vs
雪佛龙（CVX）与MARTIN MIDSTREAM PARTNERS L.P.（MMLP）财务数据对比。点击上方公司名可切换其他公司
雪佛龙的季度营收约是MARTIN MIDSTREAM PARTNERS L.P.的244.0倍（$45.8B vs $187.7M）。雪佛龙净利率更高（6.0% vs 1.7%，领先4.3%）。MARTIN MIDSTREAM PARTNERS L.P.同比增速更快（-2.5% vs -5.3%）。雪佛龙自由现金流更多（$5.5B vs $-6.0M）。过去两年MARTIN MIDSTREAM PARTNERS L.P.的营收复合增速更高（0.8% vs -0.9%）
雪佛龙是美国知名跨国能源企业，主营业务为石油和天然气相关业务，是标准石油拆分后的第二大直系子公司，前身为加利福尼亚标准石油公司，目前业务布局覆盖全球超过180个国家，在全球能源市场占据重要地位。
Martin Midstream Partners L.P.是美国中游能源服务提供商，主营原油、天然气液、精炼石油产品及特种化学品的存储、运输、分销与加工服务，主要服务北美能源及工业领域客户。
CVX vs MMLP — 直观对比
营收规模更大
CVX
是对方的244.0倍
$187.7M
营收增速更快
MMLP
高出2.7%
-5.3%
净利率更高
CVX
高出4.3%
1.7%
自由现金流更多
CVX
多$5.5B
$-6.0M
两年增速更快
MMLP
近两年复合增速
-0.9%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $45.8B | $187.7M |
| 净利润 | $2.8B | $3.2M |
| 毛利率 | 44.6% | — |
| 营业利润率 | 10.0% | — |
| 净利率 | 6.0% | 1.7% |
| 营收同比 | -5.3% | -2.5% |
| 净利润同比 | -14.5% | 132.4% |
| 每股收益（稀释后） | $1.36 | — |
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CVXMMLP
| Q1 26 | — | $187.7M | ||
| Q4 25 | $45.8B | $174.2M | ||
| Q3 25 | $48.2B | $168.7M | ||
| Q2 25 | $44.4B | $180.7M | ||
| Q1 25 | $46.1B | $192.5M | ||
| Q4 24 | $48.3B | $171.3M | ||
| Q3 24 | $48.9B | $170.9M | ||
| Q2 24 | $49.6B | $184.5M |
净利润CVXMMLP
| Q1 26 | — | $3.2M | ||
| Q4 25 | $2.8B | $-2.9M | ||
| Q3 25 | $3.5B | $-8.4M | ||
| Q2 25 | $2.5B | $-2.4M | ||
| Q1 25 | $3.5B | $-1.0M | ||
| Q4 24 | $3.2B | $-8.9M | ||
| Q3 24 | $4.5B | $-3.3M | ||
| Q2 24 | $4.4B | $3.8M |
毛利率CVXMMLP
| Q1 26 | — | — | ||
| Q4 25 | 44.6% | 57.1% | ||
| Q3 25 | 43.1% | 55.1% | ||
| Q2 25 | 39.5% | 56.5% | ||
| Q1 25 | 37.9% | 53.5% | ||
| Q4 24 | 37.6% | 58.2% | ||
| Q3 24 | 37.8% | 58.5% | ||
| Q2 24 | 37.7% | 58.4% |
营业利润率CVXMMLP
| Q1 26 | — | — | ||
| Q4 25 | 10.0% | 7.3% | ||
| Q3 25 | 11.2% | 4.1% | ||
| Q2 25 | 9.3% | 8.2% | ||
| Q1 25 | 12.1% | 7.5% | ||
| Q4 24 | 12.5% | 4.0% | ||
| Q3 24 | 13.3% | 7.4% | ||
| Q2 24 | 14.2% | 10.8% |
净利率CVXMMLP
| Q1 26 | — | 1.7% | ||
| Q4 25 | 6.0% | -1.7% | ||
| Q3 25 | 7.3% | -5.0% | ||
| Q2 25 | 5.6% | -1.3% | ||
| Q1 25 | 7.6% | -0.5% | ||
| Q4 24 | 6.7% | -5.2% | ||
| Q3 24 | 9.2% | -1.9% | ||
| Q2 24 | 8.9% | 2.0% |
每股收益（稀释后）CVXMMLP
| Q1 26 | — | — | ||
| Q4 25 | $1.36 | — | ||
| Q3 25 | $1.82 | — | ||
| Q2 25 | $1.45 | — | ||
| Q1 25 | $2.00 | — | ||
| Q4 24 | $1.84 | — | ||
| Q3 24 | $2.48 | — | ||
| Q2 24 | $2.43 | — |
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 | — | — |
| 总债务越低越好 | $39.8B | — |
| 股东权益账面价值 | $186.4B | — |
| 总资产 | $324.0B | $537.1M |
| 负债/权益比越低杠杆越低 | 0.21× | — |
8季度趋势，按日历期对齐
现金及短期投资CVXMMLP
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $4.0B | — |
总债务CVXMMLP
| Q1 26 | — | — | ||
| Q4 25 | $39.8B | $428.0M | ||
| Q3 25 | — | $441.3M | ||
| Q2 25 | — | $427.8M | ||
| Q1 25 | — | $451.4M | ||
| Q4 24 | $20.1B | $437.6M | ||
| Q3 24 | — | $469.3M | ||
| Q2 24 | — | $439.4M |
股东权益CVXMMLP
| Q1 26 | — | — | ||
| Q4 25 | $186.4B | — | ||
| Q3 25 | $189.8B | — | ||
| Q2 25 | $146.4B | — | ||
| Q1 25 | $149.2B | — | ||
| Q4 24 | $152.3B | — | ||
| Q3 24 | $156.2B | — | ||
| Q2 24 | $159.2B | — |
总资产CVXMMLP
| Q1 26 | — | $537.1M | ||
| Q4 25 | $324.0B | $522.4M | ||
| Q3 25 | $326.5B | $510.1M | ||
| Q2 25 | $250.8B | $515.6M | ||
| Q1 25 | $256.4B | $533.4M | ||
| Q4 24 | $256.9B | $538.5M | ||
| Q3 24 | $259.2B | $554.8M | ||
| Q2 24 | $260.6B | $535.1M |
负债/权益比CVXMMLP
| Q1 26 | — | — | ||
| Q4 25 | 0.21× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.13× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $10.8B | — |
| 自由现金流经营现金流 - 资本支出 | $5.5B | $-6.0M |
| 自由现金流率自由现金流/营收 | 12.1% | -3.2% |
| 资本支出强度资本支出/营收 | 11.5% | 1.6% |
| 现金转化率经营现金流/净利润 | 3.89× | — |
| 过去12个月自由现金流最近4个季度 | $16.6B | $27.2M |
8季度趋势，按日历期对齐
经营现金流CVXMMLP
| Q1 26 | — | — | ||
| Q4 25 | $10.8B | $22.4M | ||
| Q3 25 | $9.4B | $-1.2M | ||
| Q2 25 | $8.6B | $30.9M | ||
| Q1 25 | $5.2B | $-6.0M | ||
| Q4 24 | $8.7B | $42.2M | ||
| Q3 24 | $9.7B | $-15.8M | ||
| Q2 24 | $6.3B | $11.8M |
自由现金流CVXMMLP
| Q1 26 | — | $-6.0M | ||
| Q4 25 | $5.5B | $15.6M | ||
| Q3 25 | $4.9B | $-7.9M | ||
| Q2 25 | $4.9B | $25.6M | ||
| Q1 25 | $1.3B | $-11.9M | ||
| Q4 24 | $4.4B | $34.2M | ||
| Q3 24 | $5.6B | $-25.6M | ||
| Q2 24 | $2.3B | $-696.0K |
自由现金流率CVXMMLP
| Q1 26 | — | -3.2% | ||
| Q4 25 | 12.1% | 8.9% | ||
| Q3 25 | 10.3% | -4.7% | ||
| Q2 25 | 11.0% | 14.2% | ||
| Q1 25 | 2.7% | -6.2% | ||
| Q4 24 | 9.0% | 20.0% | ||
| Q3 24 | 11.5% | -15.0% | ||
| Q2 24 | 4.7% | -0.4% |
资本支出强度CVXMMLP
| Q1 26 | — | 1.6% | ||
| Q4 25 | 11.5% | 3.9% | ||
| Q3 25 | 9.2% | 4.0% | ||
| Q2 25 | 8.4% | 3.0% | ||
| Q1 25 | 8.5% | 3.1% | ||
| Q4 24 | 9.0% | 4.6% | ||
| Q3 24 | 8.3% | 5.8% | ||
| Q2 24 | 8.0% | 6.8% |
现金转化率CVXMMLP
| Q1 26 | — | — | ||
| Q4 25 | 3.89× | — | ||
| Q3 25 | 2.65× | — | ||
| Q2 25 | 3.44× | — | ||
| Q1 25 | 1.48× | — | ||
| Q4 24 | 2.68× | — | ||
| Q3 24 | 2.16× | — | ||
| Q2 24 | 1.42× | 3.13× |
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
CVX
| Other | $17.5B | 38% |
| Downstream Segment | $16.8B | 37% |
| Upstream Segment | $11.5B | 25% |
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 2% |
