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PATHWARD FINANCIAL, INC.（CASH）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PATHWARD FINANCIAL, INC.的1.3倍（$225.2M vs $173.1M），PATHWARD FINANCIAL, INC.净利率更高（20.3% vs -375.6%，领先395.9%），PLUG POWER INC同比增速更快（17.6% vs -0.2%），PATHWARD FINANCIAL, INC.自由现金流更多（$104.1M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs -18.0%）
Pathward Financial, Inc.是一家总部位于美国的银行及金融服务企业，其前身为Meta金融集团旗下相关业务主体，2022年母公司将“Meta”商标出售给Meta Platforms后，正式启用现有名称。
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。
CASH vs PLUG — 直观对比
营收规模更大
PLUG
是对方的1.3倍
$173.1M
营收增速更快
PLUG
高出17.9%
-0.2%
净利率更高
CASH
高出395.9%
-375.6%
自由现金流更多
CASH
多$257.1M
$-153.0M
两年增速更快
PLUG
近两年复合增速
-18.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $173.1M | $225.2M |
| 净利润 | $35.2M | $-846.0M |
| 毛利率 | — | 2.4% |
| 营业利润率 | 24.6% | -338.9% |
| 净利率 | 20.3% | -375.6% |
| 营收同比 | -0.2% | 17.6% |
| 净利润同比 | 11.9% | 36.7% |
| 每股收益（稀释后） | $1.57 | $-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CASHPLUG
| Q4 25 | $173.1M | $225.2M | ||
| Q3 25 | $186.7M | $177.1M | ||
| Q2 25 | $195.8M | $174.0M | ||
| Q1 25 | $274.8M | $133.7M | ||
| Q4 24 | $182.6M | $191.5M | ||
| Q3 24 | $179.5M | $173.7M | ||
| Q2 24 | $188.6M | $143.3M | ||
| Q1 24 | $257.6M | $120.3M |
净利润CASHPLUG
| Q4 25 | $35.2M | $-846.0M | ||
| Q3 25 | $38.8M | $-361.9M | ||
| Q2 25 | $42.1M | $-227.1M | ||
| Q1 25 | $75.0M | $-196.7M | ||
| Q4 24 | $30.0M | $-1.3B | ||
| Q3 24 | $33.5M | $-211.2M | ||
| Q2 24 | $44.9M | $-262.3M | ||
| Q1 24 | $69.9M | $-295.8M |
毛利率CASHPLUG
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | -67.9% | ||
| Q2 25 | — | -30.7% | ||
| Q1 25 | — | -55.3% | ||
| Q4 24 | — | -122.5% | ||
| Q3 24 | — | -57.6% | ||
| Q2 24 | — | -91.6% | ||
| Q1 24 | — | -132.3% |
营业利润率CASHPLUG
| Q4 25 | 24.6% | -338.9% | ||
| Q3 25 | 25.9% | -197.0% | ||
| Q2 25 | 24.1% | -101.7% | ||
| Q1 25 | 33.2% | -133.5% | ||
| Q4 24 | 19.8% | -678.7% | ||
| Q3 24 | 20.9% | -124.4% | ||
| Q2 24 | 27.1% | -170.7% | ||
| Q1 24 | 33.8% | -215.7% |
净利率CASHPLUG
| Q4 25 | 20.3% | -375.6% | ||
| Q3 25 | 20.8% | -204.4% | ||
| Q2 25 | 21.5% | -130.5% | ||
| Q1 25 | 27.3% | -147.1% | ||
| Q4 24 | 16.4% | -697.5% | ||
| Q3 24 | 18.7% | -121.5% | ||
| Q2 24 | 23.8% | -183.0% | ||
| Q1 24 | 27.1% | -245.9% |
每股收益（稀释后）CASHPLUG
| Q4 25 | $1.57 | $-0.70 | ||
| Q3 25 | $1.69 | $-0.31 | ||
| Q2 25 | $1.81 | $-0.20 | ||
| Q1 25 | $3.14 | $-0.21 | ||
| Q4 24 | $1.23 | $-1.61 | ||
| Q3 24 | $1.34 | $-0.25 | ||
| Q2 24 | $1.78 | $-0.36 | ||
| Q1 24 | $2.74 | $-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 | $331.2M | $368.5M |
| 总债务越低越好 | $33.5M | — |
| 股东权益账面价值 | $854.5M | $978.1M |
| 总资产 | $7.6B | $2.6B |
| 负债/权益比越低杠杆越低 | 0.04× | — |
8季度趋势，按日历期对齐
现金及短期投资CASHPLUG
| Q4 25 | $331.2M | $368.5M | ||
| Q3 25 | $120.6M | $165.9M | ||
| Q2 25 | $258.3M | $140.7M | ||
| Q1 25 | $254.2M | $295.8M | ||
| Q4 24 | $597.4M | $205.7M | ||
| Q3 24 | $158.3M | $93.9M | ||
| Q2 24 | $298.9M | $62.4M | ||
| Q1 24 | $347.9M | $172.9M |
总债务CASHPLUG
| Q4 25 | $33.5M | — | ||
| Q3 25 | $33.5M | — | ||
| Q2 25 | $33.4M | — | ||
| Q1 25 | $33.4M | — | ||
| Q4 24 | $33.4M | — | ||
| Q3 24 | $33.4M | $3.9M | ||
| Q2 24 | $33.3M | $3.7M | ||
| Q1 24 | $33.4M | $3.8M |
股东权益CASHPLUG
| Q4 25 | $854.5M | $978.1M | ||
| Q3 25 | $858.0M | $1.4B | ||
| Q2 25 | $819.0M | $1.7B | ||
| Q1 25 | $814.7M | $1.9B | ||
| Q4 24 | $758.3M | $1.7B | ||
| Q3 24 | $822.5M | $3.0B | ||
| Q2 24 | $748.4M | $3.0B | ||
| Q1 24 | $719.5M | $2.9B |
总资产CASHPLUG
| Q4 25 | $7.6B | $2.6B | ||
| Q3 25 | $7.2B | $3.1B | ||
| Q2 25 | $7.2B | $3.4B | ||
| Q1 25 | $7.0B | $3.6B | ||
| Q4 24 | $7.6B | $3.6B | ||
| Q3 24 | $7.5B | $4.7B | ||
| Q2 24 | $7.5B | $4.8B | ||
| Q1 24 | $7.4B | $4.8B |
负债/权益比CASHPLUG
| Q4 25 | 0.04× | — | ||
| Q3 25 | 0.04× | — | ||
| Q2 25 | 0.04× | — | ||
| Q1 25 | 0.04× | — | ||
| Q4 24 | 0.04× | — | ||
| Q3 24 | 0.04× | 0.00× | ||
| Q2 24 | 0.04× | 0.00× | ||
| Q1 24 | 0.05× | 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 | $108.3M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $104.1M | $-153.0M |
| 自由现金流率自由现金流/营收 | 60.1% | -67.9% |
| 资本支出强度资本支出/营收 | 2.4% | 1.9% |
| 现金转化率经营现金流/净利润 | 3.08× | — |
| 过去12个月自由现金流最近4个季度 | $616.8M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流CASHPLUG
| Q4 25 | $108.3M | $-148.6M | ||
| Q3 25 | $303.7M | $-89.8M | ||
| Q2 25 | $30.4M | $-191.8M | ||
| Q1 25 | $188.3M | $-105.6M | ||
| Q4 24 | $-71.7M | $-131.2M | ||
| Q3 24 | $143.1M | $-174.9M | ||
| Q2 24 | $113.2M | $-254.7M | ||
| Q1 24 | $203.0M | $-167.7M |
自由现金流CASHPLUG
| Q4 25 | $104.1M | $-153.0M | ||
| Q3 25 | $300.3M | $-117.5M | ||
| Q2 25 | $27.7M | $-230.4M | ||
| Q1 25 | $184.7M | $-146.0M | ||
| Q4 24 | $-73.8M | $-165.2M | ||
| Q3 24 | $138.8M | $-234.2M | ||
| Q2 24 | $111.0M | $-356.0M | ||
| Q1 24 | $201.3M | $-260.3M |
自由现金流率CASHPLUG
| Q4 25 | 60.1% | -67.9% | ||
| Q3 25 | 160.9% | -66.4% | ||
| Q2 25 | 14.1% | -132.5% | ||
| Q1 25 | 67.2% | -109.2% | ||
| Q4 24 | -40.4% | -86.3% | ||
| Q3 24 | 77.3% | -134.8% | ||
| Q2 24 | 58.8% | -248.4% | ||
| Q1 24 | 78.1% | -216.5% |
资本支出强度CASHPLUG
| Q4 25 | 2.4% | 1.9% | ||
| Q3 25 | 1.8% | 15.6% | ||
| Q2 25 | 1.4% | 22.2% | ||
| Q1 25 | 1.3% | 30.3% | ||
| Q4 24 | 1.1% | 17.7% | ||
| Q3 24 | 2.4% | 34.1% | ||
| Q2 24 | 1.2% | 70.7% | ||
| Q1 24 | 0.7% | 77.0% |
现金转化率CASHPLUG
| Q4 25 | 3.08× | — | ||
| Q3 25 | 7.83× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 2.51× | — | ||
| Q4 24 | -2.39× | — | ||
| Q3 24 | 4.27× | — | ||
| Q2 24 | 2.52× | — | ||
| Q1 24 | 2.90× | — |
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
CASH
| Consumer | $103.0M | 59% |
| Payment Card And Deposit Fees | $30.1M | 17% |
| Other | $24.2M | 14% |
| Rental Income | $11.6M | 7% |
| Commercial | $4.2M | 2% |
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% |
