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SOLAREDGE TECHNOLOGIES, INC.（SEDG）与Tradeweb Markets Inc.（TW）财务数据对比。点击上方公司名可切换其他公司
Tradeweb Markets Inc.的季度营收约是SOLAREDGE TECHNOLOGIES, INC.的1.6倍（$521.2M vs $335.4M），Tradeweb Markets Inc.净利率更高（62.4% vs -39.4%，领先101.8%），SOLAREDGE TECHNOLOGIES, INC.同比增速更快（70.9% vs 12.5%），Tradeweb Markets Inc.自由现金流更多（$336.5M vs $43.3M），过去两年SOLAREDGE TECHNOLOGIES, INC.的营收复合增速更高（28.1% vs 12.9%）
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。
Tradeweb Markets Inc.总部位于美国纽约，运营面向机构投资者的电子交易平台，支持固定收益产品、ETF及衍生品交易，服务覆盖银行、资管机构、央行、养老基金、保险公司等超3000家客户。2024年其83%营收来自交易手续费及佣金，17%来自订阅费，52%营收来自利率相关产品。
SEDG vs TW — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $335.4M | $521.2M |
| 净利润 | $-132.1M | $325.0M |
| 毛利率 | 22.2% | — |
| 营业利润率 | -14.4% | 42.4% |
| 净利率 | -39.4% | 62.4% |
| 营收同比 | 70.9% | 12.5% |
| 净利润同比 | 54.0% | 128.5% |
| 每股收益（稀释后） | $-2.21 | $1.52 |
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 | $335.4M | $521.2M | ||
| Q3 25 | $340.2M | $508.6M | ||
| Q2 25 | $289.4M | $513.0M | ||
| Q1 25 | $219.5M | $509.7M | ||
| Q4 24 | $196.2M | $463.3M | ||
| Q3 24 | $235.4M | $448.9M | ||
| Q2 24 | $265.4M | $405.0M | ||
| Q1 24 | $204.4M | $408.7M |
| Q4 25 | $-132.1M | $325.0M | ||
| Q3 25 | $-50.1M | $185.6M | ||
| Q2 25 | $-124.7M | $153.8M | ||
| Q1 25 | $-98.5M | $148.4M | ||
| Q4 24 | $-287.4M | $142.2M | ||
| Q3 24 | $-1.2B | $113.9M | ||
| Q2 24 | $-130.8M | $119.2M | ||
| Q1 24 | $-157.3M | $126.1M |
| Q4 25 | 22.2% | — | ||
| Q3 25 | 21.2% | — | ||
| Q2 25 | 11.1% | — | ||
| Q1 25 | 8.0% | — | ||
| Q4 24 | -57.2% | — | ||
| Q3 24 | -309.1% | — | ||
| Q2 24 | -4.1% | — | ||
| Q1 24 | -12.8% | — |
| Q4 25 | -14.4% | 42.4% | ||
| Q3 25 | -10.3% | 41.4% | ||
| Q2 25 | -39.9% | 39.0% | ||
| Q1 25 | -46.8% | 40.0% | ||
| Q4 24 | -134.4% | 40.7% | ||
| Q3 24 | -471.8% | 35.5% | ||
| Q2 24 | -60.4% | 40.1% | ||
| Q1 24 | -85.0% | 41.0% |
| Q4 25 | -39.4% | 62.4% | ||
| Q3 25 | -14.7% | 36.5% | ||
| Q2 25 | -43.1% | 30.0% | ||
| Q1 25 | -44.9% | 29.1% | ||
| Q4 24 | -146.5% | 30.7% | ||
| Q3 24 | -522.8% | 25.4% | ||
| Q2 24 | -49.3% | 29.4% | ||
| Q1 24 | -77.0% | 30.9% |
| Q4 25 | $-2.21 | $1.52 | ||
| Q3 25 | $-0.84 | $0.86 | ||
| Q2 25 | $-2.13 | $0.71 | ||
| Q1 25 | $-1.70 | $0.69 | ||
| Q4 24 | $-5.00 | $0.66 | ||
| Q3 24 | $-21.58 | $0.53 | ||
| Q2 24 | $-2.31 | $0.55 | ||
| Q1 24 | $-2.75 | $0.59 |
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 | $493.2M | $2.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $427.5M | $6.5B |
| 总资产 | $2.2B | $8.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $493.2M | $2.1B | ||
| Q3 25 | $498.6M | $1.9B | ||
| Q2 25 | $758.0M | $1.6B | ||
| Q1 25 | $651.6M | $1.3B | ||
| Q4 24 | $585.9M | $1.3B | ||
| Q3 24 | $678.8M | $1.2B | ||
| Q2 24 | $689.8M | $1.7B | ||
| Q1 24 | $680.6M | $1.5B |
| Q4 25 | $427.5M | $6.5B | ||
| Q3 25 | $479.8M | $6.3B | ||
| Q2 25 | $513.2M | $6.1B | ||
| Q1 25 | $594.2M | $5.9B | ||
| Q4 24 | $658.3M | $5.8B | ||
| Q3 24 | $930.9M | $5.7B | ||
| Q2 24 | $2.1B | $5.6B | ||
| Q1 24 | $2.2B | $5.5B |
| Q4 25 | $2.2B | $8.2B | ||
| Q3 25 | $2.2B | $8.0B | ||
| Q2 25 | $2.5B | $8.1B | ||
| Q1 25 | $2.5B | $7.4B | ||
| Q4 24 | $2.6B | $7.3B | ||
| Q3 24 | $2.8B | $7.3B | ||
| Q2 24 | $3.9B | $7.3B | ||
| Q1 24 | $4.2B | $7.4B |
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 | $52.6M | $355.9M |
| 自由现金流经营现金流 - 资本支出 | $43.3M | $336.5M |
| 自由现金流率自由现金流/营收 | 12.9% | 64.6% |
| 资本支出强度资本支出/营收 | 2.8% | 3.7% |
| 现金转化率经营现金流/净利润 | — | 1.10× |
| 过去12个月自由现金流最近4个季度 | $80.8M | $1.1B |
8季度趋势，按日历期对齐
| Q4 25 | $52.6M | $355.9M | ||
| Q3 25 | $25.6M | $342.3M | ||
| Q2 25 | $-7.8M | $409.2M | ||
| Q1 25 | $33.8M | $60.2M | ||
| Q4 24 | $37.8M | $282.0M | ||
| Q3 24 | $-89.3M | $292.1M | ||
| Q2 24 | $-44.8M | $285.7M | ||
| Q1 24 | $-217.0M | $37.9M |
| Q4 25 | $43.3M | $336.5M | ||
| Q3 25 | $22.8M | $328.3M | ||
| Q2 25 | $-9.1M | $403.7M | ||
| Q1 25 | $23.7M | $58.6M | ||
| Q4 24 | $25.5M | $256.8M | ||
| Q3 24 | $-136.7M | $287.8M | ||
| Q2 24 | $-67.0M | $280.8M | ||
| Q1 24 | $-243.4M | $31.3M |
| Q4 25 | 12.9% | 64.6% | ||
| Q3 25 | 6.7% | 64.5% | ||
| Q2 25 | -3.1% | 78.7% | ||
| Q1 25 | 10.8% | 11.5% | ||
| Q4 24 | 13.0% | 55.4% | ||
| Q3 24 | -58.1% | 64.1% | ||
| Q2 24 | -25.2% | 69.4% | ||
| Q1 24 | -119.1% | 7.7% |
| Q4 25 | 2.8% | 3.7% | ||
| Q3 25 | 0.8% | 2.8% | ||
| Q2 25 | 0.4% | 1.1% | ||
| Q1 25 | 4.6% | 0.3% | ||
| Q4 24 | 6.2% | 5.4% | ||
| Q3 24 | 20.1% | 1.0% | ||
| Q2 24 | 8.4% | 1.2% | ||
| Q1 24 | 12.9% | 1.6% |
| Q4 25 | — | 1.10× | ||
| Q3 25 | — | 1.84× | ||
| Q2 25 | — | 2.66× | ||
| Q1 25 | — | 0.41× | ||
| Q4 24 | — | 1.98× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.40× | ||
| Q1 24 | — | 0.30× |
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
SEDG
| Other | $197.7M | 59% |
| Europe Except Netherlands | $99.4M | 30% |
| Others | $38.2M | 11% |
TW
| Other | $235.2M | 45% |
| Wholesale Client Sector | $97.9M | 19% |
| Subscription Fee Revenue | $60.0M | 12% |
| Retail Client Sector | $35.0M | 7% |
| Market Data Client Sector | $33.8M | 6% |
| Corporate Client Sector | $26.1M | 5% |
| Market Data Revenue | $23.2M | 4% |
| Financial Service Other | $10.0M | 2% |
