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第一太阳能（FSLR）与利氏兄弟拍卖行（RBA）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利氏兄弟拍卖行的1.4倍（$1.7B vs $1.2B），第一太阳能净利率更高（31.0% vs 9.1%，领先21.8%），第一太阳能同比增速更快（11.1% vs 5.4%），第一太阳能自由现金流更多（$1.1B vs $186.5M），过去两年第一太阳能的营收复合增速更高（45.6% vs 6.3%）
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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
FSLR vs RBA — 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5.7%
5.4%
净利率更高
FSLR
高出21.8%
9.1%
自由现金流更多
FSLR
多$883.7M
$186.5M
两年增速更快
FSLR
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.2B |
| 净利润 | $520.9M | $109.7M |
| 毛利率 | 39.5% | — |
| 营业利润率 | 32.6% | 14.7% |
| 净利率 | 31.0% | 9.1% |
| 营收同比 | 11.1% | 5.4% |
| 净利润同比 | 32.5% | -7.4% |
| 每股收益（稀释后） | $4.84 | $0.53 |
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FSLRRBA
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.6B | $1.1B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $844.6M | $1.1B | ||
| Q4 24 | $1.5B | $1.1B | ||
| Q3 24 | $887.7M | $981.8M | ||
| Q2 24 | $1.0B | $1.1B | ||
| Q1 24 | $794.1M | $1.1B |
净利润FSLRRBA
| Q4 25 | $520.9M | $109.7M | ||
| Q3 25 | $455.9M | $95.5M | ||
| Q2 25 | $341.9M | $109.8M | ||
| Q1 25 | $209.5M | $113.4M | ||
| Q4 24 | $393.1M | $118.5M | ||
| Q3 24 | $313.0M | $76.1M | ||
| Q2 24 | $349.4M | $111.1M | ||
| Q1 24 | $236.6M | $107.4M |
毛利率FSLRRBA
| 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FSLRRBA
| Q4 25 | 32.6% | 14.7% | ||
| Q3 25 | 29.2% | 14.5% | ||
| Q2 25 | 33.0% | 15.9% | ||
| Q1 25 | 26.2% | 17.1% | ||
| Q4 24 | 30.2% | 18.1% | ||
| Q3 24 | 36.3% | 15.6% | ||
| Q2 24 | 36.9% | 18.4% | ||
| Q1 24 | 30.6% | 18.7% |
净利率FSLRRBA
| Q4 25 | 31.0% | 9.1% | ||
| Q3 25 | 28.6% | 8.7% | ||
| Q2 25 | 31.2% | 9.3% | ||
| Q1 25 | 24.8% | 10.2% | ||
| Q4 24 | 26.0% | 10.4% | ||
| Q3 24 | 35.3% | 7.8% | ||
| Q2 24 | 34.6% | 10.1% | ||
| Q1 24 | 29.8% | 10.1% |
每股收益（稀释后）FSLRRBA
| Q4 25 | $4.84 | $0.53 | ||
| Q3 25 | $4.24 | $0.43 | ||
| Q2 25 | $3.18 | $0.53 | ||
| Q1 25 | $1.95 | $0.55 | ||
| Q4 24 | $3.66 | $0.58 | ||
| Q3 24 | $2.91 | $0.36 | ||
| Q2 24 | $3.25 | $0.54 | ||
| Q1 24 | $2.20 | $0.53 |
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 | $531.5M |
| 总债务越低越好 | — | $2.3B |
| 股东权益账面价值 | $9.5B | $5.6B |
| 总资产 | $13.3B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资FSLRRBA
| Q4 25 | $2.8B | $531.5M | ||
| Q3 25 | $2.0B | $674.7M | ||
| Q2 25 | $1.1B | $710.2M | ||
| Q1 25 | $837.6M | $578.1M | ||
| Q4 24 | $1.6B | $533.9M | ||
| Q3 24 | $1.0B | $650.7M | ||
| Q2 24 | $1.7B | $599.5M | ||
| Q1 24 | $1.7B | $462.8M |
总债务FSLRRBA
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.6B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.8B | ||
| Q1 24 | — | $2.9B |
股东权益FSLRRBA
| Q4 25 | $9.5B | $5.6B | ||
| Q3 25 | $9.0B | $5.5B | ||
| Q2 25 | $8.5B | $5.5B | ||
| Q1 25 | $8.2B | $5.3B | ||
| Q4 24 | $8.0B | $5.2B | ||
| Q3 24 | $7.6B | $5.2B | ||
| Q2 24 | $7.3B | $5.2B | ||
| Q1 24 | $6.9B | $5.1B |
总资产FSLRRBA
| Q4 25 | $13.3B | $12.1B | ||
| Q3 25 | $13.5B | $12.2B | ||
| Q2 25 | $12.9B | $12.2B | ||
| Q1 25 | $12.1B | $11.9B | ||
| Q4 24 | $12.1B | $11.8B | ||
| Q3 24 | $11.4B | $11.9B | ||
| Q2 24 | $11.0B | $12.1B | ||
| Q1 24 | $10.8B | $12.0B |
负债/权益比FSLRRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $186.5M |
| 自由现金流率自由现金流/营收 | 63.6% | 15.5% |
| 资本支出强度资本支出/营收 | 10.2% | 5.7% |
| 现金转化率经营现金流/净利润 | 2.38× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $719.2M |
8季度趋势，按日历期对齐
经营现金流FSLRRBA
| Q4 25 | $1.2B | $255.2M | ||
| Q3 25 | $1.3B | $239.7M | ||
| Q2 25 | $149.6M | $326.5M | ||
| Q1 25 | $-608.0M | $156.8M | ||
| Q4 24 | $811.0M | $184.5M | ||
| Q3 24 | $-53.7M | $285.4M | ||
| Q2 24 | $193.0M | $337.3M | ||
| Q1 24 | $267.7M | $124.8M |
自由现金流FSLRRBA
| Q4 25 | $1.1B | $186.5M | ||
| Q3 25 | $1.1B | $188.5M | ||
| Q2 25 | $-138.6M | $241.7M | ||
| Q1 25 | $-813.9M | $102.5M | ||
| Q4 24 | $497.5M | $127.9M | ||
| Q3 24 | $-487.7M | $248.5M | ||
| Q2 24 | $-172.1M | $308.6M | ||
| Q1 24 | $-145.7M | $79.6M |
自由现金流率FSLRRBA
| Q4 25 | 63.6% | 15.5% | ||
| Q3 25 | 67.1% | 17.3% | ||
| Q2 25 | -12.6% | 20.4% | ||
| Q1 25 | -96.4% | 9.2% | ||
| Q4 24 | 32.9% | 11.2% | ||
| Q3 24 | -54.9% | 25.3% | ||
| Q2 24 | -17.0% | 28.2% | ||
| Q1 24 | -18.4% | 7.5% |
资本支出强度FSLRRBA
| Q4 25 | 10.2% | 5.7% | ||
| Q3 25 | 12.8% | 4.7% | ||
| Q2 25 | 26.3% | 7.2% | ||
| Q1 25 | 24.4% | 4.9% | ||
| Q4 24 | 20.7% | 5.0% | ||
| Q3 24 | 48.9% | 3.8% | ||
| Q2 24 | 36.1% | 2.6% | ||
| Q1 24 | 52.1% | 4.2% |
现金转化率FSLRRBA
| Q4 25 | 2.38× | 2.33× | ||
| Q3 25 | 2.79× | 2.51× | ||
| Q2 25 | 0.44× | 2.97× | ||
| Q1 25 | -2.90× | 1.38× | ||
| Q4 24 | 2.06× | 1.56× | ||
| Q3 24 | -0.17× | 3.75× | ||
| Q2 24 | 0.55× | 3.04× | ||
| Q1 24 | 1.13× | 1.16× |
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
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
