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PLUG POWER INC（PLUG）与Shoals Technologies Group, Inc.（SHLS）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Shoals Technologies Group, Inc.的1.5倍（$225.2M vs $148.3M），Shoals Technologies Group, Inc.净利率更高（5.5% vs -375.6%，领先381.1%），Shoals Technologies Group, Inc.同比增速更快（38.6% vs 17.6%），Shoals Technologies Group, Inc.自由现金流更多（$-11.3M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 27.8%）
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。
Shoals科技集团是可再生能源及电动出行领域的电气系统平衡解决方案供应商，核心产品覆盖光伏、储能及充电桩用连接组件，主要服务北美、欧洲、亚太市场的公用事业、工商业及民用客户。
PLUG vs SHLS — 直观对比
营收规模更大
PLUG
是对方的1.5倍
$148.3M
营收增速更快
SHLS
高出21.0%
17.6%
净利率更高
SHLS
高出381.1%
-375.6%
自由现金流更多
SHLS
多$141.8M
$-153.0M
两年增速更快
PLUG
近两年复合增速
27.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.2M | $148.3M |
| 净利润 | $-846.0M | $8.1M |
| 毛利率 | 2.4% | 31.6% |
| 营业利润率 | -338.9% | 11.7% |
| 净利率 | -375.6% | 5.5% |
| 营收同比 | 17.6% | 38.6% |
| 净利润同比 | 36.7% | 3.9% |
| 每股收益（稀释后） | $-0.70 | $0.05 |
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PLUGSHLS
| Q4 25 | $225.2M | $148.3M | ||
| Q3 25 | $177.1M | $135.8M | ||
| Q2 25 | $174.0M | $110.8M | ||
| Q1 25 | $133.7M | $80.4M | ||
| Q4 24 | $191.5M | $107.0M | ||
| Q3 24 | $173.7M | $102.2M | ||
| Q2 24 | $143.3M | $99.2M | ||
| Q1 24 | $120.3M | $90.8M |
净利润PLUGSHLS
| Q4 25 | $-846.0M | $8.1M | ||
| Q3 25 | $-361.9M | $11.9M | ||
| Q2 25 | $-227.1M | $13.9M | ||
| Q1 25 | $-196.7M | $-282.0K | ||
| Q4 24 | $-1.3B | $7.8M | ||
| Q3 24 | $-211.2M | $-267.0K | ||
| Q2 24 | $-262.3M | $11.8M | ||
| Q1 24 | $-295.8M | $4.8M |
毛利率PLUGSHLS
| Q4 25 | 2.4% | 31.6% | ||
| Q3 25 | -67.9% | 37.0% | ||
| Q2 25 | -30.7% | 37.2% | ||
| Q1 25 | -55.3% | 35.0% | ||
| Q4 24 | -122.5% | 37.6% | ||
| Q3 24 | -57.6% | 24.8% | ||
| Q2 24 | -91.6% | 40.3% | ||
| Q1 24 | -132.3% | 40.2% |
营业利润率PLUGSHLS
| Q4 25 | -338.9% | 11.7% | ||
| Q3 25 | -197.0% | 13.7% | ||
| Q2 25 | -101.7% | 14.4% | ||
| Q1 25 | -133.5% | 5.4% | ||
| Q4 24 | -678.7% | 15.4% | ||
| Q3 24 | -124.4% | 4.4% | ||
| Q2 24 | -170.7% | 18.7% | ||
| Q1 24 | -215.7% | 12.8% |
净利率PLUGSHLS
| Q4 25 | -375.6% | 5.5% | ||
| Q3 25 | -204.4% | 8.7% | ||
| Q2 25 | -130.5% | 12.5% | ||
| Q1 25 | -147.1% | -0.4% | ||
| Q4 24 | -697.5% | 7.3% | ||
| Q3 24 | -121.5% | -0.3% | ||
| Q2 24 | -183.0% | 11.9% | ||
| Q1 24 | -245.9% | 5.3% |
每股收益（稀释后）PLUGSHLS
| Q4 25 | $-0.70 | $0.05 | ||
| Q3 25 | $-0.31 | $0.07 | ||
| Q2 25 | $-0.20 | $0.08 | ||
| Q1 25 | $-0.21 | $0.00 | ||
| Q4 24 | $-1.61 | $0.04 | ||
| Q3 24 | $-0.25 | $0.00 | ||
| Q2 24 | $-0.36 | $0.07 | ||
| Q1 24 | $-0.46 | $0.03 |
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 | $7.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $978.1M | $600.0M |
| 总资产 | $2.6B | $904.1M |
| 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PLUGSHLS
| Q4 25 | $368.5M | $7.3M | ||
| Q3 25 | $165.9M | $8.6M | ||
| Q2 25 | $140.7M | $4.7M | ||
| Q1 25 | $295.8M | $35.6M | ||
| Q4 24 | $205.7M | $23.5M | ||
| Q3 24 | $93.9M | $11.1M | ||
| Q2 24 | $62.4M | $3.2M | ||
| Q1 24 | $172.9M | $15.2M |
总债务PLUGSHLS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | $3.9M | $141.8M | ||
| Q2 24 | $3.7M | $146.8M | ||
| Q1 24 | $3.8M | $168.8M |
股东权益PLUGSHLS
| Q4 25 | $978.1M | $600.0M | ||
| Q3 25 | $1.4B | $589.6M | ||
| Q2 25 | $1.7B | $575.4M | ||
| Q1 25 | $1.9B | $558.9M | ||
| Q4 24 | $1.7B | $556.8M | ||
| Q3 24 | $3.0B | $545.2M | ||
| Q2 24 | $3.0B | $544.6M | ||
| Q1 24 | $2.9B | $554.0M |
总资产PLUGSHLS
| Q4 25 | $2.6B | $904.1M | ||
| Q3 25 | $3.1B | $851.8M | ||
| Q2 25 | $3.4B | $795.0M | ||
| Q1 25 | $3.6B | $788.4M | ||
| Q4 24 | $3.6B | $793.1M | ||
| Q3 24 | $4.7B | $801.3M | ||
| Q2 24 | $4.8B | $788.4M | ||
| Q1 24 | $4.8B | $825.3M |
负债/权益比PLUGSHLS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | 0.00× | 0.26× | ||
| Q2 24 | 0.00× | 0.27× | ||
| Q1 24 | 0.00× | 0.30× |
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 | $-4.1M |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $-11.3M |
| 自由现金流率自由现金流/营收 | -67.9% | -7.6% |
| 资本支出强度资本支出/营收 | 1.9% | 4.8% |
| 现金转化率经营现金流/净利润 | — | -0.50× |
| 过去12个月自由现金流最近4个季度 | $-647.0M | $-16.0M |
8季度趋势，按日历期对齐
经营现金流PLUGSHLS
| Q4 25 | $-148.6M | $-4.1M | ||
| Q3 25 | $-89.8M | $19.4M | ||
| Q2 25 | $-191.8M | $-13.8M | ||
| Q1 25 | $-105.6M | $15.6M | ||
| Q4 24 | $-131.2M | $14.0M | ||
| Q3 24 | $-174.9M | $15.7M | ||
| Q2 24 | $-254.7M | $37.8M | ||
| Q1 24 | $-167.7M | $12.9M |
自由现金流PLUGSHLS
| Q4 25 | $-153.0M | $-11.3M | ||
| Q3 25 | $-117.5M | $9.0M | ||
| Q2 25 | $-230.4M | $-26.0M | ||
| Q1 25 | $-146.0M | $12.3M | ||
| Q4 24 | $-165.2M | $12.5M | ||
| Q3 24 | $-234.2M | $13.3M | ||
| Q2 24 | $-356.0M | $35.8M | ||
| Q1 24 | $-260.3M | $10.4M |
自由现金流率PLUGSHLS
| Q4 25 | -67.9% | -7.6% | ||
| Q3 25 | -66.4% | 6.6% | ||
| Q2 25 | -132.5% | -23.5% | ||
| Q1 25 | -109.2% | 15.4% | ||
| Q4 24 | -86.3% | 11.6% | ||
| Q3 24 | -134.8% | 13.0% | ||
| Q2 24 | -248.4% | 36.1% | ||
| Q1 24 | -216.5% | 11.4% |
资本支出强度PLUGSHLS
| Q4 25 | 1.9% | 4.8% | ||
| Q3 25 | 15.6% | 7.7% | ||
| Q2 25 | 22.2% | 11.0% | ||
| Q1 25 | 30.3% | 4.0% | ||
| Q4 24 | 17.7% | 1.4% | ||
| Q3 24 | 34.1% | 2.3% | ||
| Q2 24 | 70.7% | 2.0% | ||
| Q1 24 | 77.0% | 2.7% |
现金转化率PLUGSHLS
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | — | 2.69× |
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% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
