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Antero Midstream Corp（AM）与MARTIN MIDSTREAM PARTNERS L.P.（MMLP）财务数据对比。点击上方公司名可切换其他公司
Antero Midstream Corp的季度营收约是MARTIN MIDSTREAM PARTNERS L.P.的1.6倍（$291.1M vs $187.7M），Antero Midstream Corp净利率更高（41.5% vs 1.7%，领先39.8%），MARTIN MIDSTREAM PARTNERS L.P.同比增速更快（-2.5% vs -7.3%），过去两年Antero Midstream Corp的营收复合增速更高（3.9% vs 0.8%）
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。
Martin Midstream Partners L.P.是美国中游能源服务提供商，主营原油、天然气液、精炼石油产品及特种化学品的存储、运输、分销与加工服务，主要服务北美能源及工业领域客户。
AM vs MMLP — 直观对比
营收规模更大
AM
是对方的1.6倍
$187.7M
营收增速更快
MMLP
高出4.8%
-7.3%
净利率更高
AM
高出39.8%
1.7%
两年增速更快
AM
近两年复合增速
0.8%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $291.1M | $187.7M |
| 净利润 | $120.7M | $3.2M |
| 毛利率 | — | — |
| 营业利润率 | 60.9% | 4.1% |
| 净利率 | 41.5% | 1.7% |
| 营收同比 | -7.3% | -2.5% |
| 净利润同比 | 2.1% | -37.1% |
| 每股收益（稀释后） | $0.25 | — |
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AMMMLP
| Q1 26 | $291.1M | $187.7M | ||
| Q4 25 | $297.0M | $174.2M | ||
| Q3 25 | $294.8M | $168.7M | ||
| Q2 25 | $305.5M | $180.7M | ||
| Q1 25 | $291.1M | $192.5M | ||
| Q4 24 | $287.5M | $171.3M | ||
| Q3 24 | $269.9M | $170.9M | ||
| Q2 24 | $269.8M | $184.5M |
净利润AMMMLP
| Q1 26 | $120.7M | $3.2M | ||
| Q4 25 | $51.9M | $-2.9M | ||
| Q3 25 | $116.0M | $-8.4M | ||
| Q2 25 | $124.5M | $-2.4M | ||
| Q1 25 | $120.7M | $-1.0M | ||
| Q4 24 | $111.2M | $-8.9M | ||
| Q3 24 | $99.7M | $-3.3M | ||
| Q2 24 | $86.0M | $3.8M |
毛利率AMMMLP
| Q1 26 | — | — | ||
| Q4 25 | — | 57.1% | ||
| Q3 25 | — | 55.1% | ||
| Q2 25 | — | 56.5% | ||
| Q1 25 | — | 53.5% | ||
| Q4 24 | — | 58.2% | ||
| Q3 24 | — | 58.5% | ||
| Q2 24 | — | 58.4% |
营业利润率AMMMLP
| Q1 26 | 60.9% | 4.1% | ||
| Q4 25 | 33.8% | 7.3% | ||
| Q3 25 | 61.2% | 4.1% | ||
| Q2 25 | 61.0% | 8.2% | ||
| Q1 25 | 60.9% | 7.5% | ||
| Q4 24 | 61.8% | 4.0% | ||
| Q3 24 | 60.2% | 7.4% | ||
| Q2 24 | 56.6% | 10.8% |
净利率AMMMLP
| Q1 26 | 41.5% | 1.7% | ||
| Q4 25 | 17.5% | -1.7% | ||
| Q3 25 | 39.3% | -5.0% | ||
| Q2 25 | 40.8% | -1.3% | ||
| Q1 25 | 41.5% | -0.5% | ||
| Q4 24 | 38.7% | -5.2% | ||
| Q3 24 | 37.0% | -1.9% | ||
| Q2 24 | 31.9% | 2.0% |
每股收益（稀释后）AMMMLP
| Q1 26 | $0.25 | — | ||
| 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 | — |
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 | — |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $2.0B | — |
| 总资产 | $5.9B | $537.1M |
| 负债/权益比越低杠杆越低 | 1.63× | — |
8季度趋势，按日历期对齐
现金及短期投资AMMMLP
| Q1 26 | $180.4M | — | ||
| Q4 25 | $180.4M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
总债务AMMMLP
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $428.0M | ||
| Q3 25 | $3.0B | $441.3M | ||
| Q2 25 | $3.0B | $427.8M | ||
| Q1 25 | $3.1B | $451.4M | ||
| Q4 24 | $3.1B | $437.6M | ||
| Q3 24 | $3.2B | $469.3M | ||
| Q2 24 | $3.2B | $439.4M |
股东权益AMMMLP
| Q1 26 | $2.0B | — | ||
| Q4 25 | $2.0B | — | ||
| Q3 25 | $2.1B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | $2.1B | — |
总资产AMMMLP
| Q1 26 | $5.9B | $537.1M | ||
| Q4 25 | $5.9B | $522.4M | ||
| Q3 25 | $5.7B | $510.1M | ||
| Q2 25 | $5.7B | $515.6M | ||
| Q1 25 | $5.8B | $533.4M | ||
| Q4 24 | $5.8B | $538.5M | ||
| Q3 24 | $5.8B | $554.8M | ||
| Q2 24 | $5.8B | $535.1M |
负债/权益比AMMMLP
| Q1 26 | 1.63× | — | ||
| Q4 25 | 1.63× | — | ||
| Q3 25 | 1.46× | — | ||
| Q2 25 | 1.45× | — | ||
| Q1 25 | 1.49× | — | ||
| Q4 24 | 1.47× | — | ||
| Q3 24 | 1.49× | — | ||
| Q2 24 | 1.50× | — |
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 | $198.9M | — |
| 自由现金流经营现金流 - 资本支出 | — | $-6.0M |
| 自由现金流率自由现金流/营收 | — | -3.2% |
| 资本支出强度资本支出/营收 | 11.1% | 1.6% |
| 现金转化率经营现金流/净利润 | 1.65× | — |
| 过去12个月自由现金流最近4个季度 | — | $27.2M |
8季度趋势，按日历期对齐
经营现金流AMMMLP
| Q1 26 | $198.9M | — | ||
| Q4 25 | $255.5M | $22.4M | ||
| Q3 25 | $212.8M | $-1.2M | ||
| Q2 25 | $265.2M | $30.9M | ||
| Q1 25 | $198.9M | $-6.0M | ||
| Q4 24 | $232.7M | $42.2M | ||
| Q3 24 | $184.9M | $-15.8M | ||
| Q2 24 | $215.8M | $11.8M |
自由现金流AMMMLP
| Q1 26 | — | $-6.0M | ||
| Q4 25 | — | $15.6M | ||
| Q3 25 | — | $-7.9M | ||
| Q2 25 | — | $25.6M | ||
| Q1 25 | — | $-11.9M | ||
| Q4 24 | — | $34.2M | ||
| Q3 24 | $184.3M | $-25.6M | ||
| Q2 24 | $147.2M | $-696.0K |
自由现金流率AMMMLP
| Q1 26 | — | -3.2% | ||
| Q4 25 | — | 8.9% | ||
| Q3 25 | — | -4.7% | ||
| Q2 25 | — | 14.2% | ||
| Q1 25 | — | -6.2% | ||
| Q4 24 | — | 20.0% | ||
| Q3 24 | 68.3% | -15.0% | ||
| Q2 24 | 54.6% | -0.4% |
资本支出强度AMMMLP
| Q1 26 | 11.1% | 1.6% | ||
| Q4 25 | — | 3.9% | ||
| Q3 25 | — | 4.0% | ||
| Q2 25 | — | 3.0% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | 0.0% | 4.6% | ||
| Q3 24 | 0.2% | 5.8% | ||
| Q2 24 | 25.4% | 6.8% |
现金转化率AMMMLP
| Q1 26 | 1.65× | — | ||
| Q4 25 | 4.92× | — | ||
| Q3 25 | 1.84× | — | ||
| Q2 25 | 2.13× | — | ||
| Q1 25 | 1.65× | — | ||
| Q4 24 | 2.09× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 2.51× | 3.13× |
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 and compression–Antero Resources | $238.0M | 82% |
| Other | $52.3M | 18% |
| Water handling–third party | $505.0K | 0% |
| Gathering and compression–third party | $295.0K | 0% |
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 2% |
