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COPT DEFENSE PROPERTIES（CDP）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COPT DEFENSE PROPERTIES的1.1倍（$225.2M vs $197.4M），COPT DEFENSE PROPERTIES净利率更高（20.0% vs -375.6%，领先395.6%），PLUG POWER INC同比增速更快（17.6% vs 7.6%），COPT DEFENSE PROPERTIES自由现金流更多（$288.9M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 1.1%）
COPT Defense Properties是一家专业房地产投资信托基金，重点投资写字楼物业，资产主要布局于华盛顿大都会区的近郊区域，核心租户为美国政府及国防军工行业企业。截至2024年12月31日，公司旗下共持有164栋写字楼，总面积达1650万平方英尺，同时运营31个单租户数据中心，总面积590万平方英尺。
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。
CDP vs PLUG — 直观对比
营收规模更大
PLUG
是对方的1.1倍
$197.4M
营收增速更快
PLUG
高出10.0%
7.6%
净利率更高
CDP
高出395.6%
-375.6%
自由现金流更多
CDP
多$441.9M
$-153.0M
两年增速更快
PLUG
近两年复合增速
1.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $197.4M | $225.2M |
| 净利润 | $39.4M | $-846.0M |
| 毛利率 | — | 2.4% |
| 营业利润率 | 19.9% | -338.9% |
| 净利率 | 20.0% | -375.6% |
| 营收同比 | 7.6% | 17.6% |
| 净利润同比 | 8.0% | 36.7% |
| 每股收益（稀释后） | $0.32 | $-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CDPPLUG
| Q4 25 | $197.4M | $225.2M | ||
| Q3 25 | $188.8M | $177.1M | ||
| Q2 25 | $189.9M | $174.0M | ||
| Q1 25 | $187.9M | $133.7M | ||
| Q4 24 | $183.4M | $191.5M | ||
| Q3 24 | $189.2M | $173.7M | ||
| Q2 24 | $187.3M | $143.3M | ||
| Q1 24 | $193.3M | $120.3M |
净利润CDPPLUG
| Q4 25 | $39.4M | $-846.0M | ||
| Q3 25 | $43.7M | $-361.9M | ||
| Q2 25 | $40.2M | $-227.1M | ||
| Q1 25 | $36.2M | $-196.7M | ||
| Q4 24 | $36.5M | $-1.3B | ||
| Q3 24 | $37.4M | $-211.2M | ||
| Q2 24 | $36.4M | $-262.3M | ||
| Q1 24 | $33.7M | $-295.8M |
毛利率CDPPLUG
| 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CDPPLUG
| Q4 25 | 19.9% | -338.9% | ||
| Q3 25 | 22.5% | -197.0% | ||
| Q2 25 | 21.0% | -101.7% | ||
| Q1 25 | 19.1% | -133.5% | ||
| Q4 24 | 19.7% | -678.7% | ||
| Q3 24 | 19.8% | -124.4% | ||
| Q2 24 | 19.4% | -170.7% | ||
| Q1 24 | 17.5% | -215.7% |
净利率CDPPLUG
| Q4 25 | 20.0% | -375.6% | ||
| Q3 25 | 23.2% | -204.4% | ||
| Q2 25 | 21.1% | -130.5% | ||
| Q1 25 | 19.3% | -147.1% | ||
| Q4 24 | 19.9% | -697.5% | ||
| Q3 24 | 19.8% | -121.5% | ||
| Q2 24 | 19.4% | -183.0% | ||
| Q1 24 | 17.4% | -245.9% |
每股收益（稀释后）CDPPLUG
| Q4 25 | $0.32 | $-0.70 | ||
| Q3 25 | $0.37 | $-0.31 | ||
| Q2 25 | $0.34 | $-0.20 | ||
| Q1 25 | $0.31 | $-0.21 | ||
| Q4 24 | $0.31 | $-1.61 | ||
| Q3 24 | $0.32 | $-0.25 | ||
| Q2 24 | $0.31 | $-0.36 | ||
| Q1 24 | $0.29 | $-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 | $275.0M | $368.5M |
| 总债务越低越好 | $2.8B | — |
| 股东权益账面价值 | $1.5B | $978.1M |
| 总资产 | $4.7B | $2.6B |
| 负债/权益比越低杠杆越低 | 1.83× | — |
8季度趋势，按日历期对齐
现金及短期投资CDPPLUG
| Q4 25 | $275.0M | $368.5M | ||
| Q3 25 | $23.7M | $165.9M | ||
| Q2 25 | $21.3M | $140.7M | ||
| Q1 25 | $24.3M | $295.8M | ||
| Q4 24 | $38.3M | $205.7M | ||
| Q3 24 | $34.5M | $93.9M | ||
| Q2 24 | $100.4M | $62.4M | ||
| Q1 24 | $123.1M | $172.9M |
总债务CDPPLUG
| Q4 25 | $2.8B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.4B | — | ||
| Q1 25 | $2.4B | — | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.4B | $3.9M | ||
| Q2 24 | $2.4B | $3.7M | ||
| Q1 24 | $2.4B | $3.8M |
股东权益CDPPLUG
| Q4 25 | $1.5B | $978.1M | ||
| Q3 25 | $1.5B | $1.4B | ||
| Q2 25 | $1.5B | $1.7B | ||
| Q1 25 | $1.5B | $1.9B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $1.5B | $3.0B | ||
| Q2 24 | $1.5B | $3.0B | ||
| Q1 24 | $1.5B | $2.9B |
总资产CDPPLUG
| Q4 25 | $4.7B | $2.6B | ||
| Q3 25 | $4.4B | $3.1B | ||
| Q2 25 | $4.3B | $3.4B | ||
| Q1 25 | $4.3B | $3.6B | ||
| Q4 24 | $4.3B | $3.6B | ||
| Q3 24 | $4.2B | $4.7B | ||
| Q2 24 | $4.2B | $4.8B | ||
| Q1 24 | $4.2B | $4.8B |
负债/权益比CDPPLUG
| Q4 25 | 1.83× | — | ||
| Q3 25 | 1.62× | — | ||
| Q2 25 | 1.63× | — | ||
| Q1 25 | 1.62× | — | ||
| Q4 24 | 1.60× | — | ||
| Q3 24 | 1.61× | 0.00× | ||
| Q2 24 | 1.61× | 0.00× | ||
| Q1 24 | 1.63× | 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 | $309.9M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $288.9M | $-153.0M |
| 自由现金流率自由现金流/营收 | 146.4% | -67.9% |
| 资本支出强度资本支出/营收 | 10.7% | 1.9% |
| 现金转化率经营现金流/净利润 | 7.87× | — |
| 过去12个月自由现金流最近4个季度 | $501.5M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流CDPPLUG
| Q4 25 | $309.9M | $-148.6M | ||
| Q3 25 | $68.6M | $-89.8M | ||
| Q2 25 | $87.9M | $-191.8M | ||
| Q1 25 | $72.1M | $-105.6M | ||
| Q4 24 | $331.0M | $-131.2M | ||
| Q3 24 | $65.1M | $-174.9M | ||
| Q2 24 | $93.8M | $-254.7M | ||
| Q1 24 | $71.0M | $-167.7M |
自由现金流CDPPLUG
| Q4 25 | $288.9M | $-153.0M | ||
| Q3 25 | $62.9M | $-117.5M | ||
| Q2 25 | $84.5M | $-230.4M | ||
| Q1 25 | $65.1M | $-146.0M | ||
| Q4 24 | $299.6M | $-165.2M | ||
| Q3 24 | $61.0M | $-234.2M | ||
| Q2 24 | $88.4M | $-356.0M | ||
| Q1 24 | $57.9M | $-260.3M |
自由现金流率CDPPLUG
| Q4 25 | 146.4% | -67.9% | ||
| Q3 25 | 33.3% | -66.4% | ||
| Q2 25 | 44.5% | -132.5% | ||
| Q1 25 | 34.7% | -109.2% | ||
| Q4 24 | 163.3% | -86.3% | ||
| Q3 24 | 32.3% | -134.8% | ||
| Q2 24 | 47.2% | -248.4% | ||
| Q1 24 | 30.0% | -216.5% |
资本支出强度CDPPLUG
| Q4 25 | 10.7% | 1.9% | ||
| Q3 25 | 3.0% | 15.6% | ||
| Q2 25 | 1.8% | 22.2% | ||
| Q1 25 | 3.7% | 30.3% | ||
| Q4 24 | 17.1% | 17.7% | ||
| Q3 24 | 2.1% | 34.1% | ||
| Q2 24 | 2.9% | 70.7% | ||
| Q1 24 | 6.8% | 77.0% |
现金转化率CDPPLUG
| Q4 25 | 7.87× | — | ||
| Q3 25 | 1.57× | — | ||
| Q2 25 | 2.19× | — | ||
| Q1 25 | 1.99× | — | ||
| Q4 24 | 9.08× | — | ||
| Q3 24 | 1.74× | — | ||
| Q2 24 | 2.58× | — | ||
| Q1 24 | 2.11× | — |
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
CDP
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% |
