vs
HF Sinclair Corp（DINO）与MPLX LP（MPLX）财务数据对比。点击上方公司名可切换其他公司
HF Sinclair Corp的季度营收约是MPLX LP的2.6倍（$6.5B vs $2.5B）。MPLX LP净利率更高（49.1% vs -0.4%，领先49.5%）。MPLX LP同比增速更快（1.4% vs -0.6%）。MPLX LP自由现金流更多（$782.0M vs $-123.0M）。过去两年MPLX LP的营收复合增速更高（6.2% vs -4.1%）
HF Sinclair是总部位于美国得克萨斯州达拉斯的能源企业，主要从事汽油、柴油、航空燃油、可再生柴油、特种润滑油、特种化学品、特种改性沥青等多类能源化工产品的生产与销售。
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。
DINO vs MPLX — 直观对比
营收规模更大
DINO
是对方的2.6倍
$2.5B
营收增速更快
MPLX
高出2.0%
-0.6%
净利率更高
MPLX
高出49.5%
-0.4%
自由现金流更多
MPLX
多$905.0M
$-123.0M
两年增速更快
MPLX
近两年复合增速
-4.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.5B | $2.5B |
| 净利润 | $-28.0M | $1.2B |
| 毛利率 | — | — |
| 营业利润率 | 0.1% | 60.5% |
| 净利率 | -0.4% | 49.1% |
| 营收同比 | -0.6% | 1.4% |
| 净利润同比 | 86.9% | 8.5% |
| 每股收益（稀释后） | $-0.15 | — |
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DINOMPLX
| Q4 25 | $6.5B | $2.5B | ||
| Q3 25 | $7.3B | $2.5B | ||
| Q2 25 | $6.8B | $2.4B | ||
| Q1 25 | $6.4B | $2.5B | ||
| Q4 24 | $6.5B | $2.4B | ||
| Q3 24 | $7.2B | $2.3B | ||
| Q2 24 | $7.8B | $2.3B | ||
| Q1 24 | $7.0B | $2.2B |
净利润DINOMPLX
| Q4 25 | $-28.0M | $1.2B | ||
| Q3 25 | $403.0M | $1.6B | ||
| Q2 25 | $208.0M | $1.1B | ||
| Q1 25 | $-4.0M | $1.1B | ||
| Q4 24 | $-213.5M | $1.1B | ||
| Q3 24 | $-75.9M | $1.0B | ||
| Q2 24 | $151.8M | $1.2B | ||
| Q1 24 | $314.7M | $1.0B |
毛利率DINOMPLX
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 15.7% | — |
营业利润率DINOMPLX
| Q4 25 | 0.1% | 60.5% | ||
| Q3 25 | 7.8% | 73.2% | ||
| Q2 25 | 4.1% | 54.9% | ||
| Q1 25 | 1.3% | 55.5% | ||
| Q4 24 | -3.5% | 55.6% | ||
| Q3 24 | -1.7% | 54.4% | ||
| Q2 24 | 2.5% | 62.9% | ||
| Q1 24 | 5.8% | 57.6% |
净利率DINOMPLX
| Q4 25 | -0.4% | 49.1% | ||
| Q3 25 | 5.6% | 63.2% | ||
| Q2 25 | 3.1% | 44.9% | ||
| Q1 25 | -0.1% | 46.2% | ||
| Q4 24 | -3.3% | 45.9% | ||
| Q3 24 | -1.1% | 44.6% | ||
| Q2 24 | 1.9% | 52.6% | ||
| Q1 24 | 4.5% | 46.7% |
每股收益（稀释后）DINOMPLX
| Q4 25 | $-0.15 | — | ||
| Q3 25 | $2.15 | — | ||
| Q2 25 | $1.10 | — | ||
| Q1 25 | $-0.02 | — | ||
| Q4 24 | $-1.05 | — | ||
| Q3 24 | $-0.40 | — | ||
| Q2 24 | $0.79 | — | ||
| Q1 24 | $1.57 | — |
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 | $978.0M | $2.1B |
| 总债务越低越好 | $2.8B | $24.2B |
| 股东权益账面价值 | $9.2B | — |
| 总资产 | $16.5B | $43.0B |
| 负债/权益比越低杠杆越低 | 0.30× | — |
8季度趋势，按日历期对齐
现金及短期投资DINOMPLX
| Q4 25 | $978.0M | $2.1B | ||
| Q3 25 | $1.5B | $1.8B | ||
| Q2 25 | $874.0M | $1.4B | ||
| Q1 25 | $547.0M | $2.5B | ||
| Q4 24 | $800.0M | $1.5B | ||
| Q3 24 | $1.2B | $2.4B | ||
| Q2 24 | $866.3M | $2.5B | ||
| Q1 24 | $1.2B | $385.0M |
总债务DINOMPLX
| Q4 25 | $2.8B | $24.2B | ||
| Q3 25 | $2.8B | $24.1B | ||
| Q2 25 | $2.7B | $19.7B | ||
| Q1 25 | $2.7B | $19.7B | ||
| Q4 24 | $2.6B | $19.3B | ||
| Q3 24 | — | $19.3B | ||
| Q2 24 | — | $19.2B | ||
| Q1 24 | — | $18.8B |
股东权益DINOMPLX
| Q4 25 | $9.2B | — | ||
| Q3 25 | $9.4B | — | ||
| Q2 25 | $9.3B | — | ||
| Q1 25 | $9.2B | — | ||
| Q4 24 | $9.3B | — | ||
| Q3 24 | $9.6B | — | ||
| Q2 24 | $9.9B | — | ||
| Q1 24 | $10.2B | — |
总资产DINOMPLX
| Q4 25 | $16.5B | $43.0B | ||
| Q3 25 | $17.3B | $43.2B | ||
| Q2 25 | $16.8B | $37.8B | ||
| Q1 25 | $16.5B | $39.0B | ||
| Q4 24 | $16.6B | $37.5B | ||
| Q3 24 | $16.9B | $38.5B | ||
| Q2 24 | $17.4B | $38.4B | ||
| Q1 24 | $17.9B | $36.5B |
负债/权益比DINOMPLX
| Q4 25 | 0.30× | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | 0.29× | — | ||
| Q1 25 | 0.29× | — | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $8.0M | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $-123.0M | $782.0M |
| 自由现金流率自由现金流/营收 | -1.9% | 31.9% |
| 资本支出强度资本支出/营收 | 2.0% | 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 | $866.0M | $4.1B |
8季度趋势，按日历期对齐
经营现金流DINOMPLX
| Q4 25 | $8.0M | $1.5B | ||
| Q3 25 | $809.0M | $1.4B | ||
| Q2 25 | $587.0M | $1.7B | ||
| Q1 25 | $-89.0M | $1.2B | ||
| Q4 24 | $-140.4M | $1.7B | ||
| Q3 24 | $707.6M | $1.4B | ||
| Q2 24 | $225.9M | $1.6B | ||
| Q1 24 | $316.9M | $1.3B |
自由现金流DINOMPLX
| Q4 25 | $-123.0M | $782.0M | ||
| Q3 25 | $688.0M | $905.0M | ||
| Q2 25 | $476.0M | $1.4B | ||
| Q1 25 | $-175.0M | $979.0M | ||
| Q4 24 | $-313.5M | $1.4B | ||
| Q3 24 | $584.0M | $1.1B | ||
| Q2 24 | $141.7M | $1.4B | ||
| Q1 24 | $227.8M | $1.0B |
自由现金流率DINOMPLX
| Q4 25 | -1.9% | 31.9% | ||
| Q3 25 | 9.5% | 36.8% | ||
| Q2 25 | 7.0% | 60.9% | ||
| Q1 25 | -2.7% | 39.8% | ||
| Q4 24 | -4.8% | 56.6% | ||
| Q3 24 | 8.1% | 48.4% | ||
| Q2 24 | 1.8% | 60.0% | ||
| Q1 24 | 3.2% | 47.7% |
资本支出强度DINOMPLX
| Q4 25 | 2.0% | 29.1% | ||
| Q3 25 | 1.7% | 21.4% | ||
| Q2 25 | 1.6% | 12.8% | ||
| Q1 25 | 1.4% | 10.9% | ||
| Q4 24 | 2.7% | 12.7% | ||
| Q3 24 | 1.7% | 11.9% | ||
| Q2 24 | 1.1% | 9.4% | ||
| Q1 24 | 1.3% | 11.7% |
现金转化率DINOMPLX
| Q4 25 | — | 1.24× | ||
| Q3 25 | 2.01× | 0.92× | ||
| Q2 25 | 2.82× | 1.64× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 1.51× | ||
| Q3 24 | — | 1.35× | ||
| Q2 24 | 1.49× | 1.32× | ||
| Q1 24 | 1.01× | 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
DINO
| Transportation Fuels | $5.0B | 77% |
| Lubricants And Specialties Segment | $586.0M | 9% |
| Lubricants And Specialty Products | $531.0M | 8% |
| Crude Oil | $213.0M | 3% |
| Renewables Segment | $163.0M | 3% |
| Midstream Segment | $35.0M | 1% |
| Transportation And Logistic Services | $34.0M | 1% |
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% |
