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PLUG POWER INC（PLUG）与再鼎医药（ZLAB）财务数据对比。点击上方公司名可切换其他公司
PLUG POWER INC的季度营收约是再鼎医药的1.8倍（$225.2M vs $127.1M），PLUG POWER INC同比增速更快（17.6% vs 17.1%），再鼎医药自由现金流更多（$-26.7M vs $-153.0M），过去两年PLUG POWER INC的营收复合增速更高（36.8% vs 20.8%）
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。
再鼎医药是一家创新生物制药企业，专注于肿瘤、自身免疫性疾病、感染性疾病等领域创新疗法的研发、生产与商业化，核心市场覆盖大中华区，与全球多家头部生物科技企业合作，为存在未被满足医疗需求的患者提供治疗方案。
PLUG vs ZLAB — 直观对比
营收规模更大
PLUG
是对方的1.8倍
$127.1M
营收增速更快
PLUG
高出0.5%
17.1%
自由现金流更多
ZLAB
多$126.3M
$-153.0M
两年增速更快
PLUG
近两年复合增速
20.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $225.2M | $127.1M |
| 净利润 | $-846.0M | — |
| 毛利率 | 2.4% | 51.0% |
| 营业利润率 | -338.9% | -54.6% |
| 净利率 | -375.6% | — |
| 营收同比 | 17.6% | 17.1% |
| 净利润同比 | 36.7% | — |
| 每股收益（稀释后） | $-0.70 | $-0.05 |
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PLUGZLAB
| Q4 25 | $225.2M | $127.1M | ||
| Q3 25 | $177.1M | $115.4M | ||
| Q2 25 | $174.0M | $109.1M | ||
| Q1 25 | $133.7M | $105.7M | ||
| Q4 24 | $191.5M | $108.5M | ||
| Q3 24 | $173.7M | $101.8M | ||
| Q2 24 | $143.3M | $100.1M | ||
| Q1 24 | $120.3M | $87.1M |
净利润PLUGZLAB
| Q4 25 | $-846.0M | — | ||
| Q3 25 | $-361.9M | $-36.0M | ||
| Q2 25 | $-227.1M | $-40.7M | ||
| Q1 25 | $-196.7M | $-48.4M | ||
| Q4 24 | $-1.3B | — | ||
| Q3 24 | $-211.2M | $-41.7M | ||
| Q2 24 | $-262.3M | $-80.3M | ||
| Q1 24 | $-295.8M | $-53.5M |
毛利率PLUGZLAB
| Q4 25 | 2.4% | 51.0% | ||
| Q3 25 | -67.9% | 59.5% | ||
| Q2 25 | -30.7% | 60.6% | ||
| Q1 25 | -55.3% | 63.6% | ||
| Q4 24 | -122.5% | 61.5% | ||
| Q3 24 | -57.6% | 64.1% | ||
| Q2 24 | -91.6% | 64.9% | ||
| Q1 24 | -132.3% | 61.4% |
营业利润率PLUGZLAB
| Q4 25 | -338.9% | -54.6% | ||
| Q3 25 | -197.0% | -42.3% | ||
| Q2 25 | -101.7% | -50.3% | ||
| Q1 25 | -133.5% | -53.3% | ||
| Q4 24 | -678.7% | -62.6% | ||
| Q3 24 | -124.4% | -66.6% | ||
| Q2 24 | -170.7% | -76.0% | ||
| Q1 24 | -215.7% | -80.7% |
净利率PLUGZLAB
| Q4 25 | -375.6% | — | ||
| Q3 25 | -204.4% | -31.2% | ||
| Q2 25 | -130.5% | -37.3% | ||
| Q1 25 | -147.1% | -45.8% | ||
| Q4 24 | -697.5% | — | ||
| Q3 24 | -121.5% | -40.9% | ||
| Q2 24 | -183.0% | -80.2% | ||
| Q1 24 | -245.9% | -61.4% |
每股收益（稀释后）PLUGZLAB
| Q4 25 | $-0.70 | $-0.05 | ||
| Q3 25 | $-0.31 | $-0.03 | ||
| Q2 25 | $-0.20 | $-0.04 | ||
| Q1 25 | $-0.21 | $-0.04 | ||
| Q4 24 | $-1.61 | $-0.09 | ||
| Q3 24 | $-0.25 | $-0.04 | ||
| Q2 24 | $-0.36 | $-0.08 | ||
| Q1 24 | $-0.46 | $-0.05 |
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 | $689.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $978.1M | $715.5M |
| 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PLUGZLAB
| Q4 25 | $368.5M | $689.6M | ||
| Q3 25 | $165.9M | $717.2M | ||
| Q2 25 | $140.7M | $732.2M | ||
| Q1 25 | $295.8M | $757.3M | ||
| Q4 24 | $205.7M | $779.7M | ||
| Q3 24 | $93.9M | $616.1M | ||
| Q2 24 | $62.4M | $630.0M | ||
| Q1 24 | $172.9M | $650.8M |
总债务PLUGZLAB
| 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PLUGZLAB
| Q4 25 | $978.1M | $715.5M | ||
| Q3 25 | $1.4B | $759.9M | ||
| Q2 25 | $1.7B | $791.7M | ||
| Q1 25 | $1.9B | $810.8M | ||
| Q4 24 | $1.7B | $840.9M | ||
| Q3 24 | $3.0B | $667.7M | ||
| Q2 24 | $3.0B | $704.2M | ||
| Q1 24 | $2.9B | $762.2M |
总资产PLUGZLAB
| Q4 25 | $2.6B | $1.2B | ||
| Q3 25 | $3.1B | $1.2B | ||
| Q2 25 | $3.4B | $1.2B | ||
| Q1 25 | $3.6B | $1.2B | ||
| Q4 24 | $3.6B | $1.2B | ||
| Q3 24 | $4.7B | $985.3M | ||
| Q2 24 | $4.8B | $987.4M | ||
| Q1 24 | $4.8B | $988.4M |
负债/权益比PLUGZLAB
| 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 | $-26.0M |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $-26.7M |
| 自由现金流率自由现金流/营收 | -67.9% | -21.0% |
| 资本支出强度资本支出/营收 | 1.9% | 0.5% |
| 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 | $-158.9M |
8季度趋势，按日历期对齐
经营现金流PLUGZLAB
| Q4 25 | $-148.6M | $-26.0M | ||
| Q3 25 | $-89.8M | $-32.0M | ||
| Q2 25 | $-191.8M | $-31.0M | ||
| Q1 25 | $-105.6M | $-61.7M | ||
| Q4 24 | $-131.2M | $-55.8M | ||
| Q3 24 | $-174.9M | $-26.8M | ||
| Q2 24 | $-254.7M | $-42.2M | ||
| Q1 24 | $-167.7M | $-90.1M |
自由现金流PLUGZLAB
| Q4 25 | $-153.0M | $-26.7M | ||
| Q3 25 | $-117.5M | $-35.0M | ||
| Q2 25 | $-230.4M | $-33.9M | ||
| Q1 25 | $-146.0M | $-63.2M | ||
| Q4 24 | $-165.2M | $-58.4M | ||
| Q3 24 | $-234.2M | $-28.2M | ||
| Q2 24 | $-356.0M | $-42.9M | ||
| Q1 24 | $-260.3M | $-91.1M |
自由现金流率PLUGZLAB
| Q4 25 | -67.9% | -21.0% | ||
| Q3 25 | -66.4% | -30.4% | ||
| Q2 25 | -132.5% | -31.1% | ||
| Q1 25 | -109.2% | -59.9% | ||
| Q4 24 | -86.3% | -53.8% | ||
| Q3 24 | -134.8% | -27.7% | ||
| Q2 24 | -248.4% | -42.9% | ||
| Q1 24 | -216.5% | -104.5% |
资本支出强度PLUGZLAB
| Q4 25 | 1.9% | 0.5% | ||
| Q3 25 | 15.6% | 2.6% | ||
| Q2 25 | 22.2% | 2.6% | ||
| Q1 25 | 30.3% | 1.5% | ||
| Q4 24 | 17.7% | 2.4% | ||
| Q3 24 | 34.1% | 1.3% | ||
| Q2 24 | 70.7% | 0.7% | ||
| Q1 24 | 77.0% | 1.1% |
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% |
ZLAB
| Zejula | $56.0M | 44% |
| Other | $21.9M | 17% |
| Nuzyra | $16.0M | 13% |
| Optune | $11.9M | 9% |
| XACDURO | $10.7M | 8% |
| Qinlock | $9.7M | 8% |
| AUGTYRO | $836.0K | 1% |
