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第一太阳能（FSLR）与UNITED THERAPEUTICS Corp（UTHR）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UNITED THERAPEUTICS Corp的1.3倍（$1.0B vs $790.2M），UNITED THERAPEUTICS Corp净利率更高（46.1% vs 33.2%，领先12.9%），第一太阳能同比增速更快（23.6% vs 7.4%），过去两年UNITED THERAPEUTICS Corp的营收复合增速更高（8.0% vs 1.7%）
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。
United Therapeutics是美国生物技术企业，专注开发包含异种移植在内的器官移植相关药物与技术，多款产品布局肺部疾病及器官制造赛道，双总部位于马里兰州银泉与北卡罗来纳州三角研究园，在美加多地设有研发及运营分支机构。
FSLR vs UTHR — 直观对比
营收规模更大
FSLR
是对方的1.3倍
$790.2M
营收增速更快
FSLR
高出16.3%
7.4%
净利率更高
UTHR
高出12.9%
33.2%
两年增速更快
UTHR
近两年复合增速
1.7%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.0B | $790.2M |
| 净利润 | $346.6M | $364.3M |
| 毛利率 | 46.6% | 86.9% |
| 营业利润率 | 33.1% | 45.1% |
| 净利率 | 33.2% | 46.1% |
| 营收同比 | 23.6% | 7.4% |
| 净利润同比 | 65.4% | 20.9% |
| 每股收益（稀释后） | $3.22 | $7.66 |
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FSLRUTHR
| Q1 26 | $1.0B | — | ||
| Q4 25 | $1.7B | $790.2M | ||
| Q3 25 | $1.6B | $799.5M | ||
| Q2 25 | $1.1B | $798.6M | ||
| Q1 25 | $844.6M | $794.4M | ||
| Q4 24 | $1.5B | $735.9M | ||
| Q3 24 | $887.7M | $748.9M | ||
| Q2 24 | $1.0B | $714.9M |
净利润FSLRUTHR
| Q1 26 | $346.6M | — | ||
| Q4 25 | $520.9M | $364.3M | ||
| Q3 25 | $455.9M | $338.7M | ||
| Q2 25 | $341.9M | $309.5M | ||
| Q1 25 | $209.5M | $322.2M | ||
| Q4 24 | $393.1M | $301.3M | ||
| Q3 24 | $313.0M | $309.1M | ||
| Q2 24 | $349.4M | $278.1M |
毛利率FSLRUTHR
| Q1 26 | 46.6% | — | ||
| Q4 25 | 39.5% | 86.9% | ||
| Q3 25 | 38.3% | 87.4% | ||
| Q2 25 | 45.6% | 89.0% | ||
| Q1 25 | 40.8% | 88.4% | ||
| Q4 24 | 37.5% | 89.7% | ||
| Q3 24 | 50.2% | 88.9% | ||
| Q2 24 | 49.4% | 89.1% |
营业利润率FSLRUTHR
| Q1 26 | 33.1% | — | ||
| Q4 25 | 32.6% | 45.1% | ||
| Q3 25 | 29.2% | 48.6% | ||
| Q2 25 | 33.0% | 45.6% | ||
| Q1 25 | 26.2% | 48.2% | ||
| Q4 24 | 30.2% | 48.6% | ||
| Q3 24 | 36.3% | 45.8% | ||
| Q2 24 | 36.9% | 44.7% |
净利率FSLRUTHR
| Q1 26 | 33.2% | — | ||
| Q4 25 | 31.0% | 46.1% | ||
| Q3 25 | 28.6% | 42.4% | ||
| Q2 25 | 31.2% | 38.8% | ||
| Q1 25 | 24.8% | 40.6% | ||
| Q4 24 | 26.0% | 40.9% | ||
| Q3 24 | 35.3% | 41.3% | ||
| Q2 24 | 34.6% | 38.9% |
每股收益（稀释后）FSLRUTHR
| Q1 26 | $3.22 | — | ||
| Q4 25 | $4.84 | $7.66 | ||
| Q3 25 | $4.24 | $7.16 | ||
| Q2 25 | $3.18 | $6.41 | ||
| Q1 25 | $1.95 | $6.63 | ||
| Q4 24 | $3.66 | $6.23 | ||
| Q3 24 | $2.91 | $6.39 | ||
| Q2 24 | $3.25 | $5.85 |
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 | $2.4B | $2.9B |
| 总债务越低越好 | $425.8M | — |
| 股东权益账面价值 | $9.9B | $7.1B |
| 总资产 | $13.4B | $7.9B |
| 负债/权益比越低杠杆越低 | 0.04× | — |
8季度趋势，按日历期对齐
现金及短期投资FSLRUTHR
| Q1 26 | $2.4B | — | ||
| Q4 25 | $2.8B | $2.9B | ||
| Q3 25 | $2.0B | $2.8B | ||
| Q2 25 | $1.1B | $3.0B | ||
| Q1 25 | $837.6M | $3.3B | ||
| Q4 24 | $1.6B | $3.3B | ||
| Q3 24 | $1.0B | $3.3B | ||
| Q2 24 | $1.7B | $3.0B |
总债务FSLRUTHR
| Q1 26 | $425.8M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益FSLRUTHR
| Q1 26 | $9.9B | — | ||
| Q4 25 | $9.5B | $7.1B | ||
| Q3 25 | $9.0B | $6.6B | ||
| Q2 25 | $8.5B | $7.2B | ||
| Q1 25 | $8.2B | $6.8B | ||
| Q4 24 | $8.0B | $6.4B | ||
| Q3 24 | $7.6B | $6.1B | ||
| Q2 24 | $7.3B | $5.7B |
总资产FSLRUTHR
| Q1 26 | $13.4B | — | ||
| Q4 25 | $13.3B | $7.9B | ||
| Q3 25 | $13.5B | $7.4B | ||
| Q2 25 | $12.9B | $7.9B | ||
| Q1 25 | $12.1B | $7.7B | ||
| Q4 24 | $12.1B | $7.4B | ||
| Q3 24 | $11.4B | $7.1B | ||
| Q2 24 | $11.0B | $6.7B |
负债/权益比FSLRUTHR
| Q1 26 | 0.04× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $-214.9M | $346.2M |
| 自由现金流经营现金流 - 资本支出 | — | $173.3M |
| 自由现金流率自由现金流/营收 | — | 21.9% |
| 资本支出强度资本支出/营收 | — | 21.9% |
| 现金转化率经营现金流/净利润 | -0.62× | 0.95× |
| 过去12个月自由现金流最近4个季度 | — | $1.0B |
8季度趋势，按日历期对齐
经营现金流FSLRUTHR
| Q1 26 | $-214.9M | — | ||
| Q4 25 | $1.2B | $346.2M | ||
| Q3 25 | $1.3B | $562.1M | ||
| Q2 25 | $149.6M | $191.7M | ||
| Q1 25 | $-608.0M | $461.2M | ||
| Q4 24 | $811.0M | $341.2M | ||
| Q3 24 | $-53.7M | $377.2M | ||
| Q2 24 | $193.0M | $232.2M |
自由现金流FSLRUTHR
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $173.3M | ||
| Q3 25 | $1.1B | $351.6M | ||
| Q2 25 | $-138.6M | $129.5M | ||
| Q1 25 | $-813.9M | $386.3M | ||
| Q4 24 | $497.5M | $254.5M | ||
| Q3 24 | $-487.7M | $300.7M | ||
| Q2 24 | $-172.1M | $187.1M |
自由现金流率FSLRUTHR
| Q1 26 | — | — | ||
| Q4 25 | 63.6% | 21.9% | ||
| Q3 25 | 67.1% | 44.0% | ||
| Q2 25 | -12.6% | 16.2% | ||
| Q1 25 | -96.4% | 48.6% | ||
| Q4 24 | 32.9% | 34.6% | ||
| Q3 24 | -54.9% | 40.2% | ||
| Q2 24 | -17.0% | 26.2% |
资本支出强度FSLRUTHR
| Q1 26 | — | — | ||
| Q4 25 | 10.2% | 21.9% | ||
| Q3 25 | 12.8% | 26.3% | ||
| Q2 25 | 26.3% | 7.8% | ||
| Q1 25 | 24.4% | 9.4% | ||
| Q4 24 | 20.7% | 11.8% | ||
| Q3 24 | 48.9% | 10.2% | ||
| Q2 24 | 36.1% | 6.3% |
现金转化率FSLRUTHR
| Q1 26 | -0.62× | — | ||
| Q4 25 | 2.38× | 0.95× | ||
| Q3 25 | 2.79× | 1.66× | ||
| Q2 25 | 0.44× | 0.62× | ||
| Q1 25 | -2.90× | 1.43× | ||
| Q4 24 | 2.06× | 1.13× | ||
| Q3 24 | -0.17× | 1.22× | ||
| Q2 24 | 0.55× | 0.83× |
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
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
