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PLUG POWER INC（PLUG）与Woodward, Inc.（WWD）财务数据对比。点击上方公司名可切换其他公司
Woodward, Inc.的季度营收约是PLUG POWER INC的4.4倍（$996.5M vs $225.2M）。Woodward, Inc.净利率更高（13.4% vs -375.6%，领先389.0%）。Woodward, Inc.同比增速更快（29.0% vs 17.6%）。Woodward, Inc.自由现金流更多（$70.3M vs $-153.0M）。过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 9.2%）
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。
伍德沃德（Woodward, Inc.）是美国的控制系统及组件供应商，业务涵盖产品设计、制造与全链条服务，产品广泛应用于飞机、航空发动机、工业发动机与轮机、发电及移动工业设备领域，同时为国防领域供应军用装置及其他配套设备。
PLUG vs WWD — 直观对比
营收规模更大
WWD
是对方的4.4倍
$225.2M
营收增速更快
WWD
高出11.3%
17.6%
净利率更高
WWD
高出389.0%
-375.6%
自由现金流更多
WWD
多$223.3M
$-153.0M
两年增速更快
PLUG
近两年复合增速
9.2%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $225.2M | $996.5M |
| 净利润 | $-846.0M | $133.7M |
| 毛利率 | 2.4% | 29.3% |
| 营业利润率 | -338.9% | 17.0% |
| 净利率 | -375.6% | 13.4% |
| 营收同比 | 17.6% | 29.0% |
| 净利润同比 | 36.7% | 53.5% |
| 每股收益（稀释后） | $-0.70 | $2.17 |
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PLUGWWD
| Q4 25 | $225.2M | $996.5M | ||
| Q3 25 | $177.1M | $995.3M | ||
| Q2 25 | $174.0M | $915.4M | ||
| Q1 25 | $133.7M | $883.6M | ||
| Q4 24 | $191.5M | $772.7M | ||
| Q3 24 | $173.7M | $854.5M | ||
| Q2 24 | $143.3M | $847.7M | ||
| Q1 24 | $120.3M | $835.3M |
净利润PLUGWWD
| Q4 25 | $-846.0M | $133.7M | ||
| Q3 25 | $-361.9M | $137.6M | ||
| Q2 25 | $-227.1M | $108.4M | ||
| Q1 25 | $-196.7M | $108.9M | ||
| Q4 24 | $-1.3B | $87.1M | ||
| Q3 24 | $-211.2M | $83.3M | ||
| Q2 24 | $-262.3M | $102.1M | ||
| Q1 24 | $-295.8M | $97.6M |
毛利率PLUGWWD
| Q4 25 | 2.4% | 29.3% | ||
| Q3 25 | -67.9% | 27.9% | ||
| Q2 25 | -30.7% | 27.2% | ||
| Q1 25 | -55.3% | 27.2% | ||
| Q4 24 | -122.5% | 24.5% | ||
| Q3 24 | -57.6% | 24.3% | ||
| Q2 24 | -91.6% | 27.1% | ||
| Q1 24 | -132.3% | 28.1% |
营业利润率PLUGWWD
| Q4 25 | -338.9% | 17.0% | ||
| Q3 25 | -197.0% | 16.1% | ||
| Q2 25 | -101.7% | 13.9% | ||
| Q1 25 | -133.5% | 15.0% | ||
| Q4 24 | -678.7% | 13.2% | ||
| Q3 24 | -124.4% | 11.9% | ||
| Q2 24 | -170.7% | 14.4% | ||
| Q1 24 | -215.7% | 14.4% |
净利率PLUGWWD
| Q4 25 | -375.6% | 13.4% | ||
| Q3 25 | -204.4% | 13.8% | ||
| Q2 25 | -130.5% | 11.8% | ||
| Q1 25 | -147.1% | 12.3% | ||
| Q4 24 | -697.5% | 11.3% | ||
| Q3 24 | -121.5% | 9.7% | ||
| Q2 24 | -183.0% | 12.0% | ||
| Q1 24 | -245.9% | 11.7% |
每股收益（稀释后）PLUGWWD
| Q4 25 | $-0.70 | $2.17 | ||
| Q3 25 | $-0.31 | $2.23 | ||
| Q2 25 | $-0.20 | $1.76 | ||
| Q1 25 | $-0.21 | $1.78 | ||
| Q4 24 | $-1.61 | $1.42 | ||
| Q3 24 | $-0.25 | $1.36 | ||
| Q2 24 | $-0.36 | $1.63 | ||
| Q1 24 | $-0.46 | $1.56 |
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 | $454.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $978.1M | $2.6B |
| 总资产 | $2.6B | $4.7B |
| 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PLUGWWD
| Q4 25 | $368.5M | $454.2M | ||
| Q3 25 | $165.9M | $327.4M | ||
| Q2 25 | $140.7M | $473.2M | ||
| Q1 25 | $295.8M | $364.1M | ||
| Q4 24 | $205.7M | $283.7M | ||
| Q3 24 | $93.9M | $282.3M | ||
| Q2 24 | $62.4M | $308.3M | ||
| Q1 24 | $172.9M | $316.9M |
总债务PLUGWWD
| Q4 25 | — | — | ||
| Q3 25 | — | $579.9M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $3.9M | $655.5M | ||
| Q2 24 | $3.7M | — | ||
| Q1 24 | $3.8M | — |
股东权益PLUGWWD
| Q4 25 | $978.1M | $2.6B | ||
| Q3 25 | $1.4B | $2.6B | ||
| Q2 25 | $1.7B | $2.5B | ||
| Q1 25 | $1.9B | $2.3B | ||
| Q4 24 | $1.7B | $2.2B | ||
| Q3 24 | $3.0B | $2.2B | ||
| Q2 24 | $3.0B | $2.2B | ||
| Q1 24 | $2.9B | $2.3B |
总资产PLUGWWD
| Q4 25 | $2.6B | $4.7B | ||
| Q3 25 | $3.1B | $4.6B | ||
| Q2 25 | $3.4B | $4.7B | ||
| Q1 25 | $3.6B | $4.5B | ||
| Q4 24 | $3.6B | $4.3B | ||
| Q3 24 | $4.7B | $4.4B | ||
| Q2 24 | $4.8B | $4.3B | ||
| Q1 24 | $4.8B | $4.4B |
负债/权益比PLUGWWD
| Q4 25 | — | — | ||
| Q3 25 | — | 0.23× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.00× | 0.30× | ||
| 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 | $114.4M |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $70.3M |
| 自由现金流率自由现金流/营收 | -67.9% | 7.1% |
| 资本支出强度资本支出/营收 | 1.9% | 4.4% |
| 现金转化率经营现金流/净利润 | — | 0.86× |
| 过去12个月自由现金流最近4个季度 | $-647.0M | $409.7M |
8季度趋势，按日历期对齐
经营现金流PLUGWWD
| Q4 25 | $-148.6M | $114.4M | ||
| Q3 25 | $-89.8M | $233.3M | ||
| Q2 25 | $-191.8M | $125.6M | ||
| Q1 25 | $-105.6M | $77.8M | ||
| Q4 24 | $-131.2M | $34.5M | ||
| Q3 24 | $-174.9M | $141.8M | ||
| Q2 24 | $-254.7M | $153.2M | ||
| Q1 24 | $-167.7M | $97.3M |
自由现金流PLUGWWD
| Q4 25 | $-153.0M | $70.3M | ||
| Q3 25 | $-117.5M | $180.9M | ||
| Q2 25 | $-230.4M | $99.1M | ||
| Q1 25 | $-146.0M | $59.4M | ||
| Q4 24 | $-165.2M | $942.0K | ||
| Q3 24 | $-234.2M | $117.7M | ||
| Q2 24 | $-356.0M | $137.3M | ||
| Q1 24 | $-260.3M | $82.8M |
自由现金流率PLUGWWD
| Q4 25 | -67.9% | 7.1% | ||
| Q3 25 | -66.4% | 18.2% | ||
| Q2 25 | -132.5% | 10.8% | ||
| Q1 25 | -109.2% | 6.7% | ||
| Q4 24 | -86.3% | 0.1% | ||
| Q3 24 | -134.8% | 13.8% | ||
| Q2 24 | -248.4% | 16.2% | ||
| Q1 24 | -216.5% | 9.9% |
资本支出强度PLUGWWD
| Q4 25 | 1.9% | 4.4% | ||
| Q3 25 | 15.6% | 5.3% | ||
| Q2 25 | 22.2% | 2.9% | ||
| Q1 25 | 30.3% | 2.1% | ||
| Q4 24 | 17.7% | 4.3% | ||
| Q3 24 | 34.1% | 2.8% | ||
| Q2 24 | 70.7% | 1.9% | ||
| Q1 24 | 77.0% | 1.7% |
现金转化率PLUGWWD
| Q4 25 | — | 0.86× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.16× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 0.40× | ||
| Q3 24 | — | 1.70× | ||
| Q2 24 | — | 1.50× | ||
| Q1 24 | — | 1.00× |
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% |
WWD
| Transferred At Point In Time | $253.6M | 25% |
| Commercial OEM | $187.9M | 19% |
| Transportation | $166.3M | 17% |
| Defense OEM | $138.2M | 14% |
| Power Generation | $122.8M | 12% |
| Oil And Gas | $72.4M | 7% |
| Defense Aftermarket | $63.8M | 6% |
