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第一太阳能（FSLR）与Primoris Services Corp（PRIM）财务数据对比。点击上方公司名可切换其他公司
Primoris Services Corp的季度营收约是第一太阳能的1.1倍（$1.9B vs $1.7B），第一太阳能净利率更高（31.0% vs 2.8%，领先28.2%），第一太阳能同比增速更快（11.1% vs 6.7%），第一太阳能自由现金流更多（$1.1B vs $121.1M），过去两年第一太阳能的营收复合增速更高（45.6% vs 14.7%）
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。
Primoris Services Corp是总部位于美国的上市专业基建与工程建设企业，核心业务覆盖天然气管道、污水管网及供水管道建设领域，2014年入选《财富》1000强榜单，在北美能源及民生基建领域拥有丰富的项目运营经验。
FSLR vs PRIM — 直观对比
营收规模更大
PRIM
是对方的1.1倍
$1.7B
营收增速更快
FSLR
高出4.5%
6.7%
净利率更高
FSLR
高出28.2%
2.8%
自由现金流更多
FSLR
多$949.0M
$121.1M
两年增速更快
FSLR
近两年复合增速
14.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.9B |
| 净利润 | $520.9M | $51.7M |
| 毛利率 | 39.5% | 9.4% |
| 营业利润率 | 32.6% | 4.2% |
| 净利率 | 31.0% | 2.8% |
| 营收同比 | 11.1% | 6.7% |
| 净利润同比 | 32.5% | -4.2% |
| 每股收益（稀释后） | $4.84 | $0.94 |
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FSLRPRIM
| Q4 25 | $1.7B | $1.9B | ||
| Q3 25 | $1.6B | $2.2B | ||
| Q2 25 | $1.1B | $1.9B | ||
| Q1 25 | $844.6M | $1.6B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $887.7M | $1.6B | ||
| Q2 24 | $1.0B | $1.6B | ||
| Q1 24 | $794.1M | $1.4B |
净利润FSLRPRIM
| Q4 25 | $520.9M | $51.7M | ||
| Q3 25 | $455.9M | $94.6M | ||
| Q2 25 | $341.9M | $84.3M | ||
| Q1 25 | $209.5M | $44.2M | ||
| Q4 24 | $393.1M | $54.0M | ||
| Q3 24 | $313.0M | $58.4M | ||
| Q2 24 | $349.4M | $49.5M | ||
| Q1 24 | $236.6M | $18.9M |
毛利率FSLRPRIM
| Q4 25 | 39.5% | 9.4% | ||
| Q3 25 | 38.3% | 10.8% | ||
| Q2 25 | 45.6% | 12.3% | ||
| Q1 25 | 40.8% | 10.4% | ||
| Q4 24 | 37.5% | 10.6% | ||
| Q3 24 | 50.2% | 12.0% | ||
| Q2 24 | 49.4% | 11.9% | ||
| Q1 24 | 43.6% | 9.4% |
营业利润率FSLRPRIM
| Q4 25 | 32.6% | 4.2% | ||
| Q3 25 | 29.2% | 6.3% | ||
| Q2 25 | 33.0% | 6.7% | ||
| Q1 25 | 26.2% | 4.3% | ||
| Q4 24 | 30.2% | 5.0% | ||
| Q3 24 | 36.3% | 6.0% | ||
| Q2 24 | 36.9% | 5.5% | ||
| Q1 24 | 30.6% | 3.1% |
净利率FSLRPRIM
| Q4 25 | 31.0% | 2.8% | ||
| Q3 25 | 28.6% | 4.3% | ||
| Q2 25 | 31.2% | 4.5% | ||
| Q1 25 | 24.8% | 2.7% | ||
| Q4 24 | 26.0% | 3.1% | ||
| Q3 24 | 35.3% | 3.5% | ||
| Q2 24 | 34.6% | 3.2% | ||
| Q1 24 | 29.8% | 1.3% |
每股收益（稀释后）FSLRPRIM
| Q4 25 | $4.84 | $0.94 | ||
| Q3 25 | $4.24 | $1.73 | ||
| Q2 25 | $3.18 | $1.54 | ||
| Q1 25 | $1.95 | $0.81 | ||
| Q4 24 | $3.66 | $0.98 | ||
| Q3 24 | $2.91 | $1.07 | ||
| Q2 24 | $3.25 | $0.91 | ||
| Q1 24 | $2.20 | $0.35 |
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 | $535.5M |
| 总债务越低越好 | — | $469.9M |
| 股东权益账面价值 | $9.5B | $1.7B |
| 总资产 | $13.3B | $4.4B |
| 负债/权益比越低杠杆越低 | — | 0.28× |
8季度趋势，按日历期对齐
现金及短期投资FSLRPRIM
| Q4 25 | $2.8B | $535.5M | ||
| Q3 25 | $2.0B | $431.4M | ||
| Q2 25 | $1.1B | $390.3M | ||
| Q1 25 | $837.6M | $351.6M | ||
| Q4 24 | $1.6B | $455.8M | ||
| Q3 24 | $1.0B | $352.7M | ||
| Q2 24 | $1.7B | $207.4M | ||
| Q1 24 | $1.7B | $177.6M |
总债务FSLRPRIM
| Q4 25 | — | $469.9M | ||
| Q3 25 | — | $486.0M | ||
| Q2 25 | — | $603.1M | ||
| Q1 25 | — | $612.0M | ||
| Q4 24 | — | $734.8M | ||
| Q3 24 | — | $903.7M | ||
| Q2 24 | — | $933.0M | ||
| Q1 24 | — | $951.7M |
股东权益FSLRPRIM
| Q4 25 | $9.5B | $1.7B | ||
| Q3 25 | $9.0B | $1.6B | ||
| Q2 25 | $8.5B | $1.5B | ||
| Q1 25 | $8.2B | $1.4B | ||
| Q4 24 | $8.0B | $1.4B | ||
| Q3 24 | $7.6B | $1.4B | ||
| Q2 24 | $7.3B | $1.3B | ||
| Q1 24 | $6.9B | $1.2B |
总资产FSLRPRIM
| Q4 25 | $13.3B | $4.4B | ||
| Q3 25 | $13.5B | $4.6B | ||
| Q2 25 | $12.9B | $4.5B | ||
| Q1 25 | $12.1B | $4.2B | ||
| Q4 24 | $12.1B | $4.2B | ||
| Q3 24 | $11.4B | $4.2B | ||
| Q2 24 | $11.0B | $4.0B | ||
| Q1 24 | $10.8B | $4.0B |
负债/权益比FSLRPRIM
| Q4 25 | — | 0.28× | ||
| Q3 25 | — | 0.30× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | 0.67× | ||
| Q2 24 | — | 0.72× | ||
| Q1 24 | — | 0.76× |
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 | $142.9M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $121.1M |
| 自由现金流率自由现金流/营收 | 63.6% | 6.5% |
| 资本支出强度资本支出/营收 | 10.2% | 1.2% |
| 现金转化率经营现金流/净利润 | 2.38× | 2.76× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $340.5M |
8季度趋势，按日历期对齐
经营现金流FSLRPRIM
| Q4 25 | $1.2B | $142.9M | ||
| Q3 25 | $1.3B | $182.9M | ||
| Q2 25 | $149.6M | $78.5M | ||
| Q1 25 | $-608.0M | $66.2M | ||
| Q4 24 | $811.0M | $298.3M | ||
| Q3 24 | $-53.7M | $222.5M | ||
| Q2 24 | $193.0M | $16.1M | ||
| Q1 24 | $267.7M | $-28.5M |
自由现金流FSLRPRIM
| Q4 25 | $1.1B | $121.1M | ||
| Q3 25 | $1.1B | $148.4M | ||
| Q2 25 | $-138.6M | $45.3M | ||
| Q1 25 | $-813.9M | $25.6M | ||
| Q4 24 | $497.5M | $270.0M | ||
| Q3 24 | $-487.7M | $158.8M | ||
| Q2 24 | $-172.1M | $-8.1M | ||
| Q1 24 | $-145.7M | $-38.9M |
自由现金流率FSLRPRIM
| Q4 25 | 63.6% | 6.5% | ||
| Q3 25 | 67.1% | 6.8% | ||
| Q2 25 | -12.6% | 2.4% | ||
| Q1 25 | -96.4% | 1.6% | ||
| Q4 24 | 32.9% | 15.5% | ||
| Q3 24 | -54.9% | 9.6% | ||
| Q2 24 | -17.0% | -0.5% | ||
| Q1 24 | -18.4% | -2.8% |
资本支出强度FSLRPRIM
| Q4 25 | 10.2% | 1.2% | ||
| Q3 25 | 12.8% | 1.6% | ||
| Q2 25 | 26.3% | 1.8% | ||
| Q1 25 | 24.4% | 2.5% | ||
| Q4 24 | 20.7% | 1.6% | ||
| Q3 24 | 48.9% | 3.9% | ||
| Q2 24 | 36.1% | 1.5% | ||
| Q1 24 | 52.1% | 0.7% |
现金转化率FSLRPRIM
| Q4 25 | 2.38× | 2.76× | ||
| Q3 25 | 2.79× | 1.93× | ||
| Q2 25 | 0.44× | 0.93× | ||
| Q1 25 | -2.90× | 1.50× | ||
| Q4 24 | 2.06× | 5.53× | ||
| Q3 24 | -0.17× | 3.81× | ||
| Q2 24 | 0.55× | 0.32× | ||
| Q1 24 | 1.13× | -1.50× |
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
PRIM
| Energy Segment | $1.2B | 64% |
| Unit Price Contracts | $473.7M | 25% |
| Cost Reimbursable Contracts | $121.3M | 7% |
| Other | $74.9M | 4% |
