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迈心诺（MASI）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
迈心诺的季度营收约是PLUG POWER INC的1.6倍（$371.5M vs $225.2M），迈心诺净利率更高（-27.0% vs -375.6%，领先348.6%），PLUG POWER INC同比增速更快（17.6% vs -26.4%），迈心诺自由现金流更多（$50.9M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs -17.7%）
迈心诺（Masimo Corporation）是总部位于美国加利福尼亚州尔湾的健康科技及消费电子企业，核心产品包括面向医院及家用场景的患者监护设备、无创传感器及配套软件平台，同时也布局了消费级音频和可穿戴设备赛道。
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。
MASI vs PLUG — 直观对比
营收规模更大
MASI
是对方的1.6倍
$225.2M
营收增速更快
PLUG
高出44.0%
-26.4%
净利率更高
MASI
高出348.6%
-375.6%
自由现金流更多
MASI
多$203.9M
$-153.0M
两年增速更快
PLUG
近两年复合增速
-17.7%
损益表 — Q3 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $371.5M | $225.2M |
| 净利润 | $-100.4M | $-846.0M |
| 毛利率 | 62.1% | 2.4% |
| 营业利润率 | 22.5% | -338.9% |
| 净利率 | -27.0% | -375.6% |
| 营收同比 | -26.4% | 17.6% |
| 净利润同比 | -1124.5% | 36.7% |
| 每股收益（稀释后） | $-1.84 | $-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MASIPLUG
| Q4 25 | — | $225.2M | ||
| Q3 25 | $371.5M | $177.1M | ||
| Q2 25 | $370.9M | $174.0M | ||
| Q1 25 | $372.0M | $133.7M | ||
| Q4 24 | $600.7M | $191.5M | ||
| Q3 24 | $504.6M | $173.7M | ||
| Q2 24 | $496.3M | $143.3M | ||
| Q1 24 | $492.8M | $120.3M |
净利润MASIPLUG
| Q4 25 | — | $-846.0M | ||
| Q3 25 | $-100.4M | $-361.9M | ||
| Q2 25 | $51.3M | $-227.1M | ||
| Q1 25 | $-170.7M | $-196.7M | ||
| Q4 24 | $-349.6M | $-1.3B | ||
| Q3 24 | $9.8M | $-211.2M | ||
| Q2 24 | $16.0M | $-262.3M | ||
| Q1 24 | $18.9M | $-295.8M |
毛利率MASIPLUG
| Q4 25 | — | 2.4% | ||
| Q3 25 | 62.1% | -67.9% | ||
| Q2 25 | 62.9% | -30.7% | ||
| Q1 25 | 62.9% | -55.3% | ||
| Q4 24 | 40.7% | -122.5% | ||
| Q3 24 | 52.2% | -57.6% | ||
| Q2 24 | 51.3% | -91.6% | ||
| Q1 24 | 49.0% | -132.3% |
营业利润率MASIPLUG
| Q4 25 | — | -338.9% | ||
| Q3 25 | 22.5% | -197.0% | ||
| Q2 25 | 17.4% | -101.7% | ||
| Q1 25 | 21.0% | -133.5% | ||
| Q4 24 | -59.8% | -678.7% | ||
| Q3 24 | 6.0% | -124.4% | ||
| Q2 24 | 5.7% | -170.7% | ||
| Q1 24 | 6.9% | -215.7% |
净利率MASIPLUG
| Q4 25 | — | -375.6% | ||
| Q3 25 | -27.0% | -204.4% | ||
| Q2 25 | 13.8% | -130.5% | ||
| Q1 25 | -45.9% | -147.1% | ||
| Q4 24 | -58.2% | -697.5% | ||
| Q3 24 | 1.9% | -121.5% | ||
| Q2 24 | 3.2% | -183.0% | ||
| Q1 24 | 3.8% | -245.9% |
每股收益（稀释后）MASIPLUG
| Q4 25 | — | $-0.70 | ||
| Q3 25 | $-1.84 | $-0.31 | ||
| Q2 25 | $0.94 | $-0.20 | ||
| Q1 25 | $-3.12 | $-0.21 | ||
| Q4 24 | $-6.54 | $-1.61 | ||
| Q3 24 | $0.18 | $-0.25 | ||
| Q2 24 | $0.29 | $-0.36 | ||
| Q1 24 | $0.35 | $-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 | $312.3M | $368.5M |
| 总债务越低越好 | $559.1M | — |
| 股东权益账面价值 | $810.0M | $978.1M |
| 总资产 | $1.8B | $2.6B |
| 负债/权益比越低杠杆越低 | 0.69× | — |
8季度趋势，按日历期对齐
现金及短期投资MASIPLUG
| Q4 25 | — | $368.5M | ||
| Q3 25 | $312.3M | $165.9M | ||
| Q2 25 | $149.6M | $140.7M | ||
| Q1 25 | $130.8M | $295.8M | ||
| Q4 24 | $177.6M | $205.7M | ||
| Q3 24 | $158.5M | $93.9M | ||
| Q2 24 | $129.6M | $62.4M | ||
| Q1 24 | $157.6M | $172.9M |
总债务MASIPLUG
| Q4 25 | — | — | ||
| Q3 25 | $559.1M | — | ||
| Q2 25 | $613.7M | — | ||
| Q1 25 | $651.0M | — | ||
| Q4 24 | $765.2M | — | ||
| Q3 24 | $772.6M | $3.9M | ||
| Q2 24 | $781.6M | $3.7M | ||
| Q1 24 | $876.0M | $3.8M |
股东权益MASIPLUG
| Q4 25 | — | $978.1M | ||
| Q3 25 | $810.0M | $1.4B | ||
| Q2 25 | $1.0B | $1.7B | ||
| Q1 25 | $946.4M | $1.9B | ||
| Q4 24 | $1.1B | $1.7B | ||
| Q3 24 | $1.5B | $3.0B | ||
| Q2 24 | $1.4B | $3.0B | ||
| Q1 24 | $1.4B | $2.9B |
总资产MASIPLUG
| Q4 25 | — | $2.6B | ||
| Q3 25 | $1.8B | $3.1B | ||
| Q2 25 | $2.4B | $3.4B | ||
| Q1 25 | $2.3B | $3.6B | ||
| Q4 24 | $2.6B | $3.6B | ||
| Q3 24 | $3.1B | $4.7B | ||
| Q2 24 | $2.9B | $4.8B | ||
| Q1 24 | $3.0B | $4.8B |
负债/权益比MASIPLUG
| Q4 25 | — | — | ||
| Q3 25 | 0.69× | — | ||
| Q2 25 | 0.59× | — | ||
| Q1 25 | 0.69× | — | ||
| Q4 24 | 0.73× | — | ||
| Q3 24 | 0.53× | 0.00× | ||
| Q2 24 | 0.57× | 0.00× | ||
| Q1 24 | 0.64× | 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 | $56.8M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $50.9M | $-153.0M |
| 自由现金流率自由现金流/营收 | 13.7% | -67.9% |
| 资本支出强度资本支出/营收 | 1.6% | 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 | $191.0M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流MASIPLUG
| Q4 25 | — | $-148.6M | ||
| Q3 25 | $56.8M | $-89.8M | ||
| Q2 25 | $69.4M | $-191.8M | ||
| Q1 25 | $31.1M | $-105.6M | ||
| Q4 24 | $50.5M | $-131.2M | ||
| Q3 24 | $25.6M | $-174.9M | ||
| Q2 24 | $74.5M | $-254.7M | ||
| Q1 24 | $45.8M | $-167.7M |
自由现金流MASIPLUG
| Q4 25 | — | $-153.0M | ||
| Q3 25 | $50.9M | $-117.5M | ||
| Q2 25 | $65.6M | $-230.4M | ||
| Q1 25 | $28.5M | $-146.0M | ||
| Q4 24 | $46.0M | $-165.2M | ||
| Q3 24 | $16.9M | $-234.2M | ||
| Q2 24 | $66.9M | $-356.0M | ||
| Q1 24 | $37.6M | $-260.3M |
自由现金流率MASIPLUG
| Q4 25 | — | -67.9% | ||
| Q3 25 | 13.7% | -66.4% | ||
| Q2 25 | 17.7% | -132.5% | ||
| Q1 25 | 7.7% | -109.2% | ||
| Q4 24 | 7.7% | -86.3% | ||
| Q3 24 | 3.3% | -134.8% | ||
| Q2 24 | 13.5% | -248.4% | ||
| Q1 24 | 7.6% | -216.5% |
资本支出强度MASIPLUG
| Q4 25 | — | 1.9% | ||
| Q3 25 | 1.6% | 15.6% | ||
| Q2 25 | 1.0% | 22.2% | ||
| Q1 25 | 0.7% | 30.3% | ||
| Q4 24 | 0.7% | 17.7% | ||
| Q3 24 | 1.7% | 34.1% | ||
| Q2 24 | 1.5% | 70.7% | ||
| Q1 24 | 1.7% | 77.0% |
现金转化率MASIPLUG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.35× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 2.61× | — | ||
| Q2 24 | 4.66× | — | ||
| Q1 24 | 2.42× | — |
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
MASI
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% |
