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第一太阳能（FSLR）与惠好（WY）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惠好的1.1倍（$1.7B vs $1.5B），第一太阳能净利率更高（31.0% vs 4.8%，领先26.2%），第一太阳能同比增速更快（11.1% vs -9.8%），第一太阳能自由现金流更多（$1.1B vs $-128.0M），过去两年第一太阳能的营收复合增速更高（45.6% vs -7.4%）
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。
惠好是美国知名林地运营企业，在美国本土持有约1040万英亩林地，同时通过长期许可协议在加拿大管理额外1400万英亩林地。企业拥有逾百年木制品生产历史，目前以房地产投资信托（REIT）模式运营。
FSLR vs WY — 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
FSLR
高出20.9%
-9.8%
净利率更高
FSLR
高出26.2%
4.8%
自由现金流更多
FSLR
多$1.2B
$-128.0M
两年增速更快
FSLR
近两年复合增速
-7.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $1.5B |
| 净利润 | $520.9M | $74.0M |
| 毛利率 | 39.5% | 10.4% |
| 营业利润率 | 32.6% | 16.3% |
| 净利率 | 31.0% | 4.8% |
| 营收同比 | 11.1% | -9.8% |
| 净利润同比 | 32.5% | -8.6% |
| 每股收益（稀释后） | $4.84 | $0.11 |
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FSLRWY
| Q4 25 | $1.7B | $1.5B | ||
| Q3 25 | $1.6B | $1.7B | ||
| Q2 25 | $1.1B | $1.9B | ||
| Q1 25 | $844.6M | $1.8B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $887.7M | $1.7B | ||
| Q2 24 | $1.0B | $1.9B | ||
| Q1 24 | $794.1M | $1.8B |
净利润FSLRWY
| Q4 25 | $520.9M | $74.0M | ||
| Q3 25 | $455.9M | $80.0M | ||
| Q2 25 | $341.9M | $87.0M | ||
| Q1 25 | $209.5M | $83.0M | ||
| Q4 24 | $393.1M | $81.0M | ||
| Q3 24 | $313.0M | $28.0M | ||
| Q2 24 | $349.4M | $173.0M | ||
| Q1 24 | $236.6M | $114.0M |
毛利率FSLRWY
| Q4 25 | 39.5% | 10.4% | ||
| Q3 25 | 38.3% | 11.9% | ||
| Q2 25 | 45.6% | 17.3% | ||
| Q1 25 | 40.8% | 19.0% | ||
| Q4 24 | 37.5% | 17.8% | ||
| Q3 24 | 50.2% | 14.9% | ||
| Q2 24 | 49.4% | 20.8% | ||
| Q1 24 | 43.6% | 19.8% |
营业利润率FSLRWY
| Q4 25 | 32.6% | 16.3% | ||
| Q3 25 | 29.2% | 7.2% | ||
| Q2 25 | 33.0% | 9.4% | ||
| Q1 25 | 26.2% | 10.2% | ||
| Q4 24 | 30.2% | 8.3% | ||
| Q3 24 | 36.3% | 4.6% | ||
| Q2 24 | 36.9% | 13.9% | ||
| Q1 24 | 30.6% | 10.9% |
净利率FSLRWY
| Q4 25 | 31.0% | 4.8% | ||
| Q3 25 | 28.6% | 4.7% | ||
| Q2 25 | 31.2% | 4.6% | ||
| Q1 25 | 24.8% | 4.7% | ||
| Q4 24 | 26.0% | 4.7% | ||
| Q3 24 | 35.3% | 1.7% | ||
| Q2 24 | 34.6% | 8.9% | ||
| Q1 24 | 29.8% | 6.3% |
每股收益（稀释后）FSLRWY
| Q4 25 | $4.84 | $0.11 | ||
| Q3 25 | $4.24 | $0.11 | ||
| Q2 25 | $3.18 | $0.12 | ||
| Q1 25 | $1.95 | $0.11 | ||
| Q4 24 | $3.66 | $0.10 | ||
| Q3 24 | $2.91 | $0.04 | ||
| Q2 24 | $3.25 | $0.24 | ||
| Q1 24 | $2.20 | $0.16 |
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 | $464.0M |
| 总债务越低越好 | — | $5.6B |
| 股东权益账面价值 | $9.5B | $9.4B |
| 总资产 | $13.3B | $16.6B |
| 负债/权益比越低杠杆越低 | — | 0.59× |
8季度趋势，按日历期对齐
现金及短期投资FSLRWY
| Q4 25 | $2.8B | $464.0M | ||
| Q3 25 | $2.0B | $401.0M | ||
| Q2 25 | $1.1B | $592.0M | ||
| Q1 25 | $837.6M | $560.0M | ||
| Q4 24 | $1.6B | $684.0M | ||
| Q3 24 | $1.0B | $877.0M | ||
| Q2 24 | $1.7B | $997.0M | ||
| Q1 24 | $1.7B | $871.0M |
总债务FSLRWY
| Q4 25 | — | $5.6B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.1B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益FSLRWY
| Q4 25 | $9.5B | $9.4B | ||
| Q3 25 | $9.0B | $9.4B | ||
| Q2 25 | $8.5B | $9.5B | ||
| Q1 25 | $8.2B | $9.6B | ||
| Q4 24 | $8.0B | $9.7B | ||
| Q3 24 | $7.6B | $9.9B | ||
| Q2 24 | $7.3B | $10.0B | ||
| Q1 24 | $6.9B | $10.1B |
总资产FSLRWY
| Q4 25 | $13.3B | $16.6B | ||
| Q3 25 | $13.5B | $16.7B | ||
| Q2 25 | $12.9B | $16.5B | ||
| Q1 25 | $12.1B | $16.5B | ||
| Q4 24 | $12.1B | $16.5B | ||
| Q3 24 | $11.4B | $16.7B | ||
| Q2 24 | $11.0B | $16.8B | ||
| Q1 24 | $10.8B | $16.8B |
负债/权益比FSLRWY
| Q4 25 | — | 0.59× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.52× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $1.2B | $-114.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $-128.0M |
| 自由现金流率自由现金流/营收 | 63.6% | -8.3% |
| 资本支出强度资本支出/营收 | 10.2% | 0.9% |
| 现金转化率经营现金流/净利润 | 2.38× | -1.54× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $511.0M |
8季度趋势，按日历期对齐
经营现金流FSLRWY
| Q4 25 | $1.2B | $-114.0M | ||
| Q3 25 | $1.3B | $210.0M | ||
| Q2 25 | $149.6M | $396.0M | ||
| Q1 25 | $-608.0M | $70.0M | ||
| Q4 24 | $811.0M | $218.0M | ||
| Q3 24 | $-53.7M | $234.0M | ||
| Q2 24 | $193.0M | $432.0M | ||
| Q1 24 | $267.7M | $124.0M |
自由现金流FSLRWY
| Q4 25 | $1.1B | $-128.0M | ||
| Q3 25 | $1.1B | $203.0M | ||
| Q2 25 | $-138.6M | $388.0M | ||
| Q1 25 | $-813.9M | $48.0M | ||
| Q4 24 | $497.5M | $205.0M | ||
| Q3 24 | $-487.7M | $226.0M | ||
| Q2 24 | $-172.1M | $423.0M | ||
| Q1 24 | $-145.7M | $102.0M |
自由现金流率FSLRWY
| Q4 25 | 63.6% | -8.3% | ||
| Q3 25 | 67.1% | 11.8% | ||
| Q2 25 | -12.6% | 20.6% | ||
| Q1 25 | -96.4% | 2.7% | ||
| Q4 24 | 32.9% | 12.0% | ||
| Q3 24 | -54.9% | 13.4% | ||
| Q2 24 | -17.0% | 21.8% | ||
| Q1 24 | -18.4% | 5.7% |
资本支出强度FSLRWY
| Q4 25 | 10.2% | 0.9% | ||
| Q3 25 | 12.8% | 0.4% | ||
| Q2 25 | 26.3% | 0.4% | ||
| Q1 25 | 24.4% | 1.2% | ||
| Q4 24 | 20.7% | 0.8% | ||
| Q3 24 | 48.9% | 0.5% | ||
| Q2 24 | 36.1% | 0.5% | ||
| Q1 24 | 52.1% | 1.2% |
现金转化率FSLRWY
| Q4 25 | 2.38× | -1.54× | ||
| Q3 25 | 2.79× | 2.63× | ||
| Q2 25 | 0.44× | 4.55× | ||
| Q1 25 | -2.90× | 0.84× | ||
| Q4 24 | 2.06× | 2.69× | ||
| Q3 24 | -0.17× | 8.36× | ||
| Q2 24 | 0.55× | 2.50× | ||
| Q1 24 | 1.13× | 1.09× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
