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Delek Logistics Partners, LP（DKL）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Delek Logistics Partners, LP的9.6倍（$2.5B vs $255.8M）。MPLX LP净利率更高（49.1% vs 18.5%，领先30.6%）。Delek Logistics Partners, LP同比增速更快（21.9% vs 1.4%）。MPLX LP自由现金流更多（$782.0M vs $12.6M）。过去两年MPLX LP的营收复合增速更高（6.2% vs 0.7%）
Delek Logistics Partners, LP是一家总部位于美国的中游能源物流企业，主要提供原油、成品油及可再生燃料的存储、运输与配送服务，客户覆盖美国墨西哥湾沿岸及东南部地区的下游能源运营商、零售燃油网络和工业客户。
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。
DKL vs MPLX — 直观对比
营收规模更大
MPLX
是对方的9.6倍
$255.8M
营收增速更快
DKL
高出20.5%
1.4%
净利率更高
MPLX
高出30.6%
18.5%
自由现金流更多
MPLX
多$769.4M
$12.6M
两年增速更快
MPLX
近两年复合增速
0.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $255.8M | $2.5B |
| 净利润 | $47.3M | $1.2B |
| 毛利率 | 17.2% | — |
| 营业利润率 | 14.2% | 60.5% |
| 净利率 | 18.5% | 49.1% |
| 营收同比 | 21.9% | 1.4% |
| 净利润同比 | 34.0% | 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DKLMPLX
| Q4 25 | $255.8M | $2.5B | ||
| Q3 25 | $261.3M | $2.5B | ||
| Q2 25 | $246.3M | $2.4B | ||
| Q1 25 | $249.9M | $2.5B | ||
| Q4 24 | $209.9M | $2.4B | ||
| Q3 24 | $214.1M | $2.3B | ||
| Q2 24 | $264.6M | $2.3B | ||
| Q1 24 | $252.1M | $2.2B |
净利润DKLMPLX
| Q4 25 | $47.3M | $1.2B | ||
| Q3 25 | $45.6M | $1.6B | ||
| Q2 25 | $44.6M | $1.1B | ||
| Q1 25 | $39.0M | $1.1B | ||
| Q4 24 | $35.3M | $1.1B | ||
| Q3 24 | $33.7M | $1.0B | ||
| Q2 24 | $41.1M | $1.2B | ||
| Q1 24 | $32.6M | $1.0B |
毛利率DKLMPLX
| Q4 25 | 17.2% | — | ||
| Q3 25 | 20.6% | — | ||
| Q2 25 | 25.8% | — | ||
| Q1 25 | 21.5% | — | ||
| Q4 24 | 23.4% | — | ||
| Q3 24 | 22.8% | — | ||
| Q2 24 | 28.1% | — | ||
| Q1 24 | 28.4% | — |
营业利润率DKLMPLX
| Q4 25 | 14.2% | 60.5% | ||
| Q3 25 | 17.4% | 73.2% | ||
| Q2 25 | 21.3% | 54.9% | ||
| Q1 25 | 19.0% | 55.5% | ||
| Q4 24 | 18.1% | 55.6% | ||
| Q3 24 | 14.9% | 54.4% | ||
| Q2 24 | 25.9% | 62.9% | ||
| Q1 24 | 25.6% | 57.6% |
净利率DKLMPLX
| Q4 25 | 18.5% | 49.1% | ||
| Q3 25 | 17.4% | 63.2% | ||
| Q2 25 | 18.1% | 44.9% | ||
| Q1 25 | 15.6% | 46.2% | ||
| Q4 24 | 16.8% | 45.9% | ||
| Q3 24 | 15.7% | 44.6% | ||
| Q2 24 | 15.5% | 52.6% | ||
| Q1 24 | 13.0% | 46.7% |
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 | $10.9M | $2.1B |
| 总债务越低越好 | $2.3B | $24.2B |
| 股东权益账面价值 | — | — |
| 总资产 | $2.8B | $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DKLMPLX
| Q4 25 | $10.9M | $2.1B | ||
| Q3 25 | $6.9M | $1.8B | ||
| Q2 25 | $1.4M | $1.4B | ||
| Q1 25 | $2.1M | $2.5B | ||
| Q4 24 | $5.4M | $1.5B | ||
| Q3 24 | $7.3M | $2.4B | ||
| Q2 24 | $5.1M | $2.5B | ||
| Q1 24 | $9.7M | $385.0M |
总债务DKLMPLX
| Q4 25 | $2.3B | $24.2B | ||
| Q3 25 | $2.3B | $24.1B | ||
| Q2 25 | $2.2B | $19.7B | ||
| Q1 25 | $2.1B | $19.7B | ||
| Q4 24 | $1.9B | $19.3B | ||
| Q3 24 | $1.9B | $19.3B | ||
| Q2 24 | $1.6B | $19.2B | ||
| Q1 24 | $1.6B | $18.8B |
总资产DKLMPLX
| Q4 25 | $2.8B | $43.0B | ||
| Q3 25 | $2.7B | $43.2B | ||
| Q2 25 | $2.8B | $37.8B | ||
| Q1 25 | $2.4B | $39.0B | ||
| Q4 24 | $2.0B | $37.5B | ||
| Q3 24 | $2.0B | $38.5B | ||
| Q2 24 | $1.6B | $38.4B | ||
| Q1 24 | $1.7B | $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 | $43.2M | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $12.6M | $782.0M |
| 自由现金流率自由现金流/营收 | 4.9% | 31.9% |
| 资本支出强度资本支出/营收 | 12.0% | 29.1% |
| 现金转化率经营现金流/净利润 | 0.91× | 1.24× |
| 过去12个月自由现金流最近4个季度 | $-30.6M | $4.1B |
8季度趋势，按日历期对齐
经营现金流DKLMPLX
| Q4 25 | $43.2M | $1.5B | ||
| Q3 25 | $54.9M | $1.4B | ||
| Q2 25 | $107.4M | $1.7B | ||
| Q1 25 | $31.6M | $1.2B | ||
| Q4 24 | $49.9M | $1.7B | ||
| Q3 24 | $24.9M | $1.4B | ||
| Q2 24 | $87.6M | $1.6B | ||
| Q1 24 | $43.9M | $1.3B |
自由现金流DKLMPLX
| Q4 25 | $12.6M | $782.0M | ||
| Q3 25 | $-12.3M | $905.0M | ||
| Q2 25 | $-7.1M | $1.4B | ||
| Q1 25 | $-23.9M | $979.0M | ||
| Q4 24 | $3.9M | $1.4B | ||
| Q3 24 | $-31.7M | $1.1B | ||
| Q2 24 | $72.5M | $1.4B | ||
| Q1 24 | $32.6M | $1.0B |
自由现金流率DKLMPLX
| Q4 25 | 4.9% | 31.9% | ||
| Q3 25 | -4.7% | 36.8% | ||
| Q2 25 | -2.9% | 60.9% | ||
| Q1 25 | -9.6% | 39.8% | ||
| Q4 24 | 1.8% | 56.6% | ||
| Q3 24 | -14.8% | 48.4% | ||
| Q2 24 | 27.4% | 60.0% | ||
| Q1 24 | 12.9% | 47.7% |
资本支出强度DKLMPLX
| Q4 25 | 12.0% | 29.1% | ||
| Q3 25 | 25.7% | 21.4% | ||
| Q2 25 | 46.5% | 12.8% | ||
| Q1 25 | 22.2% | 10.9% | ||
| Q4 24 | 21.9% | 12.7% | ||
| Q3 24 | 26.4% | 11.9% | ||
| Q2 24 | 5.7% | 9.4% | ||
| Q1 24 | 4.5% | 11.7% |
现金转化率DKLMPLX
| Q4 25 | 0.91× | 1.24× | ||
| Q3 25 | 1.21× | 0.92× | ||
| Q2 25 | 2.41× | 1.64× | ||
| Q1 25 | 0.81× | 1.10× | ||
| Q4 24 | 1.41× | 1.51× | ||
| Q3 24 | 0.74× | 1.35× | ||
| Q2 24 | 2.13× | 1.32× | ||
| Q1 24 | 1.34× | 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
DKL
| Wholesale Marketing And Terminalling | $101.6M | 40% |
| Product Revenue Third Party | $69.5M | 27% |
| Storage And Transportation | $24.7M | 10% |
| Gravity Water Holdings LLC | $22.5M | 9% |
| Service Revenue Third Party | $18.5M | 7% |
| Other | $12.3M | 5% |
| Service Revenue Affiliate | $6.7M | 3% |
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% |
