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Antero Midstream Corp（AM）与PLUG POWER INC（PLUG）财务数据对比。点击上方公司名可切换其他公司
Antero Midstream Corp的季度营收约是PLUG POWER INC的1.3倍（$291.1M vs $225.2M），Antero Midstream Corp净利率更高（41.5% vs -375.6%，领先417.1%），PLUG POWER INC同比增速更快（17.6% vs -7.3%），Antero Midstream Corp自由现金流更多（$186.9M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 3.9%）
Antero Midstream Corp是美国能源企业，注册地为特拉华州，总部设于科罗拉多州丹佛市。公司全部油气储量均位于阿巴拉契亚盆地，采用水力压裂技术开采，核心业务涵盖油气勘探开发相关领域。
普拉格能源是一家美国企业，专注于氢燃料电池和电解槽系统的研发，其产品可替代电动设备及车辆所使用的传统电池。公司总部位于纽约州斯林格兰兹，在华盛顿州斯波坎、纽约州罗切斯特均设有生产运营基地。
AM vs PLUG — 直观对比
营收规模更大
AM
是对方的1.3倍
$225.2M
营收增速更快
PLUG
高出25.0%
-7.3%
净利率更高
AM
高出417.1%
-375.6%
自由现金流更多
AM
多$339.9M
$-153.0M
两年增速更快
PLUG
近两年复合增速
3.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $291.1M | $225.2M |
| 净利润 | $120.7M | $-846.0M |
| 毛利率 | — | 2.4% |
| 营业利润率 | 60.9% | -338.9% |
| 净利率 | 41.5% | -375.6% |
| 营收同比 | -7.3% | 17.6% |
| 净利润同比 | 2.1% | 36.7% |
| 每股收益（稀释后） | $0.25 | $-0.70 |
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AMPLUG
| Q1 26 | $291.1M | — | ||
| Q4 25 | $297.0M | $225.2M | ||
| Q3 25 | $294.8M | $177.1M | ||
| Q2 25 | $305.5M | $174.0M | ||
| Q1 25 | $291.1M | $133.7M | ||
| Q4 24 | $287.5M | $191.5M | ||
| Q3 24 | $269.9M | $173.7M | ||
| Q2 24 | $269.8M | $143.3M |
净利润AMPLUG
| Q1 26 | $120.7M | — | ||
| Q4 25 | $51.9M | $-846.0M | ||
| Q3 25 | $116.0M | $-361.9M | ||
| Q2 25 | $124.5M | $-227.1M | ||
| Q1 25 | $120.7M | $-196.7M | ||
| Q4 24 | $111.2M | $-1.3B | ||
| Q3 24 | $99.7M | $-211.2M | ||
| Q2 24 | $86.0M | $-262.3M |
毛利率AMPLUG
| Q1 26 | — | — | ||
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | -67.9% | ||
| Q2 25 | — | -30.7% | ||
| Q1 25 | — | -55.3% | ||
| Q4 24 | — | -122.5% | ||
| Q3 24 | — | -57.6% | ||
| Q2 24 | — | -91.6% |
营业利润率AMPLUG
| Q1 26 | 60.9% | — | ||
| Q4 25 | 33.8% | -338.9% | ||
| Q3 25 | 61.2% | -197.0% | ||
| Q2 25 | 61.0% | -101.7% | ||
| Q1 25 | 60.9% | -133.5% | ||
| Q4 24 | 61.8% | -678.7% | ||
| Q3 24 | 60.2% | -124.4% | ||
| Q2 24 | 56.6% | -170.7% |
净利率AMPLUG
| Q1 26 | 41.5% | — | ||
| Q4 25 | 17.5% | -375.6% | ||
| Q3 25 | 39.3% | -204.4% | ||
| Q2 25 | 40.8% | -130.5% | ||
| Q1 25 | 41.5% | -147.1% | ||
| Q4 24 | 38.7% | -697.5% | ||
| Q3 24 | 37.0% | -121.5% | ||
| Q2 24 | 31.9% | -183.0% |
每股收益（稀释后）AMPLUG
| Q1 26 | $0.25 | — | ||
| Q4 25 | $0.11 | $-0.70 | ||
| Q3 25 | $0.24 | $-0.31 | ||
| Q2 25 | $0.26 | $-0.20 | ||
| Q1 25 | $0.25 | $-0.21 | ||
| Q4 24 | $0.23 | $-1.61 | ||
| Q3 24 | $0.21 | $-0.25 | ||
| Q2 24 | $0.18 | $-0.36 |
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 | $180.4M | $368.5M |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $2.0B | $978.1M |
| 总资产 | $5.9B | $2.6B |
| 负债/权益比越低杠杆越低 | 1.63× | — |
8季度趋势，按日历期对齐
现金及短期投资AMPLUG
| Q1 26 | $180.4M | — | ||
| Q4 25 | $180.4M | $368.5M | ||
| Q3 25 | — | $165.9M | ||
| Q2 25 | — | $140.7M | ||
| Q1 25 | — | $295.8M | ||
| Q4 24 | — | $205.7M | ||
| Q3 24 | — | $93.9M | ||
| Q2 24 | — | $62.4M |
总债务AMPLUG
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.1B | — | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $3.2B | $3.9M | ||
| Q2 24 | $3.2B | $3.7M |
股东权益AMPLUG
| Q1 26 | $2.0B | — | ||
| Q4 25 | $2.0B | $978.1M | ||
| Q3 25 | $2.1B | $1.4B | ||
| Q2 25 | $2.1B | $1.7B | ||
| Q1 25 | $2.1B | $1.9B | ||
| Q4 24 | $2.1B | $1.7B | ||
| Q3 24 | $2.1B | $3.0B | ||
| Q2 24 | $2.1B | $3.0B |
总资产AMPLUG
| Q1 26 | $5.9B | — | ||
| Q4 25 | $5.9B | $2.6B | ||
| Q3 25 | $5.7B | $3.1B | ||
| Q2 25 | $5.7B | $3.4B | ||
| Q1 25 | $5.8B | $3.6B | ||
| Q4 24 | $5.8B | $3.6B | ||
| Q3 24 | $5.8B | $4.7B | ||
| Q2 24 | $5.8B | $4.8B |
负债/权益比AMPLUG
| Q1 26 | 1.63× | — | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.46× | — | ||
| Q2 25 | 1.45× | — | ||
| Q1 25 | 1.49× | — | ||
| Q4 24 | 1.47× | — | ||
| Q3 24 | 1.49× | 0.00× | ||
| Q2 24 | 1.50× | 0.00× |
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 | $198.9M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $186.9M | $-153.0M |
| 自由现金流率自由现金流/营收 | 64.2% | -67.9% |
| 资本支出强度资本支出/营收 | 11.1% | 1.9% |
| 现金转化率经营现金流/净利润 | 1.65× | — |
| 过去12个月自由现金流最近4个季度 | — | $-647.0M |
8季度趋势，按日历期对齐
经营现金流AMPLUG
| Q1 26 | $198.9M | — | ||
| Q4 25 | $255.5M | $-148.6M | ||
| Q3 25 | $212.8M | $-89.8M | ||
| Q2 25 | $265.2M | $-191.8M | ||
| Q1 25 | $198.9M | $-105.6M | ||
| Q4 24 | $232.7M | $-131.2M | ||
| Q3 24 | $184.9M | $-174.9M | ||
| Q2 24 | $215.8M | $-254.7M |
自由现金流AMPLUG
| Q1 26 | $186.9M | — | ||
| Q4 25 | — | $-153.0M | ||
| Q3 25 | — | $-117.5M | ||
| Q2 25 | — | $-230.4M | ||
| Q1 25 | — | $-146.0M | ||
| Q4 24 | — | $-165.2M | ||
| Q3 24 | $184.3M | $-234.2M | ||
| Q2 24 | $147.2M | $-356.0M |
自由现金流率AMPLUG
| Q1 26 | 64.2% | — | ||
| Q4 25 | — | -67.9% | ||
| Q3 25 | — | -66.4% | ||
| Q2 25 | — | -132.5% | ||
| Q1 25 | — | -109.2% | ||
| Q4 24 | — | -86.3% | ||
| Q3 24 | 68.3% | -134.8% | ||
| Q2 24 | 54.6% | -248.4% |
资本支出强度AMPLUG
| Q1 26 | 11.1% | — | ||
| Q4 25 | — | 1.9% | ||
| Q3 25 | — | 15.6% | ||
| Q2 25 | — | 22.2% | ||
| Q1 25 | — | 30.3% | ||
| Q4 24 | 0.0% | 17.7% | ||
| Q3 24 | 0.2% | 34.1% | ||
| Q2 24 | 25.4% | 70.7% |
现金转化率AMPLUG
| Q1 26 | 1.65× | — | ||
| Q4 25 | 4.92× | — | ||
| Q3 25 | 1.84× | — | ||
| Q2 25 | 2.13× | — | ||
| Q1 25 | 1.65× | — | ||
| Q4 24 | 2.09× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 2.51× | — |
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
AM
| Gathering and compression–Antero Resources | $238.0M | 82% |
| Other | $52.3M | 18% |
| Water handling–third party | $505.0K | 0% |
| Gathering and compression–third party | $295.0K | 0% |
PLUG
| Sales Of Equipment And Related Infrastructure | $111.6M | 50% |
| Services Performed On Fuel Cell Systems And Related Infrastructure | $41.5M | 18% |
| Power Purchase Agreements | $36.1M | 16% |
| Sale Of Cryogenic Equipment | $20.0M | 9% |
| Sales Of Fuel Cell Systems | $11.2M | 5% |
| Other | $4.8M | 2% |
