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DT Midstream, Inc.（DTM）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
ROYAL GOLD INC的季度营收约是DT Midstream, Inc.的1.2倍（$375.3M vs $317.0M），DT Midstream, Inc.净利率更高（35.0% vs 24.9%，领先10.1%），ROYAL GOLD INC同比增速更快（85.3% vs 27.3%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% 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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
DTM vs RGLD — 直观对比
营收规模更大
RGLD
是对方的1.2倍
$317.0M
营收增速更快
RGLD
高出58.0%
27.3%
净利率更高
DTM
高出10.1%
24.9%
两年增速更快
RGLD
近两年复合增速
14.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $317.0M | $375.3M |
| 净利润 | $111.0M | $93.6M |
| 毛利率 | — | 64.6% |
| 营业利润率 | 49.2% | 56.2% |
| 净利率 | 35.0% | 24.9% |
| 营收同比 | 27.3% | 85.3% |
| 净利润同比 | 52.1% | -12.8% |
| 每股收益（稀释后） | $1.07 | $1.04 |
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DTMRGLD
| Q4 25 | $317.0M | $375.3M | ||
| Q3 25 | $314.0M | $252.1M | ||
| Q2 25 | $309.0M | $209.6M | ||
| Q1 25 | $303.0M | $193.4M | ||
| Q4 24 | $249.0M | $202.6M | ||
| Q3 24 | $248.0M | $193.8M | ||
| Q2 24 | $244.0M | $174.1M | ||
| Q1 24 | $240.0M | $148.9M |
净利润DTMRGLD
| Q4 25 | $111.0M | $93.6M | ||
| Q3 25 | $115.0M | $126.8M | ||
| Q2 25 | $107.0M | $132.3M | ||
| Q1 25 | $108.0M | $113.5M | ||
| Q4 24 | $73.0M | $107.4M | ||
| Q3 24 | $88.0M | $96.2M | ||
| Q2 24 | $96.0M | $81.2M | ||
| Q1 24 | $97.0M | $47.2M |
毛利率DTMRGLD
| Q4 25 | — | 64.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | — | 72.6% | ||
| Q1 25 | — | 69.4% | ||
| Q4 24 | — | 70.3% | ||
| Q3 24 | — | 66.6% | ||
| Q2 24 | — | 64.7% | ||
| Q1 24 | — | 58.4% |
营业利润率DTMRGLD
| Q4 25 | 49.2% | 56.2% | ||
| Q3 25 | 49.4% | 64.4% | ||
| Q2 25 | 50.2% | 67.7% | ||
| Q1 25 | 48.8% | 63.6% | ||
| Q4 24 | 45.4% | 65.9% | ||
| Q3 24 | 49.2% | 61.3% | ||
| Q2 24 | 53.3% | 58.6% | ||
| Q1 24 | 51.7% | 50.7% |
净利率DTMRGLD
| Q4 25 | 35.0% | 24.9% | ||
| Q3 25 | 36.6% | 50.3% | ||
| Q2 25 | 34.6% | 63.1% | ||
| Q1 25 | 35.6% | 58.7% | ||
| Q4 24 | 29.3% | 53.0% | ||
| Q3 24 | 35.5% | 49.7% | ||
| Q2 24 | 39.3% | 46.6% | ||
| Q1 24 | 40.4% | 31.7% |
每股收益（稀释后）DTMRGLD
| Q4 25 | $1.07 | $1.04 | ||
| Q3 25 | $1.13 | $1.92 | ||
| Q2 25 | $1.04 | $2.01 | ||
| Q1 25 | $1.06 | $1.72 | ||
| Q4 24 | $0.73 | $1.63 | ||
| Q3 24 | $0.90 | $1.46 | ||
| Q2 24 | $0.98 | $1.23 | ||
| Q1 24 | $0.99 | $0.72 |
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 | $233.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $4.7B | $7.2B |
| 总资产 | $10.1B | $9.5B |
| 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DTMRGLD
| Q4 25 | $54.0M | $233.7M | ||
| Q3 25 | $98.0M | $172.8M | ||
| Q2 25 | $74.0M | $248.2M | ||
| Q1 25 | $83.0M | $240.8M | ||
| Q4 24 | $68.0M | $195.5M | ||
| Q3 24 | $77.0M | $127.9M | ||
| Q2 24 | $73.0M | $74.2M | ||
| Q1 24 | $41.0M | $137.9M |
总债务DTMRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.4B | — | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $50.0M | ||
| Q1 24 | — | — |
股东权益DTMRGLD
| Q4 25 | $4.7B | $7.2B | ||
| Q3 25 | $4.7B | $3.4B | ||
| Q2 25 | $4.7B | $3.3B | ||
| Q1 25 | $4.6B | $3.2B | ||
| Q4 24 | $4.6B | $3.1B | ||
| Q3 24 | $4.2B | $3.0B | ||
| Q2 24 | $4.2B | $3.0B | ||
| Q1 24 | $4.2B | $2.9B |
总资产DTMRGLD
| Q4 25 | $10.1B | $9.5B | ||
| Q3 25 | $10.1B | $4.5B | ||
| Q2 25 | $10.0B | $3.6B | ||
| Q1 25 | $9.9B | $3.5B | ||
| Q4 24 | $9.9B | $3.4B | ||
| Q3 24 | $8.6B | $3.3B | ||
| Q2 24 | $9.0B | $3.3B | ||
| Q1 24 | $9.0B | $3.3B |
负债/权益比DTMRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.72× | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.02× | ||
| 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 | $241.7M |
| 自由现金流经营现金流 - 资本支出 | $30.0M | — |
| 自由现金流率自由现金流/营收 | 9.5% | — |
| 资本支出强度资本支出/营收 | 41.3% | — |
| 现金转化率经营现金流/净利润 | 1.45× | 2.58× |
| 过去12个月自由现金流最近4个季度 | $441.0M | — |
8季度趋势，按日历期对齐
经营现金流DTMRGLD
| Q4 25 | $161.0M | $241.7M | ||
| Q3 25 | $274.0M | $174.0M | ||
| Q2 25 | $185.0M | $152.8M | ||
| Q1 25 | $247.0M | $136.4M | ||
| Q4 24 | $152.0M | $141.1M | ||
| Q3 24 | $205.0M | $136.7M | ||
| Q2 24 | $165.0M | $113.5M | ||
| Q1 24 | $241.0M | $138.3M |
自由现金流DTMRGLD
| Q4 25 | $30.0M | — | ||
| Q3 25 | $131.0M | — | ||
| Q2 25 | $104.0M | — | ||
| Q1 25 | $176.0M | — | ||
| Q4 24 | $62.0M | — | ||
| Q3 24 | $124.0M | — | ||
| Q2 24 | $84.0M | — | ||
| Q1 24 | $143.0M | — |
自由现金流率DTMRGLD
| Q4 25 | 9.5% | — | ||
| Q3 25 | 41.7% | — | ||
| Q2 25 | 33.7% | — | ||
| Q1 25 | 58.1% | — | ||
| Q4 24 | 24.9% | — | ||
| Q3 24 | 50.0% | — | ||
| Q2 24 | 34.4% | — | ||
| Q1 24 | 59.6% | — |
资本支出强度DTMRGLD
| Q4 25 | 41.3% | — | ||
| Q3 25 | 45.5% | — | ||
| Q2 25 | 26.2% | — | ||
| Q1 25 | 23.4% | — | ||
| Q4 24 | 36.1% | — | ||
| Q3 24 | 32.7% | — | ||
| Q2 24 | 33.2% | — | ||
| Q1 24 | 40.8% | — |
现金转化率DTMRGLD
| Q4 25 | 1.45× | 2.58× | ||
| Q3 25 | 2.38× | 1.37× | ||
| Q2 25 | 1.73× | 1.15× | ||
| Q1 25 | 2.29× | 1.20× | ||
| Q4 24 | 2.08× | 1.31× | ||
| Q3 24 | 2.33× | 1.42× | ||
| Q2 24 | 1.72× | 1.40× | ||
| Q1 24 | 2.48× | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
