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Antero Midstream Corp（AM）与Texas Pacific Land Corporation（TPL）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Texas Pacific Land Corporation的1.4倍（$291.1M vs $211.6M），Texas Pacific Land Corporation净利率更高（58.3% vs 41.5%，领先16.8%），Texas Pacific Land Corporation同比增速更快（13.9% vs -7.3%），过去两年Texas Pacific Land Corporation的营收复合增速更高（10.2% vs 3.9%）
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。
Texas Pacific Land Corporation（简称TPL）是一家公开上市的不动产运营企业，行政总部位于美国得克萨斯州达拉斯市。公司在得州西部20个郡拥有逾88万英亩（约3600平方公里）土地，是得州规模最大的私人土地所有者之一，前身为得克萨斯太平洋土地信托。
AM vs TPL — 直观对比
营收规模更大
AM
是对方的1.4倍
$211.6M
营收增速更快
TPL
高出21.2%
-7.3%
净利率更高
TPL
高出16.8%
41.5%
两年增速更快
TPL
近两年复合增速
3.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $291.1M | $211.6M |
| 净利润 | $120.7M | $123.3M |
| 毛利率 | — | — |
| 营业利润率 | 60.9% | 70.5% |
| 净利率 | 41.5% | 58.3% |
| 营收同比 | -7.3% | 13.9% |
| 净利润同比 | 2.1% | 4.2% |
| 每股收益（稀释后） | $0.25 | $-8.59 |
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AMTPL
| Q1 26 | $291.1M | — | ||
| Q4 25 | $297.0M | $211.6M | ||
| Q3 25 | $294.8M | $203.1M | ||
| Q2 25 | $305.5M | $187.5M | ||
| Q1 25 | $291.1M | $196.0M | ||
| Q4 24 | $287.5M | $185.8M | ||
| Q3 24 | $269.9M | $173.6M | ||
| Q2 24 | $269.8M | $172.3M |
净利润AMTPL
| Q1 26 | $120.7M | — | ||
| Q4 25 | $51.9M | $123.3M | ||
| Q3 25 | $116.0M | $121.2M | ||
| Q2 25 | $124.5M | $116.1M | ||
| Q1 25 | $120.7M | $120.7M | ||
| Q4 24 | $111.2M | $118.4M | ||
| Q3 24 | $99.7M | $106.6M | ||
| Q2 24 | $86.0M | $114.6M |
营业利润率AMTPL
| Q1 26 | 60.9% | — | ||
| Q4 25 | 33.8% | 70.5% | ||
| Q3 25 | 61.2% | 73.4% | ||
| Q2 25 | 61.0% | 76.6% | ||
| Q1 25 | 60.9% | 76.6% | ||
| Q4 24 | 61.8% | 76.7% | ||
| Q3 24 | 60.2% | 73.4% | ||
| Q2 24 | 56.6% | 77.3% |
净利率AMTPL
| Q1 26 | 41.5% | — | ||
| Q4 25 | 17.5% | 58.3% | ||
| Q3 25 | 39.3% | 59.7% | ||
| Q2 25 | 40.8% | 61.9% | ||
| Q1 25 | 41.5% | 61.6% | ||
| Q4 24 | 38.7% | 63.7% | ||
| Q3 24 | 37.0% | 61.4% | ||
| Q2 24 | 31.9% | 66.5% |
每股收益（稀释后）AMTPL
| Q1 26 | $0.25 | — | ||
| Q4 25 | $0.11 | $-8.59 | ||
| Q3 25 | $0.24 | $5.27 | ||
| Q2 25 | $0.26 | $5.05 | ||
| Q1 25 | $0.25 | $5.24 | ||
| Q4 24 | $0.23 | $5.14 | ||
| Q3 24 | $0.21 | $4.63 | ||
| Q2 24 | $0.18 | $4.98 |
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 | $144.8M |
| 总债务越低越好 | $3.2B | — |
| 股东权益账面价值 | $2.0B | $1.5B |
| 总资产 | $5.9B | $1.6B |
| 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AMTPL
| Q1 26 | $180.4M | — | ||
| Q4 25 | $180.4M | $144.8M | ||
| Q3 25 | — | $531.8M | ||
| Q2 25 | — | $543.9M | ||
| Q1 25 | — | $460.4M | ||
| Q4 24 | — | $369.8M | ||
| Q3 24 | — | $533.9M | ||
| Q2 24 | — | $894.7M |
总债务AMTPL
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | — | ||
| Q3 25 | $3.0B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $3.1B | — | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $3.2B | — | ||
| Q2 24 | $3.2B | — |
股东权益AMTPL
| Q1 26 | $2.0B | — | ||
| Q4 25 | $2.0B | $1.5B | ||
| Q3 25 | $2.1B | $1.4B | ||
| Q2 25 | $2.1B | $1.3B | ||
| Q1 25 | $2.1B | $1.2B | ||
| Q4 24 | $2.1B | $1.1B | ||
| Q3 24 | $2.1B | $1.1B | ||
| Q2 24 | $2.1B | $1.2B |
总资产AMTPL
| Q1 26 | $5.9B | — | ||
| Q4 25 | $5.9B | $1.6B | ||
| Q3 25 | $5.7B | $1.5B | ||
| Q2 25 | $5.7B | $1.4B | ||
| Q1 25 | $5.8B | $1.4B | ||
| Q4 24 | $5.8B | $1.2B | ||
| Q3 24 | $5.8B | $1.2B | ||
| Q2 24 | $5.8B | $1.3B |
负债/权益比AMTPL
| 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 | $113.7M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | 11.1% | — |
| 现金转化率经营现金流/净利润 | 1.65× | 0.92× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流AMTPL
| Q1 26 | $198.9M | — | ||
| Q4 25 | $255.5M | $113.7M | ||
| Q3 25 | $212.8M | $154.6M | ||
| Q2 25 | $265.2M | $120.9M | ||
| Q1 25 | $198.9M | $156.7M | ||
| Q4 24 | $232.7M | $126.6M | ||
| Q3 24 | $184.9M | $118.6M | ||
| Q2 24 | $215.8M | $98.3M |
自由现金流AMTPL
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $184.3M | — | ||
| Q2 24 | $147.2M | — |
自由现金流率AMTPL
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 68.3% | — | ||
| Q2 24 | 54.6% | — |
资本支出强度AMTPL
| Q1 26 | 11.1% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | 25.4% | — |
现金转化率AMTPL
| Q1 26 | 1.65× | — | ||
| Q4 25 | 4.92× | 0.92× | ||
| Q3 25 | 1.84× | 1.28× | ||
| Q2 25 | 2.13× | 1.04× | ||
| Q1 25 | 1.65× | 1.30× | ||
| Q4 24 | 2.09× | 1.07× | ||
| Q3 24 | 1.85× | 1.11× | ||
| Q2 24 | 2.51× | 0.86× |
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% |
TPL
| Water Serviceand Operations Segment | $98.2M | 46% |
| Water Sales And Royalties | $60.7M | 29% |
| Produced Water Royalties | $33.5M | 16% |
| Easementand Sundry | $20.6M | 10% |
