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Lucid Group, Inc.（LCID）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
Lucid Group, Inc.的季度营收约是PLUG POWER INC的2.3倍（$522.7M vs $225.2M），Lucid Group, Inc.净利率更高（-155.7% vs -375.6%，领先219.9%），Lucid Group, Inc.同比增速更快（122.9% vs 17.6%），PLUG POWER INC自由现金流更多（$-153.0M vs $-1.2B），过去两年Lucid Group, Inc.的营收复合增速更高（74.0% vs 36.8%）
Lucid Group, Inc.是总部位于美国加利福尼亚州纽瓦克的汽车科技企业，专注于电动汽车制造及先进电动汽车动力系统供应。2021年9月，公司在亚利桑那州卡萨格兰德的工厂开始生产Lucid Air豪华轿车，第二款车型Lucid Gravity SUV于2024年12月投产，同时也为阿斯顿·马丁等其他车企供应和研发动力总成技术。
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。
LCID vs PLUG — 直观对比
营收规模更大
LCID
是对方的2.3倍
$225.2M
营收增速更快
LCID
高出105.3%
17.6%
净利率更高
LCID
高出219.9%
-375.6%
自由现金流更多
PLUG
多$1.1B
$-1.2B
两年增速更快
LCID
近两年复合增速
36.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $522.7M | $225.2M |
| 净利润 | $-814.0M | $-846.0M |
| 毛利率 | -80.7% | 2.4% |
| 营业利润率 | -203.7% | -338.9% |
| 净利率 | -155.7% | -375.6% |
| 营收同比 | 122.9% | 17.6% |
| 净利润同比 | -104.9% | 36.7% |
| 每股收益（稀释后） | $-8.26 | $-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LCIDPLUG
| Q4 25 | $522.7M | $225.2M | ||
| Q3 25 | $336.6M | $177.1M | ||
| Q2 25 | $259.4M | $174.0M | ||
| Q1 25 | $235.0M | $133.7M | ||
| Q4 24 | $234.5M | $191.5M | ||
| Q3 24 | $200.0M | $173.7M | ||
| Q2 24 | $200.6M | $143.3M | ||
| Q1 24 | $172.7M | $120.3M |
净利润LCIDPLUG
| Q4 25 | $-814.0M | $-846.0M | ||
| Q3 25 | $-978.4M | $-361.9M | ||
| Q2 25 | $-539.4M | $-227.1M | ||
| Q1 25 | $-366.2M | $-196.7M | ||
| Q4 24 | $-397.2M | $-1.3B | ||
| Q3 24 | $-992.5M | $-211.2M | ||
| Q2 24 | $-643.4M | $-262.3M | ||
| Q1 24 | $-680.9M | $-295.8M |
毛利率LCIDPLUG
| Q4 25 | -80.7% | 2.4% | ||
| Q3 25 | -99.1% | -67.9% | ||
| Q2 25 | -105.0% | -30.7% | ||
| Q1 25 | -97.2% | -55.3% | ||
| Q4 24 | -89.0% | -122.5% | ||
| Q3 24 | -106.2% | -57.6% | ||
| Q2 24 | -134.5% | -91.6% | ||
| Q1 24 | -134.3% | -132.3% |
营业利润率LCIDPLUG
| Q4 25 | -203.7% | -338.9% | ||
| Q3 25 | -279.9% | -197.0% | ||
| Q2 25 | -309.5% | -101.7% | ||
| Q1 25 | -294.4% | -133.5% | ||
| Q4 24 | -312.6% | -678.7% | ||
| Q3 24 | -385.2% | -124.4% | ||
| Q2 24 | -392.6% | -170.7% | ||
| Q1 24 | -422.6% | -215.7% |
净利率LCIDPLUG
| Q4 25 | -155.7% | -375.6% | ||
| Q3 25 | -290.7% | -204.4% | ||
| Q2 25 | -207.9% | -130.5% | ||
| Q1 25 | -155.8% | -147.1% | ||
| Q4 24 | -169.4% | -697.5% | ||
| Q3 24 | -496.1% | -121.5% | ||
| Q2 24 | -320.8% | -183.0% | ||
| Q1 24 | -394.2% | -245.9% |
每股收益（稀释后）LCIDPLUG
| Q4 25 | $-8.26 | $-0.70 | ||
| Q3 25 | $-3.31 | $-0.31 | ||
| Q2 25 | $-0.28 | $-0.20 | ||
| Q1 25 | $-0.24 | $-0.21 | ||
| Q4 24 | $-0.20 | $-1.61 | ||
| Q3 24 | $-0.41 | $-0.25 | ||
| Q2 24 | $-0.34 | $-0.36 | ||
| Q1 24 | $-0.30 | $-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 | $1.6B | $368.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $717.3M | $978.1M |
| 总资产 | $8.4B | $2.6B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资LCIDPLUG
| Q4 25 | $1.6B | $368.5M | ||
| Q3 25 | $2.3B | $165.9M | ||
| Q2 25 | $2.8B | $140.7M | ||
| Q1 25 | $3.6B | $295.8M | ||
| Q4 24 | $4.0B | $205.7M | ||
| Q3 24 | $3.5B | $93.9M | ||
| Q2 24 | $3.2B | $62.4M | ||
| Q1 24 | $4.0B | $172.9M |
总债务LCIDPLUG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $3.9M | ||
| Q2 24 | — | $3.7M | ||
| Q1 24 | — | $3.8M |
股东权益LCIDPLUG
| Q4 25 | $717.3M | $978.1M | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $2.4B | $1.7B | ||
| Q1 25 | $3.2B | $1.9B | ||
| Q4 24 | $3.9B | $1.7B | ||
| Q3 24 | $2.7B | $3.0B | ||
| Q2 24 | $3.5B | $3.0B | ||
| Q1 24 | $4.2B | $2.9B |
总资产LCIDPLUG
| Q4 25 | $8.4B | $2.6B | ||
| Q3 25 | $8.8B | $3.1B | ||
| Q2 25 | $8.9B | $3.4B | ||
| Q1 25 | $9.2B | $3.6B | ||
| Q4 24 | $9.6B | $3.6B | ||
| Q3 24 | $8.5B | $4.7B | ||
| Q2 24 | $8.2B | $4.8B | ||
| Q1 24 | $8.9B | $4.8B |
负债/权益比LCIDPLUG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $-916.4M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $-1.2B | $-153.0M |
| 自由现金流率自由现金流/营收 | -237.6% | -67.9% |
| 资本支出强度资本支出/营收 | 62.3% | 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 | $-3.8B | $-647.0M |
8季度趋势，按日历期对齐
经营现金流LCIDPLUG
| Q4 25 | $-916.4M | $-148.6M | ||
| Q3 25 | $-756.6M | $-89.8M | ||
| Q2 25 | $-830.2M | $-191.8M | ||
| Q1 25 | $-428.6M | $-105.6M | ||
| Q4 24 | $-533.1M | $-131.2M | ||
| Q3 24 | $-462.8M | $-174.9M | ||
| Q2 24 | $-507.0M | $-254.7M | ||
| Q1 24 | $-516.7M | $-167.7M |
自由现金流LCIDPLUG
| Q4 25 | $-1.2B | $-153.0M | ||
| Q3 25 | $-955.5M | $-117.5M | ||
| Q2 25 | $-1.0B | $-230.4M | ||
| Q1 25 | $-589.9M | $-146.0M | ||
| Q4 24 | $-824.8M | $-165.2M | ||
| Q3 24 | $-622.5M | $-234.2M | ||
| Q2 24 | $-741.3M | $-356.0M | ||
| Q1 24 | $-714.9M | $-260.3M |
自由现金流率LCIDPLUG
| Q4 25 | -237.6% | -67.9% | ||
| Q3 25 | -283.9% | -66.4% | ||
| Q2 25 | -390.4% | -132.5% | ||
| Q1 25 | -251.0% | -109.2% | ||
| Q4 24 | -351.8% | -86.3% | ||
| Q3 24 | -311.2% | -134.8% | ||
| Q2 24 | -369.6% | -248.4% | ||
| Q1 24 | -413.9% | -216.5% |
资本支出强度LCIDPLUG
| Q4 25 | 62.3% | 1.9% | ||
| Q3 25 | 59.1% | 15.6% | ||
| Q2 25 | 70.4% | 22.2% | ||
| Q1 25 | 68.6% | 30.3% | ||
| Q4 24 | 124.4% | 17.7% | ||
| Q3 24 | 79.8% | 34.1% | ||
| Q2 24 | 116.8% | 70.7% | ||
| Q1 24 | 114.7% | 77.0% |
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
LCID
| LCNRV | $287.2M | 55% |
| Other | $80.4M | 15% |
| Related Party | $74.4M | 14% |
| Regulatory Credits | $34.2M | 7% |
| Warranty Provision | $26.2M | 5% |
| Sale And Leaseback Transactions | $15.2M | 3% |
| Other International | $5.0M | 1% |
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% |
