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CSW INDUSTRIALS, INC.（CSW）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
CSW INDUSTRIALS, INC.的季度营收约是PLUG POWER INC的1.0倍（$233.0M vs $225.2M），CSW INDUSTRIALS, INC.净利率更高（4.4% vs -375.6%，领先380.0%），CSW INDUSTRIALS, INC.同比增速更快（20.3% vs 17.6%），CSW INDUSTRIALS, INC.自由现金流更多（$22.7M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 5.1%）
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。
CSW vs PLUG — 直观对比
营收规模更大
CSW
是对方的1.0倍
$225.2M
营收增速更快
CSW
高出2.7%
17.6%
净利率更高
CSW
高出380.0%
-375.6%
自由现金流更多
CSW
多$175.8M
$-153.0M
两年增速更快
PLUG
近两年复合增速
5.1%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $233.0M | $225.2M |
| 净利润 | $10.3M | $-846.0M |
| 毛利率 | 39.7% | 2.4% |
| 营业利润率 | 7.4% | -338.9% |
| 净利率 | 4.4% | -375.6% |
| 营收同比 | 20.3% | 17.6% |
| 净利润同比 | -61.9% | 36.7% |
| 每股收益（稀释后） | $0.62 | $-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CSWPLUG
| Q4 25 | $233.0M | $225.2M | ||
| Q3 25 | $277.0M | $177.1M | ||
| Q2 25 | $263.6M | $174.0M | ||
| Q1 25 | $230.5M | $133.7M | ||
| Q4 24 | $193.6M | $191.5M | ||
| Q3 24 | $227.9M | $173.7M | ||
| Q2 24 | $226.2M | $143.3M | ||
| Q1 24 | $210.9M | $120.3M |
净利润CSWPLUG
| Q4 25 | $10.3M | $-846.0M | ||
| Q3 25 | $40.7M | $-361.9M | ||
| Q2 25 | $40.9M | $-227.1M | ||
| Q1 25 | $35.1M | $-196.7M | ||
| Q4 24 | $26.9M | $-1.3B | ||
| Q3 24 | $36.1M | $-211.2M | ||
| Q2 24 | $38.6M | $-262.3M | ||
| Q1 24 | $31.8M | $-295.8M |
毛利率CSWPLUG
| Q4 25 | 39.7% | 2.4% | ||
| Q3 25 | 43.0% | -67.9% | ||
| Q2 25 | 43.8% | -30.7% | ||
| Q1 25 | 44.2% | -55.3% | ||
| Q4 24 | 41.4% | -122.5% | ||
| Q3 24 | 45.6% | -57.6% | ||
| Q2 24 | 47.5% | -91.6% | ||
| Q1 24 | 44.4% | -132.3% |
营业利润率CSWPLUG
| Q4 25 | 7.4% | -338.9% | ||
| Q3 25 | 20.5% | -197.0% | ||
| Q2 25 | 20.8% | -101.7% | ||
| Q1 25 | 19.5% | -133.5% | ||
| Q4 24 | 15.3% | -678.7% | ||
| Q3 24 | 22.6% | -124.4% | ||
| Q2 24 | 24.3% | -170.7% | ||
| Q1 24 | 21.0% | -215.7% |
净利率CSWPLUG
| Q4 25 | 4.4% | -375.6% | ||
| Q3 25 | 14.7% | -204.4% | ||
| Q2 25 | 15.5% | -130.5% | ||
| Q1 25 | 15.2% | -147.1% | ||
| Q4 24 | 13.9% | -697.5% | ||
| Q3 24 | 15.8% | -121.5% | ||
| Q2 24 | 17.1% | -183.0% | ||
| Q1 24 | 15.1% | -245.9% |
每股收益（稀释后）CSWPLUG
| Q4 25 | $0.62 | $-0.70 | ||
| Q3 25 | $2.41 | $-0.31 | ||
| Q2 25 | $2.43 | $-0.20 | ||
| Q1 25 | $2.05 | $-0.21 | ||
| Q4 24 | $1.60 | $-1.61 | ||
| Q3 24 | $2.26 | $-0.25 | ||
| Q2 24 | $2.47 | $-0.36 | ||
| Q1 24 | $2.03 | $-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 | $40.2M | $368.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.1B | $978.1M |
| 总资产 | $2.3B | $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CSWPLUG
| Q4 25 | $40.2M | $368.5M | ||
| Q3 25 | $31.5M | $165.9M | ||
| Q2 25 | $38.0M | $140.7M | ||
| Q1 25 | $225.8M | $295.8M | ||
| Q4 24 | $213.8M | $205.7M | ||
| Q3 24 | $273.2M | $93.9M | ||
| Q2 24 | $18.9M | $62.4M | ||
| Q1 24 | $22.2M | $172.9M |
总债务CSWPLUG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $800.1M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $3.9M | ||
| Q2 24 | — | $3.7M | ||
| Q1 24 | $166.0M | $3.8M |
股东权益CSWPLUG
| Q4 25 | $1.1B | $978.1M | ||
| Q3 25 | $1.1B | $1.4B | ||
| Q2 25 | $1.1B | $1.7B | ||
| Q1 25 | $1.1B | $1.9B | ||
| Q4 24 | $1.0B | $1.7B | ||
| Q3 24 | $1.0B | $3.0B | ||
| Q2 24 | $650.2M | $3.0B | ||
| Q1 24 | $615.7M | $2.9B |
总资产CSWPLUG
| Q4 25 | $2.3B | $2.6B | ||
| Q3 25 | $1.5B | $3.1B | ||
| Q2 25 | $1.5B | $3.4B | ||
| Q1 25 | $1.4B | $3.6B | ||
| Q4 24 | $1.4B | $3.6B | ||
| Q3 24 | $1.4B | $4.7B | ||
| Q2 24 | $1.1B | $4.8B | ||
| Q1 24 | $1.0B | $4.8B |
负债/权益比CSWPLUG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | 0.27× | 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 | $28.9M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $22.7M | $-153.0M |
| 自由现金流率自由现金流/营收 | 9.8% | -67.9% |
| 资本支出强度资本支出/营收 | 2.6% | 1.9% |
| 现金转化率经营现金流/净利润 | 2.81× | — |
| 过去12个月自由现金流最近4个季度 | $162.0M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流CSWPLUG
| Q4 25 | $28.9M | $-148.6M | ||
| Q3 25 | $61.8M | $-89.8M | ||
| Q2 25 | $60.6M | $-191.8M | ||
| Q1 25 | $27.3M | $-105.6M | ||
| Q4 24 | $11.6M | $-131.2M | ||
| Q3 24 | $66.8M | $-174.9M | ||
| Q2 24 | $62.7M | $-254.7M | ||
| Q1 24 | $22.4M | $-167.7M |
自由现金流CSWPLUG
| Q4 25 | $22.7M | $-153.0M | ||
| Q3 25 | $58.7M | $-117.5M | ||
| Q2 25 | $57.7M | $-230.4M | ||
| Q1 25 | $22.8M | $-146.0M | ||
| Q4 24 | $8.5M | $-165.2M | ||
| Q3 24 | $61.3M | $-234.2M | ||
| Q2 24 | $59.6M | $-356.0M | ||
| Q1 24 | $17.5M | $-260.3M |
自由现金流率CSWPLUG
| Q4 25 | 9.8% | -67.9% | ||
| Q3 25 | 21.2% | -66.4% | ||
| Q2 25 | 21.9% | -132.5% | ||
| Q1 25 | 9.9% | -109.2% | ||
| Q4 24 | 4.4% | -86.3% | ||
| Q3 24 | 26.9% | -134.8% | ||
| Q2 24 | 26.3% | -248.4% | ||
| Q1 24 | 8.3% | -216.5% |
资本支出强度CSWPLUG
| Q4 25 | 2.6% | 1.9% | ||
| Q3 25 | 1.1% | 15.6% | ||
| Q2 25 | 1.1% | 22.2% | ||
| Q1 25 | 2.0% | 30.3% | ||
| Q4 24 | 1.6% | 17.7% | ||
| Q3 24 | 2.4% | 34.1% | ||
| Q2 24 | 1.4% | 70.7% | ||
| Q1 24 | 2.3% | 77.0% |
现金转化率CSWPLUG
| Q4 25 | 2.81× | — | ||
| Q3 25 | 1.52× | — | ||
| Q2 25 | 1.48× | — | ||
| Q1 25 | 0.78× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 1.62× | — | ||
| Q1 24 | 0.71× | — |
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
CSW
| Contractor Solutions Segment | $166.3M | 71% |
| Specialized Reliability Solutions Segment | $38.2M | 16% |
| Engineered Building Solutions Segment | $28.5M | 12% |
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% |
