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PLUG POWER INC（PLUG）与REPLIGEN CORP（RGEN）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REPLIGEN CORP的1.1倍（$225.2M vs $197.9M），REPLIGEN CORP净利率更高（6.7% vs -375.6%，领先382.3%），PLUG POWER INC同比增速更快（17.6% vs 13.6%），REPLIGEN CORP自由现金流更多（$17.6M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 14.4%）
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。
Repligen是一家全球生命科学企业，专注于创新生物工艺技术与系统的研发及商业化，助力提升生物药生产效率。公司1981年成立，总部位于美国马萨诸塞州沃尔瑟姆，于纳斯达克挂牌上市，股票代码RGEN，截至2025年全球员工超1900人，主要服务生物制药领域客户。
PLUG vs RGEN — 直观对比
营收规模更大
PLUG
是对方的1.1倍
$197.9M
营收增速更快
PLUG
高出4.0%
13.6%
净利率更高
RGEN
高出382.3%
-375.6%
自由现金流更多
RGEN
多$170.6M
$-153.0M
两年增速更快
PLUG
近两年复合增速
14.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.2M | $197.9M |
| 净利润 | $-846.0M | $13.3M |
| 毛利率 | 2.4% | 52.5% |
| 营业利润率 | -338.9% | 9.0% |
| 净利率 | -375.6% | 6.7% |
| 营收同比 | 17.6% | 13.6% |
| 净利润同比 | 36.7% | 143.9% |
| 每股收益（稀释后） | $-0.70 | $0.24 |
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PLUGRGEN
| Q4 25 | $225.2M | $197.9M | ||
| Q3 25 | $177.1M | $188.8M | ||
| Q2 25 | $174.0M | $182.4M | ||
| Q1 25 | $133.7M | $169.2M | ||
| Q4 24 | $191.5M | $174.1M | ||
| Q3 24 | $173.7M | $154.9M | ||
| Q2 24 | $143.3M | $154.1M | ||
| Q1 24 | $120.3M | $151.3M |
净利润PLUGRGEN
| Q4 25 | $-846.0M | $13.3M | ||
| Q3 25 | $-361.9M | $14.9M | ||
| Q2 25 | $-227.1M | $14.9M | ||
| Q1 25 | $-196.7M | $5.8M | ||
| Q4 24 | $-1.3B | $-30.3M | ||
| Q3 24 | $-211.2M | $-654.0K | ||
| Q2 24 | $-262.3M | $3.3M | ||
| Q1 24 | $-295.8M | $2.1M |
毛利率PLUGRGEN
| Q4 25 | 2.4% | 52.5% | ||
| Q3 25 | -67.9% | 53.2% | ||
| Q2 25 | -30.7% | 50.0% | ||
| Q1 25 | -55.3% | 53.6% | ||
| Q4 24 | -122.5% | 26.1% | ||
| Q3 24 | -57.6% | 50.0% | ||
| Q2 24 | -91.6% | 49.8% | ||
| Q1 24 | -132.3% | 49.5% |
营业利润率PLUGRGEN
| Q4 25 | -338.9% | 9.0% | ||
| Q3 25 | -197.0% | 8.9% | ||
| Q2 25 | -101.7% | 7.6% | ||
| Q1 25 | -133.5% | 3.9% | ||
| Q4 24 | -678.7% | -17.7% | ||
| Q3 24 | -124.4% | -5.1% | ||
| Q2 24 | -170.7% | 1.0% | ||
| Q1 24 | -215.7% | 1.3% |
净利率PLUGRGEN
| Q4 25 | -375.6% | 6.7% | ||
| Q3 25 | -204.4% | 7.9% | ||
| Q2 25 | -130.5% | 8.2% | ||
| Q1 25 | -147.1% | 3.4% | ||
| Q4 24 | -697.5% | -17.4% | ||
| Q3 24 | -121.5% | -0.4% | ||
| Q2 24 | -183.0% | 2.2% | ||
| Q1 24 | -245.9% | 1.4% |
每股收益（稀释后）PLUGRGEN
| Q4 25 | $-0.70 | $0.24 | ||
| Q3 25 | $-0.31 | $0.26 | ||
| Q2 25 | $-0.20 | $0.26 | ||
| Q1 25 | $-0.21 | $0.10 | ||
| Q4 24 | $-1.61 | $-0.55 | ||
| Q3 24 | $-0.25 | $-0.01 | ||
| Q2 24 | $-0.36 | $0.06 | ||
| Q1 24 | $-0.46 | $0.04 |
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 | $767.6M |
| 总债务越低越好 | — | $542.2M |
| 股东权益账面价值 | $978.1M | $2.1B |
| 总资产 | $2.6B | $2.9B |
| 负债/权益比越低杠杆越低 | — | 0.26× |
8季度趋势，按日历期对齐
现金及短期投资PLUGRGEN
| Q4 25 | $368.5M | $767.6M | ||
| Q3 25 | $165.9M | $748.7M | ||
| Q2 25 | $140.7M | $708.9M | ||
| Q1 25 | $295.8M | $697.2M | ||
| Q4 24 | $205.7M | $757.4M | ||
| Q3 24 | $93.9M | $784.0M | ||
| Q2 24 | $62.4M | $809.1M | ||
| Q1 24 | $172.9M | $780.6M |
总债务PLUGRGEN
| Q4 25 | — | $542.2M | ||
| Q3 25 | — | $537.9M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $525.6M | ||
| Q3 24 | $3.9M | — | ||
| Q2 24 | $3.7M | — | ||
| Q1 24 | $3.8M | — |
股东权益PLUGRGEN
| Q4 25 | $978.1M | $2.1B | ||
| Q3 25 | $1.4B | $2.1B | ||
| Q2 25 | $1.7B | $2.1B | ||
| Q1 25 | $1.9B | $2.0B | ||
| Q4 24 | $1.7B | $2.0B | ||
| Q3 24 | $3.0B | $2.0B | ||
| Q2 24 | $3.0B | $2.0B | ||
| Q1 24 | $2.9B | $2.0B |
总资产PLUGRGEN
| Q4 25 | $2.6B | $2.9B | ||
| Q3 25 | $3.1B | $2.9B | ||
| Q2 25 | $3.4B | $2.9B | ||
| Q1 25 | $3.6B | $2.9B | ||
| Q4 24 | $3.6B | $2.8B | ||
| Q3 24 | $4.7B | $2.8B | ||
| Q2 24 | $4.8B | $2.9B | ||
| Q1 24 | $4.8B | $2.8B |
负债/权益比PLUGRGEN
| Q4 25 | — | 0.26× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.27× | ||
| 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 | $25.7M |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $17.6M |
| 自由现金流率自由现金流/营收 | -67.9% | 8.9% |
| 资本支出强度资本支出/营收 | 1.9% | 4.1% |
| 现金转化率经营现金流/净利润 | — | 1.93× |
| 过去12个月自由现金流最近4个季度 | $-647.0M | $93.9M |
8季度趋势，按日历期对齐
经营现金流PLUGRGEN
| Q4 25 | $-148.6M | $25.7M | ||
| Q3 25 | $-89.8M | $48.1M | ||
| Q2 25 | $-191.8M | $28.6M | ||
| Q1 25 | $-105.6M | $15.0M | ||
| Q4 24 | $-131.2M | $39.2M | ||
| Q3 24 | $-174.9M | $49.3M | ||
| Q2 24 | $-254.7M | $42.2M | ||
| Q1 24 | $-167.7M | $44.7M |
自由现金流PLUGRGEN
| Q4 25 | $-153.0M | $17.6M | ||
| Q3 25 | $-117.5M | $43.4M | ||
| Q2 25 | $-230.4M | $21.5M | ||
| Q1 25 | $-146.0M | $11.4M | ||
| Q4 24 | $-165.2M | $33.6M | ||
| Q3 24 | $-234.2M | $42.3M | ||
| Q2 24 | $-356.0M | $37.4M | ||
| Q1 24 | $-260.3M | $36.4M |
自由现金流率PLUGRGEN
| Q4 25 | -67.9% | 8.9% | ||
| Q3 25 | -66.4% | 23.0% | ||
| Q2 25 | -132.5% | 11.8% | ||
| Q1 25 | -109.2% | 6.8% | ||
| Q4 24 | -86.3% | 19.3% | ||
| Q3 24 | -134.8% | 27.3% | ||
| Q2 24 | -248.4% | 24.3% | ||
| Q1 24 | -216.5% | 24.0% |
资本支出强度PLUGRGEN
| Q4 25 | 1.9% | 4.1% | ||
| Q3 25 | 15.6% | 2.5% | ||
| Q2 25 | 22.2% | 3.9% | ||
| Q1 25 | 30.3% | 2.1% | ||
| Q4 24 | 17.7% | 3.2% | ||
| Q3 24 | 34.1% | 4.5% | ||
| Q2 24 | 70.7% | 3.1% | ||
| Q1 24 | 77.0% | 5.5% |
现金转化率PLUGRGEN
| Q4 25 | — | 1.93× | ||
| Q3 25 | — | 3.23× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.57× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 12.70× | ||
| Q1 24 | — | 21.35× |
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% |
RGEN
暂无分部数据
