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Alphatec Holdings, Inc.（ATEC）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
PLUG POWER INC的季度营收约是Alphatec Holdings, Inc.的1.1倍（$225.2M vs $212.9M），Alphatec Holdings, Inc.净利率更高（-10.2% vs -375.6%，领先365.4%），Alphatec Holdings, Inc.同比增速更快（20.4% vs 17.6%），Alphatec Holdings, Inc.自由现金流更多（$7.7M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 24.0%）
Alphatec Holdings是一家全球医疗科技企业，专注于研发、生产及销售脊柱外科手术相关的植入物、手术器械与数字化手术平台，服务骨科及神经外科医疗从业者，核心市场覆盖北美、欧洲及亚太主要区域。
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。
ATEC vs PLUG — 直观对比
营收规模更大
PLUG
是对方的1.1倍
$212.9M
营收增速更快
ATEC
高出2.8%
17.6%
净利率更高
ATEC
高出365.4%
-375.6%
自由现金流更多
ATEC
多$160.8M
$-153.0M
两年增速更快
PLUG
近两年复合增速
24.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $212.9M | $225.2M |
| 净利润 | $-21.7M | $-846.0M |
| 毛利率 | 70.2% | 2.4% |
| 营业利润率 | -4.1% | -338.9% |
| 净利率 | -10.2% | -375.6% |
| 营收同比 | 20.4% | 17.6% |
| 净利润同比 | 34.8% | 36.7% |
| 每股收益（稀释后） | $-0.15 | $-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ATECPLUG
| Q4 25 | $212.9M | $225.2M | ||
| Q3 25 | $196.5M | $177.1M | ||
| Q2 25 | $185.5M | $174.0M | ||
| Q1 25 | $169.2M | $133.7M | ||
| Q4 24 | $176.8M | $191.5M | ||
| Q3 24 | $150.7M | $173.7M | ||
| Q2 24 | $145.6M | $143.3M | ||
| Q1 24 | $138.5M | $120.3M |
净利润ATECPLUG
| Q4 25 | $-21.7M | $-846.0M | ||
| Q3 25 | $-28.6M | $-361.9M | ||
| Q2 25 | $-41.1M | $-227.1M | ||
| Q1 25 | $-51.9M | $-196.7M | ||
| Q4 24 | $-33.3M | $-1.3B | ||
| Q3 24 | $-39.6M | $-211.2M | ||
| Q2 24 | $-40.7M | $-262.3M | ||
| Q1 24 | $-48.5M | $-295.8M |
毛利率ATECPLUG
| Q4 25 | 70.2% | 2.4% | ||
| Q3 25 | 69.9% | -67.9% | ||
| Q2 25 | 69.6% | -30.7% | ||
| Q1 25 | 68.6% | -55.3% | ||
| Q4 24 | 68.8% | -122.5% | ||
| Q3 24 | 68.2% | -57.6% | ||
| Q2 24 | 70.5% | -91.6% | ||
| Q1 24 | 70.3% | -132.3% |
营业利润率ATECPLUG
| Q4 25 | -4.1% | -338.9% | ||
| Q3 25 | -8.1% | -197.0% | ||
| Q2 25 | -7.1% | -101.7% | ||
| Q1 25 | -26.2% | -133.5% | ||
| Q4 24 | -13.5% | -678.7% | ||
| Q3 24 | -22.4% | -124.4% | ||
| Q2 24 | -24.3% | -170.7% | ||
| Q1 24 | -31.3% | -215.7% |
净利率ATECPLUG
| Q4 25 | -10.2% | -375.6% | ||
| Q3 25 | -14.5% | -204.4% | ||
| Q2 25 | -22.2% | -130.5% | ||
| Q1 25 | -30.7% | -147.1% | ||
| Q4 24 | -18.9% | -697.5% | ||
| Q3 24 | -26.3% | -121.5% | ||
| Q2 24 | -27.9% | -183.0% | ||
| Q1 24 | -35.0% | -245.9% |
每股收益（稀释后）ATECPLUG
| Q4 25 | $-0.15 | $-0.70 | ||
| Q3 25 | $-0.19 | $-0.31 | ||
| Q2 25 | $-0.27 | $-0.20 | ||
| Q1 25 | $-0.35 | $-0.21 | ||
| Q4 24 | $-0.22 | $-1.61 | ||
| Q3 24 | $-0.28 | $-0.25 | ||
| Q2 24 | $-0.29 | $-0.36 | ||
| Q1 24 | $-0.34 | $-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 | $160.8M | $368.5M |
| 总债务越低越好 | $565.9M | — |
| 股东权益账面价值 | $12.4M | $978.1M |
| 总资产 | $791.2M | $2.6B |
| 负债/权益比越低杠杆越低 | 45.54× | — |
8季度趋势，按日历期对齐
现金及短期投资ATECPLUG
| Q4 25 | $160.8M | $368.5M | ||
| Q3 25 | $155.7M | $165.9M | ||
| Q2 25 | $157.1M | $140.7M | ||
| Q1 25 | $153.2M | $295.8M | ||
| Q4 24 | $138.8M | $205.7M | ||
| Q3 24 | $81.0M | $93.9M | ||
| Q2 24 | $99.8M | $62.4M | ||
| Q1 24 | $144.1M | $172.9M |
总债务ATECPLUG
| Q4 25 | $565.9M | — | ||
| Q3 25 | $559.7M | — | ||
| Q2 25 | $553.9M | — | ||
| Q1 25 | $548.4M | — | ||
| Q4 24 | $576.2M | — | ||
| Q3 24 | $527.7M | $3.9M | ||
| Q2 24 | $519.2M | $3.7M | ||
| Q1 24 | $514.4M | $3.8M |
股东权益ATECPLUG
| Q4 25 | $12.4M | $978.1M | ||
| Q3 25 | $11.5M | $1.4B | ||
| Q2 25 | $23.8M | $1.7B | ||
| Q1 25 | $-85.9M | $1.9B | ||
| Q4 24 | $-14.2M | $1.7B | ||
| Q3 24 | $-1.4M | $3.0B | ||
| Q2 24 | $17.1M | $3.0B | ||
| Q1 24 | $37.6M | $2.9B |
总资产ATECPLUG
| Q4 25 | $791.2M | $2.6B | ||
| Q3 25 | $787.2M | $3.1B | ||
| Q2 25 | $790.3M | $3.4B | ||
| Q1 25 | $785.5M | $3.6B | ||
| Q4 24 | $775.7M | $3.6B | ||
| Q3 24 | $745.9M | $4.7B | ||
| Q2 24 | $768.6M | $4.8B | ||
| Q1 24 | $774.6M | $4.8B |
负债/权益比ATECPLUG
| Q4 25 | 45.54× | — | ||
| Q3 25 | 48.64× | — | ||
| Q2 25 | 23.30× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | 30.34× | 0.00× | ||
| Q1 24 | 13.70× | 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 | $20.7M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $7.7M | $-153.0M |
| 自由现金流率自由现金流/营收 | 3.6% | -67.9% |
| 资本支出强度资本支出/营收 | 6.1% | 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 | $2.8M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流ATECPLUG
| Q4 25 | $20.7M | $-148.6M | ||
| Q3 25 | $14.0M | $-89.8M | ||
| Q2 25 | $15.5M | $-191.8M | ||
| Q1 25 | $-5.0M | $-105.6M | ||
| Q4 24 | $10.5M | $-131.2M | ||
| Q3 24 | $-5.3M | $-174.9M | ||
| Q2 24 | $-11.4M | $-254.7M | ||
| Q1 24 | $-38.4M | $-167.7M |
自由现金流ATECPLUG
| Q4 25 | $7.7M | $-153.0M | ||
| Q3 25 | $4.8M | $-117.5M | ||
| Q2 25 | $5.2M | $-230.4M | ||
| Q1 25 | $-15.0M | $-146.0M | ||
| Q4 24 | $8.5M | $-165.2M | ||
| Q3 24 | $-21.2M | $-234.2M | ||
| Q2 24 | $-45.5M | $-356.0M | ||
| Q1 24 | $-69.8M | $-260.3M |
自由现金流率ATECPLUG
| Q4 25 | 3.6% | -67.9% | ||
| Q3 25 | 2.4% | -66.4% | ||
| Q2 25 | 2.8% | -132.5% | ||
| Q1 25 | -8.9% | -109.2% | ||
| Q4 24 | 4.8% | -86.3% | ||
| Q3 24 | -14.1% | -134.8% | ||
| Q2 24 | -31.3% | -248.4% | ||
| Q1 24 | -50.4% | -216.5% |
资本支出强度ATECPLUG
| Q4 25 | 6.1% | 1.9% | ||
| Q3 25 | 4.7% | 15.6% | ||
| Q2 25 | 5.6% | 22.2% | ||
| Q1 25 | 5.9% | 30.3% | ||
| Q4 24 | 1.1% | 17.7% | ||
| Q3 24 | 10.5% | 34.1% | ||
| Q2 24 | 23.4% | 70.7% | ||
| Q1 24 | 22.6% | 77.0% |
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
ATEC
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% |
