vs
FTAI Infrastructure Inc.（FIP）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FTAI Infrastructure Inc.的1.6倍（$225.2M vs $143.5M），FTAI Infrastructure Inc.净利率更高（-68.1% vs -375.6%，领先307.5%），FTAI Infrastructure Inc.同比增速更快（77.7% vs 17.6%），FTAI Infrastructure Inc.自由现金流更多（$-68.6M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 31.9%）
FTAI基础设施有限公司持有、运营并投资交通物流、中游能源、发电等核心领域的优质关键基础设施资产，主要面向北美市场，聚焦拥有稳定长期现金流、合同约定收入流的项目，为利益相关方创造可持续回报。
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。
FIP vs PLUG — 直观对比
营收规模更大
PLUG
是对方的1.6倍
$143.5M
营收增速更快
FIP
高出60.1%
17.6%
净利率更高
FIP
高出307.5%
-375.6%
自由现金流更多
FIP
多$84.4M
$-153.0M
两年增速更快
PLUG
近两年复合增速
31.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $143.5M | $225.2M |
| 净利润 | $-97.7M | $-846.0M |
| 毛利率 | — | 2.4% |
| 营业利润率 | -45.7% | -338.9% |
| 净利率 | -68.1% | -375.6% |
| 营收同比 | 77.7% | 17.6% |
| 净利润同比 | 21.6% | 36.7% |
| 每股收益（稀释后） | $-1.04 | $-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FIPPLUG
| Q4 25 | $143.5M | $225.2M | ||
| Q3 25 | $140.6M | $177.1M | ||
| Q2 25 | $122.3M | $174.0M | ||
| Q1 25 | $96.2M | $133.7M | ||
| Q4 24 | $80.8M | $191.5M | ||
| Q3 24 | $83.3M | $173.7M | ||
| Q2 24 | $84.9M | $143.3M | ||
| Q1 24 | $82.5M | $120.3M |
净利润FIPPLUG
| Q4 25 | $-97.7M | $-846.0M | ||
| Q3 25 | $-104.5M | $-361.9M | ||
| Q2 25 | $-70.0M | $-227.1M | ||
| Q1 25 | $120.2M | $-196.7M | ||
| Q4 24 | $-124.7M | $-1.3B | ||
| Q3 24 | $-43.0M | $-211.2M | ||
| Q2 24 | $-48.1M | $-262.3M | ||
| Q1 24 | $-50.3M | $-295.8M |
毛利率FIPPLUG
| 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FIPPLUG
| Q4 25 | -45.7% | -338.9% | ||
| Q3 25 | -70.8% | -197.0% | ||
| Q2 25 | -56.4% | -101.7% | ||
| Q1 25 | 81.8% | -133.5% | ||
| Q4 24 | -152.7% | -678.7% | ||
| Q3 24 | -51.7% | -124.4% | ||
| Q2 24 | -56.4% | -170.7% | ||
| Q1 24 | -58.8% | -215.7% |
净利率FIPPLUG
| Q4 25 | -68.1% | -375.6% | ||
| Q3 25 | -74.4% | -204.4% | ||
| Q2 25 | -57.2% | -130.5% | ||
| Q1 25 | 125.0% | -147.1% | ||
| Q4 24 | -154.4% | -697.5% | ||
| Q3 24 | -51.6% | -121.5% | ||
| Q2 24 | -56.7% | -183.0% | ||
| Q1 24 | -60.9% | -245.9% |
每股收益（稀释后）FIPPLUG
| Q4 25 | $-1.04 | $-0.70 | ||
| Q3 25 | $-1.38 | $-0.31 | ||
| Q2 25 | $-0.73 | $-0.20 | ||
| Q1 25 | $0.89 | $-0.21 | ||
| Q4 24 | $-1.21 | $-1.61 | ||
| Q3 24 | $-0.45 | $-0.25 | ||
| Q2 24 | $-0.52 | $-0.36 | ||
| Q1 24 | $-0.54 | $-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 | $57.4M | $368.5M |
| 总债务越低越好 | $3.8B | — |
| 股东权益账面价值 | $21.3M | $978.1M |
| 总资产 | $5.7B | $2.6B |
| 负债/权益比越低杠杆越低 | 176.99× | — |
8季度趋势，按日历期对齐
现金及短期投资FIPPLUG
| Q4 25 | $57.4M | $368.5M | ||
| Q3 25 | $34.7M | $165.9M | ||
| Q2 25 | $33.6M | $140.7M | ||
| Q1 25 | $26.3M | $295.8M | ||
| Q4 24 | $27.8M | $205.7M | ||
| Q3 24 | $20.3M | $93.9M | ||
| Q2 24 | $33.1M | $62.4M | ||
| Q1 24 | $23.0M | $172.9M |
总债务FIPPLUG
| Q4 25 | $3.8B | — | ||
| Q3 25 | $3.7B | — | ||
| Q2 25 | $3.1B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.5B | $3.9M | ||
| Q2 24 | $1.6B | $3.7M | ||
| Q1 24 | $1.3B | $3.8M |
股东权益FIPPLUG
| Q4 25 | $21.3M | $978.1M | ||
| Q3 25 | $181.1M | $1.4B | ||
| Q2 25 | $375.5M | $1.7B | ||
| Q1 25 | $476.2M | $1.9B | ||
| Q4 24 | $202.7M | $1.7B | ||
| Q3 24 | $370.8M | $3.0B | ||
| Q2 24 | $394.8M | $3.0B | ||
| Q1 24 | $402.5M | $2.9B |
总资产FIPPLUG
| Q4 25 | $5.7B | $2.6B | ||
| Q3 25 | $5.5B | $3.1B | ||
| Q2 25 | $4.4B | $3.4B | ||
| Q1 25 | $4.1B | $3.6B | ||
| Q4 24 | $2.4B | $3.6B | ||
| Q3 24 | $2.4B | $4.7B | ||
| Q2 24 | $2.5B | $4.8B | ||
| Q1 24 | $2.3B | $4.8B |
负债/权益比FIPPLUG
| Q4 25 | 176.99× | — | ||
| Q3 25 | 20.59× | — | ||
| Q2 25 | 8.21× | — | ||
| Q1 25 | 5.79× | — | ||
| Q4 24 | 7.84× | — | ||
| Q3 24 | 4.14× | 0.00× | ||
| Q2 24 | 3.94× | 0.00× | ||
| Q1 24 | 3.34× | 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 | $-2.8M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $-68.6M | $-153.0M |
| 自由现金流率自由现金流/营收 | -47.8% | -67.9% |
| 资本支出强度资本支出/营收 | 45.9% | 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 | $-398.5M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流FIPPLUG
| Q4 25 | $-2.8M | $-148.6M | ||
| Q3 25 | $-24.4M | $-89.8M | ||
| Q2 25 | $-5.2M | $-191.8M | ||
| Q1 25 | $-85.7M | $-105.6M | ||
| Q4 24 | $-8.1M | $-131.2M | ||
| Q3 24 | $14.2M | $-174.9M | ||
| Q2 24 | $-17.6M | $-254.7M | ||
| Q1 24 | $-3.9M | $-167.7M |
自由现金流FIPPLUG
| Q4 25 | $-68.6M | $-153.0M | ||
| Q3 25 | $-90.7M | $-117.5M | ||
| Q2 25 | $-87.5M | $-230.4M | ||
| Q1 25 | $-151.7M | $-146.0M | ||
| Q4 24 | $-34.3M | $-165.2M | ||
| Q3 24 | $-11.7M | $-234.2M | ||
| Q2 24 | $-32.1M | $-356.0M | ||
| Q1 24 | $-16.7M | $-260.3M |
自由现金流率FIPPLUG
| Q4 25 | -47.8% | -67.9% | ||
| Q3 25 | -64.5% | -66.4% | ||
| Q2 25 | -71.6% | -132.5% | ||
| Q1 25 | -157.7% | -109.2% | ||
| Q4 24 | -42.4% | -86.3% | ||
| Q3 24 | -14.0% | -134.8% | ||
| Q2 24 | -37.9% | -248.4% | ||
| Q1 24 | -20.3% | -216.5% |
资本支出强度FIPPLUG
| Q4 25 | 45.9% | 1.9% | ||
| Q3 25 | 47.2% | 15.6% | ||
| Q2 25 | 67.3% | 22.2% | ||
| Q1 25 | 68.6% | 30.3% | ||
| Q4 24 | 32.5% | 17.7% | ||
| Q3 24 | 31.1% | 34.1% | ||
| Q2 24 | 17.2% | 70.7% | ||
| Q1 24 | 15.6% | 77.0% |
现金转化率FIPPLUG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | -0.71× | — | ||
| 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
FIP
| Power Revenues | $45.9M | 32% |
| Rail Revenue | $44.6M | 31% |
| Service Other | $22.8M | 16% |
| Gas Revenues | $15.3M | 11% |
| Roadside Services Revenues | $11.5M | 8% |
| Rapauno | $1.2M | 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% |
