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H2O AMERICA（HTO）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H2O AMERICA的1.1倍（$225.2M vs $199.4M），H2O AMERICA净利率更高（8.1% vs -375.6%，领先383.8%），PLUG POWER INC同比增速更快（17.6% vs 1.5%），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 15.3%）
H2O Wireless是美国的预付费移动通信服务商，依托AT&T网络运营，隶属于MVNO（移动虚拟网络运营商）Locus通信，自2019年起Locus成为Telrite控股的子公司，此前2010年起曾是KDDI美国旗下资产。该品牌主打无限制套餐服务，支持用户自带或购买无锁智能手机入网，AT&T合约机/锁网机也可兼容使用。
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。
HTO vs PLUG — 直观对比
营收规模更大
PLUG
是对方的1.1倍
$199.4M
营收增速更快
PLUG
高出16.2%
1.5%
净利率更高
HTO
高出383.8%
-375.6%
两年增速更快
PLUG
近两年复合增速
15.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $199.4M | $225.2M |
| 净利润 | $16.2M | $-846.0M |
| 毛利率 | — | 2.4% |
| 营业利润率 | 16.6% | -338.9% |
| 净利率 | 8.1% | -375.6% |
| 营收同比 | 1.5% | 17.6% |
| 净利润同比 | -29.2% | 36.7% |
| 每股收益（稀释后） | $0.45 | $-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HTOPLUG
| Q4 25 | $199.4M | $225.2M | ||
| Q3 25 | $243.5M | $177.1M | ||
| Q2 25 | $197.8M | $174.0M | ||
| Q1 25 | $164.9M | $133.7M | ||
| Q4 24 | $196.5M | $191.5M | ||
| Q3 24 | $216.7M | $173.7M | ||
| Q2 24 | $173.1M | $143.3M | ||
| Q1 24 | $150.0M | $120.3M |
净利润HTOPLUG
| Q4 25 | $16.2M | $-846.0M | ||
| Q3 25 | $45.1M | $-361.9M | ||
| Q2 25 | $24.7M | $-227.1M | ||
| Q1 25 | $16.6M | $-196.7M | ||
| Q4 24 | $22.9M | $-1.3B | ||
| Q3 24 | $38.7M | $-211.2M | ||
| Q2 24 | $20.7M | $-262.3M | ||
| Q1 24 | $11.7M | $-295.8M |
毛利率HTOPLUG
| 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HTOPLUG
| Q4 25 | 16.6% | -338.9% | ||
| Q3 25 | 26.5% | -197.0% | ||
| Q2 25 | 22.2% | -101.7% | ||
| Q1 25 | 21.8% | -133.5% | ||
| Q4 24 | 22.2% | -678.7% | ||
| Q3 24 | 26.9% | -124.4% | ||
| Q2 24 | 23.4% | -170.7% | ||
| Q1 24 | 18.6% | -215.7% |
净利率HTOPLUG
| Q4 25 | 8.1% | -375.6% | ||
| Q3 25 | 18.5% | -204.4% | ||
| Q2 25 | 12.5% | -130.5% | ||
| Q1 25 | 10.0% | -147.1% | ||
| Q4 24 | 11.7% | -697.5% | ||
| Q3 24 | 17.8% | -121.5% | ||
| Q2 24 | 12.0% | -183.0% | ||
| Q1 24 | 7.8% | -245.9% |
每股收益（稀释后）HTOPLUG
| Q4 25 | $0.45 | $-0.70 | ||
| Q3 25 | $1.27 | $-0.31 | ||
| Q2 25 | $0.71 | $-0.20 | ||
| Q1 25 | $0.49 | $-0.21 | ||
| Q4 24 | $0.70 | $-1.61 | ||
| Q3 24 | $1.17 | $-0.25 | ||
| Q2 24 | $0.64 | $-0.36 | ||
| Q1 24 | $0.36 | $-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 | $20.7M | $368.5M |
| 总债务越低越好 | $1.9B | — |
| 股东权益账面价值 | $1.5B | $978.1M |
| 总资产 | $5.1B | $2.6B |
| 负债/权益比越低杠杆越低 | 1.23× | — |
8季度趋势，按日历期对齐
现金及短期投资HTOPLUG
| Q4 25 | $20.7M | $368.5M | ||
| Q3 25 | $11.3M | $165.9M | ||
| Q2 25 | $19.8M | $140.7M | ||
| Q1 25 | $23.7M | $295.8M | ||
| Q4 24 | $11.1M | $205.7M | ||
| Q3 24 | $4.0M | $93.9M | ||
| Q2 24 | $22.8M | $62.4M | ||
| Q1 24 | $4.5M | $172.9M |
总债务HTOPLUG
| Q4 25 | $1.9B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | — | $3.9M | ||
| Q2 24 | — | $3.7M | ||
| Q1 24 | — | $3.8M |
股东权益HTOPLUG
| Q4 25 | $1.5B | $978.1M | ||
| Q3 25 | $1.5B | $1.4B | ||
| Q2 25 | $1.5B | $1.7B | ||
| Q1 25 | $1.4B | $1.9B | ||
| Q4 24 | $1.4B | $1.7B | ||
| Q3 24 | $1.3B | $3.0B | ||
| Q2 24 | $1.3B | $3.0B | ||
| Q1 24 | $1.2B | $2.9B |
总资产HTOPLUG
| Q4 25 | $5.1B | $2.6B | ||
| Q3 25 | $5.0B | $3.1B | ||
| Q2 25 | $4.8B | $3.4B | ||
| Q1 25 | $4.7B | $3.6B | ||
| Q4 24 | $4.7B | $3.6B | ||
| Q3 24 | $4.6B | $4.7B | ||
| Q2 24 | $4.4B | $4.8B | ||
| Q1 24 | $4.4B | $4.8B |
负债/权益比HTOPLUG
| Q4 25 | 1.23× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.26× | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | — | 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 | $63.5M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | — | $-153.0M |
| 自由现金流率自由现金流/营收 | — | -67.9% |
| 资本支出强度资本支出/营收 | — | 1.9% |
| 现金转化率经营现金流/净利润 | 3.92× | — |
| 过去12个月自由现金流最近4个季度 | — | $-647.0M |
8季度趋势，按日历期对齐
经营现金流HTOPLUG
| Q4 25 | $63.5M | $-148.6M | ||
| Q3 25 | $77.3M | $-89.8M | ||
| Q2 25 | $60.8M | $-191.8M | ||
| Q1 25 | $43.2M | $-105.6M | ||
| Q4 24 | $41.5M | $-131.2M | ||
| Q3 24 | $53.5M | $-174.9M | ||
| Q2 24 | $49.3M | $-254.7M | ||
| Q1 24 | $51.2M | $-167.7M |
自由现金流HTOPLUG
| Q4 25 | — | $-153.0M | ||
| Q3 25 | — | $-117.5M | ||
| Q2 25 | — | $-230.4M | ||
| Q1 25 | — | $-146.0M | ||
| Q4 24 | — | $-165.2M | ||
| Q3 24 | — | $-234.2M | ||
| Q2 24 | — | $-356.0M | ||
| Q1 24 | — | $-260.3M |
自由现金流率HTOPLUG
| Q4 25 | — | -67.9% | ||
| Q3 25 | — | -66.4% | ||
| Q2 25 | — | -132.5% | ||
| Q1 25 | — | -109.2% | ||
| Q4 24 | — | -86.3% | ||
| Q3 24 | — | -134.8% | ||
| Q2 24 | — | -248.4% | ||
| Q1 24 | — | -216.5% |
资本支出强度HTOPLUG
| Q4 25 | — | 1.9% | ||
| Q3 25 | — | 15.6% | ||
| Q2 25 | — | 22.2% | ||
| Q1 25 | — | 30.3% | ||
| Q4 24 | — | 17.7% | ||
| Q3 24 | — | 34.1% | ||
| Q2 24 | — | 70.7% | ||
| Q1 24 | — | 77.0% |
现金转化率HTOPLUG
| Q4 25 | 3.92× | — | ||
| Q3 25 | 1.71× | — | ||
| Q2 25 | 2.47× | — | ||
| Q1 25 | 2.61× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.39× | — | ||
| Q2 24 | 2.38× | — | ||
| Q1 24 | 4.38× | — |
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
HTO
| Water Utility Services | $191.0M | 96% |
| Other | $8.4M | 4% |
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% |
