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PLUG POWER INC（PLUG）与Ultragenyx Pharmaceutical Inc.（RARE）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Ultragenyx Pharmaceutical Inc.的1.1倍（$225.2M vs $207.3M），Ultragenyx Pharmaceutical Inc.净利率更高（-62.0% vs -375.6%，领先313.6%），Ultragenyx Pharmaceutical Inc.同比增速更快（25.9% vs 17.6%），Ultragenyx Pharmaceutical Inc.自由现金流更多（$-100.8M vs $-153.0M），过去两年Ultragenyx Pharmaceutical Inc.的营收复合增速更高（38.0% 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。
Ultragenyx Pharmaceutical Inc.是一家总部位于美国的生物制药企业，专注于研发罕见病和超罕见遗传病的创新治疗方案，这类疾病目前大多无获批疗法，存在大量未被满足的临床需求。公司覆盖生物制剂、小分子药物、基因疗法、反义寡核苷酸及mRNA等多种药物技术平台，研发管线涵盖骨骼、内分泌、代谢、肌肉及中枢神经系统疾病领域。
PLUG vs RARE — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.2M | $207.3M |
| 净利润 | $-846.0M | $-128.6M |
| 毛利率 | 2.4% | — |
| 营业利润率 | -338.9% | -54.7% |
| 净利率 | -375.6% | -62.0% |
| 营收同比 | 17.6% | 25.9% |
| 净利润同比 | 36.7% | 3.5% |
| 每股收益（稀释后） | $-0.70 | $-1.28 |
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
| Q4 25 | $225.2M | $207.3M | ||
| Q3 25 | $177.1M | $159.9M | ||
| Q2 25 | $174.0M | $166.5M | ||
| Q1 25 | $133.7M | $139.3M | ||
| Q4 24 | $191.5M | $164.6M | ||
| Q3 24 | $173.7M | $139.5M | ||
| Q2 24 | $143.3M | $147.0M | ||
| Q1 24 | $120.3M | $108.8M |
| Q4 25 | $-846.0M | $-128.6M | ||
| Q3 25 | $-361.9M | $-180.4M | ||
| Q2 25 | $-227.1M | $-115.0M | ||
| Q1 25 | $-196.7M | $-151.1M | ||
| Q4 24 | $-1.3B | $-133.2M | ||
| Q3 24 | $-211.2M | $-133.5M | ||
| Q2 24 | $-262.3M | $-131.6M | ||
| Q1 24 | $-295.8M | $-170.7M |
| Q4 25 | 2.4% | — | ||
| Q3 25 | -67.9% | — | ||
| Q2 25 | -30.7% | — | ||
| Q1 25 | -55.3% | — | ||
| Q4 24 | -122.5% | — | ||
| Q3 24 | -57.6% | — | ||
| Q2 24 | -91.6% | — | ||
| Q1 24 | -132.3% | — |
| Q4 25 | -338.9% | -54.7% | ||
| Q3 25 | -197.0% | -106.9% | ||
| Q2 25 | -101.7% | -64.8% | ||
| Q1 25 | -133.5% | -102.6% | ||
| Q4 24 | -678.7% | -74.3% | ||
| Q3 24 | -124.4% | -94.6% | ||
| Q2 24 | -170.7% | -79.1% | ||
| Q1 24 | -215.7% | -151.9% |
| Q4 25 | -375.6% | -62.0% | ||
| Q3 25 | -204.4% | -112.8% | ||
| Q2 25 | -130.5% | -69.0% | ||
| Q1 25 | -147.1% | -108.5% | ||
| Q4 24 | -697.5% | -80.9% | ||
| Q3 24 | -121.5% | -95.7% | ||
| Q2 24 | -183.0% | -89.5% | ||
| Q1 24 | -245.9% | -156.8% |
| Q4 25 | $-0.70 | $-1.28 | ||
| Q3 25 | $-0.31 | $-1.81 | ||
| Q2 25 | $-0.20 | $-1.17 | ||
| Q1 25 | $-0.21 | $-1.57 | ||
| Q4 24 | $-1.61 | $-1.34 | ||
| Q3 24 | $-0.25 | $-1.40 | ||
| Q2 24 | $-0.36 | $-1.52 | ||
| Q1 24 | $-0.46 | $-2.03 |
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 | $421.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $978.1M | $-80.0M |
| 总资产 | $2.6B | $1.5B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $368.5M | $421.0M | ||
| Q3 25 | $165.9M | $202.5M | ||
| Q2 25 | $140.7M | $176.3M | ||
| Q1 25 | $295.8M | $127.1M | ||
| Q4 24 | $205.7M | $174.0M | ||
| Q3 24 | $93.9M | $150.6M | ||
| Q2 24 | $62.4M | $480.7M | ||
| Q1 24 | $172.9M | $112.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $3.9M | — | ||
| Q2 24 | $3.7M | — | ||
| Q1 24 | $3.8M | — |
| Q4 25 | $978.1M | $-80.0M | ||
| Q3 25 | $1.4B | $9.2M | ||
| Q2 25 | $1.7B | $151.3M | ||
| Q1 25 | $1.9B | $144.2M | ||
| Q4 24 | $1.7B | $255.0M | ||
| Q3 24 | $3.0B | $346.8M | ||
| Q2 24 | $3.0B | $432.4M | ||
| Q1 24 | $2.9B | $140.3M |
| Q4 25 | $2.6B | $1.5B | ||
| Q3 25 | $3.1B | $1.2B | ||
| Q2 25 | $3.4B | $1.3B | ||
| Q1 25 | $3.6B | $1.3B | ||
| Q4 24 | $3.6B | $1.5B | ||
| Q3 24 | $4.7B | $1.5B | ||
| Q2 24 | $4.8B | $1.6B | ||
| Q1 24 | $4.8B | $1.3B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $-148.6M | $-99.8M |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $-100.8M |
| 自由现金流率自由现金流/营收 | -67.9% | -48.6% |
| 资本支出强度资本支出/营收 | 1.9% | 0.5% |
| 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 | $-472.0M |
8季度趋势，按日历期对齐
| Q4 25 | $-148.6M | $-99.8M | ||
| Q3 25 | $-89.8M | $-91.4M | ||
| Q2 25 | $-191.8M | $-108.3M | ||
| Q1 25 | $-105.6M | $-166.5M | ||
| Q4 24 | $-131.2M | $-79.3M | ||
| Q3 24 | $-174.9M | $-67.0M | ||
| Q2 24 | $-254.7M | $-77.0M | ||
| Q1 24 | $-167.7M | $-190.7M |
| Q4 25 | $-153.0M | $-100.8M | ||
| Q3 25 | $-117.5M | $-92.7M | ||
| Q2 25 | $-230.4M | $-110.7M | ||
| Q1 25 | $-146.0M | $-167.8M | ||
| Q4 24 | $-165.2M | $-79.5M | ||
| Q3 24 | $-234.2M | $-68.6M | ||
| Q2 24 | $-356.0M | $-79.0M | ||
| Q1 24 | $-260.3M | $-193.9M |
| Q4 25 | -67.9% | -48.6% | ||
| Q3 25 | -66.4% | -58.0% | ||
| Q2 25 | -132.5% | -66.5% | ||
| Q1 25 | -109.2% | -120.5% | ||
| Q4 24 | -86.3% | -48.3% | ||
| Q3 24 | -134.8% | -49.2% | ||
| Q2 24 | -248.4% | -53.7% | ||
| Q1 24 | -216.5% | -178.2% |
| Q4 25 | 1.9% | 0.5% | ||
| Q3 25 | 15.6% | 0.8% | ||
| Q2 25 | 22.2% | 1.5% | ||
| Q1 25 | 30.3% | 1.0% | ||
| Q4 24 | 17.7% | 0.1% | ||
| Q3 24 | 34.1% | 1.2% | ||
| Q2 24 | 70.7% | 1.4% | ||
| Q1 24 | 77.0% | 3.0% |
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% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
