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PLUG POWER INC（PLUG）与Westrock Coffee Co（WEST）财务数据对比。点击上方公司名可切换其他公司
Westrock Coffee Co的季度营收约是PLUG POWER INC的1.5倍（$339.5M vs $225.2M），Westrock Coffee Co净利率更高（-6.6% vs -375.6%，领先369.0%），Westrock Coffee Co同比增速更快（48.3% vs 17.6%），Westrock Coffee Co自由现金流更多（$27.8M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 32.8%）
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。
Westrock Coffee Co是一家全球化综合咖啡及饮品解决方案供应商，业务覆盖咖啡、茶与功能性饮品的采购、烘焙、生产及分销，为北美及全球其他区域的零售、餐饮和商业客户提供定制化产品及配套服务。
PLUG vs WEST — 直观对比
营收规模更大
WEST
是对方的1.5倍
$225.2M
营收增速更快
WEST
高出30.6%
17.6%
净利率更高
WEST
高出369.0%
-375.6%
自由现金流更多
WEST
多$180.8M
$-153.0M
两年增速更快
PLUG
近两年复合增速
32.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.2M | $339.5M |
| 净利润 | $-846.0M | $-22.6M |
| 毛利率 | 2.4% | 11.5% |
| 营业利润率 | -338.9% | -2.6% |
| 净利率 | -375.6% | -6.6% |
| 营收同比 | 17.6% | 48.3% |
| 净利润同比 | 36.7% | 8.3% |
| 每股收益（稀释后） | $-0.70 | $-0.22 |
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PLUGWEST
| Q4 25 | $225.2M | $339.5M | ||
| Q3 25 | $177.1M | $354.8M | ||
| Q2 25 | $174.0M | $280.9M | ||
| Q1 25 | $133.7M | $213.8M | ||
| Q4 24 | $191.5M | $229.0M | ||
| Q3 24 | $173.7M | $220.9M | ||
| Q2 24 | $143.3M | $208.4M | ||
| Q1 24 | $120.3M | $192.5M |
净利润PLUGWEST
| Q4 25 | $-846.0M | $-22.6M | ||
| Q3 25 | $-361.9M | $-19.1M | ||
| Q2 25 | $-227.1M | $-21.6M | ||
| Q1 25 | $-196.7M | $-27.2M | ||
| Q4 24 | $-1.3B | $-24.6M | ||
| Q3 24 | $-211.2M | $-14.3M | ||
| Q2 24 | $-262.3M | $-17.8M | ||
| Q1 24 | $-295.8M | $-23.7M |
毛利率PLUGWEST
| Q4 25 | 2.4% | 11.5% | ||
| Q3 25 | -67.9% | 11.7% | ||
| Q2 25 | -30.7% | 14.7% | ||
| Q1 25 | -55.3% | 13.6% | ||
| Q4 24 | -122.5% | 16.6% | ||
| Q3 24 | -57.6% | 16.8% | ||
| Q2 24 | -91.6% | 19.9% | ||
| Q1 24 | -132.3% | 19.4% |
营业利润率PLUGWEST
| Q4 25 | -338.9% | -2.6% | ||
| Q3 25 | -197.0% | -2.4% | ||
| Q2 25 | -101.7% | -5.3% | ||
| Q1 25 | -133.5% | -6.1% | ||
| Q4 24 | -678.7% | -4.3% | ||
| Q3 24 | -124.4% | -5.8% | ||
| Q2 24 | -170.7% | -7.9% | ||
| Q1 24 | -215.7% | -5.3% |
净利率PLUGWEST
| Q4 25 | -375.6% | -6.6% | ||
| Q3 25 | -204.4% | -5.4% | ||
| Q2 25 | -130.5% | -7.7% | ||
| Q1 25 | -147.1% | -12.7% | ||
| Q4 24 | -697.5% | -10.7% | ||
| Q3 24 | -121.5% | -6.5% | ||
| Q2 24 | -183.0% | -8.5% | ||
| Q1 24 | -245.9% | -12.3% |
每股收益（稀释后）PLUGWEST
| Q4 25 | $-0.70 | $-0.22 | ||
| Q3 25 | $-0.31 | $-0.20 | ||
| Q2 25 | $-0.20 | $-0.23 | ||
| Q1 25 | $-0.21 | $-0.29 | ||
| Q4 24 | $-1.61 | $-0.26 | ||
| Q3 24 | $-0.25 | $-0.16 | ||
| Q2 24 | $-0.36 | $-0.20 | ||
| Q1 24 | $-0.46 | $-0.27 |
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 | $49.9M |
| 总债务越低越好 | — | $444.1M |
| 股东权益账面价值 | $978.1M | $-1.9M |
| 总资产 | $2.6B | $1.2B |
| 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PLUGWEST
| Q4 25 | $368.5M | $49.9M | ||
| Q3 25 | $165.9M | $34.0M | ||
| Q2 25 | $140.7M | $44.0M | ||
| Q1 25 | $295.8M | $33.1M | ||
| Q4 24 | $205.7M | $26.2M | ||
| Q3 24 | $93.9M | $22.4M | ||
| Q2 24 | $62.4M | $24.3M | ||
| Q1 24 | $172.9M | $12.6M |
总债务PLUGWEST
| Q4 25 | — | $444.1M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $393.1M | ||
| Q3 24 | $3.9M | — | ||
| Q2 24 | $3.7M | — | ||
| Q1 24 | $3.8M | — |
股东权益PLUGWEST
| Q4 25 | $978.1M | $-1.9M | ||
| Q3 25 | $1.4B | $11.4M | ||
| Q2 25 | $1.7B | $18.2M | ||
| Q1 25 | $1.9B | $71.4M | ||
| Q4 24 | $1.7B | $97.5M | ||
| Q3 24 | $3.0B | $110.3M | ||
| Q2 24 | $3.0B | $81.5M | ||
| Q1 24 | $2.9B | $91.7M |
总资产PLUGWEST
| Q4 25 | $2.6B | $1.2B | ||
| Q3 25 | $3.1B | $1.2B | ||
| Q2 25 | $3.4B | $1.2B | ||
| Q1 25 | $3.6B | $1.1B | ||
| Q4 24 | $3.6B | $1.1B | ||
| Q3 24 | $4.7B | $1.1B | ||
| Q2 24 | $4.8B | $1.1B | ||
| Q1 24 | $4.8B | $983.3M |
负债/权益比PLUGWEST
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.03× | ||
| 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 | $36.7M |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $27.8M |
| 自由现金流率自由现金流/营收 | -67.9% | 8.2% |
| 资本支出强度资本支出/营收 | 1.9% | 2.6% |
| 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 | $-107.8M |
8季度趋势，按日历期对齐
经营现金流PLUGWEST
| Q4 25 | $-148.6M | $36.7M | ||
| Q3 25 | $-89.8M | $-26.6M | ||
| Q2 25 | $-191.8M | $-7.0M | ||
| Q1 25 | $-105.6M | $-22.1M | ||
| Q4 24 | $-131.2M | $2.8M | ||
| Q3 24 | $-174.9M | $-332.0K | ||
| Q2 24 | $-254.7M | $-23.7M | ||
| Q1 24 | $-167.7M | $8.0M |
自由现金流PLUGWEST
| Q4 25 | $-153.0M | $27.8M | ||
| Q3 25 | $-117.5M | $-44.7M | ||
| Q2 25 | $-230.4M | $-27.5M | ||
| Q1 25 | $-146.0M | $-63.4M | ||
| Q4 24 | $-165.2M | $-15.4M | ||
| Q3 24 | $-234.2M | $-36.7M | ||
| Q2 24 | $-356.0M | $-59.9M | ||
| Q1 24 | $-260.3M | $-60.9M |
自由现金流率PLUGWEST
| Q4 25 | -67.9% | 8.2% | ||
| Q3 25 | -66.4% | -12.6% | ||
| Q2 25 | -132.5% | -9.8% | ||
| Q1 25 | -109.2% | -29.7% | ||
| Q4 24 | -86.3% | -6.7% | ||
| Q3 24 | -134.8% | -16.6% | ||
| Q2 24 | -248.4% | -28.7% | ||
| Q1 24 | -216.5% | -31.7% |
资本支出强度PLUGWEST
| Q4 25 | 1.9% | 2.6% | ||
| Q3 25 | 15.6% | 5.1% | ||
| Q2 25 | 22.2% | 7.3% | ||
| Q1 25 | 30.3% | 19.3% | ||
| Q4 24 | 17.7% | 7.9% | ||
| Q3 24 | 34.1% | 16.5% | ||
| Q2 24 | 70.7% | 17.4% | ||
| Q1 24 | 77.0% | 35.8% |
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% |
WEST
| Coffee And Tea | $202.6M | 60% |
| Flavors Extracts And Ingredients | $69.6M | 21% |
| Sustainable Sourcing And Traceability Segments | $66.9M | 20% |
