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ENTERPRISE PRODUCTS PARTNERS L.P.（EPD）与Kinetik Holdings Inc.（KNTK）财务数据对比。点击上方公司名可切换其他公司
ENTERPRISE PRODUCTS PARTNERS L.P.的季度营收约是Kinetik Holdings Inc.的32.0倍（$13.8B vs $430.4M）。Kinetik Holdings Inc.净利率更高（96.8% vs 11.9%，领先84.9%）。Kinetik Holdings Inc.同比增速更快（11.6% vs -2.9%）。过去两年Kinetik Holdings Inc.的营收复合增速更高（12.3% vs -3.3%）
Enterprise Products Partners L.P.是总部位于美国得克萨斯州休斯敦的中游能源企业，主营天然气与原油管道业务，2004年9月收购GulfTerra，2018年位列美国《财富》500强第105位，丹·邓肯2010年去世前为该公司第一大股东。
Kinetik Holdings Inc.是一家聚焦二叠纪盆地的中游能源基础设施供应商，为美国南部核心油气产区的上游作业方提供天然气收集、处理、运输、存储，以及原油、采出水处置等一体化服务。
EPD vs KNTK — 直观对比
营收规模更大
EPD
是对方的32.0倍
$430.4M
营收增速更快
KNTK
高出14.5%
-2.9%
净利率更高
KNTK
高出84.9%
11.9%
两年增速更快
KNTK
近两年复合增速
-3.3%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $13.8B | $430.4M |
| 净利润 | $1.6B | $416.7M |
| 毛利率 | 27.0% | — |
| 营业利润率 | 14.7% | 11.2% |
| 净利率 | 11.9% | 96.8% |
| 营收同比 | -2.9% | 11.6% |
| 净利润同比 | 1.5% | 2468.4% |
| 每股收益（稀释后） | — | $2.22 |
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EPDKNTK
| Q4 25 | $13.8B | $430.4M | ||
| Q3 25 | $12.0B | $464.0M | ||
| Q2 25 | $11.4B | $426.7M | ||
| Q1 25 | $15.4B | $443.3M | ||
| Q4 24 | $14.2B | $385.7M | ||
| Q3 24 | $13.8B | $396.4M | ||
| Q2 24 | $13.5B | $359.5M | ||
| Q1 24 | $14.8B | $341.4M |
净利润EPDKNTK
| Q4 25 | $1.6B | $416.7M | ||
| Q3 25 | $1.3B | $5.3M | ||
| Q2 25 | $1.4B | $23.6M | ||
| Q1 25 | $1.4B | $19.3M | ||
| Q4 24 | $1.6B | $16.2M | ||
| Q3 24 | $1.4B | $25.8M | ||
| Q2 24 | $1.4B | $37.2M | ||
| Q1 24 | $1.5B | $233.6M |
毛利率EPDKNTK
| Q4 25 | 27.0% | — | ||
| Q3 25 | 28.6% | — | ||
| Q2 25 | 30.5% | — | ||
| Q1 25 | 22.1% | — | ||
| Q4 24 | 25.3% | — | ||
| Q3 24 | 24.6% | — | ||
| Q2 24 | 24.5% | — | ||
| Q1 24 | 22.7% | — |
营业利润率EPDKNTK
| Q4 25 | 14.7% | 11.2% | ||
| Q3 25 | 14.0% | 4.3% | ||
| Q2 25 | 15.8% | 18.2% | ||
| Q1 25 | 11.4% | 4.3% | ||
| Q4 24 | 13.9% | 6.1% | ||
| Q3 24 | 12.9% | 18.4% | ||
| Q2 24 | 13.1% | 15.7% | ||
| Q1 24 | 12.3% | 7.6% |
净利率EPDKNTK
| Q4 25 | 11.9% | 96.8% | ||
| Q3 25 | 11.1% | 1.1% | ||
| Q2 25 | 12.6% | 5.5% | ||
| Q1 25 | 9.0% | 4.3% | ||
| Q4 24 | 11.4% | 4.2% | ||
| Q3 24 | 10.3% | 6.5% | ||
| Q2 24 | 10.4% | 10.3% | ||
| Q1 24 | 9.9% | 68.4% |
每股收益（稀释后）EPDKNTK
| Q4 25 | — | $2.22 | ||
| Q3 25 | — | $0.03 | ||
| Q2 25 | — | $0.33 | ||
| Q1 25 | — | $0.05 | ||
| Q4 24 | — | $0.01 | ||
| Q3 24 | — | $0.35 | ||
| Q2 24 | — | $0.54 | ||
| Q1 24 | — | $0.12 |
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 | $969.0M | $4.0M |
| 总债务越低越好 | — | $3.6B |
| 股东权益账面价值 | — | $-565.4M |
| 总资产 | $77.9B | $7.1B |
| 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EPDKNTK
| Q4 25 | $969.0M | $4.0M | ||
| Q3 25 | $206.0M | $7.7M | ||
| Q2 25 | $870.0M | $10.7M | ||
| Q1 25 | $220.0M | $8.8M | ||
| Q4 24 | $583.0M | $3.6M | ||
| Q3 24 | $1.4B | $20.4M | ||
| Q2 24 | $138.0M | $12.5M | ||
| Q1 24 | $283.0M | $9.8M |
总债务EPDKNTK
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $4.0B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $3.3B | ||
| Q1 24 | — | $3.5B |
股东权益EPDKNTK
| Q4 25 | — | $-565.4M | ||
| Q3 25 | — | $-1.8B | ||
| Q2 25 | — | $-1.6B | ||
| Q1 25 | — | $-2.5B | ||
| Q4 24 | — | $-3.0B | ||
| Q3 24 | — | $-1.7B | ||
| Q2 24 | — | $-1.2B | ||
| Q1 24 | — | $-973.4M |
总资产EPDKNTK
| Q4 25 | $77.9B | $7.1B | ||
| Q3 25 | $77.8B | $7.2B | ||
| Q2 25 | $77.4B | $7.2B | ||
| Q1 25 | $75.4B | $7.0B | ||
| Q4 24 | $77.2B | $6.8B | ||
| Q3 24 | $75.1B | $6.9B | ||
| Q2 24 | $73.6B | $6.9B | ||
| Q1 24 | $71.4B | $6.4B |
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 | $2.5B | $110.1M |
| 自由现金流经营现金流 - 资本支出 | — | $-24.0M |
| 自由现金流率自由现金流/营收 | — | -5.6% |
| 资本支出强度资本支出/营收 | — | 31.2% |
| 现金转化率经营现金流/净利润 | 1.50× | 0.26× |
| 过去12个月自由现金流最近4个季度 | — | $111.6M |
8季度趋势，按日历期对齐
经营现金流EPDKNTK
| Q4 25 | $2.5B | $110.1M | ||
| Q3 25 | $1.7B | $188.1M | ||
| Q2 25 | $2.1B | $129.1M | ||
| Q1 25 | $2.3B | $176.8M | ||
| Q4 24 | $2.4B | $144.0M | ||
| Q3 24 | $2.1B | $214.1M | ||
| Q2 24 | $1.6B | $125.5M | ||
| Q1 24 | $2.1B | $153.7M |
自由现金流EPDKNTK
| Q4 25 | — | $-24.0M | ||
| Q3 25 | — | $31.6M | ||
| Q2 25 | $762.0M | $1.8M | ||
| Q1 25 | $1.3B | $102.3M | ||
| Q4 24 | $1.3B | $36.3M | ||
| Q3 24 | $898.0M | $155.7M | ||
| Q2 24 | $310.0M | $86.1M | ||
| Q1 24 | $1.1B | $95.7M |
自由现金流率EPDKNTK
| Q4 25 | — | -5.6% | ||
| Q3 25 | — | 6.8% | ||
| Q2 25 | 6.7% | 0.4% | ||
| Q1 25 | 8.1% | 23.1% | ||
| Q4 24 | 9.1% | 9.4% | ||
| Q3 24 | 6.5% | 39.3% | ||
| Q2 24 | 2.3% | 24.0% | ||
| Q1 24 | 7.2% | 28.0% |
资本支出强度EPDKNTK
| Q4 25 | — | 31.2% | ||
| Q3 25 | — | 33.7% | ||
| Q2 25 | 11.4% | 29.8% | ||
| Q1 25 | 6.9% | 16.8% | ||
| Q4 24 | 7.5% | 27.9% | ||
| Q3 24 | 8.5% | 14.7% | ||
| Q2 24 | 9.4% | 11.0% | ||
| Q1 24 | 7.1% | 17.0% |
现金转化率EPDKNTK
| Q4 25 | 1.50× | 0.26× | ||
| Q3 25 | 1.30× | 35.73× | ||
| Q2 25 | 1.44× | 5.46× | ||
| Q1 25 | 1.66× | 9.18× | ||
| Q4 24 | 1.46× | 8.88× | ||
| Q3 24 | 1.46× | 8.31× | ||
| Q2 24 | 1.12× | 3.37× | ||
| Q1 24 | 1.45× | 0.66× |
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
EPD
| Sales Of Crude Oil | $5.2B | 37% |
| Sales Of NG Ls And Related Products | $4.3B | 31% |
| Petrochemical And Refined Products Services | $2.3B | 17% |
| Oil And Gas Service | $740.0M | 5% |
| Sales Of Natural Gas | $462.0M | 3% |
| Transportation | $365.0M | 3% |
| Natural Gas Processing And Fractionation | $272.0M | 2% |
| Equity Method Investee | $14.0M | 0% |
KNTK
| Natural Gas NG Ls And Condensate Sales | $325.5M | 76% |
| Gathering And Processing Services | $101.6M | 24% |
| Other | $3.3M | 1% |
| Barilla Draw | $2.3M | 1% |
