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第一太阳能（FSLR）与西方石油（OXY）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西方石油的1.0倍（$1.7B vs $1.7B），第一太阳能净利率更高（31.0% vs 6.9%，领先24.1%），第一太阳能同比增速更快（11.1% vs -75.8%），西方石油自由现金流更多（$1.9B vs $1.1B），过去两年第一太阳能的营收复合增速更高（45.6% vs -50.4%）
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。
西方石油是一家美国能源企业，核心业务覆盖美国及中东地区的油气勘探，以及美国、加拿大、智利的石化产品制造。公司注册于特拉华州，总部位于休斯顿，2021年分别位列财富500强第183位、福布斯全球企业2000强第670位。
FSLR vs OXY — 直观对比
营收规模更大
FSLR
是对方的1.0倍
$1.7B
营收增速更快
FSLR
高出87.0%
-75.8%
净利率更高
FSLR
高出24.1%
6.9%
自由现金流更多
OXY
多$810.8M
$1.1B
两年增速更快
FSLR
近两年复合增速
-50.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.7B |
| 净利润 | $520.9M | $114.0M |
| 毛利率 | 39.5% | — |
| 营业利润率 | 32.6% | -6.5% |
| 净利率 | 31.0% | 6.9% |
| 营收同比 | 11.1% | -75.8% |
| 净利润同比 | 32.5% | 195.0% |
| 每股收益（稀释后） | $4.84 | $-0.07 |
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FSLROXY
| Q4 25 | $1.7B | $1.7B | ||
| Q3 25 | $1.6B | $6.7B | ||
| Q2 25 | $1.1B | $6.3B | ||
| Q1 25 | $844.6M | $6.9B | ||
| Q4 24 | $1.5B | $6.9B | ||
| Q3 24 | $887.7M | $7.0B | ||
| Q2 24 | $1.0B | $6.8B | ||
| Q1 24 | $794.1M | $6.7B |
净利润FSLROXY
| Q4 25 | $520.9M | $114.0M | ||
| Q3 25 | $455.9M | $842.0M | ||
| Q2 25 | $341.9M | $468.0M | ||
| Q1 25 | $209.5M | $945.0M | ||
| Q4 24 | $393.1M | $-120.0M | ||
| Q3 24 | $313.0M | $1.1B | ||
| Q2 24 | $349.4M | $1.2B | ||
| Q1 24 | $236.6M | $888.0M |
毛利率FSLROXY
| Q4 25 | 39.5% | — | ||
| Q3 25 | 38.3% | 87.8% | ||
| Q2 25 | 45.6% | 86.6% | ||
| Q1 25 | 40.8% | 88.4% | ||
| Q4 24 | 37.5% | 89.0% | ||
| Q3 24 | 50.2% | 88.5% | ||
| Q2 24 | 49.4% | 87.9% | ||
| Q1 24 | 43.6% | 89.0% |
营业利润率FSLROXY
| Q4 25 | 32.6% | -6.5% | ||
| Q3 25 | 29.2% | 17.4% | ||
| Q2 25 | 33.0% | 11.7% | ||
| Q1 25 | 26.2% | 19.3% | ||
| Q4 24 | 30.2% | -2.5% | ||
| Q3 24 | 36.3% | 22.7% | ||
| Q2 24 | 36.9% | 24.0% | ||
| Q1 24 | 30.6% | 15.0% |
净利率FSLROXY
| Q4 25 | 31.0% | 6.9% | ||
| Q3 25 | 28.6% | 12.6% | ||
| Q2 25 | 31.2% | 7.4% | ||
| Q1 25 | 24.8% | 13.7% | ||
| Q4 24 | 26.0% | -1.7% | ||
| Q3 24 | 35.3% | 16.2% | ||
| Q2 24 | 34.6% | 17.2% | ||
| Q1 24 | 29.8% | 13.2% |
每股收益（稀释后）FSLROXY
| Q4 25 | $4.84 | $-0.07 | ||
| Q3 25 | $4.24 | $0.65 | ||
| Q2 25 | $3.18 | $0.26 | ||
| Q1 25 | $1.95 | $0.77 | ||
| Q4 24 | $3.66 | $-0.32 | ||
| Q3 24 | $2.91 | $0.98 | ||
| Q2 24 | $3.25 | $1.03 | ||
| Q1 24 | $2.20 | $0.75 |
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 | $2.0B |
| 总债务越低越好 | — | $20.6B |
| 股东权益账面价值 | $9.5B | $36.0B |
| 总资产 | $13.3B | $84.2B |
| 负债/权益比越低杠杆越低 | — | 0.57× |
8季度趋势，按日历期对齐
现金及短期投资FSLROXY
| Q4 25 | $2.8B | $2.0B | ||
| Q3 25 | $2.0B | $2.2B | ||
| Q2 25 | $1.1B | $2.3B | ||
| Q1 25 | $837.6M | $2.6B | ||
| Q4 24 | $1.6B | $2.1B | ||
| Q3 24 | $1.0B | $1.8B | ||
| Q2 24 | $1.7B | $1.8B | ||
| Q1 24 | $1.7B | $1.3B |
总债务FSLROXY
| Q4 25 | — | $20.6B | ||
| Q3 25 | — | $20.8B | ||
| Q2 25 | — | $23.3B | ||
| Q1 25 | — | $24.0B | ||
| Q4 24 | — | $25.0B | ||
| Q3 24 | — | $25.5B | ||
| Q2 24 | — | $18.4B | ||
| Q1 24 | — | $18.5B |
股东权益FSLROXY
| Q4 25 | $9.5B | $36.0B | ||
| Q3 25 | $9.0B | $36.3B | ||
| Q2 25 | $8.5B | $35.7B | ||
| Q1 25 | $8.2B | $34.7B | ||
| Q4 24 | $8.0B | $34.2B | ||
| Q3 24 | $7.6B | $34.7B | ||
| Q2 24 | $7.3B | $32.1B | ||
| Q1 24 | $6.9B | $30.8B |
总资产FSLROXY
| Q4 25 | $13.3B | $84.2B | ||
| Q3 25 | $13.5B | $83.5B | ||
| Q2 25 | $12.9B | $84.4B | ||
| Q1 25 | $12.1B | $85.0B | ||
| Q4 24 | $12.1B | $85.4B | ||
| Q3 24 | $11.4B | $85.8B | ||
| Q2 24 | $11.0B | $76.2B | ||
| Q1 24 | $10.8B | $74.3B |
负债/权益比FSLROXY
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | 0.57× | ||
| Q2 25 | — | 0.65× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | — | 0.73× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | 0.57× | ||
| Q1 24 | — | 0.60× |
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 | $2.6B |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $1.9B |
| 自由现金流率自由现金流/营收 | 63.6% | 113.4% |
| 资本支出强度资本支出/营收 | 10.2% | 45.4% |
| 现金转化率经营现金流/净利润 | 2.38× | 23.11× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $4.1B |
8季度趋势，按日历期对齐
经营现金流FSLROXY
| Q4 25 | $1.2B | $2.6B | ||
| Q3 25 | $1.3B | $2.8B | ||
| Q2 25 | $149.6M | $3.0B | ||
| Q1 25 | $-608.0M | $2.1B | ||
| Q4 24 | $811.0M | $3.4B | ||
| Q3 24 | $-53.7M | $3.7B | ||
| Q2 24 | $193.0M | $2.4B | ||
| Q1 24 | $267.7M | $2.0B |
自由现金流FSLROXY
| Q4 25 | $1.1B | $1.9B | ||
| Q3 25 | $1.1B | $1.0B | ||
| Q2 25 | $-138.6M | $962.0M | ||
| Q1 25 | $-813.9M | $240.0M | ||
| Q4 24 | $497.5M | $1.6B | ||
| Q3 24 | $-487.7M | $2.0B | ||
| Q2 24 | $-172.1M | $623.0M | ||
| Q1 24 | $-145.7M | $224.0M |
自由现金流率FSLROXY
| Q4 25 | 63.6% | 113.4% | ||
| Q3 25 | 67.1% | 15.3% | ||
| Q2 25 | -12.6% | 15.2% | ||
| Q1 25 | -96.4% | 3.5% | ||
| Q4 24 | 32.9% | 23.0% | ||
| Q3 24 | -54.9% | 28.5% | ||
| Q2 24 | -17.0% | 9.2% | ||
| Q1 24 | -18.4% | 3.3% |
资本支出强度FSLROXY
| Q4 25 | 10.2% | 45.4% | ||
| Q3 25 | 12.8% | 26.5% | ||
| Q2 25 | 26.3% | 31.6% | ||
| Q1 25 | 24.4% | 27.6% | ||
| Q4 24 | 20.7% | 26.0% | ||
| Q3 24 | 48.9% | 24.0% | ||
| Q2 24 | 36.1% | 26.0% | ||
| Q1 24 | 52.1% | 26.5% |
现金转化率FSLROXY
| Q4 25 | 2.38× | 23.11× | ||
| Q3 25 | 2.79× | 3.31× | ||
| Q2 25 | 0.44× | 6.32× | ||
| Q1 25 | -2.90× | 2.27× | ||
| Q4 24 | 2.06× | — | ||
| Q3 24 | -0.17× | 3.23× | ||
| Q2 24 | 0.55× | 2.05× | ||
| Q1 24 | 1.13× | 2.26× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
