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DT Midstream, Inc.（DTM）与Kinetik Holdings Inc.（KNTK）财务数据对比。点击上方公司名可切换其他公司
Kinetik Holdings Inc.的季度营收约是DT Midstream, Inc.的1.4倍（$430.4M vs $317.0M）。Kinetik Holdings Inc.净利率更高（96.8% vs 35.0%，领先61.8%）。DT Midstream, Inc.同比增速更快（27.3% vs 11.6%）。DT Midstream, Inc.自由现金流更多（$30.0M vs $-24.0M）。过去两年DT Midstream, Inc.的营收复合增速更高（14.9% vs 12.3%）
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。
Kinetik Holdings Inc.是一家聚焦二叠纪盆地的中游能源基础设施供应商，为美国南部核心油气产区的上游作业方提供天然气收集、处理、运输、存储，以及原油、采出水处置等一体化服务。
DTM vs KNTK — 直观对比
营收规模更大
KNTK
是对方的1.4倍
$317.0M
营收增速更快
DTM
高出15.7%
11.6%
净利率更高
KNTK
高出61.8%
35.0%
自由现金流更多
DTM
多$54.0M
$-24.0M
两年增速更快
DTM
近两年复合增速
12.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $317.0M | $430.4M |
| 净利润 | $111.0M | $416.7M |
| 毛利率 | — | — |
| 营业利润率 | 49.2% | 11.2% |
| 净利率 | 35.0% | 96.8% |
| 营收同比 | 27.3% | 11.6% |
| 净利润同比 | 52.1% | 2468.4% |
| 每股收益（稀释后） | $1.07 | $2.22 |
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DTMKNTK
| Q4 25 | $317.0M | $430.4M | ||
| Q3 25 | $314.0M | $464.0M | ||
| Q2 25 | $309.0M | $426.7M | ||
| Q1 25 | $303.0M | $443.3M | ||
| Q4 24 | $249.0M | $385.7M | ||
| Q3 24 | $248.0M | $396.4M | ||
| Q2 24 | $244.0M | $359.5M | ||
| Q1 24 | $240.0M | $341.4M |
净利润DTMKNTK
| Q4 25 | $111.0M | $416.7M | ||
| Q3 25 | $115.0M | $5.3M | ||
| Q2 25 | $107.0M | $23.6M | ||
| Q1 25 | $108.0M | $19.3M | ||
| Q4 24 | $73.0M | $16.2M | ||
| Q3 24 | $88.0M | $25.8M | ||
| Q2 24 | $96.0M | $37.2M | ||
| Q1 24 | $97.0M | $233.6M |
营业利润率DTMKNTK
| Q4 25 | 49.2% | 11.2% | ||
| Q3 25 | 49.4% | 4.3% | ||
| Q2 25 | 50.2% | 18.2% | ||
| Q1 25 | 48.8% | 4.3% | ||
| Q4 24 | 45.4% | 6.1% | ||
| Q3 24 | 49.2% | 18.4% | ||
| Q2 24 | 53.3% | 15.7% | ||
| Q1 24 | 51.7% | 7.6% |
净利率DTMKNTK
| Q4 25 | 35.0% | 96.8% | ||
| Q3 25 | 36.6% | 1.1% | ||
| Q2 25 | 34.6% | 5.5% | ||
| Q1 25 | 35.6% | 4.3% | ||
| Q4 24 | 29.3% | 4.2% | ||
| Q3 24 | 35.5% | 6.5% | ||
| Q2 24 | 39.3% | 10.3% | ||
| Q1 24 | 40.4% | 68.4% |
每股收益（稀释后）DTMKNTK
| Q4 25 | $1.07 | $2.22 | ||
| Q3 25 | $1.13 | $0.03 | ||
| Q2 25 | $1.04 | $0.33 | ||
| Q1 25 | $1.06 | $0.05 | ||
| Q4 24 | $0.73 | $0.01 | ||
| Q3 24 | $0.90 | $0.35 | ||
| Q2 24 | $0.98 | $0.54 | ||
| Q1 24 | $0.99 | $0.12 |
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 | $4.0M |
| 总债务越低越好 | — | $3.6B |
| 股东权益账面价值 | $4.7B | $-565.4M |
| 总资产 | $10.1B | $7.1B |
| 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DTMKNTK
| Q4 25 | $54.0M | $4.0M | ||
| Q3 25 | $98.0M | $7.7M | ||
| Q2 25 | $74.0M | $10.7M | ||
| Q1 25 | $83.0M | $8.8M | ||
| Q4 24 | $68.0M | $3.6M | ||
| Q3 24 | $77.0M | $20.4M | ||
| Q2 24 | $73.0M | $12.5M | ||
| Q1 24 | $41.0M | $9.8M |
总债务DTMKNTK
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | $3.4B | $3.4B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $3.3B | ||
| Q1 24 | — | $3.5B |
股东权益DTMKNTK
| Q4 25 | $4.7B | $-565.4M | ||
| Q3 25 | $4.7B | $-1.8B | ||
| Q2 25 | $4.7B | $-1.6B | ||
| Q1 25 | $4.6B | $-2.5B | ||
| Q4 24 | $4.6B | $-3.0B | ||
| Q3 24 | $4.2B | $-1.7B | ||
| Q2 24 | $4.2B | $-1.2B | ||
| Q1 24 | $4.2B | $-973.4M |
总资产DTMKNTK
| Q4 25 | $10.1B | $7.1B | ||
| Q3 25 | $10.1B | $7.2B | ||
| Q2 25 | $10.0B | $7.2B | ||
| Q1 25 | $9.9B | $7.0B | ||
| Q4 24 | $9.9B | $6.8B | ||
| Q3 24 | $8.6B | $6.9B | ||
| Q2 24 | $9.0B | $6.9B | ||
| Q1 24 | $9.0B | $6.4B |
负债/权益比DTMKNTK
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.72× | — | ||
| 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 | $161.0M | $110.1M |
| 自由现金流经营现金流 - 资本支出 | $30.0M | $-24.0M |
| 自由现金流率自由现金流/营收 | 9.5% | -5.6% |
| 资本支出强度资本支出/营收 | 41.3% | 31.2% |
| 现金转化率经营现金流/净利润 | 1.45× | 0.26× |
| 过去12个月自由现金流最近4个季度 | $441.0M | $111.6M |
8季度趋势，按日历期对齐
经营现金流DTMKNTK
| Q4 25 | $161.0M | $110.1M | ||
| Q3 25 | $274.0M | $188.1M | ||
| Q2 25 | $185.0M | $129.1M | ||
| Q1 25 | $247.0M | $176.8M | ||
| Q4 24 | $152.0M | $144.0M | ||
| Q3 24 | $205.0M | $214.1M | ||
| Q2 24 | $165.0M | $125.5M | ||
| Q1 24 | $241.0M | $153.7M |
自由现金流DTMKNTK
| Q4 25 | $30.0M | $-24.0M | ||
| Q3 25 | $131.0M | $31.6M | ||
| Q2 25 | $104.0M | $1.8M | ||
| Q1 25 | $176.0M | $102.3M | ||
| Q4 24 | $62.0M | $36.3M | ||
| Q3 24 | $124.0M | $155.7M | ||
| Q2 24 | $84.0M | $86.1M | ||
| Q1 24 | $143.0M | $95.7M |
自由现金流率DTMKNTK
| Q4 25 | 9.5% | -5.6% | ||
| Q3 25 | 41.7% | 6.8% | ||
| Q2 25 | 33.7% | 0.4% | ||
| Q1 25 | 58.1% | 23.1% | ||
| Q4 24 | 24.9% | 9.4% | ||
| Q3 24 | 50.0% | 39.3% | ||
| Q2 24 | 34.4% | 24.0% | ||
| Q1 24 | 59.6% | 28.0% |
资本支出强度DTMKNTK
| Q4 25 | 41.3% | 31.2% | ||
| Q3 25 | 45.5% | 33.7% | ||
| Q2 25 | 26.2% | 29.8% | ||
| Q1 25 | 23.4% | 16.8% | ||
| Q4 24 | 36.1% | 27.9% | ||
| Q3 24 | 32.7% | 14.7% | ||
| Q2 24 | 33.2% | 11.0% | ||
| Q1 24 | 40.8% | 17.0% |
现金转化率DTMKNTK
| Q4 25 | 1.45× | 0.26× | ||
| Q3 25 | 2.38× | 35.73× | ||
| Q2 25 | 1.73× | 5.46× | ||
| Q1 25 | 2.29× | 9.18× | ||
| Q4 24 | 2.08× | 8.88× | ||
| Q3 24 | 2.33× | 8.31× | ||
| Q2 24 | 1.72× | 3.37× | ||
| Q1 24 | 2.48× | 0.66× |
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% |
KNTK
| Natural Gas NG Ls And Condensate Sales | $325.5M | 76% |
| Gathering And Processing Services | $101.6M | 24% |
| Other | $3.3M | 1% |
| Barilla Draw | $2.3M | 1% |
