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PLUG POWER INC（PLUG）与医疗房产信托（SVC）财务数据对比。点击上方公司名可切换其他公司
医疗房产信托的季度营收约是PLUG POWER INC的1.3倍（$296.5M vs $225.2M），医疗房产信托净利率更高（-0.3% vs -375.6%，领先375.4%），PLUG POWER INC同比增速更快（17.6% vs -17.0%），医疗房产信托自由现金流更多（$-95.2M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs -6.1%）
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。
医疗房产信托（MPT）是总部位于阿拉巴马州伯明翰的国际房地产投资信托（REIT），主要在美国和欧洲地区收购投资医疗设施与营利性医疗控股公司。该公司的房产收购多采用售后回租模式，原产权方出售房产给MPT后成为承租租户，其租户普遍签订长期三净租约。
PLUG vs SVC — 直观对比
营收规模更大
SVC
是对方的1.3倍
$225.2M
营收增速更快
PLUG
高出34.6%
-17.0%
净利率更高
SVC
高出375.4%
-375.6%
自由现金流更多
SVC
多$57.9M
$-153.0M
两年增速更快
PLUG
近两年复合增速
-6.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.2M | $296.5M |
| 净利润 | $-846.0M | $-782.0K |
| 毛利率 | 2.4% | — |
| 营业利润率 | -338.9% | -3.9% |
| 净利率 | -375.6% | -0.3% |
| 营收同比 | 17.6% | -17.0% |
| 净利润同比 | 36.7% | 99.0% |
| 每股收益（稀释后） | $-0.70 | $-0.01 |
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PLUGSVC
| Q4 25 | $225.2M | $296.5M | ||
| Q3 25 | $177.1M | $377.6M | ||
| Q2 25 | $174.0M | $404.4M | ||
| Q1 25 | $133.7M | $335.0M | ||
| Q4 24 | $191.5M | $357.0M | ||
| Q3 24 | $173.7M | $390.9M | ||
| Q2 24 | $143.3M | $412.5M | ||
| Q1 24 | $120.3M | $336.2M |
净利润PLUGSVC
| Q4 25 | $-846.0M | $-782.0K | ||
| Q3 25 | $-361.9M | $-46.9M | ||
| Q2 25 | $-227.1M | $-38.2M | ||
| Q1 25 | $-196.7M | $-116.4M | ||
| Q4 24 | $-1.3B | $-76.4M | ||
| Q3 24 | $-211.2M | $-46.9M | ||
| Q2 24 | $-262.3M | $-73.8M | ||
| Q1 24 | $-295.8M | $-78.4M |
毛利率PLUGSVC
| Q4 25 | 2.4% | — | ||
| Q3 25 | -67.9% | — | ||
| Q2 25 | -30.7% | — | ||
| Q1 25 | -55.3% | — | ||
| Q4 24 | -122.5% | — | ||
| Q3 24 | -57.6% | — | ||
| Q2 24 | -91.6% | — | ||
| Q1 24 | -132.3% | — |
营业利润率PLUGSVC
| Q4 25 | -338.9% | -3.9% | ||
| Q3 25 | -197.0% | -12.8% | ||
| Q2 25 | -101.7% | -9.2% | ||
| Q1 25 | -133.5% | -33.3% | ||
| Q4 24 | -678.7% | -19.4% | ||
| Q3 24 | -124.4% | -12.8% | ||
| Q2 24 | -170.7% | -17.1% | ||
| Q1 24 | -215.7% | -21.4% |
净利率PLUGSVC
| Q4 25 | -375.6% | -0.3% | ||
| Q3 25 | -204.4% | -12.4% | ||
| Q2 25 | -130.5% | -9.4% | ||
| Q1 25 | -147.1% | -34.8% | ||
| Q4 24 | -697.5% | -21.4% | ||
| Q3 24 | -121.5% | -12.0% | ||
| Q2 24 | -183.0% | -17.9% | ||
| Q1 24 | -245.9% | -23.3% |
每股收益（稀释后）PLUGSVC
| Q4 25 | $-0.70 | $-0.01 | ||
| Q3 25 | $-0.31 | $-0.28 | ||
| Q2 25 | $-0.20 | $-0.23 | ||
| Q1 25 | $-0.21 | $-0.70 | ||
| Q4 24 | $-1.61 | $-0.46 | ||
| Q3 24 | $-0.25 | $-0.28 | ||
| Q2 24 | $-0.36 | $-0.45 | ||
| Q1 24 | $-0.46 | $-0.48 |
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 | $346.8M |
| 总债务越低越好 | — | $5.5B |
| 股东权益账面价值 | $978.1M | $646.1M |
| 总资产 | $2.6B | $6.5B |
| 负债/权益比越低杠杆越低 | — | 8.52× |
8季度趋势，按日历期对齐
现金及短期投资PLUGSVC
| Q4 25 | $368.5M | $346.8M | ||
| Q3 25 | $165.9M | $417.4M | ||
| Q2 25 | $140.7M | $63.2M | ||
| Q1 25 | $295.8M | $80.1M | ||
| Q4 24 | $205.7M | $143.5M | ||
| Q3 24 | $93.9M | $48.6M | ||
| Q2 24 | $62.4M | $14.6M | ||
| Q1 24 | $172.9M | $71.3M |
总债务PLUGSVC
| Q4 25 | — | $5.5B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.8B | ||
| Q3 24 | $3.9M | — | ||
| Q2 24 | $3.7M | — | ||
| Q1 24 | $3.8M | — |
股东权益PLUGSVC
| Q4 25 | $978.1M | $646.1M | ||
| Q3 25 | $1.4B | $647.9M | ||
| Q2 25 | $1.7B | $695.9M | ||
| Q1 25 | $1.9B | $734.6M | ||
| Q4 24 | $1.7B | $851.9M | ||
| Q3 24 | $3.0B | $929.0M | ||
| Q2 24 | $3.0B | $1.0B | ||
| Q1 24 | $2.9B | $1.1B |
总资产PLUGSVC
| Q4 25 | $2.6B | $6.5B | ||
| Q3 25 | $3.1B | $7.0B | ||
| Q2 25 | $3.4B | $6.9B | ||
| Q1 25 | $3.6B | $7.0B | ||
| Q4 24 | $3.6B | $7.1B | ||
| Q3 24 | $4.7B | $7.1B | ||
| Q2 24 | $4.8B | $7.1B | ||
| Q1 24 | $4.8B | $7.2B |
负债/权益比PLUGSVC
| Q4 25 | — | 8.52× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.85× | ||
| 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 | $-18.5M |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $-95.2M |
| 自由现金流率自由现金流/营收 | -67.9% | -32.1% |
| 资本支出强度资本支出/营收 | 1.9% | 25.9% |
| 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 | $-107.0M |
8季度趋势，按日历期对齐
经营现金流PLUGSVC
| Q4 25 | $-148.6M | $-18.5M | ||
| Q3 25 | $-89.8M | $98.1M | ||
| Q2 25 | $-191.8M | $-7.0K | ||
| Q1 25 | $-105.6M | $38.2M | ||
| Q4 24 | $-131.2M | $-9.7M | ||
| Q3 24 | $-174.9M | $106.2M | ||
| Q2 24 | $-254.7M | $43.8M | ||
| Q1 24 | $-167.7M | $-926.0K |
自由现金流PLUGSVC
| Q4 25 | $-153.0M | $-95.2M | ||
| Q3 25 | $-117.5M | $57.9M | ||
| Q2 25 | $-230.4M | $-46.6M | ||
| Q1 25 | $-146.0M | $-23.2M | ||
| Q4 24 | $-165.2M | $-88.9M | ||
| Q3 24 | $-234.2M | $24.1M | ||
| Q2 24 | $-356.0M | $-22.3M | ||
| Q1 24 | $-260.3M | $-77.2M |
自由现金流率PLUGSVC
| Q4 25 | -67.9% | -32.1% | ||
| Q3 25 | -66.4% | 15.3% | ||
| Q2 25 | -132.5% | -11.5% | ||
| Q1 25 | -109.2% | -6.9% | ||
| Q4 24 | -86.3% | -24.9% | ||
| Q3 24 | -134.8% | 6.2% | ||
| Q2 24 | -248.4% | -5.4% | ||
| Q1 24 | -216.5% | -23.0% |
资本支出强度PLUGSVC
| Q4 25 | 1.9% | 25.9% | ||
| Q3 25 | 15.6% | 10.6% | ||
| Q2 25 | 22.2% | 11.5% | ||
| Q1 25 | 30.3% | 18.3% | ||
| Q4 24 | 17.7% | 22.2% | ||
| Q3 24 | 34.1% | 21.0% | ||
| Q2 24 | 70.7% | 16.0% | ||
| Q1 24 | 77.0% | 22.7% |
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% |
SVC
暂无分部数据
