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Ingevity Corp（NGVT）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Ingevity Corp的1.2倍（$225.2M vs $185.4M），Ingevity Corp净利率更高（-45.6% vs -375.6%，领先330.0%），Ingevity Corp同比增速更快（36.7% vs 17.6%），Ingevity Corp自由现金流更多（$73.5M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs -26.2%）
Ingevity Corp是一家全球特种化学品与先进材料生产商，主营高性能碳材料、路面养护解决方案及特种化工产品，服务汽车排放控制、工业净化、道路基建、农业投入品等核心市场，业务覆盖北美、欧洲及亚太地区。
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。
NGVT vs PLUG — 直观对比
营收规模更大
PLUG
是对方的1.2倍
$185.4M
营收增速更快
NGVT
高出19.1%
17.6%
净利率更高
NGVT
高出330.0%
-375.6%
自由现金流更多
NGVT
多$226.5M
$-153.0M
两年增速更快
PLUG
近两年复合增速
-26.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $185.4M | $225.2M |
| 净利润 | $-84.6M | $-846.0M |
| 毛利率 | 41.2% | 2.4% |
| 营业利润率 | -47.7% | -338.9% |
| 净利率 | -45.6% | -375.6% |
| 营收同比 | 36.7% | 17.6% |
| 净利润同比 | -609.6% | 36.7% |
| 每股收益（稀释后） | $-2.33 | $-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NGVTPLUG
| Q4 25 | $185.4M | $225.2M | ||
| Q3 25 | $333.1M | $177.1M | ||
| Q2 25 | $365.1M | $174.0M | ||
| Q1 25 | $284.0M | $133.7M | ||
| Q4 24 | $135.6M | $191.5M | ||
| Q3 24 | $333.8M | $173.7M | ||
| Q2 24 | $390.6M | $143.3M | ||
| Q1 24 | $340.1M | $120.3M |
净利润NGVTPLUG
| Q4 25 | $-84.6M | $-846.0M | ||
| Q3 25 | $43.5M | $-361.9M | ||
| Q2 25 | $-146.5M | $-227.1M | ||
| Q1 25 | $20.5M | $-196.7M | ||
| Q4 24 | $16.6M | $-1.3B | ||
| Q3 24 | $-107.2M | $-211.2M | ||
| Q2 24 | $-283.7M | $-262.3M | ||
| Q1 24 | $-56.0M | $-295.8M |
毛利率NGVTPLUG
| Q4 25 | 41.2% | 2.4% | ||
| Q3 25 | 40.2% | -67.9% | ||
| Q2 25 | 37.8% | -30.7% | ||
| Q1 25 | 39.9% | -55.3% | ||
| Q4 24 | 81.3% | -122.5% | ||
| Q3 24 | 39.4% | -57.6% | ||
| Q2 24 | 31.5% | -91.6% | ||
| Q1 24 | 29.3% | -132.3% |
营业利润率NGVTPLUG
| Q4 25 | -47.7% | -338.9% | ||
| Q3 25 | 18.7% | -197.0% | ||
| Q2 25 | -39.1% | -101.7% | ||
| Q1 25 | 9.4% | -133.5% | ||
| Q4 24 | — | -678.7% | ||
| Q3 24 | 33.0% | -124.4% | ||
| Q2 24 | 25.9% | -170.7% | ||
| Q1 24 | 22.6% | -215.7% |
净利率NGVTPLUG
| Q4 25 | -45.6% | -375.6% | ||
| Q3 25 | 13.1% | -204.4% | ||
| Q2 25 | -40.1% | -130.5% | ||
| Q1 25 | 7.2% | -147.1% | ||
| Q4 24 | 12.2% | -697.5% | ||
| Q3 24 | -32.1% | -121.5% | ||
| Q2 24 | -72.6% | -183.0% | ||
| Q1 24 | -16.5% | -245.9% |
每股收益（稀释后）NGVTPLUG
| Q4 25 | $-2.33 | $-0.70 | ||
| Q3 25 | $1.18 | $-0.31 | ||
| Q2 25 | $-4.02 | $-0.20 | ||
| Q1 25 | $0.56 | $-0.21 | ||
| Q4 24 | $0.44 | $-1.61 | ||
| Q3 24 | $-2.94 | $-0.25 | ||
| Q2 24 | $-7.81 | $-0.36 | ||
| Q1 24 | $-1.54 | $-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 | $78.1M | $368.5M |
| 总债务越低越好 | $1.2B | — |
| 股东权益账面价值 | $29.7M | $978.1M |
| 总资产 | $1.7B | $2.6B |
| 负债/权益比越低杠杆越低 | 39.10× | — |
8季度趋势，按日历期对齐
现金及短期投资NGVTPLUG
| Q4 25 | $78.1M | $368.5M | ||
| Q3 25 | $83.4M | $165.9M | ||
| Q2 25 | $76.9M | $140.7M | ||
| Q1 25 | $71.5M | $295.8M | ||
| Q4 24 | $68.0M | $205.7M | ||
| Q3 24 | $135.5M | $93.9M | ||
| Q2 24 | $107.4M | $62.4M | ||
| Q1 24 | $88.5M | $172.9M |
总债务NGVTPLUG
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.4B | $3.9M | ||
| Q2 24 | $1.4B | $3.7M | ||
| Q1 24 | $1.4B | $3.8M |
股东权益NGVTPLUG
| Q4 25 | $29.7M | $978.1M | ||
| Q3 25 | $138.1M | $1.4B | ||
| Q2 25 | $120.7M | $1.7B | ||
| Q1 25 | $234.6M | $1.9B | ||
| Q4 24 | $195.2M | $1.7B | ||
| Q3 24 | $214.5M | $3.0B | ||
| Q2 24 | $284.8M | $3.0B | ||
| Q1 24 | $568.2M | $2.9B |
总资产NGVTPLUG
| Q4 25 | $1.7B | $2.6B | ||
| Q3 25 | $1.8B | $3.1B | ||
| Q2 25 | $1.9B | $3.4B | ||
| Q1 25 | $2.1B | $3.6B | ||
| Q4 24 | $2.0B | $3.6B | ||
| Q3 24 | $2.2B | $4.7B | ||
| Q2 24 | $2.3B | $4.8B | ||
| Q1 24 | $2.6B | $4.8B |
负债/权益比NGVTPLUG
| Q4 25 | 39.10× | — | ||
| Q3 25 | 8.39× | — | ||
| Q2 25 | 10.24× | — | ||
| Q1 25 | 5.68× | — | ||
| Q4 24 | 6.86× | — | ||
| Q3 24 | 6.52× | 0.00× | ||
| Q2 24 | 4.92× | 0.00× | ||
| Q1 24 | 2.48× | 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 | $97.1M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $73.5M | $-153.0M |
| 自由现金流率自由现金流/营收 | 39.6% | -67.9% |
| 资本支出强度资本支出/营收 | 12.7% | 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 | $273.5M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流NGVTPLUG
| Q4 25 | $97.1M | $-148.6M | ||
| Q3 25 | $129.7M | $-89.8M | ||
| Q2 25 | $79.0M | $-191.8M | ||
| Q1 25 | $25.4M | $-105.6M | ||
| Q4 24 | $64.5M | $-131.2M | ||
| Q3 24 | $46.5M | $-174.9M | ||
| Q2 24 | $29.7M | $-254.7M | ||
| Q1 24 | $-12.1M | $-167.7M |
自由现金流NGVTPLUG
| Q4 25 | $73.5M | $-153.0M | ||
| Q3 25 | $117.8M | $-117.5M | ||
| Q2 25 | $66.8M | $-230.4M | ||
| Q1 25 | $15.4M | $-146.0M | ||
| Q4 24 | $39.6M | $-165.2M | ||
| Q3 24 | $28.5M | $-234.2M | ||
| Q2 24 | $11.6M | $-356.0M | ||
| Q1 24 | $-28.7M | $-260.3M |
自由现金流率NGVTPLUG
| Q4 25 | 39.6% | -67.9% | ||
| Q3 25 | 35.4% | -66.4% | ||
| Q2 25 | 18.3% | -132.5% | ||
| Q1 25 | 5.4% | -109.2% | ||
| Q4 24 | 29.2% | -86.3% | ||
| Q3 24 | 8.5% | -134.8% | ||
| Q2 24 | 3.0% | -248.4% | ||
| Q1 24 | -8.4% | -216.5% |
资本支出强度NGVTPLUG
| Q4 25 | 12.7% | 1.9% | ||
| Q3 25 | 3.6% | 15.6% | ||
| Q2 25 | 3.3% | 22.2% | ||
| Q1 25 | 3.5% | 30.3% | ||
| Q4 24 | 18.4% | 17.7% | ||
| Q3 24 | 5.4% | 34.1% | ||
| Q2 24 | 4.6% | 70.7% | ||
| Q1 24 | 4.9% | 77.0% |
现金转化率NGVTPLUG
| Q4 25 | — | — | ||
| Q3 25 | 2.98× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 1.24× | — | ||
| Q4 24 | 3.89× | — | ||
| 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
NGVT
| Performance Materials | $151.2M | 82% |
| Advanced Polymer Technologies Segment | $36.5M | 20% |
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% |
