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PLUG POWER INC（PLUG）与STRATTEC SECURITY CORP（STRT）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STRATTEC SECURITY CORP的1.6倍（$225.2M vs $137.5M），STRATTEC SECURITY CORP净利率更高（3.6% vs -375.6%，领先379.2%），PLUG POWER INC同比增速更快（17.6% vs 5.9%），STRATTEC SECURITY CORP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 7.7%）
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。
STRATTEC安全公司是专业的汽车安全访问解决方案供应商，主营汽车机械与电子锁具、钥匙、无钥匙进入系统等产品，主要服务全球汽车整车厂商、重型车辆制造商及汽车后市场客户，业务覆盖北美、欧洲、亚太等地区。
PLUG vs STRT — 直观对比
营收规模更大
PLUG
是对方的1.6倍
$137.5M
营收增速更快
PLUG
高出11.8%
5.9%
净利率更高
STRT
高出379.2%
-375.6%
自由现金流更多
STRT
多$164.3M
$-153.0M
两年增速更快
PLUG
近两年复合增速
7.7%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $225.2M | $137.5M |
| 净利润 | $-846.0M | $4.9M |
| 毛利率 | 2.4% | 16.5% |
| 营业利润率 | -338.9% | 3.5% |
| 净利率 | -375.6% | 3.6% |
| 营收同比 | 17.6% | 5.9% |
| 净利润同比 | 36.7% | 275.1% |
| 每股收益（稀释后） | $-0.70 | $1.20 |
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PLUGSTRT
| Q4 25 | $225.2M | $137.5M | ||
| Q3 25 | $177.1M | $152.4M | ||
| Q2 25 | $174.0M | $152.0M | ||
| Q1 25 | $133.7M | $144.1M | ||
| Q4 24 | $191.5M | $129.9M | ||
| Q3 24 | $173.7M | $139.1M | ||
| Q2 24 | $143.3M | — | ||
| Q1 24 | $120.3M | $140.8M |
净利润PLUGSTRT
| Q4 25 | $-846.0M | $4.9M | ||
| Q3 25 | $-361.9M | $8.5M | ||
| Q2 25 | $-227.1M | $8.3M | ||
| Q1 25 | $-196.7M | $5.4M | ||
| Q4 24 | $-1.3B | $1.3M | ||
| Q3 24 | $-211.2M | $3.7M | ||
| Q2 24 | $-262.3M | — | ||
| Q1 24 | $-295.8M | $1.5M |
毛利率PLUGSTRT
| Q4 25 | 2.4% | 16.5% | ||
| Q3 25 | -67.9% | 17.3% | ||
| Q2 25 | -30.7% | 16.7% | ||
| Q1 25 | -55.3% | 16.0% | ||
| Q4 24 | -122.5% | 13.2% | ||
| Q3 24 | -57.6% | 13.6% | ||
| Q2 24 | -91.6% | — | ||
| Q1 24 | -132.3% | 10.4% |
营业利润率PLUGSTRT
| Q4 25 | -338.9% | 3.5% | ||
| Q3 25 | -197.0% | 6.9% | ||
| Q2 25 | -101.7% | 5.6% | ||
| Q1 25 | -133.5% | 4.9% | ||
| Q4 24 | -678.7% | 1.6% | ||
| Q3 24 | -124.4% | 3.6% | ||
| Q2 24 | -170.7% | — | ||
| Q1 24 | -215.7% | 1.4% |
净利率PLUGSTRT
| Q4 25 | -375.6% | 3.6% | ||
| Q3 25 | -204.4% | 5.6% | ||
| Q2 25 | -130.5% | 5.4% | ||
| Q1 25 | -147.1% | 3.7% | ||
| Q4 24 | -697.5% | 1.0% | ||
| Q3 24 | -121.5% | 2.7% | ||
| Q2 24 | -183.0% | — | ||
| Q1 24 | -245.9% | 1.1% |
每股收益（稀释后）PLUGSTRT
| Q4 25 | $-0.70 | $1.20 | ||
| Q3 25 | $-0.31 | $2.07 | ||
| Q2 25 | $-0.20 | $2.02 | ||
| Q1 25 | $-0.21 | $1.32 | ||
| Q4 24 | $-1.61 | $0.32 | ||
| Q3 24 | $-0.25 | $0.92 | ||
| Q2 24 | $-0.36 | — | ||
| Q1 24 | $-0.46 | $0.37 |
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 | $99.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $978.1M | $236.8M |
| 总资产 | $2.6B | $392.2M |
| 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PLUGSTRT
| Q4 25 | $368.5M | $99.0M | ||
| Q3 25 | $165.9M | $90.5M | ||
| Q2 25 | $140.7M | $84.6M | ||
| Q1 25 | $295.8M | $62.1M | ||
| Q4 24 | $205.7M | $42.6M | ||
| Q3 24 | $93.9M | $34.4M | ||
| Q2 24 | $62.4M | — | ||
| Q1 24 | $172.9M | $9.6M |
总债务PLUGSTRT
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $3.9M | — | ||
| Q2 24 | $3.7M | — | ||
| Q1 24 | $3.8M | — |
股东权益PLUGSTRT
| Q4 25 | $978.1M | $236.8M | ||
| Q3 25 | $1.4B | $230.5M | ||
| Q2 25 | $1.7B | $221.6M | ||
| Q1 25 | $1.9B | $210.7M | ||
| Q4 24 | $1.7B | $204.5M | ||
| Q3 24 | $3.0B | $203.0M | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $2.9B | $193.8M |
总资产PLUGSTRT
| Q4 25 | $2.6B | $392.2M | ||
| Q3 25 | $3.1B | $390.1M | ||
| Q2 25 | $3.4B | $391.5M | ||
| Q1 25 | $3.6B | $387.4M | ||
| Q4 24 | $3.6B | $355.9M | ||
| Q3 24 | $4.7B | $366.9M | ||
| Q2 24 | $4.8B | — | ||
| Q1 24 | $4.8B | $348.5M |
负债/权益比PLUGSTRT
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 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 | $13.9M |
| 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% | 8.2% |
| 资本支出强度资本支出/营收 | 1.9% | 1.9% |
| 现金转化率经营现金流/净利润 | — | 2.81× |
| 过去12个月自由现金流最近4个季度 | $-647.0M | $67.8M |
8季度趋势，按日历期对齐
经营现金流PLUGSTRT
| Q4 25 | $-148.6M | $13.9M | ||
| Q3 25 | $-89.8M | $11.3M | ||
| Q2 25 | $-191.8M | $30.2M | ||
| Q1 25 | $-105.6M | $20.7M | ||
| Q4 24 | $-131.2M | $9.4M | ||
| Q3 24 | $-174.9M | $11.3M | ||
| Q2 24 | $-254.7M | — | ||
| Q1 24 | $-167.7M | $-309.0K |
自由现金流PLUGSTRT
| Q4 25 | $-153.0M | $11.3M | ||
| Q3 25 | $-117.5M | $9.8M | ||
| Q2 25 | $-230.4M | $27.2M | ||
| Q1 25 | $-146.0M | $19.6M | ||
| Q4 24 | $-165.2M | $8.5M | ||
| Q3 24 | $-234.2M | $9.3M | ||
| Q2 24 | $-356.0M | — | ||
| Q1 24 | $-260.3M | $-2.0M |
自由现金流率PLUGSTRT
| Q4 25 | -67.9% | 8.2% | ||
| Q3 25 | -66.4% | 6.4% | ||
| Q2 25 | -132.5% | 17.9% | ||
| Q1 25 | -109.2% | 13.6% | ||
| Q4 24 | -86.3% | 6.6% | ||
| Q3 24 | -134.8% | 6.7% | ||
| Q2 24 | -248.4% | — | ||
| Q1 24 | -216.5% | -1.4% |
资本支出强度PLUGSTRT
| Q4 25 | 1.9% | 1.9% | ||
| Q3 25 | 15.6% | 1.0% | ||
| Q2 25 | 22.2% | 2.0% | ||
| Q1 25 | 30.3% | 0.8% | ||
| Q4 24 | 17.7% | 0.7% | ||
| Q3 24 | 34.1% | 1.5% | ||
| Q2 24 | 70.7% | — | ||
| Q1 24 | 77.0% | 1.2% |
现金转化率PLUGSTRT
| Q4 25 | — | 2.81× | ||
| Q3 25 | — | 1.33× | ||
| Q2 25 | — | 3.65× | ||
| Q1 25 | — | 3.84× | ||
| Q4 24 | — | 7.16× | ||
| Q3 24 | — | 3.06× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.21× |
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% |
STRT
| Door Handles And Exterior Trim | $35.0M | 25% |
| Power Access Solutions | $34.5M | 25% |
| Keys And Locksets | $26.8M | 19% |
| Latches | $16.3M | 12% |
| User Interface Controls | $12.5M | 9% |
| Aftermarket And Service | $9.4M | 7% |
| Other Product | $3.1M | 2% |
| Related Party | $1.3M | 1% |
