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American Water Works（AWK）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American Water Works的1.9倍（$2.5B vs $1.3B），MPLX LP净利率更高（49.1% vs 18.7%，领先30.4%），American Water Works同比增速更快（5.8% vs 1.4%），MPLX LP自由现金流更多（$782.0M vs $-385.0M），过去两年American Water Works的营收复合增速更高（12.6% vs 6.2%）
American Water Works通过旗下子公司在美国境内提供专业供水与污水处理服务，业务覆盖14个州的约1700个社区，服务约340万活跃用户，客户群体涵盖住宅用户、食品饮料供应商、商业地产开发商与运营商、能源供应商等商业客户、消防服务及工业类客户等。
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。
AWK vs MPLX — 直观对比
营收规模更大
MPLX
是对方的1.9倍
$1.3B
营收增速更快
AWK
高出4.4%
1.4%
净利率更高
MPLX
高出30.4%
18.7%
自由现金流更多
MPLX
多$1.2B
$-385.0M
两年增速更快
AWK
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $2.5B |
| 净利润 | $238.0M | $1.2B |
| 毛利率 | — | — |
| 营业利润率 | 31.9% | 60.5% |
| 净利率 | 18.7% | 49.1% |
| 营收同比 | 5.8% | 1.4% |
| 净利润同比 | -0.4% | 8.5% |
| 每股收益（稀释后） | $1.22 | — |
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AWKMPLX
| Q4 25 | $1.3B | $2.5B | ||
| Q3 25 | $1.5B | $2.5B | ||
| Q2 25 | $1.3B | $2.4B | ||
| Q1 25 | $1.1B | $2.5B | ||
| Q4 24 | $1.2B | $2.4B | ||
| Q3 24 | $1.3B | $2.3B | ||
| Q2 24 | $1.1B | $2.3B | ||
| Q1 24 | $1.0B | $2.2B |
净利润AWKMPLX
| Q4 25 | $238.0M | $1.2B | ||
| Q3 25 | $379.0M | $1.6B | ||
| Q2 25 | $289.0M | $1.1B | ||
| Q1 25 | $205.0M | $1.1B | ||
| Q4 24 | $239.0M | $1.1B | ||
| Q3 24 | $350.0M | $1.0B | ||
| Q2 24 | $277.0M | $1.2B | ||
| Q1 24 | $185.0M | $1.0B |
营业利润率AWKMPLX
| Q4 25 | 31.9% | 60.5% | ||
| Q3 25 | 42.2% | 73.2% | ||
| Q2 25 | 38.4% | 54.9% | ||
| Q1 25 | 32.7% | 55.5% | ||
| Q4 24 | 33.3% | 55.6% | ||
| Q3 24 | 40.9% | 54.4% | ||
| Q2 24 | 39.4% | 62.9% | ||
| Q1 24 | 32.5% | 57.6% |
净利率AWKMPLX
| Q4 25 | 18.7% | 49.1% | ||
| Q3 25 | 26.1% | 63.2% | ||
| Q2 25 | 22.7% | 44.9% | ||
| Q1 25 | 18.1% | 46.2% | ||
| Q4 24 | 19.9% | 45.9% | ||
| Q3 24 | 26.4% | 44.6% | ||
| Q2 24 | 24.3% | 52.6% | ||
| Q1 24 | 18.4% | 46.7% |
每股收益（稀释后）AWKMPLX
| Q4 25 | $1.22 | — | ||
| Q3 25 | $1.94 | — | ||
| Q2 25 | $1.48 | — | ||
| Q1 25 | $1.05 | — | ||
| Q4 24 | $1.22 | — | ||
| Q3 24 | $1.80 | — | ||
| Q2 24 | $1.42 | — | ||
| Q1 24 | $0.95 | — |
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 | $98.0M | $2.1B |
| 总债务越低越好 | $12.8B | $24.2B |
| 股东权益账面价值 | $10.8B | — |
| 总资产 | $35.4B | $43.0B |
| 负债/权益比越低杠杆越低 | 1.18× | — |
8季度趋势，按日历期对齐
现金及短期投资AWKMPLX
| Q4 25 | $98.0M | $2.1B | ||
| Q3 25 | $166.0M | $1.8B | ||
| Q2 25 | $94.0M | $1.4B | ||
| Q1 25 | $114.0M | $2.5B | ||
| Q4 24 | $96.0M | $1.5B | ||
| Q3 24 | $127.0M | $2.4B | ||
| Q2 24 | $48.0M | $2.5B | ||
| Q1 24 | $584.0M | $385.0M |
总债务AWKMPLX
| Q4 25 | $12.8B | $24.2B | ||
| Q3 25 | $13.0B | $24.1B | ||
| Q2 25 | $12.3B | $19.7B | ||
| Q1 25 | $13.3B | $19.7B | ||
| Q4 24 | $12.5B | $19.3B | ||
| Q3 24 | $12.6B | $19.3B | ||
| Q2 24 | $12.6B | $19.2B | ||
| Q1 24 | $12.6B | $18.8B |
股东权益AWKMPLX
| Q4 25 | $10.8B | — | ||
| Q3 25 | $10.9B | — | ||
| Q2 25 | $10.7B | — | ||
| Q1 25 | $10.5B | — | ||
| Q4 24 | $10.3B | — | ||
| Q3 24 | $10.4B | — | ||
| Q2 24 | $10.2B | — | ||
| Q1 24 | $10.0B | — |
总资产AWKMPLX
| Q4 25 | $35.4B | $43.0B | ||
| Q3 25 | $34.7B | $43.2B | ||
| Q2 25 | $33.9B | $37.8B | ||
| Q1 25 | $33.2B | $39.0B | ||
| Q4 24 | $32.8B | $37.5B | ||
| Q3 24 | $31.8B | $38.5B | ||
| Q2 24 | $31.2B | $38.4B | ||
| Q1 24 | $31.1B | $36.5B |
负债/权益比AWKMPLX
| Q4 25 | 1.18× | — | ||
| Q3 25 | 1.19× | — | ||
| Q2 25 | 1.15× | — | ||
| Q1 25 | 1.26× | — | ||
| Q4 24 | 1.21× | — | ||
| Q3 24 | 1.21× | — | ||
| Q2 24 | 1.24× | — | ||
| Q1 24 | 1.26× | — |
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 | $663.0M | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $-385.0M | $782.0M |
| 自由现金流率自由现金流/营收 | -30.3% | 31.9% |
| 资本支出强度资本支出/营收 | 82.5% | 29.1% |
| 现金转化率经营现金流/净利润 | 2.79× | 1.24× |
| 过去12个月自由现金流最近4个季度 | $-1.1B | $4.1B |
8季度趋势，按日历期对齐
经营现金流AWKMPLX
| Q4 25 | $663.0M | $1.5B | ||
| Q3 25 | $764.0M | $1.4B | ||
| Q2 25 | $301.0M | $1.7B | ||
| Q1 25 | $331.0M | $1.2B | ||
| Q4 24 | $639.0M | $1.7B | ||
| Q3 24 | $679.0M | $1.4B | ||
| Q2 24 | $345.0M | $1.6B | ||
| Q1 24 | $382.0M | $1.3B |
自由现金流AWKMPLX
| Q4 25 | $-385.0M | $782.0M | ||
| Q3 25 | $-33.0M | $905.0M | ||
| Q2 25 | $-432.0M | $1.4B | ||
| Q1 25 | $-217.0M | $979.0M | ||
| Q4 24 | $-255.0M | $1.4B | ||
| Q3 24 | $-4.0M | $1.1B | ||
| Q2 24 | $-325.0M | $1.4B | ||
| Q1 24 | $-227.0M | $1.0B |
自由现金流率AWKMPLX
| Q4 25 | -30.3% | 31.9% | ||
| Q3 25 | -2.3% | 36.8% | ||
| Q2 25 | -34.0% | 60.9% | ||
| Q1 25 | -19.1% | 39.8% | ||
| Q4 24 | -21.2% | 56.6% | ||
| Q3 24 | -0.3% | 48.4% | ||
| Q2 24 | -28.5% | 60.0% | ||
| Q1 24 | -22.6% | 47.7% |
资本支出强度AWKMPLX
| Q4 25 | 82.5% | 29.1% | ||
| Q3 25 | 54.8% | 21.4% | ||
| Q2 25 | 57.6% | 12.8% | ||
| Q1 25 | 48.3% | 10.9% | ||
| Q4 24 | 74.4% | 12.7% | ||
| Q3 24 | 51.4% | 11.9% | ||
| Q2 24 | 58.8% | 9.4% | ||
| Q1 24 | 60.7% | 11.7% |
现金转化率AWKMPLX
| Q4 25 | 2.79× | 1.24× | ||
| Q3 25 | 2.02× | 0.92× | ||
| Q2 25 | 1.04× | 1.64× | ||
| Q1 25 | 1.61× | 1.10× | ||
| Q4 24 | 2.67× | 1.51× | ||
| Q3 24 | 1.94× | 1.35× | ||
| Q2 24 | 1.25× | 1.32× | ||
| Q1 24 | 2.06× | 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
AWK
| Water Services | $1.0B | 81% |
| Other | $127.0M | 10% |
| Wastewater Services | $101.0M | 8% |
| Miscellaneous Utility Charge | $11.0M | 1% |
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% |
