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EXPONENT INC（EXPO）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EXPONENT INC的1.4倍（$225.2M vs $166.3M），EXPONENT INC净利率更高（17.8% vs -375.6%，领先393.4%），PLUG POWER INC同比增速更快（17.6% vs 14.3%），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 8.8%）
Exponent Inc.是美国知名工程与科学咨询企业，汇集科学家、医师、工程师及商业咨询专家，可在90余个技术领域开展研究与分析工作，目前在美国本土设有20个办事处，境外另有5个办事网点。
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。
EXPO vs PLUG — 直观对比
营收规模更大
PLUG
是对方的1.4倍
$166.3M
营收增速更快
PLUG
高出3.3%
14.3%
净利率更高
EXPO
高出393.4%
-375.6%
两年增速更快
PLUG
近两年复合增速
8.8%
损益表 — Q1 FY2027 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $166.3M | $225.2M |
| 净利润 | $29.6M | $-846.0M |
| 毛利率 | — | 2.4% |
| 营业利润率 | 24.9% | -338.9% |
| 净利率 | 17.8% | -375.6% |
| 营收同比 | 14.3% | 17.6% |
| 净利润同比 | 11.0% | 36.7% |
| 每股收益（稀释后） | $0.59 | $-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EXPOPLUG
| Q1 26 | $166.3M | — | ||
| Q4 25 | $147.1M | $225.2M | ||
| Q3 25 | $142.0M | $177.1M | ||
| Q2 25 | $145.5M | $174.0M | ||
| Q1 25 | $136.8M | $133.7M | ||
| Q4 24 | — | $191.5M | ||
| Q3 24 | $136.3M | $173.7M | ||
| Q2 24 | $140.5M | $143.3M |
净利润EXPOPLUG
| Q1 26 | $29.6M | — | ||
| Q4 25 | $28.0M | $-846.0M | ||
| Q3 25 | $26.6M | $-361.9M | ||
| Q2 25 | $26.6M | $-227.1M | ||
| Q1 25 | $23.6M | $-196.7M | ||
| Q4 24 | — | $-1.3B | ||
| Q3 24 | $26.0M | $-211.2M | ||
| Q2 24 | $29.2M | $-262.3M |
毛利率EXPOPLUG
| Q1 26 | — | — | ||
| Q4 25 | — | 2.4% | ||
| Q3 25 | — | -67.9% | ||
| Q2 25 | — | -30.7% | ||
| Q1 25 | — | -55.3% | ||
| Q4 24 | — | -122.5% | ||
| Q3 24 | — | -57.6% | ||
| Q2 24 | — | -91.6% |
营业利润率EXPOPLUG
| Q1 26 | 24.9% | — | ||
| Q4 25 | 19.7% | -338.9% | ||
| Q3 25 | 12.1% | -197.0% | ||
| Q2 25 | 30.5% | -101.7% | ||
| Q1 25 | 19.9% | -133.5% | ||
| Q4 24 | — | -678.7% | ||
| Q3 24 | 19.0% | -124.4% | ||
| Q2 24 | 25.4% | -170.7% |
净利率EXPOPLUG
| Q1 26 | 17.8% | — | ||
| Q4 25 | 19.1% | -375.6% | ||
| Q3 25 | 18.7% | -204.4% | ||
| Q2 25 | 18.3% | -130.5% | ||
| Q1 25 | 17.2% | -147.1% | ||
| Q4 24 | — | -697.5% | ||
| Q3 24 | 19.1% | -121.5% | ||
| Q2 24 | 20.8% | -183.0% |
每股收益（稀释后）EXPOPLUG
| Q1 26 | $0.59 | — | ||
| Q4 25 | $0.55 | $-0.70 | ||
| Q3 25 | $0.52 | $-0.31 | ||
| Q2 25 | $0.52 | $-0.20 | ||
| Q1 25 | $0.45 | $-0.21 | ||
| Q4 24 | — | $-1.61 | ||
| Q3 24 | $0.50 | $-0.25 | ||
| Q2 24 | $0.57 | $-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 | $118.6M | $368.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $338.3M | $978.1M |
| 总资产 | $687.4M | $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EXPOPLUG
| Q1 26 | $118.6M | — | ||
| Q4 25 | $207.4M | $368.5M | ||
| Q3 25 | $231.8M | $165.9M | ||
| Q2 25 | $245.1M | $140.7M | ||
| Q1 25 | $258.9M | $295.8M | ||
| Q4 24 | — | $205.7M | ||
| Q3 24 | $219.7M | $93.9M | ||
| Q2 24 | $203.3M | $62.4M |
总债务EXPOPLUG
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $3.9M | ||
| Q2 24 | — | $3.7M |
股东权益EXPOPLUG
| Q1 26 | $338.3M | — | ||
| Q4 25 | $402.9M | $978.1M | ||
| Q3 25 | $427.8M | $1.4B | ||
| Q2 25 | $441.4M | $1.7B | ||
| Q1 25 | $421.1M | $1.9B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $410.3M | $3.0B | ||
| Q2 24 | $393.2M | $3.0B |
总资产EXPOPLUG
| Q1 26 | $687.4M | — | ||
| Q4 25 | $761.4M | $2.6B | ||
| Q3 25 | $759.4M | $3.1B | ||
| Q2 25 | $763.2M | $3.4B | ||
| Q1 25 | $777.3M | $3.6B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | $744.1M | $4.7B | ||
| Q2 24 | $709.2M | $4.8B |
负债/权益比EXPOPLUG
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 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 | — | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | — | $-153.0M |
| 自由现金流率自由现金流/营收 | — | -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 | — | $-647.0M |
8季度趋势，按日历期对齐
经营现金流EXPOPLUG
| Q1 26 | — | — | ||
| Q4 25 | $32.7M | $-148.6M | ||
| Q3 25 | $36.2M | $-89.8M | ||
| Q2 25 | $7.3M | $-191.8M | ||
| Q1 25 | $56.1M | $-105.6M | ||
| Q4 24 | — | $-131.2M | ||
| Q3 24 | $29.7M | $-174.9M | ||
| Q2 24 | $48.3M | $-254.7M |
自由现金流EXPOPLUG
| Q1 26 | — | — | ||
| Q4 25 | $30.0M | $-153.0M | ||
| Q3 25 | $33.9M | $-117.5M | ||
| Q2 25 | $5.5M | $-230.4M | ||
| Q1 25 | $53.5M | $-146.0M | ||
| Q4 24 | — | $-165.2M | ||
| Q3 24 | $28.0M | $-234.2M | ||
| Q2 24 | $47.2M | $-356.0M |
自由现金流率EXPOPLUG
| Q1 26 | — | — | ||
| Q4 25 | 20.4% | -67.9% | ||
| Q3 25 | 23.9% | -66.4% | ||
| Q2 25 | 3.8% | -132.5% | ||
| Q1 25 | 39.1% | -109.2% | ||
| Q4 24 | — | -86.3% | ||
| Q3 24 | 20.5% | -134.8% | ||
| Q2 24 | 33.6% | -248.4% |
资本支出强度EXPOPLUG
| Q1 26 | — | — | ||
| Q4 25 | 1.8% | 1.9% | ||
| Q3 25 | 1.6% | 15.6% | ||
| Q2 25 | 1.2% | 22.2% | ||
| Q1 25 | 1.9% | 30.3% | ||
| Q4 24 | — | 17.7% | ||
| Q3 24 | 1.3% | 34.1% | ||
| Q2 24 | 0.8% | 70.7% |
现金转化率EXPOPLUG
| Q1 26 | — | — | ||
| Q4 25 | 1.16× | — | ||
| Q3 25 | 1.36× | — | ||
| Q2 25 | 0.27× | — | ||
| Q1 25 | 2.38× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 1.14× | — | ||
| Q2 24 | 1.65× | — |
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
EXPO
| Revenues before reimbursements | $151.8M | 91% |
| Reimbursements | $14.5M | 9% |
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% |
