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PLUG POWER INC（PLUG）与Walker & Dunlop, Inc.（WD）财务数据对比。点击上方公司名可切换其他公司
Walker & Dunlop, Inc.的季度营收约是PLUG POWER INC的1.5倍（$340.0M vs $225.2M），Walker & Dunlop, Inc.净利率更高（-12.9% vs -375.6%，领先362.7%），PLUG POWER INC同比增速更快（17.6% vs -0.4%），PLUG POWER INC自由现金流更多（$-153.0M vs $-680.1M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 22.1%）
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。
Walker & Dunlop, Inc.是美国乃至全球规模领先的商业地产金融与咨询服务机构，为客户提供覆盖商业地产领域的多元金融解决方案及专业咨询服务，业务辐射全球多个市场，在行业内拥有深厚的资源积累与广泛的市场认可度。
PLUG vs WD — 直观对比
营收规模更大
WD
是对方的1.5倍
$225.2M
营收增速更快
PLUG
高出18.0%
-0.4%
净利率更高
WD
高出362.7%
-375.6%
自由现金流更多
PLUG
多$527.0M
$-680.1M
两年增速更快
PLUG
近两年复合增速
22.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.2M | $340.0M |
| 净利润 | $-846.0M | $-13.9M |
| 毛利率 | 2.4% | — |
| 营业利润率 | -338.9% | -17.2% |
| 净利率 | -375.6% | -12.9% |
| 营收同比 | 17.6% | -0.4% |
| 净利润同比 | 36.7% | -131.0% |
| 每股收益（稀释后） | $-0.70 | $-0.41 |
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PLUGWD
| Q4 25 | $225.2M | $340.0M | ||
| Q3 25 | $177.1M | $337.7M | ||
| Q2 25 | $174.0M | $319.2M | ||
| Q1 25 | $133.7M | $237.4M | ||
| Q4 24 | $191.5M | $341.5M | ||
| Q3 24 | $173.7M | $292.3M | ||
| Q2 24 | $143.3M | $270.7M | ||
| Q1 24 | $120.3M | $228.1M |
净利润PLUGWD
| Q4 25 | $-846.0M | $-13.9M | ||
| Q3 25 | $-361.9M | $33.5M | ||
| Q2 25 | $-227.1M | $34.0M | ||
| Q1 25 | $-196.7M | $2.8M | ||
| Q4 24 | $-1.3B | $44.8M | ||
| Q3 24 | $-211.2M | $28.8M | ||
| Q2 24 | $-262.3M | $22.7M | ||
| Q1 24 | $-295.8M | $11.9M |
毛利率PLUGWD
| 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PLUGWD
| Q4 25 | -338.9% | -17.2% | ||
| Q3 25 | -197.0% | 13.6% | ||
| Q2 25 | -101.7% | 14.5% | ||
| Q1 25 | -133.5% | 2.2% | ||
| Q4 24 | -678.7% | 15.3% | ||
| Q3 24 | -124.4% | 12.8% | ||
| Q2 24 | -170.7% | 10.4% | ||
| Q1 24 | -215.7% | 6.0% |
净利率PLUGWD
| Q4 25 | -375.6% | -12.9% | ||
| Q3 25 | -204.4% | 9.9% | ||
| Q2 25 | -130.5% | 10.6% | ||
| Q1 25 | -147.1% | 1.2% | ||
| Q4 24 | -697.5% | 13.1% | ||
| Q3 24 | -121.5% | 9.9% | ||
| Q2 24 | -183.0% | 8.4% | ||
| Q1 24 | -245.9% | 5.2% |
每股收益（稀释后）PLUGWD
| Q4 25 | $-0.70 | $-0.41 | ||
| Q3 25 | $-0.31 | $0.98 | ||
| Q2 25 | $-0.20 | $0.99 | ||
| Q1 25 | $-0.21 | $0.08 | ||
| Q4 24 | $-1.61 | $1.32 | ||
| Q3 24 | $-0.25 | $0.85 | ||
| Q2 24 | $-0.36 | $0.67 | ||
| Q1 24 | $-0.46 | $0.35 |
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 | $299.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $978.1M | $1.7B |
| 总资产 | $2.6B | $5.1B |
| 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PLUGWD
| Q4 25 | $368.5M | $299.3M | ||
| Q3 25 | $165.9M | $274.8M | ||
| Q2 25 | $140.7M | $233.7M | ||
| Q1 25 | $295.8M | $181.0M | ||
| Q4 24 | $205.7M | $279.3M | ||
| Q3 24 | $93.9M | $179.8M | ||
| Q2 24 | $62.4M | $208.1M | ||
| Q1 24 | $172.9M | $216.5M |
总债务PLUGWD
| 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PLUGWD
| Q4 25 | $978.1M | $1.7B | ||
| Q3 25 | $1.4B | $1.8B | ||
| Q2 25 | $1.7B | $1.8B | ||
| Q1 25 | $1.9B | $1.7B | ||
| Q4 24 | $1.7B | $1.7B | ||
| Q3 24 | $3.0B | $1.7B | ||
| Q2 24 | $3.0B | $1.7B | ||
| Q1 24 | $2.9B | $1.7B |
总资产PLUGWD
| Q4 25 | $2.6B | $5.1B | ||
| Q3 25 | $3.1B | $5.8B | ||
| Q2 25 | $3.4B | $4.7B | ||
| Q1 25 | $3.6B | $4.5B | ||
| Q4 24 | $3.6B | $4.4B | ||
| Q3 24 | $4.7B | $4.6B | ||
| Q2 24 | $4.8B | $4.2B | ||
| Q1 24 | $4.8B | $3.8B |
负债/权益比PLUGWD
| 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 | $-664.3M |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $-680.1M |
| 自由现金流率自由现金流/营收 | -67.9% | -200.0% |
| 资本支出强度资本支出/营收 | 1.9% | 4.6% |
| 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 | $-2.2B |
8季度趋势，按日历期对齐
经营现金流PLUGWD
| Q4 25 | $-148.6M | $-664.3M | ||
| Q3 25 | $-89.8M | $-948.1M | ||
| Q2 25 | $-191.8M | $-238.5M | ||
| Q1 25 | $-105.6M | $-281.1M | ||
| Q4 24 | $-131.2M | $129.4M | ||
| Q3 24 | $-174.9M | $-202.0M | ||
| Q2 24 | $-254.7M | $-237.8M | ||
| Q1 24 | $-167.7M | $38.4M |
自由现金流PLUGWD
| Q4 25 | $-153.0M | $-680.1M | ||
| Q3 25 | $-117.5M | $-950.4M | ||
| Q2 25 | $-230.4M | $-241.0M | ||
| Q1 25 | $-146.0M | $-284.7M | ||
| Q4 24 | $-165.2M | $116.4M | ||
| Q3 24 | $-234.2M | $-204.0M | ||
| Q2 24 | $-356.0M | $-241.7M | ||
| Q1 24 | $-260.3M | $35.2M |
自由现金流率PLUGWD
| Q4 25 | -67.9% | -200.0% | ||
| Q3 25 | -66.4% | -281.5% | ||
| Q2 25 | -132.5% | -75.5% | ||
| Q1 25 | -109.2% | -120.0% | ||
| Q4 24 | -86.3% | 34.1% | ||
| Q3 24 | -134.8% | -69.8% | ||
| Q2 24 | -248.4% | -89.3% | ||
| Q1 24 | -216.5% | 15.4% |
资本支出强度PLUGWD
| Q4 25 | 1.9% | 4.6% | ||
| Q3 25 | 15.6% | 0.7% | ||
| Q2 25 | 22.2% | 0.8% | ||
| Q1 25 | 30.3% | 1.5% | ||
| Q4 24 | 17.7% | 3.8% | ||
| Q3 24 | 34.1% | 0.7% | ||
| Q2 24 | 70.7% | 1.4% | ||
| Q1 24 | 77.0% | 1.4% |
现金转化率PLUGWD
| Q4 25 | — | — | ||
| Q3 25 | — | -28.34× | ||
| Q2 25 | — | -7.02× | ||
| Q1 25 | — | -102.07× | ||
| Q4 24 | — | 2.89× | ||
| Q3 24 | — | -7.01× | ||
| Q2 24 | — | -10.49× | ||
| Q1 24 | — | 3.24× |
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% |
WD
暂无分部数据
