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DoorDash（DASH）与MPLX LP（MPLX）财务数据对比。点击上方公司名可切换其他公司
DoorDash的季度营收约是MPLX LP的1.6倍（$4.0B vs $2.5B），MPLX LP净利率更高（49.1% vs 5.4%，领先43.7%），DoorDash同比增速更快（37.7% vs 1.4%），MPLX LP自由现金流更多（$782.0M vs $367.0M），过去两年DoorDash的营收复合增速更高（25.5% vs 6.2%）
DoorDash是美国头部在线订餐及配送平台，也是美国规模最大的外卖配送服务商，占据当地外卖配送市场56%的份额，便民配送品类市场占比更是高达60%。截至2020年12月31日，平台合作商户超45万家，服务消费者超2000万，注册配送员数量突破100万。
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。
DASH vs MPLX — 直观对比
营收规模更大
DASH
是对方的1.6倍
$2.5B
营收增速更快
DASH
高出36.3%
1.4%
净利率更高
MPLX
高出43.7%
5.4%
自由现金流更多
MPLX
多$415.0M
$367.0M
两年增速更快
DASH
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.0B | $2.5B |
| 净利润 | $213.0M | $1.2B |
| 毛利率 | — | — |
| 营业利润率 | 3.7% | 60.5% |
| 净利率 | 5.4% | 49.1% |
| 营收同比 | 37.7% | 1.4% |
| 净利润同比 | 51.1% | 8.5% |
| 每股收益（稀释后） | $0.49 | — |
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DASHMPLX
| Q4 25 | $4.0B | $2.5B | ||
| Q3 25 | $3.4B | $2.5B | ||
| Q2 25 | $3.3B | $2.4B | ||
| Q1 25 | $3.0B | $2.5B | ||
| Q4 24 | $2.9B | $2.4B | ||
| Q3 24 | $2.7B | $2.3B | ||
| Q2 24 | $2.6B | $2.3B | ||
| Q1 24 | $2.5B | $2.2B |
净利润DASHMPLX
| Q4 25 | $213.0M | $1.2B | ||
| Q3 25 | $244.0M | $1.6B | ||
| Q2 25 | $285.0M | $1.1B | ||
| Q1 25 | $193.0M | $1.1B | ||
| Q4 24 | $141.0M | $1.1B | ||
| Q3 24 | $162.0M | $1.0B | ||
| Q2 24 | $-157.0M | $1.2B | ||
| Q1 24 | $-23.0M | $1.0B |
营业利润率DASHMPLX
| Q4 25 | 3.7% | 60.5% | ||
| Q3 25 | 7.5% | 73.2% | ||
| Q2 25 | 5.0% | 54.9% | ||
| Q1 25 | 5.1% | 55.5% | ||
| Q4 24 | 4.1% | 55.6% | ||
| Q3 24 | 4.0% | 54.4% | ||
| Q2 24 | -7.6% | 62.9% | ||
| Q1 24 | -2.4% | 57.6% |
净利率DASHMPLX
| Q4 25 | 5.4% | 49.1% | ||
| Q3 25 | 7.1% | 63.2% | ||
| Q2 25 | 8.7% | 44.9% | ||
| Q1 25 | 6.4% | 46.2% | ||
| Q4 24 | 4.9% | 45.9% | ||
| Q3 24 | 6.0% | 44.6% | ||
| Q2 24 | -6.0% | 52.6% | ||
| Q1 24 | -0.9% | 46.7% |
每股收益（稀释后）DASHMPLX
| Q4 25 | $0.49 | — | ||
| Q3 25 | $0.55 | — | ||
| Q2 25 | $0.65 | — | ||
| Q1 25 | $0.44 | — | ||
| Q4 24 | $0.35 | — | ||
| Q3 24 | $0.38 | — | ||
| Q2 24 | $-0.38 | — | ||
| Q1 24 | $-0.06 | — |
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 | $4.4B | $2.1B |
| 总债务越低越好 | — | $24.2B |
| 股东权益账面价值 | $10.0B | — |
| 总资产 | $19.7B | $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DASHMPLX
| Q4 25 | $4.4B | $2.1B | ||
| Q3 25 | $3.3B | $1.8B | ||
| Q2 25 | $3.9B | $1.4B | ||
| Q1 25 | $4.5B | $2.5B | ||
| Q4 24 | $4.0B | $1.5B | ||
| Q3 24 | $3.7B | $2.4B | ||
| Q2 24 | $3.4B | $2.5B | ||
| Q1 24 | $3.1B | $385.0M |
总债务DASHMPLX
| 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 | ||
| Q1 24 | — | $18.8B |
股东权益DASHMPLX
| Q4 25 | $10.0B | — | ||
| Q3 25 | $9.5B | — | ||
| Q2 25 | $8.9B | — | ||
| Q1 25 | $8.4B | — | ||
| Q4 24 | $7.8B | — | ||
| Q3 24 | $7.6B | — | ||
| Q2 24 | $7.2B | — | ||
| Q1 24 | $7.0B | — |
总资产DASHMPLX
| Q4 25 | $19.7B | $43.0B | ||
| Q3 25 | $18.0B | $43.2B | ||
| Q2 25 | $16.9B | $37.8B | ||
| Q1 25 | $13.6B | $39.0B | ||
| Q4 24 | $12.8B | $37.5B | ||
| Q3 24 | $12.3B | $38.5B | ||
| Q2 24 | $11.8B | $38.4B | ||
| Q1 24 | $11.4B | $36.5B |
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 | $421.0M | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $367.0M | $782.0M |
| 自由现金流率自由现金流/营收 | 9.3% | 31.9% |
| 资本支出强度资本支出/营收 | 1.4% | 29.1% |
| 现金转化率经营现金流/净利润 | 1.98× | 1.24× |
| 过去12个月自由现金流最近4个季度 | $2.2B | $4.1B |
8季度趋势，按日历期对齐
经营现金流DASHMPLX
| Q4 25 | $421.0M | $1.5B | ||
| Q3 25 | $871.0M | $1.4B | ||
| Q2 25 | $504.0M | $1.7B | ||
| Q1 25 | $635.0M | $1.2B | ||
| Q4 24 | $518.0M | $1.7B | ||
| Q3 24 | $531.0M | $1.4B | ||
| Q2 24 | $530.0M | $1.6B | ||
| Q1 24 | $553.0M | $1.3B |
自由现金流DASHMPLX
| Q4 25 | $367.0M | $782.0M | ||
| Q3 25 | $808.0M | $905.0M | ||
| Q2 25 | $438.0M | $1.4B | ||
| Q1 25 | $561.0M | $979.0M | ||
| Q4 24 | $486.0M | $1.4B | ||
| Q3 24 | $499.0M | $1.1B | ||
| Q2 24 | $507.0M | $1.4B | ||
| Q1 24 | $536.0M | $1.0B |
自由现金流率DASHMPLX
| Q4 25 | 9.3% | 31.9% | ||
| Q3 25 | 23.4% | 36.8% | ||
| Q2 25 | 13.3% | 60.9% | ||
| Q1 25 | 18.5% | 39.8% | ||
| Q4 24 | 16.9% | 56.6% | ||
| Q3 24 | 18.4% | 48.4% | ||
| Q2 24 | 19.3% | 60.0% | ||
| Q1 24 | 21.3% | 47.7% |
资本支出强度DASHMPLX
| Q4 25 | 1.4% | 29.1% | ||
| Q3 25 | 1.8% | 21.4% | ||
| Q2 25 | 2.0% | 12.8% | ||
| Q1 25 | 2.4% | 10.9% | ||
| Q4 24 | 1.1% | 12.7% | ||
| Q3 24 | 1.2% | 11.9% | ||
| Q2 24 | 0.9% | 9.4% | ||
| Q1 24 | 0.7% | 11.7% |
现金转化率DASHMPLX
| Q4 25 | 1.98× | 1.24× | ||
| Q3 25 | 3.57× | 0.92× | ||
| Q2 25 | 1.77× | 1.64× | ||
| Q1 25 | 3.29× | 1.10× | ||
| Q4 24 | 3.67× | 1.51× | ||
| Q3 24 | 3.28× | 1.35× | ||
| Q2 24 | — | 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
DASH
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% |
