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Fat Brands, Inc（FAT）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Fat Brands, Inc的1.6倍（$225.2M vs $140.0M），Fat Brands, Inc净利率更高（-41.6% vs -375.6%，领先334.0%），PLUG POWER INC同比增速更快（17.6% vs -2.3%），Fat Brands, Inc自由现金流更多（$-16.9M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs -6.1%）
FAT Brands是来自美国的多品牌餐饮与体育酒吧连锁运营商，总部位于加利福尼亚州比弗利山庄，主要开展餐饮品牌的连锁加盟运营业务，旗下涵盖多个餐饮及休闲体育酒吧品牌。
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。
FAT vs PLUG — 直观对比
营收规模更大
PLUG
是对方的1.6倍
$140.0M
营收增速更快
PLUG
高出20.0%
-2.3%
净利率更高
FAT
高出334.0%
-375.6%
自由现金流更多
FAT
多$136.2M
$-153.0M
两年增速更快
PLUG
近两年复合增速
-6.1%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $140.0M | $225.2M |
| 净利润 | $-58.2M | $-846.0M |
| 毛利率 | — | 2.4% |
| 营业利润率 | -12.4% | -338.9% |
| 净利率 | -41.6% | -375.6% |
| 营收同比 | -2.3% | 17.6% |
| 净利润同比 | -30.1% | 36.7% |
| 每股收益（稀释后） | $-3.39 | $-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FATPLUG
| Q4 25 | — | $225.2M | ||
| Q3 25 | $140.0M | $177.1M | ||
| Q2 25 | $146.8M | $174.0M | ||
| Q1 25 | $142.0M | $133.7M | ||
| Q4 24 | $145.3M | $191.5M | ||
| Q3 24 | $143.4M | $173.7M | ||
| Q2 24 | $152.0M | $143.3M | ||
| Q1 24 | $152.0M | $120.3M |
净利润FATPLUG
| Q4 25 | — | $-846.0M | ||
| Q3 25 | $-58.2M | $-361.9M | ||
| Q2 25 | $-54.2M | $-227.1M | ||
| Q1 25 | $-46.0M | $-196.7M | ||
| Q4 24 | $-67.4M | $-1.3B | ||
| Q3 24 | $-44.8M | $-211.2M | ||
| Q2 24 | $-39.4M | $-262.3M | ||
| Q1 24 | $-38.3M | $-295.8M |
毛利率FATPLUG
| 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% | ||
| Q1 24 | — | -132.3% |
营业利润率FATPLUG
| Q4 25 | — | -338.9% | ||
| Q3 25 | -12.4% | -197.0% | ||
| Q2 25 | -10.6% | -101.7% | ||
| Q1 25 | -6.0% | -133.5% | ||
| Q4 24 | -27.1% | -678.7% | ||
| Q3 24 | -6.2% | -124.4% | ||
| Q2 24 | -1.8% | -170.7% | ||
| Q1 24 | -0.9% | -215.7% |
净利率FATPLUG
| Q4 25 | — | -375.6% | ||
| Q3 25 | -41.6% | -204.4% | ||
| Q2 25 | -36.9% | -130.5% | ||
| Q1 25 | -32.4% | -147.1% | ||
| Q4 24 | -46.4% | -697.5% | ||
| Q3 24 | -31.2% | -121.5% | ||
| Q2 24 | -25.9% | -183.0% | ||
| Q1 24 | -25.2% | -245.9% |
每股收益（稀释后）FATPLUG
| Q4 25 | — | $-0.70 | ||
| Q3 25 | $-3.39 | $-0.31 | ||
| Q2 25 | $-3.17 | $-0.20 | ||
| Q1 25 | $-2.73 | $-0.21 | ||
| Q4 24 | $-4.06 | $-1.61 | ||
| Q3 24 | $-2.74 | $-0.25 | ||
| Q2 24 | $-2.43 | $-0.36 | ||
| Q1 24 | $-2.37 | $-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 | $1.3B | — |
| 股东权益账面价值 | $-585.8M | $978.1M |
| 总资产 | $1.2B | $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FATPLUG
| 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 | — | $62.4M | ||
| Q1 24 | — | $172.9M |
总债务FATPLUG
| Q4 25 | — | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.2B | $3.9M | ||
| Q2 24 | $1.2B | $3.7M | ||
| Q1 24 | $1.2B | $3.8M |
股东权益FATPLUG
| Q4 25 | — | $978.1M | ||
| Q3 25 | $-585.8M | $1.4B | ||
| Q2 25 | $-536.5M | $1.7B | ||
| Q1 25 | $-493.9M | $1.9B | ||
| Q4 24 | $-455.7M | $1.7B | ||
| Q3 24 | $-386.1M | $3.0B | ||
| Q2 24 | $-338.6M | $3.0B | ||
| Q1 24 | $-296.8M | $2.9B |
总资产FATPLUG
| Q4 25 | — | $2.6B | ||
| Q3 25 | $1.2B | $3.1B | ||
| Q2 25 | $1.2B | $3.4B | ||
| Q1 25 | $1.3B | $3.6B | ||
| Q4 24 | $1.3B | $3.6B | ||
| Q3 24 | $1.3B | $4.7B | ||
| Q2 24 | $1.4B | $4.8B | ||
| Q1 24 | $1.4B | $4.8B |
负债/权益比FATPLUG
| 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 | $-14.5M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $-16.9M | $-153.0M |
| 自由现金流率自由现金流/营收 | -12.1% | -67.9% |
| 资本支出强度资本支出/营收 | 1.7% | 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 | $-75.0M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流FATPLUG
| Q4 25 | — | $-148.6M | ||
| Q3 25 | $-14.5M | $-89.8M | ||
| Q2 25 | $-26.9M | $-191.8M | ||
| Q1 25 | $-13.2M | $-105.6M | ||
| Q4 24 | $-10.4M | $-131.2M | ||
| Q3 24 | $-3.2M | $-174.9M | ||
| Q2 24 | $-14.2M | $-254.7M | ||
| Q1 24 | $-28.4M | $-167.7M |
自由现金流FATPLUG
| Q4 25 | — | $-153.0M | ||
| Q3 25 | $-16.9M | $-117.5M | ||
| Q2 25 | $-29.3M | $-230.4M | ||
| Q1 25 | $-17.8M | $-146.0M | ||
| Q4 24 | $-11.0M | $-165.2M | ||
| Q3 24 | $-11.1M | $-234.2M | ||
| Q2 24 | $-24.4M | $-356.0M | ||
| Q1 24 | $-32.5M | $-260.3M |
自由现金流率FATPLUG
| Q4 25 | — | -67.9% | ||
| Q3 25 | -12.1% | -66.4% | ||
| Q2 25 | -20.0% | -132.5% | ||
| Q1 25 | -12.5% | -109.2% | ||
| Q4 24 | -7.6% | -86.3% | ||
| Q3 24 | -7.7% | -134.8% | ||
| Q2 24 | -16.1% | -248.4% | ||
| Q1 24 | -21.4% | -216.5% |
资本支出强度FATPLUG
| Q4 25 | — | 1.9% | ||
| Q3 25 | 1.7% | 15.6% | ||
| Q2 25 | 1.6% | 22.2% | ||
| Q1 25 | 3.2% | 30.3% | ||
| Q4 24 | 0.4% | 17.7% | ||
| Q3 24 | 5.5% | 34.1% | ||
| Q2 24 | 6.7% | 70.7% | ||
| Q1 24 | 2.7% | 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
FAT
| Restaurant Sales | $96.6M | 69% |
| Royalty | $21.6M | 15% |
| Factory | $9.6M | 7% |
| Advertising | $9.1M | 7% |
| Franchisor | $1.5M | 1% |
| Other | $1.5M | 1% |
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% |
