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DT Midstream, Inc.（DTM）与USA Compression Partners, LP（USAC）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USA Compression Partners, LP的1.3倍（$317.0M vs $252.5M），DT Midstream, Inc.净利率更高（35.0% vs 11.0%，领先24.0%），DT Midstream, Inc.同比增速更快（27.3% vs 2.7%），USA Compression Partners, LP自由现金流更多（$87.7M vs $30.0M），过去两年DT Midstream, Inc.的营收复合增速更高（14.9% vs 4.9%）
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。
USA Compression Partners, LP是一家总部位于美国的天然气压缩服务供应商，服务覆盖油气行业上游、中游及下游领域，提供定制化压缩系统、设备维护与运营支持，助力天然气生产、加工和运输环节高效运转。
DTM vs USAC — 直观对比
营收规模更大
DTM
是对方的1.3倍
$252.5M
营收增速更快
DTM
高出24.6%
2.7%
净利率更高
DTM
高出24.0%
11.0%
自由现金流更多
USAC
多$57.7M
$30.0M
两年增速更快
DTM
近两年复合增速
4.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $317.0M | $252.5M |
| 净利润 | $111.0M | $27.8M |
| 毛利率 | — | — |
| 营业利润率 | 49.2% | 30.3% |
| 净利率 | 35.0% | 11.0% |
| 营收同比 | 27.3% | 2.7% |
| 净利润同比 | 52.1% | 9.1% |
| 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DTMUSAC
| Q4 25 | $317.0M | $252.5M | ||
| Q3 25 | $314.0M | $250.3M | ||
| Q2 25 | $309.0M | $250.1M | ||
| Q1 25 | $303.0M | $245.2M | ||
| Q4 24 | $249.0M | $245.9M | ||
| Q3 24 | $248.0M | $240.0M | ||
| Q2 24 | $244.0M | $235.3M | ||
| Q1 24 | $240.0M | $229.3M |
净利润DTMUSAC
| Q4 25 | $111.0M | $27.8M | ||
| Q3 25 | $115.0M | $34.5M | ||
| Q2 25 | $107.0M | $28.6M | ||
| Q1 25 | $108.0M | $20.5M | ||
| Q4 24 | $73.0M | $25.4M | ||
| Q3 24 | $88.0M | $19.3M | ||
| Q2 24 | $96.0M | $31.2M | ||
| Q1 24 | $97.0M | $23.6M |
营业利润率DTMUSAC
| Q4 25 | 49.2% | 30.3% | ||
| Q3 25 | 49.4% | 33.5% | ||
| Q2 25 | 50.2% | 30.6% | ||
| Q1 25 | 48.8% | 28.3% | ||
| Q4 24 | 45.4% | 30.3% | ||
| Q3 24 | 49.2% | 31.5% | ||
| Q2 24 | 53.3% | 32.9% | ||
| Q1 24 | 51.7% | 29.2% |
净利率DTMUSAC
| Q4 25 | 35.0% | 11.0% | ||
| Q3 25 | 36.6% | 13.8% | ||
| Q2 25 | 34.6% | 11.4% | ||
| Q1 25 | 35.6% | 8.4% | ||
| Q4 24 | 29.3% | 10.3% | ||
| Q3 24 | 35.5% | 8.1% | ||
| Q2 24 | 39.3% | 13.3% | ||
| Q1 24 | 40.4% | 10.3% |
每股收益（稀释后）DTMUSAC
| 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 | $8.6M |
| 总债务越低越好 | — | $2.5B |
| 股东权益账面价值 | $4.7B | — |
| 总资产 | $10.1B | $2.6B |
| 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DTMUSAC
| Q4 25 | $54.0M | $8.6M | ||
| Q3 25 | $98.0M | — | ||
| Q2 25 | $74.0M | $2.0K | ||
| Q1 25 | $83.0M | $2.0K | ||
| Q4 24 | $68.0M | $14.0K | ||
| Q3 24 | $77.0M | $79.0K | ||
| Q2 24 | $73.0M | $9.0K | ||
| Q1 24 | $41.0M | $8.0K |
总债务DTMUSAC
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | $3.4B | $2.5B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.5B |
股东权益DTMUSAC
| 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DTMUSAC
| Q4 25 | $10.1B | $2.6B | ||
| Q3 25 | $10.1B | $2.7B | ||
| Q2 25 | $10.0B | $2.7B | ||
| Q1 25 | $9.9B | $2.7B | ||
| Q4 24 | $9.9B | $2.7B | ||
| Q3 24 | $8.6B | $2.8B | ||
| Q2 24 | $9.0B | $2.8B | ||
| Q1 24 | $9.0B | $2.8B |
负债/权益比DTMUSAC
| 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 | $139.5M |
| 自由现金流经营现金流 - 资本支出 | $30.0M | $87.7M |
| 自由现金流率自由现金流/营收 | 9.5% | 34.8% |
| 资本支出强度资本支出/营收 | 41.3% | 20.5% |
| 现金转化率经营现金流/净利润 | 1.45× | 5.02× |
| 过去12个月自由现金流最近4个季度 | $441.0M | $277.0M |
8季度趋势，按日历期对齐
经营现金流DTMUSAC
| Q4 25 | $161.0M | $139.5M | ||
| Q3 25 | $274.0M | $75.9M | ||
| Q2 25 | $185.0M | $124.2M | ||
| Q1 25 | $247.0M | $54.7M | ||
| Q4 24 | $152.0M | $130.2M | ||
| Q3 24 | $205.0M | $48.5M | ||
| Q2 24 | $165.0M | $96.7M | ||
| Q1 24 | $241.0M | $65.9M |
自由现金流DTMUSAC
| Q4 25 | $30.0M | $87.7M | ||
| Q3 25 | $131.0M | $51.9M | ||
| Q2 25 | $104.0M | $101.1M | ||
| Q1 25 | $176.0M | $36.3M | ||
| Q4 24 | $62.0M | $101.2M | ||
| Q3 24 | $124.0M | $19.8M | ||
| Q2 24 | $84.0M | $48.2M | ||
| Q1 24 | $143.0M | $-32.7M |
自由现金流率DTMUSAC
| Q4 25 | 9.5% | 34.8% | ||
| Q3 25 | 41.7% | 20.7% | ||
| Q2 25 | 33.7% | 40.4% | ||
| Q1 25 | 58.1% | 14.8% | ||
| Q4 24 | 24.9% | 41.1% | ||
| Q3 24 | 50.0% | 8.2% | ||
| Q2 24 | 34.4% | 20.5% | ||
| Q1 24 | 59.6% | -14.3% |
资本支出强度DTMUSAC
| Q4 25 | 41.3% | 20.5% | ||
| Q3 25 | 45.5% | 9.6% | ||
| Q2 25 | 26.2% | 9.3% | ||
| Q1 25 | 23.4% | 7.5% | ||
| Q4 24 | 36.1% | 11.8% | ||
| Q3 24 | 32.7% | 12.0% | ||
| Q2 24 | 33.2% | 20.6% | ||
| Q1 24 | 40.8% | 43.0% |
现金转化率DTMUSAC
| Q4 25 | 1.45× | 5.02× | ||
| Q3 25 | 2.38× | 2.20× | ||
| Q2 25 | 1.73× | 4.35× | ||
| Q1 25 | 2.29× | 2.66× | ||
| Q4 24 | 2.08× | 5.12× | ||
| Q3 24 | 2.33× | 2.51× | ||
| Q2 24 | 1.72× | 3.10× | ||
| Q1 24 | 2.48× | 2.80× |
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% |
USAC
| Revenue From Contract Operations Excluding Revenue From Related Party | $231.7M | 92% |
| Entities Affiliated With Energy Transfer LP | $16.6M | 7% |
| Transferred At Point In Time | $5.4M | 2% |
