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Enphase Energy（ENPH）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
Enphase Energy的季度营收约是PLUG POWER INC的1.3倍（$282.9M vs $225.2M），Enphase Energy净利率更高（-2.6% vs -375.6%，领先373.0%），PLUG POWER INC同比增速更快（17.6% vs -20.6%），Enphase Energy自由现金流更多（$83.0M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs -3.4%）
Enphase Energy是总部位于美国加利福尼亚州弗里蒙特的能源科技企业，成立于2006年，是全球首家成功实现光伏微型逆变器商业化的企业，主要面向住宅用户研发生产光伏微型逆变器、储能电池及电动汽车充电桩。
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。
ENPH vs PLUG — 直观对比
营收规模更大
ENPH
是对方的1.3倍
$225.2M
营收增速更快
PLUG
高出38.2%
-20.6%
净利率更高
ENPH
高出373.0%
-375.6%
自由现金流更多
ENPH
多$236.0M
$-153.0M
两年增速更快
PLUG
近两年复合增速
-3.4%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $282.9M | $225.2M |
| 净利润 | $-7.4M | $-846.0M |
| 毛利率 | 35.5% | 2.4% |
| 营业利润率 | — | -338.9% |
| 净利率 | -2.6% | -375.6% |
| 营收同比 | -20.6% | 17.6% |
| 净利润同比 | -124.9% | 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ENPHPLUG
| Q1 26 | $282.9M | — | ||
| Q4 25 | $343.3M | $225.2M | ||
| Q3 25 | $410.4M | $177.1M | ||
| Q2 25 | $363.2M | $174.0M | ||
| Q1 25 | $356.1M | $133.7M | ||
| Q4 24 | $382.7M | $191.5M | ||
| Q3 24 | $380.9M | $173.7M | ||
| Q2 24 | $303.5M | $143.3M |
净利润ENPHPLUG
| Q1 26 | $-7.4M | — | ||
| Q4 25 | $38.7M | $-846.0M | ||
| Q3 25 | $66.6M | $-361.9M | ||
| Q2 25 | $37.1M | $-227.1M | ||
| Q1 25 | $29.7M | $-196.7M | ||
| Q4 24 | $62.2M | $-1.3B | ||
| Q3 24 | $45.8M | $-211.2M | ||
| Q2 24 | $10.8M | $-262.3M |
毛利率ENPHPLUG
| Q1 26 | 35.5% | — | ||
| Q4 25 | 44.3% | 2.4% | ||
| Q3 25 | 47.8% | -67.9% | ||
| Q2 25 | 46.9% | -30.7% | ||
| Q1 25 | 47.2% | -55.3% | ||
| Q4 24 | 51.8% | -122.5% | ||
| Q3 24 | 46.8% | -57.6% | ||
| Q2 24 | 45.2% | -91.6% |
营业利润率ENPHPLUG
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | -338.9% | ||
| Q3 25 | 16.1% | -197.0% | ||
| Q2 25 | 10.2% | -101.7% | ||
| Q1 25 | 9.0% | -133.5% | ||
| Q4 24 | 14.3% | -678.7% | ||
| Q3 24 | 13.1% | -124.4% | ||
| Q2 24 | 0.6% | -170.7% |
净利率ENPHPLUG
| Q1 26 | -2.6% | — | ||
| Q4 25 | 11.3% | -375.6% | ||
| Q3 25 | 16.2% | -204.4% | ||
| Q2 25 | 10.2% | -130.5% | ||
| Q1 25 | 8.3% | -147.1% | ||
| Q4 24 | 16.2% | -697.5% | ||
| Q3 24 | 12.0% | -121.5% | ||
| Q2 24 | 3.6% | -183.0% |
每股收益（稀释后）ENPHPLUG
| Q1 26 | $-0.06 | — | ||
| Q4 25 | $0.29 | $-0.70 | ||
| Q3 25 | $0.50 | $-0.31 | ||
| Q2 25 | $0.28 | $-0.20 | ||
| Q1 25 | $0.22 | $-0.21 | ||
| Q4 24 | $0.46 | $-1.61 | ||
| Q3 24 | $0.33 | $-0.25 | ||
| Q2 24 | $0.08 | $-0.36 |
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 | $497.5M | $368.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.1B | $978.1M |
| 总资产 | $2.7B | $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ENPHPLUG
| Q1 26 | $497.5M | — | ||
| Q4 25 | $1.5B | $368.5M | ||
| Q3 25 | $1.5B | $165.9M | ||
| Q2 25 | $1.5B | $140.7M | ||
| Q1 25 | $1.5B | $295.8M | ||
| Q4 24 | $1.6B | $205.7M | ||
| Q3 24 | $1.8B | $93.9M | ||
| Q2 24 | $1.6B | $62.4M |
总债务ENPHPLUG
| Q1 26 | — | — | ||
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | $3.9M | ||
| Q2 24 | $1.3B | $3.7M |
股东权益ENPHPLUG
| Q1 26 | $1.1B | — | ||
| Q4 25 | $1.1B | $978.1M | ||
| Q3 25 | $995.0M | $1.4B | ||
| Q2 25 | $880.6M | $1.7B | ||
| Q1 25 | $810.7M | $1.9B | ||
| Q4 24 | $833.0M | $1.7B | ||
| Q3 24 | $931.4M | $3.0B | ||
| Q2 24 | $884.5M | $3.0B |
总资产ENPHPLUG
| Q1 26 | $2.7B | — | ||
| Q4 25 | $3.5B | $2.6B | ||
| Q3 25 | $3.3B | $3.1B | ||
| Q2 25 | $3.2B | $3.4B | ||
| Q1 25 | $3.1B | $3.6B | ||
| Q4 24 | $3.2B | $3.6B | ||
| Q3 24 | $3.3B | $4.7B | ||
| Q2 24 | $3.2B | $4.8B |
负债/权益比ENPHPLUG
| Q1 26 | — | — | ||
| Q4 25 | 1.11× | — | ||
| Q3 25 | 1.21× | — | ||
| Q2 25 | 1.37× | — | ||
| Q1 25 | 1.48× | — | ||
| Q4 24 | 1.56× | — | ||
| Q3 24 | 1.40× | 0.00× | ||
| Q2 24 | 1.47× | 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 | $102.9M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $83.0M | $-153.0M |
| 自由现金流率自由现金流/营收 | 29.3% | -67.9% |
| 资本支出强度资本支出/营收 | — | 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 | $145.1M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流ENPHPLUG
| Q1 26 | $102.9M | — | ||
| Q4 25 | $47.6M | $-148.6M | ||
| Q3 25 | $13.9M | $-89.8M | ||
| Q2 25 | $26.6M | $-191.8M | ||
| Q1 25 | $48.4M | $-105.6M | ||
| Q4 24 | $167.3M | $-131.2M | ||
| Q3 24 | $170.1M | $-174.9M | ||
| Q2 24 | $127.1M | $-254.7M |
自由现金流ENPHPLUG
| Q1 26 | $83.0M | — | ||
| Q4 25 | $37.8M | $-153.0M | ||
| Q3 25 | $5.9M | $-117.5M | ||
| Q2 25 | $18.4M | $-230.4M | ||
| Q1 25 | $33.8M | $-146.0M | ||
| Q4 24 | $159.2M | $-165.2M | ||
| Q3 24 | $161.6M | $-234.2M | ||
| Q2 24 | $117.4M | $-356.0M |
自由现金流率ENPHPLUG
| Q1 26 | 29.3% | — | ||
| Q4 25 | 11.0% | -67.9% | ||
| Q3 25 | 1.4% | -66.4% | ||
| Q2 25 | 5.1% | -132.5% | ||
| Q1 25 | 9.5% | -109.2% | ||
| Q4 24 | 41.6% | -86.3% | ||
| Q3 24 | 42.4% | -134.8% | ||
| Q2 24 | 38.7% | -248.4% |
资本支出强度ENPHPLUG
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | 1.9% | ||
| Q3 25 | 2.0% | 15.6% | ||
| Q2 25 | 2.3% | 22.2% | ||
| Q1 25 | 4.1% | 30.3% | ||
| Q4 24 | 2.1% | 17.7% | ||
| Q3 24 | 2.2% | 34.1% | ||
| Q2 24 | 3.2% | 70.7% |
现金转化率ENPHPLUG
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | — | ||
| Q3 25 | 0.21× | — | ||
| Q2 25 | 0.72× | — | ||
| Q1 25 | 1.63× | — | ||
| Q4 24 | 2.69× | — | ||
| Q3 24 | 3.72× | — | ||
| Q2 24 | 11.73× | — |
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
ENPH
暂无分部数据
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% |
