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PLUG POWER INC（PLUG）与Rivian Automotive, Inc.（RIVN）财务数据对比。点击上方公司名可切换其他公司
Rivian Automotive, Inc.的季度营收约是PLUG POWER INC的5.7倍（$1.3B vs $225.2M），Rivian Automotive, Inc.净利率更高（-63.1% vs -375.6%，领先312.6%），PLUG POWER INC同比增速更快（17.6% vs -25.8%），PLUG POWER INC自由现金流更多（$-153.0M vs $-1.1B），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 3.3%）
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。
Rivian Automotive是2009年成立的美国电动汽车制造商及汽车科技企业，主打基于自研滑板平台打造的电动SUV、皮卡及EDV电动配送货车，旗下R1T皮卡于2021年末正式开启交付，还计划于2023年底前在美国和加拿大布局专属充电网络，其平台可适配新车型也可对外授权使用。
PLUG vs RIVN — 直观对比
营收规模更大
RIVN
是对方的5.7倍
$225.2M
营收增速更快
PLUG
高出43.5%
-25.8%
净利率更高
RIVN
高出312.6%
-375.6%
自由现金流更多
PLUG
多$991.0M
$-1.1B
两年增速更快
PLUG
近两年复合增速
3.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.2M | $1.3B |
| 净利润 | $-846.0M | $-811.0M |
| 毛利率 | 2.4% | 9.3% |
| 营业利润率 | -338.9% | -64.8% |
| 净利率 | -375.6% | -63.1% |
| 营收同比 | 17.6% | -25.8% |
| 净利润同比 | 36.7% | -9.0% |
| 每股收益（稀释后） | $-0.70 | $-0.66 |
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PLUGRIVN
| Q4 25 | $225.2M | $1.3B | ||
| Q3 25 | $177.1M | $1.6B | ||
| Q2 25 | $174.0M | $1.3B | ||
| Q1 25 | $133.7M | $1.2B | ||
| Q4 24 | $191.5M | $1.7B | ||
| Q3 24 | $173.7M | $874.0M | ||
| Q2 24 | $143.3M | $1.2B | ||
| Q1 24 | $120.3M | $1.2B |
净利润PLUGRIVN
| Q4 25 | $-846.0M | $-811.0M | ||
| Q3 25 | $-361.9M | $-1.2B | ||
| Q2 25 | $-227.1M | $-1.1B | ||
| Q1 25 | $-196.7M | $-545.0M | ||
| Q4 24 | $-1.3B | $-744.0M | ||
| Q3 24 | $-211.2M | $-1.1B | ||
| Q2 24 | $-262.3M | $-1.5B | ||
| Q1 24 | $-295.8M | $-1.4B |
毛利率PLUGRIVN
| Q4 25 | 2.4% | 9.3% | ||
| Q3 25 | -67.9% | 1.5% | ||
| Q2 25 | -30.7% | -15.8% | ||
| Q1 25 | -55.3% | 16.6% | ||
| Q4 24 | -122.5% | 9.8% | ||
| Q3 24 | -57.6% | -44.9% | ||
| Q2 24 | -91.6% | -38.9% | ||
| Q1 24 | -132.3% | -43.8% |
营业利润率PLUGRIVN
| Q4 25 | -338.9% | -64.8% | ||
| Q3 25 | -197.0% | -63.1% | ||
| Q2 25 | -101.7% | -85.5% | ||
| Q1 25 | -133.5% | -52.8% | ||
| Q4 24 | -678.7% | -38.1% | ||
| Q3 24 | -124.4% | -133.8% | ||
| Q2 24 | -170.7% | -118.7% | ||
| Q1 24 | -215.7% | -123.3% |
净利率PLUGRIVN
| Q4 25 | -375.6% | -63.1% | ||
| Q3 25 | -204.4% | -75.3% | ||
| Q2 25 | -130.5% | -85.7% | ||
| Q1 25 | -147.1% | -44.0% | ||
| Q4 24 | -697.5% | -42.9% | ||
| Q3 24 | -121.5% | -125.9% | ||
| Q2 24 | -183.0% | -125.8% | ||
| Q1 24 | -245.9% | -120.1% |
每股收益（稀释后）PLUGRIVN
| Q4 25 | $-0.70 | $-0.66 | ||
| Q3 25 | $-0.31 | $-0.96 | ||
| Q2 25 | $-0.20 | $-0.97 | ||
| Q1 25 | $-0.21 | $-0.48 | ||
| Q4 24 | $-1.61 | $-0.67 | ||
| Q3 24 | $-0.25 | $-1.08 | ||
| Q2 24 | $-0.36 | $-1.46 | ||
| Q1 24 | $-0.46 | $-1.48 |
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 | $6.1B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $978.1M | $4.6B |
| 总资产 | $2.6B | $14.9B |
| 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PLUGRIVN
| Q4 25 | $368.5M | $6.1B | ||
| Q3 25 | $165.9M | $7.1B | ||
| Q2 25 | $140.7M | $7.5B | ||
| Q1 25 | $295.8M | $7.2B | ||
| Q4 24 | $205.7M | $7.7B | ||
| Q3 24 | $93.9M | $6.7B | ||
| Q2 24 | $62.4M | $7.9B | ||
| Q1 24 | $172.9M | $7.9B |
总债务PLUGRIVN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $3.9M | — | ||
| Q2 24 | $3.7M | $5.5B | ||
| Q1 24 | $3.8M | $4.4B |
股东权益PLUGRIVN
| Q4 25 | $978.1M | $4.6B | ||
| Q3 25 | $1.4B | $5.1B | ||
| Q2 25 | $1.7B | $6.1B | ||
| Q1 25 | $1.9B | $6.2B | ||
| Q4 24 | $1.7B | $6.6B | ||
| Q3 24 | $3.0B | $5.9B | ||
| Q2 24 | $3.0B | $6.8B | ||
| Q1 24 | $2.9B | $8.1B |
总资产PLUGRIVN
| Q4 25 | $2.6B | $14.9B | ||
| Q3 25 | $3.1B | $15.2B | ||
| Q2 25 | $3.4B | $15.6B | ||
| Q1 25 | $3.6B | $15.5B | ||
| Q4 24 | $3.6B | $15.4B | ||
| Q3 24 | $4.7B | $14.3B | ||
| Q2 24 | $4.8B | $15.4B | ||
| Q1 24 | $4.8B | $15.7B |
负债/权益比PLUGRIVN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | 0.00× | 0.81× | ||
| Q1 24 | 0.00× | 0.55× |
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 | $-681.0M |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $-1.1B |
| 自由现金流率自由现金流/营收 | -67.9% | -89.0% |
| 资本支出强度资本支出/营收 | 1.9% | 36.0% |
| 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 | $-2.5B |
8季度趋势，按日历期对齐
经营现金流PLUGRIVN
| Q4 25 | $-148.6M | $-681.0M | ||
| Q3 25 | $-89.8M | $26.0M | ||
| Q2 25 | $-191.8M | $64.0M | ||
| Q1 25 | $-105.6M | $-188.0M | ||
| Q4 24 | $-131.2M | $1.2B | ||
| Q3 24 | $-174.9M | $-876.0M | ||
| Q2 24 | $-254.7M | $-754.0M | ||
| Q1 24 | $-167.7M | $-1.3B |
自由现金流PLUGRIVN
| Q4 25 | $-153.0M | $-1.1B | ||
| Q3 25 | $-117.5M | $-421.0M | ||
| Q2 25 | $-230.4M | $-398.0M | ||
| Q1 25 | $-146.0M | $-526.0M | ||
| Q4 24 | $-165.2M | $856.0M | ||
| Q3 24 | $-234.2M | $-1.2B | ||
| Q2 24 | $-356.0M | $-1.0B | ||
| Q1 24 | $-260.3M | $-1.5B |
自由现金流率PLUGRIVN
| Q4 25 | -67.9% | -89.0% | ||
| Q3 25 | -66.4% | -27.0% | ||
| Q2 25 | -132.5% | -30.5% | ||
| Q1 25 | -109.2% | -42.4% | ||
| Q4 24 | -86.3% | 49.4% | ||
| Q3 24 | -134.8% | -131.9% | ||
| Q2 24 | -248.4% | -89.6% | ||
| Q1 24 | -216.5% | -126.5% |
资本支出强度PLUGRIVN
| Q4 25 | 1.9% | 36.0% | ||
| Q3 25 | 15.6% | 28.7% | ||
| Q2 25 | 22.2% | 35.5% | ||
| Q1 25 | 30.3% | 27.3% | ||
| Q4 24 | 17.7% | 18.9% | ||
| Q3 24 | 34.1% | 31.7% | ||
| Q2 24 | 70.7% | 24.4% | ||
| Q1 24 | 77.0% | 21.1% |
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% |
RIVN
| Automotive Segment | $839.0M | 65% |
| Software And Services Segment | $447.0M | 35% |
| Regulatory Credits | $30.0M | 2% |
