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Energy Transfer LP（ET）与Kodiak Gas Services, Inc.（KGS）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Kodiak Gas Services, Inc.的76.1倍（$25.3B vs $332.9M）。Kodiak Gas Services, Inc.净利率更高（7.4% vs 3.7%，领先3.7%）。Energy Transfer LP同比增速更快（29.6% vs 7.5%）。Kodiak Gas Services, Inc.自由现金流更多（$142.0M vs $-225.0M）。过去两年Kodiak Gas Services, Inc.的营收复合增速更高（24.3% vs 8.2%）
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。
Kodiak Gas Services是北美知名的天然气压缩服务供应商，主要服务油气行业上下游客户，提供定制化压缩设备、运维及运营支持，帮助客户优化陆上天然气收集、处理与运输全流程的运营效率。
ET vs KGS — 直观对比
营收规模更大
ET
是对方的76.1倍
$332.9M
营收增速更快
ET
高出22.0%
7.5%
净利率更高
KGS
高出3.7%
3.7%
自由现金流更多
KGS
多$367.0M
$-225.0M
两年增速更快
KGS
近两年复合增速
8.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $25.3B | $332.9M |
| 净利润 | $928.0M | $24.6M |
| 毛利率 | 23.3% | — |
| 营业利润率 | 8.2% | 26.1% |
| 净利率 | 3.7% | 7.4% |
| 营收同比 | 29.6% | 7.5% |
| 净利润同比 | -13.8% | 29.0% |
| 每股收益（稀释后） | — | $0.30 |
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ETKGS
| Q4 25 | $25.3B | $332.9M | ||
| Q3 25 | $20.0B | $322.7M | ||
| Q2 25 | $19.2B | $322.8M | ||
| Q1 25 | $21.0B | $329.6M | ||
| Q4 24 | $19.5B | $309.5M | ||
| Q3 24 | $20.8B | $324.6M | ||
| Q2 24 | $20.7B | $309.7M | ||
| Q1 24 | $21.6B | $215.5M |
净利润ETKGS
| Q4 25 | $928.0M | $24.6M | ||
| Q3 25 | $1.0B | $-14.0M | ||
| Q2 25 | $1.2B | $39.5M | ||
| Q1 25 | $1.3B | $30.4M | ||
| Q4 24 | $1.1B | $19.1M | ||
| Q3 24 | $1.2B | $-5.6M | ||
| Q2 24 | $1.3B | $6.2M | ||
| Q1 24 | $1.2B | $30.2M |
毛利率ETKGS
| Q4 25 | 23.3% | — | ||
| Q3 25 | 27.0% | — | ||
| Q2 25 | 27.5% | — | ||
| Q1 25 | 25.9% | — | ||
| Q4 24 | 27.6% | — | ||
| Q3 24 | 24.8% | 37.5% | ||
| Q2 24 | 24.7% | 36.5% | ||
| Q1 24 | 23.3% | 39.4% |
营业利润率ETKGS
| Q4 25 | 8.2% | 26.1% | ||
| Q3 25 | 10.8% | 19.9% | ||
| Q2 25 | 12.0% | 30.9% | ||
| Q1 25 | 11.9% | 27.1% | ||
| Q4 24 | 11.7% | 22.3% | ||
| Q3 24 | 10.5% | 20.4% | ||
| Q2 24 | 11.1% | 17.5% | ||
| Q1 24 | 11.0% | 27.9% |
净利率ETKGS
| Q4 25 | 3.7% | 7.4% | ||
| Q3 25 | 5.1% | -4.3% | ||
| Q2 25 | 6.0% | 12.2% | ||
| Q1 25 | 6.3% | 9.2% | ||
| Q4 24 | 5.5% | 6.2% | ||
| Q3 24 | 5.7% | -1.7% | ||
| Q2 24 | 6.3% | 2.0% | ||
| Q1 24 | 5.7% | 14.0% |
每股收益（稀释后）ETKGS
| Q4 25 | — | $0.30 | ||
| Q3 25 | — | $-0.17 | ||
| Q2 25 | — | $0.43 | ||
| Q1 25 | — | $0.33 | ||
| Q4 24 | — | $0.18 | ||
| Q3 24 | — | $-0.07 | ||
| Q2 24 | — | $0.06 | ||
| Q1 24 | — | $0.39 |
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 | $3.2M |
| 总债务越低越好 | $68.3B | $2.6B |
| 股东权益账面价值 | $49.0B | $1.2B |
| 总资产 | $141.3B | $4.3B |
| 负债/权益比越低杠杆越低 | 1.39× | 2.12× |
8季度趋势，按日历期对齐
现金及短期投资ETKGS
| Q4 25 | $1.3B | $3.2M | ||
| Q3 25 | $3.6B | $724.0K | ||
| Q2 25 | $242.0M | $5.4M | ||
| Q1 25 | — | $1.9M | ||
| Q4 24 | $312.0M | $4.8M | ||
| Q3 24 | — | $7.4M | ||
| Q2 24 | — | $3.9M | ||
| Q1 24 | — | $9.3M |
总债务ETKGS
| Q4 25 | $68.3B | $2.6B | ||
| Q3 25 | $63.1B | $2.6B | ||
| Q2 25 | $60.8B | $2.5B | ||
| Q1 25 | $59.8B | $2.6B | ||
| Q4 24 | $59.8B | $2.6B | ||
| Q3 24 | $59.3B | $2.6B | ||
| Q2 24 | $57.6B | $2.5B | ||
| Q1 24 | $53.5B | — |
股东权益ETKGS
| Q4 25 | $49.0B | $1.2B | ||
| Q3 25 | $45.3B | $1.3B | ||
| Q2 25 | $45.5B | $1.3B | ||
| Q1 25 | $46.2B | $1.4B | ||
| Q4 24 | $46.0B | $1.4B | ||
| Q3 24 | $46.2B | $1.4B | ||
| Q2 24 | $45.5B | $1.5B | ||
| Q1 24 | $43.8B | $1.1B |
总资产ETKGS
| Q4 25 | $141.3B | $4.3B | ||
| Q3 25 | $129.3B | $4.4B | ||
| Q2 25 | $125.0B | $4.4B | ||
| Q1 25 | $126.4B | $4.4B | ||
| Q4 24 | $125.4B | $4.4B | ||
| Q3 24 | $124.4B | $4.5B | ||
| Q2 24 | $121.3B | $4.4B | ||
| Q1 24 | $115.8B | $3.3B |
负债/权益比ETKGS
| Q4 25 | 1.39× | 2.12× | ||
| Q3 25 | 1.39× | 2.08× | ||
| Q2 25 | 1.33× | 1.89× | ||
| Q1 25 | 1.30× | 1.91× | ||
| Q4 24 | 1.30× | 1.88× | ||
| Q3 24 | 1.28× | 1.86× | ||
| Q2 24 | 1.27× | 1.71× | ||
| 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 | $194.9M |
| 自由现金流经营现金流 - 资本支出 | $-225.0M | $142.0M |
| 自由现金流率自由现金流/营收 | -0.9% | 42.7% |
| 资本支出强度资本支出/营收 | 8.4% | 15.9% |
| 现金转化率经营现金流/净利润 | 2.05× | 7.91× |
| 过去12个月自由现金流最近4个季度 | $3.8B | $284.3M |
8季度趋势，按日历期对齐
经营现金流ETKGS
| Q4 25 | $1.9B | $194.9M | ||
| Q3 25 | $2.6B | $113.4M | ||
| Q2 25 | $2.8B | $177.2M | ||
| Q1 25 | $2.9B | $114.3M | ||
| Q4 24 | $2.6B | $118.5M | ||
| Q3 24 | $2.9B | $36.9M | ||
| Q2 24 | $2.3B | $121.1M | ||
| Q1 24 | $3.8B | $51.5M |
自由现金流ETKGS
| Q4 25 | $-225.0M | $142.0M | ||
| Q3 25 | $1.3B | $10.9M | ||
| Q2 25 | $1.1B | $94.6M | ||
| Q1 25 | $1.7B | $36.8M | ||
| Q4 24 | $1.1B | $45.2M | ||
| Q3 24 | $1.8B | $-49.7M | ||
| Q2 24 | $1.5B | $4.0M | ||
| Q1 24 | $3.0B | $-8.6M |
自由现金流率ETKGS
| Q4 25 | -0.9% | 42.7% | ||
| Q3 25 | 6.4% | 3.4% | ||
| Q2 25 | 5.7% | 29.3% | ||
| Q1 25 | 8.1% | 11.2% | ||
| Q4 24 | 5.7% | 14.6% | ||
| Q3 24 | 8.6% | -15.3% | ||
| Q2 24 | 7.0% | 1.3% | ||
| Q1 24 | 13.8% | -4.0% |
资本支出强度ETKGS
| Q4 25 | 8.4% | 15.9% | ||
| Q3 25 | 6.5% | 31.7% | ||
| Q2 25 | 8.6% | 25.6% | ||
| Q1 25 | 5.8% | 23.5% | ||
| Q4 24 | 7.5% | 23.7% | ||
| Q3 24 | 5.2% | 26.7% | ||
| Q2 24 | 3.9% | 37.8% | ||
| Q1 24 | 3.7% | 27.9% |
现金转化率ETKGS
| Q4 25 | 2.05× | 7.91× | ||
| Q3 25 | 2.52× | — | ||
| Q2 25 | 2.37× | 4.49× | ||
| Q1 25 | 2.20× | 3.76× | ||
| Q4 24 | 2.40× | 6.21× | ||
| Q3 24 | 2.43× | — | ||
| Q2 24 | 1.73× | 19.44× | ||
| Q1 24 | 3.04× | 1.70× |
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% |
KGS
| Other Services | $126.8M | 38% |
| Other | $112.2M | 34% |
| Transferred At Point In Time | $93.8M | 28% |
