vs
DT Midstream, Inc.（DTM）与Ecovyst Inc.（ECVT）财务数据对比。点击上方公司名可切换其他公司
DT Midstream, Inc.的季度营收约是Ecovyst Inc.的1.6倍（$317.0M vs $199.4M），Ecovyst Inc.同比增速更快（34.0% vs 27.3%），DT Midstream, Inc.自由现金流更多（$30.0M vs $22.9M），过去两年Ecovyst Inc.的营收复合增速更高（18.7% vs 14.9%）
ONEOK是美国油气中游运营商，总部位于俄克拉荷马州塔尔萨，为油气行业提供收集、处理、分馏、运输及存储服务，是财富500强企业及标普500指数成分股。公司1906年成立时名为俄克拉荷马天然气公司，1980年更为现名。
Ecovyst Inc.是一家全球可持续特种材料供应商，主营高性能催化剂与功能性添加剂的研发、生产，产品服务覆盖工业制造、消费品、环保等核心领域，助力全球客户提升运营效率、降低碳排放。
DTM vs ECVT — 直观对比
营收规模更大
DTM
是对方的1.6倍
$199.4M
营收增速更快
ECVT
高出6.7%
27.3%
自由现金流更多
DTM
多$7.1M
$22.9M
两年增速更快
ECVT
近两年复合增速
14.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $317.0M | $199.4M |
| 净利润 | $111.0M | — |
| 毛利率 | — | 23.4% |
| 营业利润率 | 49.2% | 10.9% |
| 净利率 | 35.0% | — |
| 营收同比 | 27.3% | 34.0% |
| 净利润同比 | 52.1% | — |
| 每股收益（稀释后） | $1.07 | $0.06 |
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DTMECVT
| Q4 25 | $317.0M | $199.4M | ||
| Q3 25 | $314.0M | $204.9M | ||
| Q2 25 | $309.0M | $176.1M | ||
| Q1 25 | $303.0M | $143.1M | ||
| Q4 24 | $249.0M | $148.9M | ||
| Q3 24 | $248.0M | $153.9M | ||
| Q2 24 | $244.0M | $154.0M | ||
| Q1 24 | $240.0M | $141.6M |
净利润DTMECVT
| Q4 25 | $111.0M | — | ||
| Q3 25 | $115.0M | $-79.3M | ||
| Q2 25 | $107.0M | $6.0M | ||
| Q1 25 | $108.0M | $-3.6M | ||
| Q4 24 | $73.0M | — | ||
| Q3 24 | $88.0M | $14.3M | ||
| Q2 24 | $96.0M | $8.3M | ||
| Q1 24 | $97.0M | $1.2M |
毛利率DTMECVT
| Q4 25 | — | 23.4% | ||
| Q3 25 | — | 25.4% | ||
| Q2 25 | — | 22.8% | ||
| Q1 25 | — | 13.3% | ||
| Q4 24 | — | 28.9% | ||
| Q3 24 | — | 29.3% | ||
| Q2 24 | — | 27.3% | ||
| Q1 24 | — | 23.5% |
营业利润率DTMECVT
| Q4 25 | 49.2% | 10.9% | ||
| Q3 25 | 49.4% | 13.8% | ||
| Q2 25 | 50.2% | 9.0% | ||
| Q1 25 | 48.8% | -0.7% | ||
| Q4 24 | 45.4% | 15.1% | ||
| Q3 24 | 49.2% | 17.9% | ||
| Q2 24 | 53.3% | 14.1% | ||
| Q1 24 | 51.7% | 9.5% |
净利率DTMECVT
| Q4 25 | 35.0% | — | ||
| Q3 25 | 36.6% | -38.7% | ||
| Q2 25 | 34.6% | 3.4% | ||
| Q1 25 | 35.6% | -2.5% | ||
| Q4 24 | 29.3% | — | ||
| Q3 24 | 35.5% | 9.3% | ||
| Q2 24 | 39.3% | 5.4% | ||
| Q1 24 | 40.4% | 0.9% |
每股收益（稀释后）DTMECVT
| Q4 25 | $1.07 | $0.06 | ||
| Q3 25 | $1.13 | $-0.69 | ||
| Q2 25 | $1.04 | $0.05 | ||
| Q1 25 | $1.06 | $-0.03 | ||
| Q4 24 | $0.73 | $-0.26 | ||
| Q3 24 | $0.90 | $0.12 | ||
| Q2 24 | $0.98 | $0.07 | ||
| Q1 24 | $0.99 | $0.01 |
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 | $54.0M | $197.2M |
| 总债务越低越好 | — | $392.6M |
| 股东权益账面价值 | $4.7B | $603.4M |
| 总资产 | $10.1B | $1.3B |
| 负债/权益比越低杠杆越低 | — | 0.65× |
8季度趋势，按日历期对齐
现金及短期投资DTMECVT
| Q4 25 | $54.0M | $197.2M | ||
| Q3 25 | $98.0M | $82.0M | ||
| Q2 25 | $74.0M | $69.6M | ||
| Q1 25 | $83.0M | $127.5M | ||
| Q4 24 | $68.0M | $131.4M | ||
| Q3 24 | $77.0M | $123.5M | ||
| Q2 24 | $73.0M | $83.3M | ||
| Q1 24 | $41.0M | $103.1M |
总债务DTMECVT
| Q4 25 | — | $392.6M | ||
| Q3 25 | — | $854.8M | ||
| Q2 25 | — | $856.6M | ||
| Q1 25 | — | $859.0M | ||
| Q4 24 | $3.4B | $860.8M | ||
| Q3 24 | — | $862.7M | ||
| Q2 24 | — | $862.4M | ||
| Q1 24 | — | $866.2M |
股东权益DTMECVT
| Q4 25 | $4.7B | $603.4M | ||
| Q3 25 | $4.7B | $607.9M | ||
| Q2 25 | $4.7B | $692.4M | ||
| Q1 25 | $4.6B | $698.7M | ||
| Q4 24 | $4.6B | $700.5M | ||
| Q3 24 | $4.2B | $729.4M | ||
| Q2 24 | $4.2B | $717.3M | ||
| Q1 24 | $4.2B | $711.4M |
总资产DTMECVT
| Q4 25 | $10.1B | $1.3B | ||
| Q3 25 | $10.1B | $1.7B | ||
| Q2 25 | $10.0B | $1.8B | ||
| Q1 25 | $9.9B | $1.8B | ||
| Q4 24 | $9.9B | $1.8B | ||
| Q3 24 | $8.6B | $1.8B | ||
| Q2 24 | $9.0B | $1.8B | ||
| Q1 24 | $9.0B | $1.8B |
负债/权益比DTMECVT
| Q4 25 | — | 0.65× | ||
| Q3 25 | — | 1.41× | ||
| Q2 25 | — | 1.24× | ||
| Q1 25 | — | 1.23× | ||
| Q4 24 | 0.72× | 1.23× | ||
| Q3 24 | — | 1.18× | ||
| Q2 24 | — | 1.20× | ||
| Q1 24 | — | 1.22× |
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 | $161.0M | $41.8M |
| 自由现金流经营现金流 - 资本支出 | $30.0M | $22.9M |
| 自由现金流率自由现金流/营收 | 9.5% | 11.5% |
| 资本支出强度资本支出/营收 | 41.3% | 9.4% |
| 现金转化率经营现金流/净利润 | 1.45× | — |
| 过去12个月自由现金流最近4个季度 | $441.0M | $69.9M |
8季度趋势，按日历期对齐
经营现金流DTMECVT
| Q4 25 | $161.0M | $41.8M | ||
| Q3 25 | $274.0M | $55.3M | ||
| Q2 25 | $185.0M | $33.0M | ||
| Q1 25 | $247.0M | $10.3M | ||
| Q4 24 | $152.0M | $43.5M | ||
| Q3 24 | $205.0M | $59.9M | ||
| Q2 24 | $165.0M | $10.0M | ||
| Q1 24 | $241.0M | $36.5M |
自由现金流DTMECVT
| Q4 25 | $30.0M | $22.9M | ||
| Q3 25 | $131.0M | $53.2M | ||
| Q2 25 | $104.0M | $7.8M | ||
| Q1 25 | $176.0M | $-14.0M | ||
| Q4 24 | $62.0M | $30.9M | ||
| Q3 24 | $124.0M | $53.6M | ||
| Q2 24 | $84.0M | $-9.3M | ||
| Q1 24 | $143.0M | $19.1M |
自由现金流率DTMECVT
| Q4 25 | 9.5% | 11.5% | ||
| Q3 25 | 41.7% | 26.0% | ||
| Q2 25 | 33.7% | 4.4% | ||
| Q1 25 | 58.1% | -9.8% | ||
| Q4 24 | 24.9% | 20.7% | ||
| Q3 24 | 50.0% | 34.9% | ||
| Q2 24 | 34.4% | -6.1% | ||
| Q1 24 | 59.6% | 13.5% |
资本支出强度DTMECVT
| Q4 25 | 41.3% | 9.4% | ||
| Q3 25 | 45.5% | 1.0% | ||
| Q2 25 | 26.2% | 14.4% | ||
| Q1 25 | 23.4% | 16.9% | ||
| Q4 24 | 36.1% | 8.5% | ||
| Q3 24 | 32.7% | 4.1% | ||
| Q2 24 | 33.2% | 12.5% | ||
| Q1 24 | 40.8% | 12.3% |
现金转化率DTMECVT
| Q4 25 | 1.45× | — | ||
| Q3 25 | 2.38× | — | ||
| Q2 25 | 1.73× | 5.52× | ||
| Q1 25 | 2.29× | — | ||
| Q4 24 | 2.08× | — | ||
| Q3 24 | 2.33× | 4.21× | ||
| Q2 24 | 1.72× | 1.20× | ||
| Q1 24 | 2.48× | 29.90× |
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
DTM
| Pipeline Segment | $173.0M | 55% |
| Gathering Segment | $144.0M | 45% |
ECVT
| Industrial Mining Automotive | $101.3M | 51% |
| Regeneration And Treatment Services | $90.0M | 45% |
| Other | $8.1M | 4% |
