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ENBRIDGE INC（ENB）与PLAINS GP HOLDINGS LP（PAGP）财务数据对比。点击上方公司名可切换其他公司
PLAINS GP HOLDINGS 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 0.6%，领先25.6%）。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 $636.0M）。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。
Plains GP Holdings是一家业主有限合伙企业，业务覆盖美国及加拿大地区的液化石油气、石油产品的管道运输、营销及仓储。公司拥有总长约2.96万公里的管线权益，配套约7500万桶原油、2800万桶天然气凝液、680亿立方英尺天然气的存储能力，还运营5座天然气加工厂，总部位于得克萨斯州休斯敦市中心的艾伦中心。
ENB vs PAGP — 直观对比
营收规模更大
PAGP
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25.6%
0.6%
自由现金流更多
ENB
多$1.8B
$636.0M
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 | $63.0M |
| 毛利率 | — | 7.0% |
| 营业利润率 | 34.7% | 1.8% |
| 净利率 | 26.2% | 0.6% |
| 营收同比 | 5.3% | -19.1% |
| 净利润同比 | 246.2% | 672.7% |
| 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ENBPAGP
| 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ENBPAGP
| Q4 25 | $1.5B | $63.0M | ||
| Q3 25 | $575.2M | $83.0M | ||
| Q2 25 | $1.7B | $30.0M | ||
| Q1 25 | $1.7B | $84.0M | ||
| Q4 24 | $434.4M | $-11.0M | ||
| Q3 24 | $1.0B | $33.0M | ||
| Q2 24 | $1.4B | $39.0M | ||
| Q1 24 | $1.1B | $42.0M |
毛利率ENBPAGP
| 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ENBPAGP
| 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ENBPAGP
| Q4 25 | 26.2% | 0.6% | ||
| Q3 25 | 12.8% | 0.7% | ||
| Q2 25 | 34.9% | 0.3% | ||
| Q1 25 | 26.8% | 0.7% | ||
| Q4 24 | 8.0% | -0.1% | ||
| Q3 24 | 24.3% | 0.3% | ||
| Q2 24 | 32.8% | 0.3% | ||
| Q1 24 | 22.3% | 0.4% |
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 | $329.0M |
| 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 | $31.3B |
| 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ENBPAGP
| Q4 25 | $798.6M | $329.0M | ||
| Q3 25 | $1.0B | $1.2B | ||
| Q2 25 | $878.2M | $460.0M | ||
| Q1 25 | $1.5B | $429.0M | ||
| Q4 24 | $1.3B | $349.0M | ||
| Q3 24 | $1.4B | $641.0M | ||
| Q2 24 | $2.6B | $556.0M | ||
| Q1 24 | $886.2M | $334.0M |
总债务ENBPAGP
| 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ENBPAGP
| 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ENBPAGP
| Q4 25 | $159.5B | $31.3B | ||
| Q3 25 | $158.4B | $29.3B | ||
| Q2 25 | $154.5B | $28.3B | ||
| Q1 25 | $160.6B | $28.3B | ||
| Q4 24 | $159.9B | $27.8B | ||
| Q3 24 | $150.2B | $28.4B | ||
| Q2 24 | $146.9B | $28.7B | ||
| Q1 24 | $139.2B | $28.6B |
负债/权益比ENBPAGP
| 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 | $784.0M |
| 自由现金流经营现金流 - 资本支出 | $2.4B | $636.0M |
| 自由现金流率自由现金流/营收 | 42.0% | 6.3% |
| 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× | 12.44× |
| 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ENBPAGP
| Q4 25 | $9.0B | $784.0M | ||
| Q3 25 | — | $817.0M | ||
| Q2 25 | — | $692.0M | ||
| Q1 25 | $2.2B | $638.0M | ||
| Q4 24 | $9.2B | $726.0M | ||
| Q3 24 | — | $688.0M | ||
| Q2 24 | — | $652.0M | ||
| Q1 24 | $2.3B | $418.0M |
自由现金流ENBPAGP
| Q4 25 | $2.4B | $636.0M | ||
| Q3 25 | — | $632.0M | ||
| Q2 25 | — | $573.0M | ||
| Q1 25 | $970.9M | $447.0M | ||
| Q4 24 | $4.3B | $560.0M | ||
| Q3 24 | — | $531.0M | ||
| Q2 24 | — | $513.0M | ||
| Q1 24 | $1.4B | $261.0M |
自由现金流率ENBPAGP
| Q4 25 | 42.0% | 6.3% | ||
| 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ENBPAGP
| 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ENBPAGP
| Q4 25 | 5.96× | 12.44× | ||
| Q3 25 | — | 9.84× | ||
| Q2 25 | — | 23.07× | ||
| Q1 25 | 1.29× | 7.60× | ||
| Q4 24 | 21.18× | — | ||
| Q3 24 | — | 20.85× | ||
| Q2 24 | — | 16.72× | ||
| Q1 24 | 2.08× | 9.95× |
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
PAGP
| Products | $9.6B | 96% |
| Services | $421.0M | 4% |
| Affiliated Entity | $14.0M | 0% |
