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奥多比（ADBE）与FUELCELL ENERGY INC（FCEL）财务数据对比。点击上方公司名可切换其他公司
奥多比的季度营收约是FUELCELL ENERGY INC的116.3倍（$6.4B vs $55.0M）。奥多比净利率更高（29.5% vs -54.3%，领先83.8%）。奥多比同比增速更快（12.0% vs 11.5%）。奥多比自由现金流更多（$2.9B vs $-23.9M）。过去两年FUELCELL ENERGY INC的营收复合增速更高（81.6% vs 9.8%）
奥多比（Adobe Inc.）前身为奥多比系统公司，是总部位于美国加利福尼亚州圣何塞的跨国计算机软件企业。旗下产品覆盖网页设计、图像处理、矢量创作、音视频编辑、移动应用开发、印刷排版、动画制作等多个领域，是全球领先的数字创意软件服务商。
燃料电池能源公司是一家上市燃料电池企业，总部位于美国康涅狄格州丹伯里，公司主打基于熔融碳酸盐燃料电池技术的发电站业务，从事相关产品的设计、生产，同时还提供发电站运营及相关技术服务。
ADBE vs FCEL — 直观对比
营收规模更大
ADBE
是对方的116.3倍
$55.0M
营收增速更快
ADBE
高出0.4%
11.5%
净利率更高
ADBE
高出83.8%
-54.3%
自由现金流更多
ADBE
多$2.9B
$-23.9M
两年增速更快
FCEL
近两年复合增速
9.8%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.4B | $55.0M |
| 净利润 | $1.9B | $-29.9M |
| 毛利率 | 89.6% | -12.1% |
| 营业利润率 | 37.8% | -51.5% |
| 净利率 | 29.5% | -54.3% |
| 营收同比 | 12.0% | 11.5% |
| 净利润同比 | 4.3% | 27.9% |
| 每股收益（稀释后） | $4.60 | $-0.43 |
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ADBEFCEL
| Q1 26 | $6.4B | — | ||
| Q4 25 | $6.2B | $55.0M | ||
| Q3 25 | $6.0B | $46.7M | ||
| Q2 25 | $5.9B | $37.4M | ||
| Q1 25 | $5.7B | $19.0M | ||
| Q4 24 | $5.6B | $49.3M | ||
| Q3 24 | $5.4B | $23.7M | ||
| Q2 24 | $5.3B | $22.4M |
净利润ADBEFCEL
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.9B | $-29.9M | ||
| Q3 25 | $1.8B | $-91.7M | ||
| Q2 25 | $1.7B | $-38.0M | ||
| Q1 25 | $1.8B | $-28.3M | ||
| Q4 24 | $1.7B | $-41.4M | ||
| Q3 24 | $1.7B | $-32.7M | ||
| Q2 24 | $1.6B | $-32.1M |
毛利率ADBEFCEL
| Q1 26 | 89.6% | — | ||
| Q4 25 | 89.5% | -12.1% | ||
| Q3 25 | 89.3% | -11.0% | ||
| Q2 25 | 89.1% | -25.2% | ||
| Q1 25 | 89.1% | -27.4% | ||
| Q4 24 | 89.0% | -22.1% | ||
| Q3 24 | 89.8% | -26.2% | ||
| Q2 24 | 88.7% | -31.6% |
营业利润率ADBEFCEL
| Q1 26 | 37.8% | — | ||
| Q4 25 | 36.5% | -51.5% | ||
| Q3 25 | 36.3% | -204.0% | ||
| Q2 25 | 35.9% | -95.7% | ||
| Q1 25 | 37.9% | -172.9% | ||
| Q4 24 | 34.9% | -83.2% | ||
| Q3 24 | 36.8% | -141.9% | ||
| Q2 24 | 35.5% | -184.5% |
净利率ADBEFCEL
| Q1 26 | 29.5% | — | ||
| Q4 25 | 30.0% | -54.3% | ||
| Q3 25 | 29.6% | -196.1% | ||
| Q2 25 | 28.8% | -101.7% | ||
| Q1 25 | 31.7% | -149.1% | ||
| Q4 24 | 30.0% | -84.0% | ||
| Q3 24 | 31.1% | -137.8% | ||
| Q2 24 | 29.6% | -143.4% |
每股收益（稀释后）ADBEFCEL
| Q1 26 | $4.60 | — | ||
| Q4 25 | $4.44 | $-0.43 | ||
| Q3 25 | $4.18 | $-3.78 | ||
| Q2 25 | $3.94 | $-1.79 | ||
| Q1 25 | $4.14 | $-1.42 | ||
| Q4 24 | $3.75 | $-2.29 | ||
| Q3 24 | $3.76 | $-1.99 | ||
| Q2 24 | $3.49 | $-2.18 |
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 | $6.9B | $278.1M |
| 总债务越低越好 | $5.4B | $103.8M |
| 股东权益账面价值 | $11.4B | $662.2M |
| 总资产 | $29.7B | $932.1M |
| 负债/权益比越低杠杆越低 | 0.47× | 0.16× |
8季度趋势，按日历期对齐
现金及短期投资ADBEFCEL
| Q1 26 | $6.9B | — | ||
| Q4 25 | $6.6B | $278.1M | ||
| Q3 25 | $5.9B | $174.7M | ||
| Q2 25 | $5.7B | $177.0M | ||
| Q1 25 | $7.4B | $208.4M | ||
| Q4 24 | $7.9B | $257.3M | ||
| Q3 24 | $7.5B | $267.2M | ||
| Q2 24 | $8.1B | $260.1M |
总债务ADBEFCEL
| Q1 26 | $5.4B | — | ||
| Q4 25 | $6.2B | $103.8M | ||
| Q3 25 | $6.2B | $106.4M | ||
| Q2 25 | $6.2B | $109.4M | ||
| Q1 25 | $6.2B | $112.3M | ||
| Q4 24 | $4.1B | $115.7M | ||
| Q3 24 | $4.1B | $112.7M | ||
| Q2 24 | $4.1B | $116.2M |
股东权益ADBEFCEL
| Q1 26 | $11.4B | — | ||
| Q4 25 | $11.6B | $662.2M | ||
| Q3 25 | $11.8B | $556.2M | ||
| Q2 25 | $11.4B | $609.2M | ||
| Q1 25 | $13.1B | $635.2M | ||
| Q4 24 | $14.1B | $656.9M | ||
| Q3 24 | $14.5B | $675.8M | ||
| Q2 24 | $14.8B | $639.8M |
总资产ADBEFCEL
| Q1 26 | $29.7B | — | ||
| Q4 25 | $29.5B | $932.1M | ||
| Q3 25 | $28.8B | $830.5M | ||
| Q2 25 | $28.1B | $883.8M | ||
| Q1 25 | $30.0B | $907.5M | ||
| Q4 24 | $30.2B | $944.1M | ||
| Q3 24 | $29.8B | $948.9M | ||
| Q2 24 | $30.0B | $916.8M |
负债/权益比ADBEFCEL
| Q1 26 | 0.47× | — | ||
| Q4 25 | 0.53× | 0.16× | ||
| Q3 25 | 0.53× | 0.19× | ||
| Q2 25 | 0.54× | 0.18× | ||
| Q1 25 | 0.47× | 0.18× | ||
| Q4 24 | 0.29× | 0.18× | ||
| Q3 24 | 0.28× | 0.17× | ||
| Q2 24 | 0.28× | 0.18× |
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 | $3.0B | $-22.9M |
| 自由现金流经营现金流 - 资本支出 | $2.9B | $-23.9M |
| 自由现金流率自由现金流/营收 | 45.7% | -43.4% |
| 资本支出强度资本支出/营收 | 0.6% | 1.8% |
| 现金转化率经营现金流/净利润 | 1.57× | — |
| 过去12个月自由现金流最近4个季度 | $10.3B | $-143.9M |
8季度趋势，按日历期对齐
经营现金流ADBEFCEL
| Q1 26 | $3.0B | — | ||
| Q4 25 | $3.2B | $-22.9M | ||
| Q3 25 | $2.2B | $-26.8M | ||
| Q2 25 | $2.2B | $-29.9M | ||
| Q1 25 | $2.5B | $-45.7M | ||
| Q4 24 | — | $5.8M | ||
| Q3 24 | $2.0B | $-63.4M | ||
| Q2 24 | $1.9B | $-37.1M |
自由现金流ADBEFCEL
| Q1 26 | $2.9B | — | ||
| Q4 25 | $3.1B | $-23.9M | ||
| Q3 25 | $2.1B | $-32.1M | ||
| Q2 25 | $2.1B | $-35.2M | ||
| Q1 25 | $2.5B | $-52.8M | ||
| Q4 24 | — | $-4.7M | ||
| Q3 24 | $2.0B | $-76.8M | ||
| Q2 24 | $1.9B | $-50.3M |
自由现金流率ADBEFCEL
| Q1 26 | 45.7% | — | ||
| Q4 25 | 50.5% | -43.4% | ||
| Q3 25 | 35.5% | -68.6% | ||
| Q2 25 | 36.5% | -94.0% | ||
| Q1 25 | 43.0% | -277.8% | ||
| Q4 24 | — | -9.5% | ||
| Q3 24 | 36.3% | -324.0% | ||
| Q2 24 | 35.8% | -224.5% |
资本支出强度ADBEFCEL
| Q1 26 | 0.6% | — | ||
| Q4 25 | 0.5% | 1.8% | ||
| Q3 25 | 1.2% | 11.2% | ||
| Q2 25 | 0.8% | 14.1% | ||
| Q1 25 | 0.5% | 37.2% | ||
| Q4 24 | — | 21.4% | ||
| Q3 24 | 1.1% | 56.6% | ||
| Q2 24 | 0.8% | 58.9% |
现金转化率ADBEFCEL
| Q1 26 | 1.57× | — | ||
| Q4 25 | 1.70× | — | ||
| Q3 25 | 1.24× | — | ||
| Q2 25 | 1.30× | — | ||
| Q1 25 | 1.37× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.20× | — | ||
| Q2 24 | 1.23× | — |
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
ADBE
| Subscription Revenue | $6.2B | 97% |
| Service Other | $110.0M | 2% |
| Products | $90.0M | 1% |
FCEL
| Other | $30.0M | 55% |
| Electricity Generation | $12.2M | 22% |
| Services | $7.3M | 13% |
| Advanced Technologies | $5.5M | 10% |
