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第一太阳能（FSLR）与SOLAREDGE TECHNOLOGIES, INC.（SEDG）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SOLAREDGE TECHNOLOGIES, INC.的5.0倍（$1.7B vs $335.4M），第一太阳能净利率更高（31.0% vs -39.4%，领先70.4%），SOLAREDGE TECHNOLOGIES, INC.同比增速更快（70.9% vs 11.1%），第一太阳能自由现金流更多（$1.1B vs $43.3M），过去两年第一太阳能的营收复合增速更高（45.6% vs 28.1%）
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。
SolarEdge Technologies是一家以色列新能源科技企业，核心研发并推出了直流优化逆变器系统，该方案可提升光伏发电的能效表现，助力光伏系统实现更稳定、高效的电力转换，在全球分布式光伏领域拥有广泛的应用场景和市场认可度。
FSLR vs SEDG — 直观对比
营收规模更大
FSLR
是对方的5.0倍
$335.4M
营收增速更快
SEDG
高出59.8%
11.1%
净利率更高
FSLR
高出70.4%
-39.4%
自由现金流更多
FSLR
多$1.0B
$43.3M
两年增速更快
FSLR
近两年复合增速
28.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $335.4M |
| 净利润 | $520.9M | $-132.1M |
| 毛利率 | 39.5% | 22.2% |
| 营业利润率 | 32.6% | -14.4% |
| 净利率 | 31.0% | -39.4% |
| 营收同比 | 11.1% | 70.9% |
| 净利润同比 | 32.5% | 54.0% |
| 每股收益（稀释后） | $4.84 | $-2.21 |
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FSLRSEDG
| Q4 25 | $1.7B | $335.4M | ||
| Q3 25 | $1.6B | $340.2M | ||
| Q2 25 | $1.1B | $289.4M | ||
| Q1 25 | $844.6M | $219.5M | ||
| Q4 24 | $1.5B | $196.2M | ||
| Q3 24 | $887.7M | $235.4M | ||
| Q2 24 | $1.0B | $265.4M | ||
| Q1 24 | $794.1M | $204.4M |
净利润FSLRSEDG
| Q4 25 | $520.9M | $-132.1M | ||
| Q3 25 | $455.9M | $-50.1M | ||
| Q2 25 | $341.9M | $-124.7M | ||
| Q1 25 | $209.5M | $-98.5M | ||
| Q4 24 | $393.1M | $-287.4M | ||
| Q3 24 | $313.0M | $-1.2B | ||
| Q2 24 | $349.4M | $-130.8M | ||
| Q1 24 | $236.6M | $-157.3M |
毛利率FSLRSEDG
| Q4 25 | 39.5% | 22.2% | ||
| Q3 25 | 38.3% | 21.2% | ||
| Q2 25 | 45.6% | 11.1% | ||
| Q1 25 | 40.8% | 8.0% | ||
| Q4 24 | 37.5% | -57.2% | ||
| Q3 24 | 50.2% | -309.1% | ||
| Q2 24 | 49.4% | -4.1% | ||
| Q1 24 | 43.6% | -12.8% |
营业利润率FSLRSEDG
| Q4 25 | 32.6% | -14.4% | ||
| Q3 25 | 29.2% | -10.3% | ||
| Q2 25 | 33.0% | -39.9% | ||
| Q1 25 | 26.2% | -46.8% | ||
| Q4 24 | 30.2% | -134.4% | ||
| Q3 24 | 36.3% | -471.8% | ||
| Q2 24 | 36.9% | -60.4% | ||
| Q1 24 | 30.6% | -85.0% |
净利率FSLRSEDG
| Q4 25 | 31.0% | -39.4% | ||
| Q3 25 | 28.6% | -14.7% | ||
| Q2 25 | 31.2% | -43.1% | ||
| Q1 25 | 24.8% | -44.9% | ||
| Q4 24 | 26.0% | -146.5% | ||
| Q3 24 | 35.3% | -522.8% | ||
| Q2 24 | 34.6% | -49.3% | ||
| Q1 24 | 29.8% | -77.0% |
每股收益（稀释后）FSLRSEDG
| Q4 25 | $4.84 | $-2.21 | ||
| Q3 25 | $4.24 | $-0.84 | ||
| Q2 25 | $3.18 | $-2.13 | ||
| Q1 25 | $1.95 | $-1.70 | ||
| Q4 24 | $3.66 | $-5.00 | ||
| Q3 24 | $2.91 | $-21.58 | ||
| Q2 24 | $3.25 | $-2.31 | ||
| Q1 24 | $2.20 | $-2.75 |
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 | $493.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.5B | $427.5M |
| 总资产 | $13.3B | $2.2B |
| 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FSLRSEDG
| Q4 25 | $2.8B | $493.2M | ||
| Q3 25 | $2.0B | $498.6M | ||
| Q2 25 | $1.1B | $758.0M | ||
| Q1 25 | $837.6M | $651.6M | ||
| Q4 24 | $1.6B | $585.9M | ||
| Q3 24 | $1.0B | $678.8M | ||
| Q2 24 | $1.7B | $689.8M | ||
| Q1 24 | $1.7B | $680.6M |
股东权益FSLRSEDG
| Q4 25 | $9.5B | $427.5M | ||
| Q3 25 | $9.0B | $479.8M | ||
| Q2 25 | $8.5B | $513.2M | ||
| Q1 25 | $8.2B | $594.2M | ||
| Q4 24 | $8.0B | $658.3M | ||
| Q3 24 | $7.6B | $930.9M | ||
| Q2 24 | $7.3B | $2.1B | ||
| Q1 24 | $6.9B | $2.2B |
总资产FSLRSEDG
| Q4 25 | $13.3B | $2.2B | ||
| Q3 25 | $13.5B | $2.2B | ||
| Q2 25 | $12.9B | $2.5B | ||
| Q1 25 | $12.1B | $2.5B | ||
| Q4 24 | $12.1B | $2.6B | ||
| Q3 24 | $11.4B | $2.8B | ||
| Q2 24 | $11.0B | $3.9B | ||
| Q1 24 | $10.8B | $4.2B |
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 | $52.6M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $43.3M |
| 自由现金流率自由现金流/营收 | 63.6% | 12.9% |
| 资本支出强度资本支出/营收 | 10.2% | 2.8% |
| 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 | $80.8M |
8季度趋势，按日历期对齐
经营现金流FSLRSEDG
| Q4 25 | $1.2B | $52.6M | ||
| Q3 25 | $1.3B | $25.6M | ||
| Q2 25 | $149.6M | $-7.8M | ||
| Q1 25 | $-608.0M | $33.8M | ||
| Q4 24 | $811.0M | $37.8M | ||
| Q3 24 | $-53.7M | $-89.3M | ||
| Q2 24 | $193.0M | $-44.8M | ||
| Q1 24 | $267.7M | $-217.0M |
自由现金流FSLRSEDG
| Q4 25 | $1.1B | $43.3M | ||
| Q3 25 | $1.1B | $22.8M | ||
| Q2 25 | $-138.6M | $-9.1M | ||
| Q1 25 | $-813.9M | $23.7M | ||
| Q4 24 | $497.5M | $25.5M | ||
| Q3 24 | $-487.7M | $-136.7M | ||
| Q2 24 | $-172.1M | $-67.0M | ||
| Q1 24 | $-145.7M | $-243.4M |
自由现金流率FSLRSEDG
| Q4 25 | 63.6% | 12.9% | ||
| Q3 25 | 67.1% | 6.7% | ||
| Q2 25 | -12.6% | -3.1% | ||
| Q1 25 | -96.4% | 10.8% | ||
| Q4 24 | 32.9% | 13.0% | ||
| Q3 24 | -54.9% | -58.1% | ||
| Q2 24 | -17.0% | -25.2% | ||
| Q1 24 | -18.4% | -119.1% |
资本支出强度FSLRSEDG
| Q4 25 | 10.2% | 2.8% | ||
| Q3 25 | 12.8% | 0.8% | ||
| Q2 25 | 26.3% | 0.4% | ||
| Q1 25 | 24.4% | 4.6% | ||
| Q4 24 | 20.7% | 6.2% | ||
| Q3 24 | 48.9% | 20.1% | ||
| Q2 24 | 36.1% | 8.4% | ||
| Q1 24 | 52.1% | 12.9% |
现金转化率FSLRSEDG
| 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
SEDG
| Other | $197.7M | 59% |
| Europe Except Netherlands | $99.4M | 30% |
| Others | $38.2M | 11% |
