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KADANT INC（KAI）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
KADANT INC的季度营收约是PLUG POWER INC的1.2倍（$271.6M vs $225.2M），KADANT INC净利率更高（10.2% vs -375.6%，领先385.8%），PLUG POWER INC同比增速更快（17.6% vs -0.0%），KADANT INC自由现金流更多（$44.1M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 6.7%）
Kadant Inc.创立于1991年，最初是Thermo Electron的子公司，部分股权私有、部分公开交易，2001年完成完全分拆并启用现名。公司服务于造纸、废纸回收、木材加工、物料搬运等多个加工领域，是业务覆盖亚洲、欧洲、北美、南美的跨国企业。
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。
KAI vs PLUG — 直观对比
营收规模更大
KAI
是对方的1.2倍
$225.2M
营收增速更快
PLUG
高出17.6%
-0.0%
净利率更高
KAI
高出385.8%
-375.6%
自由现金流更多
KAI
多$197.1M
$-153.0M
两年增速更快
PLUG
近两年复合增速
6.7%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $271.6M | $225.2M |
| 净利润 | $27.7M | $-846.0M |
| 毛利率 | 45.2% | 2.4% |
| 营业利润率 | 15.7% | -338.9% |
| 净利率 | 10.2% | -375.6% |
| 营收同比 | -0.0% | 17.6% |
| 净利润同比 | -12.2% | 36.7% |
| 每股收益（稀释后） | $2.35 | $-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KAIPLUG
| Q4 25 | — | $225.2M | ||
| Q3 25 | $271.6M | $177.1M | ||
| Q2 25 | $255.3M | $174.0M | ||
| Q1 25 | $239.2M | $133.7M | ||
| Q4 24 | $258.0M | $191.5M | ||
| Q3 24 | $271.6M | $173.7M | ||
| Q2 24 | $274.8M | $143.3M | ||
| Q1 24 | $249.0M | $120.3M |
净利润KAIPLUG
| Q4 25 | — | $-846.0M | ||
| Q3 25 | $27.7M | $-361.9M | ||
| Q2 25 | $26.2M | $-227.1M | ||
| Q1 25 | $24.1M | $-196.7M | ||
| Q4 24 | $24.0M | $-1.3B | ||
| Q3 24 | $31.6M | $-211.2M | ||
| Q2 24 | $31.3M | $-262.3M | ||
| Q1 24 | $24.7M | $-295.8M |
毛利率KAIPLUG
| Q4 25 | — | 2.4% | ||
| Q3 25 | 45.2% | -67.9% | ||
| Q2 25 | 45.9% | -30.7% | ||
| Q1 25 | 46.1% | -55.3% | ||
| Q4 24 | 43.4% | -122.5% | ||
| Q3 24 | 44.7% | -57.6% | ||
| Q2 24 | 44.4% | -91.6% | ||
| Q1 24 | 44.6% | -132.3% |
营业利润率KAIPLUG
| Q4 25 | — | -338.9% | ||
| Q3 25 | 15.7% | -197.0% | ||
| Q2 25 | 15.4% | -101.7% | ||
| Q1 25 | 14.9% | -133.5% | ||
| Q4 24 | 14.3% | -678.7% | ||
| Q3 24 | 18.0% | -124.4% | ||
| Q2 24 | 17.6% | -170.7% | ||
| Q1 24 | 14.8% | -215.7% |
净利率KAIPLUG
| Q4 25 | — | -375.6% | ||
| Q3 25 | 10.2% | -204.4% | ||
| Q2 25 | 10.2% | -130.5% | ||
| Q1 25 | 10.1% | -147.1% | ||
| Q4 24 | 9.3% | -697.5% | ||
| Q3 24 | 11.6% | -121.5% | ||
| Q2 24 | 11.4% | -183.0% | ||
| Q1 24 | 9.9% | -245.9% |
每股收益（稀释后）KAIPLUG
| Q4 25 | — | $-0.70 | ||
| Q3 25 | $2.35 | $-0.31 | ||
| Q2 25 | $2.22 | $-0.20 | ||
| Q1 25 | $2.04 | $-0.21 | ||
| Q4 24 | $2.04 | $-1.61 | ||
| Q3 24 | $2.68 | $-0.25 | ||
| Q2 24 | $2.66 | $-0.36 | ||
| Q1 24 | $2.10 | $-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 | $124.5M | $368.5M |
| 总债务越低越好 | $254.6M | — |
| 股东权益账面价值 | $949.8M | $978.1M |
| 总资产 | $1.5B | $2.6B |
| 负债/权益比越低杠杆越低 | 0.27× | — |
8季度趋势，按日历期对齐
现金及短期投资KAIPLUG
| Q4 25 | — | $368.5M | ||
| Q3 25 | $124.5M | $165.9M | ||
| Q2 25 | $95.3M | $140.7M | ||
| Q1 25 | $91.7M | $295.8M | ||
| Q4 24 | $94.7M | $205.7M | ||
| Q3 24 | $88.4M | $93.9M | ||
| Q2 24 | $73.8M | $62.4M | ||
| Q1 24 | $81.4M | $172.9M |
总债务KAIPLUG
| Q4 25 | — | — | ||
| Q3 25 | $254.6M | — | ||
| Q2 25 | $245.7M | — | ||
| Q1 25 | $273.5M | — | ||
| Q4 24 | $285.2M | — | ||
| Q3 24 | $323.2M | $3.9M | ||
| Q2 24 | $342.0M | $3.7M | ||
| Q1 24 | $306.8M | $3.8M |
股东权益KAIPLUG
| Q4 25 | — | $978.1M | ||
| Q3 25 | $949.8M | $1.4B | ||
| Q2 25 | $926.0M | $1.7B | ||
| Q1 25 | $876.0M | $1.9B | ||
| Q4 24 | $847.1M | $1.7B | ||
| Q3 24 | $851.7M | $3.0B | ||
| Q2 24 | $807.7M | $3.0B | ||
| Q1 24 | $782.7M | $2.9B |
总资产KAIPLUG
| Q4 25 | — | $2.6B | ||
| Q3 25 | $1.5B | $3.1B | ||
| Q2 25 | $1.5B | $3.4B | ||
| Q1 25 | $1.4B | $3.6B | ||
| Q4 24 | $1.4B | $3.6B | ||
| Q3 24 | $1.5B | $4.7B | ||
| Q2 24 | $1.5B | $4.8B | ||
| Q1 24 | $1.4B | $4.8B |
负债/权益比KAIPLUG
| Q4 25 | — | — | ||
| Q3 25 | 0.27× | — | ||
| Q2 25 | 0.27× | — | ||
| Q1 25 | 0.31× | — | ||
| Q4 24 | 0.34× | — | ||
| Q3 24 | 0.38× | 0.00× | ||
| Q2 24 | 0.42× | 0.00× | ||
| Q1 24 | 0.39× | 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 | $47.3M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $44.1M | $-153.0M |
| 自由现金流率自由现金流/营收 | 16.2% | -67.9% |
| 资本支出强度资本支出/营收 | 1.2% | 1.9% |
| 现金转化率经营现金流/净利润 | 1.70× | — |
| 过去12个月自由现金流最近4个季度 | $145.9M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流KAIPLUG
| Q4 25 | — | $-148.6M | ||
| Q3 25 | $47.3M | $-89.8M | ||
| Q2 25 | $40.5M | $-191.8M | ||
| Q1 25 | $22.8M | $-105.6M | ||
| Q4 24 | $51.9M | $-131.2M | ||
| Q3 24 | $52.5M | $-174.9M | ||
| Q2 24 | $28.1M | $-254.7M | ||
| Q1 24 | $22.8M | $-167.7M |
自由现金流KAIPLUG
| Q4 25 | — | $-153.0M | ||
| Q3 25 | $44.1M | $-117.5M | ||
| Q2 25 | $36.5M | $-230.4M | ||
| Q1 25 | $19.0M | $-146.0M | ||
| Q4 24 | $46.3M | $-165.2M | ||
| Q3 24 | $48.3M | $-234.2M | ||
| Q2 24 | $23.1M | $-356.0M | ||
| Q1 24 | $16.6M | $-260.3M |
自由现金流率KAIPLUG
| Q4 25 | — | -67.9% | ||
| Q3 25 | 16.2% | -66.4% | ||
| Q2 25 | 14.3% | -132.5% | ||
| Q1 25 | 7.9% | -109.2% | ||
| Q4 24 | 17.9% | -86.3% | ||
| Q3 24 | 17.8% | -134.8% | ||
| Q2 24 | 8.4% | -248.4% | ||
| Q1 24 | 6.7% | -216.5% |
资本支出强度KAIPLUG
| Q4 25 | — | 1.9% | ||
| Q3 25 | 1.2% | 15.6% | ||
| Q2 25 | 1.6% | 22.2% | ||
| Q1 25 | 1.6% | 30.3% | ||
| Q4 24 | 2.2% | 17.7% | ||
| Q3 24 | 1.5% | 34.1% | ||
| Q2 24 | 1.8% | 70.7% | ||
| Q1 24 | 2.5% | 77.0% |
现金转化率KAIPLUG
| Q4 25 | — | — | ||
| Q3 25 | 1.70× | — | ||
| Q2 25 | 1.55× | — | ||
| Q1 25 | 0.95× | — | ||
| Q4 24 | 2.16× | — | ||
| Q3 24 | 1.66× | — | ||
| Q2 24 | 0.90× | — | ||
| Q1 24 | 0.92× | — |
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
KAI
| Flow Control | $94.8M | 35% |
| Capital | $83.2M | 31% |
| Material Handling Systems | $70.3M | 26% |
| Transferred Over Time | $17.1M | 6% |
| Other | $6.1M | 2% |
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% |
