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Embecta Corp.（EMBC）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
Embecta Corp.的季度营收约是PLUG POWER INC的1.2倍（$261.2M vs $225.2M），Embecta Corp.净利率更高（16.9% vs -375.6%，领先392.5%），PLUG POWER INC同比增速更快（17.6% vs -0.3%），Embecta Corp.自由现金流更多（$16.6M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs -4.6%）
Embecta Corp.是一家专注于糖尿病护理领域的全球医疗科技企业，主要设计、生产及销售胰岛素笔针、注射器、输注组件等给药装置，产品服务覆盖全球多个地区的患者、医疗机构及生物制药合作方。
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。
EMBC vs PLUG — 直观对比
营收规模更大
EMBC
是对方的1.2倍
$225.2M
营收增速更快
PLUG
高出17.9%
-0.3%
净利率更高
EMBC
高出392.5%
-375.6%
自由现金流更多
EMBC
多$169.6M
$-153.0M
两年增速更快
PLUG
近两年复合增速
-4.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $261.2M | $225.2M |
| 净利润 | $44.1M | $-846.0M |
| 毛利率 | 61.9% | 2.4% |
| 营业利润率 | 31.9% | -338.9% |
| 净利率 | 16.9% | -375.6% |
| 营收同比 | -0.3% | 17.6% |
| 净利润同比 | — | 36.7% |
| 每股收益（稀释后） | $0.74 | $-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EMBCPLUG
| Q4 25 | $261.2M | $225.2M | ||
| Q3 25 | $264.0M | $177.1M | ||
| Q2 25 | $295.5M | $174.0M | ||
| Q1 25 | $259.0M | $133.7M | ||
| Q4 24 | $261.9M | $191.5M | ||
| Q3 24 | $286.1M | $173.7M | ||
| Q2 24 | $272.5M | $143.3M | ||
| Q1 24 | $287.2M | $120.3M |
净利润EMBCPLUG
| Q4 25 | $44.1M | $-846.0M | ||
| Q3 25 | $26.4M | $-361.9M | ||
| Q2 25 | $45.5M | $-227.1M | ||
| Q1 25 | $23.5M | $-196.7M | ||
| Q4 24 | $0 | $-1.3B | ||
| Q3 24 | $14.6M | $-211.2M | ||
| Q2 24 | $14.7M | $-262.3M | ||
| Q1 24 | $28.9M | $-295.8M |
毛利率EMBCPLUG
| Q4 25 | 61.9% | 2.4% | ||
| Q3 25 | 60.0% | -67.9% | ||
| Q2 25 | 66.7% | -30.7% | ||
| Q1 25 | 63.4% | -55.3% | ||
| Q4 24 | 60.0% | -122.5% | ||
| Q3 24 | 60.7% | -57.6% | ||
| Q2 24 | 69.8% | -91.6% | ||
| Q1 24 | 64.6% | -132.3% |
营业利润率EMBCPLUG
| Q4 25 | 31.9% | -338.9% | ||
| Q3 25 | 21.4% | -197.0% | ||
| Q2 25 | 31.8% | -101.7% | ||
| Q1 25 | 24.3% | -133.5% | ||
| Q4 24 | 11.0% | -678.7% | ||
| Q3 24 | 9.2% | -124.4% | ||
| Q2 24 | 20.5% | -170.7% | ||
| Q1 24 | 13.6% | -215.7% |
净利率EMBCPLUG
| Q4 25 | 16.9% | -375.6% | ||
| Q3 25 | 10.0% | -204.4% | ||
| Q2 25 | 15.4% | -130.5% | ||
| Q1 25 | 9.1% | -147.1% | ||
| Q4 24 | — | -697.5% | ||
| Q3 24 | 5.1% | -121.5% | ||
| Q2 24 | 5.4% | -183.0% | ||
| Q1 24 | 10.1% | -245.9% |
每股收益（稀释后）EMBCPLUG
| Q4 25 | $0.74 | $-0.70 | ||
| Q3 25 | $0.44 | $-0.31 | ||
| Q2 25 | $0.78 | $-0.20 | ||
| Q1 25 | $0.40 | $-0.21 | ||
| Q4 24 | $0.00 | $-1.61 | ||
| Q3 24 | $0.24 | $-0.25 | ||
| Q2 24 | $0.25 | $-0.36 | ||
| Q1 24 | $0.50 | $-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 | $201.3M | $368.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-613.1M | $978.1M |
| 总资产 | $1.1B | $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EMBCPLUG
| Q4 25 | $201.3M | $368.5M | ||
| Q3 25 | $225.5M | $165.9M | ||
| Q2 25 | $230.6M | $140.7M | ||
| Q1 25 | $209.3M | $295.8M | ||
| Q4 24 | $210.0M | $205.7M | ||
| Q3 24 | $267.5M | $93.9M | ||
| Q2 24 | $275.1M | $62.4M | ||
| Q1 24 | $299.8M | $172.9M |
总债务EMBCPLUG
| Q4 25 | — | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $1.6B | $3.9M | ||
| Q2 24 | — | $3.7M | ||
| Q1 24 | — | $3.8M |
股东权益EMBCPLUG
| Q4 25 | $-613.1M | $978.1M | ||
| Q3 25 | $-650.6M | $1.4B | ||
| Q2 25 | $-669.6M | $1.7B | ||
| Q1 25 | $-736.2M | $1.9B | ||
| Q4 24 | $-768.8M | $1.7B | ||
| Q3 24 | $-738.3M | $3.0B | ||
| Q2 24 | $-763.7M | $3.0B | ||
| Q1 24 | $-769.6M | $2.9B |
总资产EMBCPLUG
| Q4 25 | $1.1B | $2.6B | ||
| Q3 25 | $1.1B | $3.1B | ||
| Q2 25 | $1.2B | $3.4B | ||
| Q1 25 | $1.1B | $3.6B | ||
| Q4 24 | $1.1B | $3.6B | ||
| Q3 24 | $1.3B | $4.7B | ||
| Q2 24 | $1.3B | $4.8B | ||
| Q1 24 | $1.2B | $4.8B |
负债/权益比EMBCPLUG
| 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 | $17.2M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $16.6M | $-153.0M |
| 自由现金流率自由现金流/营收 | 6.4% | -67.9% |
| 资本支出强度资本支出/营收 | 0.2% | 1.9% |
| 现金转化率经营现金流/净利润 | 0.39× | — |
| 过去12个月自由现金流最近4个季度 | $205.8M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流EMBCPLUG
| Q4 25 | $17.2M | $-148.6M | ||
| Q3 25 | $84.0M | $-89.8M | ||
| Q2 25 | $81.2M | $-191.8M | ||
| Q1 25 | $31.8M | $-105.6M | ||
| Q4 24 | $-5.3M | $-131.2M | ||
| Q3 24 | $26.6M | $-174.9M | ||
| Q2 24 | $-2.1M | $-254.7M | ||
| Q1 24 | $24.3M | $-167.7M |
自由现金流EMBCPLUG
| Q4 25 | $16.6M | $-153.0M | ||
| Q3 25 | $76.7M | $-117.5M | ||
| Q2 25 | $80.8M | $-230.4M | ||
| Q1 25 | $31.7M | $-146.0M | ||
| Q4 24 | $-6.8M | $-165.2M | ||
| Q3 24 | — | $-234.2M | ||
| Q2 24 | $-11.8M | $-356.0M | ||
| Q1 24 | $20.9M | $-260.3M |
自由现金流率EMBCPLUG
| Q4 25 | 6.4% | -67.9% | ||
| Q3 25 | 29.1% | -66.4% | ||
| Q2 25 | 27.3% | -132.5% | ||
| Q1 25 | 12.2% | -109.2% | ||
| Q4 24 | -2.6% | -86.3% | ||
| Q3 24 | — | -134.8% | ||
| Q2 24 | -4.3% | -248.4% | ||
| Q1 24 | 7.3% | -216.5% |
资本支出强度EMBCPLUG
| Q4 25 | 0.2% | 1.9% | ||
| Q3 25 | 2.8% | 15.6% | ||
| Q2 25 | 0.1% | 22.2% | ||
| Q1 25 | 0.0% | 30.3% | ||
| Q4 24 | 0.6% | 17.7% | ||
| Q3 24 | 0.0% | 34.1% | ||
| Q2 24 | 3.6% | 70.7% | ||
| Q1 24 | 1.2% | 77.0% |
现金转化率EMBCPLUG
| Q4 25 | 0.39× | — | ||
| Q3 25 | 3.18× | — | ||
| Q2 25 | 1.78× | — | ||
| Q1 25 | 1.35× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.82× | — | ||
| Q2 24 | -0.14× | — | ||
| Q1 24 | 0.84× | — |
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
EMBC
| Pen Needles | $185.5M | 71% |
| Safety | $37.3M | 14% |
| Syringes | $30.7M | 12% |
| Manufacturing Facility | $4.1M | 2% |
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% |
