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空气化工产品公司（APD）与MPLX LP（MPLX）财务数据对比。点击上方公司名可切换其他公司
空气化工产品公司的季度营收约是MPLX LP的1.3倍（$3.1B vs $2.5B），MPLX LP净利率更高（49.1% vs 21.9%，领先27.2%），空气化工产品公司同比增速更快（5.8% vs 1.4%），MPLX LP自由现金流更多（$782.0M vs $-350.5M），过去两年MPLX LP的营收复合增速更高（6.2% vs 2.9%）
空气化工产品公司是全球知名的工业气体供应商，业务覆盖全球各地，主营大气气体、工艺气体、特种气体、相关设备及服务，产品涵盖氧气、氮气、氩气、氢气、氦气、二氧化碳、一氧化碳、合成气等，同时供应空分装置、非低温发生器等气体生产处理设备，服务炼油、化工、气化等多个行业领域。
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。
APD vs MPLX — 直观对比
营收规模更大
APD
是对方的1.3倍
$2.5B
营收增速更快
APD
高出4.4%
1.4%
净利率更高
MPLX
高出27.2%
21.9%
自由现金流更多
MPLX
多$1.1B
$-350.5M
两年增速更快
MPLX
近两年复合增速
2.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $2.5B |
| 净利润 | $678.2M | $1.2B |
| 毛利率 | 32.1% | — |
| 营业利润率 | 23.7% | 60.5% |
| 净利率 | 21.9% | 49.1% |
| 营收同比 | 5.8% | 1.4% |
| 净利润同比 | 9.8% | 8.5% |
| 每股收益（稀释后） | $3.04 | — |
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APDMPLX
| Q4 25 | $3.1B | $2.5B | ||
| Q3 25 | $3.2B | $2.5B | ||
| Q2 25 | $3.0B | $2.4B | ||
| Q1 25 | $2.9B | $2.5B | ||
| Q4 24 | $2.9B | $2.4B | ||
| Q3 24 | $3.2B | $2.3B | ||
| Q2 24 | $3.0B | $2.3B | ||
| Q1 24 | $2.9B | $2.2B |
净利润APDMPLX
| Q4 25 | $678.2M | $1.2B | ||
| Q3 25 | $4.9M | $1.6B | ||
| Q2 25 | $713.8M | $1.1B | ||
| Q1 25 | $-1.7B | $1.1B | ||
| Q4 24 | $617.4M | $1.1B | ||
| Q3 24 | $1.9B | $1.0B | ||
| Q2 24 | $696.6M | $1.2B | ||
| Q1 24 | $572.4M | $1.0B |
毛利率APDMPLX
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | — | ||
| Q2 25 | 32.5% | — | ||
| Q1 25 | 29.6% | — | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | 34.0% | — | ||
| Q2 24 | 32.8% | — | ||
| Q1 24 | 32.0% | — |
营业利润率APDMPLX
| Q4 25 | 23.7% | 60.5% | ||
| Q3 25 | 0.5% | 73.2% | ||
| Q2 25 | 26.2% | 54.9% | ||
| Q1 25 | -79.8% | 55.5% | ||
| Q4 24 | 22.0% | 55.6% | ||
| Q3 24 | 76.1% | 54.4% | ||
| Q2 24 | 24.7% | 62.9% | ||
| Q1 24 | 21.7% | 57.6% |
净利率APDMPLX
| Q4 25 | 21.9% | 49.1% | ||
| Q3 25 | 0.2% | 63.2% | ||
| Q2 25 | 23.6% | 44.9% | ||
| Q1 25 | -59.3% | 46.2% | ||
| Q4 24 | 21.1% | 45.9% | ||
| Q3 24 | 61.2% | 44.6% | ||
| Q2 24 | 23.3% | 52.6% | ||
| Q1 24 | 19.5% | 46.7% |
每股收益（稀释后）APDMPLX
| Q4 25 | $3.04 | — | ||
| Q3 25 | $0.03 | — | ||
| Q2 25 | $3.20 | — | ||
| Q1 25 | $-7.77 | — | ||
| Q4 24 | $2.77 | — | ||
| Q3 24 | $8.75 | — | ||
| Q2 24 | $3.13 | — | ||
| Q1 24 | $2.57 | — |
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 | $1.0B | $2.1B |
| 总债务越低越好 | — | $24.2B |
| 股东权益账面价值 | $15.4B | — |
| 总资产 | $41.2B | $43.0B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资APDMPLX
| Q4 25 | $1.0B | $2.1B | ||
| Q3 25 | $1.9B | $1.8B | ||
| Q2 25 | $2.3B | $1.4B | ||
| Q1 25 | $1.6B | $2.5B | ||
| Q4 24 | $2.0B | $1.5B | ||
| Q3 24 | $3.0B | $2.4B | ||
| Q2 24 | $2.4B | $2.5B | ||
| Q1 24 | $2.6B | $385.0M |
总债务APDMPLX
| Q4 25 | — | $24.2B | ||
| Q3 25 | — | $24.1B | ||
| Q2 25 | — | $19.7B | ||
| Q1 25 | — | $19.7B | ||
| Q4 24 | — | $19.3B | ||
| Q3 24 | — | $19.3B | ||
| Q2 24 | — | $19.2B | ||
| Q1 24 | — | $18.8B |
股东权益APDMPLX
| Q4 25 | $15.4B | — | ||
| Q3 25 | $15.0B | — | ||
| Q2 25 | $15.5B | — | ||
| Q1 25 | $14.7B | — | ||
| Q4 24 | $16.7B | — | ||
| Q3 24 | $17.0B | — | ||
| Q2 24 | $15.1B | — | ||
| Q1 24 | $14.9B | — |
总资产APDMPLX
| Q4 25 | $41.2B | $43.0B | ||
| Q3 25 | $41.1B | $43.2B | ||
| Q2 25 | $41.7B | $37.8B | ||
| Q1 25 | $38.9B | $39.0B | ||
| Q4 24 | $40.0B | $37.5B | ||
| Q3 24 | $39.6B | $38.5B | ||
| Q2 24 | $37.0B | $38.4B | ||
| Q1 24 | $35.9B | $36.5B |
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 | $900.7M | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $782.0M |
| 自由现金流率自由现金流/营收 | -11.3% | 31.9% |
| 资本支出强度资本支出/营收 | 40.3% | 29.1% |
| 现金转化率经营现金流/净利润 | 1.33× | 1.24× |
| 过去12个月自由现金流最近4个季度 | — | $4.1B |
8季度趋势，按日历期对齐
经营现金流APDMPLX
| Q4 25 | $900.7M | $1.5B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | $855.8M | $1.7B | ||
| Q1 25 | $328.1M | $1.2B | ||
| Q4 24 | $811.7M | $1.7B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | $1.3B | $1.6B | ||
| Q1 24 | $801.7M | $1.3B |
自由现金流APDMPLX
| Q4 25 | $-350.5M | $782.0M | ||
| Q3 25 | — | $905.0M | ||
| Q2 25 | $-640.0M | $1.4B | ||
| Q1 25 | $-1.6B | $979.0M | ||
| Q4 24 | $-1.3B | $1.4B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | $-345.2M | $1.4B | ||
| Q1 24 | $-867.7M | $1.0B |
自由现金流率APDMPLX
| Q4 25 | -11.3% | 31.9% | ||
| Q3 25 | — | 36.8% | ||
| Q2 25 | -21.2% | 60.9% | ||
| Q1 25 | -53.6% | 39.8% | ||
| Q4 24 | -44.5% | 56.6% | ||
| Q3 24 | — | 48.4% | ||
| Q2 24 | -11.6% | 60.0% | ||
| Q1 24 | -29.6% | 47.7% |
资本支出强度APDMPLX
| Q4 25 | 40.3% | 29.1% | ||
| Q3 25 | 47.9% | 21.4% | ||
| Q2 25 | 49.5% | 12.8% | ||
| Q1 25 | 64.9% | 10.9% | ||
| Q4 24 | 72.2% | 12.7% | ||
| Q3 24 | 65.1% | 11.9% | ||
| Q2 24 | 53.8% | 9.4% | ||
| Q1 24 | 57.0% | 11.7% |
现金转化率APDMPLX
| Q4 25 | 1.33× | 1.24× | ||
| Q3 25 | — | 0.92× | ||
| Q2 25 | 1.20× | 1.64× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | 1.31× | 1.51× | ||
| Q3 24 | — | 1.35× | ||
| Q2 24 | 1.81× | 1.32× | ||
| Q1 24 | 1.40× | 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
APD
| Other | $1.6B | 53% |
| Onsite | $783.9M | 25% |
| Merchant | $557.8M | 18% |
| Saleof Equipment | $117.0M | 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% |
