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Antero Midstream Corp（AM）与Summit Midstream Corp（SMC）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Summit Midstream Corp的2.1倍（$297.0M vs $142.3M），Antero Midstream Corp净利率更高（17.5% vs -5.1%，领先22.6%）
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。
Summit Midstream Corp是一家北美中游能源企业，为上游油气生产商提供天然气与原油收集管道、压缩设施及采出水处理等基础设施服务，运营资产主要分布于美国多个核心陆上油气资源盆地。
AM vs SMC — 直观对比
营收规模更大
AM
是对方的2.1倍
$142.3M
净利率更高
AM
高出22.6%
-5.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $297.0M | $142.3M |
| 净利润 | $51.9M | $-7.3M |
| 毛利率 | — | 72.1% |
| 营业利润率 | 33.8% | -5.5% |
| 净利率 | 17.5% | -5.1% |
| 营收同比 | 3.3% | — |
| 净利润同比 | -53.3% | — |
| 每股收益（稀释后） | $0.11 | $-0.66 |
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AMSMC
| Q4 25 | $297.0M | $142.3M | ||
| Q3 25 | $294.8M | $146.9M | ||
| Q2 25 | $305.5M | $140.2M | ||
| Q1 25 | $291.1M | $132.7M | ||
| Q4 24 | $287.5M | — | ||
| Q3 24 | $269.9M | $102.4M | ||
| Q2 24 | $269.8M | — | ||
| Q1 24 | $279.1M | — |
净利润AMSMC
| Q4 25 | $51.9M | $-7.3M | ||
| Q3 25 | $116.0M | $-1.6M | ||
| Q2 25 | $124.5M | $-8.0M | ||
| Q1 25 | $120.7M | $2.0M | ||
| Q4 24 | $111.2M | — | ||
| Q3 24 | $99.7M | $-204.9M | ||
| Q2 24 | $86.0M | — | ||
| Q1 24 | $103.9M | — |
毛利率AMSMC
| Q4 25 | — | 72.1% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.4% | ||
| Q1 25 | — | 73.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 72.4% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率AMSMC
| Q4 25 | 33.8% | -5.5% | ||
| Q3 25 | 61.2% | 3.8% | ||
| Q2 25 | 61.0% | -3.6% | ||
| Q1 25 | 60.9% | 3.7% | ||
| Q4 24 | 61.8% | — | ||
| Q3 24 | 60.2% | -53.7% | ||
| Q2 24 | 56.6% | — | ||
| Q1 24 | 59.6% | — |
净利率AMSMC
| Q4 25 | 17.5% | -5.1% | ||
| Q3 25 | 39.3% | -1.1% | ||
| Q2 25 | 40.8% | -5.7% | ||
| Q1 25 | 41.5% | 1.5% | ||
| Q4 24 | 38.7% | — | ||
| Q3 24 | 37.0% | -200.1% | ||
| Q2 24 | 31.9% | — | ||
| Q1 24 | 37.2% | — |
每股收益（稀释后）AMSMC
| Q4 25 | $0.11 | $-0.66 | ||
| Q3 25 | $0.24 | $-0.13 | ||
| Q2 25 | $0.26 | $-0.66 | ||
| Q1 25 | $0.25 | $-0.16 | ||
| Q4 24 | $0.23 | — | ||
| Q3 24 | $0.21 | $-19.25 | ||
| 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 | $9.3M |
| 总债务越低越好 | $3.2B | $1.0B |
| 股东权益账面价值 | $2.0B | $546.2M |
| 总资产 | $5.9B | $2.4B |
| 负债/权益比越低杠杆越低 | 1.63× | 1.91× |
8季度趋势，按日历期对齐
现金及短期投资AMSMC
| Q4 25 | $180.4M | $9.3M | ||
| Q3 25 | — | $24.6M | ||
| Q2 25 | — | $20.9M | ||
| Q1 25 | — | $26.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $17.8M | ||
| Q2 24 | — | — | ||
| Q1 24 | $26.1M | — |
总债务AMSMC
| Q4 25 | $3.2B | $1.0B | ||
| Q3 25 | $3.0B | $1.1B | ||
| Q2 25 | $3.0B | $1.1B | ||
| Q1 25 | $3.1B | $1.1B | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $3.2B | $957.0M | ||
| Q2 24 | $3.2B | — | ||
| Q1 24 | $3.2B | — |
股东权益AMSMC
| Q4 25 | $2.0B | $546.2M | ||
| Q3 25 | $2.1B | $551.9M | ||
| Q2 25 | $2.1B | $552.0M | ||
| Q1 25 | $2.1B | $558.1M | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.1B | $651.5M | ||
| Q2 24 | $2.1B | — | ||
| Q1 24 | $2.2B | — |
总资产AMSMC
| Q4 25 | $5.9B | $2.4B | ||
| Q3 25 | $5.7B | $2.4B | ||
| Q2 25 | $5.7B | $2.4B | ||
| Q1 25 | $5.8B | $2.4B | ||
| Q4 24 | $5.8B | — | ||
| Q3 24 | $5.8B | $2.0B | ||
| Q2 24 | $5.8B | — | ||
| Q1 24 | $5.7B | — |
负债/权益比AMSMC
| Q4 25 | 1.63× | 1.91× | ||
| Q3 25 | 1.46× | 1.96× | ||
| Q2 25 | 1.45× | 1.95× | ||
| Q1 25 | 1.49× | 1.94× | ||
| Q4 24 | 1.47× | — | ||
| Q3 24 | 1.49× | 1.47× | ||
| 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 | $53.7M |
| 自由现金流经营现金流 - 资本支出 | — | $34.5M |
| 自由现金流率自由现金流/营收 | — | 24.3% |
| 资本支出强度资本支出/营收 | — | 13.4% |
| 现金转化率经营现金流/净利润 | 4.92× | — |
| 过去12个月自由现金流最近4个季度 | — | $44.6M |
8季度趋势，按日历期对齐
经营现金流AMSMC
| Q4 25 | $255.5M | $53.7M | ||
| Q3 25 | $212.8M | $26.7M | ||
| Q2 25 | $265.2M | $37.2M | ||
| Q1 25 | $198.9M | $16.0M | ||
| Q4 24 | $232.7M | — | ||
| Q3 24 | $184.9M | — | ||
| Q2 24 | $215.8M | — | ||
| Q1 24 | $210.6M | — |
自由现金流AMSMC
| Q4 25 | — | $34.5M | ||
| Q3 25 | — | $3.8M | ||
| Q2 25 | — | $10.8M | ||
| Q1 25 | — | $-4.6M | ||
| Q4 24 | — | — | ||
| Q3 24 | $184.3M | — | ||
| Q2 24 | $147.2M | — | ||
| Q1 24 | $208.5M | — |
自由现金流率AMSMC
| Q4 25 | — | 24.3% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 7.7% | ||
| Q1 25 | — | -3.4% | ||
| Q4 24 | — | — | ||
| Q3 24 | 68.3% | — | ||
| Q2 24 | 54.6% | — | ||
| Q1 24 | 74.7% | — |
资本支出强度AMSMC
| Q4 25 | — | 13.4% | ||
| Q3 25 | — | 15.6% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 15.5% | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | 25.4% | — | ||
| Q1 24 | 0.7% | — |
现金转化率AMSMC
| Q4 25 | 4.92× | — | ||
| Q3 25 | 1.84× | — | ||
| Q2 25 | 2.13× | — | ||
| Q1 25 | 1.65× | 7.89× | ||
| Q4 24 | 2.09× | — | ||
| Q3 24 | 1.85× | — | ||
| Q2 24 | 2.51× | — | ||
| 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% |
SMC
| Rockies Segment | $86.2M | 61% |
| Mid Con Barnett Shale Segment | $39.4M | 28% |
| Piceance Basin Segment | $15.8M | 11% |
