vs
Array Technologies, Inc.（ARRY）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
Array Technologies, Inc.的季度营收约是PLUG POWER INC的1.0倍（$226.0M vs $225.2M），PLUG POWER INC同比增速更快（17.6% vs -17.9%），Array Technologies, Inc.自由现金流更多（$36.2M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 21.4%）
ATI科技是原加拿大半导体科技企业，总部位于安大略省万锦市，专注于图形处理器与芯片组的研发，1985年成立，1993年公开上市，2006年被AMD收购。作为全球知名的无晶圆厂半导体厂商，其掌握自研核心技术，生产组装环节采用外包模式。2000年3dfx破产后，ATI成为全球图形芯片领域的核心厂商之一。
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。
ARRY vs PLUG — 直观对比
营收规模更大
ARRY
是对方的1.0倍
$225.2M
营收增速更快
PLUG
高出35.5%
-17.9%
自由现金流更多
ARRY
多$189.2M
$-153.0M
两年增速更快
PLUG
近两年复合增速
21.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $226.0M | $225.2M |
| 净利润 | — | $-846.0M |
| 毛利率 | 8.6% | 2.4% |
| 营业利润率 | -65.5% | -338.9% |
| 净利率 | — | -375.6% |
| 营收同比 | -17.9% | 17.6% |
| 净利润同比 | — | 36.7% |
| 每股收益（稀释后） | $-1.06 | $-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ARRYPLUG
| Q4 25 | $226.0M | $225.2M | ||
| Q3 25 | $393.5M | $177.1M | ||
| Q2 25 | $362.2M | $174.0M | ||
| Q1 25 | $302.4M | $133.7M | ||
| Q4 24 | $275.2M | $191.5M | ||
| Q3 24 | $231.4M | $173.7M | ||
| Q2 24 | $255.8M | $143.3M | ||
| Q1 24 | $153.4M | $120.3M |
净利润ARRYPLUG
| Q4 25 | — | $-846.0M | ||
| Q3 25 | $33.5M | $-361.9M | ||
| Q2 25 | $43.3M | $-227.1M | ||
| Q1 25 | $16.7M | $-196.7M | ||
| Q4 24 | — | $-1.3B | ||
| Q3 24 | $-141.4M | $-211.2M | ||
| Q2 24 | $25.7M | $-262.3M | ||
| Q1 24 | $2.2M | $-295.8M |
毛利率ARRYPLUG
| Q4 25 | 8.6% | 2.4% | ||
| Q3 25 | 26.9% | -67.9% | ||
| Q2 25 | 26.8% | -30.7% | ||
| Q1 25 | 25.3% | -55.3% | ||
| Q4 24 | 28.5% | -122.5% | ||
| Q3 24 | 33.8% | -57.6% | ||
| Q2 24 | 33.6% | -91.6% | ||
| Q1 24 | 35.9% | -132.3% |
营业利润率ARRYPLUG
| Q4 25 | -65.5% | -338.9% | ||
| Q3 25 | 11.6% | -197.0% | ||
| Q2 25 | 12.8% | -101.7% | ||
| Q1 25 | 9.0% | -133.5% | ||
| Q4 24 | -51.7% | -678.7% | ||
| Q3 24 | -57.3% | -124.4% | ||
| Q2 24 | 15.5% | -170.7% | ||
| Q1 24 | 5.5% | -215.7% |
净利率ARRYPLUG
| Q4 25 | — | -375.6% | ||
| Q3 25 | 8.5% | -204.4% | ||
| Q2 25 | 11.9% | -130.5% | ||
| Q1 25 | 5.5% | -147.1% | ||
| Q4 24 | — | -697.5% | ||
| Q3 24 | -61.1% | -121.5% | ||
| Q2 24 | 10.0% | -183.0% | ||
| Q1 24 | 1.4% | -245.9% |
每股收益（稀释后）ARRYPLUG
| Q4 25 | $-1.06 | $-0.70 | ||
| Q3 25 | $0.12 | $-0.31 | ||
| Q2 25 | $0.19 | $-0.20 | ||
| Q1 25 | $0.02 | $-0.21 | ||
| Q4 24 | $-0.94 | $-1.61 | ||
| Q3 24 | $-1.02 | $-0.25 | ||
| Q2 24 | $0.08 | $-0.36 | ||
| Q1 24 | $-0.07 | $-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 | $244.4M | $368.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-206.3M | $978.1M |
| 总资产 | $1.5B | $2.6B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资ARRYPLUG
| Q4 25 | $244.4M | $368.5M | ||
| Q3 25 | $221.5M | $165.9M | ||
| Q2 25 | $377.3M | $140.7M | ||
| Q1 25 | $348.3M | $295.8M | ||
| Q4 24 | $363.0M | $205.7M | ||
| Q3 24 | $332.4M | $93.9M | ||
| Q2 24 | $282.3M | $62.4M | ||
| Q1 24 | $287.6M | $172.9M |
总债务ARRYPLUG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $3.9M | ||
| Q2 24 | — | $3.7M | ||
| Q1 24 | — | $3.8M |
股东权益ARRYPLUG
| Q4 25 | $-206.3M | $978.1M | ||
| Q3 25 | $-46.7M | $1.4B | ||
| Q2 25 | $-70.9M | $1.7B | ||
| Q1 25 | $-97.8M | $1.9B | ||
| Q4 24 | $-118.1M | $1.7B | ||
| Q3 24 | $64.5M | $3.0B | ||
| Q2 24 | $200.0M | $3.0B | ||
| Q1 24 | $231.2M | $2.9B |
总资产ARRYPLUG
| Q4 25 | $1.5B | $2.6B | ||
| Q3 25 | $1.6B | $3.1B | ||
| Q2 25 | $1.5B | $3.4B | ||
| Q1 25 | $1.4B | $3.6B | ||
| Q4 24 | $1.4B | $3.6B | ||
| Q3 24 | $1.6B | $4.7B | ||
| Q2 24 | $1.7B | $4.8B | ||
| Q1 24 | $1.6B | $4.8B |
负债/权益比ARRYPLUG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 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 | $43.6M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $36.2M | $-153.0M |
| 自由现金流率自由现金流/营收 | 16.0% | -67.9% |
| 资本支出强度资本支出/营收 | 3.3% | 1.9% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $79.8M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流ARRYPLUG
| Q4 25 | $43.6M | $-148.6M | ||
| Q3 25 | $27.4M | $-89.8M | ||
| Q2 25 | $43.8M | $-191.8M | ||
| Q1 25 | $-13.1M | $-105.6M | ||
| Q4 24 | $57.6M | $-131.2M | ||
| Q3 24 | $44.9M | $-174.9M | ||
| Q2 24 | $4.0M | $-254.7M | ||
| Q1 24 | $47.5M | $-167.7M |
自由现金流ARRYPLUG
| Q4 25 | $36.2M | $-153.0M | ||
| Q3 25 | $21.9M | $-117.5M | ||
| Q2 25 | $37.2M | $-230.4M | ||
| Q1 25 | $-15.4M | $-146.0M | ||
| Q4 24 | $55.9M | $-165.2M | ||
| Q3 24 | $43.9M | $-234.2M | ||
| Q2 24 | $1.8M | $-356.0M | ||
| Q1 24 | $45.1M | $-260.3M |
自由现金流率ARRYPLUG
| Q4 25 | 16.0% | -67.9% | ||
| Q3 25 | 5.6% | -66.4% | ||
| Q2 25 | 10.3% | -132.5% | ||
| Q1 25 | -5.1% | -109.2% | ||
| Q4 24 | 20.3% | -86.3% | ||
| Q3 24 | 19.0% | -134.8% | ||
| Q2 24 | 0.7% | -248.4% | ||
| Q1 24 | 29.4% | -216.5% |
资本支出强度ARRYPLUG
| Q4 25 | 3.3% | 1.9% | ||
| Q3 25 | 1.4% | 15.6% | ||
| Q2 25 | 1.8% | 22.2% | ||
| Q1 25 | 0.8% | 30.3% | ||
| Q4 24 | 0.6% | 17.7% | ||
| Q3 24 | 0.5% | 34.1% | ||
| Q2 24 | 0.8% | 70.7% | ||
| Q1 24 | 1.6% | 77.0% |
现金转化率ARRYPLUG
| Q4 25 | — | — | ||
| Q3 25 | 0.82× | — | ||
| Q2 25 | 1.01× | — | ||
| Q1 25 | -0.78× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.15× | — | ||
| Q1 24 | 21.94× | — |
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
ARRY
| Array Legacy Operations Segment | $212.0M | 94% |
| STI Operations Segment | $14.0M | 6% |
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% |
