vs
Energy Transfer LP（ET）与NGL Energy Partners LP（NGL）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NGL Energy Partners LP的27.8倍（$25.3B vs $909.8M）。NGL Energy Partners LP净利率更高（5.2% vs 3.7%，领先1.5%）。Energy Transfer LP同比增速更快（29.6% vs -41.3%）。NGL Energy Partners LP自由现金流更多（$45.7M vs $-225.0M）。过去两年Energy Transfer LP的营收复合增速更高（8.2% vs -6.4%）
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。
NGL Energy Partners LP是一家总部位于美国的中游能源服务企业，主营原油、液化天然气、可再生燃料的运输、存储及物流服务，同时为上游能源生产商提供水资源管理解决方案，业务主要覆盖北美市场。
ET vs NGL — 直观对比
营收规模更大
ET
是对方的27.8倍
$909.8M
营收增速更快
ET
高出70.8%
-41.3%
净利率更高
NGL
高出1.5%
3.7%
自由现金流更多
NGL
多$270.7M
$-225.0M
两年增速更快
ET
近两年复合增速
-6.4%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $25.3B | $909.8M |
| 净利润 | $928.0M | $47.2M |
| 毛利率 | 23.3% | 29.0% |
| 营业利润率 | 8.2% | 12.1% |
| 净利率 | 3.7% | 5.2% |
| 营收同比 | 29.6% | -41.3% |
| 净利润同比 | -13.8% | 249.3% |
| 每股收益（稀释后） | — | — |
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ETNGL
| Q4 25 | $25.3B | $909.8M | ||
| Q3 25 | $20.0B | $674.7M | ||
| Q2 25 | $19.2B | $622.2M | ||
| Q1 25 | $21.0B | $971.1M | ||
| Q4 24 | $19.5B | $982.4M | ||
| Q3 24 | $20.8B | $756.5M | ||
| Q2 24 | $20.7B | $759.2M | ||
| Q1 24 | $21.6B | $1.0B |
净利润ETNGL
| Q4 25 | $928.0M | $47.2M | ||
| Q3 25 | $1.0B | $29.3M | ||
| Q2 25 | $1.2B | $68.9M | ||
| Q1 25 | $1.3B | $13.7M | ||
| Q4 24 | $1.1B | $13.5M | ||
| Q3 24 | $1.2B | $2.5M | ||
| Q2 24 | $1.3B | $9.7M | ||
| Q1 24 | $1.2B | $-236.8M |
毛利率ETNGL
| Q4 25 | 23.3% | 29.0% | ||
| Q3 25 | 27.0% | 37.6% | ||
| Q2 25 | 27.5% | 38.5% | ||
| Q1 25 | 25.9% | 26.9% | ||
| Q4 24 | 27.6% | 25.1% | ||
| Q3 24 | 24.8% | 30.9% | ||
| Q2 24 | 24.7% | 29.0% | ||
| Q1 24 | 23.3% | 21.8% |
营业利润率ETNGL
| Q4 25 | 8.2% | 12.1% | ||
| Q3 25 | 10.8% | 14.0% | ||
| Q2 25 | 12.0% | 15.7% | ||
| Q1 25 | 11.9% | 8.4% | ||
| Q4 24 | 11.7% | 8.6% | ||
| Q3 24 | 10.5% | 10.8% | ||
| Q2 24 | 11.1% | 10.8% | ||
| Q1 24 | 11.0% | -9.4% |
净利率ETNGL
| Q4 25 | 3.7% | 5.2% | ||
| Q3 25 | 5.1% | 4.3% | ||
| Q2 25 | 6.0% | 11.1% | ||
| Q1 25 | 6.3% | 1.4% | ||
| Q4 24 | 5.5% | 1.4% | ||
| Q3 24 | 5.7% | 0.3% | ||
| Q2 24 | 6.3% | 1.3% | ||
| Q1 24 | 5.7% | -22.8% |
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 | $6.5M |
| 总债务越低越好 | $68.3B | $2.9B |
| 股东权益账面价值 | $49.0B | — |
| 总资产 | $141.3B | $4.4B |
| 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ETNGL
| Q4 25 | $1.3B | $6.5M | ||
| Q3 25 | $3.6B | $8.7M | ||
| Q2 25 | $242.0M | $5.4M | ||
| Q1 25 | — | $13.5M | ||
| Q4 24 | $312.0M | $5.7M | ||
| Q3 24 | — | $4.5M | ||
| Q2 24 | — | $5.3M | ||
| Q1 24 | — | $38.9M |
总债务ETNGL
| Q4 25 | $68.3B | $2.9B | ||
| Q3 25 | $63.1B | $2.9B | ||
| Q2 25 | $60.8B | $2.9B | ||
| Q1 25 | $59.8B | $3.0B | ||
| Q4 24 | $59.8B | $3.1B | ||
| Q3 24 | $59.3B | $3.1B | ||
| Q2 24 | $57.6B | $3.0B | ||
| Q1 24 | $53.5B | $2.9B |
股东权益ETNGL
| Q4 25 | $49.0B | — | ||
| Q3 25 | $45.3B | — | ||
| Q2 25 | $45.5B | — | ||
| Q1 25 | $46.2B | — | ||
| Q4 24 | $46.0B | — | ||
| Q3 24 | $46.2B | — | ||
| Q2 24 | $45.5B | — | ||
| Q1 24 | $43.8B | — |
总资产ETNGL
| Q4 25 | $141.3B | $4.4B | ||
| Q3 25 | $129.3B | $4.3B | ||
| Q2 25 | $125.0B | $4.2B | ||
| Q1 25 | $126.4B | $4.6B | ||
| Q4 24 | $125.4B | $4.8B | ||
| Q3 24 | $124.4B | $4.9B | ||
| Q2 24 | $121.3B | $4.8B | ||
| Q1 24 | $115.8B | $5.0B |
负债/权益比ETNGL
| 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 | $182.3M |
| 自由现金流经营现金流 - 资本支出 | $-225.0M | $45.7M |
| 自由现金流率自由现金流/营收 | -0.9% | 5.0% |
| 资本支出强度资本支出/营收 | 8.4% | 15.0% |
| 现金转化率经营现金流/净利润 | 2.05× | 3.86× |
| 过去12个月自由现金流最近4个季度 | $3.8B | $126.7M |
8季度趋势，按日历期对齐
经营现金流ETNGL
| Q4 25 | $1.9B | $182.3M | ||
| Q3 25 | $2.6B | $40.5M | ||
| Q2 25 | $2.8B | $33.2M | ||
| Q1 25 | $2.9B | $155.0M | ||
| Q4 24 | $2.6B | $153.8M | ||
| Q3 24 | $2.9B | $6.7M | ||
| Q2 24 | $2.3B | $-18.1M | ||
| Q1 24 | $3.8B | $152.2M |
自由现金流ETNGL
| Q4 25 | $-225.0M | $45.7M | ||
| Q3 25 | $1.3B | $9.5M | ||
| Q2 25 | $1.1B | $11.1M | ||
| Q1 25 | $1.7B | $60.4M | ||
| Q4 24 | $1.1B | $152.1M | ||
| Q3 24 | $1.8B | $-82.9M | ||
| Q2 24 | $1.5B | $-78.0M | ||
| Q1 24 | $3.0B | $119.8M |
自由现金流率ETNGL
| Q4 25 | -0.9% | 5.0% | ||
| Q3 25 | 6.4% | 1.4% | ||
| Q2 25 | 5.7% | 1.8% | ||
| Q1 25 | 8.1% | 6.2% | ||
| Q4 24 | 5.7% | 15.5% | ||
| Q3 24 | 8.6% | -11.0% | ||
| Q2 24 | 7.0% | -10.3% | ||
| Q1 24 | 13.8% | 11.5% |
资本支出强度ETNGL
| Q4 25 | 8.4% | 15.0% | ||
| Q3 25 | 6.5% | 4.6% | ||
| Q2 25 | 8.6% | 3.6% | ||
| Q1 25 | 5.8% | 9.7% | ||
| Q4 24 | 7.5% | 0.2% | ||
| Q3 24 | 5.2% | 11.8% | ||
| Q2 24 | 3.9% | 7.9% | ||
| Q1 24 | 3.7% | 3.1% |
现金转化率ETNGL
| Q4 25 | 2.05× | 3.86× | ||
| Q3 25 | 2.52× | 1.38× | ||
| Q2 25 | 2.37× | 0.48× | ||
| Q1 25 | 2.20× | 11.29× | ||
| Q4 24 | 2.40× | 11.39× | ||
| Q3 24 | 2.43× | 2.74× | ||
| Q2 24 | 1.73× | -1.87× | ||
| Q1 24 | 3.04× | — |
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% |
NGL
| Water Solutions Segment | $208.6M | 23% |
| Services | $193.3M | 21% |
| Butane | $192.5M | 21% |
| Service Fees | $182.8M | 20% |
| Public Utilities Inventory Propane | $93.9M | 10% |
| Crude Oil | $23.3M | 3% |
| Crude Oil Transportation And Other | $6.5M | 1% |
| Liquids Logistics Segment | $2.5M | 0% |
| Crude Oil Logistics Segment | $1.2M | 0% |
