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百通（BDC）与NGL Energy Partners LP（NGL）财务数据对比。点击上方公司名可切换其他公司
NGL Energy Partners LP的季度营收约是百通的1.3倍（$909.8M vs $720.1M），百通净利率更高（9.4% vs 5.2%，领先4.2%），百通同比增速更快（8.1% vs -41.3%），百通自由现金流更多（$121.3M vs $45.7M），过去两年百通的营收复合增速更高（15.9% vs -6.4%）
百通公司是美国上市跨国企业，专注于端到端网络、安全及连接产品的设计、生产与销售，业务覆盖工业自动化解决方案、智能建筑、宽带及5G三大核心领域，为各行业客户提供可靠的通信连接相关产品与服务。
NGL Energy Partners LP是一家总部位于美国的中游能源服务企业，主营原油、液化天然气、可再生燃料的运输、存储及物流服务，同时为上游能源生产商提供水资源管理解决方案，业务主要覆盖北美市场。
BDC vs NGL — 直观对比
营收规模更大
NGL
是对方的1.3倍
$720.1M
营收增速更快
BDC
高出49.4%
-41.3%
净利率更高
BDC
高出4.2%
5.2%
自由现金流更多
BDC
多$75.5M
$45.7M
两年增速更快
BDC
近两年复合增速
-6.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $720.1M | $909.8M |
| 净利润 | $67.9M | $47.2M |
| 毛利率 | 36.6% | 29.0% |
| 营业利润率 | 12.2% | 12.1% |
| 净利率 | 9.4% | 5.2% |
| 营收同比 | 8.1% | -41.3% |
| 净利润同比 | 16.3% | 249.3% |
| 每股收益（稀释后） | $1.70 | — |
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BDCNGL
| Q4 25 | $720.1M | $909.8M | ||
| Q3 25 | $698.2M | $674.7M | ||
| Q2 25 | $672.0M | $622.2M | ||
| Q1 25 | $624.9M | $971.1M | ||
| Q4 24 | $666.0M | $982.4M | ||
| Q3 24 | $654.9M | $756.5M | ||
| Q2 24 | $604.3M | $759.2M | ||
| Q1 24 | $535.7M | $1.0B |
净利润BDCNGL
| Q4 25 | $67.9M | $47.2M | ||
| Q3 25 | $56.7M | $29.3M | ||
| Q2 25 | $61.0M | $68.9M | ||
| Q1 25 | $51.9M | $13.7M | ||
| Q4 24 | $58.4M | $13.5M | ||
| Q3 24 | $53.7M | $2.5M | ||
| Q2 24 | $49.0M | $9.7M | ||
| Q1 24 | $37.3M | $-236.8M |
毛利率BDCNGL
| Q4 25 | 36.6% | 29.0% | ||
| Q3 25 | 37.7% | 37.6% | ||
| Q2 25 | 38.5% | 38.5% | ||
| Q1 25 | 39.3% | 26.9% | ||
| Q4 24 | 37.5% | 25.1% | ||
| Q3 24 | 37.3% | 30.9% | ||
| Q2 24 | 37.5% | 29.0% | ||
| Q1 24 | 37.6% | 21.8% |
营业利润率BDCNGL
| Q4 25 | 12.2% | 12.1% | ||
| Q3 25 | 10.9% | 14.0% | ||
| Q2 25 | 11.8% | 15.7% | ||
| Q1 25 | 11.6% | 8.4% | ||
| Q4 24 | 10.4% | 8.6% | ||
| Q3 24 | 11.5% | 10.8% | ||
| Q2 24 | 11.4% | 10.8% | ||
| Q1 24 | 9.9% | -9.4% |
净利率BDCNGL
| Q4 25 | 9.4% | 5.2% | ||
| Q3 25 | 8.1% | 4.3% | ||
| Q2 25 | 9.1% | 11.1% | ||
| Q1 25 | 8.3% | 1.4% | ||
| Q4 24 | 8.8% | 1.4% | ||
| Q3 24 | 8.2% | 0.3% | ||
| Q2 24 | 8.1% | 1.3% | ||
| Q1 24 | 7.0% | -22.8% |
每股收益（稀释后）BDCNGL
| Q4 25 | $1.70 | — | ||
| Q3 25 | $1.41 | — | ||
| Q2 25 | $1.53 | — | ||
| Q1 25 | $1.27 | — | ||
| Q4 24 | $1.41 | — | ||
| Q3 24 | $1.30 | — | ||
| Q2 24 | $1.19 | — | ||
| Q1 24 | $0.90 | — |
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 | $389.9M | $6.5M |
| 总债务越低越好 | — | $2.9B |
| 股东权益账面价值 | $1.3B | — |
| 总资产 | $3.5B | $4.4B |
| 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BDCNGL
| Q4 25 | $389.9M | $6.5M | ||
| Q3 25 | $314.3M | $8.7M | ||
| Q2 25 | $301.5M | $5.4M | ||
| Q1 25 | $259.0M | $13.5M | ||
| Q4 24 | $370.3M | $5.7M | ||
| Q3 24 | $323.0M | $4.5M | ||
| Q2 24 | $564.8M | $5.3M | ||
| Q1 24 | $506.8M | $38.9M |
总债务BDCNGL
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $2.9B |
股东权益BDCNGL
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $1.2B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
总资产BDCNGL
| Q4 25 | $3.5B | $4.4B | ||
| Q3 25 | $3.4B | $4.3B | ||
| Q2 25 | $3.4B | $4.2B | ||
| Q1 25 | $3.3B | $4.6B | ||
| Q4 24 | $3.3B | $4.8B | ||
| Q3 24 | $3.3B | $4.9B | ||
| Q2 24 | $3.5B | $4.8B | ||
| Q1 24 | $3.1B | $5.0B |
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 | $160.4M | $182.3M |
| 自由现金流经营现金流 - 资本支出 | $121.3M | $45.7M |
| 自由现金流率自由现金流/营收 | 16.8% | 5.0% |
| 资本支出强度资本支出/营收 | 5.4% | 15.0% |
| 现金转化率经营现金流/净利润 | 2.36× | 3.86× |
| 过去12个月自由现金流最近4个季度 | $218.7M | $126.7M |
8季度趋势，按日历期对齐
经营现金流BDCNGL
| Q4 25 | $160.4M | $182.3M | ||
| Q3 25 | $105.0M | $40.5M | ||
| Q2 25 | $82.0M | $33.2M | ||
| Q1 25 | $7.4M | $155.0M | ||
| Q4 24 | $174.7M | $153.8M | ||
| Q3 24 | $91.7M | $6.7M | ||
| Q2 24 | $83.0M | $-18.1M | ||
| Q1 24 | $2.7M | $152.2M |
自由现金流BDCNGL
| Q4 25 | $121.3M | $45.7M | ||
| Q3 25 | $65.3M | $9.5M | ||
| Q2 25 | $56.9M | $11.1M | ||
| Q1 25 | $-24.8M | $60.4M | ||
| Q4 24 | $116.4M | $152.1M | ||
| Q3 24 | $67.2M | $-82.9M | ||
| Q2 24 | $61.0M | $-78.0M | ||
| Q1 24 | $-21.5M | $119.8M |
自由现金流率BDCNGL
| Q4 25 | 16.8% | 5.0% | ||
| Q3 25 | 9.4% | 1.4% | ||
| Q2 25 | 8.5% | 1.8% | ||
| Q1 25 | -4.0% | 6.2% | ||
| Q4 24 | 17.5% | 15.5% | ||
| Q3 24 | 10.3% | -11.0% | ||
| Q2 24 | 10.1% | -10.3% | ||
| Q1 24 | -4.0% | 11.5% |
资本支出强度BDCNGL
| Q4 25 | 5.4% | 15.0% | ||
| Q3 25 | 5.7% | 4.6% | ||
| Q2 25 | 3.7% | 3.6% | ||
| Q1 25 | 5.2% | 9.7% | ||
| Q4 24 | 8.8% | 0.2% | ||
| Q3 24 | 3.7% | 11.8% | ||
| Q2 24 | 3.6% | 7.9% | ||
| Q1 24 | 4.5% | 3.1% |
现金转化率BDCNGL
| Q4 25 | 2.36× | 3.86× | ||
| Q3 25 | 1.85× | 1.38× | ||
| Q2 25 | 1.34× | 0.48× | ||
| Q1 25 | 0.14× | 11.29× | ||
| Q4 24 | 2.99× | 11.39× | ||
| Q3 24 | 1.71× | 2.74× | ||
| Q2 24 | 1.69× | -1.87× | ||
| Q1 24 | 0.07× | — |
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
BDC
| Automation Solutions Segment | $397.7M | 55% |
| Broadband Solutions | $164.8M | 23% |
| Smart Buildings Solutions | $157.7M | 22% |
NGL
| Water Solutions Segment | $208.6M | 23% |
| Services | $193.3M | 21% |
| Butane | $192.5M | 21% |
| Service Fees | $182.8M | 20% |
| Public Utilities Inventory Propane | $93.9M | 10% |
| Crude Oil | $23.3M | 3% |
| Crude Oil Transportation And Other | $6.5M | 1% |
| Liquids Logistics Segment | $2.5M | 0% |
| Crude Oil Logistics Segment | $1.2M | 0% |
