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GRAFTECH INTERNATIONAL LTD（EAF）与FUELCELL ENERGY INC（FCEL）财务数据对比。点击上方公司名可切换其他公司
GRAFTECH INTERNATIONAL LTD的季度营收约是FUELCELL ENERGY INC的2.1倍（$116.5M vs $55.0M）。FUELCELL ENERGY INC净利率更高（-54.3% vs -55.9%，领先1.6%）。FUELCELL ENERGY INC同比增速更快（11.5% vs -13.2%）。FUELCELL ENERGY INC自由现金流更多（$-23.9M vs $-39.3M）。过去两年FUELCELL ENERGY INC的营收复合增速更高（81.6% vs -7.7%）
格瑞泰克国际有限公司是石墨电极与石油焦生产商，其产品是电弧炉炼钢及其他金属生产的核心原材料。公司总部位于俄亥俄州布鲁克林海茨，在法国加来、西班牙潘普洛纳、墨西哥蒙特雷以及美国宾夕法尼亚州圣玛丽斯均设有生产基地。
燃料电池能源公司是一家上市燃料电池企业，总部位于美国康涅狄格州丹伯里，公司主打基于熔融碳酸盐燃料电池技术的发电站业务，从事相关产品的设计、生产，同时还提供发电站运营及相关技术服务。
EAF vs FCEL — 直观对比
营收规模更大
EAF
是对方的2.1倍
$55.0M
营收增速更快
FCEL
高出24.8%
-13.2%
净利率更高
FCEL
高出1.6%
-55.9%
自由现金流更多
FCEL
多$15.4M
$-39.3M
两年增速更快
FCEL
近两年复合增速
-7.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $116.5M | $55.0M |
| 净利润 | $-65.1M | $-29.9M |
| 毛利率 | -20.9% | -12.1% |
| 营业利润率 | -33.6% | -51.5% |
| 净利率 | -55.9% | -54.3% |
| 营收同比 | -13.2% | 11.5% |
| 净利润同比 | -31.6% | 27.9% |
| 每股收益（稀释后） | $-6.86 | $-0.43 |
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EAFFCEL
| Q4 25 | $116.5M | $55.0M | ||
| Q3 25 | $144.0M | $46.7M | ||
| Q2 25 | $131.8M | $37.4M | ||
| Q1 25 | $111.8M | $19.0M | ||
| Q4 24 | $134.2M | $49.3M | ||
| Q3 24 | $130.7M | $23.7M | ||
| Q2 24 | $137.3M | $22.4M | ||
| Q1 24 | $136.6M | $16.7M |
净利润EAFFCEL
| Q4 25 | $-65.1M | $-29.9M | ||
| Q3 25 | $-28.5M | $-91.7M | ||
| Q2 25 | $-86.9M | $-38.0M | ||
| Q1 25 | $-39.4M | $-28.3M | ||
| Q4 24 | $-49.5M | $-41.4M | ||
| Q3 24 | $-36.1M | $-32.7M | ||
| Q2 24 | $-14.8M | $-32.1M | ||
| Q1 24 | $-30.9M | $-19.8M |
毛利率EAFFCEL
| Q4 25 | -20.9% | -12.1% | ||
| Q3 25 | 7.2% | -11.0% | ||
| Q2 25 | 0.0% | -25.2% | ||
| Q1 25 | -1.5% | -27.4% | ||
| Q4 24 | -7.8% | -22.1% | ||
| Q3 24 | -9.2% | -26.2% | ||
| Q2 24 | 2.9% | -31.6% | ||
| Q1 24 | -1.0% | -70.2% |
营业利润率EAFFCEL
| Q4 25 | -33.6% | -51.5% | ||
| Q3 25 | -3.6% | -204.0% | ||
| Q2 25 | -11.0% | -95.7% | ||
| Q1 25 | -16.3% | -172.9% | ||
| Q4 24 | -18.6% | -83.2% | ||
| Q3 24 | -20.1% | -141.9% | ||
| Q2 24 | -2.0% | -184.5% | ||
| Q1 24 | -15.6% | -254.5% |
净利率EAFFCEL
| Q4 25 | -55.9% | -54.3% | ||
| Q3 25 | -19.8% | -196.1% | ||
| Q2 25 | -65.9% | -101.7% | ||
| Q1 25 | -35.2% | -149.1% | ||
| Q4 24 | -36.9% | -84.0% | ||
| Q3 24 | -27.6% | -137.8% | ||
| Q2 24 | -10.7% | -143.4% | ||
| Q1 24 | -22.6% | -118.6% |
每股收益（稀释后）EAFFCEL
| Q4 25 | $-6.86 | $-0.43 | ||
| Q3 25 | $-1.10 | $-3.78 | ||
| Q2 25 | $-0.34 | $-1.79 | ||
| Q1 25 | $-0.15 | $-1.42 | ||
| Q4 24 | $-3.51 | $-2.29 | ||
| Q3 24 | $-1.40 | $-1.99 | ||
| Q2 24 | $-0.06 | $-2.18 | ||
| Q1 24 | $-0.12 | $-1.37 |
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 | — | $278.1M |
| 总债务越低越好 | $1.1B | $103.8M |
| 股东权益账面价值 | $-259.6M | $662.2M |
| 总资产 | $1.0B | $932.1M |
| 负债/权益比越低杠杆越低 | — | 0.16× |
8季度趋势，按日历期对齐
现金及短期投资EAFFCEL
| Q4 25 | — | $278.1M | ||
| Q3 25 | — | $174.7M | ||
| Q2 25 | — | $177.0M | ||
| Q1 25 | — | $208.4M | ||
| Q4 24 | — | $257.3M | ||
| Q3 24 | — | $267.2M | ||
| Q2 24 | $120.7M | $260.1M | ||
| Q1 24 | $165.2M | $297.5M |
总债务EAFFCEL
| Q4 25 | $1.1B | $103.8M | ||
| Q3 25 | $1.1B | $106.4M | ||
| Q2 25 | $1.1B | $109.4M | ||
| Q1 25 | $1.1B | $112.3M | ||
| Q4 24 | $1.1B | $115.7M | ||
| Q3 24 | $929.5M | $112.7M | ||
| Q2 24 | $928.2M | $116.2M | ||
| Q1 24 | $926.9M | $107.2M |
股东权益EAFFCEL
| Q4 25 | $-259.6M | $662.2M | ||
| Q3 25 | $-194.4M | $556.2M | ||
| Q2 25 | $-168.4M | $609.2M | ||
| Q1 25 | $-105.3M | $635.2M | ||
| Q4 24 | $-78.9M | $656.9M | ||
| Q3 24 | $-9.0M | $675.8M | ||
| Q2 24 | $16.2M | $639.8M | ||
| Q1 24 | $37.6M | $663.9M |
总资产EAFFCEL
| Q4 25 | $1.0B | $932.1M | ||
| Q3 25 | $1.1B | $830.5M | ||
| Q2 25 | $1.1B | $883.8M | ||
| Q1 25 | $1.2B | $907.5M | ||
| Q4 24 | $1.2B | $944.1M | ||
| Q3 24 | $1.1B | $948.9M | ||
| Q2 24 | $1.2B | $916.8M | ||
| Q1 24 | $1.2B | $923.2M |
负债/权益比EAFFCEL
| Q4 25 | — | 0.16× | ||
| Q3 25 | — | 0.19× | ||
| Q2 25 | — | 0.18× | ||
| Q1 25 | — | 0.18× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | — | 0.17× | ||
| Q2 24 | 57.16× | 0.18× | ||
| Q1 24 | 24.64× | 0.16× |
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 | $-20.9M | $-22.9M |
| 自由现金流经营现金流 - 资本支出 | $-39.3M | $-23.9M |
| 自由现金流率自由现金流/营收 | -33.7% | -43.4% |
| 资本支出强度资本支出/营收 | 15.8% | 1.8% |
| 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 | $-120.5M | $-143.9M |
8季度趋势，按日历期对齐
经营现金流EAFFCEL
| Q4 25 | $-20.9M | $-22.9M | ||
| Q3 25 | $24.7M | $-26.8M | ||
| Q2 25 | $-53.2M | $-29.9M | ||
| Q1 25 | $-32.2M | $-45.7M | ||
| Q4 24 | $-26.4M | $5.8M | ||
| Q3 24 | $23.7M | $-63.4M | ||
| Q2 24 | $-36.9M | $-37.1M | ||
| Q1 24 | $-530.0K | $-58.3M |
自由现金流EAFFCEL
| Q4 25 | $-39.3M | $-23.9M | ||
| Q3 25 | $18.4M | $-32.1M | ||
| Q2 25 | $-57.1M | $-35.2M | ||
| Q1 25 | $-42.5M | $-52.8M | ||
| Q4 24 | $-39.2M | $-4.7M | ||
| Q3 24 | $19.7M | $-76.8M | ||
| Q2 24 | $-43.8M | $-50.3M | ||
| Q1 24 | $-11.0M | $-68.8M |
自由现金流率EAFFCEL
| Q4 25 | -33.7% | -43.4% | ||
| Q3 25 | 12.8% | -68.6% | ||
| Q2 25 | -43.3% | -94.0% | ||
| Q1 25 | -38.0% | -277.8% | ||
| Q4 24 | -29.2% | -9.5% | ||
| Q3 24 | 15.1% | -324.0% | ||
| Q2 24 | -31.9% | -224.5% | ||
| Q1 24 | -8.1% | -412.4% |
资本支出强度EAFFCEL
| Q4 25 | 15.8% | 1.8% | ||
| Q3 25 | 4.4% | 11.2% | ||
| Q2 25 | 3.0% | 14.1% | ||
| Q1 25 | 9.2% | 37.2% | ||
| Q4 24 | 9.5% | 21.4% | ||
| Q3 24 | 3.1% | 56.6% | ||
| Q2 24 | 5.1% | 58.9% | ||
| Q1 24 | 7.7% | 63.3% |
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
EAF
| Graphite Electrodes | $107.0M | 92% |
| By Products And Other | $9.4M | 8% |
FCEL
| Other | $30.0M | 55% |
| Electricity Generation | $12.2M | 22% |
| Services | $7.3M | 13% |
| Advanced Technologies | $5.5M | 10% |
