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PLUG POWER INC（PLUG）与GIBRALTAR INDUSTRIES, INC.（ROCK）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GIBRALTAR INDUSTRIES, INC.的1.0倍（$225.2M vs $225.0M），GIBRALTAR INDUSTRIES, INC.同比增速更快（24.9% vs 17.6%），GIBRALTAR INDUSTRIES, INC.自由现金流更多（$26.2M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs -12.3%）
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。
直布罗陀工业公司是专业建筑、基础设施及可再生能源产品制造商与分销商，主营通风系统、屋面配件、太阳能安装支架、园林景观产品等，主要服务北美地区住宅、商业建筑及清洁能源市场，专注提供创新可持续的客户解决方案。
PLUG vs ROCK — 直观对比
营收规模更大
PLUG
是对方的1.0倍
$225.0M
营收增速更快
ROCK
高出7.3%
17.6%
自由现金流更多
ROCK
多$179.2M
$-153.0M
两年增速更快
PLUG
近两年复合增速
-12.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.2M | $225.0M |
| 净利润 | $-846.0M | — |
| 毛利率 | 2.4% | 25.3% |
| 营业利润率 | -338.9% | 7.9% |
| 净利率 | -375.6% | — |
| 营收同比 | 17.6% | 24.9% |
| 净利润同比 | 36.7% | — |
| 每股收益（稀释后） | $-0.70 | — |
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PLUGROCK
| Q4 25 | $225.2M | $225.0M | ||
| Q3 25 | $177.1M | $310.9M | ||
| Q2 25 | $174.0M | $309.5M | ||
| Q1 25 | $133.7M | $290.0M | ||
| Q4 24 | $191.5M | $180.1M | ||
| Q3 24 | $173.7M | $277.1M | ||
| Q2 24 | $143.3M | $273.6M | ||
| Q1 24 | $120.3M | $292.5M |
净利润PLUGROCK
| Q4 25 | $-846.0M | — | ||
| Q3 25 | $-361.9M | $-89.1M | ||
| Q2 25 | $-227.1M | $26.0M | ||
| Q1 25 | $-196.7M | $21.1M | ||
| Q4 24 | $-1.3B | — | ||
| Q3 24 | $-211.2M | $34.0M | ||
| Q2 24 | $-262.3M | $32.2M | ||
| Q1 24 | $-295.8M | $24.9M |
毛利率PLUGROCK
| Q4 25 | 2.4% | 25.3% | ||
| Q3 25 | -67.9% | 26.6% | ||
| Q2 25 | -30.7% | 28.4% | ||
| Q1 25 | -55.3% | 26.8% | ||
| Q4 24 | -122.5% | 29.0% | ||
| Q3 24 | -57.6% | 29.4% | ||
| Q2 24 | -91.6% | 30.5% | ||
| Q1 24 | -132.3% | 28.9% |
营业利润率PLUGROCK
| Q4 25 | -338.9% | 7.9% | ||
| Q3 25 | -197.0% | 12.8% | ||
| Q2 25 | -101.7% | 12.8% | ||
| Q1 25 | -133.5% | 8.8% | ||
| Q4 24 | -678.7% | 13.3% | ||
| Q3 24 | -124.4% | 15.6% | ||
| Q2 24 | -170.7% | 14.9% | ||
| Q1 24 | -215.7% | 10.8% |
净利率PLUGROCK
| Q4 25 | -375.6% | — | ||
| Q3 25 | -204.4% | -28.6% | ||
| Q2 25 | -130.5% | 8.4% | ||
| Q1 25 | -147.1% | 7.3% | ||
| Q4 24 | -697.5% | — | ||
| Q3 24 | -121.5% | 12.3% | ||
| Q2 24 | -183.0% | 11.8% | ||
| Q1 24 | -245.9% | 8.5% |
每股收益（稀释后）PLUGROCK
| Q4 25 | $-0.70 | — | ||
| Q3 25 | $-0.31 | $-2.98 | ||
| Q2 25 | $-0.20 | $0.87 | ||
| Q1 25 | $-0.21 | — | ||
| Q4 24 | $-1.61 | — | ||
| Q3 24 | $-0.25 | $1.11 | ||
| Q2 24 | $-0.36 | $1.05 | ||
| Q1 24 | $-0.46 | — |
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 | $115.7M |
| 总债务越低越好 | — | $0 |
| 股东权益账面价值 | $978.1M | $950.4M |
| 总资产 | $2.6B | $1.4B |
| 负债/权益比越低杠杆越低 | — | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资PLUGROCK
| Q4 25 | $368.5M | $115.7M | ||
| Q3 25 | $165.9M | $89.4M | ||
| Q2 25 | $140.7M | $43.3M | ||
| Q1 25 | $295.8M | $25.1M | ||
| Q4 24 | $205.7M | $269.5M | ||
| Q3 24 | $93.9M | $228.9M | ||
| Q2 24 | $62.4M | $179.1M | ||
| Q1 24 | $172.9M | $146.7M |
总债务PLUGROCK
| Q4 25 | — | $0 | ||
| Q3 25 | — | $0 | ||
| Q2 25 | — | $0 | ||
| Q1 25 | — | $0 | ||
| Q4 24 | — | $0 | ||
| Q3 24 | $3.9M | $0 | ||
| Q2 24 | $3.7M | $0 | ||
| Q1 24 | $3.8M | $0 |
股东权益PLUGROCK
| Q4 25 | $978.1M | $950.4M | ||
| Q3 25 | $1.4B | $951.8M | ||
| Q2 25 | $1.7B | $1.0B | ||
| Q1 25 | $1.9B | $1.0B | ||
| Q4 24 | $1.7B | $1.0B | ||
| Q3 24 | $3.0B | $1.0B | ||
| Q2 24 | $3.0B | $975.7M | ||
| Q1 24 | $2.9B | $940.2M |
总资产PLUGROCK
| Q4 25 | $2.6B | $1.4B | ||
| Q3 25 | $3.1B | $1.4B | ||
| Q2 25 | $3.4B | $1.5B | ||
| Q1 25 | $3.6B | $1.4B | ||
| Q4 24 | $3.6B | $1.4B | ||
| Q3 24 | $4.7B | $1.4B | ||
| Q2 24 | $4.8B | $1.4B | ||
| Q1 24 | $4.8B | $1.3B |
负债/权益比PLUGROCK
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | 0.00× | 0.00× | ||
| Q2 24 | 0.00× | 0.00× | ||
| Q1 24 | 0.00× | 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 | $35.5M |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $26.2M |
| 自由现金流率自由现金流/营收 | -67.9% | 11.7% |
| 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 | — | — |
| 过去12个月自由现金流最近4个季度 | $-647.0M | $120.6M |
8季度趋势，按日历期对齐
经营现金流PLUGROCK
| Q4 25 | $-148.6M | $35.5M | ||
| Q3 25 | $-89.8M | $73.0M | ||
| Q2 25 | $-191.8M | $44.9M | ||
| Q1 25 | $-105.6M | $13.7M | ||
| Q4 24 | $-131.2M | $19.9M | ||
| Q3 24 | $-174.9M | $64.7M | ||
| Q2 24 | $-254.7M | $36.5M | ||
| Q1 24 | $-167.7M | $53.2M |
自由现金流PLUGROCK
| Q4 25 | $-153.0M | $26.2M | ||
| Q3 25 | $-117.5M | $64.8M | ||
| Q2 25 | $-230.4M | $27.3M | ||
| Q1 25 | $-146.0M | $2.3M | ||
| Q4 24 | $-165.2M | $14.1M | ||
| Q3 24 | $-234.2M | $60.5M | ||
| Q2 24 | $-356.0M | $33.5M | ||
| Q1 24 | $-260.3M | $48.8M |
自由现金流率PLUGROCK
| Q4 25 | -67.9% | 11.7% | ||
| Q3 25 | -66.4% | 20.8% | ||
| Q2 25 | -132.5% | 8.8% | ||
| Q1 25 | -109.2% | 0.8% | ||
| Q4 24 | -86.3% | 7.8% | ||
| Q3 24 | -134.8% | 21.8% | ||
| Q2 24 | -248.4% | 12.2% | ||
| Q1 24 | -216.5% | 16.7% |
资本支出强度PLUGROCK
| Q4 25 | 1.9% | 4.1% | ||
| Q3 25 | 15.6% | 2.6% | ||
| Q2 25 | 22.2% | 5.7% | ||
| Q1 25 | 30.3% | 3.9% | ||
| Q4 24 | 17.7% | 3.3% | ||
| Q3 24 | 34.1% | 1.5% | ||
| Q2 24 | 70.7% | 1.1% | ||
| Q1 24 | 77.0% | 1.5% |
现金转化率PLUGROCK
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.90× | ||
| Q2 24 | — | 1.13× | ||
| Q1 24 | — | 2.13× |
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% |
ROCK
| Transferred At Point In Time | $183.5M | 82% |
| Infrastructure | $22.5M | 10% |
| Other | $18.9M | 8% |
