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微策略（MSTR）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的季度营收约是微策略的1.8倍（$225.2M vs $123.0M），PLUG POWER INC同比增速更快（17.6% vs 1.9%），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 3.3%）
Strategy Inc（原名为微策略）是1989年成立的美国上市企业，主营商业智能与移动软件业务，旗下产品可帮助企业分析内外部数据以支撑经营决策，还可用于移动应用开发，总部位于弗吉尼亚州泰森斯角，商业分析赛道核心竞品包括SAP等。
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。
MSTR vs PLUG — 直观对比
营收规模更大
PLUG
是对方的1.8倍
$123.0M
营收增速更快
PLUG
高出15.7%
1.9%
两年增速更快
PLUG
近两年复合增速
3.3%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $123.0M | $225.2M |
| 净利润 | — | $-846.0M |
| 毛利率 | 66.1% | 2.4% |
| 营业利润率 | — | -338.9% |
| 净利率 | — | -375.6% |
| 营收同比 | 1.9% | 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MSTRPLUG
| Q4 25 | $123.0M | $225.2M | ||
| Q3 25 | $128.7M | $177.1M | ||
| Q2 25 | $114.5M | $174.0M | ||
| Q1 25 | $111.1M | $133.7M | ||
| Q4 24 | $120.7M | $191.5M | ||
| Q3 24 | $116.1M | $173.7M | ||
| Q2 24 | $111.4M | $143.3M | ||
| Q1 24 | $115.2M | $120.3M |
净利润MSTRPLUG
| Q4 25 | — | $-846.0M | ||
| Q3 25 | $2.8B | $-361.9M | ||
| Q2 25 | $10.0B | $-227.1M | ||
| Q1 25 | $-4.2B | $-196.7M | ||
| Q4 24 | $-670.8M | $-1.3B | ||
| Q3 24 | $-340.2M | $-211.2M | ||
| Q2 24 | $-102.6M | $-262.3M | ||
| Q1 24 | $-53.1M | $-295.8M |
毛利率MSTRPLUG
| Q4 25 | 66.1% | 2.4% | ||
| Q3 25 | 70.5% | -67.9% | ||
| Q2 25 | 68.8% | -30.7% | ||
| Q1 25 | 69.4% | -55.3% | ||
| Q4 24 | 71.7% | -122.5% | ||
| Q3 24 | 70.4% | -57.6% | ||
| Q2 24 | 72.2% | -91.6% | ||
| Q1 24 | 74.0% | -132.3% |
营业利润率MSTRPLUG
| Q4 25 | — | -338.9% | ||
| Q3 25 | — | -197.0% | ||
| Q2 25 | — | -101.7% | ||
| Q1 25 | -5331.4% | -133.5% | ||
| Q4 24 | -842.1% | -678.7% | ||
| Q3 24 | -372.7% | -124.4% | ||
| Q2 24 | -179.7% | -170.7% | ||
| Q1 24 | -176.8% | -215.7% |
净利率MSTRPLUG
| Q4 25 | — | -375.6% | ||
| Q3 25 | 2164.1% | -204.4% | ||
| Q2 25 | 8752.7% | -130.5% | ||
| Q1 25 | -3797.2% | -147.1% | ||
| Q4 24 | -555.8% | -697.5% | ||
| Q3 24 | -293.1% | -121.5% | ||
| Q2 24 | -92.0% | -183.0% | ||
| Q1 24 | -46.1% | -245.9% |
每股收益（稀释后）MSTRPLUG
| Q4 25 | — | $-0.70 | ||
| Q3 25 | $8.42 | $-0.31 | ||
| Q2 25 | $32.60 | $-0.20 | ||
| Q1 25 | $-16.49 | $-0.21 | ||
| Q4 24 | $4.49 | $-1.61 | ||
| Q3 24 | $-1.72 | $-0.25 | ||
| Q2 24 | $-0.57 | $-0.36 | ||
| Q1 24 | $-0.31 | $-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 | $2.3B | $368.5M |
| 总债务越低越好 | $8.2B | — |
| 股东权益账面价值 | $44.1B | $978.1M |
| 总资产 | $61.6B | $2.6B |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
现金及短期投资MSTRPLUG
| Q4 25 | $2.3B | $368.5M | ||
| Q3 25 | $54.3M | $165.9M | ||
| Q2 25 | $50.1M | $140.7M | ||
| Q1 25 | $60.3M | $295.8M | ||
| Q4 24 | $38.1M | $205.7M | ||
| Q3 24 | $46.3M | $93.9M | ||
| Q2 24 | $66.9M | $62.4M | ||
| Q1 24 | $81.3M | $172.9M |
总债务MSTRPLUG
| Q4 25 | $8.2B | — | ||
| Q3 25 | $8.2B | — | ||
| Q2 25 | $8.2B | — | ||
| Q1 25 | $8.1B | — | ||
| Q4 24 | $7.2B | — | ||
| Q3 24 | $4.2B | $3.9M | ||
| Q2 24 | $3.8B | $3.7M | ||
| Q1 24 | $3.6B | $3.8M |
股东权益MSTRPLUG
| Q4 25 | $44.1B | $978.1M | ||
| Q3 25 | $52.3B | $1.4B | ||
| Q2 25 | $47.5B | $1.7B | ||
| Q1 25 | $32.2B | $1.9B | ||
| Q4 24 | $18.2B | $1.7B | ||
| Q3 24 | $3.8B | $3.0B | ||
| Q2 24 | $2.8B | $3.0B | ||
| Q1 24 | $2.4B | $2.9B |
总资产MSTRPLUG
| Q4 25 | $61.6B | $2.6B | ||
| Q3 25 | $73.6B | $3.1B | ||
| Q2 25 | $64.8B | $3.4B | ||
| Q1 25 | $43.9B | $3.6B | ||
| Q4 24 | $25.8B | $3.6B | ||
| Q3 24 | $8.3B | $4.7B | ||
| Q2 24 | $7.1B | $4.8B | ||
| Q1 24 | $6.4B | $4.8B |
负债/权益比MSTRPLUG
| Q4 25 | 0.19× | — | ||
| Q3 25 | 0.16× | — | ||
| Q2 25 | 0.17× | — | ||
| Q1 25 | 0.25× | — | ||
| Q4 24 | 0.39× | — | ||
| Q3 24 | 1.12× | 0.00× | ||
| Q2 24 | 1.36× | 0.00× | ||
| Q1 24 | 1.48× | 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 | — | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | — | $-153.0M |
| 自由现金流率自由现金流/营收 | — | -67.9% |
| 资本支出强度资本支出/营收 | — | 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 | — | $-647.0M |
8季度趋势，按日历期对齐
经营现金流MSTRPLUG
| Q4 25 | — | $-148.6M | ||
| Q3 25 | $-8.3M | $-89.8M | ||
| Q2 25 | $-34.9M | $-191.8M | ||
| Q1 25 | $-2.4M | $-105.6M | ||
| Q4 24 | $-17.3M | $-131.2M | ||
| Q3 24 | $-41.0M | $-174.9M | ||
| Q2 24 | $-23.3M | $-254.7M | ||
| Q1 24 | $28.6M | $-167.7M |
自由现金流MSTRPLUG
| Q4 25 | — | $-153.0M | ||
| Q3 25 | $-11.1M | $-117.5M | ||
| Q2 25 | $-37.0M | $-230.4M | ||
| Q1 25 | $-5.1M | $-146.0M | ||
| Q4 24 | $-17.6M | $-165.2M | ||
| Q3 24 | $-41.4M | $-234.2M | ||
| Q2 24 | $-24.1M | $-356.0M | ||
| Q1 24 | $27.0M | $-260.3M |
自由现金流率MSTRPLUG
| Q4 25 | — | -67.9% | ||
| Q3 25 | -8.6% | -66.4% | ||
| Q2 25 | -32.3% | -132.5% | ||
| Q1 25 | -4.6% | -109.2% | ||
| Q4 24 | -14.6% | -86.3% | ||
| Q3 24 | -35.7% | -134.8% | ||
| Q2 24 | -21.6% | -248.4% | ||
| Q1 24 | 23.5% | -216.5% |
资本支出强度MSTRPLUG
| Q4 25 | — | 1.9% | ||
| Q3 25 | 2.2% | 15.6% | ||
| Q2 25 | 1.8% | 22.2% | ||
| Q1 25 | 2.5% | 30.3% | ||
| Q4 24 | 0.2% | 17.7% | ||
| Q3 24 | 0.4% | 34.1% | ||
| Q2 24 | 0.6% | 70.7% | ||
| Q1 24 | 1.3% | 77.0% |
现金转化率MSTRPLUG
| Q4 25 | — | — | ||
| Q3 25 | -0.00× | — | ||
| Q2 25 | -0.00× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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
MSTR
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% |
