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PLUG POWER INC（PLUG）与Rocket Lab Corp（RKLB）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Rocket Lab Corp的1.3倍（$225.2M vs $179.7M），Rocket Lab Corp净利率更高（-29.5% vs -375.6%，领先346.2%），Rocket Lab Corp同比增速更快（35.7% vs 17.6%），Rocket Lab Corp自由现金流更多（$-114.2M vs $-153.0M），过去两年Rocket Lab Corp的营收复合增速更高（39.2% 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。
Rocket Lab是公开上市的航空航天制造商及发射服务提供商，旗下Electron轨道火箭主打小型卫星发射，截至2026年1月已成功完成超75次任务，是全球现役发射次数最多的小型运载火箭。公司还开发了Electron的亚轨道改型HASTE用作高超音速技术测试平台，下一代可复用中型运载火箭Neutron目前也在研发中。
PLUG vs RKLB — 直观对比
营收规模更大
PLUG
是对方的1.3倍
$179.7M
营收增速更快
RKLB
高出18.1%
17.6%
净利率更高
RKLB
高出346.2%
-375.6%
自由现金流更多
RKLB
多$38.8M
$-153.0M
两年增速更快
RKLB
近两年复合增速
36.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.2M | $179.7M |
| 净利润 | $-846.0M | $-52.9M |
| 毛利率 | 2.4% | 38.0% |
| 营业利润率 | -338.9% | -28.4% |
| 净利率 | -375.6% | -29.5% |
| 营收同比 | 17.6% | 35.7% |
| 净利润同比 | 36.7% | -1.1% |
| 每股收益（稀释后） | $-0.70 | $-0.09 |
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PLUGRKLB
| Q4 25 | $225.2M | $179.7M | ||
| Q3 25 | $177.1M | $155.1M | ||
| Q2 25 | $174.0M | $144.5M | ||
| Q1 25 | $133.7M | $122.6M | ||
| Q4 24 | $191.5M | $132.4M | ||
| Q3 24 | $173.7M | $104.8M | ||
| Q2 24 | $143.3M | $106.3M | ||
| Q1 24 | $120.3M | $92.8M |
净利润PLUGRKLB
| Q4 25 | $-846.0M | $-52.9M | ||
| Q3 25 | $-361.9M | $-18.3M | ||
| Q2 25 | $-227.1M | $-66.4M | ||
| Q1 25 | $-196.7M | $-60.6M | ||
| Q4 24 | $-1.3B | $-52.3M | ||
| Q3 24 | $-211.2M | $-51.9M | ||
| Q2 24 | $-262.3M | $-41.6M | ||
| Q1 24 | $-295.8M | $-44.3M |
毛利率PLUGRKLB
| Q4 25 | 2.4% | 38.0% | ||
| Q3 25 | -67.9% | 37.0% | ||
| Q2 25 | -30.7% | 32.1% | ||
| Q1 25 | -55.3% | 28.8% | ||
| Q4 24 | -122.5% | 27.8% | ||
| Q3 24 | -57.6% | 26.7% | ||
| Q2 24 | -91.6% | 25.6% | ||
| Q1 24 | -132.3% | 26.1% |
营业利润率PLUGRKLB
| Q4 25 | -338.9% | -28.4% | ||
| Q3 25 | -197.0% | -38.0% | ||
| Q2 25 | -101.7% | -41.3% | ||
| Q1 25 | -133.5% | -48.3% | ||
| Q4 24 | -678.7% | -38.9% | ||
| Q3 24 | -124.4% | -49.5% | ||
| Q2 24 | -170.7% | -40.7% | ||
| Q1 24 | -215.7% | -46.4% |
净利率PLUGRKLB
| Q4 25 | -375.6% | -29.5% | ||
| Q3 25 | -204.4% | -11.8% | ||
| Q2 25 | -130.5% | -46.0% | ||
| Q1 25 | -147.1% | -49.5% | ||
| Q4 24 | -697.5% | -39.5% | ||
| Q3 24 | -121.5% | -49.6% | ||
| Q2 24 | -183.0% | -39.2% | ||
| Q1 24 | -245.9% | -47.7% |
每股收益（稀释后）PLUGRKLB
| Q4 25 | $-0.70 | $-0.09 | ||
| Q3 25 | $-0.31 | $-0.03 | ||
| Q2 25 | $-0.20 | $-0.13 | ||
| Q1 25 | $-0.21 | $-0.12 | ||
| Q4 24 | $-1.61 | $-0.11 | ||
| Q3 24 | $-0.25 | $-0.10 | ||
| Q2 24 | $-0.36 | $-0.08 | ||
| Q1 24 | $-0.46 | $-0.09 |
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 | $1.0B |
| 总债务越低越好 | — | $152.4M |
| 股东权益账面价值 | $978.1M | $1.7B |
| 总资产 | $2.6B | $2.3B |
| 负债/权益比越低杠杆越低 | — | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资PLUGRKLB
| Q4 25 | $368.5M | $1.0B | ||
| Q3 25 | $165.9M | $976.7M | ||
| Q2 25 | $140.7M | $688.1M | ||
| Q1 25 | $295.8M | $428.4M | ||
| Q4 24 | $205.7M | $419.0M | ||
| Q3 24 | $93.9M | $442.4M | ||
| Q2 24 | $62.4M | $496.8M | ||
| Q1 24 | $172.9M | $492.5M |
总债务PLUGRKLB
| Q4 25 | — | $152.4M | ||
| Q3 25 | — | $347.0M | ||
| Q2 25 | — | $346.5M | ||
| Q1 25 | — | $345.9M | ||
| Q4 24 | — | $345.4M | ||
| Q3 24 | $3.9M | $61.2M | ||
| Q2 24 | $3.7M | $64.2M | ||
| Q1 24 | $3.8M | $66.8M |
股东权益PLUGRKLB
| Q4 25 | $978.1M | $1.7B | ||
| Q3 25 | $1.4B | $1.3B | ||
| Q2 25 | $1.7B | $688.5M | ||
| Q1 25 | $1.9B | $431.3M | ||
| Q4 24 | $1.7B | $382.5M | ||
| Q3 24 | $3.0B | $419.8M | ||
| Q2 24 | $3.0B | $455.2M | ||
| Q1 24 | $2.9B | $478.9M |
总资产PLUGRKLB
| Q4 25 | $2.6B | $2.3B | ||
| Q3 25 | $3.1B | $2.2B | ||
| Q2 25 | $3.4B | $1.6B | ||
| Q1 25 | $3.6B | $1.3B | ||
| Q4 24 | $3.6B | $1.2B | ||
| Q3 24 | $4.7B | $1.2B | ||
| Q2 24 | $4.8B | $1.2B | ||
| Q1 24 | $4.8B | $1.2B |
负债/权益比PLUGRKLB
| Q4 25 | — | 0.09× | ||
| Q3 25 | — | 0.27× | ||
| Q2 25 | — | 0.50× | ||
| Q1 25 | — | 0.80× | ||
| Q4 24 | — | 0.90× | ||
| Q3 24 | 0.00× | 0.15× | ||
| Q2 24 | 0.00× | 0.14× | ||
| Q1 24 | 0.00× | 0.14× |
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 | $-64.5M |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $-114.2M |
| 自由现金流率自由现金流/营收 | -67.9% | -63.6% |
| 资本支出强度资本支出/营收 | 1.9% | 27.6% |
| 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 | $-321.8M |
8季度趋势，按日历期对齐
经营现金流PLUGRKLB
| Q4 25 | $-148.6M | $-64.5M | ||
| Q3 25 | $-89.8M | $-23.5M | ||
| Q2 25 | $-191.8M | $-23.2M | ||
| Q1 25 | $-105.6M | $-54.2M | ||
| Q4 24 | $-131.2M | $-2.4M | ||
| Q3 24 | $-174.9M | $-30.9M | ||
| Q2 24 | $-254.7M | $-13.0M | ||
| Q1 24 | $-167.7M | $-2.6M |
自由现金流PLUGRKLB
| Q4 25 | $-153.0M | $-114.2M | ||
| Q3 25 | $-117.5M | $-69.4M | ||
| Q2 25 | $-230.4M | $-55.3M | ||
| Q1 25 | $-146.0M | $-82.9M | ||
| Q4 24 | $-165.2M | $-23.9M | ||
| Q3 24 | $-234.2M | $-41.9M | ||
| Q2 24 | $-356.0M | $-28.3M | ||
| Q1 24 | $-260.3M | $-21.8M |
自由现金流率PLUGRKLB
| Q4 25 | -67.9% | -63.6% | ||
| Q3 25 | -66.4% | -44.8% | ||
| Q2 25 | -132.5% | -38.3% | ||
| Q1 25 | -109.2% | -67.6% | ||
| Q4 24 | -86.3% | -18.1% | ||
| Q3 24 | -134.8% | -40.0% | ||
| Q2 24 | -248.4% | -26.7% | ||
| Q1 24 | -216.5% | -23.5% |
资本支出强度PLUGRKLB
| Q4 25 | 1.9% | 27.6% | ||
| Q3 25 | 15.6% | 29.6% | ||
| Q2 25 | 22.2% | 22.2% | ||
| Q1 25 | 30.3% | 23.4% | ||
| Q4 24 | 17.7% | 16.3% | ||
| Q3 24 | 34.1% | 10.5% | ||
| Q2 24 | 70.7% | 14.4% | ||
| Q1 24 | 77.0% | 20.7% |
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% |
RKLB
| Products | $94.0M | 52% |
| Transferred Over Time | $87.3M | 49% |
