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第一太阳能（FSLR）与PPL Corporation（PPL）财务数据对比。点击上方公司名可切换其他公司
PPL Corporation的季度营收约是第一太阳能的2.2倍（$2.3B vs $1.0B），第一太阳能净利率更高（33.2% vs 11.3%，领先21.9%），第一太阳能同比增速更快（23.6% vs 7.2%），过去两年第一太阳能的营收复合增速更高（1.7% vs 1.0%）
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。
PPL公司是总部位于美国宾夕法尼亚州的能源公用事业控股企业，为宾州、肯塔基州、罗德岛州约350万居民及工商业用户提供电力与天然气供应服务，核心业务方向包括电网现代化升级、清洁能源转型、高可靠性可持续能源服务供给。
FSLR vs PPL — 直观对比
营收规模更大
PPL
是对方的2.2倍
$1.0B
营收增速更快
FSLR
高出16.4%
7.2%
净利率更高
FSLR
高出21.9%
11.3%
两年增速更快
FSLR
近两年复合增速
1.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $2.3B |
| 净利润 | $346.6M | $266.0M |
| 毛利率 | 46.6% | — |
| 营业利润率 | 33.1% | 20.3% |
| 净利率 | 33.2% | 11.3% |
| 营收同比 | 23.6% | 7.2% |
| 净利润同比 | 65.4% | 50.3% |
| 每股收益（稀释后） | $3.22 | $0.35 |
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FSLRPPL
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.7B | $2.3B | ||
| Q3 25 | $1.6B | $2.2B | ||
| Q2 25 | $1.1B | $2.0B | ||
| Q1 25 | $844.6M | $2.5B | ||
| Q4 24 | $1.5B | $2.2B | ||
| Q3 24 | $887.7M | $2.1B | ||
| Q2 24 | $1.0B | $1.9B |
净利润FSLRPPL
| Q1 26 | $346.6M | — | ||
| Q4 25 | $520.9M | $266.0M | ||
| Q3 25 | $455.9M | $318.0M | ||
| Q2 25 | $341.9M | $183.0M | ||
| Q1 25 | $209.5M | $414.0M | ||
| Q4 24 | $393.1M | $177.0M | ||
| Q3 24 | $313.0M | $214.0M | ||
| Q2 24 | $349.4M | $190.0M |
毛利率FSLRPPL
| Q1 26 | 46.6% | — | ||
| Q4 25 | 39.5% | — | ||
| Q3 25 | 38.3% | — | ||
| Q2 25 | 45.6% | — | ||
| Q1 25 | 40.8% | — | ||
| Q4 24 | 37.5% | — | ||
| Q3 24 | 50.2% | — | ||
| Q2 24 | 49.4% | — |
营业利润率FSLRPPL
| Q1 26 | 33.1% | — | ||
| Q4 25 | 32.6% | 20.3% | ||
| Q3 25 | 29.2% | 25.4% | ||
| Q2 25 | 33.0% | 19.9% | ||
| Q1 25 | 26.2% | 26.6% | ||
| Q4 24 | 30.2% | 17.2% | ||
| Q3 24 | 36.3% | 20.6% | ||
| Q2 24 | 36.9% | 20.8% |
净利率FSLRPPL
| Q1 26 | 33.2% | — | ||
| Q4 25 | 31.0% | 11.3% | ||
| Q3 25 | 28.6% | 14.2% | ||
| Q2 25 | 31.2% | 9.0% | ||
| Q1 25 | 24.8% | 16.3% | ||
| Q4 24 | 26.0% | 8.1% | ||
| Q3 24 | 35.3% | 10.3% | ||
| Q2 24 | 34.6% | 10.1% |
每股收益（稀释后）FSLRPPL
| Q1 26 | $3.22 | — | ||
| Q4 25 | $4.84 | $0.35 | ||
| Q3 25 | $4.24 | $0.43 | ||
| Q2 25 | $3.18 | $0.25 | ||
| Q1 25 | $1.95 | $0.56 | ||
| Q4 24 | $3.66 | $0.23 | ||
| Q3 24 | $2.91 | $0.29 | ||
| Q2 24 | $3.25 | $0.26 |
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 | $2.4B | $1.1B |
| 总债务越低越好 | $425.8M | $18.9B |
| 股东权益账面价值 | $9.9B | $14.9B |
| 总资产 | $13.4B | $45.2B |
| 负债/权益比越低杠杆越低 | 0.04× | 1.27× |
8季度趋势，按日历期对齐
现金及短期投资FSLRPPL
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.8B | $1.1B | ||
| Q3 25 | $2.0B | $1.1B | ||
| Q2 25 | $1.1B | $294.0M | ||
| Q1 25 | $837.6M | $312.0M | ||
| Q4 24 | $1.6B | $306.0M | ||
| Q3 24 | $1.0B | $542.0M | ||
| Q2 24 | $1.7B | $282.0M |
总债务FSLRPPL
| Q1 26 | $425.8M | — | ||
| Q4 25 | — | $18.9B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $16.5B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益FSLRPPL
| Q1 26 | $9.9B | — | ||
| Q4 25 | $9.5B | $14.9B | ||
| Q3 25 | $9.0B | $14.4B | ||
| Q2 25 | $8.5B | $14.3B | ||
| Q1 25 | $8.2B | $14.3B | ||
| Q4 24 | $8.0B | $14.1B | ||
| Q3 24 | $7.6B | $14.1B | ||
| Q2 24 | $7.3B | $14.1B |
总资产FSLRPPL
| Q1 26 | $13.4B | — | ||
| Q4 25 | $13.3B | $45.2B | ||
| Q3 25 | $13.5B | $43.9B | ||
| Q2 25 | $12.9B | $42.4B | ||
| Q1 25 | $12.1B | $41.8B | ||
| Q4 24 | $12.1B | $41.1B | ||
| Q3 24 | $11.4B | $40.5B | ||
| Q2 24 | $11.0B | $39.8B |
负债/权益比FSLRPPL
| Q1 26 | 0.04× | — | ||
| Q4 25 | — | 1.27× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.17× | ||
| Q3 24 | — | — | ||
| Q2 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 | $-214.9M | $548.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-614.0M |
| 自由现金流率自由现金流/营收 | — | -26.1% |
| 资本支出强度资本支出/营收 | — | 49.5% |
| 现金转化率经营现金流/净利润 | -0.62× | 2.06× |
| 过去12个月自由现金流最近4个季度 | — | $-1.4B |
8季度趋势，按日历期对齐
经营现金流FSLRPPL
| Q1 26 | $-214.9M | — | ||
| Q4 25 | $1.2B | $548.0M | ||
| Q3 25 | $1.3B | $966.0M | ||
| Q2 25 | $149.6M | $602.0M | ||
| Q1 25 | $-608.0M | $513.0M | ||
| Q4 24 | $811.0M | $511.0M | ||
| Q3 24 | $-53.7M | $781.0M | ||
| Q2 24 | $193.0M | $766.0M |
自由现金流FSLRPPL
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $-614.0M | ||
| Q3 25 | $1.1B | $-179.0M | ||
| Q2 25 | $-138.6M | $-328.0M | ||
| Q1 25 | $-813.9M | $-280.0M | ||
| Q4 24 | $497.5M | $-349.0M | ||
| Q3 24 | $-487.7M | $102.0M | ||
| Q2 24 | $-172.1M | $96.0M |
自由现金流率FSLRPPL
| Q1 26 | — | — | ||
| Q4 25 | 63.6% | -26.1% | ||
| Q3 25 | 67.1% | -8.0% | ||
| Q2 25 | -12.6% | -16.1% | ||
| Q1 25 | -96.4% | -11.0% | ||
| Q4 24 | 32.9% | -15.9% | ||
| Q3 24 | -54.9% | 4.9% | ||
| Q2 24 | -17.0% | 5.1% |
资本支出强度FSLRPPL
| Q1 26 | — | — | ||
| Q4 25 | 10.2% | 49.5% | ||
| Q3 25 | 12.8% | 51.2% | ||
| Q2 25 | 26.3% | 45.6% | ||
| Q1 25 | 24.4% | 31.2% | ||
| Q4 24 | 20.7% | 39.3% | ||
| Q3 24 | 48.9% | 32.7% | ||
| Q2 24 | 36.1% | 35.8% |
现金转化率FSLRPPL
| Q1 26 | -0.62× | — | ||
| Q4 25 | 2.38× | 2.06× | ||
| Q3 25 | 2.79× | 3.04× | ||
| Q2 25 | 0.44× | 3.29× | ||
| Q1 25 | -2.90× | 1.24× | ||
| Q4 24 | 2.06× | 2.89× | ||
| Q3 24 | -0.17× | 3.65× | ||
| Q2 24 | 0.55× | 4.03× |
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
PPL
| Rhode Island Regulated | $539.0M | 23% |
| Other | $532.0M | 23% |
| Residential | $451.0M | 19% |
| Nonrelated Party | $425.0M | 18% |
| Transmission | $228.0M | 10% |
| Commercial | $117.0M | 5% |
| Wholesale Other | $23.0M | 1% |
| Industrial | $14.0M | 1% |
| Related Party | $13.0M | 1% |
| Wholesale Municipal | $6.0M | 0% |
