vs
Artisan Partners Asset Management Inc.（APAM）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
Artisan Partners Asset Management Inc.的季度营收约是PLUG POWER INC的1.5倍（$335.5M vs $225.2M），Artisan Partners Asset Management Inc.净利率更高（35.2% vs -375.6%，领先410.8%），PLUG POWER INC同比增速更快（17.6% vs 12.9%），Artisan Partners Asset Management Inc.自由现金流更多（$171.6M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 12.7%）
阿蒂森伙伴资产管理公司（Artisan Partners）是总部位于美国威斯康星州密尔沃基的资产管理机构，除美国本土外，还在都柏林、香港、伦敦、新加坡、悉尼设有办公室，为全球客户提供专业的资产管理服务。
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。
APAM vs PLUG — 直观对比
营收规模更大
APAM
是对方的1.5倍
$225.2M
营收增速更快
PLUG
高出4.7%
12.9%
净利率更高
APAM
高出410.8%
-375.6%
自由现金流更多
APAM
多$324.6M
$-153.0M
两年增速更快
PLUG
近两年复合增速
12.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $335.5M | $225.2M |
| 净利润 | $118.1M | $-846.0M |
| 毛利率 | — | 2.4% |
| 营业利润率 | 39.2% | -338.9% |
| 净利率 | 35.2% | -375.6% |
| 营收同比 | 12.9% | 17.6% |
| 净利润同比 | 34.9% | 36.7% |
| 每股收益（稀释后） | $1.36 | $-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APAMPLUG
| Q4 25 | $335.5M | $225.2M | ||
| Q3 25 | $301.3M | $177.1M | ||
| Q2 25 | $282.7M | $174.0M | ||
| Q1 25 | $277.1M | $133.7M | ||
| Q4 24 | $297.1M | $191.5M | ||
| Q3 24 | $279.6M | $173.7M | ||
| Q2 24 | $270.8M | $143.3M | ||
| Q1 24 | $264.4M | $120.3M |
净利润APAMPLUG
| Q4 25 | $118.1M | $-846.0M | ||
| Q3 25 | $66.8M | $-361.9M | ||
| Q2 25 | $67.6M | $-227.1M | ||
| Q1 25 | $61.1M | $-196.7M | ||
| Q4 24 | $87.5M | $-1.3B | ||
| Q3 24 | $73.0M | $-211.2M | ||
| Q2 24 | $57.6M | $-262.3M | ||
| Q1 24 | $59.5M | $-295.8M |
毛利率APAMPLUG
| 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% | ||
| Q1 24 | — | -132.3% |
营业利润率APAMPLUG
| Q4 25 | 39.2% | -338.9% | ||
| Q3 25 | 33.8% | -197.0% | ||
| Q2 25 | 28.2% | -101.7% | ||
| Q1 25 | 31.2% | -133.5% | ||
| Q4 24 | 36.7% | -678.7% | ||
| Q3 24 | 33.3% | -124.4% | ||
| Q2 24 | 32.0% | -170.7% | ||
| Q1 24 | 29.4% | -215.7% |
净利率APAMPLUG
| Q4 25 | 35.2% | -375.6% | ||
| Q3 25 | 22.2% | -204.4% | ||
| Q2 25 | 23.9% | -130.5% | ||
| Q1 25 | 22.1% | -147.1% | ||
| Q4 24 | 29.5% | -697.5% | ||
| Q3 24 | 26.1% | -121.5% | ||
| Q2 24 | 21.3% | -183.0% | ||
| Q1 24 | 22.5% | -245.9% |
每股收益（稀释后）APAMPLUG
| Q4 25 | $1.36 | $-0.70 | ||
| Q3 25 | $0.93 | $-0.31 | ||
| Q2 25 | $0.94 | $-0.20 | ||
| Q1 25 | $0.82 | $-0.21 | ||
| Q4 24 | $0.99 | $-1.61 | ||
| Q3 24 | $1.03 | $-0.25 | ||
| Q2 24 | $0.80 | $-0.36 | ||
| Q1 24 | $0.84 | $-0.46 |
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 | — | $368.5M |
| 总债务越低越好 | $190.0M | — |
| 股东权益账面价值 | $438.8M | $978.1M |
| 总资产 | $1.6B | $2.6B |
| 负债/权益比越低杠杆越低 | 0.43× | — |
8季度趋势，按日历期对齐
现金及短期投资APAMPLUG
| Q4 25 | — | $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 | ||
| Q1 24 | — | $172.9M |
总债务APAMPLUG
| Q4 25 | $190.0M | — | ||
| Q3 25 | $190.0M | — | ||
| Q2 25 | $200.0M | — | ||
| Q1 25 | $200.0M | — | ||
| Q4 24 | $200.0M | — | ||
| Q3 24 | $200.0M | $3.9M | ||
| Q2 24 | $200.0M | $3.7M | ||
| Q1 24 | $200.0M | $3.8M |
股东权益APAMPLUG
| Q4 25 | $438.8M | $978.1M | ||
| Q3 25 | $402.1M | $1.4B | ||
| Q2 25 | $381.8M | $1.7B | ||
| Q1 25 | $356.5M | $1.9B | ||
| Q4 24 | $388.9M | $1.7B | ||
| Q3 24 | $372.1M | $3.0B | ||
| Q2 24 | $341.2M | $3.0B | ||
| Q1 24 | $320.3M | $2.9B |
总资产APAMPLUG
| Q4 25 | $1.6B | $2.6B | ||
| Q3 25 | $1.6B | $3.1B | ||
| Q2 25 | $1.4B | $3.4B | ||
| Q1 25 | $1.4B | $3.6B | ||
| Q4 24 | $1.6B | $3.6B | ||
| Q3 24 | $1.6B | $4.7B | ||
| Q2 24 | $1.5B | $4.8B | ||
| Q1 24 | $1.5B | $4.8B |
负债/权益比APAMPLUG
| Q4 25 | 0.43× | — | ||
| Q3 25 | 0.47× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.54× | 0.00× | ||
| Q2 24 | 0.59× | 0.00× | ||
| Q1 24 | 0.62× | 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 | $172.0M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $171.6M | $-153.0M |
| 自由现金流率自由现金流/营收 | 51.2% | -67.9% |
| 资本支出强度资本支出/营收 | 0.1% | 1.9% |
| 现金转化率经营现金流/净利润 | 1.46× | — |
| 过去12个月自由现金流最近4个季度 | $420.6M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流APAMPLUG
| Q4 25 | $172.0M | $-148.6M | ||
| Q3 25 | $40.4M | $-89.8M | ||
| Q2 25 | $50.9M | $-191.8M | ||
| Q1 25 | $157.9M | $-105.6M | ||
| Q4 24 | $372.8M | $-131.2M | ||
| Q3 24 | $112.8M | $-174.9M | ||
| Q2 24 | $75.9M | $-254.7M | ||
| Q1 24 | $147.0M | $-167.7M |
自由现金流APAMPLUG
| Q4 25 | $171.6M | $-153.0M | ||
| Q3 25 | $40.4M | $-117.5M | ||
| Q2 25 | $50.9M | $-230.4M | ||
| Q1 25 | $157.7M | $-146.0M | ||
| Q4 24 | $371.3M | $-165.2M | ||
| Q3 24 | $112.4M | $-234.2M | ||
| Q2 24 | $75.2M | $-356.0M | ||
| Q1 24 | $146.9M | $-260.3M |
自由现金流率APAMPLUG
| Q4 25 | 51.2% | -67.9% | ||
| Q3 25 | 13.4% | -66.4% | ||
| Q2 25 | 18.0% | -132.5% | ||
| Q1 25 | 56.9% | -109.2% | ||
| Q4 24 | 125.0% | -86.3% | ||
| Q3 24 | 40.2% | -134.8% | ||
| Q2 24 | 27.8% | -248.4% | ||
| Q1 24 | 55.6% | -216.5% |
资本支出强度APAMPLUG
| Q4 25 | 0.1% | 1.9% | ||
| Q3 25 | 0.0% | 15.6% | ||
| Q2 25 | 0.0% | 22.2% | ||
| Q1 25 | 0.1% | 30.3% | ||
| Q4 24 | 0.5% | 17.7% | ||
| Q3 24 | 0.1% | 34.1% | ||
| Q2 24 | 0.2% | 70.7% | ||
| Q1 24 | 0.0% | 77.0% |
现金转化率APAMPLUG
| Q4 25 | 1.46× | — | ||
| Q3 25 | 0.60× | — | ||
| Q2 25 | 0.75× | — | ||
| Q1 25 | 2.58× | — | ||
| Q4 24 | 4.26× | — | ||
| Q3 24 | 1.54× | — | ||
| Q2 24 | 1.32× | — | ||
| Q1 24 | 2.47× | — |
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
APAM
暂无分部数据
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% |
