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ENTERPRISE PRODUCTS PARTNERS L.P.（EPD）与NGL Energy Partners LP（NGL）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NGL Energy Partners LP的15.2倍（$13.8B vs $909.8M）。ENTERPRISE PRODUCTS PARTNERS L.P.净利率更高（11.9% vs 5.2%，领先6.7%）。ENTERPRISE PRODUCTS PARTNERS L.P.同比增速更快（-2.9% vs -41.3%）。过去两年ENTERPRISE PRODUCTS PARTNERS L.P.的营收复合增速更高（-3.3% vs -6.4%）
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。
NGL Energy Partners LP是一家总部位于美国的中游能源服务企业，主营原油、液化天然气、可再生燃料的运输、存储及物流服务，同时为上游能源生产商提供水资源管理解决方案，业务主要覆盖北美市场。
EPD vs NGL — 直观对比
营收规模更大
EPD
是对方的15.2倍
$909.8M
营收增速更快
EPD
高出38.4%
-41.3%
净利率更高
EPD
高出6.7%
5.2%
两年增速更快
EPD
近两年复合增速
-6.4%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $13.8B | $909.8M |
| 净利润 | $1.6B | $47.2M |
| 毛利率 | 27.0% | 29.0% |
| 营业利润率 | 14.7% | 12.1% |
| 净利率 | 11.9% | 5.2% |
| 营收同比 | -2.9% | -41.3% |
| 净利润同比 | 1.5% | 249.3% |
| 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EPDNGL
| Q4 25 | $13.8B | $909.8M | ||
| Q3 25 | $12.0B | $674.7M | ||
| Q2 25 | $11.4B | $622.2M | ||
| Q1 25 | $15.4B | $971.1M | ||
| Q4 24 | $14.2B | $982.4M | ||
| Q3 24 | $13.8B | $756.5M | ||
| Q2 24 | $13.5B | $759.2M | ||
| Q1 24 | $14.8B | $1.0B |
净利润EPDNGL
| Q4 25 | $1.6B | $47.2M | ||
| Q3 25 | $1.3B | $29.3M | ||
| Q2 25 | $1.4B | $68.9M | ||
| Q1 25 | $1.4B | $13.7M | ||
| Q4 24 | $1.6B | $13.5M | ||
| Q3 24 | $1.4B | $2.5M | ||
| Q2 24 | $1.4B | $9.7M | ||
| Q1 24 | $1.5B | $-236.8M |
毛利率EPDNGL
| Q4 25 | 27.0% | 29.0% | ||
| Q3 25 | 28.6% | 37.6% | ||
| Q2 25 | 30.5% | 38.5% | ||
| Q1 25 | 22.1% | 26.9% | ||
| Q4 24 | 25.3% | 25.1% | ||
| Q3 24 | 24.6% | 30.9% | ||
| Q2 24 | 24.5% | 29.0% | ||
| Q1 24 | 22.7% | 21.8% |
营业利润率EPDNGL
| Q4 25 | 14.7% | 12.1% | ||
| Q3 25 | 14.0% | 14.0% | ||
| Q2 25 | 15.8% | 15.7% | ||
| Q1 25 | 11.4% | 8.4% | ||
| Q4 24 | 13.9% | 8.6% | ||
| Q3 24 | 12.9% | 10.8% | ||
| Q2 24 | 13.1% | 10.8% | ||
| Q1 24 | 12.3% | -9.4% |
净利率EPDNGL
| Q4 25 | 11.9% | 5.2% | ||
| Q3 25 | 11.1% | 4.3% | ||
| Q2 25 | 12.6% | 11.1% | ||
| Q1 25 | 9.0% | 1.4% | ||
| Q4 24 | 11.4% | 1.4% | ||
| Q3 24 | 10.3% | 0.3% | ||
| Q2 24 | 10.4% | 1.3% | ||
| Q1 24 | 9.9% | -22.8% |
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 | $6.5M |
| 总债务越低越好 | — | $2.9B |
| 股东权益账面价值 | — | — |
| 总资产 | $77.9B | $4.4B |
| 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EPDNGL
| Q4 25 | $969.0M | $6.5M | ||
| Q3 25 | $206.0M | $8.7M | ||
| Q2 25 | $870.0M | $5.4M | ||
| Q1 25 | $220.0M | $13.5M | ||
| Q4 24 | $583.0M | $5.7M | ||
| Q3 24 | $1.4B | $4.5M | ||
| Q2 24 | $138.0M | $5.3M | ||
| Q1 24 | $283.0M | $38.9M |
总债务EPDNGL
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | — | $2.9B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $2.9B |
总资产EPDNGL
| Q4 25 | $77.9B | $4.4B | ||
| Q3 25 | $77.8B | $4.3B | ||
| Q2 25 | $77.4B | $4.2B | ||
| Q1 25 | $75.4B | $4.6B | ||
| Q4 24 | $77.2B | $4.8B | ||
| Q3 24 | $75.1B | $4.9B | ||
| Q2 24 | $73.6B | $4.8B | ||
| Q1 24 | $71.4B | $5.0B |
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 | $182.3M |
| 自由现金流经营现金流 - 资本支出 | — | $45.7M |
| 自由现金流率自由现金流/营收 | — | 5.0% |
| 资本支出强度资本支出/营收 | — | 15.0% |
| 现金转化率经营现金流/净利润 | 1.50× | 3.86× |
| 过去12个月自由现金流最近4个季度 | — | $126.7M |
8季度趋势，按日历期对齐
经营现金流EPDNGL
| Q4 25 | $2.5B | $182.3M | ||
| Q3 25 | $1.7B | $40.5M | ||
| Q2 25 | $2.1B | $33.2M | ||
| Q1 25 | $2.3B | $155.0M | ||
| Q4 24 | $2.4B | $153.8M | ||
| Q3 24 | $2.1B | $6.7M | ||
| Q2 24 | $1.6B | $-18.1M | ||
| Q1 24 | $2.1B | $152.2M |
自由现金流EPDNGL
| Q4 25 | — | $45.7M | ||
| Q3 25 | — | $9.5M | ||
| Q2 25 | $762.0M | $11.1M | ||
| Q1 25 | $1.3B | $60.4M | ||
| Q4 24 | $1.3B | $152.1M | ||
| Q3 24 | $898.0M | $-82.9M | ||
| Q2 24 | $310.0M | $-78.0M | ||
| Q1 24 | $1.1B | $119.8M |
自由现金流率EPDNGL
| Q4 25 | — | 5.0% | ||
| Q3 25 | — | 1.4% | ||
| Q2 25 | 6.7% | 1.8% | ||
| Q1 25 | 8.1% | 6.2% | ||
| Q4 24 | 9.1% | 15.5% | ||
| Q3 24 | 6.5% | -11.0% | ||
| Q2 24 | 2.3% | -10.3% | ||
| Q1 24 | 7.2% | 11.5% |
资本支出强度EPDNGL
| Q4 25 | — | 15.0% | ||
| Q3 25 | — | 4.6% | ||
| Q2 25 | 11.4% | 3.6% | ||
| Q1 25 | 6.9% | 9.7% | ||
| Q4 24 | 7.5% | 0.2% | ||
| Q3 24 | 8.5% | 11.8% | ||
| Q2 24 | 9.4% | 7.9% | ||
| Q1 24 | 7.1% | 3.1% |
现金转化率EPDNGL
| Q4 25 | 1.50× | 3.86× | ||
| Q3 25 | 1.30× | 1.38× | ||
| Q2 25 | 1.44× | 0.48× | ||
| Q1 25 | 1.66× | 11.29× | ||
| Q4 24 | 1.46× | 11.39× | ||
| Q3 24 | 1.46× | 2.74× | ||
| Q2 24 | 1.12× | -1.87× | ||
| Q1 24 | 1.45× | — |
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% |
NGL
| Water Solutions Segment | $208.6M | 23% |
| Services | $193.3M | 21% |
| Butane | $192.5M | 21% |
| Service Fees | $182.8M | 20% |
| Public Utilities Inventory Propane | $93.9M | 10% |
| Crude Oil | $23.3M | 3% |
| Crude Oil Transportation And Other | $6.5M | 1% |
| Liquids Logistics Segment | $2.5M | 0% |
| Crude Oil Logistics Segment | $1.2M | 0% |
