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亚什兰（ASH）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
亚什兰的季度营收约是PLUG POWER INC的1.7倍（$386.0M vs $225.2M），亚什兰净利率更高（-3.1% vs -375.6%，领先372.5%），PLUG POWER INC同比增速更快（17.6% vs -4.7%），亚什兰自由现金流更多（$111.0M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs -18.1%）
亚什兰是一家总部位于美国特拉华州威尔明顿的化工企业，1924年始创于肯塔基州亚什兰市，最初以炼油业务起家，1994年迁至现总部。公司拥有多个业务板块，覆盖化工中间体与溶剂、复合材料、工业特种化学品、个人及家居护理、制药、食品饮料以及农业相关领域，2017年之前曾是胜牌润滑油的主要生产商。
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。
ASH vs PLUG — 直观对比
营收规模更大
ASH
是对方的1.7倍
$225.2M
营收增速更快
PLUG
高出22.3%
-4.7%
净利率更高
ASH
高出372.5%
-375.6%
自由现金流更多
ASH
多$264.0M
$-153.0M
两年增速更快
PLUG
近两年复合增速
-18.1%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $386.0M | $225.2M |
| 净利润 | $-12.0M | $-846.0M |
| 毛利率 | 27.2% | 2.4% |
| 营业利润率 | -1.6% | -338.9% |
| 净利率 | -3.1% | -375.6% |
| 营收同比 | -4.7% | 17.6% |
| 净利润同比 | 92.7% | 36.7% |
| 每股收益（稀释后） | $-0.26 | $-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ASHPLUG
| Q4 25 | $386.0M | $225.2M | ||
| Q3 25 | $477.0M | $177.1M | ||
| Q2 25 | $463.0M | $174.0M | ||
| Q1 25 | $479.0M | $133.7M | ||
| Q4 24 | $405.0M | $191.5M | ||
| Q3 24 | $521.0M | $173.7M | ||
| Q2 24 | $544.0M | $143.3M | ||
| Q1 24 | $575.0M | $120.3M |
净利润ASHPLUG
| Q4 25 | $-12.0M | $-846.0M | ||
| Q3 25 | $31.0M | $-361.9M | ||
| Q2 25 | $-742.0M | $-227.1M | ||
| Q1 25 | $31.0M | $-196.7M | ||
| Q4 24 | $-165.0M | $-1.3B | ||
| Q3 24 | $17.0M | $-211.2M | ||
| Q2 24 | $6.0M | $-262.3M | ||
| Q1 24 | $120.0M | $-295.8M |
毛利率ASHPLUG
| Q4 25 | 27.2% | 2.4% | ||
| Q3 25 | 33.3% | -67.9% | ||
| Q2 25 | 28.5% | -30.7% | ||
| Q1 25 | 30.7% | -55.3% | ||
| Q4 24 | 27.4% | -122.5% | ||
| Q3 24 | 33.2% | -57.6% | ||
| Q2 24 | 34.2% | -91.6% | ||
| Q1 24 | 28.0% | -132.3% |
营业利润率ASHPLUG
| Q4 25 | -1.6% | -338.9% | ||
| Q3 25 | 12.8% | -197.0% | ||
| Q2 25 | -152.9% | -101.7% | ||
| Q1 25 | 10.6% | -133.5% | ||
| Q4 24 | -44.2% | -678.7% | ||
| Q3 24 | 6.1% | -124.4% | ||
| Q2 24 | -11.2% | -170.7% | ||
| Q1 24 | 3.7% | -215.7% |
净利率ASHPLUG
| Q4 25 | -3.1% | -375.6% | ||
| Q3 25 | 6.5% | -204.4% | ||
| Q2 25 | -160.3% | -130.5% | ||
| Q1 25 | 6.5% | -147.1% | ||
| Q4 24 | -40.7% | -697.5% | ||
| Q3 24 | 3.3% | -121.5% | ||
| Q2 24 | 1.1% | -183.0% | ||
| Q1 24 | 20.9% | -245.9% |
每股收益（稀释后）ASHPLUG
| Q4 25 | $-0.26 | $-0.70 | ||
| Q3 25 | $0.83 | $-0.31 | ||
| Q2 25 | $-16.21 | $-0.20 | ||
| Q1 25 | $0.65 | $-0.21 | ||
| Q4 24 | $-3.50 | $-1.61 | ||
| Q3 24 | $0.34 | $-0.25 | ||
| Q2 24 | $0.12 | $-0.36 | ||
| Q1 24 | $2.39 | $-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 | $304.0M | $368.5M |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $1.9B | $978.1M |
| 总资产 | $4.5B | $2.6B |
| 负债/权益比越低杠杆越低 | 0.74× | — |
8季度趋势，按日历期对齐
现金及短期投资ASHPLUG
| Q4 25 | $304.0M | $368.5M | ||
| Q3 25 | $215.0M | $165.9M | ||
| Q2 25 | $207.0M | $140.7M | ||
| Q1 25 | $168.0M | $295.8M | ||
| Q4 24 | $219.0M | $205.7M | ||
| Q3 24 | $300.0M | $93.9M | ||
| Q2 24 | $399.0M | $62.4M | ||
| Q1 24 | $439.0M | $172.9M |
总债务ASHPLUG
| Q4 25 | $1.4B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | $3.9M | ||
| Q2 24 | $1.3B | $3.7M | ||
| Q1 24 | $1.3B | $3.8M |
股东权益ASHPLUG
| Q4 25 | $1.9B | $978.1M | ||
| Q3 25 | $1.9B | $1.4B | ||
| Q2 25 | $1.9B | $1.7B | ||
| Q1 25 | $2.6B | $1.9B | ||
| Q4 24 | $2.6B | $1.7B | ||
| Q3 24 | $2.9B | $3.0B | ||
| Q2 24 | $3.0B | $3.0B | ||
| Q1 24 | $3.1B | $2.9B |
总资产ASHPLUG
| Q4 25 | $4.5B | $2.6B | ||
| Q3 25 | $4.6B | $3.1B | ||
| Q2 25 | $4.6B | $3.4B | ||
| Q1 25 | $5.2B | $3.6B | ||
| Q4 24 | $5.2B | $3.6B | ||
| Q3 24 | $5.6B | $4.7B | ||
| Q2 24 | $5.7B | $4.8B | ||
| Q1 24 | $5.9B | $4.8B |
负债/权益比ASHPLUG
| Q4 25 | 0.74× | — | ||
| Q3 25 | 0.73× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.52× | — | ||
| Q4 24 | 0.51× | — | ||
| Q3 24 | 0.47× | 0.00× | ||
| Q2 24 | 0.45× | 0.00× | ||
| Q1 24 | 0.42× | 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 | $125.0M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $111.0M | $-153.0M |
| 自由现金流率自由现金流/营收 | 28.8% | -67.9% |
| 资本支出强度资本支出/营收 | 3.6% | 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 | $200.0M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流ASHPLUG
| Q4 25 | $125.0M | $-148.6M | ||
| Q3 25 | $40.0M | $-89.8M | ||
| Q2 25 | $115.0M | $-191.8M | ||
| Q1 25 | $9.0M | $-105.6M | ||
| Q4 24 | $-30.0M | $-131.2M | ||
| Q3 24 | $80.0M | $-174.9M | ||
| Q2 24 | $127.0M | $-254.7M | ||
| Q1 24 | $54.0M | $-167.7M |
自由现金流ASHPLUG
| Q4 25 | $111.0M | $-153.0M | ||
| Q3 25 | $6.0M | $-117.5M | ||
| Q2 25 | $95.0M | $-230.4M | ||
| Q1 25 | $-12.0M | $-146.0M | ||
| Q4 24 | $-53.0M | $-165.2M | ||
| Q3 24 | $42.0M | $-234.2M | ||
| Q2 24 | $98.0M | $-356.0M | ||
| Q1 24 | $20.0M | $-260.3M |
自由现金流率ASHPLUG
| Q4 25 | 28.8% | -67.9% | ||
| Q3 25 | 1.3% | -66.4% | ||
| Q2 25 | 20.5% | -132.5% | ||
| Q1 25 | -2.5% | -109.2% | ||
| Q4 24 | -13.1% | -86.3% | ||
| Q3 24 | 8.1% | -134.8% | ||
| Q2 24 | 18.0% | -248.4% | ||
| Q1 24 | 3.5% | -216.5% |
资本支出强度ASHPLUG
| Q4 25 | 3.6% | 1.9% | ||
| Q3 25 | 7.1% | 15.6% | ||
| Q2 25 | 4.3% | 22.2% | ||
| Q1 25 | 4.4% | 30.3% | ||
| Q4 24 | 5.7% | 17.7% | ||
| Q3 24 | 7.3% | 34.1% | ||
| Q2 24 | 5.3% | 70.7% | ||
| Q1 24 | 5.9% | 77.0% |
现金转化率ASHPLUG
| Q4 25 | — | — | ||
| Q3 25 | 1.29× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 4.71× | — | ||
| Q2 24 | 21.17× | — | ||
| Q1 24 | 0.45× | — |
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
ASH
| Personal Care And Household | $123.0M | 32% |
| Other | $120.0M | 31% |
| Specialty Additives | $36.0M | 9% |
| Intermediates And Solvents | $31.0M | 8% |
| Personal Care | $30.0M | 8% |
| Life Sciences | $27.0M | 7% |
| Intermediates | $19.0M | 5% |
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% |
