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通用动力（PLOW）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的季度营收约是通用动力的1.2倍（$225.2M vs $184.5M），通用动力净利率更高（7.0% vs -375.6%，领先382.6%），通用动力同比增速更快（28.6% vs 17.6%），通用动力自由现金流更多（$92.8M vs $-153.0M），过去两年通用动力的营收复合增速更高（38.9% vs 36.8%）
通用动力公司是总部位于美国弗吉尼亚州雷斯顿的工业与科技企业，核心业务是研发制造各类先进军用装备，产品包括核潜艇、主战坦克、装甲战车等，同时也生产民用湾流公务机，并提供信息技术服务，是美国联邦政府前五大国防承包商之一。
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。
PLOW vs PLUG — 直观对比
营收规模更大
PLUG
是对方的1.2倍
$184.5M
营收增速更快
PLOW
高出10.9%
17.6%
净利率更高
PLOW
高出382.6%
-375.6%
自由现金流更多
PLOW
多$245.9M
$-153.0M
两年增速更快
PLOW
近两年复合增速
36.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $184.5M | $225.2M |
| 净利润 | $12.8M | $-846.0M |
| 毛利率 | 26.1% | 2.4% |
| 营业利润率 | 10.5% | -338.9% |
| 净利率 | 7.0% | -375.6% |
| 营收同比 | 28.6% | 17.6% |
| 净利润同比 | 62.3% | 36.7% |
| 每股收益（稀释后） | $0.54 | $-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PLOWPLUG
| Q4 25 | $184.5M | $225.2M | ||
| Q3 25 | $162.1M | $177.1M | ||
| Q2 25 | $194.3M | $174.0M | ||
| Q1 25 | $115.1M | $133.7M | ||
| Q4 24 | $143.5M | $191.5M | ||
| Q3 24 | $129.4M | $173.7M | ||
| Q2 24 | $199.9M | $143.3M | ||
| Q1 24 | $95.7M | $120.3M |
净利润PLOWPLUG
| Q4 25 | $12.8M | $-846.0M | ||
| Q3 25 | $8.0M | $-361.9M | ||
| Q2 25 | $26.0M | $-227.1M | ||
| Q1 25 | $148.0K | $-196.7M | ||
| Q4 24 | $7.9M | $-1.3B | ||
| Q3 24 | $32.3M | $-211.2M | ||
| Q2 24 | $24.3M | $-262.3M | ||
| Q1 24 | $-8.4M | $-295.8M |
毛利率PLOWPLUG
| Q4 25 | 26.1% | 2.4% | ||
| Q3 25 | 23.5% | -67.9% | ||
| Q2 25 | 31.0% | -30.7% | ||
| Q1 25 | 24.5% | -55.3% | ||
| Q4 24 | 24.9% | -122.5% | ||
| Q3 24 | 23.9% | -57.6% | ||
| Q2 24 | 30.7% | -91.6% | ||
| Q1 24 | 19.8% | -132.3% |
营业利润率PLOWPLUG
| Q4 25 | 10.5% | -338.9% | ||
| Q3 25 | 8.7% | -197.0% | ||
| Q2 25 | 19.0% | -101.7% | ||
| Q1 25 | 2.8% | -133.5% | ||
| Q4 24 | 9.0% | -678.7% | ||
| Q3 24 | 35.4% | -124.4% | ||
| Q2 24 | 18.2% | -170.7% | ||
| Q1 24 | -6.7% | -215.7% |
净利率PLOWPLUG
| Q4 25 | 7.0% | -375.6% | ||
| Q3 25 | 4.9% | -204.4% | ||
| Q2 25 | 13.4% | -130.5% | ||
| Q1 25 | 0.1% | -147.1% | ||
| Q4 24 | 5.5% | -697.5% | ||
| Q3 24 | 24.9% | -121.5% | ||
| Q2 24 | 12.2% | -183.0% | ||
| Q1 24 | -8.7% | -245.9% |
每股收益（稀释后）PLOWPLUG
| Q4 25 | $0.54 | $-0.70 | ||
| Q3 25 | $0.33 | $-0.31 | ||
| Q2 25 | $1.09 | $-0.20 | ||
| Q1 25 | $0.00 | $-0.21 | ||
| Q4 24 | $0.35 | $-1.61 | ||
| Q3 24 | $1.36 | $-0.25 | ||
| Q2 24 | $1.02 | $-0.36 | ||
| Q1 24 | $-0.37 | $-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 | — | $368.5M |
| 总债务越低越好 | $144.0M | — |
| 股东权益账面价值 | $281.4M | $978.1M |
| 总资产 | $626.7M | $2.6B |
| 负债/权益比越低杠杆越低 | 0.51× | — |
8季度趋势，按日历期对齐
现金及短期投资PLOWPLUG
| Q4 25 | — | $368.5M | ||
| Q3 25 | — | $165.9M | ||
| Q2 25 | — | $140.7M | ||
| Q1 25 | — | $295.8M | ||
| Q4 24 | — | $205.7M | ||
| Q3 24 | — | $93.9M | ||
| Q2 24 | — | $62.4M | ||
| Q1 24 | — | $172.9M |
总债务PLOWPLUG
| Q4 25 | $144.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $147.5M | — | ||
| Q3 24 | — | $3.9M | ||
| Q2 24 | — | $3.7M | ||
| Q1 24 | — | $3.8M |
股东权益PLOWPLUG
| Q4 25 | $281.4M | $978.1M | ||
| Q3 25 | $275.3M | $1.4B | ||
| Q2 25 | $273.3M | $1.7B | ||
| Q1 25 | $258.9M | $1.9B | ||
| Q4 24 | $264.2M | $1.7B | ||
| Q3 24 | $260.8M | $3.0B | ||
| Q2 24 | $236.7M | $3.0B | ||
| Q1 24 | $217.2M | $2.9B |
总资产PLOWPLUG
| Q4 25 | $626.7M | $2.6B | ||
| Q3 25 | $694.9M | $3.1B | ||
| Q2 25 | $671.5M | $3.4B | ||
| Q1 25 | $621.0M | $3.6B | ||
| Q4 24 | $590.0M | $3.6B | ||
| Q3 24 | $665.6M | $4.7B | ||
| Q2 24 | $617.0M | $4.8B | ||
| Q1 24 | $577.1M | $4.8B |
负债/权益比PLOWPLUG
| Q4 25 | 0.51× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.56× | — | ||
| 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 | $95.9M | $-148.6M |
| 自由现金流经营现金流 - 资本支出 | $92.8M | $-153.0M |
| 自由现金流率自由现金流/营收 | 50.3% | -67.9% |
| 资本支出强度资本支出/营收 | 1.7% | 1.9% |
| 现金转化率经营现金流/净利润 | 7.47× | — |
| 过去12个月自由现金流最近4个季度 | $63.6M | $-647.0M |
8季度趋势，按日历期对齐
经营现金流PLOWPLUG
| Q4 25 | $95.9M | $-148.6M | ||
| Q3 25 | $-8.5M | $-89.8M | ||
| Q2 25 | $-11.4M | $-191.8M | ||
| Q1 25 | $-1.3M | $-105.6M | ||
| Q4 24 | $74.4M | $-131.2M | ||
| Q3 24 | $-14.2M | $-174.9M | ||
| Q2 24 | $2.5M | $-254.7M | ||
| Q1 24 | $-21.6M | $-167.7M |
自由现金流PLOWPLUG
| Q4 25 | $92.8M | $-153.0M | ||
| Q3 25 | $-11.4M | $-117.5M | ||
| Q2 25 | $-14.3M | $-230.4M | ||
| Q1 25 | $-3.5M | $-146.0M | ||
| Q4 24 | $70.2M | $-165.2M | ||
| Q3 24 | $-15.2M | $-234.2M | ||
| Q2 24 | $836.0K | $-356.0M | ||
| Q1 24 | $-22.4M | $-260.3M |
自由现金流率PLOWPLUG
| Q4 25 | 50.3% | -67.9% | ||
| Q3 25 | -7.1% | -66.4% | ||
| Q2 25 | -7.4% | -132.5% | ||
| Q1 25 | -3.0% | -109.2% | ||
| Q4 24 | 48.9% | -86.3% | ||
| Q3 24 | -11.8% | -134.8% | ||
| Q2 24 | 0.4% | -248.4% | ||
| Q1 24 | -23.4% | -216.5% |
资本支出强度PLOWPLUG
| Q4 25 | 1.7% | 1.9% | ||
| Q3 25 | 1.8% | 15.6% | ||
| Q2 25 | 1.5% | 22.2% | ||
| Q1 25 | 1.9% | 30.3% | ||
| Q4 24 | 2.9% | 17.7% | ||
| Q3 24 | 0.8% | 34.1% | ||
| Q2 24 | 0.8% | 70.7% | ||
| Q1 24 | 0.8% | 77.0% |
现金转化率PLOWPLUG
| Q4 25 | 7.47× | — | ||
| Q3 25 | -1.07× | — | ||
| Q2 25 | -0.44× | — | ||
| Q1 25 | -9.03× | — | ||
| Q4 24 | 9.41× | — | ||
| Q3 24 | -0.44× | — | ||
| Q2 24 | 0.10× | — | ||
| 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
PLOW
| Work Truck Solutions | $101.5M | 55% |
| Transferred At Point In Time | $83.1M | 45% |
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% |
