vs
福陆（FLR）与Targa Resources（TRGP）财务数据对比。点击上方公司名可切换其他公司
福陆的季度营收约是Targa Resources的1.0倍（$4.2B vs $4.1B），Targa Resources净利率更高（13.4% vs -37.7%，领先51.1%），福陆同比增速更快（-2.0% vs -7.9%），Targa Resources自由现金流更多（$542.3M vs $-378.0M），过去两年福陆的营收复合增速更高（5.7% vs 0.8%）
福陆是总部位于美国得克萨斯州欧文市的工程建设企业，通过旗下子公司提供油气、工业与基础设施、政府项目及电力三大核心领域的服务，是《财富》世界500强中排名最高的上市工程建设企业，总排名位列第265位。
Targa Resources Corp.为财富500强企业，总部位于美国得克萨斯州休斯敦，是美国规模最大的中游能源基础设施企业之一，主营天然气及天然气凝液输送业务，运营资产主要集中在墨西哥湾沿岸，得克萨斯州与路易斯安那州为核心布局区域，马修·J·梅洛伊自2020年起担任首席执行官。
FLR vs TRGP — 直观对比
营收规模更大
FLR
是对方的1.0倍
$4.1B
营收增速更快
FLR
高出5.9%
-7.9%
净利率更高
TRGP
高出51.1%
-37.7%
自由现金流更多
TRGP
多$920.3M
$-378.0M
两年增速更快
FLR
近两年复合增速
0.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.2B | $4.1B |
| 净利润 | $-1.6B | $545.0M |
| 毛利率 | 3.2% | 43.1% |
| 营业利润率 | 1.3% | 22.6% |
| 净利率 | -37.7% | 13.4% |
| 营收同比 | -2.0% | -7.9% |
| 净利润同比 | -184.4% | 55.3% |
| 每股收益（稀释后） | $-9.40 | $2.51 |
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FLRTRGP
| Q4 25 | $4.2B | $4.1B | ||
| Q3 25 | $3.4B | $4.2B | ||
| Q2 25 | $4.0B | $4.3B | ||
| Q1 25 | $4.0B | $4.6B | ||
| Q4 24 | $4.3B | $4.4B | ||
| Q3 24 | $4.1B | $3.9B | ||
| Q2 24 | $4.2B | $3.0B | ||
| Q1 24 | $3.7B | $4.0B |
净利润FLRTRGP
| Q4 25 | $-1.6B | $545.0M | ||
| Q3 25 | $-697.0M | $478.4M | ||
| Q2 25 | $2.5B | $629.1M | ||
| Q1 25 | $-241.0M | $270.5M | ||
| Q4 24 | $1.9B | $350.9M | ||
| Q3 24 | $54.0M | $387.4M | ||
| Q2 24 | $169.0M | $298.5M | ||
| Q1 24 | $59.0M | $275.2M |
毛利率FLRTRGP
| Q4 25 | 3.2% | 43.1% | ||
| Q3 25 | -13.3% | 39.6% | ||
| Q2 25 | 1.4% | 42.8% | ||
| Q1 25 | 3.5% | 28.6% | ||
| Q4 24 | 4.9% | 33.7% | ||
| Q3 24 | 2.1% | 38.6% | ||
| Q2 24 | 4.2% | 27.9% | ||
| Q1 24 | 2.7% | 19.3% |
营业利润率FLRTRGP
| Q4 25 | 1.3% | 22.6% | ||
| Q3 25 | -14.7% | 20.2% | ||
| Q2 25 | -0.7% | 24.3% | ||
| Q1 25 | 2.3% | 11.9% | ||
| Q4 24 | 4.4% | 15.9% | ||
| Q3 24 | 1.2% | 18.9% | ||
| Q2 24 | 4.2% | 20.6% | ||
| Q1 24 | 1.4% | 16.0% |
净利率FLRTRGP
| Q4 25 | -37.7% | 13.4% | ||
| Q3 25 | -20.7% | 11.5% | ||
| Q2 25 | 61.8% | 14.8% | ||
| Q1 25 | -6.1% | 5.9% | ||
| Q4 24 | 43.7% | 8.0% | ||
| Q3 24 | 1.3% | 10.1% | ||
| Q2 24 | 4.0% | 9.8% | ||
| Q1 24 | 1.6% | 6.9% |
每股收益（稀释后）FLRTRGP
| Q4 25 | $-9.40 | $2.51 | ||
| Q3 25 | $-4.30 | $2.20 | ||
| Q2 25 | $14.81 | $2.87 | ||
| Q1 25 | $-1.42 | $0.91 | ||
| Q4 24 | $10.68 | $1.44 | ||
| Q3 24 | $0.31 | $1.75 | ||
| Q2 24 | $0.97 | $1.33 | ||
| Q1 24 | $0.34 | $1.22 |
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 | $2.2B | $166.1M |
| 总债务越低越好 | — | $16.7B |
| 股东权益账面价值 | $3.2B | $3.1B |
| 总资产 | $8.2B | $25.2B |
| 负债/权益比越低杠杆越低 | — | 5.43× |
8季度趋势，按日历期对齐
现金及短期投资FLRTRGP
| Q4 25 | $2.2B | $166.1M | ||
| Q3 25 | $2.8B | $124.1M | ||
| Q2 25 | $2.3B | $113.1M | ||
| Q1 25 | $2.5B | $151.4M | ||
| Q4 24 | $3.0B | $157.3M | ||
| Q3 24 | $3.0B | $127.2M | ||
| Q2 24 | $2.7B | $166.4M | ||
| Q1 24 | $2.4B | $109.9M |
总债务FLRTRGP
| Q4 25 | — | $16.7B | ||
| Q3 25 | — | $16.7B | ||
| Q2 25 | — | $16.1B | ||
| Q1 25 | — | $15.5B | ||
| Q4 24 | — | $13.8B | ||
| Q3 24 | — | $13.6B | ||
| Q2 24 | — | $13.0B | ||
| Q1 24 | — | $12.5B |
股东权益FLRTRGP
| Q4 25 | $3.2B | $3.1B | ||
| Q3 25 | $5.2B | $2.7B | ||
| Q2 25 | $5.9B | $2.6B | ||
| Q1 25 | $3.6B | $2.5B | ||
| Q4 24 | $3.9B | $2.6B | ||
| Q3 24 | $2.3B | $2.6B | ||
| Q2 24 | $2.1B | $2.5B | ||
| Q1 24 | $2.0B | $2.7B |
总资产FLRTRGP
| Q4 25 | $8.2B | $25.2B | ||
| Q3 25 | $11.5B | $24.2B | ||
| Q2 25 | $11.8B | $23.5B | ||
| Q1 25 | $8.4B | $22.8B | ||
| Q4 24 | $9.1B | $22.7B | ||
| Q3 24 | $7.1B | $21.9B | ||
| Q2 24 | $6.8B | $21.3B | ||
| Q1 24 | $6.7B | $20.8B |
负债/权益比FLRTRGP
| Q4 25 | — | 5.43× | ||
| Q3 25 | — | 6.19× | ||
| Q2 25 | — | 6.21× | ||
| Q1 25 | — | 6.34× | ||
| Q4 24 | — | 5.32× | ||
| Q3 24 | — | 5.28× | ||
| Q2 24 | — | 5.25× | ||
| Q1 24 | — | 4.63× |
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 | $-366.0M | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $-378.0M | $542.3M |
| 自由现金流率自由现金流/营收 | -9.1% | 13.4% |
| 资本支出强度资本支出/营收 | 0.3% | 23.8% |
| 现金转化率经营现金流/净利润 | — | 2.76× |
| 过去12个月自由现金流最近4个季度 | $-437.0M | $584.1M |
8季度趋势，按日历期对齐
经营现金流FLRTRGP
| Q4 25 | $-366.0M | $1.5B | ||
| Q3 25 | $286.0M | $599.2M | ||
| Q2 25 | $-21.0M | $858.3M | ||
| Q1 25 | $-286.0M | $954.4M | ||
| Q4 24 | $327.0M | $1.3B | ||
| Q3 24 | $330.0M | $540.9M | ||
| Q2 24 | $282.0M | $904.5M | ||
| Q1 24 | $-111.0M | $876.4M |
自由现金流FLRTRGP
| Q4 25 | $-378.0M | $542.3M | ||
| Q3 25 | $273.0M | $-72.6M | ||
| Q2 25 | $-35.0M | $-47.8M | ||
| Q1 25 | $-297.0M | $162.2M | ||
| Q4 24 | $296.0M | $601.0M | ||
| Q3 24 | $279.0M | $-287.9M | ||
| Q2 24 | $234.0M | $164.2M | ||
| Q1 24 | $-145.0M | $206.6M |
自由现金流率FLRTRGP
| Q4 25 | -9.1% | 13.4% | ||
| Q3 25 | 8.1% | -1.7% | ||
| Q2 25 | -0.9% | -1.1% | ||
| Q1 25 | -7.5% | 3.6% | ||
| Q4 24 | 6.9% | 13.6% | ||
| Q3 24 | 6.8% | -7.5% | ||
| Q2 24 | 5.5% | 5.4% | ||
| Q1 24 | -3.9% | 5.2% |
资本支出强度FLRTRGP
| Q4 25 | 0.3% | 23.8% | ||
| Q3 25 | 0.4% | 16.2% | ||
| Q2 25 | 0.4% | 21.3% | ||
| Q1 25 | 0.3% | 17.4% | ||
| Q4 24 | 0.7% | 16.5% | ||
| Q3 24 | 1.2% | 21.5% | ||
| Q2 24 | 1.1% | 24.3% | ||
| Q1 24 | 0.9% | 16.8% |
现金转化率FLRTRGP
| Q4 25 | — | 2.76× | ||
| Q3 25 | — | 1.25× | ||
| Q2 25 | -0.01× | 1.36× | ||
| Q1 25 | — | 3.53× | ||
| Q4 24 | 0.18× | 3.78× | ||
| Q3 24 | 6.11× | 1.40× | ||
| Q2 24 | 1.67× | 3.03× | ||
| Q1 24 | -1.88× | 3.18× |
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
FLR
| Urban Solutions Segment | $2.6B | 63% |
| Energy Solutions Segment | $943.0M | 23% |
| Mission Solutions Segment | $600.0M | 14% |
TRGP
| Logistics And Transportation | $3.4B | 83% |
| Natural Gas Reserves | $393.1M | 10% |
| Storage Terminaling And Export | $130.9M | 3% |
| Oil And Condensate | $112.0M | 3% |
| NGL Transportation Fractionation And Services | $64.7M | 2% |
