| Q4 25 | — | 11.49× | ||
| Q3 25 | — | 9.74× | ||
| Q2 25 | — | 12.14× | ||
| Q1 25 | — | 16.52× | ||
| Q4 24 | — | 18.81× | ||
| Q3 24 | — | 17.75× | ||
| Q2 24 | — | 60.11× | ||
| Q1 24 | — | 181.54× |
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 | $141.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $96.0M |
| 自由现金流率自由现金流/营收 | 63.6% | 6.4% |
| 资本支出强度资本支出/营收 | 10.2% | 3.0% |
| 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 | $538.0M |
8季度趋势，按日历期对齐
经营现金流FSLROGN
| Q4 25 | $1.2B | $141.0M | ||
| Q3 25 | $1.3B | $264.0M | ||
| Q2 25 | $149.6M | $220.0M | ||
| Q1 25 | $-608.0M | $75.0M | ||
| Q4 24 | $811.0M | $390.0M | ||
| Q3 24 | $-53.7M | $141.0M | ||
| Q2 24 | $193.0M | $332.0M | ||
| Q1 24 | $267.7M | $76.0M |
自由现金流FSLROGN
| Q4 25 | $1.1B | $96.0M | ||
| Q3 25 | $1.1B | $218.0M | ||
| Q2 25 | $-138.6M | $181.0M | ||
| Q1 25 | $-813.9M | $43.0M | ||
| Q4 24 | $497.5M | $335.0M | ||
| Q3 24 | $-487.7M | $99.0M | ||
| Q2 24 | $-172.1M | $300.0M | ||
| Q1 24 | $-145.7M | $30.0M |
自由现金流率FSLROGN
| Q4 25 | 63.6% | 6.4% | ||
| Q3 25 | 67.1% | 13.6% | ||
| Q2 25 | -12.6% | 11.4% | ||
| Q1 25 | -96.4% | 2.8% | ||
| Q4 24 | 32.9% | 21.0% | ||
| Q3 24 | -54.9% | 6.3% | ||
| Q2 24 | -17.0% | 18.7% | ||
| Q1 24 | -18.4% | 1.8% |
资本支出强度FSLROGN
| Q4 25 | 10.2% | 3.0% | ||
| Q3 25 | 12.8% | 2.9% | ||
| Q2 25 | 26.3% | 2.4% | ||
| Q1 25 | 24.4% | 2.1% | ||
| Q4 24 | 20.7% | 3.5% | ||
| Q3 24 | 48.9% | 2.7% | ||
| Q2 24 | 36.1% | 2.0% | ||
| Q1 24 | 52.1% | 2.8% |
现金转化率FSLROGN
| Q4 25 | 2.38× | — | ||
| Q3 25 | 2.79× | 1.65× | ||
| Q2 25 | 0.44× | 1.52× | ||
| Q1 25 | -2.90× | 0.86× | ||
| Q4 24 | 2.06× | 3.58× | ||
| Q3 24 | -0.17× | 0.39× | ||
| Q2 24 | 0.55× | 1.70× | ||
| Q1 24 | 1.13× | 0.38× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
