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MARCUS CORP（MCS）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MARCUS CORP的1.2倍（$225.2M vs $193.5M），PLUG POWER INC同比增速更快（17.6% vs 2.8%），MARCUS CORP自由现金流更多（$26.4M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 18.2%）
马库斯公司是一家美国企业，主营商业地产领域相关服务，业务覆盖美国与加拿大，提供商业地产经纪、按揭经纪、行业研究以及咨询服务，首创了由单一经纪公司独家代理房源挂牌的行业模式，目前在美加两国设有超过80家办公室，拥有员工超1800名。
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。
MCS vs PLUG — 直观对比
营收规模更大
PLUG
是对方的1.2倍
$193.5M
营收增速更快
PLUG
高出14.9%
2.8%
自由现金流更多
MCS
多$179.4M
$-153.0M
两年增速更快
PLUG
近两年复合增速
18.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $193.5M | $225.2M |
| 净利润 | — | $-846.0M |
| 毛利率 | — | 2.4% |
| 营业利润率 | 0.9% | -338.9% |
| 净利率 | — | -375.6% |
| 营收同比 | 2.8% | 17.6% |
| 净利润同比 | — | 36.7% |
| 每股收益（稀释后） | — | $-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MCSPLUG
| Q4 25 | $193.5M | $225.2M | ||
| Q3 25 | $210.2M | $177.1M | ||
| Q2 25 | $206.0M | $174.0M | ||
| Q1 25 | $148.8M | $133.7M | ||
| Q4 24 | $188.3M | $191.5M | ||
| Q3 24 | $232.7M | $173.7M | ||
| Q2 24 | $176.0M | $143.3M | ||
| Q1 24 | $138.5M | $120.3M |
净利润MCSPLUG
| Q4 25 | — | $-846.0M | ||
| Q3 25 | $16.2M | $-361.9M | ||
| Q2 25 | $7.3M | $-227.1M | ||
| Q1 25 | $-16.8M | $-196.7M | ||
| Q4 24 | $986.0K | $-1.3B | ||
| Q3 24 | $23.3M | $-211.2M | ||
| Q2 24 | $-20.2M | $-262.3M | ||
| Q1 24 | $-11.9M | $-295.8M |
毛利率MCSPLUG
| 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MCSPLUG
| Q4 25 | 0.9% | -338.9% | ||
| Q3 25 | 10.8% | -197.0% | ||
| Q2 25 | 6.3% | -101.7% | ||
| Q1 25 | -13.7% | -133.5% | ||
| Q4 24 | -1.2% | -678.7% | ||
| Q3 24 | 14.1% | -124.4% | ||
| Q2 24 | 1.3% | -170.7% | ||
| Q1 24 | -12.0% | -215.7% |
净利率MCSPLUG
| Q4 25 | — | -375.6% | ||
| Q3 25 | 7.7% | -204.4% | ||
| Q2 25 | 3.6% | -130.5% | ||
| Q1 25 | -11.3% | -147.1% | ||
| Q4 24 | 0.5% | -697.5% | ||
| Q3 24 | 10.0% | -121.5% | ||
| Q2 24 | -11.5% | -183.0% | ||
| Q1 24 | -8.6% | -245.9% |
每股收益（稀释后）MCSPLUG
| Q4 25 | — | $-0.70 | ||
| Q3 25 | — | $-0.31 | ||
| Q2 25 | — | $-0.20 | ||
| Q1 25 | — | $-0.21 | ||
| Q4 24 | — | $-1.61 | ||
| Q3 24 | — | $-0.25 | ||
| Q2 24 | — | $-0.36 | ||
| Q1 24 | — | $-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 | $23.4M | $368.5M |
| 总债务越低越好 | $159.0M | — |
| 股东权益账面价值 | $457.4M | $978.1M |
| 总资产 | $1.0B | $2.6B |
| 负债/权益比越低杠杆越低 | 0.35× | — |
8季度趋势，按日历期对齐
现金及短期投资MCSPLUG
| Q4 25 | $23.4M | $368.5M | ||
| Q3 25 | $7.4M | $165.9M | ||
| Q2 25 | $14.9M | $140.7M | ||
| Q1 25 | $11.9M | $295.8M | ||
| Q4 24 | $40.8M | $205.7M | ||
| Q3 24 | $28.4M | $93.9M | ||
| Q2 24 | $32.8M | $62.4M | ||
| Q1 24 | $17.3M | $172.9M |
总债务MCSPLUG
| Q4 25 | $159.0M | — | ||
| Q3 25 | $162.0M | — | ||
| Q2 25 | $179.9M | — | ||
| Q1 25 | $198.9M | — | ||
| Q4 24 | $159.1M | — | ||
| Q3 24 | $173.1M | $3.9M | ||
| Q2 24 | $175.7M | $3.7M | ||
| Q1 24 | $169.8M | $3.8M |
股东权益MCSPLUG
| Q4 25 | $457.4M | $978.1M | ||
| Q3 25 | $454.3M | $1.4B | ||
| Q2 25 | $448.4M | $1.7B | ||
| Q1 25 | $441.8M | $1.9B | ||
| Q4 24 | $464.9M | $1.7B | ||
| Q3 24 | $462.3M | $3.0B | ||
| Q2 24 | $449.4M | $3.0B | ||
| Q1 24 | $459.3M | $2.9B |
总资产MCSPLUG
| Q4 25 | $1.0B | $2.6B | ||
| Q3 25 | $1.0B | $3.1B | ||
| Q2 25 | $1.0B | $3.4B | ||
| Q1 25 | $1.0B | $3.6B | ||
| Q4 24 | $1.0B | $3.6B | ||
| Q3 24 | $1.0B | $4.7B | ||
| Q2 24 | $1.1B | $4.8B | ||
| Q1 24 | $1.0B | $4.8B |
负债/权益比MCSPLUG
| Q4 25 | 0.35× | — | ||
| Q3 25 | 0.36× | — | ||
| Q2 25 | 0.40× | — | ||
| Q1 25 | 0.45× | — | ||
| Q4 24 | 0.34× | — | ||
| Q3 24 | 0.37× | 0.00× | ||
| Q2 24 | 0.39× | 0.00× | ||
| Q1 24 | 0.37× | 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 | $48.8M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $26.4M | $-153.0M |
| 自由现金流率自由现金流/营收 | 13.6% | -67.9% |
| 资本支出强度资本支出/营收 | 11.6% | 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 | $989.0K | $-647.0M |
8季度趋势，按日历期对齐
经营现金流MCSPLUG
| Q4 25 | $48.8M | $-148.6M | ||
| Q3 25 | $39.1M | $-89.8M | ||
| Q2 25 | $31.6M | $-191.8M | ||
| Q1 25 | $-35.3M | $-105.6M | ||
| Q4 24 | $52.6M | $-131.2M | ||
| Q3 24 | $30.5M | $-174.9M | ||
| Q2 24 | $36.0M | $-254.7M | ||
| Q1 24 | $-15.1M | $-167.7M |
自由现金流MCSPLUG
| Q4 25 | $26.4M | $-153.0M | ||
| Q3 25 | $18.2M | $-117.5M | ||
| Q2 25 | $14.7M | $-230.4M | ||
| Q1 25 | $-58.3M | $-146.0M | ||
| Q4 24 | $27.1M | $-165.2M | ||
| Q3 24 | $12.0M | $-234.2M | ||
| Q2 24 | $16.1M | $-356.0M | ||
| Q1 24 | $-30.5M | $-260.3M |
自由现金流率MCSPLUG
| Q4 25 | 13.6% | -67.9% | ||
| Q3 25 | 8.7% | -66.4% | ||
| Q2 25 | 7.1% | -132.5% | ||
| Q1 25 | -39.2% | -109.2% | ||
| Q4 24 | 14.4% | -86.3% | ||
| Q3 24 | 5.2% | -134.8% | ||
| Q2 24 | 9.2% | -248.4% | ||
| Q1 24 | -22.0% | -216.5% |
资本支出强度MCSPLUG
| Q4 25 | 11.6% | 1.9% | ||
| Q3 25 | 9.9% | 15.6% | ||
| Q2 25 | 8.2% | 22.2% | ||
| Q1 25 | 15.5% | 30.3% | ||
| Q4 24 | 13.5% | 17.7% | ||
| Q3 24 | 7.9% | 34.1% | ||
| Q2 24 | 11.3% | 70.7% | ||
| Q1 24 | 11.1% | 77.0% |
现金转化率MCSPLUG
| Q4 25 | — | — | ||
| Q3 25 | 2.41× | — | ||
| Q2 25 | 4.32× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 53.31× | — | ||
| Q3 24 | 1.31× | — | ||
| 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
MCS
| Theatres | $123.1M | 64% |
| Concessions | $51.0M | 26% |
| Food And Beverage | $21.2M | 11% |
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% |
