vs
HF Sinclair Corp（DINO）与PLAINS ALL AMERICAN PIPELINE LP（PAA）财务数据对比。点击上方公司名可切换其他公司
PLAINS ALL AMERICAN PIPELINE LP的季度营收约是HF Sinclair Corp的1.6倍（$10.0B vs $6.5B）。PLAINS ALL AMERICAN PIPELINE LP净利率更高（3.4% vs -0.4%，领先3.8%）。HF Sinclair Corp同比增速更快（-0.6% vs -19.1%）。PLAINS ALL AMERICAN PIPELINE LP自由现金流更多（$638.0M vs $-123.0M）。过去两年HF Sinclair Corp的营收复合增速更高（-4.1% vs -8.6%）
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。
本公司为业主有限合伙企业，主营美国及加拿大地区液化石油气与石油的管道运输、销售及存储业务。旗下拥有总长度约29560公里的管线，原油、天然气凝液、天然气存储容量分别为7500万桶、2800万桶、680亿立方英尺，另有5座天然气加工厂，总部位于得克萨斯州休斯顿市中心艾伦中心。
DINO vs PAA — 直观对比
营收规模更大
PAA
是对方的1.6倍
$6.5B
营收增速更快
DINO
高出18.6%
-19.1%
净利率更高
PAA
高出3.8%
-0.4%
自由现金流更多
PAA
多$761.0M
$-123.0M
两年增速更快
DINO
近两年复合增速
-8.6%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.5B | $10.0B |
| 净利润 | $-28.0M | $341.0M |
| 毛利率 | — | 7.0% |
| 营业利润率 | 0.1% | 1.8% |
| 净利率 | -0.4% | 3.4% |
| 营收同比 | -0.6% | -19.1% |
| 净利润同比 | 86.9% | 847.2% |
| 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DINOPAA
| Q4 25 | $6.5B | $10.0B | ||
| Q3 25 | $7.3B | $11.6B | ||
| Q2 25 | $6.8B | $10.6B | ||
| Q1 25 | $6.4B | $12.0B | ||
| Q4 24 | $6.5B | $12.4B | ||
| Q3 24 | $7.2B | $12.7B | ||
| Q2 24 | $7.8B | $12.9B | ||
| Q1 24 | $7.0B | $12.0B |
净利润DINOPAA
| Q4 25 | $-28.0M | $341.0M | ||
| Q3 25 | $403.0M | $441.0M | ||
| Q2 25 | $208.0M | $210.0M | ||
| Q1 25 | $-4.0M | $443.0M | ||
| Q4 24 | $-213.5M | $36.0M | ||
| Q3 24 | $-75.9M | $220.0M | ||
| Q2 24 | $151.8M | $250.0M | ||
| Q1 24 | $314.7M | $266.0M |
毛利率DINOPAA
| Q4 25 | — | 7.0% | ||
| Q3 25 | — | 8.6% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.4% | ||
| Q4 24 | — | 9.5% | ||
| Q3 24 | — | 9.3% | ||
| Q2 24 | — | 8.3% | ||
| Q1 24 | 15.7% | 9.0% |
营业利润率DINOPAA
| Q4 25 | 0.1% | 1.8% | ||
| Q3 25 | 7.8% | 4.2% | ||
| Q2 25 | 4.1% | 2.2% | ||
| Q1 25 | 1.3% | 4.4% | ||
| Q4 24 | -3.5% | 0.7% | ||
| Q3 24 | -1.7% | 2.7% | ||
| Q2 24 | 2.5% | 2.9% | ||
| Q1 24 | 5.8% | 3.1% |
净利率DINOPAA
| Q4 25 | -0.4% | 3.4% | ||
| Q3 25 | 5.6% | 3.8% | ||
| Q2 25 | 3.1% | 2.0% | ||
| Q1 25 | -0.1% | 3.7% | ||
| Q4 24 | -3.3% | 0.3% | ||
| Q3 24 | -1.1% | 1.7% | ||
| Q2 24 | 1.9% | 1.9% | ||
| Q1 24 | 4.5% | 2.2% |
每股收益（稀释后）DINOPAA
| 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 | $328.0M |
| 总债务越低越好 | $2.8B | $10.7B |
| 股东权益账面价值 | $9.2B | — |
| 总资产 | $16.5B | $30.2B |
| 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DINOPAA
| Q4 25 | $978.0M | $328.0M | ||
| Q3 25 | $1.5B | $1.2B | ||
| Q2 25 | $874.0M | $459.0M | ||
| Q1 25 | $547.0M | $427.0M | ||
| Q4 24 | $800.0M | $348.0M | ||
| Q3 24 | $1.2B | $640.0M | ||
| Q2 24 | $866.3M | $553.0M | ||
| Q1 24 | $1.2B | $331.0M |
总债务DINOPAA
| Q4 25 | $2.8B | $10.7B | ||
| Q3 25 | $2.8B | $8.4B | ||
| Q2 25 | $2.7B | $8.2B | ||
| Q1 25 | $2.7B | $8.2B | ||
| Q4 24 | $2.6B | $7.2B | ||
| Q3 24 | — | $7.2B | ||
| Q2 24 | — | $7.2B | ||
| Q1 24 | — | $7.3B |
股东权益DINOPAA
| 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DINOPAA
| Q4 25 | $16.5B | $30.2B | ||
| Q3 25 | $17.3B | $28.1B | ||
| Q2 25 | $16.8B | $27.2B | ||
| Q1 25 | $16.5B | $27.1B | ||
| Q4 24 | $16.6B | $26.6B | ||
| Q3 24 | $16.9B | $27.2B | ||
| Q2 24 | $17.4B | $27.5B | ||
| Q1 24 | $17.9B | $27.4B |
负债/权益比DINOPAA
| 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 | $786.0M |
| 自由现金流经营现金流 - 资本支出 | $-123.0M | $638.0M |
| 自由现金流率自由现金流/营收 | -1.9% | 6.4% |
| 资本支出强度资本支出/营收 | 2.0% | 1.5% |
| 现金转化率经营现金流/净利润 | — | 2.30× |
| 过去12个月自由现金流最近4个季度 | $866.0M | $2.3B |
8季度趋势，按日历期对齐
经营现金流DINOPAA
| Q4 25 | $8.0M | $786.0M | ||
| Q3 25 | $809.0M | $817.0M | ||
| Q2 25 | $587.0M | $694.0M | ||
| Q1 25 | $-89.0M | $639.0M | ||
| Q4 24 | $-140.4M | $727.0M | ||
| Q3 24 | $707.6M | $691.0M | ||
| Q2 24 | $225.9M | $653.0M | ||
| Q1 24 | $316.9M | $419.0M |
自由现金流DINOPAA
| Q4 25 | $-123.0M | $638.0M | ||
| Q3 25 | $688.0M | $632.0M | ||
| Q2 25 | $476.0M | $575.0M | ||
| Q1 25 | $-175.0M | $448.0M | ||
| Q4 24 | $-313.5M | $561.0M | ||
| Q3 24 | $584.0M | $534.0M | ||
| Q2 24 | $141.7M | $514.0M | ||
| Q1 24 | $227.8M | $262.0M |
自由现金流率DINOPAA
| Q4 25 | -1.9% | 6.4% | ||
| Q3 25 | 9.5% | 5.5% | ||
| Q2 25 | 7.0% | 5.4% | ||
| Q1 25 | -2.7% | 3.7% | ||
| Q4 24 | -4.8% | 4.5% | ||
| Q3 24 | 8.1% | 4.2% | ||
| Q2 24 | 1.8% | 4.0% | ||
| Q1 24 | 3.2% | 2.2% |
资本支出强度DINOPAA
| Q4 25 | 2.0% | 1.5% | ||
| Q3 25 | 1.7% | 1.6% | ||
| Q2 25 | 1.6% | 1.1% | ||
| Q1 25 | 1.4% | 1.6% | ||
| Q4 24 | 2.7% | 1.3% | ||
| Q3 24 | 1.7% | 1.2% | ||
| Q2 24 | 1.1% | 1.1% | ||
| Q1 24 | 1.3% | 1.3% |
现金转化率DINOPAA
| Q4 25 | — | 2.30× | ||
| Q3 25 | 2.01× | 1.85× | ||
| Q2 25 | 2.82× | 3.30× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | — | 20.19× | ||
| Q3 24 | — | 3.14× | ||
| Q2 24 | 1.49× | 2.61× | ||
| Q1 24 | 1.01× | 1.58× |
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% |
PAA
| Products | $9.6B | 96% |
| Transportation | $341.0M | 3% |
| Terminalling Storage And Other | $90.0M | 1% |
| Affiliated Entity | $14.0M | 0% |
