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CLEVELAND-CLIFFS INC.（CLF）与MPLX LP（MPLX）财务数据对比。点击上方公司名可切换其他公司
CLEVELAND-CLIFFS INC.的季度营收约是MPLX LP的1.8倍（$4.3B vs $2.5B），MPLX LP净利率更高（49.1% vs -5.6%，领先54.7%），MPLX LP同比增速更快（1.4% vs -0.3%），MPLX LP自由现金流更多（$782.0M vs $-153.0M），过去两年MPLX LP的营收复合增速更高（6.2% vs -8.9%）
克利夫兰-克利夫斯公司是总部位于美国俄亥俄州克利夫兰的钢铁制造商，业务覆盖铁矿石开采、选矿、造球及钢铁冶炼，包含冲压与模具制造，是美国第二大钢铁生产商、北美最大扁钢生产商，位列财富500强第221位、福布斯全球2000强第1511位。
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。
CLF vs MPLX — 直观对比
营收规模更大
CLF
是对方的1.8倍
$2.5B
营收增速更快
MPLX
高出1.7%
-0.3%
净利率更高
MPLX
高出54.7%
-5.6%
自由现金流更多
MPLX
多$935.0M
$-153.0M
两年增速更快
MPLX
近两年复合增速
-8.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.3B | $2.5B |
| 净利润 | $-241.0M | $1.2B |
| 毛利率 | -5.0% | — |
| 营业利润率 | -7.9% | 60.5% |
| 净利率 | -5.6% | 49.1% |
| 营收同比 | -0.3% | 1.4% |
| 净利润同比 | 46.1% | 8.5% |
| 每股收益（稀释后） | — | — |
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CLFMPLX
| Q4 25 | $4.3B | $2.5B | ||
| Q3 25 | $4.7B | $2.5B | ||
| Q2 25 | $4.9B | $2.4B | ||
| Q1 25 | $4.6B | $2.5B | ||
| Q4 24 | $4.3B | $2.4B | ||
| Q3 24 | $4.6B | $2.3B | ||
| Q2 24 | $5.1B | $2.3B | ||
| Q1 24 | $5.2B | $2.2B |
净利润CLFMPLX
| Q4 25 | $-241.0M | $1.2B | ||
| Q3 25 | $-251.0M | $1.6B | ||
| Q2 25 | $-470.0M | $1.1B | ||
| Q1 25 | $-483.0M | $1.1B | ||
| Q4 24 | $-447.0M | $1.1B | ||
| Q3 24 | $-242.0M | $1.0B | ||
| Q2 24 | $2.0M | $1.2B | ||
| Q1 24 | $-67.0M | $1.0B |
毛利率CLFMPLX
| Q4 25 | -5.0% | — | ||
| Q3 25 | -1.0% | — | ||
| Q2 25 | -4.2% | — | ||
| Q1 25 | -8.4% | — | ||
| Q4 24 | -6.3% | — | ||
| Q3 24 | -2.3% | — | ||
| Q2 24 | 3.2% | — | ||
| Q1 24 | 5.5% | — |
营业利润率CLFMPLX
| Q4 25 | -7.9% | 60.5% | ||
| Q3 25 | -4.3% | 73.2% | ||
| Q2 25 | -10.1% | 54.9% | ||
| Q1 25 | -11.6% | 55.5% | ||
| Q4 24 | -10.8% | 55.6% | ||
| Q3 24 | -5.7% | 54.4% | ||
| Q2 24 | 0.1% | 62.9% | ||
| Q1 24 | -0.7% | 57.6% |
净利率CLFMPLX
| Q4 25 | -5.6% | 49.1% | ||
| Q3 25 | -5.3% | 63.2% | ||
| Q2 25 | -9.5% | 44.9% | ||
| Q1 25 | -10.4% | 46.2% | ||
| Q4 24 | -10.3% | 45.9% | ||
| Q3 24 | -5.3% | 44.6% | ||
| Q2 24 | 0.0% | 52.6% | ||
| Q1 24 | -1.3% | 46.7% |
每股收益（稀释后）CLFMPLX
| Q4 25 | — | — | ||
| Q3 25 | $-0.51 | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-0.91 | — | ||
| Q3 24 | $-0.52 | — | ||
| Q2 24 | $0.00 | — | ||
| Q1 24 | $-0.14 | — |
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 | $57.0M | $2.1B |
| 总债务越低越好 | $7.3B | $24.2B |
| 股东权益账面价值 | $6.1B | — |
| 总资产 | $20.0B | $43.0B |
| 负债/权益比越低杠杆越低 | 1.19× | — |
8季度趋势，按日历期对齐
现金及短期投资CLFMPLX
| Q4 25 | $57.0M | $2.1B | ||
| Q3 25 | $66.0M | $1.8B | ||
| Q2 25 | $61.0M | $1.4B | ||
| Q1 25 | $57.0M | $2.5B | ||
| Q4 24 | $54.0M | $1.5B | ||
| Q3 24 | $39.0M | $2.4B | ||
| Q2 24 | $110.0M | $2.5B | ||
| Q1 24 | $30.0M | $385.0M |
总债务CLFMPLX
| Q4 25 | $7.3B | $24.2B | ||
| Q3 25 | $8.0B | $24.1B | ||
| Q2 25 | $7.7B | $19.7B | ||
| Q1 25 | $7.6B | $19.7B | ||
| Q4 24 | $7.1B | $19.3B | ||
| Q3 24 | $3.8B | $19.3B | ||
| Q2 24 | $3.5B | $19.2B | ||
| Q1 24 | $3.7B | $18.8B |
股东权益CLFMPLX
| Q4 25 | $6.1B | — | ||
| Q3 25 | $5.5B | — | ||
| Q2 25 | $5.8B | — | ||
| Q1 25 | $6.3B | — | ||
| Q4 24 | $6.7B | — | ||
| Q3 24 | $6.9B | — | ||
| Q2 24 | $7.1B | — | ||
| Q1 24 | $7.2B | — |
总资产CLFMPLX
| Q4 25 | $20.0B | $43.0B | ||
| Q3 25 | $20.3B | $43.2B | ||
| Q2 25 | $20.5B | $37.8B | ||
| Q1 25 | $20.8B | $39.0B | ||
| Q4 24 | $20.9B | $37.5B | ||
| Q3 24 | $16.8B | $38.5B | ||
| Q2 24 | $16.9B | $38.4B | ||
| Q1 24 | $17.2B | $36.5B |
负债/权益比CLFMPLX
| Q4 25 | 1.19× | — | ||
| Q3 25 | 1.47× | — | ||
| Q2 25 | 1.33× | — | ||
| Q1 25 | 1.22× | — | ||
| Q4 24 | 1.06× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.49× | — | ||
| Q1 24 | 0.51× | — |
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 | $-13.0M | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $-153.0M | $782.0M |
| 自由现金流率自由现金流/营收 | -3.5% | 31.9% |
| 资本支出强度资本支出/营收 | 3.2% | 29.1% |
| 现金转化率经营现金流/净利润 | — | 1.24× |
| 过去12个月自由现金流最近4个季度 | $-1.0B | $4.1B |
8季度趋势，按日历期对齐
经营现金流CLFMPLX
| Q4 25 | $-13.0M | $1.5B | ||
| Q3 25 | $-143.0M | $1.4B | ||
| Q2 25 | $45.0M | $1.7B | ||
| Q1 25 | $-351.0M | $1.2B | ||
| Q4 24 | $-472.0M | $1.7B | ||
| Q3 24 | $-84.0M | $1.4B | ||
| Q2 24 | $519.0M | $1.6B | ||
| Q1 24 | $142.0M | $1.3B |
自由现金流CLFMPLX
| Q4 25 | $-153.0M | $782.0M | ||
| Q3 25 | $-300.0M | $905.0M | ||
| Q2 25 | $-67.0M | $1.4B | ||
| Q1 25 | $-503.0M | $979.0M | ||
| Q4 24 | $-677.0M | $1.4B | ||
| Q3 24 | $-235.0M | $1.1B | ||
| Q2 24 | $362.0M | $1.4B | ||
| Q1 24 | $-40.0M | $1.0B |
自由现金流率CLFMPLX
| Q4 25 | -3.5% | 31.9% | ||
| Q3 25 | -6.3% | 36.8% | ||
| Q2 25 | -1.4% | 60.9% | ||
| Q1 25 | -10.9% | 39.8% | ||
| Q4 24 | -15.7% | 56.6% | ||
| Q3 24 | -5.1% | 48.4% | ||
| Q2 24 | 7.1% | 60.0% | ||
| Q1 24 | -0.8% | 47.7% |
资本支出强度CLFMPLX
| Q4 25 | 3.2% | 29.1% | ||
| Q3 25 | 3.3% | 21.4% | ||
| Q2 25 | 2.3% | 12.8% | ||
| Q1 25 | 3.3% | 10.9% | ||
| Q4 24 | 4.7% | 12.7% | ||
| Q3 24 | 3.3% | 11.9% | ||
| Q2 24 | 3.1% | 9.4% | ||
| Q1 24 | 3.5% | 11.7% |
现金转化率CLFMPLX
| Q4 25 | — | 1.24× | ||
| Q3 25 | — | 0.92× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 1.51× | ||
| Q3 24 | — | 1.35× | ||
| Q2 24 | 259.50× | 1.32× | ||
| Q1 24 | — | 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
CLF
| Hot Rolled Steel | $1.1B | 27% |
| Automotive | $1.1B | 27% |
| Steel Producers | $555.0M | 13% |
| Cold Rolled Steel | $530.0M | 12% |
| Other | $409.0M | 9% |
| Stainless And Electrical Steel | $404.0M | 9% |
| Other Businesses | $159.0M | 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% |
