vs
DULUTH HOLDINGS INC.（DLTH）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DULUTH HOLDINGS INC.的2.0倍（$225.2M vs $114.9M），DULUTH HOLDINGS INC.净利率更高（-8.8% vs -375.6%，领先366.8%），PLUG POWER INC同比增速更快（17.6% vs -9.6%），DULUTH HOLDINGS INC.自由现金流更多（$-8.9M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs -31.6%）
德卢思控股是一家美国工装及配饰企业，主打通过旗下德卢思贸易品牌开展产品销售业务，面向市场推出各类实用工装及相关配饰产品，是美国本土颇具特色的服饰零售企业。
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。
DLTH vs PLUG — 直观对比
营收规模更大
PLUG
是对方的2.0倍
$114.9M
营收增速更快
PLUG
高出27.2%
-9.6%
净利率更高
DLTH
高出366.8%
-375.6%
自由现金流更多
DLTH
多$144.1M
$-153.0M
两年增速更快
PLUG
近两年复合增速
-31.6%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $114.9M | $225.2M |
| 净利润 | $-10.1M | $-846.0M |
| 毛利率 | 53.8% | 2.4% |
| 营业利润率 | -7.7% | -338.9% |
| 净利率 | -8.8% | -375.6% |
| 营收同比 | -9.6% | 17.6% |
| 净利润同比 | 64.6% | 36.7% |
| 每股收益（稀释后） | $-0.29 | $-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DLTHPLUG
| Q4 25 | $114.9M | $225.2M | ||
| Q3 25 | $131.7M | $177.1M | ||
| Q2 25 | $102.7M | $174.0M | ||
| Q1 25 | $241.3M | $133.7M | ||
| Q4 24 | $127.1M | $191.5M | ||
| Q3 24 | $141.6M | $173.7M | ||
| Q2 24 | $116.7M | $143.3M | ||
| Q1 24 | $245.6M | $120.3M |
净利润DLTHPLUG
| Q4 25 | $-10.1M | $-846.0M | ||
| Q3 25 | $1.3M | $-361.9M | ||
| Q2 25 | $-15.3M | $-227.1M | ||
| Q1 25 | $-5.6M | $-196.7M | ||
| Q4 24 | $-28.2M | $-1.3B | ||
| Q3 24 | $-2.0M | $-211.2M | ||
| Q2 24 | $-7.9M | $-262.3M | ||
| Q1 24 | $6.4M | $-295.8M |
毛利率DLTHPLUG
| Q4 25 | 53.8% | 2.4% | ||
| Q3 25 | 54.7% | -67.9% | ||
| Q2 25 | 52.0% | -30.7% | ||
| Q1 25 | 44.1% | -55.3% | ||
| Q4 24 | 52.3% | -122.5% | ||
| Q3 24 | 52.3% | -57.6% | ||
| Q2 24 | 52.8% | -91.6% | ||
| Q1 24 | 48.2% | -132.3% |
营业利润率DLTHPLUG
| Q4 25 | -7.7% | -338.9% | ||
| Q3 25 | 1.8% | -197.0% | ||
| Q2 25 | -12.0% | -101.7% | ||
| Q1 25 | -1.8% | -133.5% | ||
| Q4 24 | -17.4% | -678.7% | ||
| Q3 24 | -1.1% | -124.4% | ||
| Q2 24 | -7.7% | -170.7% | ||
| Q1 24 | 3.6% | -215.7% |
净利率DLTHPLUG
| Q4 25 | -8.8% | -375.6% | ||
| Q3 25 | 1.0% | -204.4% | ||
| Q2 25 | -14.9% | -130.5% | ||
| Q1 25 | -2.3% | -147.1% | ||
| Q4 24 | -22.2% | -697.5% | ||
| Q3 24 | -1.4% | -121.5% | ||
| Q2 24 | -6.7% | -183.0% | ||
| Q1 24 | 2.6% | -245.9% |
每股收益（稀释后）DLTHPLUG
| Q4 25 | $-0.29 | $-0.70 | ||
| Q3 25 | $0.04 | $-0.31 | ||
| Q2 25 | $-0.45 | $-0.20 | ||
| Q1 25 | $-0.17 | $-0.21 | ||
| Q4 24 | $-0.84 | $-1.61 | ||
| Q3 24 | $-0.06 | $-0.25 | ||
| Q2 24 | $-0.24 | $-0.36 | ||
| Q1 24 | $0.20 | $-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 | $8.2M | $368.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $160.6M | $978.1M |
| 总资产 | $468.0M | $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DLTHPLUG
| Q4 25 | $8.2M | $368.5M | ||
| Q3 25 | $5.7M | $165.9M | ||
| Q2 25 | $8.6M | $140.7M | ||
| Q1 25 | $3.3M | $295.8M | ||
| Q4 24 | $9.3M | $205.7M | ||
| Q3 24 | $9.8M | $93.9M | ||
| Q2 24 | $6.8M | $62.4M | ||
| Q1 24 | $32.2M | $172.9M |
总债务DLTHPLUG
| 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DLTHPLUG
| Q4 25 | $160.6M | $978.1M | ||
| Q3 25 | $170.0M | $1.4B | ||
| Q2 25 | $167.9M | $1.7B | ||
| Q1 25 | $182.7M | $1.9B | ||
| Q4 24 | $188.1M | $1.7B | ||
| Q3 24 | $215.7M | $3.0B | ||
| Q2 24 | $218.4M | $3.0B | ||
| Q1 24 | $222.8M | $2.9B |
总资产DLTHPLUG
| Q4 25 | $468.0M | $2.6B | ||
| Q3 25 | $433.8M | $3.1B | ||
| Q2 25 | $463.7M | $3.4B | ||
| Q1 25 | $452.4M | $3.6B | ||
| Q4 24 | $533.1M | $3.6B | ||
| Q3 24 | $488.6M | $4.7B | ||
| Q2 24 | $471.4M | $4.8B | ||
| Q1 24 | $491.2M | $4.8B |
负债/权益比DLTHPLUG
| 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 | $-6.7M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $-8.9M | $-153.0M |
| 自由现金流率自由现金流/营收 | -7.8% | -67.9% |
| 资本支出强度资本支出/营收 | 2.0% | 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 | $1.7M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流DLTHPLUG
| Q4 25 | $-6.7M | $-148.6M | ||
| Q3 25 | $32.0M | $-89.8M | ||
| Q2 25 | $-56.5M | $-191.8M | ||
| Q1 25 | $41.2M | $-105.6M | ||
| Q4 24 | $-41.1M | $-131.2M | ||
| Q3 24 | $16.6M | $-174.9M | ||
| Q2 24 | $-33.7M | $-254.7M | ||
| Q1 24 | $69.7M | $-167.7M |
自由现金流DLTHPLUG
| Q4 25 | $-8.9M | $-153.0M | ||
| Q3 25 | $29.8M | $-117.5M | ||
| Q2 25 | $-57.8M | $-230.4M | ||
| Q1 25 | $38.7M | $-146.0M | ||
| Q4 24 | $-43.7M | $-165.2M | ||
| Q3 24 | $15.0M | $-234.2M | ||
| Q2 24 | $-35.2M | $-356.0M | ||
| Q1 24 | $60.6M | $-260.3M |
自由现金流率DLTHPLUG
| Q4 25 | -7.8% | -67.9% | ||
| Q3 25 | 22.6% | -66.4% | ||
| Q2 25 | -56.3% | -132.5% | ||
| Q1 25 | 16.0% | -109.2% | ||
| Q4 24 | -34.4% | -86.3% | ||
| Q3 24 | 10.6% | -134.8% | ||
| Q2 24 | -30.2% | -248.4% | ||
| Q1 24 | 24.7% | -216.5% |
资本支出强度DLTHPLUG
| Q4 25 | 2.0% | 1.9% | ||
| Q3 25 | 1.7% | 15.6% | ||
| Q2 25 | 1.3% | 22.2% | ||
| Q1 25 | 1.0% | 30.3% | ||
| Q4 24 | 2.1% | 17.7% | ||
| Q3 24 | 1.2% | 34.1% | ||
| Q2 24 | 1.3% | 70.7% | ||
| Q1 24 | 3.7% | 77.0% |
现金转化率DLTHPLUG
| Q4 25 | — | — | ||
| Q3 25 | 25.40× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 10.86× | — |
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
DLTH
| Sales Channel Directly To Consumer | $67.4M | 59% |
| Sales Channel Through Intermediary | $47.4M | 41% |
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% |
