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Antero Midstream Corp（AM）与Energy Transfer LP（ET）财务数据对比。点击上方公司名可切换其他公司
Energy Transfer LP的季度营收约是Antero Midstream Corp的85.3倍（$25.3B vs $297.0M）。Antero Midstream Corp净利率更高（17.5% vs 3.7%，领先13.8%）。Energy Transfer LP同比增速更快（29.6% vs 3.3%）。过去两年Energy Transfer LP的营收复合增速更高（8.2% vs 3.2%）
Antero Midstream Corp是美国能源企业，注册地为特拉华州，总部设于科罗拉多州丹佛市。公司全部油气储量均位于阿巴拉契亚盆地，采用水力压裂技术开采，核心业务涵盖油气勘探开发相关领域。
Energy Transfer LP是美国知名能源基础设施运营商，1996年成立，总部位于得克萨斯州达拉斯，主营天然气、原油、液化天然气、成品油等能源产品的管道运输、存储、终端运营及天然气凝析液分馏业务，为公开上市的有限合伙企业。
AM vs ET — 直观对比
营收规模更大
ET
是对方的85.3倍
$297.0M
营收增速更快
ET
高出26.3%
3.3%
净利率更高
AM
高出13.8%
3.7%
两年增速更快
ET
近两年复合增速
3.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $297.0M | $25.3B |
| 净利润 | $51.9M | $928.0M |
| 毛利率 | — | 23.3% |
| 营业利润率 | 33.8% | 8.2% |
| 净利率 | 17.5% | 3.7% |
| 营收同比 | 3.3% | 29.6% |
| 净利润同比 | -53.3% | -13.8% |
| 每股收益（稀释后） | $0.11 | — |
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AMET
| Q4 25 | $297.0M | $25.3B | ||
| Q3 25 | $294.8M | $20.0B | ||
| Q2 25 | $305.5M | $19.2B | ||
| Q1 25 | $291.1M | $21.0B | ||
| Q4 24 | $287.5M | $19.5B | ||
| Q3 24 | $269.9M | $20.8B | ||
| Q2 24 | $269.8M | $20.7B | ||
| Q1 24 | $279.1M | $21.6B |
净利润AMET
| Q4 25 | $51.9M | $928.0M | ||
| Q3 25 | $116.0M | $1.0B | ||
| Q2 25 | $124.5M | $1.2B | ||
| Q1 25 | $120.7M | $1.3B | ||
| Q4 24 | $111.2M | $1.1B | ||
| Q3 24 | $99.7M | $1.2B | ||
| Q2 24 | $86.0M | $1.3B | ||
| Q1 24 | $103.9M | $1.2B |
毛利率AMET
| Q4 25 | — | 23.3% | ||
| Q3 25 | — | 27.0% | ||
| Q2 25 | — | 27.5% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 27.6% | ||
| Q3 24 | — | 24.8% | ||
| Q2 24 | — | 24.7% | ||
| Q1 24 | — | 23.3% |
营业利润率AMET
| Q4 25 | 33.8% | 8.2% | ||
| Q3 25 | 61.2% | 10.8% | ||
| Q2 25 | 61.0% | 12.0% | ||
| Q1 25 | 60.9% | 11.9% | ||
| Q4 24 | 61.8% | 11.7% | ||
| Q3 24 | 60.2% | 10.5% | ||
| Q2 24 | 56.6% | 11.1% | ||
| Q1 24 | 59.6% | 11.0% |
净利率AMET
| Q4 25 | 17.5% | 3.7% | ||
| Q3 25 | 39.3% | 5.1% | ||
| Q2 25 | 40.8% | 6.0% | ||
| Q1 25 | 41.5% | 6.3% | ||
| Q4 24 | 38.7% | 5.5% | ||
| Q3 24 | 37.0% | 5.7% | ||
| Q2 24 | 31.9% | 6.3% | ||
| Q1 24 | 37.2% | 5.7% |
每股收益（稀释后）AMET
| Q4 25 | $0.11 | — | ||
| Q3 25 | $0.24 | — | ||
| Q2 25 | $0.26 | — | ||
| Q1 25 | $0.25 | — | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $0.21 | — | ||
| Q2 24 | $0.18 | — | ||
| Q1 24 | $0.21 | — |
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 | $180.4M | $1.3B |
| 总债务越低越好 | $3.2B | $68.3B |
| 股东权益账面价值 | $2.0B | $49.0B |
| 总资产 | $5.9B | $141.3B |
| 负债/权益比越低杠杆越低 | 1.63× | 1.39× |
8季度趋势，按日历期对齐
现金及短期投资AMET
| Q4 25 | $180.4M | $1.3B | ||
| Q3 25 | — | $3.6B | ||
| Q2 25 | — | $242.0M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $312.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $26.1M | — |
总债务AMET
| Q4 25 | $3.2B | $68.3B | ||
| Q3 25 | $3.0B | $63.1B | ||
| Q2 25 | $3.0B | $60.8B | ||
| Q1 25 | $3.1B | $59.8B | ||
| Q4 24 | $3.1B | $59.8B | ||
| Q3 24 | $3.2B | $59.3B | ||
| Q2 24 | $3.2B | $57.6B | ||
| Q1 24 | $3.2B | $53.5B |
股东权益AMET
| Q4 25 | $2.0B | $49.0B | ||
| Q3 25 | $2.1B | $45.3B | ||
| Q2 25 | $2.1B | $45.5B | ||
| Q1 25 | $2.1B | $46.2B | ||
| Q4 24 | $2.1B | $46.0B | ||
| Q3 24 | $2.1B | $46.2B | ||
| Q2 24 | $2.1B | $45.5B | ||
| Q1 24 | $2.2B | $43.8B |
总资产AMET
| Q4 25 | $5.9B | $141.3B | ||
| Q3 25 | $5.7B | $129.3B | ||
| Q2 25 | $5.7B | $125.0B | ||
| Q1 25 | $5.8B | $126.4B | ||
| Q4 24 | $5.8B | $125.4B | ||
| Q3 24 | $5.8B | $124.4B | ||
| Q2 24 | $5.8B | $121.3B | ||
| Q1 24 | $5.7B | $115.8B |
负债/权益比AMET
| Q4 25 | 1.63× | 1.39× | ||
| Q3 25 | 1.46× | 1.39× | ||
| Q2 25 | 1.45× | 1.33× | ||
| Q1 25 | 1.49× | 1.30× | ||
| Q4 24 | 1.47× | 1.30× | ||
| Q3 24 | 1.49× | 1.28× | ||
| Q2 24 | 1.50× | 1.27× | ||
| Q1 24 | 1.48× | 1.22× |
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 | $255.5M | $1.9B |
| 自由现金流经营现金流 - 资本支出 | — | $-225.0M |
| 自由现金流率自由现金流/营收 | — | -0.9% |
| 资本支出强度资本支出/营收 | — | 8.4% |
| 现金转化率经营现金流/净利润 | 4.92× | 2.05× |
| 过去12个月自由现金流最近4个季度 | — | $3.8B |
8季度趋势，按日历期对齐
经营现金流AMET
| Q4 25 | $255.5M | $1.9B | ||
| Q3 25 | $212.8M | $2.6B | ||
| Q2 25 | $265.2M | $2.8B | ||
| Q1 25 | $198.9M | $2.9B | ||
| Q4 24 | $232.7M | $2.6B | ||
| Q3 24 | $184.9M | $2.9B | ||
| Q2 24 | $215.8M | $2.3B | ||
| Q1 24 | $210.6M | $3.8B |
自由现金流AMET
| Q4 25 | — | $-225.0M | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | $184.3M | $1.8B | ||
| Q2 24 | $147.2M | $1.5B | ||
| Q1 24 | $208.5M | $3.0B |
自由现金流率AMET
| Q4 25 | — | -0.9% | ||
| Q3 25 | — | 6.4% | ||
| Q2 25 | — | 5.7% | ||
| Q1 25 | — | 8.1% | ||
| Q4 24 | — | 5.7% | ||
| Q3 24 | 68.3% | 8.6% | ||
| Q2 24 | 54.6% | 7.0% | ||
| Q1 24 | 74.7% | 13.8% |
资本支出强度AMET
| Q4 25 | — | 8.4% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | — | 8.6% | ||
| Q1 25 | — | 5.8% | ||
| Q4 24 | 0.0% | 7.5% | ||
| Q3 24 | 0.2% | 5.2% | ||
| Q2 24 | 25.4% | 3.9% | ||
| Q1 24 | 0.7% | 3.7% |
现金转化率AMET
| Q4 25 | 4.92× | 2.05× | ||
| Q3 25 | 1.84× | 2.52× | ||
| Q2 25 | 2.13× | 2.37× | ||
| Q1 25 | 1.65× | 2.20× | ||
| Q4 24 | 2.09× | 2.40× | ||
| Q3 24 | 1.85× | 2.43× | ||
| Q2 24 | 2.51× | 1.73× | ||
| Q1 24 | 2.03× | 3.04× |
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
AM
| Gathering Low Pressure | $114.2M | 38% |
| Natural Gas Water Handling And Treatment Affiliate | $63.2M | 21% |
| Water Handling | $55.7M | 19% |
| Fresh Water Delivery | $37.2M | 13% |
| Other Fluid Handling | $26.9M | 9% |
ET
| Investment In Sunoco LP | $8.6B | 34% |
| NG Landrefinedproductstransportationandservices | $6.2B | 24% |
| NG Lsales | $4.6B | 18% |
| Midstream | $2.7B | 11% |
| Other | $900.0M | 4% |
| External Customers | $805.0M | 3% |
| Interstate Transportation And Storage | $631.0M | 2% |
| Investment In USAC | $252.0M | 1% |
| Intersegment | $97.0M | 0% |
