vs
DT Midstream, Inc.（DTM）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
DT Midstream, Inc.的季度营收约是PLUG POWER INC的1.4倍（$317.0M vs $225.2M），DT Midstream, Inc.净利率更高（35.0% vs -375.6%，领先410.6%），DT Midstream, Inc.同比增速更快（27.3% vs 17.6%），DT Midstream, Inc.自由现金流更多（$30.0M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 14.9%）
ONEOK是美国油气中游运营商，总部位于俄克拉荷马州塔尔萨，为油气行业提供收集、处理、分馏、运输及存储服务，是财富500强企业及标普500指数成分股。公司1906年成立时名为俄克拉荷马天然气公司，1980年更为现名。
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。
DTM vs PLUG — 直观对比
营收规模更大
DTM
是对方的1.4倍
$225.2M
营收增速更快
DTM
高出9.7%
17.6%
净利率更高
DTM
高出410.6%
-375.6%
自由现金流更多
DTM
多$183.0M
$-153.0M
两年增速更快
PLUG
近两年复合增速
14.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $317.0M | $225.2M |
| 净利润 | $111.0M | $-846.0M |
| 毛利率 | — | 2.4% |
| 营业利润率 | 49.2% | -338.9% |
| 净利率 | 35.0% | -375.6% |
| 营收同比 | 27.3% | 17.6% |
| 净利润同比 | 52.1% | 36.7% |
| 每股收益（稀释后） | $1.07 | $-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DTMPLUG
| Q4 25 | $317.0M | $225.2M | ||
| Q3 25 | $314.0M | $177.1M | ||
| Q2 25 | $309.0M | $174.0M | ||
| Q1 25 | $303.0M | $133.7M | ||
| Q4 24 | $249.0M | $191.5M | ||
| Q3 24 | $248.0M | $173.7M | ||
| Q2 24 | $244.0M | $143.3M | ||
| Q1 24 | $240.0M | $120.3M |
净利润DTMPLUG
| Q4 25 | $111.0M | $-846.0M | ||
| Q3 25 | $115.0M | $-361.9M | ||
| Q2 25 | $107.0M | $-227.1M | ||
| Q1 25 | $108.0M | $-196.7M | ||
| Q4 24 | $73.0M | $-1.3B | ||
| Q3 24 | $88.0M | $-211.2M | ||
| Q2 24 | $96.0M | $-262.3M | ||
| Q1 24 | $97.0M | $-295.8M |
毛利率DTMPLUG
| 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DTMPLUG
| Q4 25 | 49.2% | -338.9% | ||
| Q3 25 | 49.4% | -197.0% | ||
| Q2 25 | 50.2% | -101.7% | ||
| Q1 25 | 48.8% | -133.5% | ||
| Q4 24 | 45.4% | -678.7% | ||
| Q3 24 | 49.2% | -124.4% | ||
| Q2 24 | 53.3% | -170.7% | ||
| Q1 24 | 51.7% | -215.7% |
净利率DTMPLUG
| Q4 25 | 35.0% | -375.6% | ||
| Q3 25 | 36.6% | -204.4% | ||
| Q2 25 | 34.6% | -130.5% | ||
| Q1 25 | 35.6% | -147.1% | ||
| Q4 24 | 29.3% | -697.5% | ||
| Q3 24 | 35.5% | -121.5% | ||
| Q2 24 | 39.3% | -183.0% | ||
| Q1 24 | 40.4% | -245.9% |
每股收益（稀释后）DTMPLUG
| Q4 25 | $1.07 | $-0.70 | ||
| Q3 25 | $1.13 | $-0.31 | ||
| Q2 25 | $1.04 | $-0.20 | ||
| Q1 25 | $1.06 | $-0.21 | ||
| Q4 24 | $0.73 | $-1.61 | ||
| Q3 24 | $0.90 | $-0.25 | ||
| Q2 24 | $0.98 | $-0.36 | ||
| Q1 24 | $0.99 | $-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 | $54.0M | $368.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.7B | $978.1M |
| 总资产 | $10.1B | $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DTMPLUG
| Q4 25 | $54.0M | $368.5M | ||
| Q3 25 | $98.0M | $165.9M | ||
| Q2 25 | $74.0M | $140.7M | ||
| Q1 25 | $83.0M | $295.8M | ||
| Q4 24 | $68.0M | $205.7M | ||
| Q3 24 | $77.0M | $93.9M | ||
| Q2 24 | $73.0M | $62.4M | ||
| Q1 24 | $41.0M | $172.9M |
总债务DTMPLUG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.4B | — | ||
| Q3 24 | — | $3.9M | ||
| Q2 24 | — | $3.7M | ||
| Q1 24 | — | $3.8M |
股东权益DTMPLUG
| Q4 25 | $4.7B | $978.1M | ||
| Q3 25 | $4.7B | $1.4B | ||
| Q2 25 | $4.7B | $1.7B | ||
| Q1 25 | $4.6B | $1.9B | ||
| Q4 24 | $4.6B | $1.7B | ||
| Q3 24 | $4.2B | $3.0B | ||
| Q2 24 | $4.2B | $3.0B | ||
| Q1 24 | $4.2B | $2.9B |
总资产DTMPLUG
| Q4 25 | $10.1B | $2.6B | ||
| Q3 25 | $10.1B | $3.1B | ||
| Q2 25 | $10.0B | $3.4B | ||
| Q1 25 | $9.9B | $3.6B | ||
| Q4 24 | $9.9B | $3.6B | ||
| Q3 24 | $8.6B | $4.7B | ||
| Q2 24 | $9.0B | $4.8B | ||
| Q1 24 | $9.0B | $4.8B |
负债/权益比DTMPLUG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.72× | — | ||
| 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 | $161.0M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $30.0M | $-153.0M |
| 自由现金流率自由现金流/营收 | 9.5% | -67.9% |
| 资本支出强度资本支出/营收 | 41.3% | 1.9% |
| 现金转化率经营现金流/净利润 | 1.45× | — |
| 过去12个月自由现金流最近4个季度 | $441.0M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流DTMPLUG
| Q4 25 | $161.0M | $-148.6M | ||
| Q3 25 | $274.0M | $-89.8M | ||
| Q2 25 | $185.0M | $-191.8M | ||
| Q1 25 | $247.0M | $-105.6M | ||
| Q4 24 | $152.0M | $-131.2M | ||
| Q3 24 | $205.0M | $-174.9M | ||
| Q2 24 | $165.0M | $-254.7M | ||
| Q1 24 | $241.0M | $-167.7M |
自由现金流DTMPLUG
| Q4 25 | $30.0M | $-153.0M | ||
| Q3 25 | $131.0M | $-117.5M | ||
| Q2 25 | $104.0M | $-230.4M | ||
| Q1 25 | $176.0M | $-146.0M | ||
| Q4 24 | $62.0M | $-165.2M | ||
| Q3 24 | $124.0M | $-234.2M | ||
| Q2 24 | $84.0M | $-356.0M | ||
| Q1 24 | $143.0M | $-260.3M |
自由现金流率DTMPLUG
| Q4 25 | 9.5% | -67.9% | ||
| Q3 25 | 41.7% | -66.4% | ||
| Q2 25 | 33.7% | -132.5% | ||
| Q1 25 | 58.1% | -109.2% | ||
| Q4 24 | 24.9% | -86.3% | ||
| Q3 24 | 50.0% | -134.8% | ||
| Q2 24 | 34.4% | -248.4% | ||
| Q1 24 | 59.6% | -216.5% |
资本支出强度DTMPLUG
| Q4 25 | 41.3% | 1.9% | ||
| Q3 25 | 45.5% | 15.6% | ||
| Q2 25 | 26.2% | 22.2% | ||
| Q1 25 | 23.4% | 30.3% | ||
| Q4 24 | 36.1% | 17.7% | ||
| Q3 24 | 32.7% | 34.1% | ||
| Q2 24 | 33.2% | 70.7% | ||
| Q1 24 | 40.8% | 77.0% |
现金转化率DTMPLUG
| Q4 25 | 1.45× | — | ||
| Q3 25 | 2.38× | — | ||
| Q2 25 | 1.73× | — | ||
| Q1 25 | 2.29× | — | ||
| Q4 24 | 2.08× | — | ||
| Q3 24 | 2.33× | — | ||
| Q2 24 | 1.72× | — | ||
| Q1 24 | 2.48× | — |
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
DTM
| Pipeline Segment | $173.0M | 55% |
| Gathering Segment | $144.0M | 45% |
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% |
