vs
Energy Transfer LP（ET）与高盛（GS）财务数据对比。点击上方公司名可切换其他公司
Energy Transfer LP的季度营收约是高盛的1.9倍（$25.3B vs $13.5B），高盛净利率更高（34.3% vs 3.7%，领先30.7%），Energy Transfer LP自由现金流更多（$-225.0M vs $-16.8B）
Energy Transfer LP是美国知名能源基础设施运营商，1996年成立，总部位于得克萨斯州达拉斯，主营天然气、原油、液化天然气、成品油等能源产品的管道运输、存储、终端运营及天然气凝析液分馏业务，为公开上市的有限合伙企业。
高盛集团是美国跨国投资银行及金融服务提供商，创立于1869年，总部位于纽约市曼哈顿下城，在全球多个国际金融中心设有区域总部。按营收计算，高盛是全球规模最大的投资银行之一，位列美国《财富》500强总营收榜单第55位。
ET vs GS — 直观对比
营收规模更大
ET
是对方的1.9倍
$13.5B
净利率更高
GS
高出30.7%
3.7%
自由现金流更多
ET
多$16.6B
$-16.8B
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $25.3B | $13.5B |
| 净利润 | $928.0M | $4.6B |
| 毛利率 | 23.3% | — |
| 营业利润率 | 8.2% | 43.5% |
| 净利率 | 3.7% | 34.3% |
| 营收同比 | 29.6% | — |
| 净利润同比 | -13.8% | — |
| 每股收益（稀释后） | — | $14.04 |
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ETGS
| Q4 25 | $25.3B | $13.5B | ||
| Q3 25 | $20.0B | $15.2B | ||
| Q2 25 | $19.2B | $14.6B | ||
| Q1 25 | $21.0B | $15.1B | ||
| Q4 24 | $19.5B | — | ||
| Q3 24 | $20.8B | $12.7B | ||
| Q2 24 | $20.7B | $12.7B | ||
| Q1 24 | $21.6B | $14.2B |
净利润ETGS
| Q4 25 | $928.0M | $4.6B | ||
| Q3 25 | $1.0B | $4.1B | ||
| Q2 25 | $1.2B | $3.7B | ||
| Q1 25 | $1.3B | $4.7B | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.2B | $3.0B | ||
| Q2 24 | $1.3B | $3.0B | ||
| Q1 24 | $1.2B | $4.1B |
毛利率ETGS
| Q4 25 | 23.3% | — | ||
| Q3 25 | 27.0% | — | ||
| Q2 25 | 27.5% | — | ||
| Q1 25 | 25.9% | — | ||
| Q4 24 | 27.6% | — | ||
| Q3 24 | 24.8% | — | ||
| Q2 24 | 24.7% | — | ||
| Q1 24 | 23.3% | — |
营业利润率ETGS
| Q4 25 | 8.2% | 43.5% | ||
| Q3 25 | 10.8% | 35.5% | ||
| Q2 25 | 12.0% | 34.0% | ||
| Q1 25 | 11.9% | 37.5% | ||
| Q4 24 | 11.7% | — | ||
| Q3 24 | 10.5% | 31.4% | ||
| Q2 24 | 11.1% | 30.8% | ||
| Q1 24 | 11.0% | 36.8% |
净利率ETGS
| Q4 25 | 3.7% | 34.3% | ||
| Q3 25 | 5.1% | 27.0% | ||
| Q2 25 | 6.0% | 25.5% | ||
| Q1 25 | 6.3% | 31.5% | ||
| Q4 24 | 5.5% | — | ||
| Q3 24 | 5.7% | 23.5% | ||
| Q2 24 | 6.3% | 23.9% | ||
| Q1 24 | 5.7% | 29.1% |
每股收益（稀释后）ETGS
| Q4 25 | — | $14.04 | ||
| Q3 25 | — | $12.25 | ||
| Q2 25 | — | $10.91 | ||
| Q1 25 | — | $14.12 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $8.40 | ||
| Q2 24 | — | $8.62 | ||
| Q1 24 | — | $11.58 |
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 | $1.3B | $164.3B |
| 总债务越低越好 | $68.3B | — |
| 股东权益账面价值 | $49.0B | $125.0B |
| 总资产 | $141.3B | $1809.3B |
| 负债/权益比越低杠杆越低 | 1.39× | — |
8季度趋势，按日历期对齐
现金及短期投资ETGS
| Q4 25 | $1.3B | $164.3B | ||
| Q3 25 | $3.6B | $169.6B | ||
| Q2 25 | $242.0M | $153.0B | ||
| Q1 25 | — | $167.4B | ||
| Q4 24 | $312.0M | — | ||
| Q3 24 | — | $154.7B | ||
| Q2 24 | — | $206.3B | ||
| Q1 24 | — | $209.4B |
总债务ETGS
| Q4 25 | $68.3B | — | ||
| Q3 25 | $63.1B | — | ||
| Q2 25 | $60.8B | — | ||
| Q1 25 | $59.8B | — | ||
| Q4 24 | $59.8B | — | ||
| Q3 24 | $59.3B | — | ||
| Q2 24 | $57.6B | — | ||
| Q1 24 | $53.5B | — |
股东权益ETGS
| Q4 25 | $49.0B | $125.0B | ||
| Q3 25 | $45.3B | $124.4B | ||
| Q2 25 | $45.5B | $124.1B | ||
| Q1 25 | $46.2B | $124.3B | ||
| Q4 24 | $46.0B | — | ||
| Q3 24 | $46.2B | $121.2B | ||
| Q2 24 | $45.5B | $119.5B | ||
| Q1 24 | $43.8B | $118.5B |
总资产ETGS
| Q4 25 | $141.3B | $1809.3B | ||
| Q3 25 | $129.3B | $1808.0B | ||
| Q2 25 | $125.0B | $1785.0B | ||
| Q1 25 | $126.4B | $1766.2B | ||
| Q4 24 | $125.4B | — | ||
| Q3 24 | $124.4B | $1728.1B | ||
| Q2 24 | $121.3B | $1653.3B | ||
| Q1 24 | $115.8B | $1698.4B |
负债/权益比ETGS
| Q4 25 | 1.39× | — | ||
| Q3 25 | 1.39× | — | ||
| Q2 25 | 1.33× | — | ||
| Q1 25 | 1.30× | — | ||
| Q4 24 | 1.30× | — | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | 1.27× | — | ||
| Q1 24 | 1.22× | — |
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 | $1.9B | $-16.3B |
| 自由现金流经营现金流 - 资本支出 | $-225.0M | $-16.8B |
| 自由现金流率自由现金流/营收 | -0.9% | -124.9% |
| 资本支出强度资本支出/营收 | 8.4% | 3.9% |
| 现金转化率经营现金流/净利润 | 2.05× | -3.53× |
| 过去12个月自由现金流最近4个季度 | $3.8B | $-47.2B |
8季度趋势，按日历期对齐
经营现金流ETGS
| Q4 25 | $1.9B | $-16.3B | ||
| Q3 25 | $2.6B | $2.7B | ||
| Q2 25 | $2.8B | $5.7B | ||
| Q1 25 | $2.9B | $-37.2B | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.9B | — | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $3.8B | $-28.0B |
自由现金流ETGS
| Q4 25 | $-225.0M | $-16.8B | ||
| Q3 25 | $1.3B | $2.1B | ||
| Q2 25 | $1.1B | $5.2B | ||
| Q1 25 | $1.7B | $-37.7B | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $3.0B | $-28.5B |
自由现金流率ETGS
| Q4 25 | -0.9% | -124.9% | ||
| Q3 25 | 6.4% | 14.0% | ||
| Q2 25 | 5.7% | 35.6% | ||
| Q1 25 | 8.1% | -250.5% | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | 8.6% | — | ||
| Q2 24 | 7.0% | — | ||
| Q1 24 | 13.8% | -200.8% |
资本支出强度ETGS
| Q4 25 | 8.4% | 3.9% | ||
| Q3 25 | 6.5% | 3.7% | ||
| Q2 25 | 8.6% | 3.3% | ||
| Q1 25 | 5.8% | 3.3% | ||
| Q4 24 | 7.5% | — | ||
| Q3 24 | 5.2% | — | ||
| Q2 24 | 3.9% | — | ||
| Q1 24 | 3.7% | 3.5% |
现金转化率ETGS
| Q4 25 | 2.05× | -3.53× | ||
| Q3 25 | 2.52× | 0.65× | ||
| Q2 25 | 2.37× | 1.52× | ||
| Q1 25 | 2.20× | -7.86× | ||
| Q4 24 | 2.40× | — | ||
| Q3 24 | 2.43× | — | ||
| Q2 24 | 1.73× | — | ||
| Q1 24 | 3.04× | -6.79× |
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
ET
| Investment In Sunoco LP | $8.6B | 34% |
| NG Landrefinedproductstransportationandservices | $6.2B | 24% |
| NG Lsales | $4.6B | 18% |
| Midstream | $2.7B | 11% |
| Other | $900.0M | 4% |
| External Customers | $805.0M | 3% |
| Interstate Transportation And Storage | $631.0M | 2% |
| Investment In USAC | $252.0M | 1% |
| Intersegment | $97.0M | 0% |
GS
| Global Banking And Markets | $10.5B | 78% |
| Other | $2.9B | 22% |
