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第一太阳能（FSLR）与威富集团（VFC）财务数据对比。点击上方公司名可切换其他公司
威富集团的季度营收约是第一太阳能的1.7倍（$2.9B vs $1.7B），第一太阳能净利率更高（31.0% vs 10.5%，领先20.5%），第一太阳能同比增速更快（11.1% vs 1.5%），第一太阳能自由现金流更多（$1.1B vs $977.9M），过去两年第一太阳能的营收复合增速更高（45.6% vs 10.1%）
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。
威富集团前身为F.W.伍尔沃斯公司，是全球知名零售企业，也是五分一角平价商店业态的先驱之一。作为美国乃至全球最成功的平价零售企业之一，它曾引领行业发展潮流，构建了如今全球各地门店普遍遵循的现代零售模式。
FSLR vs VFC — 直观对比
营收规模更大
VFC
是对方的1.7倍
$1.7B
营收增速更快
FSLR
高出9.7%
1.5%
净利率更高
FSLR
高出20.5%
10.5%
自由现金流更多
FSLR
多$92.3M
$977.9M
两年增速更快
FSLR
近两年复合增速
10.1%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $2.9B |
| 净利润 | $520.9M | $300.8M |
| 毛利率 | 39.5% | 56.6% |
| 营业利润率 | 32.6% | 10.1% |
| 净利率 | 31.0% | 10.5% |
| 营收同比 | 11.1% | 1.5% |
| 净利润同比 | 32.5% | 79.3% |
| 每股收益（稀释后） | $4.84 | $0.76 |
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FSLRVFC
| Q4 25 | $1.7B | $2.9B | ||
| Q3 25 | $1.6B | $2.8B | ||
| Q2 25 | $1.1B | $1.8B | ||
| Q1 25 | $844.6M | $2.0B | ||
| Q4 24 | $1.5B | $2.8B | ||
| Q3 24 | $887.7M | $2.8B | ||
| Q2 24 | $1.0B | $1.9B | ||
| Q1 24 | $794.1M | $2.4B |
净利润FSLRVFC
| Q4 25 | $520.9M | $300.8M | ||
| Q3 25 | $455.9M | $189.8M | ||
| Q2 25 | $341.9M | $-116.4M | ||
| Q1 25 | $209.5M | $-150.8M | ||
| Q4 24 | $393.1M | $167.8M | ||
| Q3 24 | $313.0M | $52.2M | ||
| Q2 24 | $349.4M | $-258.9M | ||
| Q1 24 | $236.6M | $-418.3M |
毛利率FSLRVFC
| Q4 25 | 39.5% | 56.6% | ||
| Q3 25 | 38.3% | 52.2% | ||
| Q2 25 | 45.6% | 53.9% | ||
| Q1 25 | 40.8% | 52.7% | ||
| Q4 24 | 37.5% | 56.3% | ||
| Q3 24 | 50.2% | 52.2% | ||
| Q2 24 | 49.4% | 52.0% | ||
| Q1 24 | 43.6% | 48.4% |
营业利润率FSLRVFC
| Q4 25 | 32.6% | 10.1% | ||
| Q3 25 | 29.2% | 11.2% | ||
| Q2 25 | 33.0% | -4.9% | ||
| Q1 25 | 26.2% | 2.2% | ||
| Q4 24 | 30.2% | 8.0% | ||
| Q3 24 | 36.3% | 9.9% | ||
| Q2 24 | 36.9% | -12.6% | ||
| Q1 24 | 30.6% | -15.0% |
净利率FSLRVFC
| Q4 25 | 31.0% | 10.5% | ||
| Q3 25 | 28.6% | 6.8% | ||
| Q2 25 | 31.2% | -6.6% | ||
| Q1 25 | 24.8% | -7.5% | ||
| Q4 24 | 26.0% | 5.9% | ||
| Q3 24 | 35.3% | 1.9% | ||
| Q2 24 | 34.6% | -13.6% | ||
| Q1 24 | 29.8% | -17.6% |
每股收益（稀释后）FSLRVFC
| Q4 25 | $4.84 | $0.76 | ||
| Q3 25 | $4.24 | $0.48 | ||
| Q2 25 | $3.18 | $-0.30 | ||
| Q1 25 | $1.95 | $-0.37 | ||
| Q4 24 | $3.66 | $0.43 | ||
| Q3 24 | $2.91 | $0.13 | ||
| Q2 24 | $3.25 | $-0.67 | ||
| Q1 24 | $2.20 | $-1.07 |
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 | $1.5B |
| 总债务越低越好 | — | $3.6B |
| 股东权益账面价值 | $9.5B | $1.8B |
| 总资产 | $13.3B | $10.4B |
| 负债/权益比越低杠杆越低 | — | 1.99× |
8季度趋势，按日历期对齐
现金及短期投资FSLRVFC
| Q4 25 | $2.8B | $1.5B | ||
| Q3 25 | $2.0B | $419.1M | ||
| Q2 25 | $1.1B | $642.4M | ||
| Q1 25 | $837.6M | $429.4M | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $1.0B | $492.2M | ||
| Q2 24 | $1.7B | $637.4M | ||
| Q1 24 | $1.7B | $674.6M |
总债务FSLRVFC
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | — | $3.4B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | — | $4.7B |
股东权益FSLRVFC
| Q4 25 | $9.5B | $1.8B | ||
| Q3 25 | $9.0B | $1.5B | ||
| Q2 25 | $8.5B | $1.3B | ||
| Q1 25 | $8.2B | $1.5B | ||
| Q4 24 | $8.0B | $1.7B | ||
| Q3 24 | $7.6B | $1.4B | ||
| Q2 24 | $7.3B | $1.4B | ||
| Q1 24 | $6.9B | $1.7B |
总资产FSLRVFC
| Q4 25 | $13.3B | $10.4B | ||
| Q3 25 | $13.5B | $10.6B | ||
| Q2 25 | $12.9B | $10.2B | ||
| Q1 25 | $12.1B | $9.4B | ||
| Q4 24 | $12.1B | $10.6B | ||
| Q3 24 | $11.4B | $12.2B | ||
| Q2 24 | $11.0B | $11.5B | ||
| Q1 24 | $10.8B | $11.6B |
负债/权益比FSLRVFC
| Q4 25 | — | 1.99× | ||
| Q3 25 | — | 2.40× | ||
| Q2 25 | — | 2.76× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.86× | ||
| Q2 24 | — | 2.84× | ||
| Q1 24 | — | 2.84× |
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 | $1.0B |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $977.9M |
| 自由现金流率自由现金流/营收 | 63.6% | 34.0% |
| 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× | 3.36× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $357.6M |
8季度趋势，按日历期对齐
经营现金流FSLRVFC
| Q4 25 | $1.2B | $1.0B | ||
| Q3 25 | $1.3B | $-227.0M | ||
| Q2 25 | $149.6M | $-145.5M | ||
| Q1 25 | $-608.0M | $-171.1M | ||
| Q4 24 | $811.0M | $918.1M | ||
| Q3 24 | $-53.7M | $-301.6M | ||
| Q2 24 | $193.0M | $19.8M | ||
| Q1 24 | $267.7M | — |
自由现金流FSLRVFC
| Q4 25 | $1.1B | $977.9M | ||
| Q3 25 | $1.1B | $-253.5M | ||
| Q2 25 | $-138.6M | $-173.7M | ||
| Q1 25 | $-813.9M | $-193.0M | ||
| Q4 24 | $497.5M | $899.7M | ||
| Q3 24 | $-487.7M | $-322.4M | ||
| Q2 24 | $-172.1M | $-5.4M | ||
| Q1 24 | $-145.7M | — |
自由现金流率FSLRVFC
| Q4 25 | 63.6% | 34.0% | ||
| Q3 25 | 67.1% | -9.0% | ||
| Q2 25 | -12.6% | -9.9% | ||
| Q1 25 | -96.4% | -9.6% | ||
| Q4 24 | 32.9% | 31.7% | ||
| Q3 24 | -54.9% | -11.7% | ||
| Q2 24 | -17.0% | -0.3% | ||
| Q1 24 | -18.4% | — |
资本支出强度FSLRVFC
| Q4 25 | 10.2% | 1.1% | ||
| Q3 25 | 12.8% | 0.9% | ||
| Q2 25 | 26.3% | 1.6% | ||
| Q1 25 | 24.4% | 1.1% | ||
| Q4 24 | 20.7% | 0.6% | ||
| Q3 24 | 48.9% | 0.8% | ||
| Q2 24 | 36.1% | 1.3% | ||
| Q1 24 | 52.1% | — |
现金转化率FSLRVFC
| Q4 25 | 2.38× | 3.36× | ||
| Q3 25 | 2.79× | -1.20× | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | -2.90× | — | ||
| Q4 24 | 2.06× | 5.47× | ||
| Q3 24 | -0.17× | -5.78× | ||
| 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
VFC
| Outdoor | $1.9B | 67% |
| Sales Channel Through Intermediary | $813.4M | 28% |
| Other | $136.3M | 5% |
