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FUELCELL ENERGY INC（FCEL）与Repay Holdings Corp（RPAY）财务数据对比。点击上方公司名可切换其他公司
Repay Holdings Corp的季度营收约是FUELCELL ENERGY INC的1.4倍（$78.6M vs $55.0M），FUELCELL ENERGY INC净利率更高（-54.3% vs -178.3%，领先124.0%），FUELCELL ENERGY INC同比增速更快（11.5% vs 0.4%），Repay Holdings Corp自由现金流更多（$23.2M vs $-23.9M），过去两年FUELCELL ENERGY INC的营收复合增速更高（81.6% vs -1.3%）
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。
Repay Holdings Corp是一家聚焦北美市场的支付技术服务商，为零售、医疗、汽车服务、电商等领域的企业提供整合支付处理方案，涵盖银行卡收单、ACH转账、POS系统集成等数字化支付工具，助力客户简化交易流程、提升运营效率。
FCEL vs RPAY — 直观对比
营收规模更大
RPAY
是对方的1.4倍
$55.0M
营收增速更快
FCEL
高出11.1%
0.4%
净利率更高
FCEL
高出124.0%
-178.3%
自由现金流更多
RPAY
多$47.1M
$-23.9M
两年增速更快
FCEL
近两年复合增速
-1.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $55.0M | $78.6M |
| 净利润 | $-29.9M | $-140.1M |
| 毛利率 | -12.1% | 74.2% |
| 营业利润率 | -51.5% | -182.2% |
| 净利率 | -54.3% | -178.3% |
| 营收同比 | 11.5% | 0.4% |
| 净利润同比 | 27.9% | -3304.1% |
| 每股收益（稀释后） | $-0.43 | $-1.68 |
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FCELRPAY
| Q4 25 | $55.0M | $78.6M | ||
| Q3 25 | $46.7M | $77.7M | ||
| Q2 25 | $37.4M | $75.6M | ||
| Q1 25 | $19.0M | $77.3M | ||
| Q4 24 | $49.3M | $78.3M | ||
| Q3 24 | $23.7M | $79.1M | ||
| Q2 24 | $22.4M | $74.9M | ||
| Q1 24 | $16.7M | $80.7M |
净利润FCELRPAY
| Q4 25 | $-29.9M | $-140.1M | ||
| Q3 25 | $-91.7M | $-6.4M | ||
| Q2 25 | $-38.0M | $-102.3M | ||
| Q1 25 | $-28.3M | $-7.9M | ||
| Q4 24 | $-41.4M | $-4.1M | ||
| Q3 24 | $-32.7M | $3.2M | ||
| Q2 24 | $-32.1M | $-4.1M | ||
| Q1 24 | $-19.8M | $-5.2M |
毛利率FCELRPAY
| Q4 25 | -12.1% | 74.2% | ||
| Q3 25 | -11.0% | 74.4% | ||
| Q2 25 | -25.2% | 75.7% | ||
| Q1 25 | -27.4% | 75.9% | ||
| Q4 24 | -22.1% | 76.3% | ||
| Q3 24 | -26.2% | 77.8% | ||
| Q2 24 | -31.6% | 78.2% | ||
| Q1 24 | -70.2% | 76.2% |
营业利润率FCELRPAY
| Q4 25 | -51.5% | -182.2% | ||
| Q3 25 | -204.0% | -3.9% | ||
| Q2 25 | -95.7% | -138.7% | ||
| Q1 25 | -172.9% | -4.7% | ||
| Q4 24 | -83.2% | -1.5% | ||
| Q3 24 | -141.9% | -0.9% | ||
| Q2 24 | -184.5% | -4.6% | ||
| Q1 24 | -254.5% | -3.1% |
净利率FCELRPAY
| Q4 25 | -54.3% | -178.3% | ||
| Q3 25 | -196.1% | -8.3% | ||
| Q2 25 | -101.7% | -135.2% | ||
| Q1 25 | -149.1% | -10.3% | ||
| Q4 24 | -84.0% | -5.3% | ||
| Q3 24 | -137.8% | 4.1% | ||
| Q2 24 | -143.4% | -5.4% | ||
| Q1 24 | -118.6% | -6.5% |
每股收益（稀释后）FCELRPAY
| Q4 25 | $-0.43 | $-1.68 | ||
| Q3 25 | $-3.78 | $-0.08 | ||
| Q2 25 | $-1.79 | $-1.15 | ||
| Q1 25 | $-1.42 | $-0.09 | ||
| Q4 24 | $-2.29 | $-0.04 | ||
| Q3 24 | $-1.99 | $0.03 | ||
| Q2 24 | $-2.18 | $-0.04 | ||
| Q1 24 | $-1.37 | $-0.06 |
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 | $115.7M |
| 总债务越低越好 | $103.8M | $280.1M |
| 股东权益账面价值 | $662.2M | $484.4M |
| 总资产 | $932.1M | $1.2B |
| 负债/权益比越低杠杆越低 | 0.16× | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资FCELRPAY
| Q4 25 | $278.1M | $115.7M | ||
| Q3 25 | $174.7M | $95.7M | ||
| Q2 25 | $177.0M | $162.6M | ||
| Q1 25 | $208.4M | $165.5M | ||
| Q4 24 | $257.3M | $189.5M | ||
| Q3 24 | $267.2M | $168.7M | ||
| Q2 24 | $260.1M | $147.1M | ||
| Q1 24 | $297.5M | $128.3M |
总债务FCELRPAY
| Q4 25 | $103.8M | $280.1M | ||
| Q3 25 | $106.4M | $279.5M | ||
| Q2 25 | $109.4M | $279.0M | ||
| Q1 25 | $112.3M | $497.6M | ||
| Q4 24 | $115.7M | $496.8M | ||
| Q3 24 | $112.7M | $496.2M | ||
| Q2 24 | $116.2M | $435.6M | ||
| Q1 24 | $107.2M | $434.9M |
股东权益FCELRPAY
| Q4 25 | $662.2M | $484.4M | ||
| Q3 25 | $556.2M | $616.9M | ||
| Q2 25 | $609.2M | $633.7M | ||
| Q1 25 | $635.2M | $755.7M | ||
| Q4 24 | $656.9M | $761.3M | ||
| Q3 24 | $675.8M | $754.7M | ||
| Q2 24 | $639.8M | $815.4M | ||
| Q1 24 | $663.9M | $813.8M |
总资产FCELRPAY
| Q4 25 | $932.1M | $1.2B | ||
| Q3 25 | $830.5M | $1.3B | ||
| Q2 25 | $883.8M | $1.4B | ||
| Q1 25 | $907.5M | $1.5B | ||
| Q4 24 | $944.1M | $1.6B | ||
| Q3 24 | $948.9M | $1.6B | ||
| Q2 24 | $916.8M | $1.5B | ||
| Q1 24 | $923.2M | $1.5B |
负债/权益比FCELRPAY
| Q4 25 | 0.16× | 0.58× | ||
| Q3 25 | 0.19× | 0.45× | ||
| Q2 25 | 0.18× | 0.44× | ||
| Q1 25 | 0.18× | 0.66× | ||
| Q4 24 | 0.18× | 0.65× | ||
| Q3 24 | 0.17× | 0.66× | ||
| Q2 24 | 0.18× | 0.53× | ||
| Q1 24 | 0.16× | 0.53× |
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 | $23.3M |
| 自由现金流经营现金流 - 资本支出 | $-23.9M | $23.2M |
| 自由现金流率自由现金流/营收 | -43.4% | 29.6% |
| 资本支出强度资本支出/营收 | 1.8% | 0.1% |
| 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 | $90.7M |
8季度趋势，按日历期对齐
经营现金流FCELRPAY
| Q4 25 | $-22.9M | $23.3M | ||
| Q3 25 | $-26.8M | $32.2M | ||
| Q2 25 | $-29.9M | $33.1M | ||
| Q1 25 | $-45.7M | $2.5M | ||
| Q4 24 | $5.8M | $34.3M | ||
| Q3 24 | $-63.4M | $60.1M | ||
| Q2 24 | $-37.1M | $31.0M | ||
| Q1 24 | $-58.3M | $24.8M |
自由现金流FCELRPAY
| Q4 25 | $-23.9M | $23.2M | ||
| Q3 25 | $-32.1M | $32.1M | ||
| Q2 25 | $-35.2M | $33.0M | ||
| Q1 25 | $-52.8M | $2.4M | ||
| Q4 24 | $-4.7M | $34.0M | ||
| Q3 24 | $-76.8M | $59.8M | ||
| Q2 24 | $-50.3M | $30.5M | ||
| Q1 24 | $-68.8M | $24.7M |
自由现金流率FCELRPAY
| Q4 25 | -43.4% | 29.6% | ||
| Q3 25 | -68.6% | 41.3% | ||
| Q2 25 | -94.0% | 43.6% | ||
| Q1 25 | -277.8% | 3.0% | ||
| Q4 24 | -9.5% | 43.5% | ||
| Q3 24 | -324.0% | 75.6% | ||
| Q2 24 | -224.5% | 40.7% | ||
| Q1 24 | -412.4% | 30.6% |
资本支出强度FCELRPAY
| Q4 25 | 1.8% | 0.1% | ||
| Q3 25 | 11.2% | 0.2% | ||
| Q2 25 | 14.1% | 0.1% | ||
| Q1 25 | 37.2% | 0.2% | ||
| Q4 24 | 21.4% | 0.3% | ||
| Q3 24 | 56.6% | 0.3% | ||
| Q2 24 | 58.9% | 0.6% | ||
| Q1 24 | 63.3% | 0.1% |
现金转化率FCELRPAY
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 18.52× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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% |
RPAY
| Sales Channel Directly To Consumer | $69.4M | 88% |
| Other | $6.8M | 9% |
| Sales Channel Through Intermediary | $2.3M | 3% |
