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MALIBU BOATS, INC.（MBUU）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MALIBU BOATS, INC.的1.2倍（$225.2M vs $188.6M），MALIBU BOATS, INC.净利率更高（-1.3% vs -375.6%，领先374.3%），PLUG POWER INC同比增速更快（17.6% vs -5.8%），MALIBU BOATS, INC.自由现金流更多（$8.2M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs -3.7%）
马里布游艇是美国休闲游艇制造商，1982年创立于加利福尼亚州默塞德，现总部位于田纳西州洛登，在澳大利亚新南威尔士州也设有生产基地。它是全球最大的水上运动拖船制造商，产品可供休闲使用，也应用于滑水、尾波滑板等各类赛事活动。
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。
MBUU vs PLUG — 直观对比
营收规模更大
PLUG
是对方的1.2倍
$188.6M
营收增速更快
PLUG
高出23.4%
-5.8%
净利率更高
MBUU
高出374.3%
-375.6%
自由现金流更多
MBUU
多$161.3M
$-153.0M
两年增速更快
PLUG
近两年复合增速
-3.7%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $188.6M | $225.2M |
| 净利润 | $-2.5M | $-846.0M |
| 毛利率 | 13.3% | 2.4% |
| 营业利润率 | -1.9% | -338.9% |
| 净利率 | -1.3% | -375.6% |
| 营收同比 | -5.8% | 17.6% |
| 净利润同比 | -204.2% | 36.7% |
| 每股收益（稀释后） | $-0.13 | $-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MBUUPLUG
| Q4 25 | $188.6M | $225.2M | ||
| Q3 25 | $194.7M | $177.1M | ||
| Q2 25 | $207.0M | $174.0M | ||
| Q1 25 | $228.7M | $133.7M | ||
| Q4 24 | $200.3M | $191.5M | ||
| Q3 24 | $171.6M | $173.7M | ||
| Q2 24 | $158.7M | $143.3M | ||
| Q1 24 | $203.4M | $120.3M |
净利润MBUUPLUG
| Q4 25 | $-2.5M | $-846.0M | ||
| Q3 25 | $-702.0K | $-361.9M | ||
| Q2 25 | $4.7M | $-227.1M | ||
| Q1 25 | $12.9M | $-196.7M | ||
| Q4 24 | $2.4M | $-1.3B | ||
| Q3 24 | $-5.0M | $-211.2M | ||
| Q2 24 | $-19.2M | $-262.3M | ||
| Q1 24 | $-66.8M | $-295.8M |
毛利率MBUUPLUG
| Q4 25 | 13.3% | 2.4% | ||
| Q3 25 | 14.3% | -67.9% | ||
| Q2 25 | 15.8% | -30.7% | ||
| Q1 25 | 20.0% | -55.3% | ||
| Q4 24 | 18.7% | -122.5% | ||
| Q3 24 | 16.4% | -57.6% | ||
| Q2 24 | 7.9% | -91.6% | ||
| Q1 24 | 19.8% | -132.3% |
营业利润率MBUUPLUG
| Q4 25 | -1.9% | -338.9% | ||
| Q3 25 | -0.4% | -197.0% | ||
| Q2 25 | 3.3% | -101.7% | ||
| Q1 25 | 7.6% | -133.5% | ||
| Q4 24 | 1.6% | -678.7% | ||
| Q3 24 | -3.3% | -124.4% | ||
| Q2 24 | -15.4% | -170.7% | ||
| Q1 24 | -36.8% | -215.7% |
净利率MBUUPLUG
| Q4 25 | -1.3% | -375.6% | ||
| Q3 25 | -0.4% | -204.4% | ||
| Q2 25 | 2.3% | -130.5% | ||
| Q1 25 | 5.6% | -147.1% | ||
| Q4 24 | 1.2% | -697.5% | ||
| Q3 24 | -2.9% | -121.5% | ||
| Q2 24 | -12.1% | -183.0% | ||
| Q1 24 | -32.9% | -245.9% |
每股收益（稀释后）MBUUPLUG
| Q4 25 | $-0.13 | $-0.70 | ||
| Q3 25 | $-0.04 | $-0.31 | ||
| Q2 25 | $0.23 | $-0.20 | ||
| Q1 25 | $0.66 | $-0.21 | ||
| Q4 24 | $0.12 | $-1.61 | ||
| Q3 24 | $-0.25 | $-0.25 | ||
| Q2 24 | $-0.93 | $-0.36 | ||
| Q1 24 | $-3.28 | $-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 | $28.2M | $368.5M |
| 总债务越低越好 | $20.0M | — |
| 股东权益账面价值 | $495.0M | $978.1M |
| 总资产 | $715.7M | $2.6B |
| 负债/权益比越低杠杆越低 | 0.04× | — |
8季度趋势，按日历期对齐
现金及短期投资MBUUPLUG
| Q4 25 | $28.2M | $368.5M | ||
| Q3 25 | $44.1M | $165.9M | ||
| Q2 25 | $37.0M | $140.7M | ||
| Q1 25 | $38.7M | $295.8M | ||
| Q4 24 | $35.1M | $205.7M | ||
| Q3 24 | $27.7M | $93.9M | ||
| Q2 24 | $26.9M | $62.4M | ||
| Q1 24 | $47.1M | $172.9M |
总债务MBUUPLUG
| Q4 25 | $20.0M | — | ||
| Q3 25 | $23.0M | — | ||
| Q2 25 | $18.0M | — | ||
| Q1 25 | $28.0M | — | ||
| Q4 24 | $23.0M | — | ||
| Q3 24 | $28.0M | $3.9M | ||
| Q2 24 | $0 | $3.7M | ||
| Q1 24 | $15.0M | $3.8M |
股东权益MBUUPLUG
| Q4 25 | $495.0M | $978.1M | ||
| Q3 25 | $516.4M | $1.4B | ||
| Q2 25 | $515.5M | $1.7B | ||
| Q1 25 | $513.0M | $1.9B | ||
| Q4 24 | $509.8M | $1.7B | ||
| Q3 24 | $517.7M | $3.0B | ||
| Q2 24 | $530.0M | $3.0B | ||
| Q1 24 | $557.2M | $2.9B |
总资产MBUUPLUG
| Q4 25 | $715.7M | $2.6B | ||
| Q3 25 | $755.6M | $3.1B | ||
| Q2 25 | $734.6M | $3.4B | ||
| Q1 25 | $758.8M | $3.6B | ||
| Q4 24 | $738.7M | $3.6B | ||
| Q3 24 | $759.1M | $4.7B | ||
| Q2 24 | $739.6M | $4.8B | ||
| Q1 24 | $797.6M | $4.8B |
负债/权益比MBUUPLUG
| Q4 25 | 0.04× | — | ||
| Q3 25 | 0.04× | — | ||
| Q2 25 | 0.03× | — | ||
| Q1 25 | 0.05× | — | ||
| Q4 24 | 0.05× | — | ||
| Q3 24 | 0.05× | 0.00× | ||
| Q2 24 | 0.00× | 0.00× | ||
| Q1 24 | 0.03× | 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 | $12.6M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $8.2M | $-153.0M |
| 自由现金流率自由现金流/营收 | 4.4% | -67.9% |
| 资本支出强度资本支出/营收 | 2.3% | 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 | $33.3M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流MBUUPLUG
| Q4 25 | $12.6M | $-148.6M | ||
| Q3 25 | $6.5M | $-89.8M | ||
| Q2 25 | $21.0M | $-191.8M | ||
| Q1 25 | $15.5M | $-105.6M | ||
| Q4 24 | $28.4M | $-131.2M | ||
| Q3 24 | $-8.4M | $-174.9M | ||
| Q2 24 | $16.3M | $-254.7M | ||
| Q1 24 | $23.5M | $-167.7M |
自由现金流MBUUPLUG
| Q4 25 | $8.2M | $-153.0M | ||
| Q3 25 | $2.2M | $-117.5M | ||
| Q2 25 | $14.1M | $-230.4M | ||
| Q1 25 | $8.8M | $-146.0M | ||
| Q4 24 | $22.8M | $-165.2M | ||
| Q3 24 | $-17.0M | $-234.2M | ||
| Q2 24 | $4.5M | $-356.0M | ||
| Q1 24 | $11.5M | $-260.3M |
自由现金流率MBUUPLUG
| Q4 25 | 4.4% | -67.9% | ||
| Q3 25 | 1.1% | -66.4% | ||
| Q2 25 | 6.8% | -132.5% | ||
| Q1 25 | 3.8% | -109.2% | ||
| Q4 24 | 11.4% | -86.3% | ||
| Q3 24 | -9.9% | -134.8% | ||
| Q2 24 | 2.8% | -248.4% | ||
| Q1 24 | 5.7% | -216.5% |
资本支出强度MBUUPLUG
| Q4 25 | 2.3% | 1.9% | ||
| Q3 25 | 2.2% | 15.6% | ||
| Q2 25 | 3.4% | 22.2% | ||
| Q1 25 | 2.9% | 30.3% | ||
| Q4 24 | 2.8% | 17.7% | ||
| Q3 24 | 5.0% | 34.1% | ||
| Q2 24 | 7.5% | 70.7% | ||
| Q1 24 | 5.9% | 77.0% |
现金转化率MBUUPLUG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 4.50× | — | ||
| Q1 25 | 1.20× | — | ||
| Q4 24 | 12.02× | — | ||
| 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
MBUU
| Boatand Trailer Sales | $68.1M | 36% |
| Saltwater Fishing | $65.3M | 35% |
| Cobalt | $52.6M | 28% |
| Part And Other Sales | $2.6M | 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% |
