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Mayville Engineering Company, Inc.（MEC）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Mayville Engineering Company, Inc.的1.7倍（$225.2M vs $134.3M），Mayville Engineering Company, Inc.净利率更高（-3.2% vs -375.6%，领先372.4%），PLUG POWER INC同比增速更快（17.6% vs 10.7%），Mayville Engineering Company, Inc.自由现金流更多（$10.2M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs -8.8%）
Mayville Engineering Company（MEC）是总部位于美国的领先金属零部件、装配组件及定制工程解决方案供应商，主要服务农业、建筑、商用运输、国防、动力运动等领域的原始设备制造商客户，提供从原型开发到大规模量产的全流程服务。
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。
MEC vs PLUG — 直观对比
营收规模更大
PLUG
是对方的1.7倍
$134.3M
营收增速更快
PLUG
高出6.9%
10.7%
净利率更高
MEC
高出372.4%
-375.6%
自由现金流更多
MEC
多$163.2M
$-153.0M
两年增速更快
PLUG
近两年复合增速
-8.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $134.3M | $225.2M |
| 净利润 | $-4.4M | $-846.0M |
| 毛利率 | 6.8% | 2.4% |
| 营业利润率 | -4.1% | -338.9% |
| 净利率 | -3.2% | -375.6% |
| 营收同比 | 10.7% | 17.6% |
| 净利润同比 | -127.3% | 36.7% |
| 每股收益（稀释后） | $-0.22 | $-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MECPLUG
| Q4 25 | $134.3M | $225.2M | ||
| Q3 25 | $144.3M | $177.1M | ||
| Q2 25 | $132.3M | $174.0M | ||
| Q1 25 | $135.6M | $133.7M | ||
| Q4 24 | $121.3M | $191.5M | ||
| Q3 24 | $135.4M | $173.7M | ||
| Q2 24 | $163.6M | $143.3M | ||
| Q1 24 | $161.3M | $120.3M |
净利润MECPLUG
| Q4 25 | $-4.4M | $-846.0M | ||
| Q3 25 | $-2.7M | $-361.9M | ||
| Q2 25 | $-1.1M | $-227.1M | ||
| Q1 25 | $20.0K | $-196.7M | ||
| Q4 24 | $16.0M | $-1.3B | ||
| Q3 24 | $3.0M | $-211.2M | ||
| Q2 24 | $3.8M | $-262.3M | ||
| Q1 24 | $3.2M | $-295.8M |
毛利率MECPLUG
| Q4 25 | 6.8% | 2.4% | ||
| Q3 25 | 11.0% | -67.9% | ||
| Q2 25 | 10.3% | -30.7% | ||
| Q1 25 | 11.3% | -55.3% | ||
| Q4 24 | 8.9% | -122.5% | ||
| Q3 24 | 12.6% | -57.6% | ||
| Q2 24 | 13.6% | -91.6% | ||
| Q1 24 | 13.0% | -132.3% |
营业利润率MECPLUG
| Q4 25 | -4.1% | -338.9% | ||
| Q3 25 | 0.0% | -197.0% | ||
| Q2 25 | 0.1% | -101.7% | ||
| Q1 25 | 1.2% | -133.5% | ||
| Q4 24 | 19.0% | -678.7% | ||
| Q3 24 | 4.2% | -124.4% | ||
| Q2 24 | 5.0% | -170.7% | ||
| Q1 24 | 4.7% | -215.7% |
净利率MECPLUG
| Q4 25 | -3.2% | -375.6% | ||
| Q3 25 | -1.9% | -204.4% | ||
| Q2 25 | -0.8% | -130.5% | ||
| Q1 25 | 0.0% | -147.1% | ||
| Q4 24 | 13.2% | -697.5% | ||
| Q3 24 | 2.2% | -121.5% | ||
| Q2 24 | 2.3% | -183.0% | ||
| Q1 24 | 2.0% | -245.9% |
每股收益（稀释后）MECPLUG
| Q4 25 | $-0.22 | $-0.70 | ||
| Q3 25 | $-0.13 | $-0.31 | ||
| Q2 25 | $-0.05 | $-0.20 | ||
| Q1 25 | $0.00 | $-0.21 | ||
| Q4 24 | $0.76 | $-1.61 | ||
| Q3 24 | $0.14 | $-0.25 | ||
| Q2 24 | $0.18 | $-0.36 | ||
| Q1 24 | $0.16 | $-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 | $1.5M | $368.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $240.7M | $978.1M |
| 总资产 | $563.6M | $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MECPLUG
| Q4 25 | $1.5M | $368.5M | ||
| Q3 25 | $1.2M | $165.9M | ||
| Q2 25 | $206.0K | $140.7M | ||
| Q1 25 | $183.0K | $295.8M | ||
| Q4 24 | $206.0K | $205.7M | ||
| Q3 24 | $178.0K | $93.9M | ||
| Q2 24 | $314.0K | $62.4M | ||
| Q1 24 | $314.0K | $172.9M |
总债务MECPLUG
| 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MECPLUG
| Q4 25 | $240.7M | $978.1M | ||
| Q3 25 | $244.8M | $1.4B | ||
| Q2 25 | $246.8M | $1.7B | ||
| Q1 25 | $250.0M | $1.9B | ||
| Q4 24 | $251.8M | $1.7B | ||
| Q3 24 | $238.4M | $3.0B | ||
| Q2 24 | $238.1M | $3.0B | ||
| Q1 24 | $234.0M | $2.9B |
总资产MECPLUG
| Q4 25 | $563.6M | $2.6B | ||
| Q3 25 | $585.6M | $3.1B | ||
| Q2 25 | $433.7M | $3.4B | ||
| Q1 25 | $447.7M | $3.6B | ||
| Q4 24 | $445.6M | $3.6B | ||
| Q3 24 | $466.0M | $4.7B | ||
| Q2 24 | $488.2M | $4.8B | ||
| Q1 24 | $499.9M | $4.8B |
负债/权益比MECPLUG
| 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 | $13.4M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $10.2M | $-153.0M |
| 自由现金流率自由现金流/营收 | 7.6% | -67.9% |
| 资本支出强度资本支出/营收 | 2.4% | 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 | $26.9M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流MECPLUG
| Q4 25 | $13.4M | $-148.6M | ||
| Q3 25 | $1.9M | $-89.8M | ||
| Q2 25 | $15.0M | $-191.8M | ||
| Q1 25 | $8.3M | $-105.6M | ||
| Q4 24 | $38.0M | $-131.2M | ||
| Q3 24 | $17.9M | $-174.9M | ||
| Q2 24 | $23.3M | $-254.7M | ||
| Q1 24 | $10.6M | $-167.7M |
自由现金流MECPLUG
| Q4 25 | $10.2M | $-153.0M | ||
| Q3 25 | $-1.1M | $-117.5M | ||
| Q2 25 | $12.5M | $-230.4M | ||
| Q1 25 | $5.4M | $-146.0M | ||
| Q4 24 | $35.6M | $-165.2M | ||
| Q3 24 | $15.1M | $-234.2M | ||
| Q2 24 | $19.2M | $-356.0M | ||
| Q1 24 | $7.8M | $-260.3M |
自由现金流率MECPLUG
| Q4 25 | 7.6% | -67.9% | ||
| Q3 25 | -0.8% | -66.4% | ||
| Q2 25 | 9.5% | -132.5% | ||
| Q1 25 | 4.0% | -109.2% | ||
| Q4 24 | 29.4% | -86.3% | ||
| Q3 24 | 11.1% | -134.8% | ||
| Q2 24 | 11.7% | -248.4% | ||
| Q1 24 | 4.9% | -216.5% |
资本支出强度MECPLUG
| Q4 25 | 2.4% | 1.9% | ||
| Q3 25 | 2.1% | 15.6% | ||
| Q2 25 | 1.8% | 22.2% | ||
| Q1 25 | 2.2% | 30.3% | ||
| Q4 24 | 1.9% | 17.7% | ||
| Q3 24 | 2.1% | 34.1% | ||
| Q2 24 | 2.5% | 70.7% | ||
| Q1 24 | 1.7% | 77.0% |
现金转化率MECPLUG
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 416.65× | — | ||
| Q4 24 | 2.38× | — | ||
| Q3 24 | 6.03× | — | ||
| Q2 24 | 6.15× | — | ||
| Q1 24 | 3.28× | — |
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
MEC
| Fabrication | $72.2M | 54% |
| Construction And Access | $19.2M | 14% |
| Tubes | $16.2M | 12% |
| Other Market | $11.9M | 9% |
| Agriculture | $7.7M | 6% |
| Military | $6.7M | 5% |
| Outdoor Sports | $1.7M | 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% |
