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第一太阳能（FSLR）与百济神州（ONC）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百济神州的1.1倍（$1.7B vs $1.5B），第一太阳能净利率更高（31.0% vs 4.4%，领先26.5%），百济神州同比增速更快（32.8% vs 11.1%），第一太阳能自由现金流更多（$1.1B vs $379.8M），过去两年第一太阳能的营收复合增速更高（45.6% vs 41.2%）
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。
BeOne Medicines（原百济神州）是一家跨国肿瘤领域制药企业，专注于癌症治疗创新药物的研发与商业化，致力于为全球癌症患者提供更有效、可及性更高的治疗方案，改善患者的生存质量与预后。
FSLR vs ONC — 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
ONC
高出21.7%
11.1%
净利率更高
FSLR
高出26.5%
4.4%
自由现金流更多
FSLR
多$690.3M
$379.8M
两年增速更快
FSLR
近两年复合增速
41.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.5B |
| 净利润 | $520.9M | $66.5M |
| 毛利率 | 39.5% | 90.5% |
| 营业利润率 | 32.6% | 12.4% |
| 净利率 | 31.0% | 4.4% |
| 营收同比 | 11.1% | 32.8% |
| 净利润同比 | 32.5% | 143.8% |
| 每股收益（稀释后） | $4.84 | $0.05 |
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FSLRONC
| Q4 25 | $1.7B | $1.5B | ||
| Q3 25 | $1.6B | $1.4B | ||
| Q2 25 | $1.1B | $1.3B | ||
| Q1 25 | $844.6M | $1.1B | ||
| Q4 24 | $1.5B | $1.1B | ||
| Q3 24 | $887.7M | $1.0B | ||
| Q2 24 | $1.0B | $929.2M | ||
| Q1 24 | $794.1M | $751.7M |
净利润FSLRONC
| Q4 25 | $520.9M | $66.5M | ||
| Q3 25 | $455.9M | $124.8M | ||
| Q2 25 | $341.9M | $94.3M | ||
| Q1 25 | $209.5M | $1.3M | ||
| Q4 24 | $393.1M | $-151.9M | ||
| Q3 24 | $313.0M | $-121.3M | ||
| Q2 24 | $349.4M | $-120.4M | ||
| Q1 24 | $236.6M | $-251.2M |
毛利率FSLRONC
| Q4 25 | 39.5% | 90.5% | ||
| Q3 25 | 38.3% | 86.1% | ||
| Q2 25 | 45.6% | 87.5% | ||
| Q1 25 | 40.8% | 85.2% | ||
| Q4 24 | 37.5% | 85.8% | ||
| Q3 24 | 50.2% | 83.0% | ||
| Q2 24 | 49.4% | 85.1% | ||
| Q1 24 | 43.6% | 83.4% |
营业利润率FSLRONC
| Q4 25 | 32.6% | 12.4% | ||
| Q3 25 | 29.2% | 11.5% | ||
| Q2 25 | 33.0% | 6.7% | ||
| Q1 25 | 26.2% | 1.0% | ||
| Q4 24 | 30.2% | -7.0% | ||
| Q3 24 | 36.3% | -12.0% | ||
| Q2 24 | 36.9% | -11.5% | ||
| Q1 24 | 30.6% | -34.8% |
净利率FSLRONC
| Q4 25 | 31.0% | 4.4% | ||
| Q3 25 | 28.6% | 8.8% | ||
| Q2 25 | 31.2% | 7.2% | ||
| Q1 25 | 24.8% | 0.1% | ||
| Q4 24 | 26.0% | -13.5% | ||
| Q3 24 | 35.3% | -12.1% | ||
| Q2 24 | 34.6% | -13.0% | ||
| Q1 24 | 29.8% | -33.4% |
每股收益（稀释后）FSLRONC
| Q4 25 | $4.84 | $0.05 | ||
| Q3 25 | $4.24 | $0.08 | ||
| Q2 25 | $3.18 | $0.06 | ||
| Q1 25 | $1.95 | $0.00 | ||
| Q4 24 | $3.66 | $-0.10 | ||
| Q3 24 | $2.91 | $-0.09 | ||
| Q2 24 | $3.25 | $-0.09 | ||
| Q1 24 | $2.20 | $-0.19 |
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 | $4.5B |
| 总债务越低越好 | — | $836.4M |
| 股东权益账面价值 | $9.5B | $4.4B |
| 总资产 | $13.3B | $8.2B |
| 负债/权益比越低杠杆越低 | — | 0.19× |
8季度趋势，按日历期对齐
现金及短期投资FSLRONC
| Q4 25 | $2.8B | $4.5B | ||
| Q3 25 | $2.0B | $4.0B | ||
| Q2 25 | $1.1B | $2.8B | ||
| Q1 25 | $837.6M | $2.5B | ||
| Q4 24 | $1.6B | $2.6B | ||
| Q3 24 | $1.0B | $2.7B | ||
| Q2 24 | $1.7B | $2.6B | ||
| Q1 24 | $1.7B | $2.8B |
总债务FSLRONC
| Q4 25 | — | $836.4M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益FSLRONC
| Q4 25 | $9.5B | $4.4B | ||
| Q3 25 | $9.0B | $4.1B | ||
| Q2 25 | $8.5B | $3.8B | ||
| Q1 25 | $8.2B | $3.5B | ||
| Q4 24 | $8.0B | $3.3B | ||
| Q3 24 | $7.6B | $3.4B | ||
| Q2 24 | $7.3B | $3.4B | ||
| Q1 24 | $6.9B | $3.4B |
总资产FSLRONC
| Q4 25 | $13.3B | $8.2B | ||
| Q3 25 | $13.5B | $7.6B | ||
| Q2 25 | $12.9B | $6.3B | ||
| Q1 25 | $12.1B | $5.8B | ||
| Q4 24 | $12.1B | $5.9B | ||
| Q3 24 | $11.4B | $5.8B | ||
| Q2 24 | $11.0B | $5.7B | ||
| Q1 24 | $10.8B | $5.7B |
负债/权益比FSLRONC
| Q4 25 | — | 0.19× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $417.3M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $379.8M |
| 自由现金流率自由现金流/营收 | 63.6% | 25.4% |
| 资本支出强度资本支出/营收 | 10.2% | 2.5% |
| 现金转化率经营现金流/净利润 | 2.38× | 6.28× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $941.7M |
8季度趋势，按日历期对齐
经营现金流FSLRONC
| Q4 25 | $1.2B | $417.3M | ||
| Q3 25 | $1.3B | $402.6M | ||
| Q2 25 | $149.6M | $263.6M | ||
| Q1 25 | $-608.0M | $44.1M | ||
| Q4 24 | $811.0M | $75.2M | ||
| Q3 24 | $-53.7M | $188.4M | ||
| Q2 24 | $193.0M | $-95.6M | ||
| Q1 24 | $267.7M | $-308.6M |
自由现金流FSLRONC
| Q4 25 | $1.1B | $379.8M | ||
| Q3 25 | $1.1B | $354.5M | ||
| Q2 25 | $-138.6M | $219.8M | ||
| Q1 25 | $-813.9M | $-12.3M | ||
| Q4 24 | $497.5M | $-17.3M | ||
| Q3 24 | $-487.7M | $54.7M | ||
| Q2 24 | $-172.1M | $-205.5M | ||
| Q1 24 | $-145.7M | $-465.1M |
自由现金流率FSLRONC
| Q4 25 | 63.6% | 25.4% | ||
| Q3 25 | 67.1% | 25.1% | ||
| Q2 25 | -12.6% | 16.7% | ||
| Q1 25 | -96.4% | -1.1% | ||
| Q4 24 | 32.9% | -1.5% | ||
| Q3 24 | -54.9% | 5.5% | ||
| Q2 24 | -17.0% | -22.1% | ||
| Q1 24 | -18.4% | -61.9% |
资本支出强度FSLRONC
| Q4 25 | 10.2% | 2.5% | ||
| Q3 25 | 12.8% | 3.4% | ||
| Q2 25 | 26.3% | 3.3% | ||
| Q1 25 | 24.4% | 5.0% | ||
| Q4 24 | 20.7% | 8.2% | ||
| Q3 24 | 48.9% | 13.3% | ||
| Q2 24 | 36.1% | 11.8% | ||
| Q1 24 | 52.1% | 20.8% |
现金转化率FSLRONC
| Q4 25 | 2.38× | 6.28× | ||
| Q3 25 | 2.79× | 3.22× | ||
| Q2 25 | 0.44× | 2.79× | ||
| Q1 25 | -2.90× | 34.71× | ||
| 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
