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第一太阳能（FSLR）与西蒙地产集团（SPG）财务数据对比。点击上方公司名可切换其他公司
西蒙地产集团的季度营收约是第一太阳能的1.1倍（$1.8B vs $1.7B），西蒙地产集团净利率更高（197.6% vs 31.0%，领先166.6%），西蒙地产集团同比增速更快（13.2% vs 11.1%），第一太阳能自由现金流更多（$1.1B vs $948.8M），过去两年第一太阳能的营收复合增速更高（45.6% vs 11.4%）
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。
西蒙地产集团是美国头部房地产投资信托企业，核心投资范畴涵盖购物中心、奥特莱斯、社区及生活方式中心，是美国规模最大的购物中心持有方，总部位于印第安纳州印第安纳波利斯，截至2024年12月末共持有232处物业的相关权益。
FSLR vs SPG — 直观对比
营收规模更大
SPG
是对方的1.1倍
$1.7B
营收增速更快
SPG
高出2.1%
11.1%
净利率更高
SPG
高出166.6%
31.0%
自由现金流更多
FSLR
多$121.3M
$948.8M
两年增速更快
FSLR
近两年复合增速
11.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.8B |
| 净利润 | $520.9M | $3.5B |
| 毛利率 | 39.5% | — |
| 营业利润率 | 32.6% | 49.7% |
| 净利率 | 31.0% | 197.6% |
| 营收同比 | 11.1% | 13.2% |
| 净利润同比 | 32.5% | 358.7% |
| 每股收益（稀释后） | $4.84 | $9.34 |
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FSLRSPG
| Q4 25 | $1.7B | $1.8B | ||
| Q3 25 | $1.6B | $1.6B | ||
| Q2 25 | $1.1B | $1.5B | ||
| Q1 25 | $844.6M | $1.5B | ||
| Q4 24 | $1.5B | $1.6B | ||
| Q3 24 | $887.7M | $1.5B | ||
| Q2 24 | $1.0B | $1.5B | ||
| Q1 24 | $794.1M | $1.4B |
净利润FSLRSPG
| Q4 25 | $520.9M | $3.5B | ||
| Q3 25 | $455.9M | $702.7M | ||
| Q2 25 | $341.9M | $643.7M | ||
| Q1 25 | $209.5M | $477.9M | ||
| Q4 24 | $393.1M | $771.8M | ||
| Q3 24 | $313.0M | $546.7M | ||
| Q2 24 | $349.4M | $569.4M | ||
| Q1 24 | $236.6M | $841.2M |
毛利率FSLRSPG
| 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FSLRSPG
| Q4 25 | 32.6% | 49.7% | ||
| Q3 25 | 29.2% | 50.8% | ||
| Q2 25 | 33.0% | 49.7% | ||
| Q1 25 | 26.2% | 49.4% | ||
| Q4 24 | 30.2% | 52.8% | ||
| Q3 24 | 36.3% | 51.9% | ||
| Q2 24 | 36.9% | 51.7% | ||
| Q1 24 | 30.6% | 51.0% |
净利率FSLRSPG
| Q4 25 | 31.0% | 197.6% | ||
| Q3 25 | 28.6% | 43.9% | ||
| Q2 25 | 31.2% | 43.0% | ||
| Q1 25 | 24.8% | 32.4% | ||
| Q4 24 | 26.0% | 48.8% | ||
| Q3 24 | 35.3% | 36.9% | ||
| Q2 24 | 34.6% | 39.0% | ||
| Q1 24 | 29.8% | 58.3% |
每股收益（稀释后）FSLRSPG
| Q4 25 | $4.84 | $9.34 | ||
| Q3 25 | $4.24 | $1.86 | ||
| Q2 25 | $3.18 | $1.70 | ||
| Q1 25 | $1.95 | $1.27 | ||
| Q4 24 | $3.66 | $2.04 | ||
| Q3 24 | $2.91 | $1.46 | ||
| Q2 24 | $3.25 | $1.51 | ||
| Q1 24 | $2.20 | $2.25 |
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 | $823.1M |
| 总债务越低越好 | — | $28.4B |
| 股东权益账面价值 | $9.5B | $5.2B |
| 总资产 | $13.3B | $40.6B |
| 负债/权益比越低杠杆越低 | — | 5.46× |
8季度趋势，按日历期对齐
现金及短期投资FSLRSPG
| Q4 25 | $2.8B | $823.1M | ||
| Q3 25 | $2.0B | $1.6B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $837.6M | $1.4B | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $1.0B | $2.5B | ||
| Q2 24 | $1.7B | $2.5B | ||
| Q1 24 | $1.7B | $2.6B |
总债务FSLRSPG
| Q4 25 | — | $28.4B | ||
| Q3 25 | — | $25.8B | ||
| Q2 25 | — | $25.4B | ||
| Q1 25 | — | $24.8B | ||
| Q4 24 | — | $24.3B | ||
| Q3 24 | — | $25.4B | ||
| Q2 24 | — | $25.3B | ||
| Q1 24 | — | $25.5B |
股东权益FSLRSPG
| Q4 25 | $9.5B | $5.2B | ||
| Q3 25 | $9.0B | $2.3B | ||
| Q2 25 | $8.5B | $2.5B | ||
| Q1 25 | $8.2B | $2.6B | ||
| Q4 24 | $8.0B | $2.9B | ||
| Q3 24 | $7.6B | $2.7B | ||
| Q2 24 | $7.3B | $2.9B | ||
| Q1 24 | $6.9B | $3.1B |
总资产FSLRSPG
| Q4 25 | $13.3B | $40.6B | ||
| Q3 25 | $13.5B | $33.6B | ||
| Q2 25 | $12.9B | $33.3B | ||
| Q1 25 | $12.1B | $32.5B | ||
| Q4 24 | $12.1B | $32.4B | ||
| Q3 24 | $11.4B | $33.3B | ||
| Q2 24 | $11.0B | $33.4B | ||
| Q1 24 | $10.8B | $33.7B |
负债/权益比FSLRSPG
| Q4 25 | — | 5.46× | ||
| Q3 25 | — | 10.98× | ||
| Q2 25 | — | 10.36× | ||
| Q1 25 | — | 9.50× | ||
| Q4 24 | — | 8.25× | ||
| Q3 24 | — | 9.37× | ||
| Q2 24 | — | 8.59× | ||
| Q1 24 | — | 8.22× |
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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $948.8M |
| 自由现金流率自由现金流/营收 | 63.6% | 53.0% |
| 资本支出强度资本支出/营收 | 10.2% | 14.2% |
| 现金转化率经营现金流/净利润 | 2.38× | 0.34× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $3.2B |
8季度趋势，按日历期对齐
经营现金流FSLRSPG
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $1.3B | $890.3M | ||
| Q2 25 | $149.6M | $1.2B | ||
| Q1 25 | $-608.0M | $827.2M | ||
| Q4 24 | $811.0M | $1.1B | ||
| Q3 24 | $-53.7M | $892.9M | ||
| Q2 24 | $193.0M | $1.1B | ||
| Q1 24 | $267.7M | $773.1M |
自由现金流FSLRSPG
| Q4 25 | $1.1B | $948.8M | ||
| Q3 25 | $1.1B | $685.0M | ||
| Q2 25 | $-138.6M | $971.3M | ||
| Q1 25 | $-813.9M | $597.0M | ||
| Q4 24 | $497.5M | $867.7M | ||
| Q3 24 | $-487.7M | $706.5M | ||
| Q2 24 | $-172.1M | $874.8M | ||
| Q1 24 | $-145.7M | $610.1M |
自由现金流率FSLRSPG
| Q4 25 | 63.6% | 53.0% | ||
| Q3 25 | 67.1% | 42.8% | ||
| Q2 25 | -12.6% | 64.8% | ||
| Q1 25 | -96.4% | 40.5% | ||
| Q4 24 | 32.9% | 54.8% | ||
| Q3 24 | -54.9% | 47.7% | ||
| Q2 24 | -17.0% | 60.0% | ||
| Q1 24 | -18.4% | 42.3% |
资本支出强度FSLRSPG
| Q4 25 | 10.2% | 14.2% | ||
| Q3 25 | 12.8% | 12.8% | ||
| Q2 25 | 26.3% | 16.3% | ||
| Q1 25 | 24.4% | 15.6% | ||
| Q4 24 | 20.7% | 13.8% | ||
| Q3 24 | 48.9% | 12.6% | ||
| Q2 24 | 36.1% | 12.9% | ||
| Q1 24 | 52.1% | 11.3% |
现金转化率FSLRSPG
| Q4 25 | 2.38× | 0.34× | ||
| Q3 25 | 2.79× | 1.27× | ||
| Q2 25 | 0.44× | 1.89× | ||
| Q1 25 | -2.90× | 1.73× | ||
| Q4 24 | 2.06× | 1.41× | ||
| Q3 24 | -0.17× | 1.63× | ||
| Q2 24 | 0.55× | 1.87× | ||
| Q1 24 | 1.13× | 0.92× |
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
SPG
| Real Estate Segment | $1.7B | 95% |
| Other | $86.3M | 5% |
