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ENBRIDGE INC（ENB）与GENESIS ENERGY LP（GEL）财务数据对比。点击上方公司名可切换其他公司
ENBRIDGE INC的季度营收约是GENESIS ENERGY LP的13.0倍（$5.7B vs $440.8M）。ENBRIDGE INC净利率更高（26.2% vs 4.5%，领先21.7%）。GENESIS ENERGY LP同比增速更快（10.5% vs 5.3%）。ENBRIDGE INC自由现金流更多（$2.4B vs $87.0M）。过去两年ENBRIDGE INC的营收复合增速更高（7.6% vs 0.7%）
加拿大恩布里奇公司（Enbridge Inc.）是总部位于阿尔伯塔省卡尔加里的跨国能源管道企业，在加拿大、美国运营管网输送原油、天然气及天然气液，同时布局可再生能源业务。其管网是北美最长、全球规模最大的原油出口管网，拥有近2.9万公里原油管道及超3.83万公里天然气管道。
Genesis Energy LP是一家总部位于美国的中游能源合伙企业，主营原油、天然气、成品油及特种工业原料的基础设施运营与物流服务，旗下资产涵盖管道、仓储码头、海运设施及铁路物流枢纽，为北美地区的炼油厂、工业客户及能源分销商提供服务。
ENB vs GEL — 直观对比
营收规模更大
ENB
是对方的13.0倍
$440.8M
营收增速更快
GEL
高出5.1%
5.3%
净利率更高
ENB
高出21.7%
4.5%
自由现金流更多
ENB
多$2.3B
$87.0M
两年增速更快
ENB
近两年复合增速
0.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $5.7B | $440.8M |
| 净利润 | $1.5B | $19.9M |
| 毛利率 | — | — |
| 营业利润率 | 34.7% | 20.4% |
| 净利率 | 26.2% | 4.5% |
| 营收同比 | 5.3% | 10.5% |
| 净利润同比 | 246.2% | 140.2% |
| 每股收益（稀释后） | — | $0.04 |
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ENBGEL
| Q4 25 | $5.7B | $440.8M | ||
| Q3 25 | $4.5B | $414.0M | ||
| Q2 25 | $4.8B | $377.3M | ||
| Q1 25 | $6.4B | $398.3M | ||
| Q4 24 | $5.4B | $398.9M | ||
| Q3 24 | $4.2B | $397.3M | ||
| Q2 24 | $4.3B | $430.2M | ||
| Q1 24 | $4.9B | $434.4M |
净利润ENBGEL
| Q4 25 | $1.5B | $19.9M | ||
| Q3 25 | $575.2M | $9.2M | ||
| Q2 25 | $1.7B | $-406.0K | ||
| Q1 25 | $1.7B | $-469.1M | ||
| Q4 24 | $434.4M | $-49.4M | ||
| Q3 24 | $1.0B | $-17.2M | ||
| Q2 24 | $1.4B | $-8.7M | ||
| Q1 24 | $1.1B | $11.4M |
毛利率ENBGEL
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 7.5% | — | ||
| Q1 24 | 26.2% | — |
营业利润率ENBGEL
| Q4 25 | 34.7% | 20.4% | ||
| Q3 25 | 36.9% | 19.0% | ||
| Q2 25 | 35.1% | 17.9% | ||
| Q1 25 | 41.7% | 5.5% | ||
| Q4 24 | 32.8% | 3.4% | ||
| Q3 24 | 38.7% | 12.2% | ||
| Q2 24 | 38.3% | 11.6% | ||
| Q1 24 | 40.0% | 13.4% |
净利率ENBGEL
| Q4 25 | 26.2% | 4.5% | ||
| Q3 25 | 12.8% | 2.2% | ||
| Q2 25 | 34.9% | -0.1% | ||
| Q1 25 | 26.8% | -117.8% | ||
| Q4 24 | 8.0% | -12.4% | ||
| Q3 24 | 24.3% | -4.3% | ||
| Q2 24 | 32.8% | -2.0% | ||
| Q1 24 | 22.3% | 2.6% |
每股收益（稀释后）ENBGEL
| Q4 25 | — | $0.04 | ||
| Q3 25 | — | $-0.05 | ||
| Q2 25 | — | $-0.12 | ||
| Q1 25 | — | $-4.06 | ||
| Q4 24 | — | $-0.58 | ||
| Q3 24 | — | $-0.32 | ||
| Q2 24 | — | $-0.25 | ||
| Q1 24 | — | $-0.09 |
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 | $798.6M | $6.4M |
| 总债务越低越好 | $72.2B | $3.0B |
| 股东权益账面价值 | $45.5B | — |
| 总资产 | $159.5B | $4.9B |
| 负债/权益比越低杠杆越低 | 1.59× | — |
8季度趋势，按日历期对齐
现金及短期投资ENBGEL
| Q4 25 | $798.6M | $6.4M | ||
| Q3 25 | $1.0B | $4.9M | ||
| Q2 25 | $878.2M | $4.5M | ||
| Q1 25 | $1.5B | $377.4M | ||
| Q4 24 | $1.3B | $7.4M | ||
| Q3 24 | $1.4B | $13.0M | ||
| Q2 24 | $2.6B | $13.7M | ||
| Q1 24 | $886.2M | $7.0M |
总债务ENBGEL
| Q4 25 | $72.2B | $3.0B | ||
| Q3 25 | $73.4B | $3.1B | ||
| Q2 25 | $70.8B | $3.1B | ||
| Q1 25 | $70.9B | $3.4B | ||
| Q4 24 | $68.2B | $3.7B | ||
| Q3 24 | $63.7B | $4.0B | ||
| Q2 24 | $62.2B | $3.9B | ||
| Q1 24 | $59.4B | $3.8B |
股东权益ENBGEL
| Q4 25 | $45.5B | — | ||
| Q3 25 | $47.6B | — | ||
| Q2 25 | $47.8B | — | ||
| Q1 25 | $49.8B | — | ||
| Q4 24 | $48.1B | — | ||
| Q3 24 | $48.0B | — | ||
| Q2 24 | $49.1B | — | ||
| Q1 24 | $46.9B | — |
总资产ENBGEL
| Q4 25 | $159.5B | $4.9B | ||
| Q3 25 | $158.4B | $4.9B | ||
| Q2 25 | $154.5B | $4.8B | ||
| Q1 25 | $160.6B | $5.2B | ||
| Q4 24 | $159.9B | $7.0B | ||
| Q3 24 | $150.2B | $7.1B | ||
| Q2 24 | $146.9B | $7.0B | ||
| Q1 24 | $139.2B | $6.9B |
负债/权益比ENBGEL
| Q4 25 | 1.59× | — | ||
| Q3 25 | 1.54× | — | ||
| Q2 25 | 1.48× | — | ||
| Q1 25 | 1.42× | — | ||
| Q4 24 | 1.42× | — | ||
| Q3 24 | 1.33× | — | ||
| Q2 24 | 1.27× | — | ||
| Q1 24 | 1.27× | — |
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 | $9.0B | $110.8M |
| 自由现金流经营现金流 - 资本支出 | $2.4B | $87.0M |
| 自由现金流率自由现金流/营收 | 42.0% | 19.7% |
| 资本支出强度资本支出/营收 | 114.3% | 5.4% |
| 现金转化率经营现金流/净利润 | 5.96× | 5.58× |
| 过去12个月自由现金流最近4个季度 | — | $65.9M |
8季度趋势，按日历期对齐
经营现金流ENBGEL
| Q4 25 | $9.0B | $110.8M | ||
| Q3 25 | — | $70.3M | ||
| Q2 25 | — | $47.0M | ||
| Q1 25 | $2.2B | $24.8M | ||
| Q4 24 | $9.2B | $74.0M | ||
| Q3 24 | — | $87.3M | ||
| Q2 24 | — | $104.7M | ||
| Q1 24 | $2.3B | $125.9M |
自由现金流ENBGEL
| Q4 25 | $2.4B | $87.0M | ||
| Q3 25 | — | $43.3M | ||
| Q2 25 | — | $-7.6M | ||
| Q1 25 | $970.9M | $-56.8M | ||
| Q4 24 | $4.3B | $-47.1M | ||
| Q3 24 | — | $-32.3M | ||
| Q2 24 | — | $-67.5M | ||
| Q1 24 | $1.4B | $-48.3M |
自由现金流率ENBGEL
| Q4 25 | 42.0% | 19.7% | ||
| Q3 25 | — | 10.5% | ||
| Q2 25 | — | -2.0% | ||
| Q1 25 | 15.1% | -14.3% | ||
| Q4 24 | 79.0% | -11.8% | ||
| Q3 24 | — | -8.1% | ||
| Q2 24 | — | -15.7% | ||
| Q1 24 | 29.0% | -11.1% |
资本支出强度ENBGEL
| Q4 25 | 114.3% | 5.4% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | — | 14.5% | ||
| Q1 25 | 19.6% | 20.5% | ||
| Q4 24 | 90.1% | 30.3% | ||
| Q3 24 | — | 30.1% | ||
| Q2 24 | — | 40.0% | ||
| Q1 24 | 17.5% | 40.1% |
现金转化率ENBGEL
| Q4 25 | 5.96× | 5.58× | ||
| Q3 25 | — | 7.63× | ||
| Q2 25 | — | — | ||
| Q1 25 | 1.29× | — | ||
| Q4 24 | 21.18× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 2.08× | 11.09× |
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
ENB
暂无分部数据
GEL
| Onshore Facilities And Transportation Revenue | $204.2M | 46% |
| Offshore Pipeline Transportation Revenue | $154.3M | 35% |
| Marine Transportation Revenue | $82.2M | 19% |
