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第一太阳能（FSLR）与Sunrun Inc.（RUN）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Sunrun Inc.的1.5倍（$1.7B vs $1.2B），第一太阳能净利率更高（31.0% vs 8.9%，领先22.0%），Sunrun Inc.同比增速更快（123.5% vs 11.1%），过去两年Sunrun Inc.的营收复合增速更高（59.0% vs 45.6%）
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。
Sunrun Inc.是美国知名的光伏系统及电池储能产品供应商，业务以服务住宅客户为主，2007年成立，总部位于加利福尼亚州旧金山，致力于为家庭用户提供高效的清洁能源解决方案。
FSLR vs RUN — 直观对比
营收规模更大
FSLR
是对方的1.5倍
$1.2B
营收增速更快
RUN
高出112.4%
11.1%
净利率更高
FSLR
高出22.0%
8.9%
两年增速更快
RUN
近两年复合增速
45.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.2B |
| 净利润 | $520.9M | $103.6M |
| 毛利率 | 39.5% | — |
| 营业利润率 | 32.6% | 8.4% |
| 净利率 | 31.0% | 8.9% |
| 营收同比 | 11.1% | 123.5% |
| 净利润同比 | 32.5% | 103.7% |
| 每股收益（稀释后） | $4.84 | $0.38 |
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FSLRRUN
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.6B | $724.6M | ||
| Q2 25 | $1.1B | $569.3M | ||
| Q1 25 | $844.6M | $504.3M | ||
| Q4 24 | $1.5B | $518.5M | ||
| Q3 24 | $887.7M | $537.2M | ||
| Q2 24 | $1.0B | $523.9M | ||
| Q1 24 | $794.1M | $458.2M |
净利润FSLRRUN
| Q4 25 | $520.9M | $103.6M | ||
| Q3 25 | $455.9M | $16.6M | ||
| Q2 25 | $341.9M | $279.8M | ||
| Q1 25 | $209.5M | $50.0M | ||
| Q4 24 | $393.1M | $-2.8B | ||
| Q3 24 | $313.0M | $-83.8M | ||
| Q2 24 | $349.4M | $139.1M | ||
| Q1 24 | $236.6M | $-87.8M |
毛利率FSLRRUN
| 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FSLRRUN
| Q4 25 | 32.6% | 8.4% | ||
| Q3 25 | 29.2% | 0.5% | ||
| Q2 25 | 33.0% | -19.7% | ||
| Q1 25 | 26.2% | -22.8% | ||
| Q4 24 | 30.2% | -628.0% | ||
| Q3 24 | 36.3% | -23.8% | ||
| Q2 24 | 36.9% | -24.4% | ||
| Q1 24 | 30.6% | -40.0% |
净利率FSLRRUN
| Q4 25 | 31.0% | 8.9% | ||
| Q3 25 | 28.6% | 2.3% | ||
| Q2 25 | 31.2% | 49.1% | ||
| Q1 25 | 24.8% | 9.9% | ||
| Q4 24 | 26.0% | -542.7% | ||
| Q3 24 | 35.3% | -15.6% | ||
| Q2 24 | 34.6% | 26.5% | ||
| Q1 24 | 29.8% | -19.2% |
每股收益（稀释后）FSLRRUN
| Q4 25 | $4.84 | $0.38 | ||
| Q3 25 | $4.24 | $0.06 | ||
| Q2 25 | $3.18 | $1.07 | ||
| Q1 25 | $1.95 | $0.20 | ||
| Q4 24 | $3.66 | $-12.59 | ||
| Q3 24 | $2.91 | $-0.37 | ||
| Q2 24 | $3.25 | $0.55 | ||
| Q1 24 | $2.20 | $-0.40 |
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 | — |
| 总债务越低越好 | — | $14.7B |
| 股东权益账面价值 | $9.5B | $3.1B |
| 总资产 | $13.3B | $22.6B |
| 负债/权益比越低杠杆越低 | — | 4.69× |
8季度趋势，按日历期对齐
现金及短期投资FSLRRUN
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $837.6M | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.7B | — |
总债务FSLRRUN
| Q4 25 | — | $14.7B | ||
| Q3 25 | — | $14.6B | ||
| Q2 25 | — | $14.0B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $12.9B | ||
| Q3 24 | — | $12.5B | ||
| Q2 24 | — | $12.0B | ||
| Q1 24 | — | $11.1B |
股东权益FSLRRUN
| Q4 25 | $9.5B | $3.1B | ||
| Q3 25 | $9.0B | $3.0B | ||
| Q2 25 | $8.5B | $2.9B | ||
| Q1 25 | $8.2B | $2.6B | ||
| Q4 24 | $8.0B | $2.6B | ||
| Q3 24 | $7.6B | $5.3B | ||
| Q2 24 | $7.3B | $5.4B | ||
| Q1 24 | $6.9B | $5.2B |
总资产FSLRRUN
| Q4 25 | $13.3B | $22.6B | ||
| Q3 25 | $13.5B | $22.2B | ||
| Q2 25 | $12.9B | $21.2B | ||
| Q1 25 | $12.1B | $20.4B | ||
| Q4 24 | $12.1B | $19.9B | ||
| Q3 24 | $11.4B | $22.1B | ||
| Q2 24 | $11.0B | $21.4B | ||
| Q1 24 | $10.8B | $20.8B |
负债/权益比FSLRRUN
| Q4 25 | — | 4.69× | ||
| Q3 25 | — | 4.90× | ||
| Q2 25 | — | 4.80× | ||
| Q1 25 | — | 5.19× | ||
| Q4 24 | — | 5.05× | ||
| Q3 24 | — | 2.36× | ||
| Q2 24 | — | 2.23× | ||
| Q1 24 | — | 2.15× |
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 | $96.9M |
| 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× | 0.94× |
| 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FSLRRUN
| Q4 25 | $1.2B | $96.9M | ||
| Q3 25 | $1.3B | $-121.5M | ||
| Q2 25 | $149.6M | $-292.7M | ||
| Q1 25 | $-608.0M | $-104.2M | ||
| Q4 24 | $811.0M | $-258.4M | ||
| Q3 24 | $-53.7M | $-156.2M | ||
| Q2 24 | $193.0M | $-208.5M | ||
| Q1 24 | $267.7M | $-143.1M |
自由现金流FSLRRUN
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $-138.6M | — | ||
| Q1 25 | $-813.9M | — | ||
| Q4 24 | $497.5M | — | ||
| Q3 24 | $-487.7M | $-156.4M | ||
| Q2 24 | $-172.1M | — | ||
| Q1 24 | $-145.7M | — |
自由现金流率FSLRRUN
| Q4 25 | 63.6% | — | ||
| Q3 25 | 67.1% | — | ||
| Q2 25 | -12.6% | — | ||
| Q1 25 | -96.4% | — | ||
| Q4 24 | 32.9% | — | ||
| Q3 24 | -54.9% | -29.1% | ||
| Q2 24 | -17.0% | — | ||
| Q1 24 | -18.4% | — |
资本支出强度FSLRRUN
| Q4 25 | 10.2% | — | ||
| Q3 25 | 12.8% | — | ||
| Q2 25 | 26.3% | — | ||
| Q1 25 | 24.4% | — | ||
| Q4 24 | 20.7% | — | ||
| Q3 24 | 48.9% | 0.0% | ||
| Q2 24 | 36.1% | — | ||
| Q1 24 | 52.1% | — |
现金转化率FSLRRUN
| Q4 25 | 2.38× | 0.94× | ||
| Q3 25 | 2.79× | -7.33× | ||
| Q2 25 | 0.44× | -1.05× | ||
| Q1 25 | -2.90× | -2.08× | ||
| Q4 24 | 2.06× | — | ||
| Q3 24 | -0.17× | — | ||
| Q2 24 | 0.55× | -1.50× | ||
| 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
RUN
| Products | $692.3M | 60% |
| Customer Agreements | $435.2M | 38% |
| Manufactured Product Other | $56.7M | 5% |
| Incentives | $31.3M | 3% |
