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第一太阳能（FSLR）与Public Storage（PSA）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Public Storage的1.4倍（$1.7B vs $1.2B），Public Storage净利率更高（41.7% vs 31.0%，领先10.8%），第一太阳能同比增速更快（11.1% vs 3.3%），过去两年第一太阳能的营收复合增速更高（45.6% vs 2.5%）
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。
Public Storage总部位于美国加利福尼亚州格伦代尔，是主营自助仓储业务的房地产投资信托，也是美国最大的自助仓储服务品牌，持有美国约9%的自助仓储面积。截至2024年12月31日，公司运营3073处自助仓储设施，总可出租净面积达2.21亿平方英尺。
FSLR vs PSA — 直观对比
营收规模更大
FSLR
是对方的1.4倍
$1.2B
营收增速更快
FSLR
高出7.9%
3.3%
净利率更高
PSA
高出10.8%
31.0%
两年增速更快
FSLR
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.2B |
| 净利润 | $520.9M | $507.1M |
| 毛利率 | 39.5% | — |
| 营业利润率 | 32.6% | 40.7% |
| 净利率 | 31.0% | 41.7% |
| 营收同比 | 11.1% | 3.3% |
| 净利润同比 | 32.5% | -17.5% |
| 每股收益（稀释后） | $4.84 | $2.59 |
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FSLRPSA
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.6B | $1.2B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $844.6M | $1.2B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $887.7M | $1.2B | ||
| Q2 24 | $1.0B | $1.2B | ||
| Q1 24 | $794.1M | $1.2B |
净利润FSLRPSA
| Q4 25 | $520.9M | $507.1M | ||
| Q3 25 | $455.9M | $511.1M | ||
| Q2 25 | $341.9M | $358.4M | ||
| Q1 25 | $209.5M | $407.8M | ||
| Q4 24 | $393.1M | $614.6M | ||
| Q3 24 | $313.0M | $430.3M | ||
| Q2 24 | $349.4M | $518.1M | ||
| Q1 24 | $236.6M | $508.9M |
毛利率FSLRPSA
| 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% | — | ||
| Q1 24 | 43.6% | — |
营业利润率FSLRPSA
| Q4 25 | 32.6% | 40.7% | ||
| Q3 25 | 29.2% | 42.3% | ||
| Q2 25 | 33.0% | 30.4% | ||
| Q1 25 | 26.2% | 34.8% | ||
| Q4 24 | 30.2% | 52.4% | ||
| Q3 24 | 36.3% | 36.7% | ||
| Q2 24 | 36.9% | 44.6% | ||
| Q1 24 | 30.6% | 44.3% |
净利率FSLRPSA
| Q4 25 | 31.0% | 41.7% | ||
| Q3 25 | 28.6% | 41.8% | ||
| Q2 25 | 31.2% | 29.8% | ||
| Q1 25 | 24.8% | 34.5% | ||
| Q4 24 | 26.0% | 52.2% | ||
| Q3 24 | 35.3% | 36.2% | ||
| Q2 24 | 34.6% | 44.2% | ||
| Q1 24 | 29.8% | 44.0% |
每股收益（稀释后）FSLRPSA
| Q4 25 | $4.84 | $2.59 | ||
| Q3 25 | $4.24 | $2.62 | ||
| Q2 25 | $3.18 | $1.76 | ||
| Q1 25 | $1.95 | $2.04 | ||
| Q4 24 | $3.66 | $3.22 | ||
| Q3 24 | $2.91 | $2.16 | ||
| Q2 24 | $3.25 | $2.66 | ||
| Q1 24 | $2.20 | $2.60 |
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 | $318.1M |
| 总债务越低越好 | — | $10.3B |
| 股东权益账面价值 | $9.5B | $9.2B |
| 总资产 | $13.3B | $20.2B |
| 负债/权益比越低杠杆越低 | — | 1.11× |
8季度趋势，按日历期对齐
现金及短期投资FSLRPSA
| Q4 25 | $2.8B | $318.1M | ||
| Q3 25 | $2.0B | $296.5M | ||
| Q2 25 | $1.1B | $1.1B | ||
| Q1 25 | $837.6M | $287.2M | ||
| Q4 24 | $1.6B | $447.4M | ||
| Q3 24 | $1.0B | $599.0M | ||
| Q2 24 | $1.7B | $542.3M | ||
| Q1 24 | $1.7B | $271.6M |
总债务FSLRPSA
| Q4 25 | — | $10.3B | ||
| Q3 25 | — | $10.0B | ||
| Q2 25 | — | $10.4B | ||
| Q1 25 | — | $9.4B | ||
| Q4 24 | — | $9.4B | ||
| Q3 24 | — | $9.5B | ||
| Q2 24 | — | $9.4B | ||
| Q1 24 | — | $9.1B |
股东权益FSLRPSA
| Q4 25 | $9.5B | $9.2B | ||
| Q3 25 | $9.0B | $9.3B | ||
| Q2 25 | $8.5B | $9.4B | ||
| Q1 25 | $8.2B | $9.6B | ||
| Q4 24 | $8.0B | $9.7B | ||
| Q3 24 | $7.6B | $9.6B | ||
| Q2 24 | $7.3B | $9.7B | ||
| Q1 24 | $6.9B | $9.9B |
总资产FSLRPSA
| Q4 25 | $13.3B | $20.2B | ||
| Q3 25 | $13.5B | $20.1B | ||
| Q2 25 | $12.9B | $20.5B | ||
| Q1 25 | $12.1B | $19.6B | ||
| Q4 24 | $12.1B | $19.8B | ||
| Q3 24 | $11.4B | $19.8B | ||
| Q2 24 | $11.0B | $19.8B | ||
| Q1 24 | $10.8B | $19.6B |
负债/权益比FSLRPSA
| Q4 25 | — | 1.11× | ||
| Q3 25 | — | 1.08× | ||
| Q2 25 | — | 1.11× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | 0.96× | ||
| Q3 24 | — | 0.99× | ||
| Q2 24 | — | 0.97× | ||
| Q1 24 | — | 0.91× |
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 | $733.6M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | — |
| 自由现金流率自由现金流/营收 | 63.6% | — |
| 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× | 1.45× |
| 过去12个月自由现金流最近4个季度 | $1.2B | — |
8季度趋势，按日历期对齐
经营现金流FSLRPSA
| Q4 25 | $1.2B | $733.6M | ||
| Q3 25 | $1.3B | $875.1M | ||
| Q2 25 | $149.6M | $872.7M | ||
| Q1 25 | $-608.0M | $705.1M | ||
| Q4 24 | $811.0M | $768.6M | ||
| Q3 24 | $-53.7M | $798.8M | ||
| Q2 24 | $193.0M | $895.3M | ||
| Q1 24 | $267.7M | $665.6M |
自由现金流FSLRPSA
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $-138.6M | — | ||
| Q1 25 | $-813.9M | — | ||
| Q4 24 | $497.5M | — | ||
| Q3 24 | $-487.7M | — | ||
| Q2 24 | $-172.1M | — | ||
| Q1 24 | $-145.7M | — |
自由现金流率FSLRPSA
| Q4 25 | 63.6% | — | ||
| Q3 25 | 67.1% | — | ||
| Q2 25 | -12.6% | — | ||
| Q1 25 | -96.4% | — | ||
| Q4 24 | 32.9% | — | ||
| Q3 24 | -54.9% | — | ||
| Q2 24 | -17.0% | — | ||
| Q1 24 | -18.4% | — |
资本支出强度FSLRPSA
| Q4 25 | 10.2% | — | ||
| Q3 25 | 12.8% | — | ||
| Q2 25 | 26.3% | — | ||
| Q1 25 | 24.4% | — | ||
| Q4 24 | 20.7% | — | ||
| Q3 24 | 48.9% | — | ||
| Q2 24 | 36.1% | — | ||
| Q1 24 | 52.1% | — |
现金转化率FSLRPSA
| Q4 25 | 2.38× | 1.45× | ||
| Q3 25 | 2.79× | 1.71× | ||
| Q2 25 | 0.44× | 2.43× | ||
| Q1 25 | -2.90× | 1.73× | ||
| Q4 24 | 2.06× | 1.25× | ||
| Q3 24 | -0.17× | 1.86× | ||
| Q2 24 | 0.55× | 1.73× | ||
| Q1 24 | 1.13× | 1.31× |
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
PSA
| Self Storage Operations | $1.1B | 93% |
| Ancillary Operations | $86.9M | 7% |
