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FirstEnergy（FE）与MPLX LP（MPLX）财务数据对比。点击上方公司名可切换其他公司
FirstEnergy的季度营收约是MPLX LP的1.5倍（$3.8B vs $2.5B），MPLX LP净利率更高（49.1% vs -1.3%，领先50.4%），FirstEnergy同比增速更快（19.6% vs 1.4%），MPLX LP自由现金流更多（$782.0M vs $-30.0M），过去两年FirstEnergy的营收复合增速更高（7.5% vs 6.2%）
FirstEnergy Corp是总部位于美国俄亥俄州阿克伦市的电力公用事业企业，主营电力供应、电网运营相关业务，于1997年由俄亥俄爱迪生公司与森特里奥尔能源公司合并组建，是美国中西部地区颇具影响力的公共事业服务商。
MPLX LP旗下子公司MarkWest Energy Partners是美国业主有限合伙企业，主营天然气收集、加工及运输业务。该公司1988年成立于科罗拉多州丹佛市，曾发展为科罗拉多州第13大企业，2015年被马拉松石油旗下的MPLX收购。
FE vs MPLX — 直观对比
营收规模更大
FE
是对方的1.5倍
$2.5B
营收增速更快
FE
高出18.1%
1.4%
净利率更高
MPLX
高出50.4%
-1.3%
自由现金流更多
MPLX
多$812.0M
$-30.0M
两年增速更快
FE
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.8B | $2.5B |
| 净利润 | $-49.0M | $1.2B |
| 毛利率 | — | — |
| 营业利润率 | -0.6% | 60.5% |
| 净利率 | -1.3% | 49.1% |
| 营收同比 | 19.6% | 1.4% |
| 净利润同比 | -118.8% | 8.5% |
| 每股收益（稀释后） | $-0.08 | — |
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FEMPLX
| Q4 25 | $3.8B | $2.5B | ||
| Q3 25 | $4.1B | $2.5B | ||
| Q2 25 | $3.4B | $2.4B | ||
| Q1 25 | $3.8B | $2.5B | ||
| Q4 24 | $3.2B | $2.4B | ||
| Q3 24 | $3.7B | $2.3B | ||
| Q2 24 | $3.3B | $2.3B | ||
| Q1 24 | $3.3B | $2.2B |
净利润FEMPLX
| Q4 25 | $-49.0M | $1.2B | ||
| Q3 25 | $441.0M | $1.6B | ||
| Q2 25 | $268.0M | $1.1B | ||
| Q1 25 | $360.0M | $1.1B | ||
| Q4 24 | $261.0M | $1.1B | ||
| Q3 24 | $419.0M | $1.0B | ||
| Q2 24 | $45.0M | $1.2B | ||
| Q1 24 | $253.0M | $1.0B |
营业利润率FEMPLX
| Q4 25 | -0.6% | 60.5% | ||
| Q3 25 | 20.0% | 73.2% | ||
| Q2 25 | 19.1% | 54.9% | ||
| Q1 25 | 20.0% | 55.5% | ||
| Q4 24 | 19.3% | 55.6% | ||
| Q3 24 | 19.5% | 54.4% | ||
| Q2 24 | 12.9% | 62.9% | ||
| Q1 24 | 18.6% | 57.6% |
净利率FEMPLX
| Q4 25 | -1.3% | 49.1% | ||
| Q3 25 | 10.6% | 63.2% | ||
| Q2 25 | 7.9% | 44.9% | ||
| Q1 25 | 9.6% | 46.2% | ||
| Q4 24 | 8.2% | 45.9% | ||
| Q3 24 | 11.2% | 44.6% | ||
| Q2 24 | 1.4% | 52.6% | ||
| Q1 24 | 7.7% | 46.7% |
每股收益（稀释后）FEMPLX
| Q4 25 | $-0.08 | — | ||
| Q3 25 | $0.76 | — | ||
| Q2 25 | $0.46 | — | ||
| Q1 25 | $0.62 | — | ||
| Q4 24 | $0.45 | — | ||
| Q3 24 | $0.73 | — | ||
| Q2 24 | $0.08 | — | ||
| Q1 24 | $0.44 | — |
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 | $57.0M | $2.1B |
| 总债务越低越好 | $25.5B | $24.2B |
| 股东权益账面价值 | $12.5B | — |
| 总资产 | $55.9B | $43.0B |
| 负债/权益比越低杠杆越低 | 2.04× | — |
8季度趋势，按日历期对齐
现金及短期投资FEMPLX
| Q4 25 | $57.0M | $2.1B | ||
| Q3 25 | $1.4B | $1.8B | ||
| Q2 25 | $569.0M | $1.4B | ||
| Q1 25 | $132.0M | $2.5B | ||
| Q4 24 | $111.0M | $1.5B | ||
| Q3 24 | $439.0M | $2.4B | ||
| Q2 24 | $60.0M | $2.5B | ||
| Q1 24 | $888.0M | $385.0M |
总债务FEMPLX
| Q4 25 | $25.5B | $24.2B | ||
| Q3 25 | $25.5B | $24.1B | ||
| Q2 25 | $23.7B | $19.7B | ||
| Q1 25 | $21.2B | $19.7B | ||
| Q4 24 | $22.5B | $19.3B | ||
| Q3 24 | $21.6B | $19.3B | ||
| Q2 24 | $20.8B | $19.2B | ||
| Q1 24 | $21.7B | $18.8B |
股东权益FEMPLX
| Q4 25 | $12.5B | — | ||
| Q3 25 | $12.8B | — | ||
| Q2 25 | $12.9B | — | ||
| Q1 25 | $12.6B | — | ||
| Q4 24 | $12.5B | — | ||
| Q3 24 | $12.4B | — | ||
| Q2 24 | $12.5B | — | ||
| Q1 24 | $12.4B | — |
总资产FEMPLX
| Q4 25 | $55.9B | $43.0B | ||
| Q3 25 | $55.9B | $43.2B | ||
| Q2 25 | $54.2B | $37.8B | ||
| Q1 25 | $52.8B | $39.0B | ||
| Q4 24 | $52.0B | $37.5B | ||
| Q3 24 | $50.8B | $38.5B | ||
| Q2 24 | $51.0B | $38.4B | ||
| Q1 24 | $51.3B | $36.5B |
负债/权益比FEMPLX
| Q4 25 | 2.04× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.85× | — | ||
| Q1 25 | 1.69× | — | ||
| Q4 24 | 1.81× | — | ||
| Q3 24 | 1.74× | — | ||
| Q2 24 | 1.67× | — | ||
| Q1 24 | 1.75× | — |
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 | $1.1B | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $-30.0M | $782.0M |
| 自由现金流率自由现金流/营收 | -0.8% | 31.9% |
| 资本支出强度资本支出/营收 | 30.7% | 29.1% |
| 现金转化率经营现金流/净利润 | — | 1.24× |
| 过去12个月自由现金流最近4个季度 | $-1.0B | $4.1B |
8季度趋势，按日历期对齐
经营现金流FEMPLX
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $845.0M | $1.4B | ||
| Q2 25 | $1.1B | $1.7B | ||
| Q1 25 | $637.0M | $1.2B | ||
| Q4 24 | $1.0B | $1.7B | ||
| Q3 24 | $775.0M | $1.4B | ||
| Q2 24 | $1.1B | $1.6B | ||
| Q1 24 | $-40.0M | $1.3B |
自由现金流FEMPLX
| Q4 25 | $-30.0M | $782.0M | ||
| Q3 25 | $-471.0M | $905.0M | ||
| Q2 25 | $-136.0M | $1.4B | ||
| Q1 25 | $-368.0M | $979.0M | ||
| Q4 24 | $-250.0M | $1.4B | ||
| Q3 24 | $-229.0M | $1.1B | ||
| Q2 24 | $170.0M | $1.4B | ||
| Q1 24 | $-830.0M | $1.0B |
自由现金流率FEMPLX
| Q4 25 | -0.8% | 31.9% | ||
| Q3 25 | -11.4% | 36.8% | ||
| Q2 25 | -4.0% | 60.9% | ||
| Q1 25 | -9.8% | 39.8% | ||
| Q4 24 | -7.9% | 56.6% | ||
| Q3 24 | -6.1% | 48.4% | ||
| Q2 24 | 5.2% | 60.0% | ||
| Q1 24 | -25.3% | 47.7% |
资本支出强度FEMPLX
| Q4 25 | 30.7% | 29.1% | ||
| Q3 25 | 31.7% | 21.4% | ||
| Q2 25 | 36.0% | 12.8% | ||
| Q1 25 | 26.7% | 10.9% | ||
| Q4 24 | 40.7% | 12.7% | ||
| Q3 24 | 26.9% | 11.9% | ||
| Q2 24 | 28.7% | 9.4% | ||
| Q1 24 | 24.0% | 11.7% |
现金转化率FEMPLX
| Q4 25 | — | 1.24× | ||
| Q3 25 | 1.92× | 0.92× | ||
| Q2 25 | 4.04× | 1.64× | ||
| Q1 25 | 1.77× | 1.10× | ||
| Q4 24 | 4.00× | 1.51× | ||
| Q3 24 | 1.85× | 1.35× | ||
| Q2 24 | 24.71× | 1.32× | ||
| Q1 24 | -0.16× | 1.27× |
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
FE
| Integrated Segment | $1.4B | 37% |
| Other | $1.4B | 36% |
| Stand Alone Transmission Segment | $466.0M | 12% |
| Industrial Customers | $167.0M | 4% |
| Mid Atlantic Interstate Transmission LLC | $118.0M | 3% |
| Transmission | $105.0M | 3% |
| Transmission Segment | $68.0M | 2% |
| Tr AIL | $63.0M | 2% |
| Internal Customers | $10.0M | 0% |
| Wholesale Sales | $6.0M | 0% |
MPLX
| Services | $746.0M | 30% |
| Other | $675.0M | 28% |
| Products | $492.0M | 20% |
| Nonrelated Party | $186.0M | 8% |
| Related Party | $151.0M | 6% |
| Crude Oil And Products Logistics | $104.0M | 4% |
| Service Other | $56.0M | 2% |
| Natural Gas And NGL Services | $41.0M | 2% |
