vs
第一太阳能（FSLR）与实耐宝（SNA）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实耐宝的1.4倍（$1.7B vs $1.2B），第一太阳能净利率更高（31.0% vs 21.3%，领先9.6%），第一太阳能同比增速更快（11.1% vs 2.7%），第一太阳能自由现金流更多（$1.1B vs $254.6M），过去两年第一太阳能的营收复合增速更高（45.6% vs 2.0%）
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。
实耐宝（Snap-on）是美国高端专业工具及设备的设计、制造与销售企业，产品广泛应用于汽车、重型装备、船舶、航空、铁路等交通运输行业的专业场景，1930年起总部设于威斯康星州基诺沙，旗下另设Blue-Point品牌主打平价工具线，核心竞争对手包含Matco、Mac Tools、Cornwell Tools等。
FSLR vs SNA — 直观对比
营收规模更大
FSLR
是对方的1.4倍
$1.2B
营收增速更快
FSLR
高出8.5%
2.7%
净利率更高
FSLR
高出9.6%
21.3%
自由现金流更多
FSLR
多$815.6M
$254.6M
两年增速更快
FSLR
近两年复合增速
2.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.2B |
| 净利润 | $520.9M | $260.7M |
| 毛利率 | 39.5% | — |
| 营业利润率 | 32.6% | 27.8% |
| 净利率 | 31.0% | 21.3% |
| 营收同比 | 11.1% | 2.7% |
| 净利润同比 | 32.5% | 1.0% |
| 每股收益（稀释后） | $4.84 | $4.94 |
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FSLRSNA
| Q4 25 | $1.7B | $1.2B | ||
| Q3 25 | $1.6B | $1.2B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $844.6M | $1.1B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $887.7M | $1.1B | ||
| Q2 24 | $1.0B | $1.2B | ||
| Q1 24 | $794.1M | $1.2B |
净利润FSLRSNA
| Q4 25 | $520.9M | $260.7M | ||
| Q3 25 | $455.9M | $265.4M | ||
| Q2 25 | $341.9M | $250.3M | ||
| Q1 25 | $209.5M | $240.5M | ||
| Q4 24 | $393.1M | $258.1M | ||
| Q3 24 | $313.0M | $251.1M | ||
| Q2 24 | $349.4M | $271.2M | ||
| Q1 24 | $236.6M | $263.5M |
毛利率FSLRSNA
| 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FSLRSNA
| Q4 25 | 32.6% | 27.8% | ||
| Q3 25 | 29.2% | 29.4% | ||
| Q2 25 | 33.0% | 28.0% | ||
| Q1 25 | 26.2% | 27.7% | ||
| Q4 24 | 30.2% | 27.9% | ||
| Q3 24 | 36.3% | 28.4% | ||
| Q2 24 | 36.9% | 29.9% | ||
| Q1 24 | 30.6% | 28.9% |
净利率FSLRSNA
| Q4 25 | 31.0% | 21.3% | ||
| Q3 25 | 28.6% | 22.5% | ||
| Q2 25 | 31.2% | 21.4% | ||
| Q1 25 | 24.8% | 21.2% | ||
| Q4 24 | 26.0% | 21.7% | ||
| Q3 24 | 35.3% | 22.0% | ||
| Q2 24 | 34.6% | 23.1% | ||
| Q1 24 | 29.8% | 22.4% |
每股收益（稀释后）FSLRSNA
| Q4 25 | $4.84 | $4.94 | ||
| Q3 25 | $4.24 | $5.02 | ||
| Q2 25 | $3.18 | $4.72 | ||
| Q1 25 | $1.95 | $4.51 | ||
| Q4 24 | $3.66 | $4.83 | ||
| Q3 24 | $2.91 | $4.70 | ||
| Q2 24 | $3.25 | $5.07 | ||
| Q1 24 | $2.20 | $4.91 |
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 | — | — |
| 股东权益账面价值 | $9.5B | — |
| 总资产 | $13.3B | — |
| 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FSLRSNA
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.0B | $1.5B | ||
| Q2 25 | $1.1B | $1.5B | ||
| Q1 25 | $837.6M | $1.4B | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $1.0B | $1.3B | ||
| Q2 24 | $1.7B | $1.2B | ||
| Q1 24 | $1.7B | $1.1B |
总债务FSLRSNA
| Q4 25 | — | — | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益FSLRSNA
| Q4 25 | $9.5B | — | ||
| Q3 25 | $9.0B | $5.8B | ||
| Q2 25 | $8.5B | $5.7B | ||
| Q1 25 | $8.2B | $5.5B | ||
| Q4 24 | $8.0B | $5.4B | ||
| Q3 24 | $7.6B | $5.5B | ||
| Q2 24 | $7.3B | $5.3B | ||
| Q1 24 | $6.9B | $5.1B |
总资产FSLRSNA
| Q4 25 | $13.3B | — | ||
| Q3 25 | $13.5B | $8.4B | ||
| Q2 25 | $12.9B | $8.2B | ||
| Q1 25 | $12.1B | $8.1B | ||
| Q4 24 | $12.1B | $7.9B | ||
| Q3 24 | $11.4B | $8.0B | ||
| Q2 24 | $11.0B | $7.8B | ||
| Q1 24 | $10.8B | $7.7B |
负债/权益比FSLRSNA
| Q4 25 | — | — | ||
| Q3 25 | — | 0.21× | ||
| Q2 25 | — | 0.21× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $268.1M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $254.6M |
| 自由现金流率自由现金流/营收 | 63.6% | 20.8% |
| 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× | 1.03× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $1.0B |
8季度趋势，按日历期对齐
经营现金流FSLRSNA
| Q4 25 | $1.2B | $268.1M | ||
| Q3 25 | $1.3B | $277.9M | ||
| Q2 25 | $149.6M | $237.2M | ||
| Q1 25 | $-608.0M | $298.5M | ||
| Q4 24 | $811.0M | $293.5M | ||
| Q3 24 | $-53.7M | $274.2M | ||
| Q2 24 | $193.0M | $301.1M | ||
| Q1 24 | $267.7M | $348.7M |
自由现金流FSLRSNA
| Q4 25 | $1.1B | $254.6M | ||
| Q3 25 | $1.1B | $258.0M | ||
| Q2 25 | $-138.6M | $217.5M | ||
| Q1 25 | $-813.9M | $275.6M | ||
| Q4 24 | $497.5M | $275.4M | ||
| Q3 24 | $-487.7M | $253.8M | ||
| Q2 24 | $-172.1M | $277.9M | ||
| Q1 24 | $-145.7M | $326.9M |
自由现金流率FSLRSNA
| Q4 25 | 63.6% | 20.8% | ||
| Q3 25 | 67.1% | 21.8% | ||
| Q2 25 | -12.6% | 18.6% | ||
| Q1 25 | -96.4% | 24.3% | ||
| Q4 24 | 32.9% | 23.1% | ||
| Q3 24 | -54.9% | 22.3% | ||
| Q2 24 | -17.0% | 23.7% | ||
| Q1 24 | -18.4% | 27.8% |
资本支出强度FSLRSNA
| Q4 25 | 10.2% | 1.1% | ||
| Q3 25 | 12.8% | 1.7% | ||
| Q2 25 | 26.3% | 1.7% | ||
| Q1 25 | 24.4% | 2.0% | ||
| Q4 24 | 20.7% | 1.5% | ||
| Q3 24 | 48.9% | 1.8% | ||
| Q2 24 | 36.1% | 2.0% | ||
| Q1 24 | 52.1% | 1.9% |
现金转化率FSLRSNA
| Q4 25 | 2.38× | 1.03× | ||
| Q3 25 | 2.79× | 1.05× | ||
| Q2 25 | 0.44× | 0.95× | ||
| Q1 25 | -2.90× | 1.24× | ||
| Q4 24 | 2.06× | 1.14× | ||
| Q3 24 | -0.17× | 1.09× | ||
| Q2 24 | 0.55× | 1.11× | ||
| Q1 24 | 1.13× | 1.32× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
