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PLUG POWER INC（PLUG）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
ROYAL GOLD INC的季度营收约是PLUG POWER INC的1.7倍（$375.3M vs $225.2M），ROYAL GOLD INC净利率更高（24.9% vs -375.6%，领先400.6%），ROYAL GOLD INC同比增速更快（85.3% vs 17.6%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% 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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
PLUG vs RGLD — 直观对比
营收规模更大
RGLD
是对方的1.7倍
$225.2M
营收增速更快
RGLD
高出67.7%
17.6%
净利率更高
RGLD
高出400.6%
-375.6%
两年增速更快
RGLD
近两年复合增速
36.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.2M | $375.3M |
| 净利润 | $-846.0M | $93.6M |
| 毛利率 | 2.4% | 64.6% |
| 营业利润率 | -338.9% | 56.2% |
| 净利率 | -375.6% | 24.9% |
| 营收同比 | 17.6% | 85.3% |
| 净利润同比 | 36.7% | -12.8% |
| 每股收益（稀释后） | $-0.70 | $1.04 |
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PLUGRGLD
| Q4 25 | $225.2M | $375.3M | ||
| Q3 25 | $177.1M | $252.1M | ||
| Q2 25 | $174.0M | $209.6M | ||
| Q1 25 | $133.7M | $193.4M | ||
| Q4 24 | $191.5M | $202.6M | ||
| Q3 24 | $173.7M | $193.8M | ||
| Q2 24 | $143.3M | $174.1M | ||
| Q1 24 | $120.3M | $148.9M |
净利润PLUGRGLD
| Q4 25 | $-846.0M | $93.6M | ||
| Q3 25 | $-361.9M | $126.8M | ||
| Q2 25 | $-227.1M | $132.3M | ||
| Q1 25 | $-196.7M | $113.5M | ||
| Q4 24 | $-1.3B | $107.4M | ||
| Q3 24 | $-211.2M | $96.2M | ||
| Q2 24 | $-262.3M | $81.2M | ||
| Q1 24 | $-295.8M | $47.2M |
毛利率PLUGRGLD
| Q4 25 | 2.4% | 64.6% | ||
| Q3 25 | -67.9% | 73.6% | ||
| Q2 25 | -30.7% | 72.6% | ||
| Q1 25 | -55.3% | 69.4% | ||
| Q4 24 | -122.5% | 70.3% | ||
| Q3 24 | -57.6% | 66.6% | ||
| Q2 24 | -91.6% | 64.7% | ||
| Q1 24 | -132.3% | 58.4% |
营业利润率PLUGRGLD
| Q4 25 | -338.9% | 56.2% | ||
| Q3 25 | -197.0% | 64.4% | ||
| Q2 25 | -101.7% | 67.7% | ||
| Q1 25 | -133.5% | 63.6% | ||
| Q4 24 | -678.7% | 65.9% | ||
| Q3 24 | -124.4% | 61.3% | ||
| Q2 24 | -170.7% | 58.6% | ||
| Q1 24 | -215.7% | 50.7% |
净利率PLUGRGLD
| Q4 25 | -375.6% | 24.9% | ||
| Q3 25 | -204.4% | 50.3% | ||
| Q2 25 | -130.5% | 63.1% | ||
| Q1 25 | -147.1% | 58.7% | ||
| Q4 24 | -697.5% | 53.0% | ||
| Q3 24 | -121.5% | 49.7% | ||
| Q2 24 | -183.0% | 46.6% | ||
| Q1 24 | -245.9% | 31.7% |
每股收益（稀释后）PLUGRGLD
| Q4 25 | $-0.70 | $1.04 | ||
| Q3 25 | $-0.31 | $1.92 | ||
| Q2 25 | $-0.20 | $2.01 | ||
| Q1 25 | $-0.21 | $1.72 | ||
| Q4 24 | $-1.61 | $1.63 | ||
| Q3 24 | $-0.25 | $1.46 | ||
| Q2 24 | $-0.36 | $1.23 | ||
| Q1 24 | $-0.46 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $978.1M | $7.2B |
| 总资产 | $2.6B | $9.5B |
| 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PLUGRGLD
| Q4 25 | $368.5M | $233.7M | ||
| Q3 25 | $165.9M | $172.8M | ||
| Q2 25 | $140.7M | $248.2M | ||
| Q1 25 | $295.8M | $240.8M | ||
| Q4 24 | $205.7M | $195.5M | ||
| Q3 24 | $93.9M | $127.9M | ||
| Q2 24 | $62.4M | $74.2M | ||
| Q1 24 | $172.9M | $137.9M |
总债务PLUGRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $3.9M | $0 | ||
| Q2 24 | $3.7M | $50.0M | ||
| Q1 24 | $3.8M | — |
股东权益PLUGRGLD
| Q4 25 | $978.1M | $7.2B | ||
| Q3 25 | $1.4B | $3.4B | ||
| Q2 25 | $1.7B | $3.3B | ||
| Q1 25 | $1.9B | $3.2B | ||
| Q4 24 | $1.7B | $3.1B | ||
| Q3 24 | $3.0B | $3.0B | ||
| Q2 24 | $3.0B | $3.0B | ||
| Q1 24 | $2.9B | $2.9B |
总资产PLUGRGLD
| Q4 25 | $2.6B | $9.5B | ||
| Q3 25 | $3.1B | $4.5B | ||
| Q2 25 | $3.4B | $3.6B | ||
| Q1 25 | $3.6B | $3.5B | ||
| Q4 24 | $3.6B | $3.4B | ||
| Q3 24 | $4.7B | $3.3B | ||
| Q2 24 | $4.8B | $3.3B | ||
| Q1 24 | $4.8B | $3.3B |
负债/权益比PLUGRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.00× | 0.00× | ||
| Q2 24 | 0.00× | 0.02× | ||
| 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 | $241.7M |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | — |
| 自由现金流率自由现金流/营收 | -67.9% | — |
| 资本支出强度资本支出/营收 | 1.9% | — |
| 现金转化率经营现金流/净利润 | — | 2.58× |
| 过去12个月自由现金流最近4个季度 | $-647.0M | — |
8季度趋势，按日历期对齐
经营现金流PLUGRGLD
| Q4 25 | $-148.6M | $241.7M | ||
| Q3 25 | $-89.8M | $174.0M | ||
| Q2 25 | $-191.8M | $152.8M | ||
| Q1 25 | $-105.6M | $136.4M | ||
| Q4 24 | $-131.2M | $141.1M | ||
| Q3 24 | $-174.9M | $136.7M | ||
| Q2 24 | $-254.7M | $113.5M | ||
| Q1 24 | $-167.7M | $138.3M |
自由现金流PLUGRGLD
| Q4 25 | $-153.0M | — | ||
| Q3 25 | $-117.5M | — | ||
| Q2 25 | $-230.4M | — | ||
| Q1 25 | $-146.0M | — | ||
| Q4 24 | $-165.2M | — | ||
| Q3 24 | $-234.2M | — | ||
| Q2 24 | $-356.0M | — | ||
| Q1 24 | $-260.3M | — |
自由现金流率PLUGRGLD
| Q4 25 | -67.9% | — | ||
| Q3 25 | -66.4% | — | ||
| Q2 25 | -132.5% | — | ||
| Q1 25 | -109.2% | — | ||
| Q4 24 | -86.3% | — | ||
| Q3 24 | -134.8% | — | ||
| Q2 24 | -248.4% | — | ||
| Q1 24 | -216.5% | — |
资本支出强度PLUGRGLD
| Q4 25 | 1.9% | — | ||
| Q3 25 | 15.6% | — | ||
| Q2 25 | 22.2% | — | ||
| Q1 25 | 30.3% | — | ||
| Q4 24 | 17.7% | — | ||
| Q3 24 | 34.1% | — | ||
| Q2 24 | 70.7% | — | ||
| Q1 24 | 77.0% | — |
现金转化率PLUGRGLD
| Q4 25 | — | 2.58× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | — | 1.20× | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | — | 1.40× | ||
| Q1 24 | — | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
