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塞拉尼斯（CE）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的季度营收约是塞拉尼斯的1.1倍（$2.5B vs $2.2B），MPLX LP净利率更高（49.1% vs 0.6%，领先48.4%），MPLX LP同比增速更快（1.4% vs -7.0%），MPLX LP自由现金流更多（$782.0M vs $168.0M），过去两年MPLX LP的营收复合增速更高（6.2% vs -8.1%）
塞拉尼斯是总部位于美国得克萨斯州欧文市的技术及特种材料企业，位列财富500强。公司是全球醋酸行业领军生产商，年产量约195万吨，占全球总产量的20%左右，同时也是全球最大的醋酸乙烯酯单体（VAM）供应商。
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。
CE vs MPLX — 直观对比
营收规模更大
MPLX
是对方的1.1倍
$2.2B
营收增速更快
MPLX
高出8.4%
-7.0%
净利率更高
MPLX
高出48.4%
0.6%
自由现金流更多
MPLX
多$614.0M
$168.0M
两年增速更快
MPLX
近两年复合增速
-8.1%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.5B |
| 净利润 | $14.0M | $1.2B |
| 毛利率 | 19.1% | — |
| 营业利润率 | 4.0% | 60.5% |
| 净利率 | 0.6% | 49.1% |
| 营收同比 | -7.0% | 1.4% |
| 净利润同比 | 100.7% | 8.5% |
| 每股收益（稀释后） | $0.13 | — |
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CEMPLX
| Q4 25 | $2.2B | $2.5B | ||
| Q3 25 | $2.4B | $2.5B | ||
| Q2 25 | $2.5B | $2.4B | ||
| Q1 25 | $2.4B | $2.5B | ||
| Q4 24 | $2.4B | $2.4B | ||
| Q3 24 | $2.6B | $2.3B | ||
| Q2 24 | $2.7B | $2.3B | ||
| Q1 24 | $2.6B | $2.2B |
净利润CEMPLX
| Q4 25 | $14.0M | $1.2B | ||
| Q3 25 | $-1.4B | $1.6B | ||
| Q2 25 | $199.0M | $1.1B | ||
| Q1 25 | $-21.0M | $1.1B | ||
| Q4 24 | $-1.9B | $1.1B | ||
| Q3 24 | $116.0M | $1.0B | ||
| Q2 24 | $155.0M | $1.2B | ||
| Q1 24 | $121.0M | $1.0B |
毛利率CEMPLX
| Q4 25 | 19.1% | — | ||
| Q3 25 | 21.5% | — | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 19.9% | — | ||
| Q4 24 | 22.7% | — | ||
| Q3 24 | 23.5% | — | ||
| Q2 24 | 24.2% | — | ||
| Q1 24 | 21.2% | — |
营业利润率CEMPLX
| Q4 25 | 4.0% | 60.5% | ||
| Q3 25 | -52.7% | 73.2% | ||
| Q2 25 | 9.2% | 54.9% | ||
| Q1 25 | 7.0% | 55.5% | ||
| Q4 24 | -59.3% | 55.6% | ||
| Q3 24 | 9.4% | 54.4% | ||
| Q2 24 | 9.4% | 62.9% | ||
| Q1 24 | 8.0% | 57.6% |
净利率CEMPLX
| Q4 25 | 0.6% | 49.1% | ||
| Q3 25 | -56.1% | 63.2% | ||
| Q2 25 | 7.9% | 44.9% | ||
| Q1 25 | -0.9% | 46.2% | ||
| Q4 24 | -80.8% | 45.9% | ||
| Q3 24 | 4.4% | 44.6% | ||
| Q2 24 | 5.8% | 52.6% | ||
| Q1 24 | 4.6% | 46.7% |
每股收益（稀释后）CEMPLX
| Q4 25 | $0.13 | — | ||
| Q3 25 | $-12.39 | — | ||
| Q2 25 | $1.81 | — | ||
| Q1 25 | $-0.19 | — | ||
| Q4 24 | $-17.50 | — | ||
| Q3 24 | $1.06 | — | ||
| Q2 24 | $1.41 | — | ||
| Q1 24 | $1.10 | — |
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 | — | $2.1B |
| 总债务越低越好 | $11.4B | $24.2B |
| 股东权益账面价值 | $4.0B | — |
| 总资产 | $21.7B | $43.0B |
| 负债/权益比越低杠杆越低 | 2.81× | — |
8季度趋势，按日历期对齐
现金及短期投资CEMPLX
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $385.0M |
总债务CEMPLX
| Q4 25 | $11.4B | $24.2B | ||
| Q3 25 | $11.7B | $24.1B | ||
| Q2 25 | $12.7B | $19.7B | ||
| Q1 25 | $12.4B | $19.7B | ||
| Q4 24 | $11.1B | $19.3B | ||
| Q3 24 | $11.3B | $19.3B | ||
| Q2 24 | $11.1B | $19.2B | ||
| Q1 24 | $11.0B | $18.8B |
股东权益CEMPLX
| Q4 25 | $4.0B | — | ||
| Q3 25 | $4.0B | — | ||
| Q2 25 | $5.3B | — | ||
| Q1 25 | $5.2B | — | ||
| Q4 24 | $5.2B | — | ||
| Q3 24 | $7.3B | — | ||
| Q2 24 | $7.2B | — | ||
| Q1 24 | $7.1B | — |
总资产CEMPLX
| Q4 25 | $21.7B | $43.0B | ||
| Q3 25 | $22.2B | $43.2B | ||
| Q2 25 | $23.7B | $37.8B | ||
| Q1 25 | $23.2B | $39.0B | ||
| Q4 24 | $22.9B | $37.5B | ||
| Q3 24 | $25.9B | $38.5B | ||
| Q2 24 | $25.8B | $38.4B | ||
| Q1 24 | $26.0B | $36.5B |
负债/权益比CEMPLX
| Q4 25 | 2.81× | — | ||
| Q3 25 | 2.95× | — | ||
| Q2 25 | 2.41× | — | ||
| Q1 25 | 2.39× | — | ||
| Q4 24 | 2.14× | — | ||
| Q3 24 | 1.56× | — | ||
| Q2 24 | 1.54× | — | ||
| Q1 24 | 1.56× | — |
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 | $252.0M | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $168.0M | $782.0M |
| 自由现金流率自由现金流/营收 | 7.6% | 31.9% |
| 资本支出强度资本支出/营收 | 3.8% | 29.1% |
| 现金转化率经营现金流/净利润 | 18.00× | 1.24× |
| 过去12个月自由现金流最近4个季度 | $803.0M | $4.1B |
8季度趋势，按日历期对齐
经营现金流CEMPLX
| Q4 25 | $252.0M | $1.5B | ||
| Q3 25 | $447.0M | $1.4B | ||
| Q2 25 | $410.0M | $1.7B | ||
| Q1 25 | $37.0M | $1.2B | ||
| Q4 24 | $494.0M | $1.7B | ||
| Q3 24 | $79.0M | $1.4B | ||
| Q2 24 | $292.0M | $1.6B | ||
| Q1 24 | $101.0M | $1.3B |
自由现金流CEMPLX
| Q4 25 | $168.0M | $782.0M | ||
| Q3 25 | $383.0M | $905.0M | ||
| Q2 25 | $317.0M | $1.4B | ||
| Q1 25 | $-65.0M | $979.0M | ||
| Q4 24 | $389.0M | $1.4B | ||
| Q3 24 | $-9.0M | $1.1B | ||
| Q2 24 | $187.0M | $1.4B | ||
| Q1 24 | $-36.0M | $1.0B |
自由现金流率CEMPLX
| Q4 25 | 7.6% | 31.9% | ||
| Q3 25 | 15.8% | 36.8% | ||
| Q2 25 | 12.5% | 60.9% | ||
| Q1 25 | -2.7% | 39.8% | ||
| Q4 24 | 16.4% | 56.6% | ||
| Q3 24 | -0.3% | 48.4% | ||
| Q2 24 | 7.1% | 60.0% | ||
| Q1 24 | -1.4% | 47.7% |
资本支出强度CEMPLX
| Q4 25 | 3.8% | 29.1% | ||
| Q3 25 | 2.6% | 21.4% | ||
| Q2 25 | 3.7% | 12.8% | ||
| Q1 25 | 4.3% | 10.9% | ||
| Q4 24 | 4.4% | 12.7% | ||
| Q3 24 | 3.3% | 11.9% | ||
| Q2 24 | 4.0% | 9.4% | ||
| Q1 24 | 5.2% | 11.7% |
现金转化率CEMPLX
| Q4 25 | 18.00× | 1.24× | ||
| Q3 25 | — | 0.92× | ||
| Q2 25 | 2.06× | 1.64× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 1.51× | ||
| Q3 24 | 0.68× | 1.35× | ||
| Q2 24 | 1.88× | 1.32× | ||
| Q1 24 | 0.83× | 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
CE
| Engineered Materials | $1.3B | 58% |
| Acetyl Chain | $940.0M | 43% |
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% |
