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ENBRIDGE INC（ENB）与PLAINS ALL AMERICAN PIPELINE LP（PAA）财务数据对比。点击上方公司名可切换其他公司
PLAINS ALL AMERICAN PIPELINE LP的季度营收约是ENBRIDGE INC的1.8倍（$10.0B vs $5.7B）。ENBRIDGE INC净利率更高（26.2% vs 3.4%，领先22.8%）。ENBRIDGE INC同比增速更快（5.3% vs -19.1%）。ENBRIDGE INC自由现金流更多（$2.4B vs $638.0M）。过去两年ENBRIDGE INC的营收复合增速更高（7.6% vs -8.6%）
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。
本公司为业主有限合伙企业，主营美国及加拿大地区液化石油气与石油的管道运输、销售及存储业务。旗下拥有总长度约29560公里的管线，原油、天然气凝液、天然气存储容量分别为7500万桶、2800万桶、680亿立方英尺，另有5座天然气加工厂，总部位于得克萨斯州休斯顿市中心艾伦中心。
ENB vs PAA — 直观对比
营收规模更大
PAA
是对方的1.8倍
$5.7B
营收增速更快
ENB
高出24.5%
-19.1%
净利率更高
ENB
高出22.8%
3.4%
自由现金流更多
ENB
多$1.8B
$638.0M
两年增速更快
ENB
近两年复合增速
-8.6%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $5.7B | $10.0B |
| 净利润 | $1.5B | $341.0M |
| 毛利率 | — | 7.0% |
| 营业利润率 | 34.7% | 1.8% |
| 净利率 | 26.2% | 3.4% |
| 营收同比 | 5.3% | -19.1% |
| 净利润同比 | 246.2% | 847.2% |
| 每股收益（稀释后） | — | — |
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ENBPAA
| Q4 25 | $5.7B | $10.0B | ||
| Q3 25 | $4.5B | $11.6B | ||
| Q2 25 | $4.8B | $10.6B | ||
| Q1 25 | $6.4B | $12.0B | ||
| Q4 24 | $5.4B | $12.4B | ||
| Q3 24 | $4.2B | $12.7B | ||
| Q2 24 | $4.3B | $12.9B | ||
| Q1 24 | $4.9B | $12.0B |
净利润ENBPAA
| Q4 25 | $1.5B | $341.0M | ||
| Q3 25 | $575.2M | $441.0M | ||
| Q2 25 | $1.7B | $210.0M | ||
| Q1 25 | $1.7B | $443.0M | ||
| Q4 24 | $434.4M | $36.0M | ||
| Q3 24 | $1.0B | $220.0M | ||
| Q2 24 | $1.4B | $250.0M | ||
| Q1 24 | $1.1B | $266.0M |
毛利率ENBPAA
| Q4 25 | — | 7.0% | ||
| Q3 25 | — | 8.6% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.4% | ||
| Q4 24 | — | 9.5% | ||
| Q3 24 | — | 9.3% | ||
| Q2 24 | 7.5% | 8.3% | ||
| Q1 24 | 26.2% | 9.0% |
营业利润率ENBPAA
| Q4 25 | 34.7% | 1.8% | ||
| Q3 25 | 36.9% | 4.2% | ||
| Q2 25 | 35.1% | 2.2% | ||
| Q1 25 | 41.7% | 4.4% | ||
| Q4 24 | 32.8% | 0.7% | ||
| Q3 24 | 38.7% | 2.7% | ||
| Q2 24 | 38.3% | 2.9% | ||
| Q1 24 | 40.0% | 3.1% |
净利率ENBPAA
| Q4 25 | 26.2% | 3.4% | ||
| Q3 25 | 12.8% | 3.8% | ||
| Q2 25 | 34.9% | 2.0% | ||
| Q1 25 | 26.8% | 3.7% | ||
| Q4 24 | 8.0% | 0.3% | ||
| Q3 24 | 24.3% | 1.7% | ||
| Q2 24 | 32.8% | 1.9% | ||
| Q1 24 | 22.3% | 2.2% |
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 | $328.0M |
| 总债务越低越好 | $72.2B | $10.7B |
| 股东权益账面价值 | $45.5B | — |
| 总资产 | $159.5B | $30.2B |
| 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ENBPAA
| Q4 25 | $798.6M | $328.0M | ||
| Q3 25 | $1.0B | $1.2B | ||
| Q2 25 | $878.2M | $459.0M | ||
| Q1 25 | $1.5B | $427.0M | ||
| Q4 24 | $1.3B | $348.0M | ||
| Q3 24 | $1.4B | $640.0M | ||
| Q2 24 | $2.6B | $553.0M | ||
| Q1 24 | $886.2M | $331.0M |
总债务ENBPAA
| Q4 25 | $72.2B | $10.7B | ||
| Q3 25 | $73.4B | $8.4B | ||
| Q2 25 | $70.8B | $8.2B | ||
| Q1 25 | $70.9B | $8.2B | ||
| Q4 24 | $68.2B | $7.2B | ||
| Q3 24 | $63.7B | $7.2B | ||
| Q2 24 | $62.2B | $7.2B | ||
| Q1 24 | $59.4B | $7.3B |
股东权益ENBPAA
| 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ENBPAA
| Q4 25 | $159.5B | $30.2B | ||
| Q3 25 | $158.4B | $28.1B | ||
| Q2 25 | $154.5B | $27.2B | ||
| Q1 25 | $160.6B | $27.1B | ||
| Q4 24 | $159.9B | $26.6B | ||
| Q3 24 | $150.2B | $27.2B | ||
| Q2 24 | $146.9B | $27.5B | ||
| Q1 24 | $139.2B | $27.4B |
负债/权益比ENBPAA
| 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 | $786.0M |
| 自由现金流经营现金流 - 资本支出 | $2.4B | $638.0M |
| 自由现金流率自由现金流/营收 | 42.0% | 6.4% |
| 资本支出强度资本支出/营收 | 114.3% | 1.5% |
| 现金转化率经营现金流/净利润 | 5.96× | 2.30× |
| 过去12个月自由现金流最近4个季度 | — | $2.3B |
8季度趋势，按日历期对齐
经营现金流ENBPAA
| Q4 25 | $9.0B | $786.0M | ||
| Q3 25 | — | $817.0M | ||
| Q2 25 | — | $694.0M | ||
| Q1 25 | $2.2B | $639.0M | ||
| Q4 24 | $9.2B | $727.0M | ||
| Q3 24 | — | $691.0M | ||
| Q2 24 | — | $653.0M | ||
| Q1 24 | $2.3B | $419.0M |
自由现金流ENBPAA
| Q4 25 | $2.4B | $638.0M | ||
| Q3 25 | — | $632.0M | ||
| Q2 25 | — | $575.0M | ||
| Q1 25 | $970.9M | $448.0M | ||
| Q4 24 | $4.3B | $561.0M | ||
| Q3 24 | — | $534.0M | ||
| Q2 24 | — | $514.0M | ||
| Q1 24 | $1.4B | $262.0M |
自由现金流率ENBPAA
| Q4 25 | 42.0% | 6.4% | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | — | 5.4% | ||
| Q1 25 | 15.1% | 3.7% | ||
| Q4 24 | 79.0% | 4.5% | ||
| Q3 24 | — | 4.2% | ||
| Q2 24 | — | 4.0% | ||
| Q1 24 | 29.0% | 2.2% |
资本支出强度ENBPAA
| Q4 25 | 114.3% | 1.5% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | 19.6% | 1.6% | ||
| Q4 24 | 90.1% | 1.3% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.1% | ||
| Q1 24 | 17.5% | 1.3% |
现金转化率ENBPAA
| Q4 25 | 5.96× | 2.30× | ||
| Q3 25 | — | 1.85× | ||
| Q2 25 | — | 3.30× | ||
| Q1 25 | 1.29× | 1.44× | ||
| Q4 24 | 21.18× | 20.19× | ||
| Q3 24 | — | 3.14× | ||
| Q2 24 | — | 2.61× | ||
| Q1 24 | 2.08× | 1.58× |
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
PAA
| Products | $9.6B | 96% |
| Transportation | $341.0M | 3% |
| Terminalling Storage And Other | $90.0M | 1% |
| Affiliated Entity | $14.0M | 0% |
