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ENTERPRISE PRODUCTS PARTNERS L.P.（EPD）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
ENTERPRISE PRODUCTS PARTNERS L.P.的季度营收约是PLAINS GP HOLDINGS LP的1.4倍（$14.4B vs $10.0B），ENTERPRISE PRODUCTS PARTNERS L.P.净利率更高（10.4% vs 0.6%，领先9.8%），PLAINS GP HOLDINGS LP同比增速更快（-19.1% vs -72.1%），ENTERPRISE PRODUCTS PARTNERS L.P.自由现金流更多（$1.9B vs $636.0M），过去两年ENTERPRISE PRODUCTS PARTNERS L.P.的营收复合增速更高（3.3% vs -8.6%）
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。
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。
EPD vs PAGP — 直观对比
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $14.4B | $10.0B |
| 净利润 | $1.5B | $63.0M |
| 毛利率 | — | 7.0% |
| 营业利润率 | 13.2% | 1.8% |
| 净利率 | 10.4% | 0.6% |
| 营收同比 | -72.1% | -19.1% |
| 净利润同比 | 6.4% | 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
| Q1 26 | $14.4B | — | ||
| Q4 25 | $13.8B | $10.0B | ||
| Q3 25 | $12.0B | $11.6B | ||
| Q2 25 | $11.4B | $10.6B | ||
| Q1 25 | $15.4B | $12.0B | ||
| Q4 24 | $14.2B | $12.4B | ||
| Q3 24 | $13.8B | $12.7B | ||
| Q2 24 | $13.5B | $12.9B |
| Q1 26 | $1.5B | — | ||
| Q4 25 | $1.6B | $63.0M | ||
| Q3 25 | $1.3B | $83.0M | ||
| Q2 25 | $1.4B | $30.0M | ||
| Q1 25 | $1.4B | $84.0M | ||
| Q4 24 | $1.6B | $-11.0M | ||
| Q3 24 | $1.4B | $33.0M | ||
| Q2 24 | $1.4B | $39.0M |
| Q1 26 | — | — | ||
| Q4 25 | 27.0% | 7.0% | ||
| Q3 25 | 28.6% | 8.6% | ||
| Q2 25 | 30.5% | 8.3% | ||
| Q1 25 | 22.1% | 10.4% | ||
| Q4 24 | 25.3% | 9.5% | ||
| Q3 24 | 24.6% | 9.3% | ||
| Q2 24 | 24.5% | 8.3% |
| Q1 26 | 13.2% | — | ||
| Q4 25 | 14.7% | 1.8% | ||
| Q3 25 | 14.0% | 4.2% | ||
| Q2 25 | 15.8% | 2.2% | ||
| Q1 25 | 11.4% | 4.4% | ||
| Q4 24 | 13.9% | 0.7% | ||
| Q3 24 | 12.9% | 2.7% | ||
| Q2 24 | 13.1% | 2.9% |
| Q1 26 | 10.4% | — | ||
| Q4 25 | 11.9% | 0.6% | ||
| Q3 25 | 11.1% | 0.7% | ||
| Q2 25 | 12.6% | 0.3% | ||
| Q1 25 | 9.0% | 0.7% | ||
| Q4 24 | 11.4% | -0.1% | ||
| Q3 24 | 10.3% | 0.3% | ||
| Q2 24 | 10.4% | 0.3% |
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 | — | $329.0M |
| 总债务越低越好 | — | $10.7B |
| 股东权益账面价值 | — | — |
| 总资产 | — | $31.3B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q1 26 | — | — | ||
| Q4 25 | $969.0M | $329.0M | ||
| Q3 25 | $206.0M | $1.2B | ||
| Q2 25 | $870.0M | $460.0M | ||
| Q1 25 | $220.0M | $429.0M | ||
| Q4 24 | $583.0M | $349.0M | ||
| Q3 24 | $1.4B | $641.0M | ||
| Q2 24 | $138.0M | $556.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $10.7B | ||
| Q3 25 | — | $8.4B | ||
| Q2 25 | — | $8.2B | ||
| Q1 25 | — | $8.2B | ||
| Q4 24 | — | $7.2B | ||
| Q3 24 | — | $7.2B | ||
| Q2 24 | — | $7.2B |
| Q1 26 | — | — | ||
| Q4 25 | $77.9B | $31.3B | ||
| Q3 25 | $77.8B | $29.3B | ||
| Q2 25 | $77.4B | $28.3B | ||
| Q1 25 | $75.4B | $28.3B | ||
| Q4 24 | $77.2B | $27.8B | ||
| Q3 24 | $75.1B | $28.4B | ||
| Q2 24 | $73.6B | $28.7B |
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 | — | $784.0M |
| 自由现金流经营现金流 - 资本支出 | $1.9B | $636.0M |
| 自由现金流率自由现金流/营收 | 13.4% | 6.3% |
| 资本支出强度资本支出/营收 | 1.4% | 1.5% |
| 现金转化率经营现金流/净利润 | — | 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
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | $784.0M | ||
| Q3 25 | $1.7B | $817.0M | ||
| Q2 25 | $2.1B | $692.0M | ||
| Q1 25 | $2.3B | $638.0M | ||
| Q4 24 | $2.4B | $726.0M | ||
| Q3 24 | $2.1B | $688.0M | ||
| Q2 24 | $1.6B | $652.0M |
| Q1 26 | $1.9B | — | ||
| Q4 25 | — | $636.0M | ||
| Q3 25 | — | $632.0M | ||
| Q2 25 | $762.0M | $573.0M | ||
| Q1 25 | $1.3B | $447.0M | ||
| Q4 24 | $1.3B | $560.0M | ||
| Q3 24 | $898.0M | $531.0M | ||
| Q2 24 | $310.0M | $513.0M |
| Q1 26 | 13.4% | — | ||
| Q4 25 | — | 6.3% | ||
| Q3 25 | — | 5.5% | ||
| Q2 25 | 6.7% | 5.4% | ||
| Q1 25 | 8.1% | 3.7% | ||
| Q4 24 | 9.1% | 4.5% | ||
| Q3 24 | 6.5% | 4.2% | ||
| Q2 24 | 2.3% | 4.0% |
| Q1 26 | 1.4% | — | ||
| Q4 25 | — | 1.5% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | 11.4% | 1.1% | ||
| Q1 25 | 6.9% | 1.6% | ||
| Q4 24 | 7.5% | 1.3% | ||
| Q3 24 | 8.5% | 1.2% | ||
| Q2 24 | 9.4% | 1.1% |
| Q1 26 | — | — | ||
| Q4 25 | 1.50× | 12.44× | ||
| Q3 25 | 1.30× | 9.84× | ||
| Q2 25 | 1.44× | 23.07× | ||
| Q1 25 | 1.66× | 7.60× | ||
| Q4 24 | 1.46× | — | ||
| Q3 24 | 1.46× | 20.85× | ||
| Q2 24 | 1.12× | 16.72× |
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
暂无分部数据
PAGP
| Products | $9.6B | 96% |
| Services | $421.0M | 4% |
| Affiliated Entity | $14.0M | 0% |
