First Solar, Inc. (FSLR)财务
NASDAQ · Energy · Solar · 员工7,900人 · CEO Mark R. Widmar
- 股价
- $174.40 -1.41%
- 市值
- $187亿
- 企业价值
- $175亿
- 最近财报
- Q3 '26 2026-10-29提交
- 下次财报
- 2027-02-23 EPS预期 $5.31
营收(TTM)$50.1亿-0.7% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)37.7%+7.9 百分点 对比去年同期营业利润 $18.9亿
净利润(TTM)$18.6亿+32.9% 对比去年同期税后,含营业外收益
自由现金流(TTM)$2.33亿-62.1% 对比去年同期资本支出 $6.06亿
稀释EPS(TTM)$17.28+32.7% 对比去年同期最近4个季度之和
净现金$13亿+13.2% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $187亿 EV $175亿
- 营收
- $50.1亿 过去12个月
- 营收增速
- -8% FY2026年一致预期
- 净利润率
- 37.1% 净利润 / 营收,TTM
- P/E
- 10.1× 预期 9.9×(FY2026)
- P/S
- 3.7× 股价 / 营收,TTM
- EV / EBITDA
- 6.9× TTM
- 自由现金流
- $2.33亿 过去12个月
- 净利润
- $18.6亿 过去12个月
- 营收预期
- $48.2亿 FY2026年一致预期
- 盈利
- 2027-02-23 营收预期 $14.8亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-29):营收低于预期4.5%,EPS 超预期13.5%营收$12.3亿,预期$12.9亿(-4.5%);EPS $5.30,预期$4.67(+13.5%)。
- 营收增长放缓:同比-22.8%Q3 '26营收$12.3亿,此前四个季度的平均值为27.7%。
- 营业利润率37.7%(TTM),较去年同期+7.9 百分点营收增长-0.7%,营业利润增长25.5%。
- 资本支出占营收的12.1%(去年为20.0%)最近4个季度投入$6.06亿(同比-40.1%)。自由现金流$2.33亿,相当于净利润的12.5%。
- 稀释股数一年内增加0.2%Q3 '26稀释股数1.08亿,一年前为1.08亿。
- 净现金 $13亿现金 + 短期投资 $16.2亿,含租赁债务 $3.25亿;一年前净现金 $11.5亿。
上一季度:Q3 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q3 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $12.3亿 | $15.9亿 | -22.8% |
| 毛利率 | 57.9% | 38.3% | +19.6 百分点 |
| 营业利润 | $5.46亿 | $4.66亿 | +17.2% |
| 营业利润率 | 44.4% | 29.2% | +15.1 百分点 |
| 净利润 | $5.71亿 | $4.56亿 | +25.2% |
| 稀释EPS | $5.30 | $4.24 | +25.0% |
| 经营现金流 | -$4290万 | $12.7亿 | -103.4% |
| 资本支出 | $1.55亿 | $2.04亿 | -24.1% |
| 自由现金流 | -$1.98亿 | $10.7亿 | -118.5% |
| R&D | $6720万 | $6060万 | +10.9% |
| 股权激励费用 | $908万 | $732万 | +24.0% |
实际 vs 一致预期
2026-10-29| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $12.3亿 | $12.9亿 | -4.5% |
| EPS(一致预期口径) | $5.30 | $4.67 | +13.5% |
来自2026-10-29发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Solar Module | $135亿 | -17.7% | 100.0% | $415亿 | – |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $8.39亿
- 资本支出
- -$6.06亿
- 股票回购
- $0
- 股息
- $0
- 收购
- $0
- 债务净发行
- -$6.36亿
- 股权激励费用
- $2540万
- 自由现金流
- $2.33亿
- 股东回报 / FCF
- -0.0%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 10.1× | 18.7× 5年中的4年 | 14.6× – 22.1× |
| EV / EBITDA | 6.9× | 19.2× | 9.6× – 50.6× |
| EV / 营收 | 3.5× | 4.6× | 2.8× – 5.6× |
| 股价 / FCF | 80.5× | 23.6× 5年中的1年 | 23.6× – 23.6× |
| 股价 / 净资产 | 1.7× | 2.5× | 1.6× – 2.9× |
| FCF收益率 | 1.2% | -1.0% | -4.3% – 4.2% |
| 投入资本回报率 | 15.1% | 8.8% | 1.9% – 13.7% |
| 净资产收益率 | 18.3% | 10.3% | -0.8% – 16.2% |
分析师
一致目标价 $266.16 (+52.6%)
区间 $197.00 – $326.00 · 评级 Buy
强烈买入0
买入44
持有23
卖出7
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $48.2亿 | -7.6% | $17.62 | +24.0% | 9.9× | 23 |
| FY2027 | $57.1亿 | +18.4% | $23.19 | +31.6% | 7.5× | 25 |
| FY2028 | $64.5亿 | +13.0% | $28.19 | +21.6% | 6.2× | 28 |
| FY2029 | $71.2亿 | +10.4% | $33.74 | +19.7% | 5.2× | 21 |
| FY2030 | $72亿 | +1.0% | $30.89 | -8.5% | 5.6× | 25 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
First Solar, Inc.在近期10-Q / 10-K文件中标记的全部301项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| $610万 | – | – | – | – | – | |
| Accounts Payable, Current | $3.38亿 | $2.85亿 | +18.9% | $4.06亿 | $4.82亿 | -15.8% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $15.9亿 | $14.4亿 | +10.3% | $12.9亿 | $12.6亿 | +2.6% |
| Accounts Receivable, Allowance for Credit Loss, Current | $1610万 | $1140万 | +41.3% | $1330万 | $130万 | +917.4% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $16.1亿 | $14.5亿 | +10.6% | $13.1亿 | $12.6亿 | +3.6% |
| AccountsReceivableExcludingAccruedInterestBeforeAllowanceForCreditLossNoncurrent | $0 | $1600万 | -100.0% | $1600万 | $9440万 | -83.0% |
| Accrued Income Taxes, Current | $5430万 | $7880万 | -31.1% | $749万 | $7740万 | -90.3% |
| Accrued Liabilities, Current | $4.3亿 | $5.88亿 | -26.8% | $5.19亿 | $5.09亿 | +2.1% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $29.7亿 | $24.3亿 | +22.5% | $25.6亿 | $20.9亿 | +22.3% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$1.75亿 | -$1.55亿 | -13.1% | -$1.55亿 | -$1.84亿 | +15.5% |
| Additional Paid in Capital, Common Stock | $29.2亿 | $29亿 | +0.8% | $29亿 | $29亿 | +0.1% |
| Advances on Inventory Purchases | $7650万 | – | – | – | – | – |
| Amortization of Intangible Assets | – | – | – | $410万 | $1050万 | -61.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,000 | 1,000 | +200.0% | 2,000 | 0 | – |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $907万 | $725万 | +25.1% | $1910万 | $2820万 | -32.1% |
| Assets | $140亿 | $135亿 | +4.2% | $133亿 | $121亿 | +9.9% |
| Assets, Current | $53.1亿 | $59亿 | -10.1% | $60.3亿 | $50.9亿 | +18.5% |
| Business Combination, Contingent Consideration, Liability, Noncurrent | $220万2025-12-31 | $650万 | -66.2% | $220万 | $650万 | -66.2% |
| Capital Expenditures Incurred but Not yet Paid | -$844万 | -$2010万 | +57.9% | $1.34亿 | $1.86亿 | -28.0% |
| Cash and Cash Equivalents, at Carrying Value | $15.8亿 | $19.9亿 | -20.9% | $28亿 | $16.2亿 | +72.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $15.9亿 | $20亿 | -20.4% | $28.1亿 | $16.4亿 | +71.8% |
| CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffectContinuingOperations | -$1.1亿 | $8.22亿 | -113.3% | $11.8亿 | -$3.27亿 | +459.7% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 5亿 | 5亿 | 0.0% | 5亿 | 5亿 | 0.0% |
| Common Stock, Shares, Issued | 1.07亿 | 1.07亿 | +0.2% | 1.07亿 | 1.07亿 | +0.2% |
| Common Stock, Shares, Outstanding | 1.07亿 | 1.07亿 | +0.2% | 1.07亿 | 1.07亿 | +0.2% |
| Common Stock, Value, Issued | $10.7万 | $10.7万 | 0.0% | $10.7万 | $10.7万 | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $5.52亿 | $4.62亿 | +19.5% | $15.6亿 | $12.8亿 | +21.4% |
| Contract with Customer, Liability, Revenue Recognized | $1.34亿 | $7340万 | +82.7% | $4.91亿 | $4.34亿 | +13.2% |
| Cost of Goods and Services Sold | $5.18亿 | $9.84亿 | -47.4% | $31亿 | $23.5亿 | +32.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $487万 | $6410万 | -92.4% |
| Current Foreign Tax Expense (Benefit) | – | – | – | -$774万 | $2180万 | -135.4% |
| Current Income Tax Expense (Benefit) | – | – | – | $1470万 | $1.34亿 | -89.1% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $1750万 | $4830万 | -63.6% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $21.8万2025-12-31 | $37.6万 | -42.0% | $21.8万 | $37.6万 | -42.0% |
| Debt Issuance Costs, Net | $0 | $25.5万 | -100.0% | – | – | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $0 | $0 | – | $0 | $0 | – |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $0 | $80.7万 | -100.0% | $71.3万 | $125万 | -43.1% |
| Debt Securities, Available-for-sale, Amortized Cost | $4810万 | $4860万 | -1.0% | $5260万 | $1.73亿 | -69.6% |
| Debt Securities, Available-for-sale, Current | $4810万 | $4770万 | +0.7% | $5180万 | $1.72亿 | -69.8% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after Five Through Ten Years, Fair Value | $432万2025-12-31 | $398万 | +8.5% | $432万 | $398万 | +8.5% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | $02025-12-31 | $477万 | -100.0% | $0 | $477万 | -100.0% |
| Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | $4750万2025-12-31 | $1.63亿 | -70.8% | $4750万 | $1.63亿 | -70.8% |
| Debt Securities, Available-for-sale, Realized Gain | – | – | – | $10万2024-12-31 | – | – |
| Debt Securities, Available-for-sale, Realized Loss | $0 | – | – | -$10万2023-12-31 | – | – |
| Debt Securities, Available-for-sale, Restricted | $2.02亿 | $2.16亿 | -6.0% | $2.17亿 | $1.99亿 | +9.1% |
| Debt, Current | $1.08亿 | $2.72亿 | -60.5% | $2.16亿 | $2.36亿 | -8.6% |
| Debt, Long-term and Short-term, Combined Amount | $1.08亿 | $5.55亿 | -80.6% | $4.99亿 | $6.1亿 | -18.2% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $2420万 | -$1680万 | +243.9% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $769万 | $1440万 | -46.8% |
| Deferred Income Tax Assets, Net | $2.21亿 | $1.84亿 | +20.5% | $1.95亿 | $2.09亿 | -6.8% |
| Deferred Income Tax Expense (Benefit) | – | – | – | $3800万 | -$1990万 | +291.0% |
| Deferred Income Tax Liabilities, Net | $5830万 | $5630万 | +3.7% | $6970万 | $5470万 | +27.4% |
| Deferred Income Taxes and Tax Credits | -$2560万 | $2060万 | -224.1% | $2560万 | -$5480万 | +146.8% |
| Deferred Revenue | $16亿 | $22.2亿 | -28.0% | $18.2亿 | $20.4亿 | -10.8% |
| Deferred Revenue, Current | $10.1亿 | $15.5亿 | -35.3% | $10.1亿 | $7.12亿 | +42.5% |
| Deferred Revenue, Noncurrent | $5.91亿 | $6.63亿 | -10.8% | $8.05亿 | $13.3亿 | -39.4% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $608万 | -$1750万 | +134.7% |
| Deferred Tax Assets, Equity Method Investments | $407万2025-12-31 | $405万 | +0.5% | $407万 | $405万 | +0.5% |
| Deferred Tax Assets, Gross | $8.78亿2025-12-31 | $7.85亿 | +11.8% | $8.78亿 | $7.85亿 | +11.8% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标和预期均根据公司文件标准化。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
数据截至 2026-11-02