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丰田北美（MPAA）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的季度营收约是丰田北美的1.3倍（$225.2M vs $167.7M），丰田北美净利率更高（1.1% vs -375.6%，领先376.7%），PLUG POWER INC同比增速更快（17.6% vs -9.9%），丰田北美自由现金流更多（$-8.6M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs -5.9%）
丰田北美（TMNA）是丰田汽车旗下负责加拿大、墨西哥及美国全境业务的运营子公司，业务范围覆盖研发、生产制造、销售营销、售后及企业管理等板块，相关核心业务由TMNA统筹，部分板块由其他子公司及控股企业负责执行，公司总部位于得克萨斯州普莱诺，在肯塔基州乔治敦等多地设有分支机构。
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。
MPAA vs PLUG — 直观对比
营收规模更大
PLUG
是对方的1.3倍
$167.7M
营收增速更快
PLUG
高出27.6%
-9.9%
净利率更高
MPAA
高出376.7%
-375.6%
自由现金流更多
MPAA
多$144.4M
$-153.0M
两年增速更快
PLUG
近两年复合增速
-5.9%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $167.7M | $225.2M |
| 净利润 | $1.8M | $-846.0M |
| 毛利率 | 19.6% | 2.4% |
| 营业利润率 | 5.0% | -338.9% |
| 净利率 | 1.1% | -375.6% |
| 营收同比 | -9.9% | 17.6% |
| 净利润同比 | -22.4% | 36.7% |
| 每股收益（稀释后） | $0.09 | $-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MPAAPLUG
| Q4 25 | $167.7M | $225.2M | ||
| Q3 25 | $221.5M | $177.1M | ||
| Q2 25 | $188.4M | $174.0M | ||
| Q1 25 | $193.1M | $133.7M | ||
| Q4 24 | $186.2M | $191.5M | ||
| Q3 24 | $208.2M | $173.7M | ||
| Q2 24 | $169.9M | $143.3M | ||
| Q1 24 | $189.5M | $120.3M |
净利润MPAAPLUG
| Q4 25 | $1.8M | $-846.0M | ||
| Q3 25 | $-2.1M | $-361.9M | ||
| Q2 25 | $3.0M | $-227.1M | ||
| Q1 25 | $-722.0K | $-196.7M | ||
| Q4 24 | $2.3M | $-1.3B | ||
| Q3 24 | $-3.0M | $-211.2M | ||
| Q2 24 | $-18.1M | $-262.3M | ||
| Q1 24 | $1.3M | $-295.8M |
毛利率MPAAPLUG
| Q4 25 | 19.6% | 2.4% | ||
| Q3 25 | 19.3% | -67.9% | ||
| Q2 25 | 18.0% | -30.7% | ||
| Q1 25 | 19.9% | -55.3% | ||
| Q4 24 | 24.1% | -122.5% | ||
| Q3 24 | 19.8% | -57.6% | ||
| Q2 24 | 17.2% | -91.6% | ||
| Q1 24 | 18.4% | -132.3% |
营业利润率MPAAPLUG
| Q4 25 | 5.0% | -338.9% | ||
| Q3 25 | 7.4% | -197.0% | ||
| Q2 25 | 10.7% | -101.7% | ||
| Q1 25 | 8.4% | -133.5% | ||
| Q4 24 | 9.4% | -678.7% | ||
| Q3 24 | 6.0% | -124.4% | ||
| Q2 24 | -3.8% | -170.7% | ||
| Q1 24 | 6.4% | -215.7% |
净利率MPAAPLUG
| Q4 25 | 1.1% | -375.6% | ||
| Q3 25 | -1.0% | -204.4% | ||
| Q2 25 | 1.6% | -130.5% | ||
| Q1 25 | -0.4% | -147.1% | ||
| Q4 24 | 1.2% | -697.5% | ||
| Q3 24 | -1.4% | -121.5% | ||
| Q2 24 | -10.6% | -183.0% | ||
| Q1 24 | 0.7% | -245.9% |
每股收益（稀释后）MPAAPLUG
| Q4 25 | $0.09 | $-0.70 | ||
| Q3 25 | $-0.11 | $-0.31 | ||
| Q2 25 | $0.15 | $-0.20 | ||
| Q1 25 | $-0.03 | $-0.21 | ||
| Q4 24 | $0.11 | $-1.61 | ||
| Q3 24 | $-0.15 | $-0.25 | ||
| Q2 24 | $-0.92 | $-0.36 | ||
| Q1 24 | $0.06 | $-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 | $19.6M | $368.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $258.5M | $978.1M |
| 总资产 | $991.3M | $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MPAAPLUG
| Q4 25 | $19.6M | $368.5M | ||
| Q3 25 | $17.7M | $165.9M | ||
| Q2 25 | $14.5M | $140.7M | ||
| Q1 25 | $11.3M | $295.8M | ||
| Q4 24 | $12.7M | $205.7M | ||
| Q3 24 | $12.3M | $93.9M | ||
| Q2 24 | $9.4M | $62.4M | ||
| Q1 24 | $15.8M | $172.9M |
总债务MPAAPLUG
| 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MPAAPLUG
| Q4 25 | $258.5M | $978.1M | ||
| Q3 25 | $258.5M | $1.4B | ||
| Q2 25 | $260.1M | $1.7B | ||
| Q1 25 | $257.7M | $1.9B | ||
| Q4 24 | $262.7M | $1.7B | ||
| Q3 24 | $264.0M | $3.0B | ||
| Q2 24 | $267.2M | $3.0B | ||
| Q1 24 | $285.1M | $2.9B |
总资产MPAAPLUG
| Q4 25 | $991.3M | $2.6B | ||
| Q3 25 | $990.0M | $3.1B | ||
| Q2 25 | $973.4M | $3.4B | ||
| Q1 25 | $957.6M | $3.6B | ||
| Q4 24 | $949.5M | $3.6B | ||
| Q3 24 | $986.2M | $4.7B | ||
| Q2 24 | $978.0M | $4.8B | ||
| Q1 24 | $1.0B | $4.8B |
负债/权益比MPAAPLUG
| 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 | $-8.2M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $-8.6M | $-153.0M |
| 自由现金流率自由现金流/营收 | -5.2% | -67.9% |
| 资本支出强度资本支出/营收 | 0.2% | 1.9% |
| 现金转化率经营现金流/净利润 | -4.63× | — |
| 过去12个月自由现金流最近4个季度 | $27.7M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流MPAAPLUG
| Q4 25 | $-8.2M | $-148.6M | ||
| Q3 25 | $21.9M | $-89.8M | ||
| Q2 25 | $10.0M | $-191.8M | ||
| Q1 25 | $9.1M | $-105.6M | ||
| Q4 24 | $34.4M | $-131.2M | ||
| Q3 24 | $22.9M | $-174.9M | ||
| Q2 24 | $-20.8M | $-254.7M | ||
| Q1 24 | $-9.3M | $-167.7M |
自由现金流MPAAPLUG
| Q4 25 | $-8.6M | $-153.0M | ||
| Q3 25 | $20.8M | $-117.5M | ||
| Q2 25 | $9.2M | $-230.4M | ||
| Q1 25 | $6.2M | $-146.0M | ||
| Q4 24 | $33.7M | $-165.2M | ||
| Q3 24 | $22.3M | $-234.2M | ||
| Q2 24 | $-21.3M | $-356.0M | ||
| Q1 24 | $-9.8M | $-260.3M |
自由现金流率MPAAPLUG
| Q4 25 | -5.2% | -67.9% | ||
| Q3 25 | 9.4% | -66.4% | ||
| Q2 25 | 4.9% | -132.5% | ||
| Q1 25 | 3.2% | -109.2% | ||
| Q4 24 | 18.1% | -86.3% | ||
| Q3 24 | 10.7% | -134.8% | ||
| Q2 24 | -12.6% | -248.4% | ||
| Q1 24 | -5.2% | -216.5% |
资本支出强度MPAAPLUG
| Q4 25 | 0.2% | 1.9% | ||
| Q3 25 | 0.5% | 15.6% | ||
| Q2 25 | 0.4% | 22.2% | ||
| Q1 25 | 1.5% | 30.3% | ||
| Q4 24 | 0.4% | 17.7% | ||
| Q3 24 | 0.3% | 34.1% | ||
| Q2 24 | 0.3% | 70.7% | ||
| Q1 24 | 0.3% | 77.0% |
现金转化率MPAAPLUG
| Q4 25 | -4.63× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 3.30× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 15.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -6.93× | — |
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
MPAA
| Reportable Segment Aggregation Before Other Operating Segment | $156.3M | 93% |
| Other | $11.4M | 7% |
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% |
