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PLUG POWER INC（PLUG）与RPC INC（RES）财务数据对比。点击上方公司名可切换其他公司
RPC INC的季度营收约是PLUG POWER INC的1.9倍（$425.8M vs $225.2M），RPC INC净利率更高（-0.7% vs -375.6%，领先374.9%），RPC INC同比增速更快（27.0% vs 17.6%），RPC INC自由现金流更多（$31.2M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 6.2%）
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。
RPC集团是总部位于英国的企业，曾是欧洲规模最大的塑料包装供应商之一，总部坐落于北安普敦郡的拉什登。该公司此前在伦敦证券交易所上市，2019年被贝瑞全球集团收购，贝瑞全球集团又于2025年被安海斯包装收购。
PLUG vs RES — 直观对比
营收规模更大
RES
是对方的1.9倍
$225.2M
营收增速更快
RES
高出9.3%
17.6%
净利率更高
RES
高出374.9%
-375.6%
自由现金流更多
RES
多$184.3M
$-153.0M
两年增速更快
PLUG
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.2M | $425.8M |
| 净利润 | $-846.0M | $-3.1M |
| 毛利率 | 2.4% | 21.0% |
| 营业利润率 | -338.9% | -0.9% |
| 净利率 | -375.6% | -0.7% |
| 营收同比 | 17.6% | 27.0% |
| 净利润同比 | 36.7% | -124.0% |
| 每股收益（稀释后） | $-0.70 | $-0.02 |
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PLUGRES
| Q4 25 | $225.2M | $425.8M | ||
| Q3 25 | $177.1M | $447.1M | ||
| Q2 25 | $174.0M | $420.8M | ||
| Q1 25 | $133.7M | $332.9M | ||
| Q4 24 | $191.5M | $335.4M | ||
| Q3 24 | $173.7M | $337.7M | ||
| Q2 24 | $143.3M | $364.2M | ||
| Q1 24 | $120.3M | $377.8M |
净利润PLUGRES
| Q4 25 | $-846.0M | $-3.1M | ||
| Q3 25 | $-361.9M | $13.0M | ||
| Q2 25 | $-227.1M | $10.1M | ||
| Q1 25 | $-196.7M | $12.0M | ||
| Q4 24 | $-1.3B | $12.8M | ||
| Q3 24 | $-211.2M | $18.8M | ||
| Q2 24 | $-262.3M | $32.4M | ||
| Q1 24 | $-295.8M | $27.5M |
毛利率PLUGRES
| Q4 25 | 2.4% | 21.0% | ||
| Q3 25 | -67.9% | 25.1% | ||
| Q2 25 | -30.7% | 24.5% | ||
| Q1 25 | -55.3% | 26.7% | ||
| Q4 24 | -122.5% | 25.4% | ||
| Q3 24 | -57.6% | 26.7% | ||
| Q2 24 | -91.6% | 28.0% | ||
| Q1 24 | -132.3% | 26.8% |
营业利润率PLUGRES
| Q4 25 | -338.9% | -0.9% | ||
| Q3 25 | -197.0% | 4.7% | ||
| Q2 25 | -101.7% | 3.7% | ||
| Q1 25 | -133.5% | 3.7% | ||
| Q4 24 | -678.7% | 3.1% | ||
| Q3 24 | -124.4% | 5.7% | ||
| Q2 24 | -170.7% | 9.7% | ||
| Q1 24 | -215.7% | 8.6% |
净利率PLUGRES
| Q4 25 | -375.6% | -0.7% | ||
| Q3 25 | -204.4% | 2.9% | ||
| Q2 25 | -130.5% | 2.4% | ||
| Q1 25 | -147.1% | 3.6% | ||
| Q4 24 | -697.5% | 3.8% | ||
| Q3 24 | -121.5% | 5.6% | ||
| Q2 24 | -183.0% | 8.9% | ||
| Q1 24 | -245.9% | 7.3% |
每股收益（稀释后）PLUGRES
| Q4 25 | $-0.70 | $-0.02 | ||
| Q3 25 | $-0.31 | $0.06 | ||
| Q2 25 | $-0.20 | $0.05 | ||
| Q1 25 | $-0.21 | $0.06 | ||
| Q4 24 | $-1.61 | $0.06 | ||
| Q3 24 | $-0.25 | $0.09 | ||
| Q2 24 | $-0.36 | $0.15 | ||
| Q1 24 | $-0.46 | $0.13 |
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 | $210.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $978.1M | $1.1B |
| 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
现金及短期投资PLUGRES
| Q4 25 | $368.5M | $210.0M | ||
| Q3 25 | $165.9M | $163.5M | ||
| Q2 25 | $140.7M | $162.1M | ||
| Q1 25 | $295.8M | $326.7M | ||
| Q4 24 | $205.7M | $326.0M | ||
| Q3 24 | $93.9M | $276.9M | ||
| Q2 24 | $62.4M | $261.5M | ||
| Q1 24 | $172.9M | $212.2M |
总债务PLUGRES
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $3.9M | — | ||
| Q2 24 | $3.7M | — | ||
| Q1 24 | $3.8M | — |
股东权益PLUGRES
| Q4 25 | $978.1M | $1.1B | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.7B | $1.1B | ||
| Q1 25 | $1.9B | $1.1B | ||
| Q4 24 | $1.7B | $1.1B | ||
| Q3 24 | $3.0B | $1.1B | ||
| Q2 24 | $3.0B | $1.1B | ||
| Q1 24 | $2.9B | $1.0B |
总资产PLUGRES
| Q4 25 | $2.6B | $1.5B | ||
| Q3 25 | $3.1B | $1.5B | ||
| Q2 25 | $3.4B | $1.5B | ||
| Q1 25 | $3.6B | $1.3B | ||
| Q4 24 | $3.6B | $1.4B | ||
| Q3 24 | $4.7B | $1.3B | ||
| Q2 24 | $4.8B | $1.3B | ||
| Q1 24 | $4.8B | $1.3B |
负债/权益比PLUGRES
| 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 | $61.9M |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $31.2M |
| 自由现金流率自由现金流/营收 | -67.9% | 7.3% |
| 资本支出强度资本支出/营收 | 1.9% | 7.2% |
| 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 | $52.9M |
8季度趋势，按日历期对齐
经营现金流PLUGRES
| Q4 25 | $-148.6M | $61.9M | ||
| Q3 25 | $-89.8M | $46.5M | ||
| Q2 25 | $-191.8M | $53.1M | ||
| Q1 25 | $-105.6M | $39.9M | ||
| Q4 24 | $-131.2M | $94.2M | ||
| Q3 24 | $-174.9M | $70.7M | ||
| Q2 24 | $-254.7M | $127.9M | ||
| Q1 24 | $-167.7M | $56.6M |
自由现金流PLUGRES
| Q4 25 | $-153.0M | $31.2M | ||
| Q3 25 | $-117.5M | $4.1M | ||
| Q2 25 | $-230.4M | $10.0M | ||
| Q1 25 | $-146.0M | $7.6M | ||
| Q4 24 | $-165.2M | $53.7M | ||
| Q3 24 | $-234.2M | $19.1M | ||
| Q2 24 | $-356.0M | $52.9M | ||
| Q1 24 | $-260.3M | $3.8M |
自由现金流率PLUGRES
| Q4 25 | -67.9% | 7.3% | ||
| Q3 25 | -66.4% | 0.9% | ||
| Q2 25 | -132.5% | 2.4% | ||
| Q1 25 | -109.2% | 2.3% | ||
| Q4 24 | -86.3% | 16.0% | ||
| Q3 24 | -134.8% | 5.6% | ||
| Q2 24 | -248.4% | 14.5% | ||
| Q1 24 | -216.5% | 1.0% |
资本支出强度PLUGRES
| Q4 25 | 1.9% | 7.2% | ||
| Q3 25 | 15.6% | 9.5% | ||
| Q2 25 | 22.2% | 10.2% | ||
| Q1 25 | 30.3% | 9.7% | ||
| Q4 24 | 17.7% | 12.1% | ||
| Q3 24 | 34.1% | 15.3% | ||
| Q2 24 | 70.7% | 20.6% | ||
| Q1 24 | 77.0% | 14.0% |
现金转化率PLUGRES
| Q4 25 | — | — | ||
| Q3 25 | — | 3.59× | ||
| Q2 25 | — | 5.23× | ||
| Q1 25 | — | 3.31× | ||
| Q4 24 | — | 7.38× | ||
| Q3 24 | — | 3.76× | ||
| Q2 24 | — | 3.95× | ||
| Q1 24 | — | 2.06× |
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% |
RES
| Technical Service | $405.2M | 95% |
| Other | $8.8M | 2% |
| Nitrogen | $6.6M | 2% |
