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GENESIS ENERGY LP（GEL）与PLAINS ALL AMERICAN PIPELINE LP（PAA）财务数据对比。点击上方公司名可切换其他公司
PLAINS ALL AMERICAN PIPELINE LP的季度营收约是GENESIS ENERGY LP的22.8倍（$10.0B vs $440.8M）。GENESIS ENERGY LP净利率更高（4.5% vs 3.4%，领先1.1%）。GENESIS ENERGY LP同比增速更快（10.5% vs -19.1%）。PLAINS ALL AMERICAN PIPELINE LP自由现金流更多（$638.0M vs $87.0M）。过去两年GENESIS ENERGY LP的营收复合增速更高（0.7% vs -8.6%）
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。
本公司为业主有限合伙企业，主营美国及加拿大地区液化石油气与石油的管道运输、销售及存储业务。旗下拥有总长度约29560公里的管线，原油、天然气凝液、天然气存储容量分别为7500万桶、2800万桶、680亿立方英尺，另有5座天然气加工厂，总部位于得克萨斯州休斯顿市中心艾伦中心。
GEL vs PAA — 直观对比
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $440.8M | $10.0B |
| 净利润 | $19.9M | $341.0M |
| 毛利率 | — | 7.0% |
| 营业利润率 | 20.4% | 1.8% |
| 净利率 | 4.5% | 3.4% |
| 营收同比 | 10.5% | -19.1% |
| 净利润同比 | 140.2% | 847.2% |
| 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
| Q4 25 | $440.8M | $10.0B | ||
| Q3 25 | $414.0M | $11.6B | ||
| Q2 25 | $377.3M | $10.6B | ||
| Q1 25 | $398.3M | $12.0B | ||
| Q4 24 | $398.9M | $12.4B | ||
| Q3 24 | $397.3M | $12.7B | ||
| Q2 24 | $430.2M | $12.9B | ||
| Q1 24 | $434.4M | $12.0B |
| Q4 25 | $19.9M | $341.0M | ||
| Q3 25 | $9.2M | $441.0M | ||
| Q2 25 | $-406.0K | $210.0M | ||
| Q1 25 | $-469.1M | $443.0M | ||
| Q4 24 | $-49.4M | $36.0M | ||
| Q3 24 | $-17.2M | $220.0M | ||
| Q2 24 | $-8.7M | $250.0M | ||
| Q1 24 | $11.4M | $266.0M |
| Q4 25 | — | 7.0% | ||
| Q3 25 | — | 8.6% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.4% | ||
| Q4 24 | — | 9.5% | ||
| Q3 24 | — | 9.3% | ||
| Q2 24 | — | 8.3% | ||
| Q1 24 | — | 9.0% |
| Q4 25 | 20.4% | 1.8% | ||
| Q3 25 | 19.0% | 4.2% | ||
| Q2 25 | 17.9% | 2.2% | ||
| Q1 25 | 5.5% | 4.4% | ||
| Q4 24 | 3.4% | 0.7% | ||
| Q3 24 | 12.2% | 2.7% | ||
| Q2 24 | 11.6% | 2.9% | ||
| Q1 24 | 13.4% | 3.1% |
| Q4 25 | 4.5% | 3.4% | ||
| Q3 25 | 2.2% | 3.8% | ||
| Q2 25 | -0.1% | 2.0% | ||
| Q1 25 | -117.8% | 3.7% | ||
| Q4 24 | -12.4% | 0.3% | ||
| Q3 24 | -4.3% | 1.7% | ||
| Q2 24 | -2.0% | 1.9% | ||
| Q1 24 | 2.6% | 2.2% |
| 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 | $328.0M |
| 总债务越低越好 | $3.0B | $10.7B |
| 股东权益账面价值 | — | — |
| 总资产 | $4.9B | $30.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
| Q4 25 | $6.4M | $328.0M | ||
| Q3 25 | $4.9M | $1.2B | ||
| Q2 25 | $4.5M | $459.0M | ||
| Q1 25 | $377.4M | $427.0M | ||
| Q4 24 | $7.4M | $348.0M | ||
| Q3 24 | $13.0M | $640.0M | ||
| Q2 24 | $13.7M | $553.0M | ||
| Q1 24 | $7.0M | $331.0M |
| Q4 25 | $3.0B | $10.7B | ||
| Q3 25 | $3.1B | $8.4B | ||
| Q2 25 | $3.1B | $8.2B | ||
| Q1 25 | $3.4B | $8.2B | ||
| Q4 24 | $3.7B | $7.2B | ||
| Q3 24 | $4.0B | $7.2B | ||
| Q2 24 | $3.9B | $7.2B | ||
| Q1 24 | $3.8B | $7.3B |
| Q4 25 | $4.9B | $30.2B | ||
| Q3 25 | $4.9B | $28.1B | ||
| Q2 25 | $4.8B | $27.2B | ||
| Q1 25 | $5.2B | $27.1B | ||
| Q4 24 | $7.0B | $26.6B | ||
| Q3 24 | $7.1B | $27.2B | ||
| Q2 24 | $7.0B | $27.5B | ||
| Q1 24 | $6.9B | $27.4B |
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 | $786.0M |
| 自由现金流经营现金流 - 资本支出 | $87.0M | $638.0M |
| 自由现金流率自由现金流/营收 | 19.7% | 6.4% |
| 资本支出强度资本支出/营收 | 5.4% | 1.5% |
| 现金转化率经营现金流/净利润 | 5.58× | 2.30× |
| 过去12个月自由现金流最近4个季度 | $65.9M | $2.3B |
8季度趋势，按日历期对齐
| Q4 25 | $110.8M | $786.0M | ||
| Q3 25 | $70.3M | $817.0M | ||
| Q2 25 | $47.0M | $694.0M | ||
| Q1 25 | $24.8M | $639.0M | ||
| Q4 24 | $74.0M | $727.0M | ||
| Q3 24 | $87.3M | $691.0M | ||
| Q2 24 | $104.7M | $653.0M | ||
| Q1 24 | $125.9M | $419.0M |
| Q4 25 | $87.0M | $638.0M | ||
| Q3 25 | $43.3M | $632.0M | ||
| Q2 25 | $-7.6M | $575.0M | ||
| Q1 25 | $-56.8M | $448.0M | ||
| Q4 24 | $-47.1M | $561.0M | ||
| Q3 24 | $-32.3M | $534.0M | ||
| Q2 24 | $-67.5M | $514.0M | ||
| Q1 24 | $-48.3M | $262.0M |
| Q4 25 | 19.7% | 6.4% | ||
| Q3 25 | 10.5% | 5.5% | ||
| Q2 25 | -2.0% | 5.4% | ||
| Q1 25 | -14.3% | 3.7% | ||
| Q4 24 | -11.8% | 4.5% | ||
| Q3 24 | -8.1% | 4.2% | ||
| Q2 24 | -15.7% | 4.0% | ||
| Q1 24 | -11.1% | 2.2% |
| Q4 25 | 5.4% | 1.5% | ||
| Q3 25 | 6.5% | 1.6% | ||
| Q2 25 | 14.5% | 1.1% | ||
| Q1 25 | 20.5% | 1.6% | ||
| Q4 24 | 30.3% | 1.3% | ||
| Q3 24 | 30.1% | 1.2% | ||
| Q2 24 | 40.0% | 1.1% | ||
| Q1 24 | 40.1% | 1.3% |
| Q4 25 | 5.58× | 2.30× | ||
| Q3 25 | 7.63× | 1.85× | ||
| Q2 25 | — | 3.30× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | — | 20.19× | ||
| Q3 24 | — | 3.14× | ||
| Q2 24 | — | 2.61× | ||
| Q1 24 | 11.09× | 1.58× |
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% |
PAA
| Products | $9.6B | 96% |
| Transportation | $341.0M | 3% |
| Terminalling Storage And Other | $90.0M | 1% |
| Affiliated Entity | $14.0M | 0% |
