vs
Energy Transfer LP（ET）与洛克希德·马丁（LMT）财务数据对比。点击上方公司名可切换其他公司
Energy Transfer LP的季度营收约是洛克希德·马丁的1.4倍（$25.3B vs $18.0B），洛克希德·马丁净利率更高（8.3% vs 3.7%，领先4.6%），Energy Transfer LP同比增速更快（29.6% vs 0.3%），Energy Transfer LP自由现金流更多（$-225.0M vs $-291.0M），过去两年Energy Transfer LP的营收复合增速更高（8.2% vs -0.3%）
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。
洛克希德·马丁是美国知名国防与航空航天制造企业，总部位于美国马里兰州北贝塞斯达。该公司由洛克希德公司与马丁·玛丽埃塔公司于1995年3月15日合并组建，在全球防务、航天科技等领域拥有深厚技术积累，是全球顶尖的军工及航天设备供应商。
ET vs LMT — 直观对比
营收规模更大
ET
是对方的1.4倍
$18.0B
营收增速更快
ET
高出29.3%
0.3%
净利率更高
LMT
高出4.6%
3.7%
自由现金流更多
ET
多$66.0M
$-291.0M
两年增速更快
ET
近两年复合增速
-0.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $25.3B | $18.0B |
| 净利润 | $928.0M | $1.5B |
| 毛利率 | 23.3% | 11.5% |
| 营业利润率 | 8.2% | 3.4% |
| 净利率 | 3.7% | 8.3% |
| 营收同比 | 29.6% | 0.3% |
| 净利润同比 | -13.8% | -13.1% |
| 每股收益（稀释后） | — | $6.44 |
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ETLMT
| Q1 26 | — | $18.0B | ||
| Q4 25 | $25.3B | $20.3B | ||
| Q3 25 | $20.0B | $18.6B | ||
| Q2 25 | $19.2B | $18.2B | ||
| Q1 25 | $21.0B | $18.0B | ||
| Q4 24 | $19.5B | $18.6B | ||
| Q3 24 | $20.8B | $17.1B | ||
| Q2 24 | $20.7B | $18.1B |
净利润ETLMT
| Q1 26 | — | $1.5B | ||
| Q4 25 | $928.0M | $1.3B | ||
| Q3 25 | $1.0B | $1.6B | ||
| Q2 25 | $1.2B | $342.0M | ||
| Q1 25 | $1.3B | $1.7B | ||
| Q4 24 | $1.1B | $527.0M | ||
| Q3 24 | $1.2B | $1.6B | ||
| Q2 24 | $1.3B | $1.6B |
毛利率ETLMT
| Q1 26 | — | 11.5% | ||
| Q4 25 | 23.3% | 11.4% | ||
| Q3 25 | 27.0% | 12.0% | ||
| Q2 25 | 27.5% | 4.0% | ||
| Q1 25 | 25.9% | 12.9% | ||
| Q4 24 | 27.6% | 3.7% | ||
| Q3 24 | 24.8% | 12.4% | ||
| Q2 24 | 24.7% | 11.8% |
营业利润率ETLMT
| Q1 26 | — | 3.4% | ||
| Q4 25 | 8.2% | 11.5% | ||
| Q3 25 | 10.8% | 12.3% | ||
| Q2 25 | 12.0% | 4.1% | ||
| Q1 25 | 11.9% | 13.2% | ||
| Q4 24 | 11.7% | 3.7% | ||
| Q3 24 | 10.5% | 12.5% | ||
| Q2 24 | 11.1% | 11.9% |
净利率ETLMT
| Q1 26 | — | 8.3% | ||
| Q4 25 | 3.7% | 6.6% | ||
| Q3 25 | 5.1% | 8.7% | ||
| Q2 25 | 6.0% | 1.9% | ||
| Q1 25 | 6.3% | 9.5% | ||
| Q4 24 | 5.5% | 2.8% | ||
| Q3 24 | 5.7% | 9.5% | ||
| Q2 24 | 6.3% | 9.1% |
每股收益（稀释后）ETLMT
| Q1 26 | — | $6.44 | ||
| Q4 25 | — | $5.80 | ||
| Q3 25 | — | $6.95 | ||
| Q2 25 | — | $1.46 | ||
| Q1 25 | — | $7.28 | ||
| Q4 24 | — | $2.27 | ||
| Q3 24 | — | $6.80 | ||
| Q2 24 | — | $6.85 |
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 | $1.9B |
| 总债务越低越好 | $68.3B | $168.0M |
| 股东权益账面价值 | $49.0B | $7.5B |
| 总资产 | $141.3B | $59.2B |
| 负债/权益比越低杠杆越低 | 1.39× | 0.02× |
8季度趋势，按日历期对齐
现金及短期投资ETLMT
| Q1 26 | — | $1.9B | ||
| Q4 25 | $1.3B | $4.1B | ||
| Q3 25 | $3.6B | $3.5B | ||
| Q2 25 | $242.0M | $1.3B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | $312.0M | $2.5B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | — | $2.5B |
总债务ETLMT
| Q1 26 | — | $168.0M | ||
| Q4 25 | $68.3B | $21.7B | ||
| Q3 25 | $63.1B | — | ||
| Q2 25 | $60.8B | — | ||
| Q1 25 | $59.8B | — | ||
| Q4 24 | $59.8B | $20.3B | ||
| Q3 24 | $59.3B | — | ||
| Q2 24 | $57.6B | — |
股东权益ETLMT
| Q1 26 | — | $7.5B | ||
| Q4 25 | $49.0B | $6.7B | ||
| Q3 25 | $45.3B | $6.2B | ||
| Q2 25 | $45.5B | $5.3B | ||
| Q1 25 | $46.2B | $6.7B | ||
| Q4 24 | $46.0B | $6.3B | ||
| Q3 24 | $46.2B | $7.2B | ||
| Q2 24 | $45.5B | $6.2B |
总资产ETLMT
| Q1 26 | — | $59.2B | ||
| Q4 25 | $141.3B | $59.8B | ||
| Q3 25 | $129.3B | $60.3B | ||
| Q2 25 | $125.0B | $58.9B | ||
| Q1 25 | $126.4B | $56.7B | ||
| Q4 24 | $125.4B | $55.6B | ||
| Q3 24 | $124.4B | $55.5B | ||
| Q2 24 | $121.3B | $55.1B |
负债/权益比ETLMT
| Q1 26 | — | 0.02× | ||
| Q4 25 | 1.39× | 3.23× | ||
| Q3 25 | 1.39× | — | ||
| Q2 25 | 1.33× | — | ||
| Q1 25 | 1.30× | — | ||
| Q4 24 | 1.30× | 3.20× | ||
| Q3 24 | 1.28× | — | ||
| Q2 24 | 1.27× | — |
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 | $220.0M |
| 自由现金流经营现金流 - 资本支出 | $-225.0M | $-291.0M |
| 自由现金流率自由现金流/营收 | -0.9% | -1.6% |
| 资本支出强度资本支出/营收 | 8.4% | 2.8% |
| 现金转化率经营现金流/净利润 | 2.05× | 0.15× |
| 过去12个月自由现金流最近4个季度 | $3.8B | $5.7B |
8季度趋势，按日历期对齐
经营现金流ETLMT
| Q1 26 | — | $220.0M | ||
| Q4 25 | $1.9B | $3.2B | ||
| Q3 25 | $2.6B | $3.7B | ||
| Q2 25 | $2.8B | $201.0M | ||
| Q1 25 | $2.9B | $1.4B | ||
| Q4 24 | $2.6B | $1.0B | ||
| Q3 24 | $2.9B | $2.4B | ||
| Q2 24 | $2.3B | $1.9B |
自由现金流ETLMT
| Q1 26 | — | $-291.0M | ||
| Q4 25 | $-225.0M | $2.8B | ||
| Q3 25 | $1.3B | $3.3B | ||
| Q2 25 | $1.1B | $-150.0M | ||
| Q1 25 | $1.7B | $955.0M | ||
| Q4 24 | $1.1B | $441.0M | ||
| Q3 24 | $1.8B | $2.1B | ||
| Q2 24 | $1.5B | $1.5B |
自由现金流率ETLMT
| Q1 26 | — | -1.6% | ||
| Q4 25 | -0.9% | 13.6% | ||
| Q3 25 | 6.4% | 18.0% | ||
| Q2 25 | 5.7% | -0.8% | ||
| Q1 25 | 8.1% | 5.3% | ||
| Q4 24 | 5.7% | 2.4% | ||
| Q3 24 | 8.6% | 12.2% | ||
| Q2 24 | 7.0% | 8.3% |
资本支出强度ETLMT
| Q1 26 | — | 2.8% | ||
| Q4 25 | 8.4% | 2.3% | ||
| Q3 25 | 6.5% | 2.0% | ||
| Q2 25 | 8.6% | 1.9% | ||
| Q1 25 | 5.8% | 2.5% | ||
| Q4 24 | 7.5% | 3.1% | ||
| Q3 24 | 5.2% | 2.1% | ||
| Q2 24 | 3.9% | 2.0% |
现金转化率ETLMT
| Q1 26 | — | 0.15× | ||
| Q4 25 | 2.05× | 2.40× | ||
| Q3 25 | 2.52× | 2.30× | ||
| Q2 25 | 2.37× | 0.59× | ||
| Q1 25 | 2.20× | 0.82× | ||
| Q4 24 | 2.40× | 1.94× | ||
| Q3 24 | 2.43× | 1.50× | ||
| Q2 24 | 1.73× | 1.14× |
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% |
LMT
| Aeronautics | $7.0B | 39% |
| Rotary and Mission Systems | $4.3B | 24% |
| Missiles and Fire Control | $3.4B | 19% |
| Space | $3.2B | 18% |
