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第一太阳能（FSLR）与越洋钻探（RIG）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越洋钻探的1.6倍（$1.7B vs $1.0B），第一太阳能净利率更高（31.0% vs 2.4%，领先28.6%），第一太阳能同比增速更快（11.1% vs 9.6%），第一太阳能自由现金流更多（$1.1B vs $321.0M），过去两年第一太阳能的营收复合增速更高（45.6% vs 16.9%）
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。
越洋钻探（Transocean Ltd.）是按营收计全球规模最大的海上钻探承包商，总部位于瑞士施泰因豪森，起源于美国，目前在加拿大、美国、挪威、英国、印度、巴西、新加坡等20个国家设有办事机构，业务覆盖全球主要海上油气开采区域。
FSLR vs RIG — 直观对比
营收规模更大
FSLR
是对方的1.6倍
$1.0B
营收增速更快
FSLR
高出1.6%
9.6%
净利率更高
FSLR
高出28.6%
2.4%
自由现金流更多
FSLR
多$749.2M
$321.0M
两年增速更快
FSLR
近两年复合增速
16.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.0B |
| 净利润 | $520.9M | $25.0M |
| 毛利率 | 39.5% | 42.0% |
| 营业利润率 | 32.6% | 23.0% |
| 净利率 | 31.0% | 2.4% |
| 营收同比 | 11.1% | 9.6% |
| 净利润同比 | 32.5% | 257.1% |
| 每股收益（稀释后） | $4.84 | $0.13 |
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FSLRRIG
| Q4 25 | $1.7B | $1.0B | ||
| Q3 25 | $1.6B | $1.0B | ||
| Q2 25 | $1.1B | $988.0M | ||
| Q1 25 | $844.6M | $906.0M | ||
| Q4 24 | $1.5B | $952.0M | ||
| Q3 24 | $887.7M | $948.0M | ||
| Q2 24 | $1.0B | $861.0M | ||
| Q1 24 | $794.1M | $763.0M |
净利润FSLRRIG
| Q4 25 | $520.9M | $25.0M | ||
| Q3 25 | $455.9M | $-1.9B | ||
| Q2 25 | $341.9M | $-938.0M | ||
| Q1 25 | $209.5M | $-79.0M | ||
| Q4 24 | $393.1M | $7.0M | ||
| Q3 24 | $313.0M | $-494.0M | ||
| Q2 24 | $349.4M | $-123.0M | ||
| Q1 24 | $236.6M | $98.0M |
毛利率FSLRRIG
| Q4 25 | 39.5% | 42.0% | ||
| Q3 25 | 38.3% | 43.2% | ||
| Q2 25 | 45.6% | 39.4% | ||
| Q1 25 | 40.8% | 31.8% | ||
| Q4 24 | 37.5% | 39.2% | ||
| Q3 24 | 50.2% | 40.6% | ||
| Q2 24 | 49.4% | 38.0% | ||
| Q1 24 | 43.6% | 31.5% |
营业利润率FSLRRIG
| Q4 25 | 32.6% | 23.0% | ||
| Q3 25 | 29.2% | -163.1% | ||
| Q2 25 | 33.0% | -97.6% | ||
| Q1 25 | 26.2% | 7.1% | ||
| Q4 24 | 30.2% | 13.7% | ||
| Q3 24 | 36.3% | -51.2% | ||
| Q2 24 | 36.9% | -6.9% | ||
| Q1 24 | 30.6% | -0.4% |
净利率FSLRRIG
| Q4 25 | 31.0% | 2.4% | ||
| Q3 25 | 28.6% | -187.1% | ||
| Q2 25 | 31.2% | -94.9% | ||
| Q1 25 | 24.8% | -8.7% | ||
| Q4 24 | 26.0% | 0.7% | ||
| Q3 24 | 35.3% | -52.1% | ||
| Q2 24 | 34.6% | -14.3% | ||
| Q1 24 | 29.8% | 12.8% |
每股收益（稀释后）FSLRRIG
| Q4 25 | $4.84 | $0.13 | ||
| Q3 25 | $4.24 | $-2.00 | ||
| Q2 25 | $3.18 | $-1.06 | ||
| Q1 25 | $1.95 | $-0.11 | ||
| Q4 24 | $3.66 | $-0.14 | ||
| Q3 24 | $2.91 | $-0.58 | ||
| Q2 24 | $3.25 | $-0.15 | ||
| Q1 24 | $2.20 | $0.11 |
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 | $620.0M |
| 总债务越低越好 | — | $5.2B |
| 股东权益账面价值 | $9.5B | $8.1B |
| 总资产 | $13.3B | $15.6B |
| 负债/权益比越低杠杆越低 | — | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资FSLRRIG
| Q4 25 | $2.8B | $620.0M | ||
| Q3 25 | $2.0B | $833.0M | ||
| Q2 25 | $1.1B | $377.0M | ||
| Q1 25 | $837.6M | $263.0M | ||
| Q4 24 | $1.6B | $560.0M | ||
| Q3 24 | $1.0B | $435.0M | ||
| Q2 24 | $1.7B | $475.0M | ||
| Q1 24 | $1.7B | $446.0M |
总债务FSLRRIG
| Q4 25 | — | $5.2B | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $5.9B | ||
| Q1 25 | — | $5.9B | ||
| Q4 24 | — | $6.2B | ||
| Q3 24 | — | $6.5B | ||
| Q2 24 | — | $6.8B | ||
| Q1 24 | — | $6.8B |
股东权益FSLRRIG
| Q4 25 | $9.5B | $8.1B | ||
| Q3 25 | $9.0B | $8.1B | ||
| Q2 25 | $8.5B | $9.4B | ||
| Q1 25 | $8.2B | $10.2B | ||
| Q4 24 | $8.0B | $10.3B | ||
| Q3 24 | $7.6B | $10.2B | ||
| Q2 24 | $7.3B | $10.7B | ||
| Q1 24 | $6.9B | $10.5B |
总资产FSLRRIG
| Q4 25 | $13.3B | $15.6B | ||
| Q3 25 | $13.5B | $16.2B | ||
| Q2 25 | $12.9B | $17.8B | ||
| Q1 25 | $12.1B | $19.0B | ||
| Q4 24 | $12.1B | $19.4B | ||
| Q3 24 | $11.4B | $19.5B | ||
| Q2 24 | $11.0B | $20.3B | ||
| Q1 24 | $10.8B | $19.9B |
负债/权益比FSLRRIG
| Q4 25 | — | 0.64× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.63× | ||
| Q1 25 | — | 0.58× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.63× | ||
| Q1 24 | — | 0.65× |
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 | $349.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $321.0M |
| 自由现金流率自由现金流/营收 | 63.6% | 30.8% |
| 资本支出强度资本支出/营收 | 10.2% | 2.7% |
| 现金转化率经营现金流/净利润 | 2.38× | 13.96× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $626.0M |
8季度趋势，按日历期对齐
经营现金流FSLRRIG
| Q4 25 | $1.2B | $349.0M | ||
| Q3 25 | $1.3B | $246.0M | ||
| Q2 25 | $149.6M | $128.0M | ||
| Q1 25 | $-608.0M | $26.0M | ||
| Q4 24 | $811.0M | $206.0M | ||
| Q3 24 | $-53.7M | $194.0M | ||
| Q2 24 | $193.0M | $133.0M | ||
| Q1 24 | $267.7M | $-86.0M |
自由现金流FSLRRIG
| Q4 25 | $1.1B | $321.0M | ||
| Q3 25 | $1.1B | $235.0M | ||
| Q2 25 | $-138.6M | $104.0M | ||
| Q1 25 | $-813.9M | $-34.0M | ||
| Q4 24 | $497.5M | $177.0M | ||
| Q3 24 | $-487.7M | $136.0M | ||
| Q2 24 | $-172.1M | $49.0M | ||
| Q1 24 | $-145.7M | $-169.0M |
自由现金流率FSLRRIG
| Q4 25 | 63.6% | 30.8% | ||
| Q3 25 | 67.1% | 22.9% | ||
| Q2 25 | -12.6% | 10.5% | ||
| Q1 25 | -96.4% | -3.8% | ||
| Q4 24 | 32.9% | 18.6% | ||
| Q3 24 | -54.9% | 14.3% | ||
| Q2 24 | -17.0% | 5.7% | ||
| Q1 24 | -18.4% | -22.1% |
资本支出强度FSLRRIG
| Q4 25 | 10.2% | 2.7% | ||
| Q3 25 | 12.8% | 1.1% | ||
| Q2 25 | 26.3% | 2.4% | ||
| Q1 25 | 24.4% | 6.6% | ||
| Q4 24 | 20.7% | 3.0% | ||
| Q3 24 | 48.9% | 6.1% | ||
| Q2 24 | 36.1% | 9.8% | ||
| Q1 24 | 52.1% | 10.9% |
现金转化率FSLRRIG
| Q4 25 | 2.38× | 13.96× | ||
| Q3 25 | 2.79× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | -2.90× | — | ||
| Q4 24 | 2.06× | 29.43× | ||
| Q3 24 | -0.17× | — | ||
| Q2 24 | 0.55× | — | ||
| Q1 24 | 1.13× | -0.88× |
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
RIG
| Ultra Deepwater Floaters | $433.0M | 42% |
| BR | $236.0M | 23% |
| Other Geographical | $211.0M | 20% |
| Harsh Environment Floaters | $163.0M | 16% |
