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PLUG POWER INC（PLUG）与POWER SOLUTIONS INTERNATIONAL, INC.（PSIX）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POWER SOLUTIONS INTERNATIONAL, INC.的1.2倍（$225.2M vs $191.2M），POWER SOLUTIONS INTERNATIONAL, INC.净利率更高（8.4% vs -375.6%，领先384.0%），POWER SOLUTIONS INTERNATIONAL, INC.同比增速更快（32.5% vs 17.6%），POWER SOLUTIONS INTERNATIONAL, INC.自由现金流更多（$-7.6M vs $-153.0M），过去两年POWER SOLUTIONS INTERNATIONAL, INC.的营收复合增速更高（41.7% vs 36.8%）
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。
阿达尼能源解决方案有限公司（前身为阿达尼输电有限公司）是一家电力输配企业，总部位于艾哈迈达巴德。截至2025年4月，公司累计输电网络总长26696回路公里，是印度规模最大的民营输电企业之一。
PLUG vs PSIX — 直观对比
营收规模更大
PLUG
是对方的1.2倍
$191.2M
营收增速更快
PSIX
高出14.9%
17.6%
净利率更高
PSIX
高出384.0%
-375.6%
自由现金流更多
PSIX
多$145.4M
$-153.0M
两年增速更快
PSIX
近两年复合增速
36.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.2M | $191.2M |
| 净利润 | $-846.0M | $16.1M |
| 毛利率 | 2.4% | 21.9% |
| 营业利润率 | -338.9% | 12.7% |
| 净利率 | -375.6% | 8.4% |
| 营收同比 | 17.6% | 32.5% |
| 净利润同比 | 36.7% | -31.0% |
| 每股收益（稀释后） | $-0.70 | $0.69 |
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PLUGPSIX
| Q4 25 | $225.2M | $191.2M | ||
| Q3 25 | $177.1M | $203.8M | ||
| Q2 25 | $174.0M | $191.9M | ||
| Q1 25 | $133.7M | $135.4M | ||
| Q4 24 | $191.5M | $144.3M | ||
| Q3 24 | $173.7M | $125.8M | ||
| Q2 24 | $143.3M | $110.6M | ||
| Q1 24 | $120.3M | $95.2M |
净利润PLUGPSIX
| Q4 25 | $-846.0M | $16.1M | ||
| Q3 25 | $-361.9M | $27.6M | ||
| Q2 25 | $-227.1M | $51.2M | ||
| Q1 25 | $-196.7M | $19.1M | ||
| Q4 24 | $-1.3B | $23.3M | ||
| Q3 24 | $-211.2M | $17.3M | ||
| Q2 24 | $-262.3M | $21.5M | ||
| Q1 24 | $-295.8M | $7.1M |
毛利率PLUGPSIX
| Q4 25 | 2.4% | 21.9% | ||
| Q3 25 | -67.9% | 23.9% | ||
| Q2 25 | -30.7% | 28.2% | ||
| Q1 25 | -55.3% | 29.7% | ||
| Q4 24 | -122.5% | 29.9% | ||
| Q3 24 | -57.6% | 28.9% | ||
| Q2 24 | -91.6% | 31.8% | ||
| Q1 24 | -132.3% | 27.0% |
营业利润率PLUGPSIX
| Q4 25 | -338.9% | 12.7% | ||
| Q3 25 | -197.0% | 13.9% | ||
| Q2 25 | -101.7% | 16.9% | ||
| Q1 25 | -133.5% | 18.2% | ||
| Q4 24 | -678.7% | 17.5% | ||
| Q3 24 | -124.4% | 16.3% | ||
| Q2 24 | -170.7% | 22.9% | ||
| Q1 24 | -215.7% | 11.2% |
净利率PLUGPSIX
| Q4 25 | -375.6% | 8.4% | ||
| Q3 25 | -204.4% | 13.5% | ||
| Q2 25 | -130.5% | 26.7% | ||
| Q1 25 | -147.1% | 14.1% | ||
| Q4 24 | -697.5% | 16.1% | ||
| Q3 24 | -121.5% | 13.8% | ||
| Q2 24 | -183.0% | 19.5% | ||
| Q1 24 | -245.9% | 7.5% |
每股收益（稀释后）PLUGPSIX
| Q4 25 | $-0.70 | $0.69 | ||
| Q3 25 | $-0.31 | $1.20 | ||
| Q2 25 | $-0.20 | $2.22 | ||
| Q1 25 | $-0.21 | $0.83 | ||
| Q4 24 | $-1.61 | $1.01 | ||
| Q3 24 | $-0.25 | $0.75 | ||
| Q2 24 | $-0.36 | $0.94 | ||
| Q1 24 | $-0.46 | $0.31 |
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 | $41.3M |
| 总债务越低越好 | — | $96.6M |
| 股东权益账面价值 | $978.1M | $178.6M |
| 总资产 | $2.6B | $424.7M |
| 负债/权益比越低杠杆越低 | — | 0.54× |
8季度趋势，按日历期对齐
现金及短期投资PLUGPSIX
| Q4 25 | $368.5M | $41.3M | ||
| Q3 25 | $165.9M | $49.0M | ||
| Q2 25 | $140.7M | $49.5M | ||
| Q1 25 | $295.8M | $50.0M | ||
| Q4 24 | $205.7M | $55.3M | ||
| Q3 24 | $93.9M | $40.5M | ||
| Q2 24 | $62.4M | $28.8M | ||
| Q1 24 | $172.9M | $33.1M |
总债务PLUGPSIX
| Q4 25 | — | $96.6M | ||
| Q3 25 | — | $96.7M | ||
| Q2 25 | — | $1.8M | ||
| Q1 25 | — | $1.0M | ||
| Q4 24 | — | $184.0K | ||
| Q3 24 | $3.9M | $238.0K | ||
| Q2 24 | $3.7M | $292.0K | ||
| Q1 24 | $3.8M | $345.0K |
股东权益PLUGPSIX
| Q4 25 | $978.1M | $178.6M | ||
| Q3 25 | $1.4B | $162.5M | ||
| Q2 25 | $1.7B | $135.7M | ||
| Q1 25 | $1.9B | $84.3M | ||
| Q4 24 | $1.7B | $65.3M | ||
| Q3 24 | $3.0B | $42.1M | ||
| Q2 24 | $3.0B | $24.8M | ||
| Q1 24 | $2.9B | $3.2M |
总资产PLUGPSIX
| Q4 25 | $2.6B | $424.7M | ||
| Q3 25 | $3.1B | $458.9M | ||
| Q2 25 | $3.4B | $437.7M | ||
| Q1 25 | $3.6B | $372.7M | ||
| Q4 24 | $3.6B | $328.2M | ||
| Q3 24 | $4.7B | $339.1M | ||
| Q2 24 | $4.8B | $307.6M | ||
| Q1 24 | $4.8B | $286.8M |
负债/权益比PLUGPSIX
| Q4 25 | — | 0.54× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.01× | ||
| Q1 25 | — | 0.01× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | 0.00× | 0.01× | ||
| Q2 24 | 0.00× | 0.01× | ||
| Q1 24 | 0.00× | 0.11× |
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 | $-4.6M |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $-7.6M |
| 自由现金流率自由现金流/营收 | -67.9% | -4.0% |
| 资本支出强度资本支出/营收 | 1.9% | 1.6% |
| 现金转化率经营现金流/净利润 | — | -0.29× |
| 过去12个月自由现金流最近4个季度 | $-647.0M | $14.1M |
8季度趋势，按日历期对齐
经营现金流PLUGPSIX
| Q4 25 | $-148.6M | $-4.6M | ||
| Q3 25 | $-89.8M | $3.3M | ||
| Q2 25 | $-191.8M | $16.7M | ||
| Q1 25 | $-105.6M | $8.8M | ||
| Q4 24 | $-131.2M | $32.7M | ||
| Q3 24 | $-174.9M | $12.6M | ||
| Q2 24 | $-254.7M | $1.5M | ||
| Q1 24 | $-167.7M | $15.6M |
自由现金流PLUGPSIX
| Q4 25 | $-153.0M | $-7.6M | ||
| Q3 25 | $-117.5M | $1.7M | ||
| Q2 25 | $-230.4M | $14.6M | ||
| Q1 25 | $-146.0M | $5.4M | ||
| Q4 24 | $-165.2M | $30.0M | ||
| Q3 24 | $-234.2M | $12.1M | ||
| Q2 24 | $-356.0M | $822.0K | ||
| Q1 24 | $-260.3M | $14.8M |
自由现金流率PLUGPSIX
| Q4 25 | -67.9% | -4.0% | ||
| Q3 25 | -66.4% | 0.8% | ||
| Q2 25 | -132.5% | 7.6% | ||
| Q1 25 | -109.2% | 4.0% | ||
| Q4 24 | -86.3% | 20.8% | ||
| Q3 24 | -134.8% | 9.7% | ||
| Q2 24 | -248.4% | 0.7% | ||
| Q1 24 | -216.5% | 15.6% |
资本支出强度PLUGPSIX
| Q4 25 | 1.9% | 1.6% | ||
| Q3 25 | 15.6% | 0.8% | ||
| Q2 25 | 22.2% | 1.1% | ||
| Q1 25 | 30.3% | 2.5% | ||
| Q4 24 | 17.7% | 1.8% | ||
| Q3 24 | 34.1% | 0.3% | ||
| Q2 24 | 70.7% | 0.6% | ||
| Q1 24 | 77.0% | 0.9% |
现金转化率PLUGPSIX
| Q4 25 | — | -0.29× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.33× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 0.73× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 2.20× |
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
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% |
PSIX
| Energy End Market | $153.4M | 80% |
| Industrial End Market | $33.3M | 17% |
| Transportation End Market | $4.6M | 2% |
