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Antero Midstream Corp（AM）与USA Compression Partners, LP（USAC）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USA Compression Partners, LP的1.2倍（$297.0M vs $252.5M），Antero Midstream Corp净利率更高（17.5% vs 11.0%，领先6.5%），Antero Midstream Corp同比增速更快（3.3% vs 2.7%），过去两年USA Compression Partners, LP的营收复合增速更高（4.9% 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。
USA Compression Partners, LP是一家总部位于美国的天然气压缩服务供应商，服务覆盖油气行业上游、中游及下游领域，提供定制化压缩系统、设备维护与运营支持，助力天然气生产、加工和运输环节高效运转。
AM vs USAC — 直观对比
营收规模更大
AM
是对方的1.2倍
$252.5M
营收增速更快
AM
高出0.6%
2.7%
净利率更高
AM
高出6.5%
11.0%
两年增速更快
USAC
近两年复合增速
3.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $297.0M | $252.5M |
| 净利润 | $51.9M | $27.8M |
| 毛利率 | — | — |
| 营业利润率 | 33.8% | 30.3% |
| 净利率 | 17.5% | 11.0% |
| 营收同比 | 3.3% | 2.7% |
| 净利润同比 | -53.3% | 9.1% |
| 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AMUSAC
| Q4 25 | $297.0M | $252.5M | ||
| Q3 25 | $294.8M | $250.3M | ||
| Q2 25 | $305.5M | $250.1M | ||
| Q1 25 | $291.1M | $245.2M | ||
| Q4 24 | $287.5M | $245.9M | ||
| Q3 24 | $269.9M | $240.0M | ||
| Q2 24 | $269.8M | $235.3M | ||
| Q1 24 | $279.1M | $229.3M |
净利润AMUSAC
| Q4 25 | $51.9M | $27.8M | ||
| Q3 25 | $116.0M | $34.5M | ||
| Q2 25 | $124.5M | $28.6M | ||
| Q1 25 | $120.7M | $20.5M | ||
| Q4 24 | $111.2M | $25.4M | ||
| Q3 24 | $99.7M | $19.3M | ||
| Q2 24 | $86.0M | $31.2M | ||
| Q1 24 | $103.9M | $23.6M |
营业利润率AMUSAC
| Q4 25 | 33.8% | 30.3% | ||
| Q3 25 | 61.2% | 33.5% | ||
| Q2 25 | 61.0% | 30.6% | ||
| Q1 25 | 60.9% | 28.3% | ||
| Q4 24 | 61.8% | 30.3% | ||
| Q3 24 | 60.2% | 31.5% | ||
| Q2 24 | 56.6% | 32.9% | ||
| Q1 24 | 59.6% | 29.2% |
净利率AMUSAC
| Q4 25 | 17.5% | 11.0% | ||
| Q3 25 | 39.3% | 13.8% | ||
| Q2 25 | 40.8% | 11.4% | ||
| Q1 25 | 41.5% | 8.4% | ||
| Q4 24 | 38.7% | 10.3% | ||
| Q3 24 | 37.0% | 8.1% | ||
| Q2 24 | 31.9% | 13.3% | ||
| Q1 24 | 37.2% | 10.3% |
每股收益（稀释后）AMUSAC
| 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 | $8.6M |
| 总债务越低越好 | $3.2B | $2.5B |
| 股东权益账面价值 | $2.0B | — |
| 总资产 | $5.9B | $2.6B |
| 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AMUSAC
| Q4 25 | $180.4M | $8.6M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $2.0K | ||
| Q1 25 | — | $2.0K | ||
| Q4 24 | — | $14.0K | ||
| Q3 24 | — | $79.0K | ||
| Q2 24 | — | $9.0K | ||
| Q1 24 | $26.1M | $8.0K |
总债务AMUSAC
| Q4 25 | $3.2B | $2.5B | ||
| Q3 25 | $3.0B | $2.5B | ||
| Q2 25 | $3.0B | $2.5B | ||
| Q1 25 | $3.1B | $2.5B | ||
| Q4 24 | $3.1B | $2.5B | ||
| Q3 24 | $3.2B | $2.5B | ||
| Q2 24 | $3.2B | $2.5B | ||
| Q1 24 | $3.2B | $2.5B |
股东权益AMUSAC
| 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AMUSAC
| Q4 25 | $5.9B | $2.6B | ||
| Q3 25 | $5.7B | $2.7B | ||
| Q2 25 | $5.7B | $2.7B | ||
| Q1 25 | $5.8B | $2.7B | ||
| Q4 24 | $5.8B | $2.7B | ||
| Q3 24 | $5.8B | $2.8B | ||
| Q2 24 | $5.8B | $2.8B | ||
| Q1 24 | $5.7B | $2.8B |
负债/权益比AMUSAC
| 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 | $139.5M |
| 自由现金流经营现金流 - 资本支出 | — | $87.7M |
| 自由现金流率自由现金流/营收 | — | 34.8% |
| 资本支出强度资本支出/营收 | — | 20.5% |
| 现金转化率经营现金流/净利润 | 4.92× | 5.02× |
| 过去12个月自由现金流最近4个季度 | — | $277.0M |
8季度趋势，按日历期对齐
经营现金流AMUSAC
| Q4 25 | $255.5M | $139.5M | ||
| Q3 25 | $212.8M | $75.9M | ||
| Q2 25 | $265.2M | $124.2M | ||
| Q1 25 | $198.9M | $54.7M | ||
| Q4 24 | $232.7M | $130.2M | ||
| Q3 24 | $184.9M | $48.5M | ||
| Q2 24 | $215.8M | $96.7M | ||
| Q1 24 | $210.6M | $65.9M |
自由现金流AMUSAC
| Q4 25 | — | $87.7M | ||
| Q3 25 | — | $51.9M | ||
| Q2 25 | — | $101.1M | ||
| Q1 25 | — | $36.3M | ||
| Q4 24 | — | $101.2M | ||
| Q3 24 | $184.3M | $19.8M | ||
| Q2 24 | $147.2M | $48.2M | ||
| Q1 24 | $208.5M | $-32.7M |
自由现金流率AMUSAC
| Q4 25 | — | 34.8% | ||
| Q3 25 | — | 20.7% | ||
| Q2 25 | — | 40.4% | ||
| Q1 25 | — | 14.8% | ||
| Q4 24 | — | 41.1% | ||
| Q3 24 | 68.3% | 8.2% | ||
| Q2 24 | 54.6% | 20.5% | ||
| Q1 24 | 74.7% | -14.3% |
资本支出强度AMUSAC
| Q4 25 | — | 20.5% | ||
| Q3 25 | — | 9.6% | ||
| Q2 25 | — | 9.3% | ||
| Q1 25 | — | 7.5% | ||
| Q4 24 | 0.0% | 11.8% | ||
| Q3 24 | 0.2% | 12.0% | ||
| Q2 24 | 25.4% | 20.6% | ||
| Q1 24 | 0.7% | 43.0% |
现金转化率AMUSAC
| Q4 25 | 4.92× | 5.02× | ||
| Q3 25 | 1.84× | 2.20× | ||
| Q2 25 | 2.13× | 4.35× | ||
| Q1 25 | 1.65× | 2.66× | ||
| Q4 24 | 2.09× | 5.12× | ||
| Q3 24 | 1.85× | 2.51× | ||
| Q2 24 | 2.51× | 3.10× | ||
| Q1 24 | 2.03× | 2.80× |
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% |
USAC
| Revenue From Contract Operations Excluding Revenue From Related Party | $231.7M | 92% |
| Entities Affiliated With Energy Transfer LP | $16.6M | 7% |
| Transferred At Point In Time | $5.4M | 2% |
