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DT Midstream, Inc.（DTM）与NGL Energy Partners LP（NGL）财务数据对比。点击上方公司名可切换其他公司
NGL Energy Partners LP的季度营收约是DT Midstream, Inc.的2.9倍（$909.8M vs $317.0M）。DT Midstream, Inc.净利率更高（35.0% vs 5.2%，领先29.8%）。DT Midstream, Inc.同比增速更快（27.3% vs -41.3%）。NGL Energy Partners LP自由现金流更多（$45.7M vs $30.0M）。过去两年DT Midstream, Inc.的营收复合增速更高（14.9% vs -6.4%）
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。
NGL Energy Partners LP是一家总部位于美国的中游能源服务企业，主营原油、液化天然气、可再生燃料的运输、存储及物流服务，同时为上游能源生产商提供水资源管理解决方案，业务主要覆盖北美市场。
DTM vs NGL — 直观对比
营收规模更大
NGL
是对方的2.9倍
$317.0M
营收增速更快
DTM
高出68.6%
-41.3%
净利率更高
DTM
高出29.8%
5.2%
自由现金流更多
NGL
多$15.7M
$30.0M
两年增速更快
DTM
近两年复合增速
-6.4%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $317.0M | $909.8M |
| 净利润 | $111.0M | $47.2M |
| 毛利率 | — | 29.0% |
| 营业利润率 | 49.2% | 12.1% |
| 净利率 | 35.0% | 5.2% |
| 营收同比 | 27.3% | -41.3% |
| 净利润同比 | 52.1% | 249.3% |
| 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DTMNGL
| Q4 25 | $317.0M | $909.8M | ||
| Q3 25 | $314.0M | $674.7M | ||
| Q2 25 | $309.0M | $622.2M | ||
| Q1 25 | $303.0M | $971.1M | ||
| Q4 24 | $249.0M | $982.4M | ||
| Q3 24 | $248.0M | $756.5M | ||
| Q2 24 | $244.0M | $759.2M | ||
| Q1 24 | $240.0M | $1.0B |
净利润DTMNGL
| Q4 25 | $111.0M | $47.2M | ||
| Q3 25 | $115.0M | $29.3M | ||
| Q2 25 | $107.0M | $68.9M | ||
| Q1 25 | $108.0M | $13.7M | ||
| Q4 24 | $73.0M | $13.5M | ||
| Q3 24 | $88.0M | $2.5M | ||
| Q2 24 | $96.0M | $9.7M | ||
| Q1 24 | $97.0M | $-236.8M |
毛利率DTMNGL
| Q4 25 | — | 29.0% | ||
| Q3 25 | — | 37.6% | ||
| Q2 25 | — | 38.5% | ||
| Q1 25 | — | 26.9% | ||
| Q4 24 | — | 25.1% | ||
| Q3 24 | — | 30.9% | ||
| Q2 24 | — | 29.0% | ||
| Q1 24 | — | 21.8% |
营业利润率DTMNGL
| Q4 25 | 49.2% | 12.1% | ||
| Q3 25 | 49.4% | 14.0% | ||
| Q2 25 | 50.2% | 15.7% | ||
| Q1 25 | 48.8% | 8.4% | ||
| Q4 24 | 45.4% | 8.6% | ||
| Q3 24 | 49.2% | 10.8% | ||
| Q2 24 | 53.3% | 10.8% | ||
| Q1 24 | 51.7% | -9.4% |
净利率DTMNGL
| Q4 25 | 35.0% | 5.2% | ||
| Q3 25 | 36.6% | 4.3% | ||
| Q2 25 | 34.6% | 11.1% | ||
| Q1 25 | 35.6% | 1.4% | ||
| Q4 24 | 29.3% | 1.4% | ||
| Q3 24 | 35.5% | 0.3% | ||
| Q2 24 | 39.3% | 1.3% | ||
| Q1 24 | 40.4% | -22.8% |
每股收益（稀释后）DTMNGL
| 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 | $6.5M |
| 总债务越低越好 | — | $2.9B |
| 股东权益账面价值 | $4.7B | — |
| 总资产 | $10.1B | $4.4B |
| 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DTMNGL
| Q4 25 | $54.0M | $6.5M | ||
| Q3 25 | $98.0M | $8.7M | ||
| Q2 25 | $74.0M | $5.4M | ||
| Q1 25 | $83.0M | $13.5M | ||
| Q4 24 | $68.0M | $5.7M | ||
| Q3 24 | $77.0M | $4.5M | ||
| Q2 24 | $73.0M | $5.3M | ||
| Q1 24 | $41.0M | $38.9M |
总债务DTMNGL
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | $3.4B | $3.1B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $2.9B |
股东权益DTMNGL
| Q4 25 | $4.7B | — | ||
| Q3 25 | $4.7B | — | ||
| Q2 25 | $4.7B | — | ||
| Q1 25 | $4.6B | — | ||
| Q4 24 | $4.6B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $4.2B | — |
总资产DTMNGL
| Q4 25 | $10.1B | $4.4B | ||
| Q3 25 | $10.1B | $4.3B | ||
| Q2 25 | $10.0B | $4.2B | ||
| Q1 25 | $9.9B | $4.6B | ||
| Q4 24 | $9.9B | $4.8B | ||
| Q3 24 | $8.6B | $4.9B | ||
| Q2 24 | $9.0B | $4.8B | ||
| Q1 24 | $9.0B | $5.0B |
负债/权益比DTMNGL
| 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 | $182.3M |
| 自由现金流经营现金流 - 资本支出 | $30.0M | $45.7M |
| 自由现金流率自由现金流/营收 | 9.5% | 5.0% |
| 资本支出强度资本支出/营收 | 41.3% | 15.0% |
| 现金转化率经营现金流/净利润 | 1.45× | 3.86× |
| 过去12个月自由现金流最近4个季度 | $441.0M | $126.7M |
8季度趋势，按日历期对齐
经营现金流DTMNGL
| Q4 25 | $161.0M | $182.3M | ||
| Q3 25 | $274.0M | $40.5M | ||
| Q2 25 | $185.0M | $33.2M | ||
| Q1 25 | $247.0M | $155.0M | ||
| Q4 24 | $152.0M | $153.8M | ||
| Q3 24 | $205.0M | $6.7M | ||
| Q2 24 | $165.0M | $-18.1M | ||
| Q1 24 | $241.0M | $152.2M |
自由现金流DTMNGL
| Q4 25 | $30.0M | $45.7M | ||
| Q3 25 | $131.0M | $9.5M | ||
| Q2 25 | $104.0M | $11.1M | ||
| Q1 25 | $176.0M | $60.4M | ||
| Q4 24 | $62.0M | $152.1M | ||
| Q3 24 | $124.0M | $-82.9M | ||
| Q2 24 | $84.0M | $-78.0M | ||
| Q1 24 | $143.0M | $119.8M |
自由现金流率DTMNGL
| Q4 25 | 9.5% | 5.0% | ||
| Q3 25 | 41.7% | 1.4% | ||
| Q2 25 | 33.7% | 1.8% | ||
| Q1 25 | 58.1% | 6.2% | ||
| Q4 24 | 24.9% | 15.5% | ||
| Q3 24 | 50.0% | -11.0% | ||
| Q2 24 | 34.4% | -10.3% | ||
| Q1 24 | 59.6% | 11.5% |
资本支出强度DTMNGL
| Q4 25 | 41.3% | 15.0% | ||
| Q3 25 | 45.5% | 4.6% | ||
| Q2 25 | 26.2% | 3.6% | ||
| Q1 25 | 23.4% | 9.7% | ||
| Q4 24 | 36.1% | 0.2% | ||
| Q3 24 | 32.7% | 11.8% | ||
| Q2 24 | 33.2% | 7.9% | ||
| Q1 24 | 40.8% | 3.1% |
现金转化率DTMNGL
| Q4 25 | 1.45× | 3.86× | ||
| Q3 25 | 2.38× | 1.38× | ||
| Q2 25 | 1.73× | 0.48× | ||
| Q1 25 | 2.29× | 11.29× | ||
| Q4 24 | 2.08× | 11.39× | ||
| Q3 24 | 2.33× | 2.74× | ||
| Q2 24 | 1.72× | -1.87× | ||
| Q1 24 | 2.48× | — |
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% |
NGL
| Water Solutions Segment | $208.6M | 23% |
| Services | $193.3M | 21% |
| Butane | $192.5M | 21% |
| Service Fees | $182.8M | 20% |
| Public Utilities Inventory Propane | $93.9M | 10% |
| Crude Oil | $23.3M | 3% |
| Crude Oil Transportation And Other | $6.5M | 1% |
| Liquids Logistics Segment | $2.5M | 0% |
| Crude Oil Logistics Segment | $1.2M | 0% |
