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PLUG POWER INC（PLUG）与GeneDx Holdings Corp.（WGS）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GeneDx Holdings Corp.的1.9倍（$225.2M vs $121.0M），GeneDx Holdings Corp.净利率更高（-14.6% vs -375.6%，领先361.0%），GeneDx Holdings Corp.同比增速更快（26.5% vs 17.6%），GeneDx Holdings Corp.自由现金流更多（$-7.4M vs $-153.0M），过去两年GeneDx Holdings Corp.的营收复合增速更高（39.2% vs 36.8%）
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。
GeneDx是一家基因检测企业，2000年由美国国立卫生研究院（NIH）的两位科学家Sherri Bale和John Compton创立，创立初衷是为当时没有商业化检测方案的罕见病及极罕见病患者和家属提供临床诊断服务。公司最初设立于马里兰州及该州蒙哥马利县扶持的生物技术孵化器技术开发中心。
PLUG vs WGS — 直观对比
营收规模更大
PLUG
是对方的1.9倍
$121.0M
营收增速更快
WGS
高出8.9%
17.6%
净利率更高
WGS
高出361.0%
-375.6%
自由现金流更多
WGS
多$145.6M
$-153.0M
两年增速更快
WGS
近两年复合增速
36.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.2M | $121.0M |
| 净利润 | $-846.0M | $-17.7M |
| 毛利率 | 2.4% | 69.6% |
| 营业利润率 | -338.9% | -11.8% |
| 净利率 | -375.6% | -14.6% |
| 营收同比 | 17.6% | 26.5% |
| 净利润同比 | 36.7% | -424.9% |
| 每股收益（稀释后） | $-0.70 | $-0.59 |
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PLUGWGS
| Q4 25 | $225.2M | $121.0M | ||
| Q3 25 | $177.1M | $116.7M | ||
| Q2 25 | $174.0M | $102.7M | ||
| Q1 25 | $133.7M | $87.1M | ||
| Q4 24 | $191.5M | $95.6M | ||
| Q3 24 | $173.7M | $76.9M | ||
| Q2 24 | $143.3M | $70.5M | ||
| Q1 24 | $120.3M | $62.4M |
净利润PLUGWGS
| Q4 25 | $-846.0M | $-17.7M | ||
| Q3 25 | $-361.9M | $-7.6M | ||
| Q2 25 | $-227.1M | $10.8M | ||
| Q1 25 | $-196.7M | $-6.5M | ||
| Q4 24 | $-1.3B | $5.4M | ||
| Q3 24 | $-211.2M | $-8.3M | ||
| Q2 24 | $-262.3M | $-29.2M | ||
| Q1 24 | $-295.8M | $-20.2M |
毛利率PLUGWGS
| Q4 25 | 2.4% | 69.6% | ||
| Q3 25 | -67.9% | 72.4% | ||
| Q2 25 | -30.7% | 69.0% | ||
| Q1 25 | -55.3% | 67.1% | ||
| Q4 24 | -122.5% | 69.2% | ||
| Q3 24 | -57.6% | 62.2% | ||
| Q2 24 | -91.6% | 60.9% | ||
| Q1 24 | -132.3% | 59.9% |
营业利润率PLUGWGS
| Q4 25 | -338.9% | -11.8% | ||
| Q3 25 | -197.0% | -2.8% | ||
| Q2 25 | -101.7% | 8.7% | ||
| Q1 25 | -133.5% | -5.2% | ||
| Q4 24 | -678.7% | 9.2% | ||
| Q3 24 | -124.4% | -10.1% | ||
| Q2 24 | -170.7% | -15.0% | ||
| Q1 24 | -215.7% | -21.9% |
净利率PLUGWGS
| Q4 25 | -375.6% | -14.6% | ||
| Q3 25 | -204.4% | -6.5% | ||
| Q2 25 | -130.5% | 10.5% | ||
| Q1 25 | -147.1% | -7.5% | ||
| Q4 24 | -697.5% | 5.7% | ||
| Q3 24 | -121.5% | -10.8% | ||
| Q2 24 | -183.0% | -41.4% | ||
| Q1 24 | -245.9% | -32.4% |
每股收益（稀释后）PLUGWGS
| Q4 25 | $-0.70 | $-0.59 | ||
| Q3 25 | $-0.31 | $-0.27 | ||
| Q2 25 | $-0.20 | $0.36 | ||
| Q1 25 | $-0.21 | $-0.23 | ||
| Q4 24 | $-1.61 | $0.25 | ||
| Q3 24 | $-0.25 | $-0.31 | ||
| Q2 24 | $-0.36 | $-1.10 | ||
| Q1 24 | $-0.46 | $-0.78 |
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 | $171.3M |
| 总债务越低越好 | — | $54.5M |
| 股东权益账面价值 | $978.1M | $308.2M |
| 总资产 | $2.6B | $523.7M |
| 负债/权益比越低杠杆越低 | — | 0.18× |
8季度趋势，按日历期对齐
现金及短期投资PLUGWGS
| Q4 25 | $368.5M | $171.3M | ||
| Q3 25 | $165.9M | $155.1M | ||
| Q2 25 | $140.7M | $134.6M | ||
| Q1 25 | $295.8M | $159.2M | ||
| Q4 24 | $205.7M | $141.2M | ||
| Q3 24 | $93.9M | $116.5M | ||
| Q2 24 | $62.4M | $106.9M | ||
| Q1 24 | $172.9M | $112.9M |
总债务PLUGWGS
| Q4 25 | — | $54.5M | ||
| Q3 25 | — | $54.8M | ||
| Q2 25 | — | $55.1M | ||
| Q1 25 | — | $55.5M | ||
| Q4 24 | — | $55.8M | ||
| Q3 24 | $3.9M | $56.1M | ||
| Q2 24 | $3.7M | $56.3M | ||
| Q1 24 | $3.8M | $56.3M |
股东权益PLUGWGS
| Q4 25 | $978.1M | $308.2M | ||
| Q3 25 | $1.4B | $292.3M | ||
| Q2 25 | $1.7B | $277.1M | ||
| Q1 25 | $1.9B | $257.4M | ||
| Q4 24 | $1.7B | $245.2M | ||
| Q3 24 | $3.0B | $204.5M | ||
| Q2 24 | $3.0B | $194.0M | ||
| Q1 24 | $2.9B | $207.2M |
总资产PLUGWGS
| Q4 25 | $2.6B | $523.7M | ||
| Q3 25 | $3.1B | $493.9M | ||
| Q2 25 | $3.4B | $463.9M | ||
| Q1 25 | $3.6B | $446.4M | ||
| Q4 24 | $3.6B | $419.4M | ||
| Q3 24 | $4.7B | $408.8M | ||
| Q2 24 | $4.8B | $389.1M | ||
| Q1 24 | $4.8B | $394.5M |
负债/权益比PLUGWGS
| Q4 25 | — | 0.18× | ||
| Q3 25 | — | 0.19× | ||
| Q2 25 | — | 0.20× | ||
| Q1 25 | — | 0.22× | ||
| Q4 24 | — | 0.23× | ||
| Q3 24 | 0.00× | 0.27× | ||
| Q2 24 | 0.00× | 0.29× | ||
| Q1 24 | 0.00× | 0.27× |
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 | $-3.1M |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $-7.4M |
| 自由现金流率自由现金流/营收 | -67.9% | -6.1% |
| 资本支出强度资本支出/营收 | 1.9% | 3.6% |
| 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 | $14.3M |
8季度趋势，按日历期对齐
经营现金流PLUGWGS
| Q4 25 | $-148.6M | $-3.1M | ||
| Q3 25 | $-89.8M | $15.8M | ||
| Q2 25 | $-191.8M | $10.4M | ||
| Q1 25 | $-105.6M | $10.2M | ||
| Q4 24 | $-131.2M | $-3.2M | ||
| Q3 24 | $-174.9M | $-4.4M | ||
| Q2 24 | $-254.7M | $-4.5M | ||
| Q1 24 | $-167.7M | $-16.4M |
自由现金流PLUGWGS
| Q4 25 | $-153.0M | $-7.4M | ||
| Q3 25 | $-117.5M | $9.6M | ||
| Q2 25 | $-230.4M | $8.1M | ||
| Q1 25 | $-146.0M | $4.1M | ||
| Q4 24 | $-165.2M | $-6.2M | ||
| Q3 24 | $-234.2M | $-5.0M | ||
| Q2 24 | $-356.0M | $-5.9M | ||
| Q1 24 | $-260.3M | $-16.9M |
自由现金流率PLUGWGS
| Q4 25 | -67.9% | -6.1% | ||
| Q3 25 | -66.4% | 8.2% | ||
| Q2 25 | -132.5% | 7.8% | ||
| Q1 25 | -109.2% | 4.7% | ||
| Q4 24 | -86.3% | -6.5% | ||
| Q3 24 | -134.8% | -6.6% | ||
| Q2 24 | -248.4% | -8.3% | ||
| Q1 24 | -216.5% | -27.0% |
资本支出强度PLUGWGS
| Q4 25 | 1.9% | 3.6% | ||
| Q3 25 | 15.6% | 5.3% | ||
| Q2 25 | 22.2% | 2.3% | ||
| Q1 25 | 30.3% | 7.0% | ||
| Q4 24 | 17.7% | 3.2% | ||
| Q3 24 | 34.1% | 0.8% | ||
| Q2 24 | 70.7% | 1.9% | ||
| Q1 24 | 77.0% | 0.7% |
现金转化率PLUGWGS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.96× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -0.59× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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% |
WGS
| Diagnostic Test Third Party Insurance | $101.1M | 84% |
| Diagnostic Test Institutional Customers | $15.5M | 13% |
| Other | $3.4M | 3% |
