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APA Corporation（APA）与MARTIN MIDSTREAM PARTNERS L.P.（MMLP）财务数据对比。点击上方公司名可切换其他公司
APA Corporation的季度营收约是MARTIN MIDSTREAM PARTNERS L.P.的11.8倍（$2.2B vs $187.7M）。APA Corporation净利率更高（15.0% vs 1.7%，领先13.3%）。MARTIN MIDSTREAM PARTNERS L.P.同比增速更快（-2.5% vs -24.3%）。过去两年APA Corporation的营收复合增速更高（1.4% vs 0.8%）
APA Corporation是美国能源企业阿帕奇公司的控股主体，主要从事碳氢化合物资源勘探相关业务，在特拉华州注册成立，总部位于得克萨斯州休斯敦，是北美地区拥有丰富项目经验的能源勘探运营企业。
Martin Midstream Partners L.P.是美国中游能源服务提供商，主营原油、天然气液、精炼石油产品及特种化学品的存储、运输、分销与加工服务，主要服务北美能源及工业领域客户。
APA vs MMLP — 直观对比
营收规模更大
APA
是对方的11.8倍
$187.7M
营收增速更快
MMLP
高出21.8%
-24.3%
净利率更高
APA
高出13.3%
1.7%
两年增速更快
APA
近两年复合增速
0.8%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $187.7M |
| 净利润 | $331.0M | $3.2M |
| 毛利率 | — | — |
| 营业利润率 | 32.5% | — |
| 净利率 | 15.0% | 1.7% |
| 营收同比 | -24.3% | -2.5% |
| 净利润同比 | -22.1% | 132.4% |
| 每股收益（稀释后） | $0.79 | — |
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APAMMLP
| Q1 26 | — | $187.7M | ||
| Q4 25 | $2.2B | $174.2M | ||
| Q3 25 | $2.3B | $168.7M | ||
| Q2 25 | $2.3B | $180.7M | ||
| Q1 25 | $2.7B | $192.5M | ||
| Q4 24 | $2.9B | $171.3M | ||
| Q3 24 | $2.7B | $170.9M | ||
| Q2 24 | $2.8B | $184.5M |
净利润APAMMLP
| Q1 26 | — | $3.2M | ||
| Q4 25 | $331.0M | $-2.9M | ||
| Q3 25 | $205.0M | $-8.4M | ||
| Q2 25 | $603.0M | $-2.4M | ||
| Q1 25 | $418.0M | $-1.0M | ||
| Q4 24 | $425.0M | $-8.9M | ||
| Q3 24 | $-223.0M | $-3.3M | ||
| Q2 24 | $541.0M | $3.8M |
毛利率APAMMLP
| Q1 26 | — | — | ||
| Q4 25 | — | 57.1% | ||
| Q3 25 | — | 55.1% | ||
| Q2 25 | — | 56.5% | ||
| Q1 25 | — | 53.5% | ||
| Q4 24 | — | 58.2% | ||
| Q3 24 | — | 58.5% | ||
| Q2 24 | — | 58.4% |
营业利润率APAMMLP
| Q1 26 | — | — | ||
| Q4 25 | 32.5% | 7.3% | ||
| Q3 25 | 33.7% | 4.1% | ||
| Q2 25 | 31.8% | 8.2% | ||
| Q1 25 | 31.9% | 7.5% | ||
| Q4 24 | 31.4% | 4.0% | ||
| Q3 24 | -5.2% | 7.4% | ||
| Q2 24 | 34.4% | 10.8% |
净利率APAMMLP
| Q1 26 | — | 1.7% | ||
| Q4 25 | 15.0% | -1.7% | ||
| Q3 25 | 9.0% | -5.0% | ||
| Q2 25 | 26.0% | -1.3% | ||
| Q1 25 | 15.4% | -0.5% | ||
| Q4 24 | 14.6% | -5.2% | ||
| Q3 24 | -8.1% | -1.9% | ||
| Q2 24 | 19.0% | 2.0% |
每股收益（稀释后）APAMMLP
| Q1 26 | — | — | ||
| Q4 25 | $0.79 | — | ||
| Q3 25 | $0.57 | — | ||
| Q2 25 | $1.67 | — | ||
| Q1 25 | $0.96 | — | ||
| Q4 24 | $0.97 | — | ||
| Q3 24 | $-0.60 | — | ||
| Q2 24 | $1.46 | — |
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 | $516.0M | — |
| 总债务越低越好 | $4.3B | — |
| 股东权益账面价值 | $6.1B | — |
| 总资产 | $17.8B | $537.1M |
| 负债/权益比越低杠杆越低 | 0.70× | — |
8季度趋势，按日历期对齐
现金及短期投资APAMMLP
| Q1 26 | — | — | ||
| Q4 25 | $516.0M | — | ||
| Q3 25 | $475.0M | — | ||
| Q2 25 | $107.0M | — | ||
| Q1 25 | $67.0M | — | ||
| Q4 24 | $625.0M | — | ||
| Q3 24 | $64.0M | — | ||
| Q2 24 | $160.0M | — |
总债务APAMMLP
| Q1 26 | — | — | ||
| Q4 25 | $4.3B | $428.0M | ||
| Q3 25 | $4.3B | $441.3M | ||
| Q2 25 | $4.3B | $427.8M | ||
| Q1 25 | $5.2B | $451.4M | ||
| Q4 24 | $6.0B | $437.6M | ||
| Q3 24 | $6.4B | $469.3M | ||
| Q2 24 | $6.7B | $439.4M |
股东权益APAMMLP
| Q1 26 | — | — | ||
| Q4 25 | $6.1B | — | ||
| Q3 25 | $6.0B | — | ||
| Q2 25 | $5.9B | — | ||
| Q1 25 | $5.4B | — | ||
| Q4 24 | $5.3B | — | ||
| Q3 24 | $5.1B | — | ||
| Q2 24 | $5.4B | — |
总资产APAMMLP
| Q1 26 | — | $537.1M | ||
| Q4 25 | $17.8B | $522.4M | ||
| Q3 25 | $17.7B | $510.1M | ||
| Q2 25 | $18.1B | $515.6M | ||
| Q1 25 | $18.5B | $533.4M | ||
| Q4 24 | $19.4B | $538.5M | ||
| Q3 24 | $19.4B | $554.8M | ||
| Q2 24 | $20.2B | $535.1M |
负债/权益比APAMMLP
| Q1 26 | — | — | ||
| Q4 25 | 0.70× | — | ||
| Q3 25 | 0.72× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.96× | — | ||
| Q4 24 | 1.13× | — | ||
| Q3 24 | 1.25× | — | ||
| Q2 24 | 1.24× | — |
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 | $808.0M | — |
| 自由现金流经营现金流 - 资本支出 | — | $-6.0M |
| 自由现金流率自由现金流/营收 | — | -3.2% |
| 资本支出强度资本支出/营收 | — | 1.6% |
| 现金转化率经营现金流/净利润 | 2.44× | — |
| 过去12个月自由现金流最近4个季度 | — | $27.2M |
8季度趋势，按日历期对齐
经营现金流APAMMLP
| Q1 26 | — | — | ||
| Q4 25 | $808.0M | $22.4M | ||
| Q3 25 | $1.5B | $-1.2M | ||
| Q2 25 | $1.2B | $30.9M | ||
| Q1 25 | $1.1B | $-6.0M | ||
| Q4 24 | $1.0B | $42.2M | ||
| Q3 24 | $1.3B | $-15.8M | ||
| Q2 24 | $877.0M | $11.8M |
自由现金流APAMMLP
| Q1 26 | — | $-6.0M | ||
| Q4 25 | — | $15.6M | ||
| Q3 25 | — | $-7.9M | ||
| Q2 25 | — | $25.6M | ||
| Q1 25 | — | $-11.9M | ||
| Q4 24 | — | $34.2M | ||
| Q3 24 | — | $-25.6M | ||
| Q2 24 | — | $-696.0K |
自由现金流率APAMMLP
| Q1 26 | — | -3.2% | ||
| Q4 25 | — | 8.9% | ||
| Q3 25 | — | -4.7% | ||
| Q2 25 | — | 14.2% | ||
| Q1 25 | — | -6.2% | ||
| Q4 24 | — | 20.0% | ||
| Q3 24 | — | -15.0% | ||
| Q2 24 | — | -0.4% |
资本支出强度APAMMLP
| Q1 26 | — | 1.6% | ||
| Q4 25 | — | 3.9% | ||
| Q3 25 | — | 4.0% | ||
| Q2 25 | — | 3.0% | ||
| Q1 25 | — | 3.1% | ||
| Q4 24 | — | 4.6% | ||
| Q3 24 | — | 5.8% | ||
| Q2 24 | — | 6.8% |
现金转化率APAMMLP
| Q1 26 | — | — | ||
| Q4 25 | 2.44× | — | ||
| Q3 25 | 7.12× | — | ||
| Q2 25 | 1.96× | — | ||
| Q1 25 | 2.62× | — | ||
| Q4 24 | 2.44× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.62× | 3.13× |
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
APA
| Oil And Gas Excluding Purchased | $1.7B | 76% |
| Oil And Gas Purchased | $323.0M | 15% |
| Oil Reserves | $114.0M | 5% |
| Other | $72.0M | 3% |
| Natural Gas Reserves | $30.0M | 1% |
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 2% |
