vs
FUELCELL ENERGY INC（FCEL）与Thermon Group Holdings, Inc.（THR）财务数据对比。点击上方公司名可切换其他公司
Thermon Group Holdings, Inc.的季度营收约是FUELCELL ENERGY INC的2.7倍（$147.3M vs $55.0M）。Thermon Group Holdings, Inc.净利率更高（12.4% vs -54.3%，领先66.7%）。FUELCELL ENERGY INC同比增速更快（11.5% vs 9.6%）。Thermon Group Holdings, Inc.自由现金流更多（$13.1M vs $-23.9M）
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。
Thermon Group Holdings是全球专业热管理解决方案供应商，主打伴热系统、加热电缆、温控监测设备及相关安装支持服务，服务油气、化工、发电、食品饮料等核心工业领域，业务覆盖北美、欧洲、亚太、拉美等全球主要市场。
FCEL vs THR — 直观对比
营收规模更大
THR
是对方的2.7倍
$55.0M
营收增速更快
FCEL
高出1.9%
9.6%
净利率更高
THR
高出66.7%
-54.3%
自由现金流更多
THR
多$36.9M
$-23.9M
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $55.0M | $147.3M |
| 净利润 | $-29.9M | $18.3M |
| 毛利率 | -12.1% | 46.6% |
| 营业利润率 | -51.5% | 18.1% |
| 净利率 | -54.3% | 12.4% |
| 营收同比 | 11.5% | 9.6% |
| 净利润同比 | 27.9% | -1.3% |
| 每股收益（稀释后） | $-0.43 | $0.55 |
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FCELTHR
| Q4 25 | $55.0M | $147.3M | ||
| Q3 25 | $46.7M | $131.7M | ||
| Q2 25 | $37.4M | $108.9M | ||
| Q1 25 | $19.0M | — | ||
| Q4 24 | $49.3M | — | ||
| Q3 24 | $23.7M | — | ||
| Q2 24 | $22.4M | — | ||
| Q1 24 | $16.7M | — |
净利润FCELTHR
| Q4 25 | $-29.9M | $18.3M | ||
| Q3 25 | $-91.7M | $15.0M | ||
| Q2 25 | $-38.0M | $8.6M | ||
| Q1 25 | $-28.3M | — | ||
| Q4 24 | $-41.4M | — | ||
| Q3 24 | $-32.7M | — | ||
| Q2 24 | $-32.1M | — | ||
| Q1 24 | $-19.8M | — |
毛利率FCELTHR
| Q4 25 | -12.1% | 46.6% | ||
| Q3 25 | -11.0% | 46.4% | ||
| Q2 25 | -25.2% | 44.1% | ||
| Q1 25 | -27.4% | — | ||
| Q4 24 | -22.1% | — | ||
| Q3 24 | -26.2% | — | ||
| Q2 24 | -31.6% | — | ||
| Q1 24 | -70.2% | — |
营业利润率FCELTHR
| Q4 25 | -51.5% | 18.1% | ||
| Q3 25 | -204.0% | 16.4% | ||
| Q2 25 | -95.7% | 10.8% | ||
| Q1 25 | -172.9% | — | ||
| Q4 24 | -83.2% | — | ||
| Q3 24 | -141.9% | — | ||
| Q2 24 | -184.5% | — | ||
| Q1 24 | -254.5% | — |
净利率FCELTHR
| Q4 25 | -54.3% | 12.4% | ||
| Q3 25 | -196.1% | 11.4% | ||
| Q2 25 | -101.7% | 7.9% | ||
| Q1 25 | -149.1% | — | ||
| Q4 24 | -84.0% | — | ||
| Q3 24 | -137.8% | — | ||
| Q2 24 | -143.4% | — | ||
| Q1 24 | -118.6% | — |
每股收益（稀释后）FCELTHR
| Q4 25 | $-0.43 | $0.55 | ||
| Q3 25 | $-3.78 | $0.45 | ||
| Q2 25 | $-1.79 | $0.26 | ||
| Q1 25 | $-1.42 | — | ||
| Q4 24 | $-2.29 | — | ||
| Q3 24 | $-1.99 | — | ||
| Q2 24 | $-2.18 | — | ||
| Q1 24 | $-1.37 | — |
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 | $46.9M |
| 总债务越低越好 | $103.8M | — |
| 股东权益账面价值 | $662.2M | $538.7M |
| 总资产 | $932.1M | $816.7M |
| 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FCELTHR
| Q4 25 | $278.1M | $46.9M | ||
| Q3 25 | $174.7M | $29.7M | ||
| Q2 25 | $177.0M | $36.5M | ||
| Q1 25 | $208.4M | — | ||
| Q4 24 | $257.3M | — | ||
| Q3 24 | $267.2M | — | ||
| Q2 24 | $260.1M | — | ||
| Q1 24 | $297.5M | — |
总债务FCELTHR
| Q4 25 | $103.8M | — | ||
| Q3 25 | $106.4M | — | ||
| Q2 25 | $109.4M | — | ||
| Q1 25 | $112.3M | — | ||
| Q4 24 | $115.7M | — | ||
| Q3 24 | $112.7M | — | ||
| Q2 24 | $116.2M | — | ||
| Q1 24 | $107.2M | — |
股东权益FCELTHR
| Q4 25 | $662.2M | $538.7M | ||
| Q3 25 | $556.2M | $515.2M | ||
| Q2 25 | $609.2M | $509.3M | ||
| Q1 25 | $635.2M | — | ||
| Q4 24 | $656.9M | — | ||
| Q3 24 | $675.8M | — | ||
| Q2 24 | $639.8M | — | ||
| Q1 24 | $663.9M | — |
总资产FCELTHR
| Q4 25 | $932.1M | $816.7M | ||
| Q3 25 | $830.5M | $778.2M | ||
| Q2 25 | $883.8M | $765.3M | ||
| Q1 25 | $907.5M | — | ||
| Q4 24 | $944.1M | — | ||
| Q3 24 | $948.9M | — | ||
| Q2 24 | $916.8M | — | ||
| Q1 24 | $923.2M | — |
负债/权益比FCELTHR
| Q4 25 | 0.16× | — | ||
| Q3 25 | 0.19× | — | ||
| Q2 25 | 0.18× | — | ||
| Q1 25 | 0.18× | — | ||
| Q4 24 | 0.18× | — | ||
| Q3 24 | 0.17× | — | ||
| Q2 24 | 0.18× | — | ||
| Q1 24 | 0.16× | — |
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 | $18.0M |
| 自由现金流经营现金流 - 资本支出 | $-23.9M | $13.1M |
| 自由现金流率自由现金流/营收 | -43.4% | 8.9% |
| 资本支出强度资本支出/营收 | 1.8% | 3.3% |
| 现金转化率经营现金流/净利润 | — | 0.98× |
| 过去12个月自由现金流最近4个季度 | $-143.9M | — |
8季度趋势，按日历期对齐
经营现金流FCELTHR
| Q4 25 | $-22.9M | $18.0M | ||
| Q3 25 | $-26.8M | $7.4M | ||
| Q2 25 | $-29.9M | $10.7M | ||
| Q1 25 | $-45.7M | — | ||
| Q4 24 | $5.8M | — | ||
| Q3 24 | $-63.4M | — | ||
| Q2 24 | $-37.1M | — | ||
| Q1 24 | $-58.3M | — |
自由现金流FCELTHR
| Q4 25 | $-23.9M | $13.1M | ||
| Q3 25 | $-32.1M | $4.4M | ||
| Q2 25 | $-35.2M | $8.3M | ||
| Q1 25 | $-52.8M | — | ||
| Q4 24 | $-4.7M | — | ||
| Q3 24 | $-76.8M | — | ||
| Q2 24 | $-50.3M | — | ||
| Q1 24 | $-68.8M | — |
自由现金流率FCELTHR
| Q4 25 | -43.4% | 8.9% | ||
| Q3 25 | -68.6% | 3.3% | ||
| Q2 25 | -94.0% | 7.6% | ||
| Q1 25 | -277.8% | — | ||
| Q4 24 | -9.5% | — | ||
| Q3 24 | -324.0% | — | ||
| Q2 24 | -224.5% | — | ||
| Q1 24 | -412.4% | — |
资本支出强度FCELTHR
| Q4 25 | 1.8% | 3.3% | ||
| Q3 25 | 11.2% | 2.3% | ||
| Q2 25 | 14.1% | 2.2% | ||
| Q1 25 | 37.2% | — | ||
| Q4 24 | 21.4% | — | ||
| Q3 24 | 56.6% | — | ||
| Q2 24 | 58.9% | — | ||
| Q1 24 | 63.3% | — |
现金转化率FCELTHR
| Q4 25 | — | 0.98× | ||
| Q3 25 | — | 0.50× | ||
| Q2 25 | — | 1.25× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| 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% |
THR
| Other | $73.7M | 50% |
| Transferred At Point In Time | $56.1M | 38% |
| Transferred Over Time | $17.5M | 12% |
