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DT Midstream, Inc.（DTM）与Energy Transfer LP（ET）财务数据对比。点击上方公司名可切换其他公司
Energy Transfer LP的季度营收约是DT Midstream, Inc.的79.9倍（$25.3B vs $317.0M）。DT Midstream, Inc.净利率更高（35.0% vs 3.7%，领先31.4%）。Energy Transfer LP同比增速更快（29.6% vs 27.3%）。DT Midstream, Inc.自由现金流更多（$30.0M vs $-225.0M）。过去两年DT Midstream, Inc.的营收复合增速更高（14.9% vs 8.2%）
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。
Energy Transfer LP是美国知名能源基础设施运营商，1996年成立，总部位于得克萨斯州达拉斯，主营天然气、原油、液化天然气、成品油等能源产品的管道运输、存储、终端运营及天然气凝析液分馏业务，为公开上市的有限合伙企业。
DTM vs ET — 直观对比
营收规模更大
ET
是对方的79.9倍
$317.0M
营收增速更快
ET
高出2.3%
27.3%
净利率更高
DTM
高出31.4%
3.7%
自由现金流更多
DTM
多$255.0M
$-225.0M
两年增速更快
DTM
近两年复合增速
8.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $317.0M | $25.3B |
| 净利润 | $111.0M | $928.0M |
| 毛利率 | — | 23.3% |
| 营业利润率 | 49.2% | 8.2% |
| 净利率 | 35.0% | 3.7% |
| 营收同比 | 27.3% | 29.6% |
| 净利润同比 | 52.1% | -13.8% |
| 每股收益（稀释后） | $1.07 | — |
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DTMET
| Q4 25 | $317.0M | $25.3B | ||
| Q3 25 | $314.0M | $20.0B | ||
| Q2 25 | $309.0M | $19.2B | ||
| Q1 25 | $303.0M | $21.0B | ||
| Q4 24 | $249.0M | $19.5B | ||
| Q3 24 | $248.0M | $20.8B | ||
| Q2 24 | $244.0M | $20.7B | ||
| Q1 24 | $240.0M | $21.6B |
净利润DTMET
| Q4 25 | $111.0M | $928.0M | ||
| Q3 25 | $115.0M | $1.0B | ||
| Q2 25 | $107.0M | $1.2B | ||
| Q1 25 | $108.0M | $1.3B | ||
| Q4 24 | $73.0M | $1.1B | ||
| Q3 24 | $88.0M | $1.2B | ||
| Q2 24 | $96.0M | $1.3B | ||
| Q1 24 | $97.0M | $1.2B |
毛利率DTMET
| Q4 25 | — | 23.3% | ||
| Q3 25 | — | 27.0% | ||
| Q2 25 | — | 27.5% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 27.6% | ||
| Q3 24 | — | 24.8% | ||
| Q2 24 | — | 24.7% | ||
| Q1 24 | — | 23.3% |
营业利润率DTMET
| Q4 25 | 49.2% | 8.2% | ||
| Q3 25 | 49.4% | 10.8% | ||
| Q2 25 | 50.2% | 12.0% | ||
| Q1 25 | 48.8% | 11.9% | ||
| Q4 24 | 45.4% | 11.7% | ||
| Q3 24 | 49.2% | 10.5% | ||
| Q2 24 | 53.3% | 11.1% | ||
| Q1 24 | 51.7% | 11.0% |
净利率DTMET
| Q4 25 | 35.0% | 3.7% | ||
| Q3 25 | 36.6% | 5.1% | ||
| Q2 25 | 34.6% | 6.0% | ||
| Q1 25 | 35.6% | 6.3% | ||
| Q4 24 | 29.3% | 5.5% | ||
| Q3 24 | 35.5% | 5.7% | ||
| Q2 24 | 39.3% | 6.3% | ||
| Q1 24 | 40.4% | 5.7% |
每股收益（稀释后）DTMET
| Q4 25 | $1.07 | — | ||
| Q3 25 | $1.13 | — | ||
| Q2 25 | $1.04 | — | ||
| Q1 25 | $1.06 | — | ||
| Q4 24 | $0.73 | — | ||
| Q3 24 | $0.90 | — | ||
| Q2 24 | $0.98 | — | ||
| Q1 24 | $0.99 | — |
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 | $1.3B |
| 总债务越低越好 | — | $68.3B |
| 股东权益账面价值 | $4.7B | $49.0B |
| 总资产 | $10.1B | $141.3B |
| 负债/权益比越低杠杆越低 | — | 1.39× |
8季度趋势，按日历期对齐
现金及短期投资DTMET
| Q4 25 | $54.0M | $1.3B | ||
| Q3 25 | $98.0M | $3.6B | ||
| Q2 25 | $74.0M | $242.0M | ||
| Q1 25 | $83.0M | — | ||
| Q4 24 | $68.0M | $312.0M | ||
| Q3 24 | $77.0M | — | ||
| Q2 24 | $73.0M | — | ||
| Q1 24 | $41.0M | — |
总债务DTMET
| Q4 25 | — | $68.3B | ||
| Q3 25 | — | $63.1B | ||
| Q2 25 | — | $60.8B | ||
| Q1 25 | — | $59.8B | ||
| Q4 24 | $3.4B | $59.8B | ||
| Q3 24 | — | $59.3B | ||
| Q2 24 | — | $57.6B | ||
| Q1 24 | — | $53.5B |
股东权益DTMET
| Q4 25 | $4.7B | $49.0B | ||
| Q3 25 | $4.7B | $45.3B | ||
| Q2 25 | $4.7B | $45.5B | ||
| Q1 25 | $4.6B | $46.2B | ||
| Q4 24 | $4.6B | $46.0B | ||
| Q3 24 | $4.2B | $46.2B | ||
| Q2 24 | $4.2B | $45.5B | ||
| Q1 24 | $4.2B | $43.8B |
总资产DTMET
| Q4 25 | $10.1B | $141.3B | ||
| Q3 25 | $10.1B | $129.3B | ||
| Q2 25 | $10.0B | $125.0B | ||
| Q1 25 | $9.9B | $126.4B | ||
| Q4 24 | $9.9B | $125.4B | ||
| Q3 24 | $8.6B | $124.4B | ||
| Q2 24 | $9.0B | $121.3B | ||
| Q1 24 | $9.0B | $115.8B |
负债/权益比DTMET
| Q4 25 | — | 1.39× | ||
| Q3 25 | — | 1.39× | ||
| Q2 25 | — | 1.33× | ||
| Q1 25 | — | 1.30× | ||
| Q4 24 | 0.72× | 1.30× | ||
| Q3 24 | — | 1.28× | ||
| Q2 24 | — | 1.27× | ||
| 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 | $1.9B |
| 自由现金流经营现金流 - 资本支出 | $30.0M | $-225.0M |
| 自由现金流率自由现金流/营收 | 9.5% | -0.9% |
| 资本支出强度资本支出/营收 | 41.3% | 8.4% |
| 现金转化率经营现金流/净利润 | 1.45× | 2.05× |
| 过去12个月自由现金流最近4个季度 | $441.0M | $3.8B |
8季度趋势，按日历期对齐
经营现金流DTMET
| Q4 25 | $161.0M | $1.9B | ||
| Q3 25 | $274.0M | $2.6B | ||
| Q2 25 | $185.0M | $2.8B | ||
| Q1 25 | $247.0M | $2.9B | ||
| Q4 24 | $152.0M | $2.6B | ||
| Q3 24 | $205.0M | $2.9B | ||
| Q2 24 | $165.0M | $2.3B | ||
| Q1 24 | $241.0M | $3.8B |
自由现金流DTMET
| Q4 25 | $30.0M | $-225.0M | ||
| Q3 25 | $131.0M | $1.3B | ||
| Q2 25 | $104.0M | $1.1B | ||
| Q1 25 | $176.0M | $1.7B | ||
| Q4 24 | $62.0M | $1.1B | ||
| Q3 24 | $124.0M | $1.8B | ||
| Q2 24 | $84.0M | $1.5B | ||
| Q1 24 | $143.0M | $3.0B |
自由现金流率DTMET
| Q4 25 | 9.5% | -0.9% | ||
| Q3 25 | 41.7% | 6.4% | ||
| Q2 25 | 33.7% | 5.7% | ||
| Q1 25 | 58.1% | 8.1% | ||
| Q4 24 | 24.9% | 5.7% | ||
| Q3 24 | 50.0% | 8.6% | ||
| Q2 24 | 34.4% | 7.0% | ||
| Q1 24 | 59.6% | 13.8% |
资本支出强度DTMET
| Q4 25 | 41.3% | 8.4% | ||
| Q3 25 | 45.5% | 6.5% | ||
| Q2 25 | 26.2% | 8.6% | ||
| Q1 25 | 23.4% | 5.8% | ||
| Q4 24 | 36.1% | 7.5% | ||
| Q3 24 | 32.7% | 5.2% | ||
| Q2 24 | 33.2% | 3.9% | ||
| Q1 24 | 40.8% | 3.7% |
现金转化率DTMET
| Q4 25 | 1.45× | 2.05× | ||
| Q3 25 | 2.38× | 2.52× | ||
| Q2 25 | 1.73× | 2.37× | ||
| Q1 25 | 2.29× | 2.20× | ||
| Q4 24 | 2.08× | 2.40× | ||
| Q3 24 | 2.33× | 2.43× | ||
| Q2 24 | 1.72× | 1.73× | ||
| Q1 24 | 2.48× | 3.04× |
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% |
ET
| Investment In Sunoco LP | $8.6B | 34% |
| NG Landrefinedproductstransportationandservices | $6.2B | 24% |
| NG Lsales | $4.6B | 18% |
| Midstream | $2.7B | 11% |
| Other | $900.0M | 4% |
| External Customers | $805.0M | 3% |
| Interstate Transportation And Storage | $631.0M | 2% |
| Investment In USAC | $252.0M | 1% |
| Intersegment | $97.0M | 0% |
