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GE医疗（DHC）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
GE医疗的季度营收约是PLUG POWER INC的1.7倍（$379.6M vs $225.2M），GE医疗净利率更高（-5.6% vs -375.6%，领先370.0%），PLUG POWER INC同比增速更快（17.6% vs -0.0%），PLUG POWER INC自由现金流更多（$-153.0M vs $-166.4M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 1.2%）
GE医疗是一家总部位于美国伊利诺伊州芝加哥市的医疗科技企业，业务涵盖四大板块：医疗影像设备，包括分子成像、CT、核磁共振、妇科健康筛查及X光系统；超声设备；患者护理解决方案，聚焦远程患者监测、麻醉呼吸护理、心脏诊断及婴幼儿护理；此外还涉及医药相关领域，是全球医疗行业的知名企业。
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。
DHC vs PLUG — 直观对比
营收规模更大
DHC
是对方的1.7倍
$225.2M
营收增速更快
PLUG
高出17.6%
-0.0%
净利率更高
DHC
高出370.0%
-375.6%
自由现金流更多
PLUG
多$13.4M
$-166.4M
两年增速更快
PLUG
近两年复合增速
1.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $379.6M | $225.2M |
| 净利润 | $-21.2M | $-846.0M |
| 毛利率 | — | 2.4% |
| 营业利润率 | -12.6% | -338.9% |
| 净利率 | -5.6% | -375.6% |
| 营收同比 | -0.0% | 17.6% |
| 净利润同比 | 75.7% | 36.7% |
| 每股收益（稀释后） | $-0.09 | $-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DHCPLUG
| Q4 25 | $379.6M | $225.2M | ||
| Q3 25 | $388.7M | $177.1M | ||
| Q2 25 | $382.7M | $174.0M | ||
| Q1 25 | $386.9M | $133.7M | ||
| Q4 24 | $379.6M | $191.5M | ||
| Q3 24 | $373.6M | $173.7M | ||
| Q2 24 | $371.4M | $143.3M | ||
| Q1 24 | $370.8M | $120.3M |
净利润DHCPLUG
| Q4 25 | $-21.2M | $-846.0M | ||
| Q3 25 | $-164.0M | $-361.9M | ||
| Q2 25 | $-91.6M | $-227.1M | ||
| Q1 25 | $-9.0M | $-196.7M | ||
| Q4 24 | $-87.4M | $-1.3B | ||
| Q3 24 | $-98.7M | $-211.2M | ||
| Q2 24 | $-97.9M | $-262.3M | ||
| Q1 24 | $-86.3M | $-295.8M |
毛利率DHCPLUG
| 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DHCPLUG
| Q4 25 | -12.6% | -338.9% | ||
| Q3 25 | -43.4% | -197.0% | ||
| Q2 25 | -24.5% | -101.7% | ||
| Q1 25 | -2.7% | -133.5% | ||
| Q4 24 | -26.1% | -678.7% | ||
| Q3 24 | -26.5% | -124.4% | ||
| Q2 24 | -23.0% | -170.7% | ||
| Q1 24 | -23.7% | -215.7% |
净利率DHCPLUG
| Q4 25 | -5.6% | -375.6% | ||
| Q3 25 | -42.2% | -204.4% | ||
| Q2 25 | -23.9% | -130.5% | ||
| Q1 25 | -2.3% | -147.1% | ||
| Q4 24 | -23.0% | -697.5% | ||
| Q3 24 | -26.4% | -121.5% | ||
| Q2 24 | -26.3% | -183.0% | ||
| Q1 24 | -23.3% | -245.9% |
每股收益（稀释后）DHCPLUG
| Q4 25 | $-0.09 | $-0.70 | ||
| Q3 25 | $-0.68 | $-0.31 | ||
| Q2 25 | $-0.38 | $-0.20 | ||
| Q1 25 | $-0.04 | $-0.21 | ||
| Q4 24 | $-0.37 | $-1.61 | ||
| Q3 24 | $-0.41 | $-0.25 | ||
| Q2 24 | $-0.41 | $-0.36 | ||
| Q1 24 | $-0.36 | $-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 | $105.4M | $368.5M |
| 总债务越低越好 | $2.4B | — |
| 股东权益账面价值 | $1.7B | $978.1M |
| 总资产 | $4.4B | $2.6B |
| 负债/权益比越低杠杆越低 | 1.47× | — |
8季度趋势，按日历期对齐
现金及短期投资DHCPLUG
| Q4 25 | $105.4M | $368.5M | ||
| Q3 25 | $201.4M | $165.9M | ||
| Q2 25 | $141.8M | $140.7M | ||
| Q1 25 | $302.6M | $295.8M | ||
| Q4 24 | $144.6M | $205.7M | ||
| Q3 24 | $256.5M | $93.9M | ||
| Q2 24 | $265.6M | $62.4M | ||
| Q1 24 | $207.1M | $172.9M |
总债务DHCPLUG
| Q4 25 | $2.4B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | — | $3.9M | ||
| Q2 24 | — | $3.7M | ||
| Q1 24 | — | $3.8M |
股东权益DHCPLUG
| Q4 25 | $1.7B | $978.1M | ||
| Q3 25 | $1.7B | $1.4B | ||
| Q2 25 | $1.9B | $1.7B | ||
| Q1 25 | $1.9B | $1.9B | ||
| Q4 24 | $2.0B | $1.7B | ||
| Q3 24 | $2.0B | $3.0B | ||
| Q2 24 | $2.1B | $3.0B | ||
| Q1 24 | $2.2B | $2.9B |
总资产DHCPLUG
| Q4 25 | $4.4B | $2.6B | ||
| Q3 25 | $4.7B | $3.1B | ||
| Q2 25 | $4.8B | $3.4B | ||
| Q1 25 | $5.0B | $3.6B | ||
| Q4 24 | $5.1B | $3.6B | ||
| Q3 24 | $5.3B | $4.7B | ||
| Q2 24 | $5.3B | $4.8B | ||
| Q1 24 | $5.3B | $4.8B |
负债/权益比DHCPLUG
| Q4 25 | 1.47× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.56× | — | ||
| 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 | $-19.6M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $-166.4M | $-153.0M |
| 自由现金流率自由现金流/营收 | -43.8% | -67.9% |
| 资本支出强度资本支出/营收 | 38.7% | 1.9% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $-280.3M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流DHCPLUG
| Q4 25 | $-19.6M | $-148.6M | ||
| Q3 25 | $-49.3M | $-89.8M | ||
| Q2 25 | $53.0M | $-191.8M | ||
| Q1 25 | $-3.2M | $-105.6M | ||
| Q4 24 | $112.2M | $-131.2M | ||
| Q3 24 | $21.1M | $-174.9M | ||
| Q2 24 | $44.3M | $-254.7M | ||
| Q1 24 | $28.6M | $-167.7M |
自由现金流DHCPLUG
| Q4 25 | $-166.4M | $-153.0M | ||
| Q3 25 | $-89.8M | $-117.5M | ||
| Q2 25 | $18.8M | $-230.4M | ||
| Q1 25 | $-42.9M | $-146.0M | ||
| Q4 24 | $-89.5M | $-165.2M | ||
| Q3 24 | $-26.1M | $-234.2M | ||
| Q2 24 | $3.3M | $-356.0M | ||
| Q1 24 | $-18.1M | $-260.3M |
自由现金流率DHCPLUG
| Q4 25 | -43.8% | -67.9% | ||
| Q3 25 | -23.1% | -66.4% | ||
| Q2 25 | 4.9% | -132.5% | ||
| Q1 25 | -11.1% | -109.2% | ||
| Q4 24 | -23.6% | -86.3% | ||
| Q3 24 | -7.0% | -134.8% | ||
| Q2 24 | 0.9% | -248.4% | ||
| Q1 24 | -4.9% | -216.5% |
资本支出强度DHCPLUG
| Q4 25 | 38.7% | 1.9% | ||
| Q3 25 | 10.4% | 15.6% | ||
| Q2 25 | 8.9% | 22.2% | ||
| Q1 25 | 10.2% | 30.3% | ||
| Q4 24 | 53.1% | 17.7% | ||
| Q3 24 | 12.6% | 34.1% | ||
| Q2 24 | 11.0% | 70.7% | ||
| Q1 24 | 12.6% | 77.0% |
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
DHC
| Senior Housing Operating Portfolio Segment | $323.4M | 85% |
| Rental Income | $56.2M | 15% |
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% |
