vs
Bloom Energy Corp（BE）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
Bloom Energy Corp的季度营收约是PLUG POWER INC的3.4倍（$772.8M vs $225.2M）。Bloom Energy Corp净利率更高（0.2% vs -375.6%，领先375.8%）。Bloom Energy Corp同比增速更快（36.3% vs 17.6%）。Bloom Energy Corp自由现金流更多（$395.1M vs $-153.0M）。过去两年Bloom Energy Corp的营收复合增速更高（84.9% vs 36.8%）
Bloom Energy Corp是一家能源技术企业，由印裔美国工程师、发明家、企业家KR·斯里达尔创立，他同时担任公司董事长兼首席执行官。斯里达尔此前曾任亚利桑那大学航空航天与机械工程教授、空间技术实验室主任，曾为NASA提供顾问服务，现为美国国家工程院院士。
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。
BE vs PLUG — 直观对比
营收规模更大
BE
是对方的3.4倍
$225.2M
营收增速更快
BE
高出18.7%
17.6%
净利率更高
BE
高出375.8%
-375.6%
自由现金流更多
BE
多$548.2M
$-153.0M
两年增速更快
BE
近两年复合增速
36.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $772.8M | $225.2M |
| 净利润 | $1.4M | $-846.0M |
| 毛利率 | 31.0% | 2.4% |
| 营业利润率 | 11.3% | -338.9% |
| 净利率 | 0.2% | -375.6% |
| 营收同比 | 36.3% | 17.6% |
| 净利润同比 | -98.6% | 36.7% |
| 每股收益（稀释后） | $99.91 | $-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BEPLUG
| Q4 25 | $772.8M | $225.2M | ||
| Q3 25 | $513.3M | $177.1M | ||
| Q2 25 | $396.3M | $174.0M | ||
| Q1 25 | $319.3M | $133.7M | ||
| Q4 24 | $567.0M | $191.5M | ||
| Q3 24 | $321.8M | $173.7M | ||
| Q2 24 | $326.5M | $143.3M | ||
| Q1 24 | $226.1M | $120.3M |
净利润BEPLUG
| Q4 25 | $1.4M | $-846.0M | ||
| Q3 25 | $-23.0M | $-361.9M | ||
| Q2 25 | $-42.2M | $-227.1M | ||
| Q1 25 | $-23.4M | $-196.7M | ||
| Q4 24 | $105.2M | $-1.3B | ||
| Q3 24 | $-14.6M | $-211.2M | ||
| Q2 24 | $-61.2M | $-262.3M | ||
| Q1 24 | $-56.5M | $-295.8M |
毛利率BEPLUG
| Q4 25 | 31.0% | 2.4% | ||
| Q3 25 | 29.5% | -67.9% | ||
| Q2 25 | 27.0% | -30.7% | ||
| Q1 25 | 27.8% | -55.3% | ||
| Q4 24 | 38.7% | -122.5% | ||
| Q3 24 | 24.5% | -57.6% | ||
| Q2 24 | 21.0% | -91.6% | ||
| Q1 24 | 16.8% | -132.3% |
营业利润率BEPLUG
| Q4 25 | 11.3% | -338.9% | ||
| Q3 25 | 1.5% | -197.0% | ||
| Q2 25 | -0.9% | -101.7% | ||
| Q1 25 | -6.0% | -133.5% | ||
| Q4 24 | 18.5% | -678.7% | ||
| Q3 24 | -3.0% | -124.4% | ||
| Q2 24 | -7.1% | -170.7% | ||
| Q1 24 | -21.7% | -215.7% |
净利率BEPLUG
| Q4 25 | 0.2% | -375.6% | ||
| Q3 25 | -4.5% | -204.4% | ||
| Q2 25 | -10.6% | -130.5% | ||
| Q1 25 | -7.3% | -147.1% | ||
| Q4 24 | 18.5% | -697.5% | ||
| Q3 24 | -4.5% | -121.5% | ||
| Q2 24 | -18.7% | -183.0% | ||
| Q1 24 | -25.0% | -245.9% |
每股收益（稀释后）BEPLUG
| Q4 25 | $99.91 | $-0.70 | ||
| Q3 25 | $-100.00 | $-0.31 | ||
| Q2 25 | $-0.18 | $-0.20 | ||
| Q1 25 | $-0.10 | $-0.21 | ||
| Q4 24 | $0.45 | $-1.61 | ||
| Q3 24 | $-0.06 | $-0.25 | ||
| Q2 24 | $-0.27 | $-0.36 | ||
| Q1 24 | $-0.25 | $-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 | $2.5B | $368.5M |
| 总债务越低越好 | $2.6B | — |
| 股东权益账面价值 | $768.6M | $978.1M |
| 总资产 | $4.4B | $2.6B |
| 负债/权益比越低杠杆越低 | 3.41× | — |
8季度趋势，按日历期对齐
现金及短期投资BEPLUG
| Q4 25 | $2.5B | $368.5M | ||
| Q3 25 | $595.1M | $165.9M | ||
| Q2 25 | $574.8M | $140.7M | ||
| Q1 25 | $794.8M | $295.8M | ||
| Q4 24 | $802.9M | $205.7M | ||
| Q3 24 | $495.7M | $93.9M | ||
| Q2 24 | $581.7M | $62.4M | ||
| Q1 24 | $516.0M | $172.9M |
总债务BEPLUG
| Q4 25 | $2.6B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | $3.9M | ||
| Q2 24 | $1.1B | $3.7M | ||
| Q1 24 | $847.9M | $3.8M |
股东权益BEPLUG
| Q4 25 | $768.6M | $978.1M | ||
| Q3 25 | $653.1M | $1.4B | ||
| Q2 25 | $594.6M | $1.7B | ||
| Q1 25 | $578.3M | $1.9B | ||
| Q4 24 | $562.5M | $1.7B | ||
| Q3 24 | $430.9M | $3.0B | ||
| Q2 24 | $423.3M | $3.0B | ||
| Q1 24 | $466.1M | $2.9B |
总资产BEPLUG
| Q4 25 | $4.4B | $2.6B | ||
| Q3 25 | $2.6B | $3.1B | ||
| Q2 25 | $2.5B | $3.4B | ||
| Q1 25 | $2.6B | $3.6B | ||
| Q4 24 | $2.7B | $3.6B | ||
| Q3 24 | $2.6B | $4.7B | ||
| Q2 24 | $2.5B | $4.8B | ||
| Q1 24 | $2.3B | $4.8B |
负债/权益比BEPLUG
| Q4 25 | 3.41× | — | ||
| Q3 25 | 1.73× | — | ||
| Q2 25 | 1.91× | — | ||
| Q1 25 | 1.96× | — | ||
| Q4 24 | 2.01× | — | ||
| Q3 24 | 2.62× | 0.00× | ||
| Q2 24 | 2.66× | 0.00× | ||
| Q1 24 | 1.82× | 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 | $418.1M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $395.1M | $-153.0M |
| 自由现金流率自由现金流/营收 | 51.1% | -67.9% |
| 资本支出强度资本支出/营收 | 3.0% | 1.9% |
| 现金转化率经营现金流/净利润 | 293.18× | — |
| 过去12个月自由现金流最近4个季度 | $57.2M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流BEPLUG
| Q4 25 | $418.1M | $-148.6M | ||
| Q3 25 | $19.7M | $-89.8M | ||
| Q2 25 | $-213.1M | $-191.8M | ||
| Q1 25 | $-110.7M | $-105.6M | ||
| Q4 24 | $484.2M | $-131.2M | ||
| Q3 24 | $-69.5M | $-174.9M | ||
| Q2 24 | $-175.5M | $-254.7M | ||
| Q1 24 | $-147.3M | $-167.7M |
自由现金流BEPLUG
| Q4 25 | $395.1M | $-153.0M | ||
| Q3 25 | $7.4M | $-117.5M | ||
| Q2 25 | $-220.4M | $-230.4M | ||
| Q1 25 | $-124.9M | $-146.0M | ||
| Q4 24 | $473.1M | $-165.2M | ||
| Q3 24 | $-83.8M | $-234.2M | ||
| Q2 24 | $-187.5M | $-356.0M | ||
| Q1 24 | $-168.7M | $-260.3M |
自由现金流率BEPLUG
| Q4 25 | 51.1% | -67.9% | ||
| Q3 25 | 1.4% | -66.4% | ||
| Q2 25 | -55.6% | -132.5% | ||
| Q1 25 | -39.1% | -109.2% | ||
| Q4 24 | 83.4% | -86.3% | ||
| Q3 24 | -26.0% | -134.8% | ||
| Q2 24 | -57.4% | -248.4% | ||
| Q1 24 | -74.6% | -216.5% |
资本支出强度BEPLUG
| Q4 25 | 3.0% | 1.9% | ||
| Q3 25 | 2.4% | 15.6% | ||
| Q2 25 | 1.8% | 22.2% | ||
| Q1 25 | 4.5% | 30.3% | ||
| Q4 24 | 2.0% | 17.7% | ||
| Q3 24 | 4.4% | 34.1% | ||
| Q2 24 | 3.7% | 70.7% | ||
| Q1 24 | 9.5% | 77.0% |
现金转化率BEPLUG
| Q4 25 | 293.18× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.60× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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
BE
| Products | $638.5M | 83% |
| Installation | $67.3M | 9% |
| Services | $61.7M | 8% |
| Electricity | $10.2M | 1% |
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% |
