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第一太阳能（FSLR）与北极星（PII）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北极星的1.0倍（$1.7B vs $1.7B），第一太阳能净利率更高（31.0% vs -2.8%，领先33.8%），第一太阳能同比增速更快（11.1% vs 8.0%），第一太阳能自由现金流更多（$1.1B vs $-342.5M），过去两年第一太阳能的营收复合增速更高（45.6% vs -8.0%）
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。
北极星公司（Polaris Inc.）是总部位于美国明尼苏达州麦地那的机动车制造企业，创立于明尼苏达州罗索，当地目前仍保留其工程研发与生产设施。公司曾通过胜利摩托子公司生产摩托车，2011年收购印第安摩托品牌后转由该子公司运营摩托业务，此前还曾生产私人水上摩托艇产品。
FSLR vs PII — 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3.1%
8.0%
净利率更高
FSLR
高出33.8%
-2.8%
自由现金流更多
FSLR
多$1.4B
$-342.5M
两年增速更快
FSLR
近两年复合增速
-8.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.7B |
| 净利润 | $520.9M | $-47.2M |
| 毛利率 | 39.5% | 20.2% |
| 营业利润率 | 32.6% | — |
| 净利率 | 31.0% | -2.8% |
| 营收同比 | 11.1% | 8.0% |
| 净利润同比 | 32.5% | 29.2% |
| 每股收益（稀释后） | $4.84 | $-0.83 |
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FSLRPII
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.7B | $1.9B | ||
| Q3 25 | $1.6B | $1.8B | ||
| Q2 25 | $1.1B | $1.9B | ||
| Q1 25 | $844.6M | $1.5B | ||
| Q4 24 | $1.5B | $1.8B | ||
| Q3 24 | $887.7M | $1.7B | ||
| Q2 24 | $1.0B | $2.0B |
净利润FSLRPII
| Q1 26 | — | $-47.2M | ||
| Q4 25 | $520.9M | $-303.6M | ||
| Q3 25 | $455.9M | $-15.8M | ||
| Q2 25 | $341.9M | $-79.3M | ||
| Q1 25 | $209.5M | $-66.8M | ||
| Q4 24 | $393.1M | $10.6M | ||
| Q3 24 | $313.0M | $27.7M | ||
| Q2 24 | $349.4M | $68.7M |
毛利率FSLRPII
| Q1 26 | — | 20.2% | ||
| Q4 25 | 39.5% | 20.0% | ||
| Q3 25 | 38.3% | 20.7% | ||
| Q2 25 | 45.6% | 19.4% | ||
| Q1 25 | 40.8% | 16.0% | ||
| Q4 24 | 37.5% | 20.4% | ||
| Q3 24 | 50.2% | 20.6% | ||
| Q2 24 | 49.4% | 21.6% |
营业利润率FSLRPII
| Q1 26 | — | — | ||
| Q4 25 | 32.6% | -16.7% | ||
| Q3 25 | 29.2% | 1.1% | ||
| Q2 25 | 33.0% | -0.7% | ||
| Q1 25 | 26.2% | -2.4% | ||
| Q4 24 | 30.2% | 3.7% | ||
| Q3 24 | 36.3% | 3.8% | ||
| Q2 24 | 36.9% | 6.1% |
净利率FSLRPII
| Q1 26 | — | -2.8% | ||
| Q4 25 | 31.0% | -15.8% | ||
| Q3 25 | 28.6% | -0.9% | ||
| Q2 25 | 31.2% | -4.3% | ||
| Q1 25 | 24.8% | -4.3% | ||
| Q4 24 | 26.0% | 0.6% | ||
| Q3 24 | 35.3% | 1.6% | ||
| Q2 24 | 34.6% | 3.5% |
每股收益（稀释后）FSLRPII
| Q1 26 | — | $-0.83 | ||
| Q4 25 | $4.84 | $-5.34 | ||
| Q3 25 | $4.24 | $-0.28 | ||
| Q2 25 | $3.18 | $-1.39 | ||
| Q1 25 | $1.95 | $-1.17 | ||
| Q4 24 | $3.66 | $0.18 | ||
| Q3 24 | $2.91 | $0.49 | ||
| Q2 24 | $3.25 | $1.21 |
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 | $282.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.5B | $750.4M |
| 总资产 | $13.3B | $5.2B |
| 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FSLRPII
| Q1 26 | — | $282.0M | ||
| Q4 25 | $2.8B | $138.0M | ||
| Q3 25 | $2.0B | $335.5M | ||
| Q2 25 | $1.1B | $324.3M | ||
| Q1 25 | $837.6M | $291.7M | ||
| Q4 24 | $1.6B | $287.8M | ||
| Q3 24 | $1.0B | $291.3M | ||
| Q2 24 | $1.7B | $322.7M |
总债务FSLRPII
| Q1 26 | — | — | ||
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $2.1B |
股东权益FSLRPII
| Q1 26 | — | $750.4M | ||
| Q4 25 | $9.5B | $828.4M | ||
| Q3 25 | $9.0B | $1.1B | ||
| Q2 25 | $8.5B | $1.2B | ||
| Q1 25 | $8.2B | $1.2B | ||
| Q4 24 | $8.0B | $1.3B | ||
| Q3 24 | $7.6B | $1.3B | ||
| Q2 24 | $7.3B | $1.3B |
总资产FSLRPII
| Q1 26 | — | $5.2B | ||
| Q4 25 | $13.3B | $4.9B | ||
| Q3 25 | $13.5B | $5.3B | ||
| Q2 25 | $12.9B | $5.4B | ||
| Q1 25 | $12.1B | $5.5B | ||
| Q4 24 | $12.1B | $5.5B | ||
| Q3 24 | $11.4B | $5.6B | ||
| Q2 24 | $11.0B | $5.7B |
负债/权益比FSLRPII
| Q1 26 | — | — | ||
| Q4 25 | — | 1.82× | ||
| Q3 25 | — | 1.13× | ||
| Q2 25 | — | 1.17× | ||
| Q1 25 | — | 1.32× | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | — | 1.29× | ||
| Q2 24 | — | 1.56× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $-342.5M |
| 自由现金流率自由现金流/营收 | 63.6% | -20.6% |
| 资本支出强度资本支出/营收 | 10.2% | — |
| 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 | $168.0M |
8季度趋势，按日历期对齐
经营现金流FSLRPII
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | $178.7M | ||
| Q3 25 | $1.3B | $158.8M | ||
| Q2 25 | $149.6M | $320.3M | ||
| Q1 25 | $-608.0M | $83.2M | ||
| Q4 24 | $811.0M | $206.3M | ||
| Q3 24 | $-53.7M | $21.0M | ||
| Q2 24 | $193.0M | $146.3M |
自由现金流FSLRPII
| Q1 26 | — | $-342.5M | ||
| Q4 25 | $1.1B | $114.0M | ||
| Q3 25 | $1.1B | $116.7M | ||
| Q2 25 | $-138.6M | $279.8M | ||
| Q1 25 | $-813.9M | $47.6M | ||
| Q4 24 | $497.5M | $137.3M | ||
| Q3 24 | $-487.7M | $-32.4M | ||
| Q2 24 | $-172.1M | $79.1M |
自由现金流率FSLRPII
| Q1 26 | — | -20.6% | ||
| Q4 25 | 63.6% | 5.9% | ||
| Q3 25 | 67.1% | 6.3% | ||
| Q2 25 | -12.6% | 15.1% | ||
| Q1 25 | -96.4% | 3.1% | ||
| Q4 24 | 32.9% | 7.8% | ||
| Q3 24 | -54.9% | -1.9% | ||
| Q2 24 | -17.0% | 4.0% |
资本支出强度FSLRPII
| Q1 26 | — | — | ||
| Q4 25 | 10.2% | 3.4% | ||
| Q3 25 | 12.8% | 2.3% | ||
| Q2 25 | 26.3% | 2.2% | ||
| Q1 25 | 24.4% | 2.3% | ||
| Q4 24 | 20.7% | 3.9% | ||
| Q3 24 | 48.9% | 3.1% | ||
| Q2 24 | 36.1% | 3.4% |
现金转化率FSLRPII
| Q1 26 | — | — | ||
| Q4 25 | 2.38× | — | ||
| Q3 25 | 2.79× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | -2.90× | — | ||
| Q4 24 | 2.06× | 19.46× | ||
| Q3 24 | -0.17× | 0.76× | ||
| Q2 24 | 0.55× | 2.13× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
