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BALCHEM CORP（BCPC）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
BALCHEM CORP的季度营收约是PLUG POWER INC的1.2倍（$270.7M vs $225.2M），BALCHEM CORP净利率更高（14.9% vs -375.6%，领先390.5%），PLUG POWER INC同比增速更快（17.6% vs 8.1%），BALCHEM CORP自由现金流更多（$33.8M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 7.5%）
Balchem Corp是一家全球特种化学品与营养原料供应商，核心业务覆盖人类营养、动物保健、制药、工业应用四大领域，为北美、欧洲、亚太等地区的客户提供定制化专用原料产品。
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。
BCPC vs PLUG — 直观对比
营收规模更大
BCPC
是对方的1.2倍
$225.2M
营收增速更快
PLUG
高出9.6%
8.1%
净利率更高
BCPC
高出390.5%
-375.6%
自由现金流更多
BCPC
多$186.9M
$-153.0M
两年增速更快
PLUG
近两年复合增速
7.5%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $270.7M | $225.2M |
| 净利润 | $40.3M | $-846.0M |
| 毛利率 | — | 2.4% |
| 营业利润率 | 20.5% | -338.9% |
| 净利率 | 14.9% | -375.6% |
| 营收同比 | 8.1% | 17.6% |
| 净利润同比 | 8.7% | 36.7% |
| 每股收益（稀释后） | $1.25 | $-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BCPCPLUG
| Q1 26 | $270.7M | — | ||
| Q4 25 | $263.6M | $225.2M | ||
| Q3 25 | $267.6M | $177.1M | ||
| Q2 25 | $255.5M | $174.0M | ||
| Q1 25 | $250.5M | $133.7M | ||
| Q4 24 | $240.0M | $191.5M | ||
| Q3 24 | $239.9M | $173.7M | ||
| Q2 24 | $234.1M | $143.3M |
净利润BCPCPLUG
| Q1 26 | $40.3M | — | ||
| Q4 25 | $39.2M | $-846.0M | ||
| Q3 25 | $40.3M | $-361.9M | ||
| Q2 25 | $38.3M | $-227.1M | ||
| Q1 25 | $37.1M | $-196.7M | ||
| Q4 24 | $33.6M | $-1.3B | ||
| Q3 24 | $33.8M | $-211.2M | ||
| Q2 24 | $32.1M | $-262.3M |
毛利率BCPCPLUG
| Q1 26 | — | — | ||
| Q4 25 | 35.6% | 2.4% | ||
| Q3 25 | 35.7% | -67.9% | ||
| Q2 25 | 36.4% | -30.7% | ||
| Q1 25 | 35.2% | -55.3% | ||
| Q4 24 | 36.0% | -122.5% | ||
| Q3 24 | 35.6% | -57.6% | ||
| Q2 24 | 35.5% | -91.6% |
营业利润率BCPCPLUG
| Q1 26 | 20.5% | — | ||
| Q4 25 | 19.8% | -338.9% | ||
| Q3 25 | 20.4% | -197.0% | ||
| Q2 25 | 20.1% | -101.7% | ||
| Q1 25 | 20.4% | -133.5% | ||
| Q4 24 | 19.8% | -678.7% | ||
| Q3 24 | 20.0% | -124.4% | ||
| Q2 24 | 19.6% | -170.7% |
净利率BCPCPLUG
| Q1 26 | 14.9% | — | ||
| Q4 25 | 14.9% | -375.6% | ||
| Q3 25 | 15.1% | -204.4% | ||
| Q2 25 | 15.0% | -130.5% | ||
| Q1 25 | 14.8% | -147.1% | ||
| Q4 24 | 14.0% | -697.5% | ||
| Q3 24 | 14.1% | -121.5% | ||
| Q2 24 | 13.7% | -183.0% |
每股收益（稀释后）BCPCPLUG
| Q1 26 | $1.25 | — | ||
| Q4 25 | $1.21 | $-0.70 | ||
| Q3 25 | $1.24 | $-0.31 | ||
| Q2 25 | $1.17 | $-0.20 | ||
| Q1 25 | $1.13 | $-0.21 | ||
| Q4 24 | $1.03 | $-1.61 | ||
| Q3 24 | $1.03 | $-0.25 | ||
| Q2 24 | $0.98 | $-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 | $72.9M | $368.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.3B | $978.1M |
| 总资产 | $1.7B | $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BCPCPLUG
| Q1 26 | $72.9M | — | ||
| Q4 25 | $74.6M | $368.5M | ||
| Q3 25 | $65.1M | $165.9M | ||
| Q2 25 | $65.4M | $140.7M | ||
| Q1 25 | $49.9M | $295.8M | ||
| Q4 24 | $49.5M | $205.7M | ||
| Q3 24 | $73.7M | $93.9M | ||
| Q2 24 | $63.7M | $62.4M |
总债务BCPCPLUG
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $3.9M | ||
| Q2 24 | — | $3.7M |
股东权益BCPCPLUG
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.3B | $978.1M | ||
| Q3 25 | $1.3B | $1.4B | ||
| Q2 25 | $1.3B | $1.7B | ||
| Q1 25 | $1.2B | $1.9B | ||
| Q4 24 | $1.1B | $1.7B | ||
| Q3 24 | $1.2B | $3.0B | ||
| Q2 24 | $1.1B | $3.0B |
总资产BCPCPLUG
| Q1 26 | $1.7B | — | ||
| Q4 25 | $1.7B | $2.6B | ||
| Q3 25 | $1.7B | $3.1B | ||
| Q2 25 | $1.7B | $3.4B | ||
| Q1 25 | $1.6B | $3.6B | ||
| Q4 24 | $1.6B | $3.6B | ||
| Q3 24 | $1.6B | $4.7B | ||
| Q2 24 | $1.6B | $4.8B |
负债/权益比BCPCPLUG
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 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 | $40.1M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $33.8M | $-153.0M |
| 自由现金流率自由现金流/营收 | 12.5% | -67.9% |
| 资本支出强度资本支出/营收 | 2.3% | 1.9% |
| 现金转化率经营现金流/净利润 | 0.99× | — |
| 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BCPCPLUG
| Q1 26 | $40.1M | — | ||
| Q4 25 | $67.3M | $-148.6M | ||
| Q3 25 | $65.6M | $-89.8M | ||
| Q2 25 | $47.3M | $-191.8M | ||
| Q1 25 | $36.5M | $-105.6M | ||
| Q4 24 | $52.3M | $-131.2M | ||
| Q3 24 | $51.3M | $-174.9M | ||
| Q2 24 | $45.0M | $-254.7M |
自由现金流BCPCPLUG
| Q1 26 | $33.8M | — | ||
| Q4 25 | — | $-153.0M | ||
| Q3 25 | — | $-117.5M | ||
| Q2 25 | — | $-230.4M | ||
| Q1 25 | — | $-146.0M | ||
| Q4 24 | — | $-165.2M | ||
| Q3 24 | — | $-234.2M | ||
| Q2 24 | — | $-356.0M |
自由现金流率BCPCPLUG
| Q1 26 | 12.5% | — | ||
| Q4 25 | — | -67.9% | ||
| Q3 25 | — | -66.4% | ||
| Q2 25 | — | -132.5% | ||
| Q1 25 | — | -109.2% | ||
| Q4 24 | — | -86.3% | ||
| Q3 24 | — | -134.8% | ||
| Q2 24 | — | -248.4% |
资本支出强度BCPCPLUG
| Q1 26 | 2.3% | — | ||
| Q4 25 | — | 1.9% | ||
| Q3 25 | — | 15.6% | ||
| Q2 25 | — | 22.2% | ||
| Q1 25 | — | 30.3% | ||
| Q4 24 | — | 17.7% | ||
| Q3 24 | — | 34.1% | ||
| Q2 24 | — | 70.7% |
现金转化率BCPCPLUG
| Q1 26 | 0.99× | — | ||
| Q4 25 | 1.72× | — | ||
| Q3 25 | 1.63× | — | ||
| Q2 25 | 1.23× | — | ||
| Q1 25 | 0.98× | — | ||
| Q4 24 | 1.56× | — | ||
| Q3 24 | 1.52× | — | ||
| Q2 24 | 1.40× | — |
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
BCPC
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% |
