vs
第一太阳能（FSLR）与Rivian Automotive, Inc.（RIVN）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Rivian Automotive, Inc.的1.3倍（$1.7B vs $1.3B），第一太阳能净利率更高（31.0% vs -63.1%，领先94.0%），第一太阳能同比增速更快（11.1% vs -25.8%），第一太阳能自由现金流更多（$1.1B vs $-1.1B），过去两年第一太阳能的营收复合增速更高（45.6% vs 3.3%）
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。
Rivian Automotive是2009年成立的美国电动汽车制造商及汽车科技企业，主打基于自研滑板平台打造的电动SUV、皮卡及EDV电动配送货车，旗下R1T皮卡于2021年末正式开启交付，还计划于2023年底前在美国和加拿大布局专属充电网络，其平台可适配新车型也可对外授权使用。
FSLR vs RIVN — 直观对比
营收规模更大
FSLR
是对方的1.3倍
$1.3B
营收增速更快
FSLR
高出37.0%
-25.8%
净利率更高
FSLR
高出94.0%
-63.1%
自由现金流更多
FSLR
多$2.2B
$-1.1B
两年增速更快
FSLR
近两年复合增速
3.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.3B |
| 净利润 | $520.9M | $-811.0M |
| 毛利率 | 39.5% | 9.3% |
| 营业利润率 | 32.6% | -64.8% |
| 净利率 | 31.0% | -63.1% |
| 营收同比 | 11.1% | -25.8% |
| 净利润同比 | 32.5% | -9.0% |
| 每股收益（稀释后） | $4.84 | $-0.66 |
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FSLRRIVN
| Q4 25 | $1.7B | $1.3B | ||
| Q3 25 | $1.6B | $1.6B | ||
| Q2 25 | $1.1B | $1.3B | ||
| Q1 25 | $844.6M | $1.2B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $887.7M | $874.0M | ||
| Q2 24 | $1.0B | $1.2B | ||
| Q1 24 | $794.1M | $1.2B |
净利润FSLRRIVN
| Q4 25 | $520.9M | $-811.0M | ||
| Q3 25 | $455.9M | $-1.2B | ||
| Q2 25 | $341.9M | $-1.1B | ||
| Q1 25 | $209.5M | $-545.0M | ||
| Q4 24 | $393.1M | $-744.0M | ||
| Q3 24 | $313.0M | $-1.1B | ||
| Q2 24 | $349.4M | $-1.5B | ||
| Q1 24 | $236.6M | $-1.4B |
毛利率FSLRRIVN
| Q4 25 | 39.5% | 9.3% | ||
| Q3 25 | 38.3% | 1.5% | ||
| Q2 25 | 45.6% | -15.8% | ||
| Q1 25 | 40.8% | 16.6% | ||
| Q4 24 | 37.5% | 9.8% | ||
| Q3 24 | 50.2% | -44.9% | ||
| Q2 24 | 49.4% | -38.9% | ||
| Q1 24 | 43.6% | -43.8% |
营业利润率FSLRRIVN
| Q4 25 | 32.6% | -64.8% | ||
| Q3 25 | 29.2% | -63.1% | ||
| Q2 25 | 33.0% | -85.5% | ||
| Q1 25 | 26.2% | -52.8% | ||
| Q4 24 | 30.2% | -38.1% | ||
| Q3 24 | 36.3% | -133.8% | ||
| Q2 24 | 36.9% | -118.7% | ||
| Q1 24 | 30.6% | -123.3% |
净利率FSLRRIVN
| Q4 25 | 31.0% | -63.1% | ||
| Q3 25 | 28.6% | -75.3% | ||
| Q2 25 | 31.2% | -85.7% | ||
| Q1 25 | 24.8% | -44.0% | ||
| Q4 24 | 26.0% | -42.9% | ||
| Q3 24 | 35.3% | -125.9% | ||
| Q2 24 | 34.6% | -125.8% | ||
| Q1 24 | 29.8% | -120.1% |
每股收益（稀释后）FSLRRIVN
| Q4 25 | $4.84 | $-0.66 | ||
| Q3 25 | $4.24 | $-0.96 | ||
| Q2 25 | $3.18 | $-0.97 | ||
| Q1 25 | $1.95 | $-0.48 | ||
| Q4 24 | $3.66 | $-0.67 | ||
| Q3 24 | $2.91 | $-1.08 | ||
| Q2 24 | $3.25 | $-1.46 | ||
| Q1 24 | $2.20 | $-1.48 |
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 | $6.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.5B | $4.6B |
| 总资产 | $13.3B | $14.9B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资FSLRRIVN
| Q4 25 | $2.8B | $6.1B | ||
| Q3 25 | $2.0B | $7.1B | ||
| Q2 25 | $1.1B | $7.5B | ||
| Q1 25 | $837.6M | $7.2B | ||
| Q4 24 | $1.6B | $7.7B | ||
| Q3 24 | $1.0B | $6.7B | ||
| Q2 24 | $1.7B | $7.9B | ||
| Q1 24 | $1.7B | $7.9B |
总债务FSLRRIVN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $5.5B | ||
| Q1 24 | — | $4.4B |
股东权益FSLRRIVN
| Q4 25 | $9.5B | $4.6B | ||
| Q3 25 | $9.0B | $5.1B | ||
| Q2 25 | $8.5B | $6.1B | ||
| Q1 25 | $8.2B | $6.2B | ||
| Q4 24 | $8.0B | $6.6B | ||
| Q3 24 | $7.6B | $5.9B | ||
| Q2 24 | $7.3B | $6.8B | ||
| Q1 24 | $6.9B | $8.1B |
总资产FSLRRIVN
| Q4 25 | $13.3B | $14.9B | ||
| Q3 25 | $13.5B | $15.2B | ||
| Q2 25 | $12.9B | $15.6B | ||
| Q1 25 | $12.1B | $15.5B | ||
| Q4 24 | $12.1B | $15.4B | ||
| Q3 24 | $11.4B | $14.3B | ||
| Q2 24 | $11.0B | $15.4B | ||
| Q1 24 | $10.8B | $15.7B |
负债/权益比FSLRRIVN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | — | 0.55× |
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 | $-681.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $-1.1B |
| 自由现金流率自由现金流/营收 | 63.6% | -89.0% |
| 资本支出强度资本支出/营收 | 10.2% | 36.0% |
| 现金转化率经营现金流/净利润 | 2.38× | — |
| 过去12个月自由现金流最近4个季度 | $1.2B | $-2.5B |
8季度趋势，按日历期对齐
经营现金流FSLRRIVN
| Q4 25 | $1.2B | $-681.0M | ||
| Q3 25 | $1.3B | $26.0M | ||
| Q2 25 | $149.6M | $64.0M | ||
| Q1 25 | $-608.0M | $-188.0M | ||
| Q4 24 | $811.0M | $1.2B | ||
| Q3 24 | $-53.7M | $-876.0M | ||
| Q2 24 | $193.0M | $-754.0M | ||
| Q1 24 | $267.7M | $-1.3B |
自由现金流FSLRRIVN
| Q4 25 | $1.1B | $-1.1B | ||
| Q3 25 | $1.1B | $-421.0M | ||
| Q2 25 | $-138.6M | $-398.0M | ||
| Q1 25 | $-813.9M | $-526.0M | ||
| Q4 24 | $497.5M | $856.0M | ||
| Q3 24 | $-487.7M | $-1.2B | ||
| Q2 24 | $-172.1M | $-1.0B | ||
| Q1 24 | $-145.7M | $-1.5B |
自由现金流率FSLRRIVN
| Q4 25 | 63.6% | -89.0% | ||
| Q3 25 | 67.1% | -27.0% | ||
| Q2 25 | -12.6% | -30.5% | ||
| Q1 25 | -96.4% | -42.4% | ||
| Q4 24 | 32.9% | 49.4% | ||
| Q3 24 | -54.9% | -131.9% | ||
| Q2 24 | -17.0% | -89.6% | ||
| Q1 24 | -18.4% | -126.5% |
资本支出强度FSLRRIVN
| Q4 25 | 10.2% | 36.0% | ||
| Q3 25 | 12.8% | 28.7% | ||
| Q2 25 | 26.3% | 35.5% | ||
| Q1 25 | 24.4% | 27.3% | ||
| Q4 24 | 20.7% | 18.9% | ||
| Q3 24 | 48.9% | 31.7% | ||
| Q2 24 | 36.1% | 24.4% | ||
| Q1 24 | 52.1% | 21.1% |
现金转化率FSLRRIVN
| Q4 25 | 2.38× | — | ||
| Q3 25 | 2.79× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | -2.90× | — | ||
| Q4 24 | 2.06× | — | ||
| Q3 24 | -0.17× | — | ||
| Q2 24 | 0.55× | — | ||
| Q1 24 | 1.13× | — |
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
RIVN
| Automotive Segment | $839.0M | 65% |
| Software And Services Segment | $447.0M | 35% |
| Regulatory Credits | $30.0M | 2% |
