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PLUG POWER INC（PLUG）与WD 40 CO（WDFC）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WD 40 CO的1.5倍（$225.2M vs $154.4M），WD 40 CO净利率更高（11.3% vs -375.6%，领先386.9%），PLUG POWER INC同比增速更快（17.6% vs 0.6%），WD 40 CO自由现金流更多（$9.1M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 5.4%）
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。
WD-40公司是全球知名的消费及工业维护用品生产商，核心产品为同名多功能防锈润滑剂，同时布局清洁剂、除油剂、特殊润滑产品等品类，业务覆盖全球170余个国家和地区，服务零售、工业、汽车后市场等多个领域。
PLUG vs WDFC — 直观对比
营收规模更大
PLUG
是对方的1.5倍
$154.4M
营收增速更快
PLUG
高出17.0%
0.6%
净利率更高
WDFC
高出386.9%
-375.6%
自由现金流更多
WDFC
多$162.1M
$-153.0M
两年增速更快
PLUG
近两年复合增速
5.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $225.2M | $154.4M |
| 净利润 | $-846.0M | $17.5M |
| 毛利率 | 2.4% | 56.2% |
| 营业利润率 | -338.9% | 15.1% |
| 净利率 | -375.6% | 11.3% |
| 营收同比 | 17.6% | 0.6% |
| 净利润同比 | 36.7% | -7.8% |
| 每股收益（稀释后） | $-0.70 | $1.28 |
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PLUGWDFC
| Q4 25 | $225.2M | $154.4M | ||
| Q3 25 | $177.1M | $163.5M | ||
| Q2 25 | $174.0M | $156.9M | ||
| Q1 25 | $133.7M | $146.1M | ||
| Q4 24 | $191.5M | $153.5M | ||
| Q3 24 | $173.7M | $156.0M | ||
| Q2 24 | $143.3M | $155.0M | ||
| Q1 24 | $120.3M | $139.1M |
净利润PLUGWDFC
| Q4 25 | $-846.0M | $17.5M | ||
| Q3 25 | $-361.9M | $21.2M | ||
| Q2 25 | $-227.1M | $21.0M | ||
| Q1 25 | $-196.7M | $29.9M | ||
| Q4 24 | $-1.3B | $18.9M | ||
| Q3 24 | $-211.2M | $16.8M | ||
| Q2 24 | $-262.3M | $19.8M | ||
| Q1 24 | $-295.8M | $15.5M |
毛利率PLUGWDFC
| Q4 25 | 2.4% | 56.2% | ||
| Q3 25 | -67.9% | 54.7% | ||
| Q2 25 | -30.7% | 56.2% | ||
| Q1 25 | -55.3% | 54.6% | ||
| Q4 24 | -122.5% | 54.8% | ||
| Q3 24 | -57.6% | 54.1% | ||
| Q2 24 | -91.6% | 53.1% | ||
| Q1 24 | -132.3% | 52.4% |
营业利润率PLUGWDFC
| Q4 25 | -338.9% | 15.1% | ||
| Q3 25 | -197.0% | 17.1% | ||
| Q2 25 | -101.7% | 17.4% | ||
| Q1 25 | -133.5% | 15.9% | ||
| Q4 24 | -678.7% | 16.4% | ||
| Q3 24 | -124.4% | 15.4% | ||
| Q2 24 | -170.7% | 17.5% | ||
| Q1 24 | -215.7% | 15.1% |
净利率PLUGWDFC
| Q4 25 | -375.6% | 11.3% | ||
| Q3 25 | -204.4% | 13.0% | ||
| Q2 25 | -130.5% | 13.4% | ||
| Q1 25 | -147.1% | 20.4% | ||
| Q4 24 | -697.5% | 12.3% | ||
| Q3 24 | -121.5% | 10.8% | ||
| Q2 24 | -183.0% | 12.8% | ||
| Q1 24 | -245.9% | 11.2% |
每股收益（稀释后）PLUGWDFC
| Q4 25 | $-0.70 | $1.28 | ||
| Q3 25 | $-0.31 | $1.57 | ||
| Q2 25 | $-0.20 | $1.54 | ||
| Q1 25 | $-0.21 | $2.19 | ||
| Q4 24 | $-1.61 | $1.39 | ||
| Q3 24 | $-0.25 | $1.23 | ||
| Q2 24 | $-0.36 | $1.46 | ||
| Q1 24 | $-0.46 | $1.14 |
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 | $48.6M |
| 总债务越低越好 | — | $85.7M |
| 股东权益账面价值 | $978.1M | $264.1M |
| 总资产 | $2.6B | $459.7M |
| 负债/权益比越低杠杆越低 | — | 0.32× |
8季度趋势，按日历期对齐
现金及短期投资PLUGWDFC
| Q4 25 | $368.5M | $48.6M | ||
| Q3 25 | $165.9M | $58.1M | ||
| Q2 25 | $140.7M | $51.7M | ||
| Q1 25 | $295.8M | $53.0M | ||
| Q4 24 | $205.7M | $54.9M | ||
| Q3 24 | $93.9M | $46.7M | ||
| Q2 24 | $62.4M | $45.3M | ||
| Q1 24 | $172.9M | $55.4M |
总债务PLUGWDFC
| Q4 25 | — | $85.7M | ||
| Q3 25 | — | $86.2M | ||
| Q2 25 | — | $85.6M | ||
| Q1 25 | — | $84.4M | ||
| Q4 24 | — | $84.6M | ||
| Q3 24 | $3.9M | $86.0M | ||
| Q2 24 | $3.7M | $85.5M | ||
| Q1 24 | $3.8M | $85.9M |
股东权益PLUGWDFC
| Q4 25 | $978.1M | $264.1M | ||
| Q3 25 | $1.4B | $268.2M | ||
| Q2 25 | $1.7B | $257.1M | ||
| Q1 25 | $1.9B | $242.1M | ||
| Q4 24 | $1.7B | $226.3M | ||
| Q3 24 | $3.0B | $230.5M | ||
| Q2 24 | $3.0B | $222.2M | ||
| Q1 24 | $2.9B | $216.3M |
总资产PLUGWDFC
| Q4 25 | $2.6B | $459.7M | ||
| Q3 25 | $3.1B | $475.8M | ||
| Q2 25 | $3.4B | $456.0M | ||
| Q1 25 | $3.6B | $458.3M | ||
| Q4 24 | $3.6B | $447.3M | ||
| Q3 24 | $4.7B | $449.0M | ||
| Q2 24 | $4.8B | $443.6M | ||
| Q1 24 | $4.8B | $442.0M |
负债/权益比PLUGWDFC
| Q4 25 | — | 0.32× | ||
| Q3 25 | — | 0.32× | ||
| Q2 25 | — | 0.33× | ||
| Q1 25 | — | 0.35× | ||
| Q4 24 | — | 0.37× | ||
| Q3 24 | 0.00× | 0.37× | ||
| Q2 24 | 0.00× | 0.38× | ||
| Q1 24 | 0.00× | 0.40× |
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 | $10.0M |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $9.1M |
| 自由现金流率自由现金流/营收 | -67.9% | 5.9% |
| 资本支出强度资本支出/营收 | 1.9% | 0.6% |
| 现金转化率经营现金流/净利润 | — | 0.57× |
| 过去12个月自由现金流最近4个季度 | $-647.0M | $78.2M |
8季度趋势，按日历期对齐
经营现金流PLUGWDFC
| Q4 25 | $-148.6M | $10.0M | ||
| Q3 25 | $-89.8M | $29.9M | ||
| Q2 25 | $-191.8M | $35.1M | ||
| Q1 25 | $-105.6M | $8.0M | ||
| Q4 24 | $-131.2M | $14.9M | ||
| Q3 24 | $-174.9M | $27.2M | ||
| Q2 24 | $-254.7M | $19.9M | ||
| Q1 24 | $-167.7M | $18.0M |
自由现金流PLUGWDFC
| Q4 25 | $-153.0M | $9.1M | ||
| Q3 25 | $-117.5M | $28.6M | ||
| Q2 25 | $-230.4M | $34.0M | ||
| Q1 25 | $-146.0M | $6.6M | ||
| Q4 24 | $-165.2M | $14.2M | ||
| Q3 24 | $-234.2M | $26.4M | ||
| Q2 24 | $-356.0M | $18.7M | ||
| Q1 24 | $-260.3M | $16.7M |
自由现金流率PLUGWDFC
| Q4 25 | -67.9% | 5.9% | ||
| Q3 25 | -66.4% | 17.5% | ||
| Q2 25 | -132.5% | 21.6% | ||
| Q1 25 | -109.2% | 4.5% | ||
| Q4 24 | -86.3% | 9.3% | ||
| Q3 24 | -134.8% | 16.9% | ||
| Q2 24 | -248.4% | 12.0% | ||
| Q1 24 | -216.5% | 12.0% |
资本支出强度PLUGWDFC
| Q4 25 | 1.9% | 0.6% | ||
| Q3 25 | 15.6% | 0.8% | ||
| Q2 25 | 22.2% | 0.7% | ||
| Q1 25 | 30.3% | 0.9% | ||
| Q4 24 | 17.7% | 0.5% | ||
| Q3 24 | 34.1% | 0.5% | ||
| Q2 24 | 70.7% | 0.8% | ||
| Q1 24 | 77.0% | 0.9% |
现金转化率PLUGWDFC
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | 1.41× | ||
| Q2 25 | — | 1.67× | ||
| Q1 25 | — | 0.27× | ||
| Q4 24 | — | 0.79× | ||
| Q3 24 | — | 1.62× | ||
| Q2 24 | — | 1.00× | ||
| Q1 24 | — | 1.16× |
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% |
WDFC
| Other | $82.6M | 53% |
| WD40Multi Use Product | $56.0M | 36% |
| WD40Specialist | $9.0M | 6% |
| Other Maintenance Products | $4.0M | 3% |
| Homecare And Cleaning Products | $2.7M | 2% |
