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PLUG POWER INC（PLUG）与BOSTON BEER CO INC（SAM）财务数据对比。点击上方公司名可切换其他公司
BOSTON BEER CO INC的季度营收约是PLUG POWER INC的2.0倍（$461.6M vs $225.2M），PLUG POWER INC同比增速更快（17.6% vs -4.1%），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs -10.7%）
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。
波士顿啤酒公司是美国知名酿酒企业，1984年由吉姆·科赫与朗达·卡尔曼联合创立。旗下首款产品以美国开国元勋、独立运动先驱塞缪尔·亚当斯命名，后续陆续推出多个自有品牌，2019年正式完成与角鲨头酿酒厂的合并，是北美精酿啤酒行业的核心参与者之一。
PLUG vs SAM — 直观对比
营收规模更大
SAM
是对方的2.0倍
$225.2M
营收增速更快
PLUG
高出21.7%
-4.1%
两年增速更快
PLUG
近两年复合增速
-10.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $225.2M | $461.6M |
| 净利润 | $-846.0M | — |
| 毛利率 | 2.4% | 46.4% |
| 营业利润率 | -338.9% | 12.4% |
| 净利率 | -375.6% | — |
| 营收同比 | 17.6% | -4.1% |
| 净利润同比 | 36.7% | — |
| 每股收益（稀释后） | $-0.70 | $2.16 |
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PLUGSAM
| Q1 26 | — | $461.6M | ||
| Q4 25 | $225.2M | $385.7M | ||
| Q3 25 | $177.1M | $537.5M | ||
| Q2 25 | $174.0M | $587.9M | ||
| Q1 25 | $133.7M | $453.9M | ||
| Q4 24 | $191.5M | $402.3M | ||
| Q3 24 | $173.7M | $605.5M | ||
| Q2 24 | $143.3M | $579.1M |
净利润PLUGSAM
| Q1 26 | — | — | ||
| Q4 25 | $-846.0M | $-22.5M | ||
| Q3 25 | $-361.9M | $46.2M | ||
| Q2 25 | $-227.1M | $60.4M | ||
| Q1 25 | $-196.7M | $24.4M | ||
| Q4 24 | $-1.3B | $-38.8M | ||
| Q3 24 | $-211.2M | $33.5M | ||
| Q2 24 | $-262.3M | $52.3M |
毛利率PLUGSAM
| Q1 26 | — | 46.4% | ||
| Q4 25 | 2.4% | 43.5% | ||
| Q3 25 | -67.9% | 50.8% | ||
| Q2 25 | -30.7% | 49.8% | ||
| Q1 25 | -55.3% | 48.3% | ||
| Q4 24 | -122.5% | 39.9% | ||
| Q3 24 | -57.6% | 46.3% | ||
| Q2 24 | -91.6% | 46.0% |
营业利润率PLUGSAM
| Q1 26 | — | 12.4% | ||
| Q4 25 | -338.9% | -8.6% | ||
| Q3 25 | -197.0% | 11.5% | ||
| Q2 25 | -101.7% | 14.0% | ||
| Q1 25 | -133.5% | 7.4% | ||
| Q4 24 | -678.7% | -13.9% | ||
| Q3 24 | -124.4% | 7.6% | ||
| Q2 24 | -170.7% | 12.2% |
净利率PLUGSAM
| Q1 26 | — | — | ||
| Q4 25 | -375.6% | -5.8% | ||
| Q3 25 | -204.4% | 8.6% | ||
| Q2 25 | -130.5% | 10.3% | ||
| Q1 25 | -147.1% | 5.4% | ||
| Q4 24 | -697.5% | -9.6% | ||
| Q3 24 | -121.5% | 5.5% | ||
| Q2 24 | -183.0% | 9.0% |
每股收益（稀释后）PLUGSAM
| Q1 26 | — | $2.16 | ||
| Q4 25 | $-0.70 | $-1.97 | ||
| Q3 25 | $-0.31 | $4.25 | ||
| Q2 25 | $-0.20 | $5.45 | ||
| Q1 25 | $-0.21 | $2.16 | ||
| Q4 24 | $-1.61 | $-3.23 | ||
| Q3 24 | $-0.25 | $2.86 | ||
| Q2 24 | $-0.36 | $4.39 |
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 | $164.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $978.1M | $682.6M |
| 总资产 | $2.6B | $1.2B |
| 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PLUGSAM
| Q1 26 | — | $164.1M | ||
| Q4 25 | $368.5M | $223.4M | ||
| Q3 25 | $165.9M | $250.5M | ||
| Q2 25 | $140.7M | $212.4M | ||
| Q1 25 | $295.8M | $152.5M | ||
| Q4 24 | $205.7M | $211.8M | ||
| Q3 24 | $93.9M | $255.6M | ||
| Q2 24 | $62.4M | $219.3M |
总债务PLUGSAM
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $3.9M | — | ||
| Q2 24 | $3.7M | — |
股东权益PLUGSAM
| Q1 26 | — | $682.6M | ||
| Q4 25 | $978.1M | $846.3M | ||
| Q3 25 | $1.4B | $911.0M | ||
| Q2 25 | $1.7B | $912.3M | ||
| Q1 25 | $1.9B | $897.0M | ||
| Q4 24 | $1.7B | $916.2M | ||
| Q3 24 | $3.0B | $1.0B | ||
| Q2 24 | $3.0B | $1.0B |
总资产PLUGSAM
| Q1 26 | — | $1.2B | ||
| Q4 25 | $2.6B | $1.2B | ||
| Q3 25 | $3.1B | $1.2B | ||
| Q2 25 | $3.4B | $1.3B | ||
| Q1 25 | $3.6B | $1.2B | ||
| Q4 24 | $3.6B | $1.3B | ||
| Q3 24 | $4.7B | $1.4B | ||
| Q2 24 | $4.8B | $1.4B |
负债/权益比PLUGSAM
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 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 | — |
| 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PLUGSAM
| Q1 26 | — | — | ||
| Q4 25 | $-148.6M | $39.9M | ||
| Q3 25 | $-89.8M | $101.8M | ||
| Q2 25 | $-191.8M | $126.5M | ||
| Q1 25 | $-105.6M | $1.9M | ||
| Q4 24 | $-131.2M | $41.9M | ||
| Q3 24 | $-174.9M | $115.9M | ||
| Q2 24 | $-254.7M | $96.0M |
自由现金流PLUGSAM
| Q1 26 | — | — | ||
| Q4 25 | $-153.0M | $22.1M | ||
| Q3 25 | $-117.5M | $89.2M | ||
| Q2 25 | $-230.4M | $112.2M | ||
| Q1 25 | $-146.0M | $-8.0M | ||
| Q4 24 | $-165.2M | $18.4M | ||
| Q3 24 | $-234.2M | $99.2M | ||
| Q2 24 | $-356.0M | $75.6M |
自由现金流率PLUGSAM
| Q1 26 | — | — | ||
| Q4 25 | -67.9% | 5.7% | ||
| Q3 25 | -66.4% | 16.6% | ||
| Q2 25 | -132.5% | 19.1% | ||
| Q1 25 | -109.2% | -1.8% | ||
| Q4 24 | -86.3% | 4.6% | ||
| Q3 24 | -134.8% | 16.4% | ||
| Q2 24 | -248.4% | 13.1% |
资本支出强度PLUGSAM
| Q1 26 | — | — | ||
| Q4 25 | 1.9% | 4.6% | ||
| Q3 25 | 15.6% | 2.3% | ||
| Q2 25 | 22.2% | 2.4% | ||
| Q1 25 | 30.3% | 2.2% | ||
| Q4 24 | 17.7% | 5.8% | ||
| Q3 24 | 34.1% | 2.8% | ||
| Q2 24 | 70.7% | 3.5% |
现金转化率PLUGSAM
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 2.21× | ||
| Q2 25 | — | 2.09× | ||
| Q1 25 | — | 0.08× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.46× | ||
| Q2 24 | — | 1.83× |
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% |
SAM
暂无分部数据
