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Antero Midstream Corp（AM）与NGL Energy Partners LP（NGL）财务数据对比。点击上方公司名可切换其他公司
NGL Energy Partners LP的季度营收约是Antero Midstream Corp的3.1倍（$909.8M vs $297.0M）。Antero Midstream Corp净利率更高（17.5% vs 5.2%，领先12.3%）。Antero Midstream Corp同比增速更快（3.3% vs -41.3%）。过去两年Antero Midstream Corp的营收复合增速更高（3.2% vs -6.4%）
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。
NGL Energy Partners LP是一家总部位于美国的中游能源服务企业，主营原油、液化天然气、可再生燃料的运输、存储及物流服务，同时为上游能源生产商提供水资源管理解决方案，业务主要覆盖北美市场。
AM vs NGL — 直观对比
营收规模更大
NGL
是对方的3.1倍
$297.0M
营收增速更快
AM
高出44.6%
-41.3%
净利率更高
AM
高出12.3%
5.2%
两年增速更快
AM
近两年复合增速
-6.4%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $297.0M | $909.8M |
| 净利润 | $51.9M | $47.2M |
| 毛利率 | — | 29.0% |
| 营业利润率 | 33.8% | 12.1% |
| 净利率 | 17.5% | 5.2% |
| 营收同比 | 3.3% | -41.3% |
| 净利润同比 | -53.3% | 249.3% |
| 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AMNGL
| Q4 25 | $297.0M | $909.8M | ||
| Q3 25 | $294.8M | $674.7M | ||
| Q2 25 | $305.5M | $622.2M | ||
| Q1 25 | $291.1M | $971.1M | ||
| Q4 24 | $287.5M | $982.4M | ||
| Q3 24 | $269.9M | $756.5M | ||
| Q2 24 | $269.8M | $759.2M | ||
| Q1 24 | $279.1M | $1.0B |
净利润AMNGL
| Q4 25 | $51.9M | $47.2M | ||
| Q3 25 | $116.0M | $29.3M | ||
| Q2 25 | $124.5M | $68.9M | ||
| Q1 25 | $120.7M | $13.7M | ||
| Q4 24 | $111.2M | $13.5M | ||
| Q3 24 | $99.7M | $2.5M | ||
| Q2 24 | $86.0M | $9.7M | ||
| Q1 24 | $103.9M | $-236.8M |
毛利率AMNGL
| Q4 25 | — | 29.0% | ||
| Q3 25 | — | 37.6% | ||
| Q2 25 | — | 38.5% | ||
| Q1 25 | — | 26.9% | ||
| Q4 24 | — | 25.1% | ||
| Q3 24 | — | 30.9% | ||
| Q2 24 | — | 29.0% | ||
| Q1 24 | — | 21.8% |
营业利润率AMNGL
| Q4 25 | 33.8% | 12.1% | ||
| Q3 25 | 61.2% | 14.0% | ||
| Q2 25 | 61.0% | 15.7% | ||
| Q1 25 | 60.9% | 8.4% | ||
| Q4 24 | 61.8% | 8.6% | ||
| Q3 24 | 60.2% | 10.8% | ||
| Q2 24 | 56.6% | 10.8% | ||
| Q1 24 | 59.6% | -9.4% |
净利率AMNGL
| Q4 25 | 17.5% | 5.2% | ||
| Q3 25 | 39.3% | 4.3% | ||
| Q2 25 | 40.8% | 11.1% | ||
| Q1 25 | 41.5% | 1.4% | ||
| Q4 24 | 38.7% | 1.4% | ||
| Q3 24 | 37.0% | 0.3% | ||
| Q2 24 | 31.9% | 1.3% | ||
| Q1 24 | 37.2% | -22.8% |
每股收益（稀释后）AMNGL
| 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 | $6.5M |
| 总债务越低越好 | $3.2B | $2.9B |
| 股东权益账面价值 | $2.0B | — |
| 总资产 | $5.9B | $4.4B |
| 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AMNGL
| Q4 25 | $180.4M | $6.5M | ||
| Q3 25 | — | $8.7M | ||
| Q2 25 | — | $5.4M | ||
| Q1 25 | — | $13.5M | ||
| Q4 24 | — | $5.7M | ||
| Q3 24 | — | $4.5M | ||
| Q2 24 | — | $5.3M | ||
| Q1 24 | $26.1M | $38.9M |
总债务AMNGL
| Q4 25 | $3.2B | $2.9B | ||
| Q3 25 | $3.0B | $2.9B | ||
| Q2 25 | $3.0B | $2.9B | ||
| Q1 25 | $3.1B | $3.0B | ||
| Q4 24 | $3.1B | $3.1B | ||
| Q3 24 | $3.2B | $3.1B | ||
| Q2 24 | $3.2B | $3.0B | ||
| Q1 24 | $3.2B | $2.9B |
股东权益AMNGL
| 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 | — | ||
| Q1 24 | $2.2B | — |
总资产AMNGL
| Q4 25 | $5.9B | $4.4B | ||
| Q3 25 | $5.7B | $4.3B | ||
| Q2 25 | $5.7B | $4.2B | ||
| Q1 25 | $5.8B | $4.6B | ||
| Q4 24 | $5.8B | $4.8B | ||
| Q3 24 | $5.8B | $4.9B | ||
| Q2 24 | $5.8B | $4.8B | ||
| Q1 24 | $5.7B | $5.0B |
负债/权益比AMNGL
| 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× | — | ||
| Q1 24 | 1.48× | — |
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 | $182.3M |
| 自由现金流经营现金流 - 资本支出 | — | $45.7M |
| 自由现金流率自由现金流/营收 | — | 5.0% |
| 资本支出强度资本支出/营收 | — | 15.0% |
| 现金转化率经营现金流/净利润 | 4.92× | 3.86× |
| 过去12个月自由现金流最近4个季度 | — | $126.7M |
8季度趋势，按日历期对齐
经营现金流AMNGL
| Q4 25 | $255.5M | $182.3M | ||
| Q3 25 | $212.8M | $40.5M | ||
| Q2 25 | $265.2M | $33.2M | ||
| Q1 25 | $198.9M | $155.0M | ||
| Q4 24 | $232.7M | $153.8M | ||
| Q3 24 | $184.9M | $6.7M | ||
| Q2 24 | $215.8M | $-18.1M | ||
| Q1 24 | $210.6M | $152.2M |
自由现金流AMNGL
| Q4 25 | — | $45.7M | ||
| Q3 25 | — | $9.5M | ||
| Q2 25 | — | $11.1M | ||
| Q1 25 | — | $60.4M | ||
| Q4 24 | — | $152.1M | ||
| Q3 24 | $184.3M | $-82.9M | ||
| Q2 24 | $147.2M | $-78.0M | ||
| Q1 24 | $208.5M | $119.8M |
自由现金流率AMNGL
| Q4 25 | — | 5.0% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 6.2% | ||
| Q4 24 | — | 15.5% | ||
| Q3 24 | 68.3% | -11.0% | ||
| Q2 24 | 54.6% | -10.3% | ||
| Q1 24 | 74.7% | 11.5% |
资本支出强度AMNGL
| Q4 25 | — | 15.0% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | — | 3.6% | ||
| Q1 25 | — | 9.7% | ||
| Q4 24 | 0.0% | 0.2% | ||
| Q3 24 | 0.2% | 11.8% | ||
| Q2 24 | 25.4% | 7.9% | ||
| Q1 24 | 0.7% | 3.1% |
现金转化率AMNGL
| Q4 25 | 4.92× | 3.86× | ||
| Q3 25 | 1.84× | 1.38× | ||
| Q2 25 | 2.13× | 0.48× | ||
| Q1 25 | 1.65× | 11.29× | ||
| Q4 24 | 2.09× | 11.39× | ||
| Q3 24 | 1.85× | 2.74× | ||
| Q2 24 | 2.51× | -1.87× | ||
| Q1 24 | 2.03× | — |
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% |
NGL
| Water Solutions Segment | $208.6M | 23% |
| Services | $193.3M | 21% |
| Butane | $192.5M | 21% |
| Service Fees | $182.8M | 20% |
| Public Utilities Inventory Propane | $93.9M | 10% |
| Crude Oil | $23.3M | 3% |
| Crude Oil Transportation And Other | $6.5M | 1% |
| Liquids Logistics Segment | $2.5M | 0% |
| Crude Oil Logistics Segment | $1.2M | 0% |
