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第一太阳能（FSLR）与WHITE MOUNTAINS INSURANCE GROUP LTD（WTM）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WHITE MOUNTAINS INSURANCE GROUP LTD的1.0倍（$1.7B vs $1.6B），WHITE MOUNTAINS INSURANCE GROUP LTD净利率更高（52.1% vs 31.0%，领先21.2%），WHITE MOUNTAINS INSURANCE GROUP LTD同比增速更快（348.0% vs 11.1%），过去两年WHITE MOUNTAINS INSURANCE GROUP LTD的营收复合增速更高（57.4% vs 45.6%）
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。
怀特山保险集团是一家多元化保险及相关金融服务控股企业，总部位于百慕大汉密尔顿，1999年10月25日从美国特拉华州迁册至当前注册地，大部分业务通过旗下保险子公司及其他关联机构开展，覆盖多个保险及金融服务细分赛道。
FSLR vs WTM — 直观对比
营收规模更大
FSLR
是对方的1.0倍
$1.6B
营收增速更快
WTM
高出336.8%
11.1%
净利率更高
WTM
高出21.2%
31.0%
两年增速更快
WTM
近两年复合增速
45.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.6B |
| 净利润 | $520.9M | $835.8M |
| 毛利率 | 39.5% | 97.1% |
| 营业利润率 | 32.6% | 56.2% |
| 净利率 | 31.0% | 52.1% |
| 营收同比 | 11.1% | 348.0% |
| 净利润同比 | 32.5% | 741.0% |
| 每股收益（稀释后） | $4.84 | $325.02 |
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FSLRWTM
| Q4 25 | $1.7B | $1.6B | ||
| Q3 25 | $1.6B | $864.2M | ||
| Q2 25 | $1.1B | $689.2M | ||
| Q1 25 | $844.6M | $577.8M | ||
| Q4 24 | $1.5B | $358.0M | ||
| Q3 24 | $887.7M | $839.1M | ||
| Q2 24 | $1.0B | $395.4M | ||
| Q1 24 | $794.1M | $647.3M |
净利润FSLRWTM
| Q4 25 | $520.9M | $835.8M | ||
| Q3 25 | $455.9M | $113.8M | ||
| Q2 25 | $341.9M | $122.9M | ||
| Q1 25 | $209.5M | $33.9M | ||
| Q4 24 | $393.1M | $-130.4M | ||
| Q3 24 | $313.0M | $179.0M | ||
| Q2 24 | $349.4M | $-54.6M | ||
| Q1 24 | $236.6M | $236.4M |
毛利率FSLRWTM
| Q4 25 | 39.5% | 97.1% | ||
| Q3 25 | 38.3% | 93.6% | ||
| Q2 25 | 45.6% | 93.8% | ||
| Q1 25 | 40.8% | 98.7% | ||
| Q4 24 | 37.5% | 97.9% | ||
| Q3 24 | 50.2% | 99.1% | ||
| Q2 24 | 49.4% | 98.2% | ||
| Q1 24 | 43.6% | 98.8% |
营业利润率FSLRWTM
| Q4 25 | 32.6% | 56.2% | ||
| Q3 25 | 29.2% | 20.7% | ||
| Q2 25 | 33.0% | 25.6% | ||
| Q1 25 | 26.2% | 12.5% | ||
| Q4 24 | 30.2% | -33.7% | ||
| Q3 24 | 36.3% | 28.5% | ||
| Q2 24 | 36.9% | -8.8% | ||
| Q1 24 | 30.6% | 35.9% |
净利率FSLRWTM
| Q4 25 | 31.0% | 52.1% | ||
| Q3 25 | 28.6% | 13.2% | ||
| Q2 25 | 31.2% | 17.8% | ||
| Q1 25 | 24.8% | 5.9% | ||
| Q4 24 | 26.0% | -36.4% | ||
| Q3 24 | 35.3% | 21.3% | ||
| Q2 24 | 34.6% | -13.8% | ||
| Q1 24 | 29.8% | 36.5% |
每股收益（稀释后）FSLRWTM
| Q4 25 | $4.84 | $325.02 | ||
| Q3 25 | $4.24 | $44.18 | ||
| Q2 25 | $3.18 | $47.75 | ||
| Q1 25 | $1.95 | $13.19 | ||
| Q4 24 | $3.66 | $-50.98 | ||
| Q3 24 | $2.91 | $69.68 | ||
| Q2 24 | $3.25 | $-21.24 | ||
| Q1 24 | $2.20 | $92.33 |
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 | — | $837.0M |
| 股东权益账面价值 | $9.5B | $5.4B |
| 总资产 | $13.3B | $12.3B |
| 负债/权益比越低杠杆越低 | — | 0.15× |
8季度趋势，按日历期对齐
现金及短期投资FSLRWTM
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $837.6M | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.7B | — |
总债务FSLRWTM
| Q4 25 | — | $837.0M | ||
| Q3 25 | — | $870.4M | ||
| Q2 25 | — | $694.6M | ||
| Q1 25 | — | $676.1M | ||
| Q4 24 | — | $562.5M | ||
| Q3 24 | — | $544.9M | ||
| Q2 24 | — | $530.2M | ||
| Q1 24 | — | $532.1M |
股东权益FSLRWTM
| Q4 25 | $9.5B | $5.4B | ||
| Q3 25 | $9.0B | $4.8B | ||
| Q2 25 | $8.5B | $4.6B | ||
| Q1 25 | $8.2B | $4.5B | ||
| Q4 24 | $8.0B | $4.5B | ||
| Q3 24 | $7.6B | $4.6B | ||
| Q2 24 | $7.3B | $4.4B | ||
| Q1 24 | $6.9B | $4.5B |
总资产FSLRWTM
| Q4 25 | $13.3B | $12.3B | ||
| Q3 25 | $13.5B | $12.3B | ||
| Q2 25 | $12.9B | $11.8B | ||
| Q1 25 | $12.1B | $11.0B | ||
| Q4 24 | $12.1B | $9.9B | ||
| Q3 24 | $11.4B | $10.3B | ||
| Q2 24 | $11.0B | $10.2B | ||
| Q1 24 | $10.8B | $9.6B |
负债/权益比FSLRWTM
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | 0.18× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $53.9M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | — |
| 自由现金流率自由现金流/营收 | 63.6% | — |
| 资本支出强度资本支出/营收 | 10.2% | — |
| 现金转化率经营现金流/净利润 | 2.38× | 0.06× |
| 过去12个月自由现金流最近4个季度 | $1.2B | — |
8季度趋势，按日历期对齐
经营现金流FSLRWTM
| Q4 25 | $1.2B | $53.9M | ||
| Q3 25 | $1.3B | $359.3M | ||
| Q2 25 | $149.6M | $177.5M | ||
| Q1 25 | $-608.0M | $-40.2M | ||
| Q4 24 | $811.0M | $64.1M | ||
| Q3 24 | $-53.7M | $269.4M | ||
| Q2 24 | $193.0M | $216.8M | ||
| Q1 24 | $267.7M | $36.5M |
自由现金流FSLRWTM
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $-138.6M | — | ||
| Q1 25 | $-813.9M | — | ||
| Q4 24 | $497.5M | — | ||
| Q3 24 | $-487.7M | — | ||
| Q2 24 | $-172.1M | — | ||
| Q1 24 | $-145.7M | — |
自由现金流率FSLRWTM
| Q4 25 | 63.6% | — | ||
| Q3 25 | 67.1% | — | ||
| Q2 25 | -12.6% | — | ||
| Q1 25 | -96.4% | — | ||
| Q4 24 | 32.9% | — | ||
| Q3 24 | -54.9% | — | ||
| Q2 24 | -17.0% | — | ||
| Q1 24 | -18.4% | — |
资本支出强度FSLRWTM
| Q4 25 | 10.2% | — | ||
| Q3 25 | 12.8% | — | ||
| Q2 25 | 26.3% | — | ||
| Q1 25 | 24.4% | — | ||
| Q4 24 | 20.7% | — | ||
| Q3 24 | 48.9% | — | ||
| Q2 24 | 36.1% | — | ||
| Q1 24 | 52.1% | — |
现金转化率FSLRWTM
| Q4 25 | 2.38× | 0.06× | ||
| Q3 25 | 2.79× | 3.16× | ||
| Q2 25 | 0.44× | 1.44× | ||
| Q1 25 | -2.90× | -1.19× | ||
| Q4 24 | 2.06× | — | ||
| Q3 24 | -0.17× | 1.51× | ||
| Q2 24 | 0.55× | — | ||
| Q1 24 | 1.13× | 0.15× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
