vs
PLUG POWER INC（PLUG）与Tecnoglass Inc.（TGLS）财务数据对比。点击上方公司名可切换其他公司
Tecnoglass Inc.的季度营收约是PLUG POWER INC的1.1倍（$245.3M vs $225.2M），Tecnoglass Inc.净利率更高（10.6% vs -375.6%，领先386.3%），PLUG POWER INC同比增速更快（17.6% vs 2.4%），Tecnoglass Inc.自由现金流更多（$11.4M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 12.8%）
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。
Tecnoglass Inc.是一家领先的建筑玻璃、铝制门窗及相关建材生产商，主要服务北美及拉美地区的住宅和商业建筑领域，为新建及翻新项目提供定制化、高能效的建筑解决方案。
PLUG vs TGLS — 直观对比
营收规模更大
TGLS
是对方的1.1倍
$225.2M
营收增速更快
PLUG
高出15.2%
2.4%
净利率更高
TGLS
高出386.3%
-375.6%
自由现金流更多
TGLS
多$164.5M
$-153.0M
两年增速更快
PLUG
近两年复合增速
12.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.2M | $245.3M |
| 净利润 | $-846.0M | $26.1M |
| 毛利率 | 2.4% | 40.0% |
| 营业利润率 | -338.9% | 18.3% |
| 净利率 | -375.6% | 10.6% |
| 营收同比 | 17.6% | 2.4% |
| 净利润同比 | 36.7% | -44.5% |
| 每股收益（稀释后） | $-0.70 | $0.57 |
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PLUGTGLS
| Q4 25 | $225.2M | $245.3M | ||
| Q3 25 | $177.1M | $260.5M | ||
| Q2 25 | $174.0M | $255.5M | ||
| Q1 25 | $133.7M | $222.3M | ||
| Q4 24 | $191.5M | $239.6M | ||
| Q3 24 | $173.7M | $238.3M | ||
| Q2 24 | $143.3M | $219.7M | ||
| Q1 24 | $120.3M | $192.6M |
净利润PLUGTGLS
| Q4 25 | $-846.0M | $26.1M | ||
| Q3 25 | $-361.9M | $47.2M | ||
| Q2 25 | $-227.1M | $44.1M | ||
| Q1 25 | $-196.7M | $42.2M | ||
| Q4 24 | $-1.3B | $47.0M | ||
| Q3 24 | $-211.2M | $49.5M | ||
| Q2 24 | $-262.3M | $35.0M | ||
| Q1 24 | $-295.8M | $29.7M |
毛利率PLUGTGLS
| Q4 25 | 2.4% | 40.0% | ||
| Q3 25 | -67.9% | 42.7% | ||
| Q2 25 | -30.7% | 44.7% | ||
| Q1 25 | -55.3% | 43.9% | ||
| Q4 24 | -122.5% | 44.5% | ||
| Q3 24 | -57.6% | 45.8% | ||
| Q2 24 | -91.6% | 40.8% | ||
| Q1 24 | -132.3% | 38.8% |
营业利润率PLUGTGLS
| Q4 25 | -338.9% | 18.3% | ||
| Q3 25 | -197.0% | 25.1% | ||
| Q2 25 | -101.7% | 24.0% | ||
| Q1 25 | -133.5% | 26.7% | ||
| Q4 24 | -678.7% | 28.0% | ||
| Q3 24 | -124.4% | 28.4% | ||
| Q2 24 | -170.7% | 23.3% | ||
| Q1 24 | -215.7% | 21.3% |
净利率PLUGTGLS
| Q4 25 | -375.6% | 10.6% | ||
| Q3 25 | -204.4% | 18.1% | ||
| Q2 25 | -130.5% | 17.3% | ||
| Q1 25 | -147.1% | 19.0% | ||
| Q4 24 | -697.5% | 19.6% | ||
| Q3 24 | -121.5% | 20.8% | ||
| Q2 24 | -183.0% | 15.9% | ||
| Q1 24 | -245.9% | 15.4% |
每股收益（稀释后）PLUGTGLS
| Q4 25 | $-0.70 | $0.57 | ||
| Q3 25 | $-0.31 | $1.01 | ||
| Q2 25 | $-0.20 | $0.94 | ||
| Q1 25 | $-0.21 | $0.90 | ||
| Q4 24 | $-1.61 | $1.00 | ||
| Q3 24 | $-0.25 | $1.05 | ||
| Q2 24 | $-0.36 | $0.75 | ||
| Q1 24 | $-0.46 | $0.63 |
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 | $104.1M |
| 总债务越低越好 | — | $174.4M |
| 股东权益账面价值 | $978.1M | $713.1M |
| 总资产 | $2.6B | $1.3B |
| 负债/权益比越低杠杆越低 | — | 0.24× |
8季度趋势，按日历期对齐
现金及短期投资PLUGTGLS
| Q4 25 | $368.5M | $104.1M | ||
| Q3 25 | $165.9M | $127.1M | ||
| Q2 25 | $140.7M | $140.9M | ||
| Q1 25 | $295.8M | $160.2M | ||
| Q4 24 | $205.7M | $137.5M | ||
| Q3 24 | $93.9M | $124.8M | ||
| Q2 24 | $62.4M | $129.5M | ||
| Q1 24 | $172.9M | $138.8M |
总债务PLUGTGLS
| Q4 25 | — | $174.4M | ||
| Q3 25 | — | $114.7M | ||
| Q2 25 | — | $110.6M | ||
| Q1 25 | — | $110.6M | ||
| Q4 24 | — | $111.1M | ||
| Q3 24 | $3.9M | $126.8M | ||
| Q2 24 | $3.7M | $144.7M | ||
| Q1 24 | $3.8M | $160.9M |
股东权益PLUGTGLS
| Q4 25 | $978.1M | $713.1M | ||
| Q3 25 | $1.4B | $764.0M | ||
| Q2 25 | $1.7B | $736.0M | ||
| Q1 25 | $1.9B | $685.1M | ||
| Q4 24 | $1.7B | $631.2M | ||
| Q3 24 | $3.0B | $613.3M | ||
| Q2 24 | $3.0B | $574.8M | ||
| Q1 24 | $2.9B | $573.6M |
总资产PLUGTGLS
| Q4 25 | $2.6B | $1.3B | ||
| Q3 25 | $3.1B | $1.2B | ||
| Q2 25 | $3.4B | $1.2B | ||
| Q1 25 | $3.6B | $1.1B | ||
| Q4 24 | $3.6B | $1.0B | ||
| Q3 24 | $4.7B | $996.3M | ||
| Q2 24 | $4.8B | $942.5M | ||
| Q1 24 | $4.8B | $981.6M |
负债/权益比PLUGTGLS
| Q4 25 | — | 0.24× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.16× | ||
| Q4 24 | — | 0.18× | ||
| Q3 24 | 0.00× | 0.21× | ||
| Q2 24 | 0.00× | 0.25× | ||
| Q1 24 | 0.00× | 0.28× |
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 | $31.0M |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $11.4M |
| 自由现金流率自由现金流/营收 | -67.9% | 4.7% |
| 资本支出强度资本支出/营收 | 1.9% | 8.0% |
| 现金转化率经营现金流/净利润 | — | 1.19× |
| 过去12个月自由现金流最近4个季度 | $-647.0M | $34.5M |
8季度趋势，按日历期对齐
经营现金流PLUGTGLS
| Q4 25 | $-148.6M | $31.0M | ||
| Q3 25 | $-89.8M | $40.0M | ||
| Q2 25 | $-191.8M | $17.9M | ||
| Q1 25 | $-105.6M | $46.9M | ||
| Q4 24 | $-131.2M | $61.1M | ||
| Q3 24 | $-174.9M | $41.5M | ||
| Q2 24 | $-254.7M | $34.5M | ||
| Q1 24 | $-167.7M | $33.4M |
自由现金流PLUGTGLS
| Q4 25 | $-153.0M | $11.4M | ||
| Q3 25 | $-117.5M | $21.2M | ||
| Q2 25 | $-230.4M | $-14.7M | ||
| Q1 25 | $-146.0M | $16.5M | ||
| Q4 24 | $-165.2M | $35.4M | ||
| Q3 24 | $-234.2M | $17.8M | ||
| Q2 24 | $-356.0M | $14.2M | ||
| Q1 24 | $-260.3M | $23.6M |
自由现金流率PLUGTGLS
| Q4 25 | -67.9% | 4.7% | ||
| Q3 25 | -66.4% | 8.2% | ||
| Q2 25 | -132.5% | -5.7% | ||
| Q1 25 | -109.2% | 7.4% | ||
| Q4 24 | -86.3% | 14.8% | ||
| Q3 24 | -134.8% | 7.5% | ||
| Q2 24 | -248.4% | 6.5% | ||
| Q1 24 | -216.5% | 12.2% |
资本支出强度PLUGTGLS
| Q4 25 | 1.9% | 8.0% | ||
| Q3 25 | 15.6% | 7.2% | ||
| Q2 25 | 22.2% | 12.7% | ||
| Q1 25 | 30.3% | 13.7% | ||
| Q4 24 | 17.7% | 10.7% | ||
| Q3 24 | 34.1% | 9.9% | ||
| Q2 24 | 70.7% | 9.2% | ||
| Q1 24 | 77.0% | 5.1% |
现金转化率PLUGTGLS
| Q4 25 | — | 1.19× | ||
| Q3 25 | — | 0.85× | ||
| Q2 25 | — | 0.41× | ||
| Q1 25 | — | 1.11× | ||
| Q4 24 | — | 1.30× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.98× | ||
| Q1 24 | — | 1.13× |
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% |
TGLS
| Product Sales | $164.2M | 67% |
| Fixed Price Contracts | $81.1M | 33% |
| Related Party | $692.0K | 0% |
