vs
MACERICH CO（MAC）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
MACERICH CO的季度营收约是PLUG POWER INC的1.2倍（$261.7M vs $225.2M），MACERICH CO净利率更高（-7.2% vs -375.6%，领先368.5%），PLUG POWER INC同比增速更快（17.6% vs -4.4%），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 12.0%）
Macerich是一家专注于购物中心投资的房地产投资信托基金，为美国第三大购物中心持有及运营商。截至2024年12月31日，公司共持有43处物业的权益，可租赁总面积达4300万平方英尺，公司名称由创始人Mace Siegel与Richard Cohen的名字组合而来。
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。
MAC vs PLUG — 直观对比
营收规模更大
MAC
是对方的1.2倍
$225.2M
营收增速更快
PLUG
高出22.0%
-4.4%
净利率更高
MAC
高出368.5%
-375.6%
两年增速更快
PLUG
近两年复合增速
12.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $261.7M | $225.2M |
| 净利润 | $-18.8M | $-846.0M |
| 毛利率 | — | 2.4% |
| 营业利润率 | — | -338.9% |
| 净利率 | -7.2% | -375.6% |
| 营收同比 | -4.4% | 17.6% |
| 净利润同比 | 91.1% | 36.7% |
| 每股收益（稀释后） | $-0.08 | $-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MACPLUG
| Q4 25 | $261.7M | $225.2M | ||
| Q3 25 | $253.3M | $177.1M | ||
| Q2 25 | $249.8M | $174.0M | ||
| Q1 25 | $249.2M | $133.7M | ||
| Q4 24 | $273.7M | $191.5M | ||
| Q3 24 | $220.2M | $173.7M | ||
| Q2 24 | $215.5M | $143.3M | ||
| Q1 24 | $208.8M | $120.3M |
净利润MACPLUG
| Q4 25 | $-18.8M | $-846.0M | ||
| Q3 25 | $-87.4M | $-361.9M | ||
| Q2 25 | $-40.9M | $-227.1M | ||
| Q1 25 | $-50.1M | $-196.7M | ||
| Q4 24 | $-211.2M | $-1.3B | ||
| Q3 24 | $-108.2M | $-211.2M | ||
| Q2 24 | $252.0M | $-262.3M | ||
| Q1 24 | $-126.7M | $-295.8M |
毛利率MACPLUG
| 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MACPLUG
| Q4 25 | — | -338.9% | ||
| Q3 25 | — | -197.0% | ||
| Q2 25 | — | -101.7% | ||
| Q1 25 | — | -133.5% | ||
| Q4 24 | — | -678.7% | ||
| Q3 24 | — | -124.4% | ||
| Q2 24 | — | -170.7% | ||
| Q1 24 | — | -215.7% |
净利率MACPLUG
| Q4 25 | -7.2% | -375.6% | ||
| Q3 25 | -34.5% | -204.4% | ||
| Q2 25 | -16.4% | -130.5% | ||
| Q1 25 | -20.1% | -147.1% | ||
| Q4 24 | -77.2% | -697.5% | ||
| Q3 24 | -49.1% | -121.5% | ||
| Q2 24 | 116.9% | -183.0% | ||
| Q1 24 | -60.7% | -245.9% |
每股收益（稀释后）MACPLUG
| Q4 25 | $-0.08 | $-0.70 | ||
| Q3 25 | $-0.34 | $-0.31 | ||
| Q2 25 | $-0.16 | $-0.20 | ||
| Q1 25 | $-0.20 | $-0.21 | ||
| Q4 24 | $-0.95 | $-1.61 | ||
| Q3 24 | $-0.50 | $-0.25 | ||
| Q2 24 | $1.16 | $-0.36 | ||
| Q1 24 | $-0.59 | $-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 | $280.2M | $368.5M |
| 总债务越低越好 | $5.1B | — |
| 股东权益账面价值 | $2.4B | $978.1M |
| 总资产 | $8.4B | $2.6B |
| 负债/权益比越低杠杆越低 | 2.07× | — |
8季度趋势，按日历期对齐
现金及短期投资MACPLUG
| Q4 25 | $280.2M | $368.5M | ||
| Q3 25 | $290.2M | $165.9M | ||
| Q2 25 | $131.1M | $140.7M | ||
| Q1 25 | $253.2M | $295.8M | ||
| Q4 24 | $89.9M | $205.7M | ||
| Q3 24 | $116.5M | $93.9M | ||
| Q2 24 | $70.7M | $62.4M | ||
| Q1 24 | $120.1M | $172.9M |
总债务MACPLUG
| Q4 25 | $5.1B | — | ||
| Q3 25 | $5.1B | — | ||
| Q2 25 | $5.2B | — | ||
| Q1 25 | $5.2B | — | ||
| Q4 24 | $4.9B | — | ||
| Q3 24 | $4.3B | $3.9M | ||
| Q2 24 | $4.4B | $3.7M | ||
| Q1 24 | $4.1B | $3.8M |
股东权益MACPLUG
| Q4 25 | $2.4B | $978.1M | ||
| Q3 25 | $2.5B | $1.4B | ||
| Q2 25 | $2.6B | $1.7B | ||
| Q1 25 | $2.7B | $1.9B | ||
| Q4 24 | $2.8B | $1.7B | ||
| Q3 24 | $2.5B | $3.0B | ||
| Q2 24 | $2.5B | $3.0B | ||
| Q1 24 | $2.3B | $2.9B |
总资产MACPLUG
| Q4 25 | $8.4B | $2.6B | ||
| Q3 25 | $8.4B | $3.1B | ||
| Q2 25 | $8.7B | $3.4B | ||
| Q1 25 | $8.7B | $3.6B | ||
| Q4 24 | $8.6B | $3.6B | ||
| Q3 24 | $7.6B | $4.7B | ||
| Q2 24 | $7.8B | $4.8B | ||
| Q1 24 | $7.4B | $4.8B |
负债/权益比MACPLUG
| Q4 25 | 2.07× | — | ||
| Q3 25 | 2.02× | — | ||
| Q2 25 | 2.02× | — | ||
| Q1 25 | 1.96× | — | ||
| Q4 24 | 1.78× | — | ||
| Q3 24 | 1.73× | 0.00× | ||
| Q2 24 | 1.75× | 0.00× | ||
| Q1 24 | 1.79× | 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 | $50.2M | $-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 | — | — |
| 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MACPLUG
| Q4 25 | $50.2M | $-148.6M | ||
| Q3 25 | $112.4M | $-89.8M | ||
| Q2 25 | $70.5M | $-191.8M | ||
| Q1 25 | $88.5M | $-105.6M | ||
| Q4 24 | $54.9M | $-131.2M | ||
| Q3 24 | $100.0M | $-174.9M | ||
| Q2 24 | $67.4M | $-254.7M | ||
| Q1 24 | $61.1M | $-167.7M |
自由现金流MACPLUG
| 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MACPLUG
| 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MACPLUG
| 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MACPLUG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.27× | — | ||
| 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
MAC
暂无分部数据
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% |
