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ORMAT TECHNOLOGIES, INC.（ORA）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
ORMAT TECHNOLOGIES, INC.的季度营收约是PLUG POWER INC的1.2倍（$276.0M vs $225.2M），ORMAT TECHNOLOGIES, INC.净利率更高（11.4% vs -375.6%，领先387.0%），ORMAT TECHNOLOGIES, INC.同比增速更快（19.6% vs 17.6%），ORMAT TECHNOLOGIES, INC.自由现金流更多（$-40.0M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 11.0%）
Ormat Technologies是总部位于美国内华达州里诺的跨国企业，主打可再生地热能源技术，累计建成超190座电站，总装机容量超3200兆瓦；截至2021年1月自主运营933兆瓦地热及余热回收电站，还向全球多国供应超千台涡轮增压器。
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。
ORA vs PLUG — 直观对比
营收规模更大
ORA
是对方的1.2倍
$225.2M
营收增速更快
ORA
高出2.0%
17.6%
净利率更高
ORA
高出387.0%
-375.6%
自由现金流更多
ORA
多$113.0M
$-153.0M
两年增速更快
PLUG
近两年复合增速
11.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $276.0M | $225.2M |
| 净利润 | $31.4M | $-846.0M |
| 毛利率 | 28.6% | 2.4% |
| 营业利润率 | 15.4% | -338.9% |
| 净利率 | 11.4% | -375.6% |
| 营收同比 | 19.6% | 17.6% |
| 净利润同比 | -23.2% | 36.7% |
| 每股收益（稀释后） | $0.51 | $-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ORAPLUG
| Q4 25 | $276.0M | $225.2M | ||
| Q3 25 | $249.7M | $177.1M | ||
| Q2 25 | $234.0M | $174.0M | ||
| Q1 25 | $229.8M | $133.7M | ||
| Q4 24 | $230.7M | $191.5M | ||
| Q3 24 | $211.8M | $173.7M | ||
| Q2 24 | $213.0M | $143.3M | ||
| Q1 24 | $224.2M | $120.3M |
净利润ORAPLUG
| Q4 25 | $31.4M | $-846.0M | ||
| Q3 25 | $24.1M | $-361.9M | ||
| Q2 25 | $28.0M | $-227.1M | ||
| Q1 25 | $40.4M | $-196.7M | ||
| Q4 24 | $40.8M | $-1.3B | ||
| Q3 24 | $22.1M | $-211.2M | ||
| Q2 24 | $22.2M | $-262.3M | ||
| Q1 24 | $38.6M | $-295.8M |
毛利率ORAPLUG
| Q4 25 | 28.6% | 2.4% | ||
| Q3 25 | 25.6% | -67.9% | ||
| Q2 25 | 24.3% | -30.7% | ||
| Q1 25 | 31.7% | -55.3% | ||
| Q4 24 | 31.9% | -122.5% | ||
| Q3 24 | 27.8% | -57.6% | ||
| Q2 24 | 28.8% | -91.6% | ||
| Q1 24 | 35.2% | -132.3% |
营业利润率ORAPLUG
| Q4 25 | 15.4% | -338.9% | ||
| Q3 25 | 16.2% | -197.0% | ||
| Q2 25 | 15.1% | -101.7% | ||
| Q1 25 | 22.2% | -133.5% | ||
| Q4 24 | 21.3% | -678.7% | ||
| Q3 24 | 16.8% | -124.4% | ||
| Q2 24 | 16.5% | -170.7% | ||
| Q1 24 | 23.5% | -215.7% |
净利率ORAPLUG
| Q4 25 | 11.4% | -375.6% | ||
| Q3 25 | 9.7% | -204.4% | ||
| Q2 25 | 12.0% | -130.5% | ||
| Q1 25 | 17.6% | -147.1% | ||
| Q4 24 | 17.7% | -697.5% | ||
| Q3 24 | 10.4% | -121.5% | ||
| Q2 24 | 10.4% | -183.0% | ||
| Q1 24 | 17.2% | -245.9% |
每股收益（稀释后）ORAPLUG
| Q4 25 | $0.51 | $-0.70 | ||
| Q3 25 | $0.39 | $-0.31 | ||
| Q2 25 | $0.46 | $-0.20 | ||
| Q1 25 | $0.66 | $-0.21 | ||
| Q4 24 | $0.67 | $-1.61 | ||
| Q3 24 | $0.36 | $-0.25 | ||
| Q2 24 | $0.37 | $-0.36 | ||
| Q1 24 | $0.64 | $-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 | $147.4M | $368.5M |
| 总债务越低越好 | $2.7B | — |
| 股东权益账面价值 | $2.5B | $978.1M |
| 总资产 | $6.2B | $2.6B |
| 负债/权益比越低杠杆越低 | 1.05× | — |
8季度趋势，按日历期对齐
现金及短期投资ORAPLUG
| Q4 25 | $147.4M | $368.5M | ||
| Q3 25 | $79.6M | $165.9M | ||
| Q2 25 | $88.5M | $140.7M | ||
| Q1 25 | $112.7M | $295.8M | ||
| Q4 24 | $94.4M | $205.7M | ||
| Q3 24 | $88.1M | $93.9M | ||
| Q2 24 | $66.3M | $62.4M | ||
| Q1 24 | $201.5M | $172.9M |
总债务ORAPLUG
| Q4 25 | $2.7B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | — | $3.9M | ||
| Q2 24 | — | $3.7M | ||
| Q1 24 | — | $3.8M |
股东权益ORAPLUG
| Q4 25 | $2.5B | $978.1M | ||
| Q3 25 | $2.5B | $1.4B | ||
| Q2 25 | $2.5B | $1.7B | ||
| Q1 25 | $2.5B | $1.9B | ||
| Q4 24 | $2.4B | $1.7B | ||
| Q3 24 | $2.4B | $3.0B | ||
| Q2 24 | $2.4B | $3.0B | ||
| Q1 24 | $2.4B | $2.9B |
总资产ORAPLUG
| Q4 25 | $6.2B | $2.6B | ||
| Q3 25 | $6.1B | $3.1B | ||
| Q2 25 | $6.0B | $3.4B | ||
| Q1 25 | $5.8B | $3.6B | ||
| Q4 24 | $5.7B | $3.6B | ||
| Q3 24 | $5.6B | $4.7B | ||
| Q2 24 | $5.5B | $4.8B | ||
| Q1 24 | $5.5B | $4.8B |
负债/权益比ORAPLUG
| Q4 25 | 1.05× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.97× | — | ||
| 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 | $105.0M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $-40.0M | $-153.0M |
| 自由现金流率自由现金流/营收 | -14.5% | -67.9% |
| 资本支出强度资本支出/营收 | 52.6% | 1.9% |
| 现金转化率经营现金流/净利润 | 3.35× | — |
| 过去12个月自由现金流最近4个季度 | $-284.7M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流ORAPLUG
| Q4 25 | $105.0M | $-148.6M | ||
| Q3 25 | $45.2M | $-89.8M | ||
| Q2 25 | $96.9M | $-191.8M | ||
| Q1 25 | $88.0M | $-105.6M | ||
| Q4 24 | $158.6M | $-131.2M | ||
| Q3 24 | $106.4M | $-174.9M | ||
| Q2 24 | $30.7M | $-254.7M | ||
| Q1 24 | $115.2M | $-167.7M |
自由现金流ORAPLUG
| Q4 25 | $-40.0M | $-153.0M | ||
| Q3 25 | $-102.1M | $-117.5M | ||
| Q2 25 | $-37.9M | $-230.4M | ||
| Q1 25 | $-104.6M | $-146.0M | ||
| Q4 24 | $30.9M | $-165.2M | ||
| Q3 24 | $-3.3M | $-234.2M | ||
| Q2 24 | $-116.1M | $-356.0M | ||
| Q1 24 | $11.8M | $-260.3M |
自由现金流率ORAPLUG
| Q4 25 | -14.5% | -67.9% | ||
| Q3 25 | -40.9% | -66.4% | ||
| Q2 25 | -16.2% | -132.5% | ||
| Q1 25 | -45.5% | -109.2% | ||
| Q4 24 | 13.4% | -86.3% | ||
| Q3 24 | -1.6% | -134.8% | ||
| Q2 24 | -54.5% | -248.4% | ||
| Q1 24 | 5.3% | -216.5% |
资本支出强度ORAPLUG
| Q4 25 | 52.6% | 1.9% | ||
| Q3 25 | 59.0% | 15.6% | ||
| Q2 25 | 57.6% | 22.2% | ||
| Q1 25 | 83.8% | 30.3% | ||
| Q4 24 | 55.4% | 17.7% | ||
| Q3 24 | 51.8% | 34.1% | ||
| Q2 24 | 69.0% | 70.7% | ||
| Q1 24 | 46.1% | 77.0% |
现金转化率ORAPLUG
| Q4 25 | 3.35× | — | ||
| Q3 25 | 1.87× | — | ||
| Q2 25 | 3.45× | — | ||
| Q1 25 | 2.18× | — | ||
| Q4 24 | 3.89× | — | ||
| Q3 24 | 4.82× | — | ||
| Q2 24 | 1.38× | — | ||
| Q1 24 | 2.99× | — |
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
ORA
| Electricity | $186.6M | 68% |
| Products | $63.1M | 23% |
| Energy Storage Segment | $26.3M | 10% |
| Product Segment | $1.2M | 0% |
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% |
