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IONIS PHARMACEUTICALS INC（IONS）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IONIS PHARMACEUTICALS INC的1.1倍（$225.2M vs $203.3M），IONIS PHARMACEUTICALS INC净利率更高（-112.8% vs -375.6%，领先262.8%），PLUG POWER INC同比增速更快（17.6% vs -10.3%），PLUG POWER INC自由现金流更多（$-153.0M vs $-159.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 30.4%）
IONIS制药是1989年成立的生物科技企业，总部位于美国加利福尼亚州卡尔斯巴德，专注于反义疗法、RNA干扰及CRISPR疗法的研发，2015年12月前曾以Isis制药的名称运营。
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。
IONS vs PLUG — 直观对比
营收规模更大
PLUG
是对方的1.1倍
$203.3M
营收增速更快
PLUG
高出27.9%
-10.3%
净利率更高
IONS
高出262.8%
-375.6%
自由现金流更多
PLUG
多$6.0M
$-159.0M
两年增速更快
PLUG
近两年复合增速
30.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $203.3M | $225.2M |
| 净利润 | $-229.4M | $-846.0M |
| 毛利率 | 96.1% | 2.4% |
| 营业利润率 | -105.5% | -338.9% |
| 净利率 | -112.8% | -375.6% |
| 营收同比 | -10.3% | 17.6% |
| 净利润同比 | -119.8% | 36.7% |
| 每股收益（稀释后） | $-1.35 | $-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IONSPLUG
| Q4 25 | $203.3M | $225.2M | ||
| Q3 25 | $156.7M | $177.1M | ||
| Q2 25 | $452.0M | $174.0M | ||
| Q1 25 | $131.6M | $133.7M | ||
| Q4 24 | $226.6M | $191.5M | ||
| Q3 24 | $133.8M | $173.7M | ||
| Q2 24 | $225.3M | $143.3M | ||
| Q1 24 | $119.5M | $120.3M |
净利润IONSPLUG
| Q4 25 | $-229.4M | $-846.0M | ||
| Q3 25 | $-128.6M | $-361.9M | ||
| Q2 25 | $123.6M | $-227.1M | ||
| Q1 25 | $-146.9M | $-196.7M | ||
| Q4 24 | $-104.3M | $-1.3B | ||
| Q3 24 | $-140.5M | $-211.2M | ||
| Q2 24 | $-66.3M | $-262.3M | ||
| Q1 24 | $-142.8M | $-295.8M |
毛利率IONSPLUG
| Q4 25 | 96.1% | 2.4% | ||
| Q3 25 | 98.5% | -67.9% | ||
| Q2 25 | 99.1% | -30.7% | ||
| Q1 25 | 98.9% | -55.3% | ||
| Q4 24 | 98.3% | -122.5% | ||
| Q3 24 | 99.2% | -57.6% | ||
| Q2 24 | 98.2% | -91.6% | ||
| Q1 24 | 98.2% | -132.3% |
营业利润率IONSPLUG
| Q4 25 | -105.5% | -338.9% | ||
| Q3 25 | -102.2% | -197.0% | ||
| Q2 25 | 30.9% | -101.7% | ||
| Q1 25 | -111.6% | -133.5% | ||
| Q4 24 | -48.9% | -678.7% | ||
| Q3 24 | -111.1% | -124.4% | ||
| Q2 24 | -29.3% | -170.7% | ||
| Q1 24 | -125.1% | -215.7% |
净利率IONSPLUG
| Q4 25 | -112.8% | -375.6% | ||
| Q3 25 | -82.1% | -204.4% | ||
| Q2 25 | 27.3% | -130.5% | ||
| Q1 25 | -111.6% | -147.1% | ||
| Q4 24 | -46.1% | -697.5% | ||
| Q3 24 | -105.0% | -121.5% | ||
| Q2 24 | -29.4% | -183.0% | ||
| Q1 24 | -119.5% | -245.9% |
每股收益（稀释后）IONSPLUG
| Q4 25 | $-1.35 | $-0.70 | ||
| Q3 25 | $-0.80 | $-0.31 | ||
| Q2 25 | $0.70 | $-0.20 | ||
| Q1 25 | $-0.93 | $-0.21 | ||
| Q4 24 | $-0.66 | $-1.61 | ||
| Q3 24 | $-0.95 | $-0.25 | ||
| Q2 24 | $-0.45 | $-0.36 | ||
| Q1 24 | $-0.98 | $-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 | $2.7B | $368.5M |
| 总债务越低越好 | $1.8B | — |
| 股东权益账面价值 | $489.1M | $978.1M |
| 总资产 | $3.5B | $2.6B |
| 负债/权益比越低杠杆越低 | 3.71× | — |
8季度趋势，按日历期对齐
现金及短期投资IONSPLUG
| Q4 25 | $2.7B | $368.5M | ||
| Q3 25 | $2.2B | $165.9M | ||
| Q2 25 | $2.3B | $140.7M | ||
| Q1 25 | $2.1B | $295.8M | ||
| Q4 24 | $2.3B | $205.7M | ||
| Q3 24 | $2.5B | $93.9M | ||
| Q2 24 | $2.1B | $62.4M | ||
| Q1 24 | $2.2B | $172.9M |
总债务IONSPLUG
| Q4 25 | $1.8B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | — | $3.9M | ||
| Q2 24 | — | $3.7M | ||
| Q1 24 | — | $3.8M |
股东权益IONSPLUG
| Q4 25 | $489.1M | $978.1M | ||
| Q3 25 | $618.0M | $1.4B | ||
| Q2 25 | $631.7M | $1.7B | ||
| Q1 25 | $475.7M | $1.9B | ||
| Q4 24 | $588.4M | $1.7B | ||
| Q3 24 | $662.5M | $3.0B | ||
| Q2 24 | $263.7M | $3.0B | ||
| Q1 24 | $296.5M | $2.9B |
总资产IONSPLUG
| Q4 25 | $3.5B | $2.6B | ||
| Q3 25 | $3.0B | $3.1B | ||
| Q2 25 | $3.0B | $3.4B | ||
| Q1 25 | $2.8B | $3.6B | ||
| Q4 24 | $3.0B | $3.6B | ||
| Q3 24 | $3.1B | $4.7B | ||
| Q2 24 | $2.7B | $4.8B | ||
| Q1 24 | $2.8B | $4.8B |
负债/权益比IONSPLUG
| Q4 25 | 3.71× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.13× | — | ||
| 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 | $-137.7M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $-159.0M | $-153.0M |
| 自由现金流率自由现金流/营收 | -78.2% | -67.9% |
| 资本支出强度资本支出/营收 | 10.5% | 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 | $-320.0M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流IONSPLUG
| Q4 25 | $-137.7M | $-148.6M | ||
| Q3 25 | $-131.4M | $-89.8M | ||
| Q2 25 | $151.3M | $-191.8M | ||
| Q1 25 | $-150.8M | $-105.6M | ||
| Q4 24 | $-116.1M | $-131.2M | ||
| Q3 24 | $-115.0M | $-174.9M | ||
| Q2 24 | $-119.9M | $-254.7M | ||
| Q1 24 | $-149.9M | $-167.7M |
自由现金流IONSPLUG
| Q4 25 | $-159.0M | $-153.0M | ||
| Q3 25 | $-136.7M | $-117.5M | ||
| Q2 25 | $139.0M | $-230.4M | ||
| Q1 25 | $-163.4M | $-146.0M | ||
| Q4 24 | $-141.6M | $-165.2M | ||
| Q3 24 | $-124.0M | $-234.2M | ||
| Q2 24 | $-126.1M | $-356.0M | ||
| Q1 24 | $-154.4M | $-260.3M |
自由现金流率IONSPLUG
| Q4 25 | -78.2% | -67.9% | ||
| Q3 25 | -87.2% | -66.4% | ||
| Q2 25 | 30.8% | -132.5% | ||
| Q1 25 | -124.1% | -109.2% | ||
| Q4 24 | -62.5% | -86.3% | ||
| Q3 24 | -92.7% | -134.8% | ||
| Q2 24 | -56.0% | -248.4% | ||
| Q1 24 | -129.2% | -216.5% |
资本支出强度IONSPLUG
| Q4 25 | 10.5% | 1.9% | ||
| Q3 25 | 3.4% | 15.6% | ||
| Q2 25 | 2.7% | 22.2% | ||
| Q1 25 | 9.6% | 30.3% | ||
| Q4 24 | 11.3% | 17.7% | ||
| Q3 24 | 6.8% | 34.1% | ||
| Q2 24 | 2.8% | 70.7% | ||
| Q1 24 | 3.8% | 77.0% |
现金转化率IONSPLUG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.22× | — | ||
| 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
IONS
| Products | $58.0M | 29% |
| Spinraza Royalties | $54.0M | 27% |
| Collaborative Agreement Revenue | $52.4M | 26% |
| Wainus Royalties | $16.0M | 8% |
| Wainua Joint Development Revenue | $9.6M | 5% |
| Other Commercial | $7.6M | 4% |
| Other Royalties | $5.7M | 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% |
