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PLUG POWER INC（PLUG）与Gentherm Inc（THRM）财务数据对比。点击上方公司名可切换其他公司
Gentherm Inc的季度营收约是PLUG POWER INC的1.7倍（$382.8M vs $225.2M），Gentherm Inc净利率更高（0.8% vs -375.6%，领先376.4%），PLUG POWER INC同比增速更快（17.6% vs 8.5%），Gentherm Inc自由现金流更多（$6.7M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 3.7%）
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。
金瑟公司（原阿梅里贡）是一家美国热管理技术企业，为汽车行业研发出了全球首款热电调温座椅系统——气候控制座椅系统。该系统于1999年率先被福特汽车采纳，作为选装配置搭载在2000款林肯领航员上，如今已应用于福特、通用、丰田（雷克萨斯）、起亚、现代、日产（英菲尼迪）等车企的50余款车型。
PLUG vs THRM — 直观对比
营收规模更大
THRM
是对方的1.7倍
$225.2M
营收增速更快
PLUG
高出9.2%
8.5%
净利率更高
THRM
高出376.4%
-375.6%
自由现金流更多
THRM
多$159.7M
$-153.0M
两年增速更快
PLUG
近两年复合增速
3.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.2M | $382.8M |
| 净利润 | $-846.0M | $3.0M |
| 毛利率 | 2.4% | 23.7% |
| 营业利润率 | -338.9% | 4.6% |
| 净利率 | -375.6% | 0.8% |
| 营收同比 | 17.6% | 8.5% |
| 净利润同比 | 36.7% | -80.5% |
| 每股收益（稀释后） | $-0.70 | $0.08 |
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PLUGTHRM
| Q4 25 | $225.2M | $382.8M | ||
| Q3 25 | $177.1M | $386.9M | ||
| Q2 25 | $174.0M | $375.1M | ||
| Q1 25 | $133.7M | $353.9M | ||
| Q4 24 | $191.5M | $352.9M | ||
| Q3 24 | $173.7M | $371.5M | ||
| Q2 24 | $143.3M | $375.7M | ||
| Q1 24 | $120.3M | $356.0M |
净利润PLUGTHRM
| Q4 25 | $-846.0M | $3.0M | ||
| Q3 25 | $-361.9M | $14.9M | ||
| Q2 25 | $-227.1M | $477.0K | ||
| Q1 25 | $-196.7M | $-128.0K | ||
| Q4 24 | $-1.3B | $15.3M | ||
| Q3 24 | $-211.2M | $16.0M | ||
| Q2 24 | $-262.3M | $18.9M | ||
| Q1 24 | $-295.8M | $14.8M |
毛利率PLUGTHRM
| Q4 25 | 2.4% | 23.7% | ||
| Q3 25 | -67.9% | 24.6% | ||
| Q2 25 | -30.7% | 23.9% | ||
| Q1 25 | -55.3% | 24.4% | ||
| Q4 24 | -122.5% | 24.4% | ||
| Q3 24 | -57.6% | 25.5% | ||
| Q2 24 | -91.6% | 25.7% | ||
| Q1 24 | -132.3% | 24.9% |
营业利润率PLUGTHRM
| Q4 25 | -338.9% | 4.6% | ||
| Q3 25 | -197.0% | 6.2% | ||
| Q2 25 | -101.7% | 6.4% | ||
| Q1 25 | -133.5% | 4.8% | ||
| Q4 24 | -678.7% | 6.7% | ||
| Q3 24 | -124.4% | 8.7% | ||
| Q2 24 | -170.7% | 8.8% | ||
| Q1 24 | -215.7% | 5.1% |
净利率PLUGTHRM
| Q4 25 | -375.6% | 0.8% | ||
| Q3 25 | -204.4% | 3.9% | ||
| Q2 25 | -130.5% | 0.1% | ||
| Q1 25 | -147.1% | -0.0% | ||
| Q4 24 | -697.5% | 4.3% | ||
| Q3 24 | -121.5% | 4.3% | ||
| Q2 24 | -183.0% | 5.0% | ||
| Q1 24 | -245.9% | 4.2% |
每股收益（稀释后）PLUGTHRM
| Q4 25 | $-0.70 | $0.08 | ||
| Q3 25 | $-0.31 | $0.49 | ||
| Q2 25 | $-0.20 | $0.02 | ||
| Q1 25 | $-0.21 | $0.00 | ||
| Q4 24 | $-1.61 | $0.48 | ||
| Q3 24 | $-0.25 | $0.51 | ||
| Q2 24 | $-0.36 | $0.60 | ||
| Q1 24 | $-0.46 | $0.47 |
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 | $160.8M |
| 总债务越低越好 | — | $189.0M |
| 股东权益账面价值 | $978.1M | $720.3M |
| 总资产 | $2.6B | $1.4B |
| 负债/权益比越低杠杆越低 | — | 0.26× |
8季度趋势，按日历期对齐
现金及短期投资PLUGTHRM
| Q4 25 | $368.5M | $160.8M | ||
| Q3 25 | $165.9M | $154.3M | ||
| Q2 25 | $140.7M | $128.3M | ||
| Q1 25 | $295.8M | $163.1M | ||
| Q4 24 | $205.7M | $134.1M | ||
| Q3 24 | $93.9M | $150.6M | ||
| Q2 24 | $62.4M | $123.5M | ||
| Q1 24 | $172.9M | $125.1M |
总债务PLUGTHRM
| Q4 25 | — | $189.0M | ||
| Q3 25 | — | $189.0M | ||
| Q2 25 | — | $209.0M | ||
| Q1 25 | — | $262.0M | ||
| Q4 24 | — | $220.1M | ||
| Q3 24 | $3.9M | $222.1M | ||
| Q2 24 | $3.7M | $222.1M | ||
| Q1 24 | $3.8M | $222.2M |
股东权益PLUGTHRM
| Q4 25 | $978.1M | $720.3M | ||
| Q3 25 | $1.4B | $717.9M | ||
| Q2 25 | $1.7B | $699.7M | ||
| Q1 25 | $1.9B | $646.5M | ||
| Q4 24 | $1.7B | $616.9M | ||
| Q3 24 | $3.0B | $660.7M | ||
| Q2 24 | $3.0B | $640.3M | ||
| Q1 24 | $2.9B | $647.1M |
总资产PLUGTHRM
| Q4 25 | $2.6B | $1.4B | ||
| Q3 25 | $3.1B | $1.4B | ||
| Q2 25 | $3.4B | $1.4B | ||
| Q1 25 | $3.6B | $1.3B | ||
| Q4 24 | $3.6B | $1.2B | ||
| Q3 24 | $4.7B | $1.3B | ||
| Q2 24 | $4.8B | $1.2B | ||
| Q1 24 | $4.8B | $1.3B |
负债/权益比PLUGTHRM
| Q4 25 | — | 0.26× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 0.30× | ||
| Q1 25 | — | 0.41× | ||
| Q4 24 | — | 0.36× | ||
| Q3 24 | 0.00× | 0.34× | ||
| Q2 24 | 0.00× | 0.35× | ||
| Q1 24 | 0.00× | 0.34× |
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 | $29.0M |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $6.7M |
| 自由现金流率自由现金流/营收 | -67.9% | 1.7% |
| 资本支出强度资本支出/营收 | 1.9% | 5.8% |
| 现金转化率经营现金流/净利润 | — | 9.70× |
| 过去12个月自由现金流最近4个季度 | $-647.0M | $61.1M |
8季度趋势，按日历期对齐
经营现金流PLUGTHRM
| Q4 25 | $-148.6M | $29.0M | ||
| Q3 25 | $-89.8M | $56.1M | ||
| Q2 25 | $-191.8M | $45.0M | ||
| Q1 25 | $-105.6M | $-13.3M | ||
| Q4 24 | $-131.2M | $36.6M | ||
| Q3 24 | $-174.9M | $46.3M | ||
| Q2 24 | $-254.7M | $37.1M | ||
| Q1 24 | $-167.7M | $-10.3M |
自由现金流PLUGTHRM
| Q4 25 | $-153.0M | $6.7M | ||
| Q3 25 | $-117.5M | $46.5M | ||
| Q2 25 | $-230.4M | $36.2M | ||
| Q1 25 | $-146.0M | $-28.2M | ||
| Q4 24 | $-165.2M | $13.6M | ||
| Q3 24 | $-234.2M | $26.6M | ||
| Q2 24 | $-356.0M | $17.8M | ||
| Q1 24 | $-260.3M | $-21.6M |
自由现金流率PLUGTHRM
| Q4 25 | -67.9% | 1.7% | ||
| Q3 25 | -66.4% | 12.0% | ||
| Q2 25 | -132.5% | 9.6% | ||
| Q1 25 | -109.2% | -8.0% | ||
| Q4 24 | -86.3% | 3.9% | ||
| Q3 24 | -134.8% | 7.2% | ||
| Q2 24 | -248.4% | 4.7% | ||
| Q1 24 | -216.5% | -6.1% |
资本支出强度PLUGTHRM
| Q4 25 | 1.9% | 5.8% | ||
| Q3 25 | 15.6% | 2.5% | ||
| Q2 25 | 22.2% | 2.4% | ||
| Q1 25 | 30.3% | 4.2% | ||
| Q4 24 | 17.7% | 6.5% | ||
| Q3 24 | 34.1% | 5.3% | ||
| Q2 24 | 70.7% | 5.2% | ||
| Q1 24 | 77.0% | 3.2% |
现金转化率PLUGTHRM
| Q4 25 | — | 9.70× | ||
| Q3 25 | — | 3.75× | ||
| Q2 25 | — | 94.43× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.39× | ||
| Q3 24 | — | 2.90× | ||
| Q2 24 | — | 1.97× | ||
| Q1 24 | — | -0.70× |
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% |
THRM
| Climate Control Seats | $200.9M | 52% |
| Lumbar And Massage Comfort Solutions | $58.5M | 15% |
| Climate Control Interiors | $50.3M | 13% |
| Other Automotive | $27.6M | 7% |
| Valve Systems | $24.1M | 6% |
| Medical Segments | $13.9M | 4% |
| Climate And Comfort Electronics | $7.4M | 2% |
