vs
Forestar Group Inc.（FOR）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
Forestar Group Inc.的季度营收约是PLUG POWER INC的1.2倍（$273.0M vs $225.2M），Forestar Group Inc.净利率更高（5.6% vs -375.6%，领先381.3%），PLUG POWER INC同比增速更快（17.6% vs 9.0%），PLUG POWER INC自由现金流更多（$-153.0M vs $-157.1M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs -9.6%）
福雷斯特集团是一家住宅地块开发企业，总部位于得克萨斯州阿灵顿，业务覆盖美国21个州的51个市场。截至2020年12月31日的12个月内，该公司交付了11518块住宅地块，目前在纽约证券交易所上市，自2002年起就是美国规模最大的住宅建筑商D.R. Horton的控股子公司。
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。
FOR vs PLUG — 直观对比
营收规模更大
FOR
是对方的1.2倍
$225.2M
营收增速更快
PLUG
高出8.6%
9.0%
净利率更高
FOR
高出381.3%
-375.6%
自由现金流更多
PLUG
多$4.1M
$-157.1M
两年增速更快
PLUG
近两年复合增速
-9.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $273.0M | $225.2M |
| 净利润 | $15.4M | $-846.0M |
| 毛利率 | 20.1% | 2.4% |
| 营业利润率 | 7.6% | -338.9% |
| 净利率 | 5.6% | -375.6% |
| 营收同比 | 9.0% | 17.6% |
| 净利润同比 | -6.7% | 36.7% |
| 每股收益（稀释后） | $0.30 | $-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FORPLUG
| Q4 25 | $273.0M | $225.2M | ||
| Q3 25 | $670.5M | $177.1M | ||
| Q2 25 | $390.5M | $174.0M | ||
| Q1 25 | $351.0M | $133.7M | ||
| Q4 24 | $250.4M | $191.5M | ||
| Q3 24 | $551.3M | $173.7M | ||
| Q2 24 | $318.4M | $143.3M | ||
| Q1 24 | $333.8M | $120.3M |
净利润FORPLUG
| Q4 25 | $15.4M | $-846.0M | ||
| Q3 25 | $86.9M | $-361.9M | ||
| Q2 25 | $32.9M | $-227.1M | ||
| Q1 25 | $31.6M | $-196.7M | ||
| Q4 24 | $16.5M | $-1.3B | ||
| Q3 24 | $81.5M | $-211.2M | ||
| Q2 24 | $38.7M | $-262.3M | ||
| Q1 24 | $45.0M | $-295.8M |
毛利率FORPLUG
| Q4 25 | 20.1% | 2.4% | ||
| Q3 25 | 22.3% | -67.9% | ||
| Q2 25 | 20.4% | -30.7% | ||
| Q1 25 | 22.6% | -55.3% | ||
| Q4 24 | 22.0% | -122.5% | ||
| Q3 24 | 23.9% | -57.6% | ||
| Q2 24 | 22.5% | -91.6% | ||
| Q1 24 | 24.9% | -132.3% |
营业利润率FORPLUG
| Q4 25 | 7.6% | -338.9% | ||
| Q3 25 | 16.9% | -197.0% | ||
| Q2 25 | 11.2% | -101.7% | ||
| Q1 25 | 11.6% | -133.5% | ||
| Q4 24 | 8.7% | -678.7% | ||
| Q3 24 | 19.7% | -124.4% | ||
| Q2 24 | 16.2% | -170.7% | ||
| Q1 24 | 17.6% | -215.7% |
净利率FORPLUG
| Q4 25 | 5.6% | -375.6% | ||
| Q3 25 | 13.0% | -204.4% | ||
| Q2 25 | 8.4% | -130.5% | ||
| Q1 25 | 9.0% | -147.1% | ||
| Q4 24 | 6.6% | -697.5% | ||
| Q3 24 | 14.8% | -121.5% | ||
| Q2 24 | 12.2% | -183.0% | ||
| Q1 24 | 13.5% | -245.9% |
每股收益（稀释后）FORPLUG
| Q4 25 | $0.30 | $-0.70 | ||
| Q3 25 | $1.70 | $-0.31 | ||
| Q2 25 | $0.65 | $-0.20 | ||
| Q1 25 | $0.62 | $-0.21 | ||
| Q4 24 | $0.32 | $-1.61 | ||
| Q3 24 | $1.59 | $-0.25 | ||
| Q2 24 | $0.76 | $-0.36 | ||
| Q1 24 | $0.89 | $-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 | $211.7M | $368.5M |
| 总债务越低越好 | $793.2M | — |
| 股东权益账面价值 | $1.8B | $978.1M |
| 总资产 | $3.2B | $2.6B |
| 负债/权益比越低杠杆越低 | 0.44× | — |
8季度趋势，按日历期对齐
现金及短期投资FORPLUG
| Q4 25 | $211.7M | $368.5M | ||
| Q3 25 | $379.2M | $165.9M | ||
| Q2 25 | $189.2M | $140.7M | ||
| Q1 25 | $174.3M | $295.8M | ||
| Q4 24 | $132.0M | $205.7M | ||
| Q3 24 | $481.2M | $93.9M | ||
| Q2 24 | $359.2M | $62.4M | ||
| Q1 24 | $416.2M | $172.9M |
总债务FORPLUG
| Q4 25 | $793.2M | — | ||
| Q3 25 | $802.7M | — | ||
| Q2 25 | $872.8M | — | ||
| Q1 25 | $872.5M | — | ||
| Q4 24 | $806.8M | — | ||
| Q3 24 | $706.4M | $3.9M | ||
| Q2 24 | $706.1M | $3.7M | ||
| Q1 24 | $705.7M | $3.8M |
股东权益FORPLUG
| Q4 25 | $1.8B | $978.1M | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $1.7B | $1.7B | ||
| Q1 25 | $1.6B | $1.9B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.6B | $3.0B | ||
| Q2 24 | $1.5B | $3.0B | ||
| Q1 24 | $1.5B | $2.9B |
总资产FORPLUG
| Q4 25 | $3.2B | $2.6B | ||
| Q3 25 | $3.1B | $3.1B | ||
| Q2 25 | $3.1B | $3.4B | ||
| Q1 25 | $3.0B | $3.6B | ||
| Q4 24 | $3.0B | $3.6B | ||
| Q3 24 | $2.8B | $4.7B | ||
| Q2 24 | $2.7B | $4.8B | ||
| Q1 24 | $2.6B | $4.8B |
负债/权益比FORPLUG
| Q4 25 | 0.44× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.53× | — | ||
| Q4 24 | 0.50× | — | ||
| Q3 24 | 0.44× | 0.00× | ||
| Q2 24 | 0.47× | 0.00× | ||
| Q1 24 | 0.48× | 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 | $-157.0M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $-157.1M | $-153.0M |
| 自由现金流率自由现金流/营收 | -57.5% | -67.9% |
| 资本支出强度资本支出/营收 | 0.0% | 1.9% |
| 现金转化率经营现金流/净利润 | -10.19× | — |
| 过去12个月自由现金流最近4个季度 | $93.0M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流FORPLUG
| Q4 25 | $-157.0M | $-148.6M | ||
| Q3 25 | $256.3M | $-89.8M | ||
| Q2 25 | $15.8M | $-191.8M | ||
| Q1 25 | $-19.8M | $-105.6M | ||
| Q4 24 | $-450.0M | $-131.2M | ||
| Q3 24 | $119.2M | $-174.9M | ||
| Q2 24 | $-61.7M | $-254.7M | ||
| Q1 24 | $-59.2M | $-167.7M |
自由现金流FORPLUG
| Q4 25 | $-157.1M | $-153.0M | ||
| Q3 25 | $255.6M | $-117.5M | ||
| Q2 25 | $15.0M | $-230.4M | ||
| Q1 25 | $-20.5M | $-146.0M | ||
| Q4 24 | — | $-165.2M | ||
| Q3 24 | $118.4M | $-234.2M | ||
| Q2 24 | $-62.3M | $-356.0M | ||
| Q1 24 | $-59.8M | $-260.3M |
自由现金流率FORPLUG
| Q4 25 | -57.5% | -67.9% | ||
| Q3 25 | 38.1% | -66.4% | ||
| Q2 25 | 3.8% | -132.5% | ||
| Q1 25 | -5.8% | -109.2% | ||
| Q4 24 | — | -86.3% | ||
| Q3 24 | 21.5% | -134.8% | ||
| Q2 24 | -19.6% | -248.4% | ||
| Q1 24 | -17.9% | -216.5% |
资本支出强度FORPLUG
| Q4 25 | 0.0% | 1.9% | ||
| Q3 25 | 0.1% | 15.6% | ||
| Q2 25 | 0.2% | 22.2% | ||
| Q1 25 | 0.2% | 30.3% | ||
| Q4 24 | 0.0% | 17.7% | ||
| Q3 24 | 0.1% | 34.1% | ||
| Q2 24 | 0.2% | 70.7% | ||
| Q1 24 | 0.2% | 77.0% |
现金转化率FORPLUG
| Q4 25 | -10.19× | — | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | -0.63× | — | ||
| Q4 24 | -27.27× | — | ||
| Q3 24 | 1.46× | — | ||
| Q2 24 | -1.59× | — | ||
| Q1 24 | -1.32× | — |
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
FOR
| D.R.Horton Inc. | $183.8M | 67% |
| Other | $89.2M | 33% |
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% |
