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第一太阳能（FSLR）与硕腾（ZTS）财务数据对比。点击上方公司名可切换其他公司
硕腾的季度营收约是第一太阳能的1.4倍（$2.4B vs $1.7B），第一太阳能净利率更高（31.0% vs 25.3%，领先5.7%），第一太阳能同比增速更快（11.1% vs 3.0%），第一太阳能自由现金流更多（$1.1B vs $732.0M），过去两年第一太阳能的营收复合增速更高（45.6% vs 4.4%）
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。
硕腾是全球规模最大的动物保健制药企业，专注于宠物与家畜用药品、疫苗的研发和生产，前身为制药巨头辉瑞旗下的动物保健业务板块，辉瑞剥离多数股权后成为完全独立的企业。目前公司产品直销约45个国家，在全球超过100个国家和地区销售，海外业务占总营收的50%左右。
FSLR vs ZTS — 直观对比
营收规模更大
ZTS
是对方的1.4倍
$1.7B
营收增速更快
FSLR
高出8.1%
3.0%
净利率更高
FSLR
高出5.7%
25.3%
自由现金流更多
FSLR
多$338.2M
$732.0M
两年增速更快
FSLR
近两年复合增速
4.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.7B | $2.4B |
| 净利润 | $520.9M | $603.0M |
| 毛利率 | 39.5% | 70.2% |
| 营业利润率 | 32.6% | 31.9% |
| 净利率 | 31.0% | 25.3% |
| 营收同比 | 11.1% | 3.0% |
| 净利润同比 | 32.5% | 3.8% |
| 每股收益（稀释后） | $4.84 | $1.37 |
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FSLRZTS
| Q4 25 | $1.7B | $2.4B | ||
| Q3 25 | $1.6B | $2.4B | ||
| Q2 25 | $1.1B | $2.5B | ||
| Q1 25 | $844.6M | $2.2B | ||
| Q4 24 | $1.5B | $2.3B | ||
| Q3 24 | $887.7M | $2.4B | ||
| Q2 24 | $1.0B | $2.4B | ||
| Q1 24 | $794.1M | $2.2B |
净利润FSLRZTS
| Q4 25 | $520.9M | $603.0M | ||
| Q3 25 | $455.9M | $721.0M | ||
| Q2 25 | $341.9M | $718.0M | ||
| Q1 25 | $209.5M | $631.0M | ||
| Q4 24 | $393.1M | $581.0M | ||
| Q3 24 | $313.0M | $682.0M | ||
| Q2 24 | $349.4M | $624.0M | ||
| Q1 24 | $236.6M | $599.0M |
毛利率FSLRZTS
| Q4 25 | 39.5% | 70.2% | ||
| Q3 25 | 38.3% | 71.5% | ||
| Q2 25 | 45.6% | 73.6% | ||
| Q1 25 | 40.8% | 72.0% | ||
| Q4 24 | 37.5% | 69.5% | ||
| Q3 24 | 50.2% | 70.6% | ||
| Q2 24 | 49.4% | 71.7% | ||
| Q1 24 | 43.6% | 70.6% |
营业利润率FSLRZTS
| Q4 25 | 32.6% | 31.9% | ||
| Q3 25 | 29.2% | 37.0% | ||
| Q2 25 | 33.0% | 36.7% | ||
| Q1 25 | 26.2% | 36.5% | ||
| Q4 24 | 30.2% | 31.6% | ||
| Q3 24 | 36.3% | 36.6% | ||
| Q2 24 | 36.9% | 33.0% | ||
| Q1 24 | 30.6% | 34.1% |
净利率FSLRZTS
| Q4 25 | 31.0% | 25.3% | ||
| Q3 25 | 28.6% | 30.0% | ||
| Q2 25 | 31.2% | 29.2% | ||
| Q1 25 | 24.8% | 28.4% | ||
| Q4 24 | 26.0% | 25.1% | ||
| Q3 24 | 35.3% | 28.6% | ||
| Q2 24 | 34.6% | 26.4% | ||
| Q1 24 | 29.8% | 27.4% |
每股收益（稀释后）FSLRZTS
| Q4 25 | $4.84 | $1.37 | ||
| Q3 25 | $4.24 | $1.63 | ||
| Q2 25 | $3.18 | $1.61 | ||
| Q1 25 | $1.95 | $1.41 | ||
| Q4 24 | $3.66 | $1.29 | ||
| Q3 24 | $2.91 | $1.50 | ||
| Q2 24 | $3.25 | $1.37 | ||
| Q1 24 | $2.20 | $1.31 |
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 | — | — |
| 股东权益账面价值 | $9.5B | $3.3B |
| 总资产 | $13.3B | $15.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资FSLRZTS
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.0B | $2.1B | ||
| Q2 25 | $1.1B | $1.4B | ||
| Q1 25 | $837.6M | $1.7B | ||
| Q4 24 | $1.6B | $2.0B | ||
| Q3 24 | $1.0B | $1.7B | ||
| Q2 24 | $1.7B | $1.6B | ||
| Q1 24 | $1.7B | $2.0B |
股东权益FSLRZTS
| Q4 25 | $9.5B | $3.3B | ||
| Q3 25 | $9.0B | $5.4B | ||
| Q2 25 | $8.5B | $5.0B | ||
| Q1 25 | $8.2B | $4.7B | ||
| Q4 24 | $8.0B | $4.8B | ||
| Q3 24 | $7.6B | $5.2B | ||
| Q2 24 | $7.3B | $5.0B | ||
| Q1 24 | $6.9B | $5.1B |
总资产FSLRZTS
| Q4 25 | $13.3B | $15.5B | ||
| Q3 25 | $13.5B | $15.2B | ||
| Q2 25 | $12.9B | $14.5B | ||
| Q1 25 | $12.1B | $14.1B | ||
| Q4 24 | $12.1B | $14.2B | ||
| Q3 24 | $11.4B | $14.4B | ||
| Q2 24 | $11.0B | $14.2B | ||
| Q1 24 | $10.8B | $14.3B |
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 | $893.0M |
| 自由现金流经营现金流 - 资本支出 | $1.1B | $732.0M |
| 自由现金流率自由现金流/营收 | 63.6% | 30.7% |
| 资本支出强度资本支出/营收 | 10.2% | 6.7% |
| 现金转化率经营现金流/净利润 | 2.38× | 1.48× |
| 过去12个月自由现金流最近4个季度 | $1.2B | $2.3B |
8季度趋势，按日历期对齐
经营现金流FSLRZTS
| Q4 25 | $1.2B | $893.0M | ||
| Q3 25 | $1.3B | $938.0M | ||
| Q2 25 | $149.6M | $486.0M | ||
| Q1 25 | $-608.0M | $587.0M | ||
| Q4 24 | $811.0M | $905.0M | ||
| Q3 24 | $-53.7M | $951.0M | ||
| Q2 24 | $193.0M | $502.0M | ||
| Q1 24 | $267.7M | $595.0M |
自由现金流FSLRZTS
| Q4 25 | $1.1B | $732.0M | ||
| Q3 25 | $1.1B | $805.0M | ||
| Q2 25 | $-138.6M | $308.0M | ||
| Q1 25 | $-813.9M | $438.0M | ||
| Q4 24 | $497.5M | $689.0M | ||
| Q3 24 | $-487.7M | $784.0M | ||
| Q2 24 | $-172.1M | $370.0M | ||
| Q1 24 | $-145.7M | $455.0M |
自由现金流率FSLRZTS
| Q4 25 | 63.6% | 30.7% | ||
| Q3 25 | 67.1% | 33.5% | ||
| Q2 25 | -12.6% | 12.5% | ||
| Q1 25 | -96.4% | 19.7% | ||
| Q4 24 | 32.9% | 29.7% | ||
| Q3 24 | -54.9% | 32.8% | ||
| Q2 24 | -17.0% | 15.7% | ||
| Q1 24 | -18.4% | 20.8% |
资本支出强度FSLRZTS
| Q4 25 | 10.2% | 6.7% | ||
| Q3 25 | 12.8% | 5.5% | ||
| Q2 25 | 26.3% | 7.2% | ||
| Q1 25 | 24.4% | 6.7% | ||
| Q4 24 | 20.7% | 9.3% | ||
| Q3 24 | 48.9% | 7.0% | ||
| Q2 24 | 36.1% | 5.6% | ||
| Q1 24 | 52.1% | 6.4% |
现金转化率FSLRZTS
| Q4 25 | 2.38× | 1.48× | ||
| Q3 25 | 2.79× | 1.30× | ||
| Q2 25 | 0.44× | 0.68× | ||
| Q1 25 | -2.90× | 0.93× | ||
| Q4 24 | 2.06× | 1.56× | ||
| Q3 24 | -0.17× | 1.39× | ||
| Q2 24 | 0.55× | 0.80× | ||
| Q1 24 | 1.13× | 0.99× |
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
ZTS
| Other | $1.3B | 56% |
| Livestock | $234.0M | 10% |
| Pain Sedation | $209.0M | 9% |
| Other Pharmaceuticals | $188.0M | 8% |
| Swine | $125.0M | 5% |
| Poultry | $117.0M | 5% |
| Fish | $81.0M | 3% |
| Other Non Pharmaceuticals | $70.0M | 3% |
| Manufactured Product Other | $18.0M | 1% |
| Medicated Feed Additives | $12.0M | 1% |
