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PLUG POWER INC（PLUG）与RAYONIER ADVANCED MATERIALS INC.（RYAM）财务数据对比。点击上方公司名可切换其他公司
RAYONIER ADVANCED MATERIALS INC.的季度营收约是PLUG POWER INC的1.9倍（$417.5M vs $225.2M），RAYONIER ADVANCED MATERIALS INC.净利率更高（-5.0% vs -375.6%，领先370.6%），PLUG POWER INC同比增速更快（17.6% vs -1.2%），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 3.8%）
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。
RYAM（原雷尼尔先进材料公司）是一家美国全球性纤维素技术企业，主打高纯度特种纤维素产品，所生产的天然聚合物广泛应用于过滤器生产、食品加工、医药制造及各类工业领域，同时也为造纸和包装行业供应相关产品，在纤维素技术领域拥有较高的行业认可度。
PLUG vs RYAM — 直观对比
营收规模更大
RYAM
是对方的1.9倍
$225.2M
营收增速更快
PLUG
高出18.8%
-1.2%
净利率更高
RYAM
高出370.6%
-375.6%
两年增速更快
PLUG
近两年复合增速
3.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.2M | $417.5M |
| 净利润 | $-846.0M | $-21.1M |
| 毛利率 | 2.4% | 8.9% |
| 营业利润率 | -338.9% | 2.6% |
| 净利率 | -375.6% | -5.0% |
| 营收同比 | 17.6% | -1.2% |
| 净利润同比 | 36.7% | -31.9% |
| 每股收益（稀释后） | $-0.70 | $-0.33 |
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PLUGRYAM
| Q4 25 | $225.2M | $417.5M | ||
| Q3 25 | $177.1M | $352.8M | ||
| Q2 25 | $174.0M | $340.0M | ||
| Q1 25 | $133.7M | $356.0M | ||
| Q4 24 | $191.5M | $422.5M | ||
| Q3 24 | $173.7M | $401.1M | ||
| Q2 24 | $143.3M | $419.0M | ||
| Q1 24 | $120.3M | $387.7M |
净利润PLUGRYAM
| Q4 25 | $-846.0M | $-21.1M | ||
| Q3 25 | $-361.9M | $-4.5M | ||
| Q2 25 | $-227.1M | $-363.2M | ||
| Q1 25 | $-196.7M | $-32.0M | ||
| Q4 24 | $-1.3B | $-16.0M | ||
| Q3 24 | $-211.2M | $-32.6M | ||
| Q2 24 | $-262.3M | $11.4M | ||
| Q1 24 | $-295.8M | $-1.6M |
毛利率PLUGRYAM
| Q4 25 | 2.4% | 8.9% | ||
| Q3 25 | -67.9% | 9.7% | ||
| Q2 25 | -30.7% | 7.0% | ||
| Q1 25 | -55.3% | 6.8% | ||
| Q4 24 | -122.5% | 8.7% | ||
| Q3 24 | -57.6% | 10.9% | ||
| Q2 24 | -91.6% | 11.5% | ||
| Q1 24 | -132.3% | 9.5% |
营业利润率PLUGRYAM
| Q4 25 | -338.9% | 2.6% | ||
| Q3 25 | -197.0% | 2.8% | ||
| Q2 25 | -101.7% | -0.4% | ||
| Q1 25 | -133.5% | -4.2% | ||
| Q4 24 | -678.7% | 2.6% | ||
| Q3 24 | -124.4% | -4.2% | ||
| Q2 24 | -170.7% | 6.7% | ||
| Q1 24 | -215.7% | 4.4% |
净利率PLUGRYAM
| Q4 25 | -375.6% | -5.0% | ||
| Q3 25 | -204.4% | -1.3% | ||
| Q2 25 | -130.5% | -106.8% | ||
| Q1 25 | -147.1% | -9.0% | ||
| Q4 24 | -697.5% | -3.8% | ||
| Q3 24 | -121.5% | -8.1% | ||
| Q2 24 | -183.0% | 2.7% | ||
| Q1 24 | -245.9% | -0.4% |
每股收益（稀释后）PLUGRYAM
| Q4 25 | $-0.70 | $-0.33 | ||
| Q3 25 | $-0.31 | $-0.07 | ||
| Q2 25 | $-0.20 | $-5.44 | ||
| Q1 25 | $-0.21 | $-0.49 | ||
| Q4 24 | $-1.61 | $-0.25 | ||
| Q3 24 | $-0.25 | $-0.49 | ||
| Q2 24 | $-0.36 | $0.17 | ||
| Q1 24 | $-0.46 | $-0.02 |
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 | $75.4M |
| 总债务越低越好 | — | $758.1M |
| 股东权益账面价值 | $978.1M | $316.6M |
| 总资产 | $2.6B | $1.8B |
| 负债/权益比越低杠杆越低 | — | 2.39× |
8季度趋势，按日历期对齐
现金及短期投资PLUGRYAM
| Q4 25 | $368.5M | $75.4M | ||
| Q3 25 | $165.9M | $77.0M | ||
| Q2 25 | $140.7M | $70.7M | ||
| Q1 25 | $295.8M | $129.9M | ||
| Q4 24 | $205.7M | $125.2M | ||
| Q3 24 | $93.9M | $136.1M | ||
| Q2 24 | $62.4M | $114.1M | ||
| Q1 24 | $172.9M | $54.6M |
总债务PLUGRYAM
| Q4 25 | — | $758.1M | ||
| Q3 25 | — | $763.5M | ||
| Q2 25 | — | $720.4M | ||
| Q1 25 | — | $707.0M | ||
| Q4 24 | — | $706.4M | ||
| Q3 24 | $3.9M | $747.7M | ||
| Q2 24 | $3.7M | $752.8M | ||
| Q1 24 | $3.8M | $755.6M |
股东权益PLUGRYAM
| Q4 25 | $978.1M | $316.6M | ||
| Q3 25 | $1.4B | $338.2M | ||
| Q2 25 | $1.7B | $342.3M | ||
| Q1 25 | $1.9B | $688.1M | ||
| Q4 24 | $1.7B | $713.9M | ||
| Q3 24 | $3.0B | $732.7M | ||
| Q2 24 | $3.0B | $755.1M | ||
| Q1 24 | $2.9B | $741.8M |
总资产PLUGRYAM
| Q4 25 | $2.6B | $1.8B | ||
| Q3 25 | $3.1B | $1.8B | ||
| Q2 25 | $3.4B | $1.8B | ||
| Q1 25 | $3.6B | $2.1B | ||
| Q4 24 | $3.6B | $2.1B | ||
| Q3 24 | $4.7B | $2.2B | ||
| Q2 24 | $4.8B | $2.2B | ||
| Q1 24 | $4.8B | $2.1B |
负债/权益比PLUGRYAM
| Q4 25 | — | 2.39× | ||
| Q3 25 | — | 2.26× | ||
| Q2 25 | — | 2.10× | ||
| Q1 25 | — | 1.03× | ||
| Q4 24 | — | 0.99× | ||
| Q3 24 | 0.00× | 1.02× | ||
| Q2 24 | 0.00× | 1.00× | ||
| Q1 24 | 0.00× | 1.02× |
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 | $32.3M |
| 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 | — | — |
| 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PLUGRYAM
| Q4 25 | $-148.6M | $32.3M | ||
| Q3 25 | $-89.8M | $-17.8M | ||
| Q2 25 | $-191.8M | $-30.2M | ||
| Q1 25 | $-105.6M | $39.6M | ||
| Q4 24 | $-131.2M | $54.9M | ||
| Q3 24 | $-174.9M | $49.8M | ||
| Q2 24 | $-254.7M | $87.6M | ||
| Q1 24 | $-167.7M | $11.3M |
自由现金流PLUGRYAM
| 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PLUGRYAM
| 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PLUGRYAM
| 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PLUGRYAM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 7.69× | ||
| Q1 24 | — | — |
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% |
RYAM
| Cellulose Specialties | $249.6M | 60% |
| Other | $86.2M | 21% |
| Paperboard | $44.2M | 11% |
| High Yield Pulp | $28.3M | 7% |
| Biomaterials | $9.2M | 2% |
