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ORMAT TECHNOLOGIES, INC.（ORA）与SOLAREDGE TECHNOLOGIES, INC.（SEDG）财务数据对比。点击上方公司名可切换其他公司
SOLAREDGE TECHNOLOGIES, INC.的季度营收约是ORMAT TECHNOLOGIES, INC.的1.2倍（$335.4M vs $276.0M），ORMAT TECHNOLOGIES, INC.净利率更高（11.4% vs -39.4%，领先50.8%），SOLAREDGE TECHNOLOGIES, INC.同比增速更快（70.9% vs 19.6%），SOLAREDGE TECHNOLOGIES, INC.自由现金流更多（$43.3M vs $-40.0M），过去两年SOLAREDGE TECHNOLOGIES, INC.的营收复合增速更高（28.1% vs 11.0%）
Ormat Technologies是总部位于美国内华达州里诺的跨国企业，主打可再生地热能源技术，累计建成超190座电站，总装机容量超3200兆瓦；截至2021年1月自主运营933兆瓦地热及余热回收电站，还向全球多国供应超千台涡轮增压器。
SolarEdge Technologies是一家以色列新能源科技企业，核心研发并推出了直流优化逆变器系统，该方案可提升光伏发电的能效表现，助力光伏系统实现更稳定、高效的电力转换，在全球分布式光伏领域拥有广泛的应用场景和市场认可度。
ORA vs SEDG — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $276.0M | $335.4M |
| 净利润 | $31.4M | $-132.1M |
| 毛利率 | 28.6% | 22.2% |
| 营业利润率 | 15.4% | -14.4% |
| 净利率 | 11.4% | -39.4% |
| 营收同比 | 19.6% | 70.9% |
| 净利润同比 | -23.2% | 54.0% |
| 每股收益（稀释后） | $0.51 | $-2.21 |
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
| Q4 25 | $276.0M | $335.4M | ||
| Q3 25 | $249.7M | $340.2M | ||
| Q2 25 | $234.0M | $289.4M | ||
| Q1 25 | $229.8M | $219.5M | ||
| Q4 24 | $230.7M | $196.2M | ||
| Q3 24 | $211.8M | $235.4M | ||
| Q2 24 | $213.0M | $265.4M | ||
| Q1 24 | $224.2M | $204.4M |
| Q4 25 | $31.4M | $-132.1M | ||
| Q3 25 | $24.1M | $-50.1M | ||
| Q2 25 | $28.0M | $-124.7M | ||
| Q1 25 | $40.4M | $-98.5M | ||
| Q4 24 | $40.8M | $-287.4M | ||
| Q3 24 | $22.1M | $-1.2B | ||
| Q2 24 | $22.2M | $-130.8M | ||
| Q1 24 | $38.6M | $-157.3M |
| Q4 25 | 28.6% | 22.2% | ||
| Q3 25 | 25.6% | 21.2% | ||
| Q2 25 | 24.3% | 11.1% | ||
| Q1 25 | 31.7% | 8.0% | ||
| Q4 24 | 31.9% | -57.2% | ||
| Q3 24 | 27.8% | -309.1% | ||
| Q2 24 | 28.8% | -4.1% | ||
| Q1 24 | 35.2% | -12.8% |
| Q4 25 | 15.4% | -14.4% | ||
| Q3 25 | 16.2% | -10.3% | ||
| Q2 25 | 15.1% | -39.9% | ||
| Q1 25 | 22.2% | -46.8% | ||
| Q4 24 | 21.3% | -134.4% | ||
| Q3 24 | 16.8% | -471.8% | ||
| Q2 24 | 16.5% | -60.4% | ||
| Q1 24 | 23.5% | -85.0% |
| Q4 25 | 11.4% | -39.4% | ||
| Q3 25 | 9.7% | -14.7% | ||
| Q2 25 | 12.0% | -43.1% | ||
| Q1 25 | 17.6% | -44.9% | ||
| Q4 24 | 17.7% | -146.5% | ||
| Q3 24 | 10.4% | -522.8% | ||
| Q2 24 | 10.4% | -49.3% | ||
| Q1 24 | 17.2% | -77.0% |
| Q4 25 | $0.51 | $-2.21 | ||
| Q3 25 | $0.39 | $-0.84 | ||
| Q2 25 | $0.46 | $-2.13 | ||
| Q1 25 | $0.66 | $-1.70 | ||
| Q4 24 | $0.67 | $-5.00 | ||
| Q3 24 | $0.36 | $-21.58 | ||
| Q2 24 | $0.37 | $-2.31 | ||
| Q1 24 | $0.64 | $-2.75 |
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 | $147.4M | $493.2M |
| 总债务越低越好 | $2.7B | — |
| 股东权益账面价值 | $2.5B | $427.5M |
| 总资产 | $6.2B | $2.2B |
| 负债/权益比越低杠杆越低 | 1.05× | — |
8季度趋势，按日历期对齐
| Q4 25 | $147.4M | $493.2M | ||
| Q3 25 | $79.6M | $498.6M | ||
| Q2 25 | $88.5M | $758.0M | ||
| Q1 25 | $112.7M | $651.6M | ||
| Q4 24 | $94.4M | $585.9M | ||
| Q3 24 | $88.1M | $678.8M | ||
| Q2 24 | $66.3M | $689.8M | ||
| Q1 24 | $201.5M | $680.6M |
| Q4 25 | $2.7B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.5B | $427.5M | ||
| Q3 25 | $2.5B | $479.8M | ||
| Q2 25 | $2.5B | $513.2M | ||
| Q1 25 | $2.5B | $594.2M | ||
| Q4 24 | $2.4B | $658.3M | ||
| Q3 24 | $2.4B | $930.9M | ||
| Q2 24 | $2.4B | $2.1B | ||
| Q1 24 | $2.4B | $2.2B |
| Q4 25 | $6.2B | $2.2B | ||
| Q3 25 | $6.1B | $2.2B | ||
| Q2 25 | $6.0B | $2.5B | ||
| Q1 25 | $5.8B | $2.5B | ||
| Q4 24 | $5.7B | $2.6B | ||
| Q3 24 | $5.6B | $2.8B | ||
| Q2 24 | $5.5B | $3.9B | ||
| Q1 24 | $5.5B | $4.2B |
| Q4 25 | 1.05× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.97× | — | ||
| 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 | $105.0M | $52.6M |
| 自由现金流经营现金流 - 资本支出 | $-40.0M | $43.3M |
| 自由现金流率自由现金流/营收 | -14.5% | 12.9% |
| 资本支出强度资本支出/营收 | 52.6% | 2.8% |
| 现金转化率经营现金流/净利润 | 3.35× | — |
| 过去12个月自由现金流最近4个季度 | $-284.7M | $80.8M |
8季度趋势，按日历期对齐
| Q4 25 | $105.0M | $52.6M | ||
| Q3 25 | $45.2M | $25.6M | ||
| Q2 25 | $96.9M | $-7.8M | ||
| Q1 25 | $88.0M | $33.8M | ||
| Q4 24 | $158.6M | $37.8M | ||
| Q3 24 | $106.4M | $-89.3M | ||
| Q2 24 | $30.7M | $-44.8M | ||
| Q1 24 | $115.2M | $-217.0M |
| Q4 25 | $-40.0M | $43.3M | ||
| Q3 25 | $-102.1M | $22.8M | ||
| Q2 25 | $-37.9M | $-9.1M | ||
| Q1 25 | $-104.6M | $23.7M | ||
| Q4 24 | $30.9M | $25.5M | ||
| Q3 24 | $-3.3M | $-136.7M | ||
| Q2 24 | $-116.1M | $-67.0M | ||
| Q1 24 | $11.8M | $-243.4M |
| Q4 25 | -14.5% | 12.9% | ||
| Q3 25 | -40.9% | 6.7% | ||
| Q2 25 | -16.2% | -3.1% | ||
| Q1 25 | -45.5% | 10.8% | ||
| Q4 24 | 13.4% | 13.0% | ||
| Q3 24 | -1.6% | -58.1% | ||
| Q2 24 | -54.5% | -25.2% | ||
| Q1 24 | 5.3% | -119.1% |
| Q4 25 | 52.6% | 2.8% | ||
| Q3 25 | 59.0% | 0.8% | ||
| Q2 25 | 57.6% | 0.4% | ||
| Q1 25 | 83.8% | 4.6% | ||
| Q4 24 | 55.4% | 6.2% | ||
| Q3 24 | 51.8% | 20.1% | ||
| Q2 24 | 69.0% | 8.4% | ||
| Q1 24 | 46.1% | 12.9% |
| Q4 25 | 3.35× | — | ||
| Q3 25 | 1.87× | — | ||
| Q2 25 | 3.45× | — | ||
| Q1 25 | 2.18× | — | ||
| Q4 24 | 3.89× | — | ||
| Q3 24 | 4.82× | — | ||
| Q2 24 | 1.38× | — | ||
| Q1 24 | 2.99× | — |
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
ORA
| Electricity | $186.6M | 68% |
| Products | $63.1M | 23% |
| Energy Storage Segment | $26.3M | 10% |
| Product Segment | $1.2M | 0% |
SEDG
| Other | $197.7M | 59% |
| Europe Except Netherlands | $99.4M | 30% |
| Others | $38.2M | 11% |
