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第一太阳能（FSLR）与TUTOR PERINI CORP（TPC）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TUTOR PERINI CORP的1.1倍（$1.7B vs $1.5B），第一太阳能净利率更高（31.0% vs 1.9%，领先29.0%），TUTOR PERINI CORP同比增速更快（41.2% vs 11.1%），第一太阳能自由现金流更多（$1.1B vs $98.7M），过去两年第一太阳能的营收复合增速更高（45.6% vs 19.9%）
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。
Tutor Perini集团是美国顶尖的大型总承包商之一，2008年由Perini公司与Tutor-Saliba公司合并成立，总部位于加利福尼亚州西尔马。公司业务覆盖北美全境，2024年营收约43.3亿美元，核心业务涵盖桥梁、公路、隧道、机场、公共交通系统等民用基建项目，同时也涉足建筑工程领域。
FSLR vs TPC — 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
TPC
高出30.0%
11.1%
净利率更高
FSLR
高出29.0%
1.9%
自由现金流更多
FSLR
多$971.5M
$98.7M
两年增速更快
FSLR
近两年复合增速
19.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.5B |
| 净利润 | $520.9M | $28.8M |
| 毛利率 | 39.5% | 9.8% |
| 营业利润率 | 32.6% | 3.3% |
| 净利率 | 31.0% | 1.9% |
| 营收同比 | 11.1% | 41.2% |
| 净利润同比 | 32.5% | 136.3% |
| 每股收益（稀释后） | $4.84 | $0.53 |
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FSLRTPC
| Q4 25 | $1.7B | $1.5B | ||
| Q3 25 | $1.6B | $1.4B | ||
| Q2 25 | $1.1B | $1.4B | ||
| Q1 25 | $844.6M | $1.2B | ||
| Q4 24 | $1.5B | $1.1B | ||
| Q3 24 | $887.7M | $1.1B | ||
| Q2 24 | $1.0B | $1.1B | ||
| Q1 24 | $794.1M | $1.0B |
净利润FSLRTPC
| Q4 25 | $520.9M | $28.8M | ||
| Q3 25 | $455.9M | $3.6M | ||
| Q2 25 | $341.9M | $20.0M | ||
| Q1 25 | $209.5M | $28.0M | ||
| Q4 24 | $393.1M | $-79.4M | ||
| Q3 24 | $313.0M | $-100.9M | ||
| Q2 24 | $349.4M | $812.0K | ||
| Q1 24 | $236.6M | $15.8M |
毛利率FSLRTPC
| Q4 25 | 39.5% | 9.8% | ||
| Q3 25 | 38.3% | 12.0% | ||
| Q2 25 | 45.6% | 14.3% | ||
| Q1 25 | 40.8% | 10.8% | ||
| Q4 24 | 37.5% | -0.9% | ||
| Q3 24 | 50.2% | -2.4% | ||
| Q2 24 | 49.4% | 10.4% | ||
| Q1 24 | 43.6% | 11.0% |
营业利润率FSLRTPC
| Q4 25 | 32.6% | 3.3% | ||
| Q3 25 | 29.2% | 2.8% | ||
| Q2 25 | 33.0% | 5.6% | ||
| Q1 25 | 26.2% | 5.2% | ||
| Q4 24 | 30.2% | -8.1% | ||
| Q3 24 | 36.3% | -9.9% | ||
| Q2 24 | 36.9% | 3.6% | ||
| Q1 24 | 30.6% | 4.7% |
净利率FSLRTPC
| Q4 25 | 31.0% | 1.9% | ||
| Q3 25 | 28.6% | 0.3% | ||
| Q2 25 | 31.2% | 1.5% | ||
| Q1 25 | 24.8% | 2.2% | ||
| Q4 24 | 26.0% | -7.4% | ||
| Q3 24 | 35.3% | -9.3% | ||
| Q2 24 | 34.6% | 0.1% | ||
| Q1 24 | 29.8% | 1.5% |
每股收益（稀释后）FSLRTPC
| Q4 25 | $4.84 | $0.53 | ||
| Q3 25 | $4.24 | $0.07 | ||
| Q2 25 | $3.18 | $0.38 | ||
| Q1 25 | $1.95 | $0.53 | ||
| Q4 24 | $3.66 | $-1.53 | ||
| Q3 24 | $2.91 | $-1.92 | ||
| Q2 24 | $3.25 | $0.02 | ||
| Q1 24 | $2.20 | $0.30 |
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 | $734.6M |
| 总债务越低越好 | — | $407.4M |
| 股东权益账面价值 | $9.5B | $1.2B |
| 总资产 | $13.3B | $5.2B |
| 负债/权益比越低杠杆越低 | — | 0.33× |
8季度趋势，按日历期对齐
现金及短期投资FSLRTPC
| Q4 25 | $2.8B | $734.6M | ||
| Q3 25 | $2.0B | $695.7M | ||
| Q2 25 | $1.1B | $526.1M | ||
| Q1 25 | $837.6M | $276.5M | ||
| Q4 24 | $1.6B | $455.1M | ||
| Q3 24 | $1.0B | $287.4M | ||
| Q2 24 | $1.7B | $267.1M | ||
| Q1 24 | $1.7B | $358.3M |
总债务FSLRTPC
| Q4 25 | — | $407.4M | ||
| Q3 25 | — | $413.1M | ||
| Q2 25 | — | $419.4M | ||
| Q1 25 | — | $405.6M | ||
| Q4 24 | — | $534.1M | ||
| Q3 24 | — | $681.4M | ||
| Q2 24 | — | $676.4M | ||
| Q1 24 | — | $801.2M |
股东权益FSLRTPC
| Q4 25 | $9.5B | $1.2B | ||
| Q3 25 | $9.0B | $1.2B | ||
| Q2 25 | $8.5B | $1.2B | ||
| Q1 25 | $8.2B | $1.2B | ||
| Q4 24 | $8.0B | $1.1B | ||
| Q3 24 | $7.6B | $1.2B | ||
| Q2 24 | $7.3B | $1.3B | ||
| Q1 24 | $6.9B | $1.3B |
总资产FSLRTPC
| Q4 25 | $13.3B | $5.2B | ||
| Q3 25 | $13.5B | $5.2B | ||
| Q2 25 | $12.9B | $4.9B | ||
| Q1 25 | $12.1B | $4.5B | ||
| Q4 24 | $12.1B | $4.2B | ||
| Q3 24 | $11.4B | $4.4B | ||
| Q2 24 | $11.0B | $4.3B | ||
| Q1 24 | $10.8B | $4.4B |
负债/权益比FSLRTPC
| Q4 25 | — | 0.33× | ||
| Q3 25 | — | 0.35× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.35× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.56× | ||
| Q2 24 | — | 0.52× | ||
| Q1 24 | — | 0.61× |
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 | $173.7M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $98.7M |
| 自由现金流率自由现金流/营收 | 63.6% | 6.5% |
| 资本支出强度资本支出/营收 | 10.2% | 5.0% |
| 现金转化率经营现金流/净利润 | 2.38× | 6.02× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $567.2M |
8季度趋势，按日历期对齐
经营现金流FSLRTPC
| Q4 25 | $1.2B | $173.7M | ||
| Q3 25 | $1.3B | $289.1M | ||
| Q2 25 | $149.6M | $262.4M | ||
| Q1 25 | $-608.0M | $22.9M | ||
| Q4 24 | $811.0M | $329.6M | ||
| Q3 24 | $-53.7M | $22.6M | ||
| Q2 24 | $193.0M | $53.1M | ||
| Q1 24 | $267.7M | $98.3M |
自由现金流FSLRTPC
| Q4 25 | $1.1B | $98.7M | ||
| Q3 25 | $1.1B | $240.2M | ||
| Q2 25 | $-138.6M | $235.6M | ||
| Q1 25 | $-813.9M | $-7.2M | ||
| Q4 24 | $497.5M | $320.4M | ||
| Q3 24 | $-487.7M | $15.6M | ||
| Q2 24 | $-172.1M | $42.2M | ||
| Q1 24 | $-145.7M | $87.8M |
自由现金流率FSLRTPC
| Q4 25 | 63.6% | 6.5% | ||
| Q3 25 | 67.1% | 17.0% | ||
| Q2 25 | -12.6% | 17.1% | ||
| Q1 25 | -96.4% | -0.6% | ||
| Q4 24 | 32.9% | 30.0% | ||
| Q3 24 | -54.9% | 1.4% | ||
| Q2 24 | -17.0% | 3.7% | ||
| Q1 24 | -18.4% | 8.4% |
资本支出强度FSLRTPC
| Q4 25 | 10.2% | 5.0% | ||
| Q3 25 | 12.8% | 3.5% | ||
| Q2 25 | 26.3% | 2.0% | ||
| Q1 25 | 24.4% | 2.4% | ||
| Q4 24 | 20.7% | 0.9% | ||
| Q3 24 | 48.9% | 0.6% | ||
| Q2 24 | 36.1% | 1.0% | ||
| Q1 24 | 52.1% | 1.0% |
现金转化率FSLRTPC
| Q4 25 | 2.38× | 6.02× | ||
| Q3 25 | 2.79× | 79.63× | ||
| Q2 25 | 0.44× | 13.14× | ||
| Q1 25 | -2.90× | 0.82× | ||
| Q4 24 | 2.06× | — | ||
| Q3 24 | -0.17× | — | ||
| Q2 24 | 0.55× | 65.44× | ||
| Q1 24 | 1.13× | 6.24× |
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
TPC
| State And Local Agencies | $591.1M | 39% |
| Mass Transit | $449.9M | 30% |
| Federal Agencies | $115.0M | 8% |
| Bridges | $100.5M | 7% |
| Military Facilities | $93.1M | 6% |
| Commercial And Industrial Facilities | $46.7M | 3% |
| Detention Facilities | $43.8M | 3% |
| Power And Energy | $35.8M | 2% |
| Multi Unit Residential | $25.9M | 2% |
| Education Facilities | $12.0M | 1% |
| Water | $3.6M | 0% |
