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GENESIS ENERGY LP（GEL）与MPLX LP（MPLX）财务数据对比。点击上方公司名可切换其他公司
MPLX LP的季度营收约是GENESIS ENERGY LP的5.6倍（$2.5B vs $440.8M）。MPLX LP净利率更高（49.1% vs 4.5%，领先44.6%）。GENESIS ENERGY LP同比增速更快（10.5% vs 1.4%）。MPLX LP自由现金流更多（$782.0M vs $87.0M）。过去两年MPLX LP的营收复合增速更高（6.2% vs 0.7%）
Genesis Energy LP是一家总部位于美国的中游能源合伙企业，主营原油、天然气、成品油及特种工业原料的基础设施运营与物流服务，旗下资产涵盖管道、仓储码头、海运设施及铁路物流枢纽，为北美地区的炼油厂、工业客户及能源分销商提供服务。
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。
GEL vs MPLX — 直观对比
营收规模更大
MPLX
是对方的5.6倍
$440.8M
营收增速更快
GEL
高出9.1%
1.4%
净利率更高
MPLX
高出44.6%
4.5%
自由现金流更多
MPLX
多$695.0M
$87.0M
两年增速更快
MPLX
近两年复合增速
0.7%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $440.8M | $2.5B |
| 净利润 | $19.9M | $1.2B |
| 毛利率 | — | — |
| 营业利润率 | 20.4% | 60.5% |
| 净利率 | 4.5% | 49.1% |
| 营收同比 | 10.5% | 1.4% |
| 净利润同比 | 140.2% | 8.5% |
| 每股收益（稀释后） | $0.04 | — |
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GELMPLX
| Q4 25 | $440.8M | $2.5B | ||
| Q3 25 | $414.0M | $2.5B | ||
| Q2 25 | $377.3M | $2.4B | ||
| Q1 25 | $398.3M | $2.5B | ||
| Q4 24 | $398.9M | $2.4B | ||
| Q3 24 | $397.3M | $2.3B | ||
| Q2 24 | $430.2M | $2.3B | ||
| Q1 24 | $434.4M | $2.2B |
净利润GELMPLX
| Q4 25 | $19.9M | $1.2B | ||
| Q3 25 | $9.2M | $1.6B | ||
| Q2 25 | $-406.0K | $1.1B | ||
| Q1 25 | $-469.1M | $1.1B | ||
| Q4 24 | $-49.4M | $1.1B | ||
| Q3 24 | $-17.2M | $1.0B | ||
| Q2 24 | $-8.7M | $1.2B | ||
| Q1 24 | $11.4M | $1.0B |
营业利润率GELMPLX
| Q4 25 | 20.4% | 60.5% | ||
| Q3 25 | 19.0% | 73.2% | ||
| Q2 25 | 17.9% | 54.9% | ||
| Q1 25 | 5.5% | 55.5% | ||
| Q4 24 | 3.4% | 55.6% | ||
| Q3 24 | 12.2% | 54.4% | ||
| Q2 24 | 11.6% | 62.9% | ||
| Q1 24 | 13.4% | 57.6% |
净利率GELMPLX
| Q4 25 | 4.5% | 49.1% | ||
| Q3 25 | 2.2% | 63.2% | ||
| Q2 25 | -0.1% | 44.9% | ||
| Q1 25 | -117.8% | 46.2% | ||
| Q4 24 | -12.4% | 45.9% | ||
| Q3 24 | -4.3% | 44.6% | ||
| Q2 24 | -2.0% | 52.6% | ||
| Q1 24 | 2.6% | 46.7% |
每股收益（稀释后）GELMPLX
| Q4 25 | $0.04 | — | ||
| Q3 25 | $-0.05 | — | ||
| Q2 25 | $-0.12 | — | ||
| Q1 25 | $-4.06 | — | ||
| Q4 24 | $-0.58 | — | ||
| Q3 24 | $-0.32 | — | ||
| Q2 24 | $-0.25 | — | ||
| Q1 24 | $-0.09 | — |
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 | $6.4M | $2.1B |
| 总债务越低越好 | $3.0B | $24.2B |
| 股东权益账面价值 | — | — |
| 总资产 | $4.9B | $43.0B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资GELMPLX
| Q4 25 | $6.4M | $2.1B | ||
| Q3 25 | $4.9M | $1.8B | ||
| Q2 25 | $4.5M | $1.4B | ||
| Q1 25 | $377.4M | $2.5B | ||
| Q4 24 | $7.4M | $1.5B | ||
| Q3 24 | $13.0M | $2.4B | ||
| Q2 24 | $13.7M | $2.5B | ||
| Q1 24 | $7.0M | $385.0M |
总债务GELMPLX
| Q4 25 | $3.0B | $24.2B | ||
| Q3 25 | $3.1B | $24.1B | ||
| Q2 25 | $3.1B | $19.7B | ||
| Q1 25 | $3.4B | $19.7B | ||
| Q4 24 | $3.7B | $19.3B | ||
| Q3 24 | $4.0B | $19.3B | ||
| Q2 24 | $3.9B | $19.2B | ||
| Q1 24 | $3.8B | $18.8B |
总资产GELMPLX
| Q4 25 | $4.9B | $43.0B | ||
| Q3 25 | $4.9B | $43.2B | ||
| Q2 25 | $4.8B | $37.8B | ||
| Q1 25 | $5.2B | $39.0B | ||
| Q4 24 | $7.0B | $37.5B | ||
| Q3 24 | $7.1B | $38.5B | ||
| Q2 24 | $7.0B | $38.4B | ||
| Q1 24 | $6.9B | $36.5B |
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 | $110.8M | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $87.0M | $782.0M |
| 自由现金流率自由现金流/营收 | 19.7% | 31.9% |
| 资本支出强度资本支出/营收 | 5.4% | 29.1% |
| 现金转化率经营现金流/净利润 | 5.58× | 1.24× |
| 过去12个月自由现金流最近4个季度 | $65.9M | $4.1B |
8季度趋势，按日历期对齐
经营现金流GELMPLX
| Q4 25 | $110.8M | $1.5B | ||
| Q3 25 | $70.3M | $1.4B | ||
| Q2 25 | $47.0M | $1.7B | ||
| Q1 25 | $24.8M | $1.2B | ||
| Q4 24 | $74.0M | $1.7B | ||
| Q3 24 | $87.3M | $1.4B | ||
| Q2 24 | $104.7M | $1.6B | ||
| Q1 24 | $125.9M | $1.3B |
自由现金流GELMPLX
| Q4 25 | $87.0M | $782.0M | ||
| Q3 25 | $43.3M | $905.0M | ||
| Q2 25 | $-7.6M | $1.4B | ||
| Q1 25 | $-56.8M | $979.0M | ||
| Q4 24 | $-47.1M | $1.4B | ||
| Q3 24 | $-32.3M | $1.1B | ||
| Q2 24 | $-67.5M | $1.4B | ||
| Q1 24 | $-48.3M | $1.0B |
自由现金流率GELMPLX
| Q4 25 | 19.7% | 31.9% | ||
| Q3 25 | 10.5% | 36.8% | ||
| Q2 25 | -2.0% | 60.9% | ||
| Q1 25 | -14.3% | 39.8% | ||
| Q4 24 | -11.8% | 56.6% | ||
| Q3 24 | -8.1% | 48.4% | ||
| Q2 24 | -15.7% | 60.0% | ||
| Q1 24 | -11.1% | 47.7% |
资本支出强度GELMPLX
| Q4 25 | 5.4% | 29.1% | ||
| Q3 25 | 6.5% | 21.4% | ||
| Q2 25 | 14.5% | 12.8% | ||
| Q1 25 | 20.5% | 10.9% | ||
| Q4 24 | 30.3% | 12.7% | ||
| Q3 24 | 30.1% | 11.9% | ||
| Q2 24 | 40.0% | 9.4% | ||
| Q1 24 | 40.1% | 11.7% |
现金转化率GELMPLX
| Q4 25 | 5.58× | 1.24× | ||
| Q3 25 | 7.63× | 0.92× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 1.51× | ||
| Q3 24 | — | 1.35× | ||
| Q2 24 | — | 1.32× | ||
| Q1 24 | 11.09× | 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
GEL
| Onshore Facilities And Transportation Revenue | $204.2M | 46% |
| Offshore Pipeline Transportation Revenue | $154.3M | 35% |
| Marine Transportation Revenue | $82.2M | 19% |
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% |
