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芝商所（CME）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的季度营收约是芝商所的1.3倍（$2.5B vs $1.9B），MPLX LP净利率更高（49.1% vs 0.1%，领先49.0%），芝商所同比增速更快（14.5% vs 1.4%），过去两年芝商所的营收复合增速更高（10.8% vs 6.2%）
芝商所是总部位于美国伊利诺伊州芝加哥的金融服务企业，为全球规模最大的金融衍生品交易所运营商，旗下拥有芝加哥商品交易所、芝加哥期货交易所、纽约商业交易所、纽约商品交易所等交易平台，覆盖农产品、货币、能源等品类交易，同时持有标普道琼斯指数27%的股权。
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。
CME vs MPLX — 直观对比
营收规模更大
MPLX
是对方的1.3倍
$1.9B
营收增速更快
CME
高出13.1%
1.4%
净利率更高
MPLX
高出49.0%
0.1%
两年增速更快
CME
近两年复合增速
6.2%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.9B | $2.5B |
| 净利润 | $1.2M | $1.2B |
| 毛利率 | — | — |
| 营业利润率 | 0.1% | 60.5% |
| 净利率 | 0.1% | 49.1% |
| 营收同比 | 14.5% | 1.4% |
| 净利润同比 | 20.7% | 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CMEMPLX
| Q1 26 | $1.9B | — | ||
| Q4 25 | $1.6B | $2.5B | ||
| Q3 25 | $1.5B | $2.5B | ||
| Q2 25 | $1.7B | $2.4B | ||
| Q1 25 | $1.6B | $2.5B | ||
| Q4 24 | $1.5B | $2.4B | ||
| Q3 24 | $1.6B | $2.3B | ||
| Q2 24 | $1.5B | $2.3B |
净利润CMEMPLX
| Q1 26 | $1.2M | — | ||
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $908.0M | $1.6B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $956.2M | $1.1B | ||
| Q4 24 | $874.6M | $1.1B | ||
| Q3 24 | $912.8M | $1.0B | ||
| Q2 24 | $883.2M | $1.2B |
营业利润率CMEMPLX
| Q1 26 | 0.1% | — | ||
| Q4 25 | 61.8% | 60.5% | ||
| Q3 25 | 63.3% | 73.2% | ||
| Q2 25 | 66.7% | 54.9% | ||
| Q1 25 | 67.5% | 55.5% | ||
| Q4 24 | 62.1% | 55.6% | ||
| Q3 24 | 64.6% | 54.4% | ||
| Q2 24 | 65.3% | 62.9% |
净利率CMEMPLX
| Q1 26 | 0.1% | — | ||
| Q4 25 | 71.7% | 49.1% | ||
| Q3 25 | 59.1% | 63.2% | ||
| Q2 25 | 60.6% | 44.9% | ||
| Q1 25 | 58.2% | 46.2% | ||
| Q4 24 | 57.3% | 45.9% | ||
| Q3 24 | 57.6% | 44.6% | ||
| Q2 24 | 57.6% | 52.6% |
每股收益（稀释后）CMEMPLX
| Q1 26 | — | — | ||
| Q4 25 | $3.24 | — | ||
| Q3 25 | $2.49 | — | ||
| Q2 25 | $2.81 | — | ||
| Q1 25 | $2.62 | — | ||
| Q4 24 | $2.40 | — | ||
| Q3 24 | $2.50 | — | ||
| Q2 24 | $2.42 | — |
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 | $2.4B | $2.1B |
| 总债务越低越好 | $3.4B | $24.2B |
| 股东权益账面价值 | — | — |
| 总资产 | $202.0B | $43.0B |
| 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CMEMPLX
| Q1 26 | $2.4B | — | ||
| Q4 25 | $4.5B | $2.1B | ||
| Q3 25 | $2.6B | $1.8B | ||
| Q2 25 | $2.1B | $1.4B | ||
| Q1 25 | $1.5B | $2.5B | ||
| Q4 24 | $3.0B | $1.5B | ||
| Q3 24 | $2.4B | $2.4B | ||
| Q2 24 | $1.9B | $2.5B |
总债务CMEMPLX
| Q1 26 | $3.4B | — | ||
| Q4 25 | — | $24.2B | ||
| Q3 25 | — | $24.1B | ||
| Q2 25 | — | $19.7B | ||
| Q1 25 | — | $19.7B | ||
| Q4 24 | — | $19.3B | ||
| Q3 24 | — | $19.3B | ||
| Q2 24 | — | $19.2B |
股东权益CMEMPLX
| Q1 26 | — | — | ||
| Q4 25 | $28.7B | — | ||
| Q3 25 | $28.2B | — | ||
| Q2 25 | $27.7B | — | ||
| Q1 25 | $27.0B | — | ||
| Q4 24 | $26.5B | — | ||
| Q3 24 | $28.2B | — | ||
| Q2 24 | $27.6B | — |
总资产CMEMPLX
| Q1 26 | $202.0B | — | ||
| Q4 25 | $198.4B | $43.0B | ||
| Q3 25 | $187.1B | $43.2B | ||
| Q2 25 | $179.9B | $37.8B | ||
| Q1 25 | $157.8B | $39.0B | ||
| Q4 24 | $137.4B | $37.5B | ||
| Q3 24 | $137.8B | $38.5B | ||
| Q2 24 | $123.4B | $38.4B |
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 | — | $1.5B |
| 自由现金流经营现金流 - 资本支出 | — | $782.0M |
| 自由现金流率自由现金流/营收 | — | 31.9% |
| 资本支出强度资本支出/营收 | — | 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 | — | $4.1B |
8季度趋势，按日历期对齐
经营现金流CMEMPLX
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $968.1M | $1.4B | ||
| Q2 25 | $1.1B | $1.7B | ||
| Q1 25 | $1.1B | $1.2B | ||
| Q4 24 | $1.0B | $1.7B | ||
| Q3 24 | $1.0B | $1.4B | ||
| Q2 24 | $776.9M | $1.6B |
自由现金流CMEMPLX
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | $782.0M | ||
| Q3 25 | $949.7M | $905.0M | ||
| Q2 25 | $1.0B | $1.4B | ||
| Q1 25 | $1.1B | $979.0M | ||
| Q4 24 | $991.7M | $1.4B | ||
| Q3 24 | $973.2M | $1.1B | ||
| Q2 24 | $758.7M | $1.4B |
自由现金流率CMEMPLX
| Q1 26 | — | — | ||
| Q4 25 | 66.8% | 31.9% | ||
| Q3 25 | 61.8% | 36.8% | ||
| Q2 25 | 61.5% | 60.9% | ||
| Q1 25 | 67.1% | 39.8% | ||
| Q4 24 | 65.0% | 56.6% | ||
| Q3 24 | 61.4% | 48.4% | ||
| Q2 24 | 49.5% | 60.0% |
资本支出强度CMEMPLX
| Q1 26 | — | — | ||
| Q4 25 | 2.0% | 29.1% | ||
| Q3 25 | 1.2% | 21.4% | ||
| Q2 25 | 1.1% | 12.8% | ||
| Q1 25 | 0.9% | 10.9% | ||
| Q4 24 | 1.7% | 12.7% | ||
| Q3 24 | 1.9% | 11.9% | ||
| Q2 24 | 1.2% | 9.4% |
现金转化率CMEMPLX
| Q1 26 | — | — | ||
| Q4 25 | 0.96× | 1.24× | ||
| Q3 25 | 1.07× | 0.92× | ||
| Q2 25 | 1.03× | 1.64× | ||
| Q1 25 | 1.17× | 1.10× | ||
| Q4 24 | 1.16× | 1.51× | ||
| Q3 24 | 1.10× | 1.35× | ||
| Q2 24 | 0.88× | 1.32× |
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
CME
暂无分部数据
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% |
