vs
空气化工产品公司（APD）与NATURAL RESOURCE PARTNERS LP（NRP）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NATURAL RESOURCE PARTNERS LP的60.5倍（$3.1B vs $51.3M）。NATURAL RESOURCE PARTNERS LP净利率更高（78.5% vs 21.9%，领先56.7%）。空气化工产品公司同比增速更快（5.8% vs -21.8%）。过去两年空气化工产品公司的营收复合增速更高（2.9% vs -8.3%）
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。
Natural Resource Partners LP是总部位于美国的业主有限合伙企业，主要持有、管理及出租矿产储备权益，资产涵盖煤炭、集料、工业矿物与油气资源，业务主要布局于北美地区，核心收入来自第三方资源开采企业支付的特许权使用费。
APD vs NRP — 直观对比
营收规模更大
APD
是对方的60.5倍
$51.3M
营收增速更快
APD
高出27.7%
-21.8%
净利率更高
NRP
高出56.7%
21.9%
两年增速更快
APD
近两年复合增速
-8.3%
损益表 — Q1 2026 vs Q1 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $51.3M |
| 净利润 | $678.2M | $40.3M |
| 毛利率 | 32.1% | — |
| 营业利润率 | 23.7% | 83.7% |
| 净利率 | 21.9% | 78.5% |
| 营收同比 | 5.8% | -21.8% |
| 净利润同比 | 9.8% | -28.4% |
| 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APDNRP
| Q4 25 | $3.1B | — | ||
| Q3 25 | $3.2B | — | ||
| Q2 25 | $3.0B | — | ||
| Q1 25 | $2.9B | $51.3M | ||
| Q4 24 | $2.9B | $61.8M | ||
| Q3 24 | $3.2B | $50.4M | ||
| Q2 24 | $3.0B | $54.6M | ||
| Q1 24 | $2.9B | $65.6M |
净利润APDNRP
| Q4 25 | $678.2M | — | ||
| Q3 25 | $4.9M | — | ||
| Q2 25 | $713.8M | — | ||
| Q1 25 | $-1.7B | $40.3M | ||
| Q4 24 | $617.4M | $42.8M | ||
| Q3 24 | $1.9B | $38.6M | ||
| Q2 24 | $696.6M | $46.1M | ||
| Q1 24 | $572.4M | $56.2M |
毛利率APDNRP
| 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APDNRP
| Q4 25 | 23.7% | — | ||
| Q3 25 | 0.5% | — | ||
| Q2 25 | 26.2% | — | ||
| Q1 25 | -79.8% | 83.7% | ||
| Q4 24 | 22.0% | 74.9% | ||
| Q3 24 | 76.1% | 84.9% | ||
| Q2 24 | 24.7% | 92.3% | ||
| Q1 24 | 21.7% | 91.0% |
净利率APDNRP
| Q4 25 | 21.9% | — | ||
| Q3 25 | 0.2% | — | ||
| Q2 25 | 23.6% | — | ||
| Q1 25 | -59.3% | 78.5% | ||
| Q4 24 | 21.1% | 69.2% | ||
| Q3 24 | 61.2% | 76.6% | ||
| Q2 24 | 23.3% | 84.4% | ||
| Q1 24 | 19.5% | 85.7% |
每股收益（稀释后）APDNRP
| 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 | $30.9M |
| 总债务越低越好 | — | $138.8M |
| 股东权益账面价值 | $15.4B | — |
| 总资产 | $41.2B | $772.5M |
| 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APDNRP
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $1.6B | $30.9M | ||
| Q4 24 | $2.0B | $30.4M | ||
| Q3 24 | $3.0B | $30.9M | ||
| Q2 24 | $2.4B | $32.3M | ||
| Q1 24 | $2.6B | $11.0M |
总债务APDNRP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $138.8M | ||
| Q4 24 | — | $142.1M | ||
| Q3 24 | — | $197.4M | ||
| Q2 24 | — | $210.3M | ||
| Q1 24 | — | $188.8M |
股东权益APDNRP
| 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APDNRP
| Q4 25 | $41.2B | — | ||
| Q3 25 | $41.1B | — | ||
| Q2 25 | $41.7B | — | ||
| Q1 25 | $38.9B | $772.5M | ||
| Q4 24 | $40.0B | $772.9M | ||
| Q3 24 | $39.6B | $772.9M | ||
| Q2 24 | $37.0B | $789.6M | ||
| Q1 24 | $35.9B | $772.9M |
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 | $34.4M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | — |
| 自由现金流率自由现金流/营收 | -11.3% | — |
| 资本支出强度资本支出/营收 | 40.3% | — |
| 现金转化率经营现金流/净利润 | 1.33× | 0.86× |
| 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APDNRP
| Q4 25 | $900.7M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $855.8M | — | ||
| Q1 25 | $328.1M | $34.4M | ||
| Q4 24 | $811.7M | $66.2M | ||
| Q3 24 | — | $54.1M | ||
| Q2 24 | $1.3B | $56.6M | ||
| Q1 24 | $801.7M | $71.5M |
自由现金流APDNRP
| Q4 25 | $-350.5M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-640.0M | — | ||
| Q1 25 | $-1.6B | — | ||
| Q4 24 | $-1.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-345.2M | — | ||
| Q1 24 | $-867.7M | — |
自由现金流率APDNRP
| Q4 25 | -11.3% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -21.2% | — | ||
| Q1 25 | -53.6% | — | ||
| Q4 24 | -44.5% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -11.6% | — | ||
| Q1 24 | -29.6% | — |
资本支出强度APDNRP
| Q4 25 | 40.3% | — | ||
| Q3 25 | 47.9% | — | ||
| Q2 25 | 49.5% | — | ||
| Q1 25 | 64.9% | — | ||
| Q4 24 | 72.2% | 0.0% | ||
| Q3 24 | 65.1% | 0.0% | ||
| Q2 24 | 53.8% | 0.0% | ||
| Q1 24 | 57.0% | 0.0% |
现金转化率APDNRP
| Q4 25 | 1.33× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 1.20× | — | ||
| Q1 25 | — | 0.86× | ||
| Q4 24 | 1.31× | 1.55× | ||
| Q3 24 | — | 1.40× | ||
| Q2 24 | 1.81× | 1.23× | ||
| 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% |
NRP
| Coal Royalty Revenues | $35.5M | 69% |
| Soda Ash Segment | $4.6M | 9% |
| Transportation And Processing Services | $4.4M | 9% |
| Production Lease Minimum Revenues | $2.7M | 5% |
| Oil And Gas Royalty Revenues | $2.4M | 5% |
| Other | $1.6M | 3% |
