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FUELCELL ENERGY INC（FCEL）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FUELCELL ENERGY INC的4.1倍（$225.2M vs $55.0M）。FUELCELL ENERGY INC净利率更高（-54.3% vs -375.6%，领先321.3%）。PLUG POWER INC同比增速更快（17.6% vs 11.5%）。FUELCELL ENERGY INC自由现金流更多（$-23.9M vs $-153.0M）。过去两年FUELCELL ENERGY INC的营收复合增速更高（81.6% vs 36.8%）
燃料电池能源公司是一家上市燃料电池企业，总部位于美国康涅狄格州丹伯里，公司主打基于熔融碳酸盐燃料电池技术的发电站业务，从事相关产品的设计、生产，同时还提供发电站运营及相关技术服务。
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。
FCEL vs PLUG — 直观对比
营收规模更大
PLUG
是对方的4.1倍
$55.0M
营收增速更快
PLUG
高出6.1%
11.5%
净利率更高
FCEL
高出321.3%
-375.6%
自由现金流更多
FCEL
多$129.2M
$-153.0M
两年增速更快
FCEL
近两年复合增速
36.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $55.0M | $225.2M |
| 净利润 | $-29.9M | $-846.0M |
| 毛利率 | -12.1% | 2.4% |
| 营业利润率 | -51.5% | -338.9% |
| 净利率 | -54.3% | -375.6% |
| 营收同比 | 11.5% | 17.6% |
| 净利润同比 | 27.9% | 36.7% |
| 每股收益（稀释后） | $-0.43 | $-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FCELPLUG
| Q4 25 | $55.0M | $225.2M | ||
| Q3 25 | $46.7M | $177.1M | ||
| Q2 25 | $37.4M | $174.0M | ||
| Q1 25 | $19.0M | $133.7M | ||
| Q4 24 | $49.3M | $191.5M | ||
| Q3 24 | $23.7M | $173.7M | ||
| Q2 24 | $22.4M | $143.3M | ||
| Q1 24 | $16.7M | $120.3M |
净利润FCELPLUG
| Q4 25 | $-29.9M | $-846.0M | ||
| Q3 25 | $-91.7M | $-361.9M | ||
| Q2 25 | $-38.0M | $-227.1M | ||
| Q1 25 | $-28.3M | $-196.7M | ||
| Q4 24 | $-41.4M | $-1.3B | ||
| Q3 24 | $-32.7M | $-211.2M | ||
| Q2 24 | $-32.1M | $-262.3M | ||
| Q1 24 | $-19.8M | $-295.8M |
毛利率FCELPLUG
| Q4 25 | -12.1% | 2.4% | ||
| Q3 25 | -11.0% | -67.9% | ||
| Q2 25 | -25.2% | -30.7% | ||
| Q1 25 | -27.4% | -55.3% | ||
| Q4 24 | -22.1% | -122.5% | ||
| Q3 24 | -26.2% | -57.6% | ||
| Q2 24 | -31.6% | -91.6% | ||
| Q1 24 | -70.2% | -132.3% |
营业利润率FCELPLUG
| Q4 25 | -51.5% | -338.9% | ||
| Q3 25 | -204.0% | -197.0% | ||
| Q2 25 | -95.7% | -101.7% | ||
| Q1 25 | -172.9% | -133.5% | ||
| Q4 24 | -83.2% | -678.7% | ||
| Q3 24 | -141.9% | -124.4% | ||
| Q2 24 | -184.5% | -170.7% | ||
| Q1 24 | -254.5% | -215.7% |
净利率FCELPLUG
| Q4 25 | -54.3% | -375.6% | ||
| Q3 25 | -196.1% | -204.4% | ||
| Q2 25 | -101.7% | -130.5% | ||
| Q1 25 | -149.1% | -147.1% | ||
| Q4 24 | -84.0% | -697.5% | ||
| Q3 24 | -137.8% | -121.5% | ||
| Q2 24 | -143.4% | -183.0% | ||
| Q1 24 | -118.6% | -245.9% |
每股收益（稀释后）FCELPLUG
| Q4 25 | $-0.43 | $-0.70 | ||
| Q3 25 | $-3.78 | $-0.31 | ||
| Q2 25 | $-1.79 | $-0.20 | ||
| Q1 25 | $-1.42 | $-0.21 | ||
| Q4 24 | $-2.29 | $-1.61 | ||
| Q3 24 | $-1.99 | $-0.25 | ||
| Q2 24 | $-2.18 | $-0.36 | ||
| Q1 24 | $-1.37 | $-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 | $278.1M | $368.5M |
| 总债务越低越好 | $103.8M | — |
| 股东权益账面价值 | $662.2M | $978.1M |
| 总资产 | $932.1M | $2.6B |
| 负债/权益比越低杠杆越低 | 0.16× | — |
8季度趋势，按日历期对齐
现金及短期投资FCELPLUG
| Q4 25 | $278.1M | $368.5M | ||
| Q3 25 | $174.7M | $165.9M | ||
| Q2 25 | $177.0M | $140.7M | ||
| Q1 25 | $208.4M | $295.8M | ||
| Q4 24 | $257.3M | $205.7M | ||
| Q3 24 | $267.2M | $93.9M | ||
| Q2 24 | $260.1M | $62.4M | ||
| Q1 24 | $297.5M | $172.9M |
总债务FCELPLUG
| Q4 25 | $103.8M | — | ||
| Q3 25 | $106.4M | — | ||
| Q2 25 | $109.4M | — | ||
| Q1 25 | $112.3M | — | ||
| Q4 24 | $115.7M | — | ||
| Q3 24 | $112.7M | $3.9M | ||
| Q2 24 | $116.2M | $3.7M | ||
| Q1 24 | $107.2M | $3.8M |
股东权益FCELPLUG
| Q4 25 | $662.2M | $978.1M | ||
| Q3 25 | $556.2M | $1.4B | ||
| Q2 25 | $609.2M | $1.7B | ||
| Q1 25 | $635.2M | $1.9B | ||
| Q4 24 | $656.9M | $1.7B | ||
| Q3 24 | $675.8M | $3.0B | ||
| Q2 24 | $639.8M | $3.0B | ||
| Q1 24 | $663.9M | $2.9B |
总资产FCELPLUG
| Q4 25 | $932.1M | $2.6B | ||
| Q3 25 | $830.5M | $3.1B | ||
| Q2 25 | $883.8M | $3.4B | ||
| Q1 25 | $907.5M | $3.6B | ||
| Q4 24 | $944.1M | $3.6B | ||
| Q3 24 | $948.9M | $4.7B | ||
| Q2 24 | $916.8M | $4.8B | ||
| Q1 24 | $923.2M | $4.8B |
负债/权益比FCELPLUG
| Q4 25 | 0.16× | — | ||
| Q3 25 | 0.19× | — | ||
| Q2 25 | 0.18× | — | ||
| Q1 25 | 0.18× | — | ||
| Q4 24 | 0.18× | — | ||
| Q3 24 | 0.17× | 0.00× | ||
| Q2 24 | 0.18× | 0.00× | ||
| Q1 24 | 0.16× | 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 | $-22.9M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $-23.9M | $-153.0M |
| 自由现金流率自由现金流/营收 | -43.4% | -67.9% |
| 资本支出强度资本支出/营收 | 1.8% | 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 | $-143.9M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流FCELPLUG
| Q4 25 | $-22.9M | $-148.6M | ||
| Q3 25 | $-26.8M | $-89.8M | ||
| Q2 25 | $-29.9M | $-191.8M | ||
| Q1 25 | $-45.7M | $-105.6M | ||
| Q4 24 | $5.8M | $-131.2M | ||
| Q3 24 | $-63.4M | $-174.9M | ||
| Q2 24 | $-37.1M | $-254.7M | ||
| Q1 24 | $-58.3M | $-167.7M |
自由现金流FCELPLUG
| Q4 25 | $-23.9M | $-153.0M | ||
| Q3 25 | $-32.1M | $-117.5M | ||
| Q2 25 | $-35.2M | $-230.4M | ||
| Q1 25 | $-52.8M | $-146.0M | ||
| Q4 24 | $-4.7M | $-165.2M | ||
| Q3 24 | $-76.8M | $-234.2M | ||
| Q2 24 | $-50.3M | $-356.0M | ||
| Q1 24 | $-68.8M | $-260.3M |
自由现金流率FCELPLUG
| Q4 25 | -43.4% | -67.9% | ||
| Q3 25 | -68.6% | -66.4% | ||
| Q2 25 | -94.0% | -132.5% | ||
| Q1 25 | -277.8% | -109.2% | ||
| Q4 24 | -9.5% | -86.3% | ||
| Q3 24 | -324.0% | -134.8% | ||
| Q2 24 | -224.5% | -248.4% | ||
| Q1 24 | -412.4% | -216.5% |
资本支出强度FCELPLUG
| Q4 25 | 1.8% | 1.9% | ||
| Q3 25 | 11.2% | 15.6% | ||
| Q2 25 | 14.1% | 22.2% | ||
| Q1 25 | 37.2% | 30.3% | ||
| Q4 24 | 21.4% | 17.7% | ||
| Q3 24 | 56.6% | 34.1% | ||
| Q2 24 | 58.9% | 70.7% | ||
| Q1 24 | 63.3% | 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
FCEL
| Other | $30.0M | 55% |
| Electricity Generation | $12.2M | 22% |
| Services | $7.3M | 13% |
| Advanced Technologies | $5.5M | 10% |
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% |
