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GRAFTECH INTERNATIONAL LTD（EAF）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GRAFTECH INTERNATIONAL LTD的1.9倍（$225.2M vs $116.5M）。GRAFTECH INTERNATIONAL LTD净利率更高（-55.9% vs -375.6%，领先319.7%）。PLUG POWER INC同比增速更快（17.6% vs -13.2%）。GRAFTECH INTERNATIONAL LTD自由现金流更多（$-39.3M vs $-153.0M）。过去两年PLUG POWER INC的营收复合增速更高（36.8% 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。
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。
EAF vs PLUG — 直观对比
营收规模更大
PLUG
是对方的1.9倍
$116.5M
营收增速更快
PLUG
高出30.9%
-13.2%
净利率更高
EAF
高出319.7%
-375.6%
自由现金流更多
EAF
多$113.8M
$-153.0M
两年增速更快
PLUG
近两年复合增速
-7.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $116.5M | $225.2M |
| 净利润 | $-65.1M | $-846.0M |
| 毛利率 | -20.9% | 2.4% |
| 营业利润率 | -33.6% | -338.9% |
| 净利率 | -55.9% | -375.6% |
| 营收同比 | -13.2% | 17.6% |
| 净利润同比 | -31.6% | 36.7% |
| 每股收益（稀释后） | $-6.86 | $-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EAFPLUG
| Q4 25 | $116.5M | $225.2M | ||
| Q3 25 | $144.0M | $177.1M | ||
| Q2 25 | $131.8M | $174.0M | ||
| Q1 25 | $111.8M | $133.7M | ||
| Q4 24 | $134.2M | $191.5M | ||
| Q3 24 | $130.7M | $173.7M | ||
| Q2 24 | $137.3M | $143.3M | ||
| Q1 24 | $136.6M | $120.3M |
净利润EAFPLUG
| Q4 25 | $-65.1M | $-846.0M | ||
| Q3 25 | $-28.5M | $-361.9M | ||
| Q2 25 | $-86.9M | $-227.1M | ||
| Q1 25 | $-39.4M | $-196.7M | ||
| Q4 24 | $-49.5M | $-1.3B | ||
| Q3 24 | $-36.1M | $-211.2M | ||
| Q2 24 | $-14.8M | $-262.3M | ||
| Q1 24 | $-30.9M | $-295.8M |
毛利率EAFPLUG
| Q4 25 | -20.9% | 2.4% | ||
| Q3 25 | 7.2% | -67.9% | ||
| Q2 25 | 0.0% | -30.7% | ||
| Q1 25 | -1.5% | -55.3% | ||
| Q4 24 | -7.8% | -122.5% | ||
| Q3 24 | -9.2% | -57.6% | ||
| Q2 24 | 2.9% | -91.6% | ||
| Q1 24 | -1.0% | -132.3% |
营业利润率EAFPLUG
| Q4 25 | -33.6% | -338.9% | ||
| Q3 25 | -3.6% | -197.0% | ||
| Q2 25 | -11.0% | -101.7% | ||
| Q1 25 | -16.3% | -133.5% | ||
| Q4 24 | -18.6% | -678.7% | ||
| Q3 24 | -20.1% | -124.4% | ||
| Q2 24 | -2.0% | -170.7% | ||
| Q1 24 | -15.6% | -215.7% |
净利率EAFPLUG
| Q4 25 | -55.9% | -375.6% | ||
| Q3 25 | -19.8% | -204.4% | ||
| Q2 25 | -65.9% | -130.5% | ||
| Q1 25 | -35.2% | -147.1% | ||
| Q4 24 | -36.9% | -697.5% | ||
| Q3 24 | -27.6% | -121.5% | ||
| Q2 24 | -10.7% | -183.0% | ||
| Q1 24 | -22.6% | -245.9% |
每股收益（稀释后）EAFPLUG
| Q4 25 | $-6.86 | $-0.70 | ||
| Q3 25 | $-1.10 | $-0.31 | ||
| Q2 25 | $-0.34 | $-0.20 | ||
| Q1 25 | $-0.15 | $-0.21 | ||
| Q4 24 | $-3.51 | $-1.61 | ||
| Q3 24 | $-1.40 | $-0.25 | ||
| Q2 24 | $-0.06 | $-0.36 | ||
| Q1 24 | $-0.12 | $-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 | — | $368.5M |
| 总债务越低越好 | $1.1B | — |
| 股东权益账面价值 | $-259.6M | $978.1M |
| 总资产 | $1.0B | $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EAFPLUG
| Q4 25 | — | $368.5M | ||
| Q3 25 | — | $165.9M | ||
| Q2 25 | — | $140.7M | ||
| Q1 25 | — | $295.8M | ||
| Q4 24 | — | $205.7M | ||
| Q3 24 | — | $93.9M | ||
| Q2 24 | $120.7M | $62.4M | ||
| Q1 24 | $165.2M | $172.9M |
总债务EAFPLUG
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $929.5M | $3.9M | ||
| Q2 24 | $928.2M | $3.7M | ||
| Q1 24 | $926.9M | $3.8M |
股东权益EAFPLUG
| Q4 25 | $-259.6M | $978.1M | ||
| Q3 25 | $-194.4M | $1.4B | ||
| Q2 25 | $-168.4M | $1.7B | ||
| Q1 25 | $-105.3M | $1.9B | ||
| Q4 24 | $-78.9M | $1.7B | ||
| Q3 24 | $-9.0M | $3.0B | ||
| Q2 24 | $16.2M | $3.0B | ||
| Q1 24 | $37.6M | $2.9B |
总资产EAFPLUG
| Q4 25 | $1.0B | $2.6B | ||
| Q3 25 | $1.1B | $3.1B | ||
| Q2 25 | $1.1B | $3.4B | ||
| Q1 25 | $1.2B | $3.6B | ||
| Q4 24 | $1.2B | $3.6B | ||
| Q3 24 | $1.1B | $4.7B | ||
| Q2 24 | $1.2B | $4.8B | ||
| Q1 24 | $1.2B | $4.8B |
负债/权益比EAFPLUG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | 57.16× | 0.00× | ||
| Q1 24 | 24.64× | 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 | $-20.9M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $-39.3M | $-153.0M |
| 自由现金流率自由现金流/营收 | -33.7% | -67.9% |
| 资本支出强度资本支出/营收 | 15.8% | 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 | $-120.5M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流EAFPLUG
| Q4 25 | $-20.9M | $-148.6M | ||
| Q3 25 | $24.7M | $-89.8M | ||
| Q2 25 | $-53.2M | $-191.8M | ||
| Q1 25 | $-32.2M | $-105.6M | ||
| Q4 24 | $-26.4M | $-131.2M | ||
| Q3 24 | $23.7M | $-174.9M | ||
| Q2 24 | $-36.9M | $-254.7M | ||
| Q1 24 | $-530.0K | $-167.7M |
自由现金流EAFPLUG
| Q4 25 | $-39.3M | $-153.0M | ||
| Q3 25 | $18.4M | $-117.5M | ||
| Q2 25 | $-57.1M | $-230.4M | ||
| Q1 25 | $-42.5M | $-146.0M | ||
| Q4 24 | $-39.2M | $-165.2M | ||
| Q3 24 | $19.7M | $-234.2M | ||
| Q2 24 | $-43.8M | $-356.0M | ||
| Q1 24 | $-11.0M | $-260.3M |
自由现金流率EAFPLUG
| Q4 25 | -33.7% | -67.9% | ||
| Q3 25 | 12.8% | -66.4% | ||
| Q2 25 | -43.3% | -132.5% | ||
| Q1 25 | -38.0% | -109.2% | ||
| Q4 24 | -29.2% | -86.3% | ||
| Q3 24 | 15.1% | -134.8% | ||
| Q2 24 | -31.9% | -248.4% | ||
| Q1 24 | -8.1% | -216.5% |
资本支出强度EAFPLUG
| Q4 25 | 15.8% | 1.9% | ||
| Q3 25 | 4.4% | 15.6% | ||
| Q2 25 | 3.0% | 22.2% | ||
| Q1 25 | 9.2% | 30.3% | ||
| Q4 24 | 9.5% | 17.7% | ||
| Q3 24 | 3.1% | 34.1% | ||
| Q2 24 | 5.1% | 70.7% | ||
| Q1 24 | 7.7% | 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
EAF
| Graphite Electrodes | $107.0M | 92% |
| By Products And Other | $9.4M | 8% |
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% |
