vs
Ballard Power Systems Inc.（BLDP）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Ballard Power Systems Inc.的12.7倍（$225.2M vs $17.7M）。Ballard Power Systems Inc.净利率更高（994.4% vs -375.6%，领先1370.0%）
巴拉德动力系统是全球知名的质子交换膜燃料电池研发制造商，产品主要应用于重型动力、便携式电源、物料搬运等领域，同时提供相关工程技术服务。截至目前，公司已完成设计并出货的燃料电池产品总装机容量超过400兆瓦。
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。
BLDP vs PLUG — 直观对比
营收规模更大
PLUG
是对方的12.7倍
$17.7M
净利率更高
BLDP
高出1370.0%
-375.6%
损益表 — Q3 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $17.7M | $225.2M |
| 净利润 | $176.5M | $-846.0M |
| 毛利率 | — | 2.4% |
| 营业利润率 | — | -338.9% |
| 净利率 | 994.4% | -375.6% |
| 营收同比 | — | 17.6% |
| 净利润同比 | — | 36.7% |
| 每股收益（稀释后） | — | $-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BLDPPLUG
| Q4 25 | — | $225.2M | ||
| Q3 25 | $17.7M | $177.1M | ||
| Q2 25 | $1.8M | $174.0M | ||
| Q1 25 | $937.0K | $133.7M | ||
| Q4 24 | — | $191.5M | ||
| Q3 24 | $-12.3M | $173.7M | ||
| Q2 24 | $689.0K | $143.3M | ||
| Q1 24 | $1.2M | $120.3M |
净利润BLDPPLUG
| Q4 25 | — | $-846.0M | ||
| Q3 25 | $176.5M | $-361.9M | ||
| Q2 25 | $7.2M | $-227.1M | ||
| Q1 25 | $20.0M | $-196.7M | ||
| Q4 24 | — | $-1.3B | ||
| Q3 24 | — | $-211.2M | ||
| Q2 24 | — | $-262.3M | ||
| Q1 24 | $1.3M | $-295.8M |
毛利率BLDPPLUG
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | -67.9% | ||
| Q2 25 | 2.7% | -30.7% | ||
| Q1 25 | 7.2% | -55.3% | ||
| Q4 24 | — | -122.5% | ||
| Q3 24 | 156.5% | -57.6% | ||
| Q2 24 | — | -91.6% | ||
| Q1 24 | — | -132.3% |
营业利润率BLDPPLUG
| Q4 25 | — | -338.9% | ||
| Q3 25 | — | -197.0% | ||
| Q2 25 | — | -101.7% | ||
| Q1 25 | — | -133.5% | ||
| Q4 24 | — | -678.7% | ||
| Q3 24 | — | -124.4% | ||
| Q2 24 | — | -170.7% | ||
| Q1 24 | — | -215.7% |
净利率BLDPPLUG
| Q4 25 | — | -375.6% | ||
| Q3 25 | 994.4% | -204.4% | ||
| Q2 25 | 390.6% | -130.5% | ||
| Q1 25 | 2137.7% | -147.1% | ||
| Q4 24 | — | -697.5% | ||
| Q3 24 | — | -121.5% | ||
| Q2 24 | — | -183.0% | ||
| Q1 24 | 107.9% | -245.9% |
每股收益（稀释后）BLDPPLUG
| Q4 25 | — | $-0.70 | ||
| Q3 25 | — | $-0.31 | ||
| Q2 25 | — | $-0.20 | ||
| Q1 25 | — | $-0.21 | ||
| Q4 24 | — | $-1.61 | ||
| Q3 24 | — | $-0.25 | ||
| Q2 24 | — | $-0.36 | ||
| Q1 24 | — | $-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 | — | $368.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $978.1M |
| 总资产 | — | $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BLDPPLUG
| Q4 25 | — | $368.5M | ||
| Q3 25 | — | $165.9M | ||
| Q2 25 | — | $140.7M | ||
| Q1 25 | — | $295.8M | ||
| Q4 24 | — | $205.7M | ||
| Q3 24 | — | $93.9M | ||
| Q2 24 | — | $62.4M | ||
| Q1 24 | — | $172.9M |
总债务BLDPPLUG
| 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BLDPPLUG
| Q4 25 | — | $978.1M | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $2.9B |
总资产BLDPPLUG
| Q4 25 | — | $2.6B | ||
| Q3 25 | — | $3.1B | ||
| Q2 25 | — | $3.4B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | — | $4.7B | ||
| Q2 24 | — | $4.8B | ||
| Q1 24 | — | $4.8B |
负债/权益比BLDPPLUG
| 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 | $5.7M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | — | $-153.0M |
| 自由现金流率自由现金流/营收 | — | -67.9% |
| 资本支出强度资本支出/营收 | — | 1.9% |
| 现金转化率经营现金流/净利润 | 0.03× | — |
| 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BLDPPLUG
| Q4 25 | — | $-148.6M | ||
| Q3 25 | $5.7M | $-89.8M | ||
| Q2 25 | $14.8M | $-191.8M | ||
| Q1 25 | $-4.4M | $-105.6M | ||
| Q4 24 | — | $-131.2M | ||
| Q3 24 | $-6.6M | $-174.9M | ||
| Q2 24 | $-7.4M | $-254.7M | ||
| Q1 24 | $16.6M | $-167.7M |
自由现金流BLDPPLUG
| 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 | ||
| Q1 24 | — | $-260.3M |
自由现金流率BLDPPLUG
| 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% | ||
| Q1 24 | — | -216.5% |
资本支出强度BLDPPLUG
| 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% | ||
| Q1 24 | — | 77.0% |
现金转化率BLDPPLUG
| Q4 25 | — | — | ||
| Q3 25 | 0.03× | — | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | -0.22× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 12.70× | — |
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
BLDP
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% |
