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ENBRIDGE INC（ENB）与美高梅国际度假村（MGM）财务数据对比。点击上方公司名可切换其他公司
ENBRIDGE INC的季度营收约是美高梅国际度假村的1.2倍（$5.7B vs $4.6B），ENBRIDGE INC净利率更高（26.2% vs 6.4%，领先19.9%），美高梅国际度假村同比增速更快（6.0% vs 5.3%），ENBRIDGE INC自由现金流更多（$2.4B vs $358.5M），过去两年ENBRIDGE INC的营收复合增速更高（7.6% vs 2.5%）
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。
美高梅国际度假村是美国跨国文旅、体育及娱乐集团，在拉斯维加斯、美国多个州以及中国澳门、上海、成都、杭州、三亚等地运营度假项目，旗下拥有百乐宫、曼德勒海湾、米高梅大酒店、Park MGM等知名物业。
ENB vs MGM — 直观对比
营收规模更大
ENB
是对方的1.2倍
$4.6B
营收增速更快
MGM
高出0.6%
5.3%
净利率更高
ENB
高出19.9%
6.4%
自由现金流更多
ENB
多$2.0B
$358.5M
两年增速更快
ENB
近两年复合增速
2.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.7B | $4.6B |
| 净利润 | $1.5B | $293.6M |
| 毛利率 | — | — |
| 营业利润率 | 34.7% | 7.1% |
| 净利率 | 26.2% | 6.4% |
| 营收同比 | 5.3% | 6.0% |
| 净利润同比 | 246.2% | 86.5% |
| 每股收益（稀释后） | — | $1.12 |
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ENBMGM
| Q4 25 | $5.7B | $4.6B | ||
| Q3 25 | $4.5B | $4.3B | ||
| Q2 25 | $4.8B | $4.4B | ||
| Q1 25 | $6.4B | $4.3B | ||
| Q4 24 | $5.4B | $4.3B | ||
| Q3 24 | $4.2B | $4.2B | ||
| Q2 24 | $4.3B | $4.3B | ||
| Q1 24 | $4.9B | $4.4B |
净利润ENBMGM
| Q4 25 | $1.5B | $293.6M | ||
| Q3 25 | $575.2M | $-285.3M | ||
| Q2 25 | $1.7B | $49.0M | ||
| Q1 25 | $1.7B | $148.6M | ||
| Q4 24 | $434.4M | $157.4M | ||
| Q3 24 | $1.0B | $184.6M | ||
| Q2 24 | $1.4B | $187.1M | ||
| Q1 24 | $1.1B | $217.5M |
毛利率ENBMGM
| 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ENBMGM
| Q4 25 | 34.7% | 7.1% | ||
| Q3 25 | 36.9% | -2.7% | ||
| Q2 25 | 35.1% | 9.2% | ||
| Q1 25 | 41.7% | 9.0% | ||
| Q4 24 | 32.8% | 6.7% | ||
| Q3 24 | 38.7% | 7.5% | ||
| Q2 24 | 38.3% | 9.8% | ||
| Q1 24 | 40.0% | 10.5% |
净利率ENBMGM
| Q4 25 | 26.2% | 6.4% | ||
| Q3 25 | 12.8% | -6.7% | ||
| Q2 25 | 34.9% | 1.1% | ||
| Q1 25 | 26.8% | 3.5% | ||
| Q4 24 | 8.0% | 3.6% | ||
| Q3 24 | 24.3% | 4.4% | ||
| Q2 24 | 32.8% | 4.3% | ||
| Q1 24 | 22.3% | 5.0% |
每股收益（稀释后）ENBMGM
| Q4 25 | — | $1.12 | ||
| Q3 25 | — | $-1.05 | ||
| Q2 25 | — | $0.18 | ||
| Q1 25 | — | $0.51 | ||
| Q4 24 | — | $0.52 | ||
| Q3 24 | — | $0.61 | ||
| Q2 24 | — | $0.60 | ||
| Q1 24 | — | $0.67 |
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 | $2.1B |
| 总债务越低越好 | $72.2B | $6.2B |
| 股东权益账面价值 | $45.5B | $2.4B |
| 总资产 | $159.5B | $41.4B |
| 负债/权益比越低杠杆越低 | 1.59× | 2.56× |
8季度趋势，按日历期对齐
现金及短期投资ENBMGM
| Q4 25 | $798.6M | $2.1B | ||
| Q3 25 | $1.0B | $2.1B | ||
| Q2 25 | $878.2M | $2.0B | ||
| Q1 25 | $1.5B | $2.3B | ||
| Q4 24 | $1.3B | $2.4B | ||
| Q3 24 | $1.4B | $3.0B | ||
| Q2 24 | $2.6B | $2.4B | ||
| Q1 24 | $886.2M | $2.7B |
总债务ENBMGM
| Q4 25 | $72.2B | $6.2B | ||
| Q3 25 | $73.4B | $6.2B | ||
| Q2 25 | $70.8B | $6.2B | ||
| Q1 25 | $70.9B | $6.4B | ||
| Q4 24 | $68.2B | $6.4B | ||
| Q3 24 | $63.7B | $6.9B | ||
| Q2 24 | $62.2B | $6.3B | ||
| Q1 24 | $59.4B | $6.3B |
股东权益ENBMGM
| Q4 25 | $45.5B | $2.4B | ||
| Q3 25 | $47.6B | $2.7B | ||
| Q2 25 | $47.8B | $3.0B | ||
| Q1 25 | $49.8B | $2.9B | ||
| Q4 24 | $48.1B | $3.0B | ||
| Q3 24 | $48.0B | $3.2B | ||
| Q2 24 | $49.1B | $3.2B | ||
| Q1 24 | $46.9B | $3.5B |
总资产ENBMGM
| Q4 25 | $159.5B | $41.4B | ||
| Q3 25 | $158.4B | $41.4B | ||
| Q2 25 | $154.5B | $41.7B | ||
| Q1 25 | $160.6B | $41.9B | ||
| Q4 24 | $159.9B | $42.2B | ||
| Q3 24 | $150.2B | $42.7B | ||
| Q2 24 | $146.9B | $41.8B | ||
| Q1 24 | $139.2B | $42.1B |
负债/权益比ENBMGM
| Q4 25 | 1.59× | 2.56× | ||
| Q3 25 | 1.54× | 2.30× | ||
| Q2 25 | 1.48× | 2.09× | ||
| Q1 25 | 1.42× | 2.25× | ||
| Q4 24 | 1.42× | 2.10× | ||
| Q3 24 | 1.33× | 2.14× | ||
| Q2 24 | 1.27× | 1.96× | ||
| Q1 24 | 1.27× | 1.81× |
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 | $655.0M |
| 自由现金流经营现金流 - 资本支出 | $2.4B | $358.5M |
| 自由现金流率自由现金流/营收 | 42.0% | 7.8% |
| 资本支出强度资本支出/营收 | 114.3% | 6.4% |
| 现金转化率经营现金流/净利润 | 5.96× | 2.23× |
| 过去12个月自由现金流最近4个季度 | — | $1.5B |
8季度趋势，按日历期对齐
经营现金流ENBMGM
| Q4 25 | $9.0B | $655.0M | ||
| Q3 25 | — | $681.4M | ||
| Q2 25 | — | $645.9M | ||
| Q1 25 | $2.2B | $547.1M | ||
| Q4 24 | $9.2B | $671.6M | ||
| Q3 24 | — | $667.4M | ||
| Q2 24 | — | $474.2M | ||
| Q1 24 | $2.3B | $549.3M |
自由现金流ENBMGM
| Q4 25 | $2.4B | $358.5M | ||
| Q3 25 | — | $405.4M | ||
| Q2 25 | — | $377.4M | ||
| Q1 25 | $970.9M | $319.0M | ||
| Q4 24 | $4.3B | $267.5M | ||
| Q3 24 | — | $331.2M | ||
| Q2 24 | — | $236.0M | ||
| Q1 24 | $1.4B | $377.2M |
自由现金流率ENBMGM
| Q4 25 | 42.0% | 7.8% | ||
| Q3 25 | — | 9.5% | ||
| Q2 25 | — | 8.6% | ||
| Q1 25 | 15.1% | 7.5% | ||
| Q4 24 | 79.0% | 6.2% | ||
| Q3 24 | — | 7.9% | ||
| Q2 24 | — | 5.5% | ||
| Q1 24 | 29.0% | 8.6% |
资本支出强度ENBMGM
| Q4 25 | 114.3% | 6.4% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | — | 6.1% | ||
| Q1 25 | 19.6% | 5.3% | ||
| Q4 24 | 90.1% | 9.3% | ||
| Q3 24 | — | 8.0% | ||
| Q2 24 | — | 5.5% | ||
| Q1 24 | 17.5% | 3.9% |
现金转化率ENBMGM
| Q4 25 | 5.96× | 2.23× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 13.19× | ||
| Q1 25 | 1.29× | 3.68× | ||
| Q4 24 | 21.18× | 4.27× | ||
| Q3 24 | — | 3.62× | ||
| Q2 24 | — | 2.54× | ||
| Q1 24 | 2.08× | 2.53× |
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
MGM
| Casino | $2.6B | 56% |
| Occupancy | $858.4M | 19% |
| Food And Beverage | $749.0M | 16% |
| Entertainment Retail And Other | $423.0M | 9% |
