vs
Energy Transfer LP（ET）与摩根大通（JPM）财务数据对比。点击上方公司名可切换其他公司
摩根大通的季度营收约是Energy Transfer LP的1.8倍（$45.8B vs $25.3B），摩根大通净利率更高（28.4% vs 3.7%，领先24.8%）
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。
摩根大通是总部位于美国纽约、在特拉华州注册的跨国银行机构，为美国四大银行之首，截至2025年是全球市值最高的银行，被金融稳定委员会认定为系统重要性金融机构，业务覆盖全球各地，为各类客户提供综合金融服务。
ET vs JPM — 直观对比
营收规模更大
JPM
是对方的1.8倍
$25.3B
净利率更高
JPM
高出24.8%
3.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $25.3B | $45.8B |
| 净利润 | $928.0M | $13.0B |
| 毛利率 | 23.3% | — |
| 营业利润率 | 8.2% | 37.5% |
| 净利率 | 3.7% | 28.4% |
| 营收同比 | 29.6% | — |
| 净利润同比 | -13.8% | — |
| 每股收益（稀释后） | — | $4.64 |
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ETJPM
| Q4 25 | $25.3B | $45.8B | ||
| Q3 25 | $20.0B | $46.4B | ||
| Q2 25 | $19.2B | $44.9B | ||
| Q1 25 | $21.0B | $45.3B | ||
| Q4 24 | $19.5B | — | ||
| Q3 24 | $20.8B | $42.7B | ||
| Q2 24 | $20.7B | $50.2B | ||
| Q1 24 | $21.6B | $41.9B |
净利润ETJPM
| Q4 25 | $928.0M | $13.0B | ||
| Q3 25 | $1.0B | $14.4B | ||
| Q2 25 | $1.2B | $15.0B | ||
| Q1 25 | $1.3B | $14.6B | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.2B | $12.9B | ||
| Q2 24 | $1.3B | $18.1B | ||
| Q1 24 | $1.2B | $13.4B |
毛利率ETJPM
| 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ETJPM
| Q4 25 | 8.2% | 37.5% | ||
| Q3 25 | 10.8% | 40.4% | ||
| Q2 25 | 12.0% | 40.7% | ||
| Q1 25 | 11.9% | 40.6% | ||
| Q4 24 | 11.7% | — | ||
| Q3 24 | 10.5% | 39.8% | ||
| Q2 24 | 11.1% | 46.7% | ||
| Q1 24 | 11.0% | 41.2% |
净利率ETJPM
| Q4 25 | 3.7% | 28.4% | ||
| Q3 25 | 5.1% | 31.0% | ||
| Q2 25 | 6.0% | 33.4% | ||
| Q1 25 | 6.3% | 32.3% | ||
| Q4 24 | 5.5% | — | ||
| Q3 24 | 5.7% | 30.2% | ||
| Q2 24 | 6.3% | 36.2% | ||
| Q1 24 | 5.7% | 32.0% |
每股收益（稀释后）ETJPM
| Q4 25 | — | $4.64 | ||
| Q3 25 | — | $5.07 | ||
| Q2 25 | — | $5.24 | ||
| Q1 25 | — | $5.07 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $4.37 | ||
| Q2 24 | — | $6.12 | ||
| Q1 24 | — | $4.44 |
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 | — |
| 总债务越低越好 | $68.3B | — |
| 股东权益账面价值 | $49.0B | $362.4B |
| 总资产 | $141.3B | $4424.9B |
| 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ETJPM
| Q4 25 | $1.3B | — | ||
| Q3 25 | $3.6B | — | ||
| Q2 25 | $242.0M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $312.0M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总债务ETJPM
| 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ETJPM
| Q4 25 | $49.0B | $362.4B | ||
| Q3 25 | $45.3B | $360.2B | ||
| Q2 25 | $45.5B | $356.9B | ||
| Q1 25 | $46.2B | $351.4B | ||
| Q4 24 | $46.0B | — | ||
| Q3 24 | $46.2B | $345.8B | ||
| Q2 24 | $45.5B | $340.6B | ||
| Q1 24 | $43.8B | $336.6B |
总资产ETJPM
| Q4 25 | $141.3B | $4424.9B | ||
| Q3 25 | $129.3B | $4560.2B | ||
| Q2 25 | $125.0B | $4552.5B | ||
| Q1 25 | $126.4B | $4357.9B | ||
| Q4 24 | $125.4B | — | ||
| Q3 24 | $124.4B | $4210.0B | ||
| Q2 24 | $121.3B | $4143.0B | ||
| Q1 24 | $115.8B | $4090.7B |
负债/权益比ETJPM
| 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 | $119.7B |
| 自由现金流经营现金流 - 资本支出 | $-225.0M | — |
| 自由现金流率自由现金流/营收 | -0.9% | — |
| 资本支出强度资本支出/营收 | 8.4% | — |
| 现金转化率经营现金流/净利润 | 2.05× | 9.19× |
| 过去12个月自由现金流最近4个季度 | $3.8B | — |
8季度趋势，按日历期对齐
经营现金流ETJPM
| Q4 25 | $1.9B | $119.7B | ||
| Q3 25 | $2.6B | $-45.2B | ||
| Q2 25 | $2.8B | $29.5B | ||
| Q1 25 | $2.9B | $-251.8B | ||
| Q4 24 | $2.6B | — | ||
| Q3 24 | $2.9B | — | ||
| Q2 24 | $2.3B | — | ||
| Q1 24 | $3.8B | $-154.2B |
自由现金流ETJPM
| Q4 25 | $-225.0M | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.5B | — | ||
| Q1 24 | $3.0B | — |
自由现金流率ETJPM
| Q4 25 | -0.9% | — | ||
| Q3 25 | 6.4% | — | ||
| Q2 25 | 5.7% | — | ||
| Q1 25 | 8.1% | — | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | 8.6% | — | ||
| Q2 24 | 7.0% | — | ||
| Q1 24 | 13.8% | — |
资本支出强度ETJPM
| Q4 25 | 8.4% | — | ||
| Q3 25 | 6.5% | — | ||
| Q2 25 | 8.6% | — | ||
| Q1 25 | 5.8% | — | ||
| Q4 24 | 7.5% | — | ||
| Q3 24 | 5.2% | — | ||
| Q2 24 | 3.9% | — | ||
| Q1 24 | 3.7% | — |
现金转化率ETJPM
| Q4 25 | 2.05× | 9.19× | ||
| Q3 25 | 2.52× | -3.14× | ||
| Q2 25 | 2.37× | 1.97× | ||
| Q1 25 | 2.20× | -17.20× | ||
| Q4 24 | 2.40× | — | ||
| Q3 24 | 2.43× | — | ||
| Q2 24 | 1.73× | — | ||
| Q1 24 | 3.04× | -11.49× |
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% |
JPM
| Other | $19.7B | 43% |
| Commercial And Investment Bank | $19.4B | 42% |
| Assetand Wealth Management Segment | $6.5B | 14% |
| Consumer Community Banking | $188.0M | 0% |
