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Delek Logistics Partners, LP（DKL）与PLAINS GP HOLDINGS LP（PAGP）财务数据对比。点击上方公司名可切换其他公司
PLAINS GP HOLDINGS LP的季度营收约是Delek Logistics Partners, LP的39.2倍（$10.0B vs $255.8M）。Delek Logistics Partners, LP净利率更高（18.5% vs 0.6%，领先17.9%）。Delek Logistics Partners, LP同比增速更快（21.9% vs -19.1%）。PLAINS GP HOLDINGS LP自由现金流更多（$636.0M vs $12.6M）。过去两年Delek Logistics Partners, LP的营收复合增速更高（0.7% vs -8.6%）
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。
Plains GP Holdings是一家业主有限合伙企业，业务覆盖美国及加拿大地区的液化石油气、石油产品的管道运输、营销及仓储。公司拥有总长约2.96万公里的管线权益，配套约7500万桶原油、2800万桶天然气凝液、680亿立方英尺天然气的存储能力，还运营5座天然气加工厂，总部位于得克萨斯州休斯敦市中心的艾伦中心。
DKL vs PAGP — 直观对比
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $255.8M | $10.0B |
| 净利润 | $47.3M | $63.0M |
| 毛利率 | 17.2% | 7.0% |
| 营业利润率 | 14.2% | 1.8% |
| 净利率 | 18.5% | 0.6% |
| 营收同比 | 21.9% | -19.1% |
| 净利润同比 | 34.0% | 672.7% |
| 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
| Q4 25 | $255.8M | $10.0B | ||
| Q3 25 | $261.3M | $11.6B | ||
| Q2 25 | $246.3M | $10.6B | ||
| Q1 25 | $249.9M | $12.0B | ||
| Q4 24 | $209.9M | $12.4B | ||
| Q3 24 | $214.1M | $12.7B | ||
| Q2 24 | $264.6M | $12.9B | ||
| Q1 24 | $252.1M | $12.0B |
| Q4 25 | $47.3M | $63.0M | ||
| Q3 25 | $45.6M | $83.0M | ||
| Q2 25 | $44.6M | $30.0M | ||
| Q1 25 | $39.0M | $84.0M | ||
| Q4 24 | $35.3M | $-11.0M | ||
| Q3 24 | $33.7M | $33.0M | ||
| Q2 24 | $41.1M | $39.0M | ||
| Q1 24 | $32.6M | $42.0M |
| Q4 25 | 17.2% | 7.0% | ||
| Q3 25 | 20.6% | 8.6% | ||
| Q2 25 | 25.8% | 8.3% | ||
| Q1 25 | 21.5% | 10.4% | ||
| Q4 24 | 23.4% | 9.5% | ||
| Q3 24 | 22.8% | 9.3% | ||
| Q2 24 | 28.1% | 8.3% | ||
| Q1 24 | 28.4% | 9.0% |
| Q4 25 | 14.2% | 1.8% | ||
| Q3 25 | 17.4% | 4.2% | ||
| Q2 25 | 21.3% | 2.2% | ||
| Q1 25 | 19.0% | 4.4% | ||
| Q4 24 | 18.1% | 0.7% | ||
| Q3 24 | 14.9% | 2.7% | ||
| Q2 24 | 25.9% | 2.9% | ||
| Q1 24 | 25.6% | 3.1% |
| Q4 25 | 18.5% | 0.6% | ||
| Q3 25 | 17.4% | 0.7% | ||
| Q2 25 | 18.1% | 0.3% | ||
| Q1 25 | 15.6% | 0.7% | ||
| Q4 24 | 16.8% | -0.1% | ||
| Q3 24 | 15.7% | 0.3% | ||
| Q2 24 | 15.5% | 0.3% | ||
| Q1 24 | 13.0% | 0.4% |
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 | $329.0M |
| 总债务越低越好 | $2.3B | $10.7B |
| 股东权益账面价值 | — | — |
| 总资产 | $2.8B | $31.3B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $10.9M | $329.0M | ||
| Q3 25 | $6.9M | $1.2B | ||
| Q2 25 | $1.4M | $460.0M | ||
| Q1 25 | $2.1M | $429.0M | ||
| Q4 24 | $5.4M | $349.0M | ||
| Q3 24 | $7.3M | $641.0M | ||
| Q2 24 | $5.1M | $556.0M | ||
| Q1 24 | $9.7M | $334.0M |
| Q4 25 | $2.3B | $10.7B | ||
| Q3 25 | $2.3B | $8.4B | ||
| Q2 25 | $2.2B | $8.2B | ||
| Q1 25 | $2.1B | $8.2B | ||
| Q4 24 | $1.9B | $7.2B | ||
| Q3 24 | $1.9B | $7.2B | ||
| Q2 24 | $1.6B | $7.2B | ||
| Q1 24 | $1.6B | $7.3B |
| Q4 25 | $2.8B | $31.3B | ||
| Q3 25 | $2.7B | $29.3B | ||
| Q2 25 | $2.8B | $28.3B | ||
| Q1 25 | $2.4B | $28.3B | ||
| Q4 24 | $2.0B | $27.8B | ||
| Q3 24 | $2.0B | $28.4B | ||
| Q2 24 | $1.6B | $28.7B | ||
| Q1 24 | $1.7B | $28.6B |
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 | $784.0M |
| 自由现金流经营现金流 - 资本支出 | $12.6M | $636.0M |
| 自由现金流率自由现金流/营收 | 4.9% | 6.3% |
| 资本支出强度资本支出/营收 | 12.0% | 1.5% |
| 现金转化率经营现金流/净利润 | 0.91× | 12.44× |
| 过去12个月自由现金流最近4个季度 | $-30.6M | $2.3B |
8季度趋势，按日历期对齐
| Q4 25 | $43.2M | $784.0M | ||
| Q3 25 | $54.9M | $817.0M | ||
| Q2 25 | $107.4M | $692.0M | ||
| Q1 25 | $31.6M | $638.0M | ||
| Q4 24 | $49.9M | $726.0M | ||
| Q3 24 | $24.9M | $688.0M | ||
| Q2 24 | $87.6M | $652.0M | ||
| Q1 24 | $43.9M | $418.0M |
| Q4 25 | $12.6M | $636.0M | ||
| Q3 25 | $-12.3M | $632.0M | ||
| Q2 25 | $-7.1M | $573.0M | ||
| Q1 25 | $-23.9M | $447.0M | ||
| Q4 24 | $3.9M | $560.0M | ||
| Q3 24 | $-31.7M | $531.0M | ||
| Q2 24 | $72.5M | $513.0M | ||
| Q1 24 | $32.6M | $261.0M |
| Q4 25 | 4.9% | 6.3% | ||
| Q3 25 | -4.7% | 5.5% | ||
| Q2 25 | -2.9% | 5.4% | ||
| Q1 25 | -9.6% | 3.7% | ||
| Q4 24 | 1.8% | 4.5% | ||
| Q3 24 | -14.8% | 4.2% | ||
| Q2 24 | 27.4% | 4.0% | ||
| Q1 24 | 12.9% | 2.2% |
| Q4 25 | 12.0% | 1.5% | ||
| Q3 25 | 25.7% | 1.6% | ||
| Q2 25 | 46.5% | 1.1% | ||
| Q1 25 | 22.2% | 1.6% | ||
| Q4 24 | 21.9% | 1.3% | ||
| Q3 24 | 26.4% | 1.2% | ||
| Q2 24 | 5.7% | 1.1% | ||
| Q1 24 | 4.5% | 1.3% |
| Q4 25 | 0.91× | 12.44× | ||
| Q3 25 | 1.21× | 9.84× | ||
| Q2 25 | 2.41× | 23.07× | ||
| Q1 25 | 0.81× | 7.60× | ||
| Q4 24 | 1.41× | — | ||
| Q3 24 | 0.74× | 20.85× | ||
| Q2 24 | 2.13× | 16.72× | ||
| Q1 24 | 1.34× | 9.95× |
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% |
PAGP
| Products | $9.6B | 96% |
| Services | $421.0M | 4% |
| Affiliated Entity | $14.0M | 0% |
