vs
Energy Transfer LP（ET）与Kinetik Holdings Inc.（KNTK）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Kinetik Holdings Inc.的58.8倍（$25.3B vs $430.4M）。Kinetik Holdings Inc.净利率更高（96.8% vs 3.7%，领先93.1%）。Energy Transfer LP同比增速更快（29.6% vs 11.6%）。Kinetik Holdings Inc.自由现金流更多（$-24.0M vs $-225.0M）。过去两年Kinetik Holdings Inc.的营收复合增速更高（12.3% 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。
Kinetik Holdings Inc.是一家聚焦二叠纪盆地的中游能源基础设施供应商，为美国南部核心油气产区的上游作业方提供天然气收集、处理、运输、存储，以及原油、采出水处置等一体化服务。
ET vs KNTK — 直观对比
营收规模更大
ET
是对方的58.8倍
$430.4M
营收增速更快
ET
高出18.0%
11.6%
净利率更高
KNTK
高出93.1%
3.7%
自由现金流更多
KNTK
多$201.0M
$-225.0M
两年增速更快
KNTK
近两年复合增速
8.2%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $25.3B | $430.4M |
| 净利润 | $928.0M | $416.7M |
| 毛利率 | 23.3% | — |
| 营业利润率 | 8.2% | 11.2% |
| 净利率 | 3.7% | 96.8% |
| 营收同比 | 29.6% | 11.6% |
| 净利润同比 | -13.8% | 2468.4% |
| 每股收益（稀释后） | — | $2.22 |
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ETKNTK
| Q4 25 | $25.3B | $430.4M | ||
| Q3 25 | $20.0B | $464.0M | ||
| Q2 25 | $19.2B | $426.7M | ||
| Q1 25 | $21.0B | $443.3M | ||
| Q4 24 | $19.5B | $385.7M | ||
| Q3 24 | $20.8B | $396.4M | ||
| Q2 24 | $20.7B | $359.5M | ||
| Q1 24 | $21.6B | $341.4M |
净利润ETKNTK
| Q4 25 | $928.0M | $416.7M | ||
| Q3 25 | $1.0B | $5.3M | ||
| Q2 25 | $1.2B | $23.6M | ||
| Q1 25 | $1.3B | $19.3M | ||
| Q4 24 | $1.1B | $16.2M | ||
| Q3 24 | $1.2B | $25.8M | ||
| Q2 24 | $1.3B | $37.2M | ||
| Q1 24 | $1.2B | $233.6M |
毛利率ETKNTK
| 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ETKNTK
| Q4 25 | 8.2% | 11.2% | ||
| Q3 25 | 10.8% | 4.3% | ||
| Q2 25 | 12.0% | 18.2% | ||
| Q1 25 | 11.9% | 4.3% | ||
| Q4 24 | 11.7% | 6.1% | ||
| Q3 24 | 10.5% | 18.4% | ||
| Q2 24 | 11.1% | 15.7% | ||
| Q1 24 | 11.0% | 7.6% |
净利率ETKNTK
| Q4 25 | 3.7% | 96.8% | ||
| Q3 25 | 5.1% | 1.1% | ||
| Q2 25 | 6.0% | 5.5% | ||
| Q1 25 | 6.3% | 4.3% | ||
| Q4 24 | 5.5% | 4.2% | ||
| Q3 24 | 5.7% | 6.5% | ||
| Q2 24 | 6.3% | 10.3% | ||
| Q1 24 | 5.7% | 68.4% |
每股收益（稀释后）ETKNTK
| Q4 25 | — | $2.22 | ||
| Q3 25 | — | $0.03 | ||
| Q2 25 | — | $0.33 | ||
| Q1 25 | — | $0.05 | ||
| Q4 24 | — | $0.01 | ||
| Q3 24 | — | $0.35 | ||
| Q2 24 | — | $0.54 | ||
| Q1 24 | — | $0.12 |
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 | $4.0M |
| 总债务越低越好 | $68.3B | $3.6B |
| 股东权益账面价值 | $49.0B | $-565.4M |
| 总资产 | $141.3B | $7.1B |
| 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ETKNTK
| Q4 25 | $1.3B | $4.0M | ||
| Q3 25 | $3.6B | $7.7M | ||
| Q2 25 | $242.0M | $10.7M | ||
| Q1 25 | — | $8.8M | ||
| Q4 24 | $312.0M | $3.6M | ||
| Q3 24 | — | $20.4M | ||
| Q2 24 | — | $12.5M | ||
| Q1 24 | — | $9.8M |
总债务ETKNTK
| Q4 25 | $68.3B | $3.6B | ||
| Q3 25 | $63.1B | $4.0B | ||
| Q2 25 | $60.8B | $3.7B | ||
| Q1 25 | $59.8B | $3.6B | ||
| Q4 24 | $59.8B | $3.4B | ||
| Q3 24 | $59.3B | $3.3B | ||
| Q2 24 | $57.6B | $3.3B | ||
| Q1 24 | $53.5B | $3.5B |
股东权益ETKNTK
| Q4 25 | $49.0B | $-565.4M | ||
| Q3 25 | $45.3B | $-1.8B | ||
| Q2 25 | $45.5B | $-1.6B | ||
| Q1 25 | $46.2B | $-2.5B | ||
| Q4 24 | $46.0B | $-3.0B | ||
| Q3 24 | $46.2B | $-1.7B | ||
| Q2 24 | $45.5B | $-1.2B | ||
| Q1 24 | $43.8B | $-973.4M |
总资产ETKNTK
| Q4 25 | $141.3B | $7.1B | ||
| Q3 25 | $129.3B | $7.2B | ||
| Q2 25 | $125.0B | $7.2B | ||
| Q1 25 | $126.4B | $7.0B | ||
| Q4 24 | $125.4B | $6.8B | ||
| Q3 24 | $124.4B | $6.9B | ||
| Q2 24 | $121.3B | $6.9B | ||
| Q1 24 | $115.8B | $6.4B |
负债/权益比ETKNTK
| 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 | $110.1M |
| 自由现金流经营现金流 - 资本支出 | $-225.0M | $-24.0M |
| 自由现金流率自由现金流/营收 | -0.9% | -5.6% |
| 资本支出强度资本支出/营收 | 8.4% | 31.2% |
| 现金转化率经营现金流/净利润 | 2.05× | 0.26× |
| 过去12个月自由现金流最近4个季度 | $3.8B | $111.6M |
8季度趋势，按日历期对齐
经营现金流ETKNTK
| Q4 25 | $1.9B | $110.1M | ||
| Q3 25 | $2.6B | $188.1M | ||
| Q2 25 | $2.8B | $129.1M | ||
| Q1 25 | $2.9B | $176.8M | ||
| Q4 24 | $2.6B | $144.0M | ||
| Q3 24 | $2.9B | $214.1M | ||
| Q2 24 | $2.3B | $125.5M | ||
| Q1 24 | $3.8B | $153.7M |
自由现金流ETKNTK
| Q4 25 | $-225.0M | $-24.0M | ||
| Q3 25 | $1.3B | $31.6M | ||
| Q2 25 | $1.1B | $1.8M | ||
| Q1 25 | $1.7B | $102.3M | ||
| Q4 24 | $1.1B | $36.3M | ||
| Q3 24 | $1.8B | $155.7M | ||
| Q2 24 | $1.5B | $86.1M | ||
| Q1 24 | $3.0B | $95.7M |
自由现金流率ETKNTK
| Q4 25 | -0.9% | -5.6% | ||
| Q3 25 | 6.4% | 6.8% | ||
| Q2 25 | 5.7% | 0.4% | ||
| Q1 25 | 8.1% | 23.1% | ||
| Q4 24 | 5.7% | 9.4% | ||
| Q3 24 | 8.6% | 39.3% | ||
| Q2 24 | 7.0% | 24.0% | ||
| Q1 24 | 13.8% | 28.0% |
资本支出强度ETKNTK
| Q4 25 | 8.4% | 31.2% | ||
| Q3 25 | 6.5% | 33.7% | ||
| Q2 25 | 8.6% | 29.8% | ||
| Q1 25 | 5.8% | 16.8% | ||
| Q4 24 | 7.5% | 27.9% | ||
| Q3 24 | 5.2% | 14.7% | ||
| Q2 24 | 3.9% | 11.0% | ||
| Q1 24 | 3.7% | 17.0% |
现金转化率ETKNTK
| Q4 25 | 2.05× | 0.26× | ||
| Q3 25 | 2.52× | 35.73× | ||
| Q2 25 | 2.37× | 5.46× | ||
| Q1 25 | 2.20× | 9.18× | ||
| Q4 24 | 2.40× | 8.88× | ||
| Q3 24 | 2.43× | 8.31× | ||
| Q2 24 | 1.73× | 3.37× | ||
| Q1 24 | 3.04× | 0.66× |
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% |
KNTK
| Natural Gas NG Ls And Condensate Sales | $325.5M | 76% |
| Gathering And Processing Services | $101.6M | 24% |
| Other | $3.3M | 1% |
| Barilla Draw | $2.3M | 1% |
