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第一太阳能（FSLR）与RXO, Inc.（RXO）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RXO, Inc.的1.1倍（$1.7B vs $1.5B），第一太阳能净利率更高（31.0% vs -3.1%，领先34.1%），第一太阳能同比增速更快（11.1% vs -11.9%），第一太阳能自由现金流更多（$1.1B vs $-9.0M），过去两年第一太阳能的营收复合增速更高（45.6% vs 26.8%）
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。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
FSLR vs RXO — 直观对比
营收规模更大
FSLR
是对方的1.1倍
$1.5B
营收增速更快
FSLR
高出23.0%
-11.9%
净利率更高
FSLR
高出34.1%
-3.1%
自由现金流更多
FSLR
多$1.1B
$-9.0M
两年增速更快
FSLR
近两年复合增速
26.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.5B |
| 净利润 | $520.9M | $-46.0M |
| 毛利率 | 39.5% | — |
| 营业利润率 | 32.6% | -2.9% |
| 净利率 | 31.0% | -3.1% |
| 营收同比 | 11.1% | -11.9% |
| 净利润同比 | 32.5% | -84.0% |
| 每股收益（稀释后） | $4.84 | $-0.28 |
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FSLRRXO
| Q4 25 | $1.7B | $1.5B | ||
| Q3 25 | $1.6B | $1.4B | ||
| Q2 25 | $1.1B | $1.4B | ||
| Q1 25 | $844.6M | $1.4B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $887.7M | $1.0B | ||
| Q2 24 | $1.0B | $930.0M | ||
| Q1 24 | $794.1M | $913.0M |
净利润FSLRRXO
| Q4 25 | $520.9M | $-46.0M | ||
| Q3 25 | $455.9M | $-14.0M | ||
| Q2 25 | $341.9M | $-9.0M | ||
| Q1 25 | $209.5M | $-31.0M | ||
| Q4 24 | $393.1M | $-25.0M | ||
| Q3 24 | $313.0M | $-243.0M | ||
| Q2 24 | $349.4M | $-7.0M | ||
| Q1 24 | $236.6M | $-15.0M |
毛利率FSLRRXO
| 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FSLRRXO
| Q4 25 | 32.6% | -2.9% | ||
| Q3 25 | 29.2% | -0.5% | ||
| Q2 25 | 33.0% | — | ||
| Q1 25 | 26.2% | -2.1% | ||
| Q4 24 | 30.2% | -1.4% | ||
| Q3 24 | 36.3% | -1.9% | ||
| Q2 24 | 36.9% | — | ||
| Q1 24 | 30.6% | -1.3% |
净利率FSLRRXO
| Q4 25 | 31.0% | -3.1% | ||
| Q3 25 | 28.6% | -1.0% | ||
| Q2 25 | 31.2% | -0.6% | ||
| Q1 25 | 24.8% | -2.2% | ||
| Q4 24 | 26.0% | -1.5% | ||
| Q3 24 | 35.3% | -23.4% | ||
| Q2 24 | 34.6% | -0.8% | ||
| Q1 24 | 29.8% | -1.6% |
每股收益（稀释后）FSLRRXO
| Q4 25 | $4.84 | $-0.28 | ||
| Q3 25 | $4.24 | $-0.08 | ||
| Q2 25 | $3.18 | $-0.05 | ||
| Q1 25 | $1.95 | $-0.18 | ||
| Q4 24 | $3.66 | $-0.17 | ||
| Q3 24 | $2.91 | $-1.81 | ||
| Q2 24 | $3.25 | $-0.06 | ||
| Q1 24 | $2.20 | $-0.13 |
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 | $17.0M |
| 总债务越低越好 | — | $387.0M |
| 股东权益账面价值 | $9.5B | $1.5B |
| 总资产 | $13.3B | $3.3B |
| 负债/权益比越低杠杆越低 | — | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资FSLRRXO
| Q4 25 | $2.8B | $17.0M | ||
| Q3 25 | $2.0B | $25.0M | ||
| Q2 25 | $1.1B | $18.0M | ||
| Q1 25 | $837.6M | $16.0M | ||
| Q4 24 | $1.6B | $35.0M | ||
| Q3 24 | $1.0B | $55.0M | ||
| Q2 24 | $1.7B | $7.0M | ||
| Q1 24 | $1.7B | $7.0M |
总债务FSLRRXO
| Q4 25 | — | $387.0M | ||
| Q3 25 | — | $387.0M | ||
| Q2 25 | — | $387.0M | ||
| Q1 25 | — | $387.0M | ||
| Q4 24 | — | $351.0M | ||
| Q3 24 | — | $352.0M | ||
| Q2 24 | — | $370.0M | ||
| Q1 24 | — | $351.0M |
股东权益FSLRRXO
| Q4 25 | $9.5B | $1.5B | ||
| Q3 25 | $9.0B | $1.6B | ||
| Q2 25 | $8.5B | $1.6B | ||
| Q1 25 | $8.2B | $1.6B | ||
| Q4 24 | $8.0B | $1.6B | ||
| Q3 24 | $7.6B | $1.7B | ||
| Q2 24 | $7.3B | $579.0M | ||
| Q1 24 | $6.9B | $582.0M |
总资产FSLRRXO
| Q4 25 | $13.3B | $3.3B | ||
| Q3 25 | $13.5B | $3.2B | ||
| Q2 25 | $12.9B | $3.2B | ||
| Q1 25 | $12.1B | $3.3B | ||
| Q4 24 | $12.1B | $3.4B | ||
| Q3 24 | $11.4B | $3.4B | ||
| Q2 24 | $11.0B | $1.8B | ||
| Q1 24 | $10.8B | $1.8B |
负债/权益比FSLRRXO
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.60× |
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 | $7.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $-9.0M |
| 自由现金流率自由现金流/营收 | 63.6% | -0.6% |
| 资本支出强度资本支出/营收 | 10.2% | 1.1% |
| 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 | $-8.0M |
8季度趋势，按日历期对齐
经营现金流FSLRRXO
| Q4 25 | $1.2B | $7.0M | ||
| Q3 25 | $1.3B | $23.0M | ||
| Q2 25 | $149.6M | $23.0M | ||
| Q1 25 | $-608.0M | $-2.0M | ||
| Q4 24 | $811.0M | $-7.0M | ||
| Q3 24 | $-53.7M | $-7.0M | ||
| Q2 24 | $193.0M | $-5.0M | ||
| Q1 24 | $267.7M | $7.0M |
自由现金流FSLRRXO
| Q4 25 | $1.1B | $-9.0M | ||
| Q3 25 | $1.1B | $9.0M | ||
| Q2 25 | $-138.6M | $9.0M | ||
| Q1 25 | $-813.9M | $-17.0M | ||
| Q4 24 | $497.5M | $-19.0M | ||
| Q3 24 | $-487.7M | $-18.0M | ||
| Q2 24 | $-172.1M | $-16.0M | ||
| Q1 24 | $-145.7M | $-4.0M |
自由现金流率FSLRRXO
| Q4 25 | 63.6% | -0.6% | ||
| Q3 25 | 67.1% | 0.6% | ||
| Q2 25 | -12.6% | 0.6% | ||
| Q1 25 | -96.4% | -1.2% | ||
| Q4 24 | 32.9% | -1.1% | ||
| Q3 24 | -54.9% | -1.7% | ||
| Q2 24 | -17.0% | -1.7% | ||
| Q1 24 | -18.4% | -0.4% |
资本支出强度FSLRRXO
| Q4 25 | 10.2% | 1.1% | ||
| Q3 25 | 12.8% | 1.0% | ||
| Q2 25 | 26.3% | 1.0% | ||
| Q1 25 | 24.4% | 1.0% | ||
| Q4 24 | 20.7% | 0.7% | ||
| Q3 24 | 48.9% | 1.1% | ||
| Q2 24 | 36.1% | 1.2% | ||
| Q1 24 | 52.1% | 1.2% |
现金转化率FSLRRXO
| 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
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
