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哈雷戴维森（HOG）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
哈雷戴维森的季度营收约是PLUG POWER INC的1.7倍（$390.5M vs $225.2M），哈雷戴维森净利率更高（-72.3% vs -375.6%，领先303.3%），PLUG POWER INC同比增速更快（17.6% vs -9.4%），哈雷戴维森自由现金流更多（$100.4M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs -48.6%）
哈雷戴维森是源自美国的摩托车制造商与生活方式品牌，总部位于威斯康星州密尔沃基，创立于1903年。它是大萧条时期幸存下来的两大美国摩托车厂商之一，历经多次股权变动、子公司调整、经营困境与全球竞争，如今已是全球知名的标志性品牌。
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。
HOG vs PLUG — 直观对比
营收规模更大
HOG
是对方的1.7倍
$225.2M
营收增速更快
PLUG
高出27.0%
-9.4%
净利率更高
HOG
高出303.3%
-375.6%
自由现金流更多
HOG
多$253.5M
$-153.0M
两年增速更快
PLUG
近两年复合增速
-48.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $390.5M | $225.2M |
| 净利润 | $-282.6M | $-846.0M |
| 毛利率 | -7.9% | 2.4% |
| 营业利润率 | -92.4% | -338.9% |
| 净利率 | -72.3% | -375.6% |
| 营收同比 | -9.4% | 17.6% |
| 净利润同比 | -138.6% | 36.7% |
| 每股收益（稀释后） | $-2.27 | $-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HOGPLUG
| Q4 25 | $390.5M | $225.2M | ||
| Q3 25 | $1.1B | $177.1M | ||
| Q2 25 | $1.0B | $174.0M | ||
| Q1 25 | $1.1B | $133.7M | ||
| Q4 24 | $430.9M | $191.5M | ||
| Q3 24 | $881.2M | $173.7M | ||
| Q2 24 | $1.4B | $143.3M | ||
| Q1 24 | $1.5B | $120.3M |
净利润HOGPLUG
| Q4 25 | $-282.6M | $-846.0M | ||
| Q3 25 | $377.4M | $-361.9M | ||
| Q2 25 | $107.6M | $-227.1M | ||
| Q1 25 | $133.1M | $-196.7M | ||
| Q4 24 | $-118.4M | $-1.3B | ||
| Q3 24 | $119.0M | $-211.2M | ||
| Q2 24 | $218.3M | $-262.3M | ||
| Q1 24 | $234.9M | $-295.8M |
毛利率HOGPLUG
| Q4 25 | -7.9% | 2.4% | ||
| Q3 25 | 26.0% | -67.9% | ||
| Q2 25 | 28.5% | -30.7% | ||
| Q1 25 | 28.9% | -55.3% | ||
| Q4 24 | -2.0% | -122.5% | ||
| Q3 24 | 29.8% | -57.6% | ||
| Q2 24 | 31.8% | -91.6% | ||
| Q1 24 | 30.9% | -132.3% |
营业利润率HOGPLUG
| Q4 25 | -92.4% | -338.9% | ||
| Q3 25 | 44.0% | -197.0% | ||
| Q2 25 | 10.7% | -101.7% | ||
| Q1 25 | 14.8% | -133.5% | ||
| Q4 24 | -44.9% | -678.7% | ||
| Q3 24 | 12.0% | -124.4% | ||
| Q2 24 | 17.8% | -170.7% | ||
| Q1 24 | 17.8% | -215.7% |
净利率HOGPLUG
| Q4 25 | -72.3% | -375.6% | ||
| Q3 25 | 35.0% | -204.4% | ||
| Q2 25 | 10.2% | -130.5% | ||
| Q1 25 | 12.3% | -147.1% | ||
| Q4 24 | -27.5% | -697.5% | ||
| Q3 24 | 13.5% | -121.5% | ||
| Q2 24 | 16.1% | -183.0% | ||
| Q1 24 | 15.9% | -245.9% |
每股收益（稀释后）HOGPLUG
| Q4 25 | $-2.27 | $-0.70 | ||
| Q3 25 | $3.10 | $-0.31 | ||
| Q2 25 | $0.88 | $-0.20 | ||
| Q1 25 | $1.07 | $-0.21 | ||
| Q4 24 | $-0.82 | $-1.61 | ||
| Q3 24 | $0.91 | $-0.25 | ||
| Q2 24 | $1.63 | $-0.36 | ||
| Q1 24 | $1.72 | $-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 | $3.1B | $368.5M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $3.1B | $978.1M |
| 总资产 | $8.0B | $2.6B |
| 负债/权益比越低杠杆越低 | 0.79× | — |
8季度趋势，按日历期对齐
现金及短期投资HOGPLUG
| Q4 25 | $3.1B | $368.5M | ||
| Q3 25 | $1.8B | $165.9M | ||
| Q2 25 | $1.6B | $140.7M | ||
| Q1 25 | $1.9B | $295.8M | ||
| Q4 24 | $1.6B | $205.7M | ||
| Q3 24 | $2.2B | $93.9M | ||
| Q2 24 | $1.8B | $62.4M | ||
| Q1 24 | $1.5B | $172.9M |
总债务HOGPLUG
| Q4 25 | $2.5B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $6.4B | — | ||
| Q1 25 | $6.8B | — | ||
| Q4 24 | $6.3B | — | ||
| Q3 24 | $7.3B | $3.9M | ||
| Q2 24 | $7.0B | $3.7M | ||
| Q1 24 | $6.3B | $3.8M |
股东权益HOGPLUG
| Q4 25 | $3.1B | $978.1M | ||
| Q3 25 | $3.6B | $1.4B | ||
| Q2 25 | $3.3B | $1.7B | ||
| Q1 25 | $3.2B | $1.9B | ||
| Q4 24 | $3.2B | $1.7B | ||
| Q3 24 | $3.4B | $3.0B | ||
| Q2 24 | $3.4B | $3.0B | ||
| Q1 24 | $3.3B | $2.9B |
总资产HOGPLUG
| Q4 25 | $8.0B | $2.6B | ||
| Q3 25 | $10.6B | $3.1B | ||
| Q2 25 | $12.1B | $3.4B | ||
| Q1 25 | $12.4B | $3.6B | ||
| Q4 24 | $11.9B | $3.6B | ||
| Q3 24 | $13.0B | $4.7B | ||
| Q2 24 | $12.8B | $4.8B | ||
| Q1 24 | $12.3B | $4.8B |
负债/权益比HOGPLUG
| Q4 25 | 0.79× | — | ||
| Q3 25 | 1.25× | — | ||
| Q2 25 | 1.91× | — | ||
| Q1 25 | 2.14× | — | ||
| Q4 24 | 2.00× | — | ||
| Q3 24 | 2.13× | 0.00× | ||
| Q2 24 | 2.03× | 0.00× | ||
| Q1 24 | 1.88× | 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 | $152.0M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $100.4M | $-153.0M |
| 自由现金流率自由现金流/营收 | 25.7% | -67.9% |
| 资本支出强度资本支出/营收 | 13.2% | 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 | $415.2M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流HOGPLUG
| Q4 25 | $152.0M | $-148.6M | ||
| Q3 25 | $-92.6M | $-89.8M | ||
| Q2 25 | $368.0M | $-191.8M | ||
| Q1 25 | $141.5M | $-105.6M | ||
| Q4 24 | $133.2M | $-131.2M | ||
| Q3 24 | $353.0M | $-174.9M | ||
| Q2 24 | $473.6M | $-254.7M | ||
| Q1 24 | $104.0M | $-167.7M |
自由现金流HOGPLUG
| Q4 25 | $100.4M | $-153.0M | ||
| Q3 25 | $-129.1M | $-117.5M | ||
| Q2 25 | $332.4M | $-230.4M | ||
| Q1 25 | $111.6M | $-146.0M | ||
| Q4 24 | $77.0M | $-165.2M | ||
| Q3 24 | $300.4M | $-234.2M | ||
| Q2 24 | $432.2M | $-356.0M | ||
| Q1 24 | $57.6M | $-260.3M |
自由现金流率HOGPLUG
| Q4 25 | 25.7% | -67.9% | ||
| Q3 25 | -12.0% | -66.4% | ||
| Q2 25 | 31.7% | -132.5% | ||
| Q1 25 | 10.3% | -109.2% | ||
| Q4 24 | 17.9% | -86.3% | ||
| Q3 24 | 34.1% | -134.8% | ||
| Q2 24 | 31.9% | -248.4% | ||
| Q1 24 | 3.9% | -216.5% |
资本支出强度HOGPLUG
| Q4 25 | 13.2% | 1.9% | ||
| Q3 25 | 3.4% | 15.6% | ||
| Q2 25 | 3.4% | 22.2% | ||
| Q1 25 | 2.8% | 30.3% | ||
| Q4 24 | 13.0% | 17.7% | ||
| Q3 24 | 6.0% | 34.1% | ||
| Q2 24 | 3.1% | 70.7% | ||
| Q1 24 | 3.1% | 77.0% |
现金转化率HOGPLUG
| Q4 25 | — | — | ||
| Q3 25 | -0.25× | — | ||
| Q2 25 | 3.42× | — | ||
| Q1 25 | 1.06× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.97× | — | ||
| Q2 24 | 2.17× | — | ||
| Q1 24 | 0.44× | — |
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
HOG
| Motorcycles | $193.9M | 50% |
| Other | $63.8M | 16% |
| Other Income Financial Services | $59.8M | 15% |
| Apparel | $47.2M | 12% |
| Livewire Segment | $11.4M | 3% |
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% |
