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A.O.史密斯（AOS）与MPLX LP（MPLX）财务数据对比。点击上方公司名可切换其他公司
MPLX LP的季度营收约是A.O.史密斯的2.7倍（$2.5B vs $912.5M）。MPLX LP净利率更高（49.1% vs 13.7%，领先35.3%）。MPLX LP同比增速更快（1.4% vs 0.0%）。MPLX LP自由现金流更多（$782.0M vs $165.5M）。过去两年MPLX LP的营收复合增速更高（6.2% vs -3.4%）
A.O.史密斯是美国知名的家用及商用热水器、锅炉生产商，也是北美规模最大的热水器制造销售商，在亚洲市场还供应水处理和净化产品。公司在全球共有27个站点，包括北美5座生产基地，以及位于印度班加罗尔、中国南京、荷兰费尔德霍芬的工厂。
MPLX LP旗下子公司MarkWest Energy Partners是美国业主有限合伙企业，主营天然气收集、加工及运输业务。该公司1988年成立于科罗拉多州丹佛市，曾发展为科罗拉多州第13大企业，2015年被马拉松石油旗下的MPLX收购。
AOS vs MPLX — 直观对比
营收规模更大
MPLX
是对方的2.7倍
$912.5M
营收增速更快
MPLX
高出1.4%
0.0%
净利率更高
MPLX
高出35.3%
13.7%
自由现金流更多
MPLX
多$616.5M
$165.5M
两年增速更快
MPLX
近两年复合增速
-3.4%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $912.5M | $2.5B |
| 净利润 | $125.4M | $1.2B |
| 毛利率 | 38.4% | — |
| 营业利润率 | 17.9% | 60.5% |
| 净利率 | 13.7% | 49.1% |
| 营收同比 | 0.0% | 1.4% |
| 净利润同比 | 14.3% | 8.5% |
| 每股收益（稀释后） | $0.89 | — |
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AOSMPLX
| Q4 25 | $912.5M | $2.5B | ||
| Q3 25 | $942.5M | $2.5B | ||
| Q2 25 | $1.0B | $2.4B | ||
| Q1 25 | $963.9M | $2.5B | ||
| Q4 24 | $912.4M | $2.4B | ||
| Q3 24 | $902.6M | $2.3B | ||
| Q2 24 | $1.0B | $2.3B | ||
| Q1 24 | $978.8M | $2.2B |
净利润AOSMPLX
| Q4 25 | $125.4M | $1.2B | ||
| Q3 25 | $132.0M | $1.6B | ||
| Q2 25 | $152.2M | $1.1B | ||
| Q1 25 | $136.6M | $1.1B | ||
| Q4 24 | $109.7M | $1.1B | ||
| Q3 24 | $120.1M | $1.0B | ||
| Q2 24 | $156.2M | $1.2B | ||
| Q1 24 | $147.6M | $1.0B |
毛利率AOSMPLX
| Q4 25 | 38.4% | — | ||
| Q3 25 | 38.7% | — | ||
| Q2 25 | 39.3% | — | ||
| Q1 25 | 38.9% | — | ||
| Q4 24 | 37.1% | — | ||
| Q3 24 | 37.4% | — | ||
| Q2 24 | 38.7% | — | ||
| Q1 24 | 39.3% | — |
营业利润率AOSMPLX
| Q4 25 | 17.9% | 60.5% | ||
| Q3 25 | 18.6% | 73.2% | ||
| Q2 25 | 20.4% | 54.9% | ||
| Q1 25 | 19.1% | 55.5% | ||
| Q4 24 | 10.1% | 55.6% | ||
| Q3 24 | 19.5% | 54.4% | ||
| Q2 24 | 21.9% | 62.9% | ||
| Q1 24 | 22.0% | 57.6% |
净利率AOSMPLX
| Q4 25 | 13.7% | 49.1% | ||
| Q3 25 | 14.0% | 63.2% | ||
| Q2 25 | 15.0% | 44.9% | ||
| Q1 25 | 14.2% | 46.2% | ||
| Q4 24 | 12.0% | 45.9% | ||
| Q3 24 | 13.3% | 44.6% | ||
| Q2 24 | 15.2% | 52.6% | ||
| Q1 24 | 15.1% | 46.7% |
每股收益（稀释后）AOSMPLX
| Q4 25 | $0.89 | — | ||
| Q3 25 | $0.94 | — | ||
| Q2 25 | $1.07 | — | ||
| Q1 25 | $0.95 | — | ||
| Q4 24 | $0.75 | — | ||
| Q3 24 | $0.82 | — | ||
| Q2 24 | $1.06 | — | ||
| Q1 24 | $1.00 | — |
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 | $193.2M | $2.1B |
| 总债务越低越好 | $155.0M | $24.2B |
| 股东权益账面价值 | $1.9B | — |
| 总资产 | $3.1B | $43.0B |
| 负债/权益比越低杠杆越低 | 0.08× | — |
8季度趋势，按日历期对齐
现金及短期投资AOSMPLX
| Q4 25 | $193.2M | $2.1B | ||
| Q3 25 | $172.8M | $1.8B | ||
| Q2 25 | $177.9M | $1.4B | ||
| Q1 25 | $200.2M | $2.5B | ||
| Q4 24 | $276.1M | $1.5B | ||
| Q3 24 | $255.6M | $2.4B | ||
| Q2 24 | $233.3M | $2.5B | ||
| Q1 24 | $303.1M | $385.0M |
总债务AOSMPLX
| Q4 25 | $155.0M | $24.2B | ||
| Q3 25 | — | $24.1B | ||
| Q2 25 | — | $19.7B | ||
| Q1 25 | — | $19.7B | ||
| Q4 24 | $193.2M | $19.3B | ||
| Q3 24 | — | $19.3B | ||
| Q2 24 | — | $19.2B | ||
| Q1 24 | — | $18.8B |
股东权益AOSMPLX
| Q4 25 | $1.9B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.9B | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | — |
总资产AOSMPLX
| Q4 25 | $3.1B | $43.0B | ||
| Q3 25 | $3.2B | $43.2B | ||
| Q2 25 | $3.2B | $37.8B | ||
| Q1 25 | $3.3B | $39.0B | ||
| Q4 24 | $3.2B | $37.5B | ||
| Q3 24 | $3.2B | $38.5B | ||
| Q2 24 | $3.2B | $38.4B | ||
| Q1 24 | $3.2B | $36.5B |
负债/权益比AOSMPLX
| Q4 25 | 0.08× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.10× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $183.1M | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $165.5M | $782.0M |
| 自由现金流率自由现金流/营收 | 18.1% | 31.9% |
| 资本支出强度资本支出/营收 | 1.9% | 29.1% |
| 现金转化率经营现金流/净利润 | 1.46× | 1.24× |
| 过去12个月自由现金流最近4个季度 | $546.0M | $4.1B |
8季度趋势，按日历期对齐
经营现金流AOSMPLX
| Q4 25 | $183.1M | $1.5B | ||
| Q3 25 | $255.4M | $1.4B | ||
| Q2 25 | $139.6M | $1.7B | ||
| Q1 25 | $38.7M | $1.2B | ||
| Q4 24 | $221.9M | $1.7B | ||
| Q3 24 | $195.9M | $1.4B | ||
| Q2 24 | $57.4M | $1.6B | ||
| Q1 24 | $106.6M | $1.3B |
自由现金流AOSMPLX
| Q4 25 | $165.5M | $782.0M | ||
| Q3 25 | $240.6M | $905.0M | ||
| Q2 25 | $122.5M | $1.4B | ||
| Q1 25 | $17.4M | $979.0M | ||
| Q4 24 | $191.3M | $1.4B | ||
| Q3 24 | $163.4M | $1.1B | ||
| Q2 24 | $34.5M | $1.4B | ||
| Q1 24 | $84.6M | $1.0B |
自由现金流率AOSMPLX
| Q4 25 | 18.1% | 31.9% | ||
| Q3 25 | 25.5% | 36.8% | ||
| Q2 25 | 12.1% | 60.9% | ||
| Q1 25 | 1.8% | 39.8% | ||
| Q4 24 | 21.0% | 56.6% | ||
| Q3 24 | 18.1% | 48.4% | ||
| Q2 24 | 3.4% | 60.0% | ||
| Q1 24 | 8.6% | 47.7% |
资本支出强度AOSMPLX
| Q4 25 | 1.9% | 29.1% | ||
| Q3 25 | 1.6% | 21.4% | ||
| Q2 25 | 1.7% | 12.8% | ||
| Q1 25 | 2.2% | 10.9% | ||
| Q4 24 | 3.4% | 12.7% | ||
| Q3 24 | 3.6% | 11.9% | ||
| Q2 24 | 2.2% | 9.4% | ||
| Q1 24 | 2.2% | 11.7% |
现金转化率AOSMPLX
| Q4 25 | 1.46× | 1.24× | ||
| Q3 25 | 1.93× | 0.92× | ||
| Q2 25 | 0.92× | 1.64× | ||
| Q1 25 | 0.28× | 1.10× | ||
| Q4 24 | 2.02× | 1.51× | ||
| Q3 24 | 1.63× | 1.35× | ||
| Q2 24 | 0.37× | 1.32× | ||
| Q1 24 | 0.72× | 1.27× |
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
AOS
| North America Segment | $713.7M | 78% |
| Rest Of World | $158.3M | 17% |
| Other | $40.5M | 4% |
MPLX
| Services | $746.0M | 30% |
| Other | $675.0M | 28% |
| Products | $492.0M | 20% |
| Nonrelated Party | $186.0M | 8% |
| Related Party | $151.0M | 6% |
| Crude Oil And Products Logistics | $104.0M | 4% |
| Service Other | $56.0M | 2% |
| Natural Gas And NGL Services | $41.0M | 2% |
