vs
Ecovyst Inc.（ECVT）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Ecovyst Inc.的1.1倍（$225.2M vs $199.4M），Ecovyst Inc.同比增速更快（34.0% vs 17.6%），Ecovyst Inc.自由现金流更多（$22.9M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 18.7%）
Ecovyst Inc.是一家全球可持续特种材料供应商，主营高性能催化剂与功能性添加剂的研发、生产，产品服务覆盖工业制造、消费品、环保等核心领域，助力全球客户提升运营效率、降低碳排放。
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。
ECVT vs PLUG — 直观对比
营收规模更大
PLUG
是对方的1.1倍
$199.4M
营收增速更快
ECVT
高出16.3%
17.6%
自由现金流更多
ECVT
多$176.0M
$-153.0M
两年增速更快
PLUG
近两年复合增速
18.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $225.2M |
| 净利润 | — | $-846.0M |
| 毛利率 | 23.4% | 2.4% |
| 营业利润率 | 10.9% | -338.9% |
| 净利率 | — | -375.6% |
| 营收同比 | 34.0% | 17.6% |
| 净利润同比 | — | 36.7% |
| 每股收益（稀释后） | $0.06 | $-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ECVTPLUG
| Q4 25 | $199.4M | $225.2M | ||
| Q3 25 | $204.9M | $177.1M | ||
| Q2 25 | $176.1M | $174.0M | ||
| Q1 25 | $143.1M | $133.7M | ||
| Q4 24 | $148.9M | $191.5M | ||
| Q3 24 | $153.9M | $173.7M | ||
| Q2 24 | $154.0M | $143.3M | ||
| Q1 24 | $141.6M | $120.3M |
净利润ECVTPLUG
| Q4 25 | — | $-846.0M | ||
| Q3 25 | $-79.3M | $-361.9M | ||
| Q2 25 | $6.0M | $-227.1M | ||
| Q1 25 | $-3.6M | $-196.7M | ||
| Q4 24 | — | $-1.3B | ||
| Q3 24 | $14.3M | $-211.2M | ||
| Q2 24 | $8.3M | $-262.3M | ||
| Q1 24 | $1.2M | $-295.8M |
毛利率ECVTPLUG
| Q4 25 | 23.4% | 2.4% | ||
| Q3 25 | 25.4% | -67.9% | ||
| Q2 25 | 22.8% | -30.7% | ||
| Q1 25 | 13.3% | -55.3% | ||
| Q4 24 | 28.9% | -122.5% | ||
| Q3 24 | 29.3% | -57.6% | ||
| Q2 24 | 27.3% | -91.6% | ||
| Q1 24 | 23.5% | -132.3% |
营业利润率ECVTPLUG
| Q4 25 | 10.9% | -338.9% | ||
| Q3 25 | 13.8% | -197.0% | ||
| Q2 25 | 9.0% | -101.7% | ||
| Q1 25 | -0.7% | -133.5% | ||
| Q4 24 | 15.1% | -678.7% | ||
| Q3 24 | 17.9% | -124.4% | ||
| Q2 24 | 14.1% | -170.7% | ||
| Q1 24 | 9.5% | -215.7% |
净利率ECVTPLUG
| Q4 25 | — | -375.6% | ||
| Q3 25 | -38.7% | -204.4% | ||
| Q2 25 | 3.4% | -130.5% | ||
| Q1 25 | -2.5% | -147.1% | ||
| Q4 24 | — | -697.5% | ||
| Q3 24 | 9.3% | -121.5% | ||
| Q2 24 | 5.4% | -183.0% | ||
| Q1 24 | 0.9% | -245.9% |
每股收益（稀释后）ECVTPLUG
| Q4 25 | $0.06 | $-0.70 | ||
| Q3 25 | $-0.69 | $-0.31 | ||
| Q2 25 | $0.05 | $-0.20 | ||
| Q1 25 | $-0.03 | $-0.21 | ||
| Q4 24 | $-0.26 | $-1.61 | ||
| Q3 24 | $0.12 | $-0.25 | ||
| Q2 24 | $0.07 | $-0.36 | ||
| Q1 24 | $0.01 | $-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 | $197.2M | $368.5M |
| 总债务越低越好 | $392.6M | — |
| 股东权益账面价值 | $603.4M | $978.1M |
| 总资产 | $1.3B | $2.6B |
| 负债/权益比越低杠杆越低 | 0.65× | — |
8季度趋势，按日历期对齐
现金及短期投资ECVTPLUG
| Q4 25 | $197.2M | $368.5M | ||
| Q3 25 | $82.0M | $165.9M | ||
| Q2 25 | $69.6M | $140.7M | ||
| Q1 25 | $127.5M | $295.8M | ||
| Q4 24 | $131.4M | $205.7M | ||
| Q3 24 | $123.5M | $93.9M | ||
| Q2 24 | $83.3M | $62.4M | ||
| Q1 24 | $103.1M | $172.9M |
总债务ECVTPLUG
| Q4 25 | $392.6M | — | ||
| Q3 25 | $854.8M | — | ||
| Q2 25 | $856.6M | — | ||
| Q1 25 | $859.0M | — | ||
| Q4 24 | $860.8M | — | ||
| Q3 24 | $862.7M | $3.9M | ||
| Q2 24 | $862.4M | $3.7M | ||
| Q1 24 | $866.2M | $3.8M |
股东权益ECVTPLUG
| Q4 25 | $603.4M | $978.1M | ||
| Q3 25 | $607.9M | $1.4B | ||
| Q2 25 | $692.4M | $1.7B | ||
| Q1 25 | $698.7M | $1.9B | ||
| Q4 24 | $700.5M | $1.7B | ||
| Q3 24 | $729.4M | $3.0B | ||
| Q2 24 | $717.3M | $3.0B | ||
| Q1 24 | $711.4M | $2.9B |
总资产ECVTPLUG
| Q4 25 | $1.3B | $2.6B | ||
| Q3 25 | $1.7B | $3.1B | ||
| Q2 25 | $1.8B | $3.4B | ||
| Q1 25 | $1.8B | $3.6B | ||
| Q4 24 | $1.8B | $3.6B | ||
| Q3 24 | $1.8B | $4.7B | ||
| Q2 24 | $1.8B | $4.8B | ||
| Q1 24 | $1.8B | $4.8B |
负债/权益比ECVTPLUG
| Q4 25 | 0.65× | — | ||
| Q3 25 | 1.41× | — | ||
| Q2 25 | 1.24× | — | ||
| Q1 25 | 1.23× | — | ||
| Q4 24 | 1.23× | — | ||
| Q3 24 | 1.18× | 0.00× | ||
| Q2 24 | 1.20× | 0.00× | ||
| Q1 24 | 1.22× | 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 | $41.8M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $22.9M | $-153.0M |
| 自由现金流率自由现金流/营收 | 11.5% | -67.9% |
| 资本支出强度资本支出/营收 | 9.4% | 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 | $69.9M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流ECVTPLUG
| Q4 25 | $41.8M | $-148.6M | ||
| Q3 25 | $55.3M | $-89.8M | ||
| Q2 25 | $33.0M | $-191.8M | ||
| Q1 25 | $10.3M | $-105.6M | ||
| Q4 24 | $43.5M | $-131.2M | ||
| Q3 24 | $59.9M | $-174.9M | ||
| Q2 24 | $10.0M | $-254.7M | ||
| Q1 24 | $36.5M | $-167.7M |
自由现金流ECVTPLUG
| Q4 25 | $22.9M | $-153.0M | ||
| Q3 25 | $53.2M | $-117.5M | ||
| Q2 25 | $7.8M | $-230.4M | ||
| Q1 25 | $-14.0M | $-146.0M | ||
| Q4 24 | $30.9M | $-165.2M | ||
| Q3 24 | $53.6M | $-234.2M | ||
| Q2 24 | $-9.3M | $-356.0M | ||
| Q1 24 | $19.1M | $-260.3M |
自由现金流率ECVTPLUG
| Q4 25 | 11.5% | -67.9% | ||
| Q3 25 | 26.0% | -66.4% | ||
| Q2 25 | 4.4% | -132.5% | ||
| Q1 25 | -9.8% | -109.2% | ||
| Q4 24 | 20.7% | -86.3% | ||
| Q3 24 | 34.9% | -134.8% | ||
| Q2 24 | -6.1% | -248.4% | ||
| Q1 24 | 13.5% | -216.5% |
资本支出强度ECVTPLUG
| Q4 25 | 9.4% | 1.9% | ||
| Q3 25 | 1.0% | 15.6% | ||
| Q2 25 | 14.4% | 22.2% | ||
| Q1 25 | 16.9% | 30.3% | ||
| Q4 24 | 8.5% | 17.7% | ||
| Q3 24 | 4.1% | 34.1% | ||
| Q2 24 | 12.5% | 70.7% | ||
| Q1 24 | 12.3% | 77.0% |
现金转化率ECVTPLUG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 5.52× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 4.21× | — | ||
| Q2 24 | 1.20× | — | ||
| Q1 24 | 29.90× | — |
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
ECVT
| Industrial Mining Automotive | $101.3M | 51% |
| Regeneration And Treatment Services | $90.0M | 45% |
| Other | $8.1M | 4% |
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% |
