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康宁（GLW）与MPLX LP（MPLX）财务数据对比。点击上方公司名可切换其他公司
康宁的季度营收约是MPLX LP的1.7倍（$4.2B vs $2.5B），MPLX LP净利率更高（49.1% vs 12.8%，领先36.3%），康宁同比增速更快（20.4% vs 1.4%），MPLX LP自由现金流更多（$782.0M vs $620.0M），过去两年康宁的营收复合增速更高（19.0% vs 6.2%）
康宁是1851年成立的美国跨国科技企业，主营玻璃、陶瓷及相关材料技术，产品线涵盖先进光学产品，主要应用于工业与科研领域。20世纪曾推出多款知名消费产品，包括康宁锅、Corelle餐具、Pyrex烘焙玻璃器皿等，广受市场欢迎。
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。
GLW vs MPLX — 直观对比
营收规模更大
GLW
是对方的1.7倍
$2.5B
营收增速更快
GLW
高出19.0%
1.4%
净利率更高
MPLX
高出36.3%
12.8%
自由现金流更多
MPLX
多$162.0M
$620.0M
两年增速更快
GLW
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.2B | $2.5B |
| 净利润 | $540.0M | $1.2B |
| 毛利率 | 35.5% | — |
| 营业利润率 | 15.9% | 60.5% |
| 净利率 | 12.8% | 49.1% |
| 营收同比 | 20.4% | 1.4% |
| 净利润同比 | 74.2% | 8.5% |
| 每股收益（稀释后） | $0.61 | — |
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GLWMPLX
| Q4 25 | $4.2B | $2.5B | ||
| Q3 25 | $4.1B | $2.5B | ||
| Q2 25 | $3.9B | $2.4B | ||
| Q1 25 | $3.5B | $2.5B | ||
| Q4 24 | $3.5B | $2.4B | ||
| Q3 24 | $3.4B | $2.3B | ||
| Q2 24 | $3.3B | $2.3B | ||
| Q1 24 | $3.0B | $2.2B |
净利润GLWMPLX
| Q4 25 | $540.0M | $1.2B | ||
| Q3 25 | $430.0M | $1.6B | ||
| Q2 25 | $469.0M | $1.1B | ||
| Q1 25 | $157.0M | $1.1B | ||
| Q4 24 | $310.0M | $1.1B | ||
| Q3 24 | $-117.0M | $1.0B | ||
| Q2 24 | $104.0M | $1.2B | ||
| Q1 24 | $209.0M | $1.0B |
毛利率GLWMPLX
| Q4 25 | 35.5% | — | ||
| Q3 25 | 37.1% | — | ||
| Q2 25 | 36.0% | — | ||
| Q1 25 | 35.2% | — | ||
| Q4 24 | 34.2% | — | ||
| Q3 24 | 33.5% | — | ||
| Q2 24 | 29.2% | — | ||
| Q1 24 | 33.4% | — |
营业利润率GLWMPLX
| Q4 25 | 15.9% | 60.5% | ||
| Q3 25 | 14.4% | 73.2% | ||
| Q2 25 | 14.8% | 54.9% | ||
| Q1 25 | 12.9% | 55.5% | ||
| Q4 24 | 11.2% | 55.6% | ||
| Q3 24 | 8.9% | 54.4% | ||
| Q2 24 | 5.7% | 62.9% | ||
| Q1 24 | 8.5% | 57.6% |
净利率GLWMPLX
| Q4 25 | 12.8% | 49.1% | ||
| Q3 25 | 10.5% | 63.2% | ||
| Q2 25 | 12.1% | 44.9% | ||
| Q1 25 | 4.5% | 46.2% | ||
| Q4 24 | 8.9% | 45.9% | ||
| Q3 24 | -3.5% | 44.6% | ||
| Q2 24 | 3.2% | 52.6% | ||
| Q1 24 | 7.0% | 46.7% |
每股收益（稀释后）GLWMPLX
| Q4 25 | $0.61 | — | ||
| Q3 25 | $0.50 | — | ||
| Q2 25 | $0.54 | — | ||
| Q1 25 | $0.18 | — | ||
| Q4 24 | $0.36 | — | ||
| Q3 24 | $-0.14 | — | ||
| Q2 24 | $0.12 | — | ||
| Q1 24 | $0.24 | — |
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 | $1.5B | $2.1B |
| 总债务越低越好 | $7.6B | $24.2B |
| 股东权益账面价值 | $11.8B | — |
| 总资产 | $31.0B | $43.0B |
| 负债/权益比越低杠杆越低 | 0.65× | — |
8季度趋势，按日历期对齐
现金及短期投资GLWMPLX
| Q4 25 | $1.5B | $2.1B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $1.4B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | $1.8B | $1.5B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $385.0M |
总债务GLWMPLX
| Q4 25 | $7.6B | $24.2B | ||
| Q3 25 | $7.4B | $24.1B | ||
| Q2 25 | $6.7B | $19.7B | ||
| Q1 25 | $7.0B | $19.7B | ||
| Q4 24 | $6.9B | $19.3B | ||
| Q3 24 | $7.1B | $19.3B | ||
| Q2 24 | $6.9B | $19.2B | ||
| Q1 24 | $7.0B | $18.8B |
股东权益GLWMPLX
| Q4 25 | $11.8B | — | ||
| Q3 25 | $11.5B | — | ||
| Q2 25 | $11.1B | — | ||
| Q1 25 | $10.7B | — | ||
| Q4 24 | $10.7B | — | ||
| Q3 24 | $11.1B | — | ||
| Q2 24 | $10.6B | — | ||
| Q1 24 | $11.2B | — |
总资产GLWMPLX
| Q4 25 | $31.0B | $43.0B | ||
| Q3 25 | $29.9B | $43.2B | ||
| Q2 25 | $28.7B | $37.8B | ||
| Q1 25 | $27.4B | $39.0B | ||
| Q4 24 | $27.7B | $37.5B | ||
| Q3 24 | $28.3B | $38.5B | ||
| Q2 24 | $27.2B | $38.4B | ||
| Q1 24 | $27.6B | $36.5B |
负债/权益比GLWMPLX
| Q4 25 | 0.65× | — | ||
| Q3 25 | 0.64× | — | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.64× | — | ||
| Q3 24 | 0.64× | — | ||
| Q2 24 | 0.65× | — | ||
| Q1 24 | 0.63× | — |
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 | $1.1B | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $620.0M | $782.0M |
| 自由现金流率自由现金流/营收 | 14.7% | 31.9% |
| 资本支出强度资本支出/营收 | 10.2% | 29.1% |
| 现金转化率经营现金流/净利润 | 1.95× | 1.24× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $4.1B |
8季度趋势，按日历期对齐
经营现金流GLWMPLX
| Q4 25 | $1.1B | $1.5B | ||
| Q3 25 | $784.0M | $1.4B | ||
| Q2 25 | $708.0M | $1.7B | ||
| Q1 25 | $151.0M | $1.2B | ||
| Q4 24 | $623.0M | $1.7B | ||
| Q3 24 | $699.0M | $1.4B | ||
| Q2 24 | $521.0M | $1.6B | ||
| Q1 24 | $96.0M | $1.3B |
自由现金流GLWMPLX
| Q4 25 | $620.0M | $782.0M | ||
| Q3 25 | $450.0M | $905.0M | ||
| Q2 25 | $400.0M | $1.4B | ||
| Q1 25 | $-57.0M | $979.0M | ||
| Q4 24 | $369.0M | $1.4B | ||
| Q3 24 | $482.0M | $1.1B | ||
| Q2 24 | $279.0M | $1.4B | ||
| Q1 24 | $-156.0M | $1.0B |
自由现金流率GLWMPLX
| Q4 25 | 14.7% | 31.9% | ||
| Q3 25 | 11.0% | 36.8% | ||
| Q2 25 | 10.4% | 60.9% | ||
| Q1 25 | -1.7% | 39.8% | ||
| Q4 24 | 10.5% | 56.6% | ||
| Q3 24 | 14.2% | 48.4% | ||
| Q2 24 | 8.6% | 60.0% | ||
| Q1 24 | -5.2% | 47.7% |
资本支出强度GLWMPLX
| Q4 25 | 10.2% | 29.1% | ||
| Q3 25 | 8.1% | 21.4% | ||
| Q2 25 | 8.0% | 12.8% | ||
| Q1 25 | 6.0% | 10.9% | ||
| Q4 24 | 7.3% | 12.7% | ||
| Q3 24 | 6.4% | 11.9% | ||
| Q2 24 | 7.4% | 9.4% | ||
| Q1 24 | 8.5% | 11.7% |
现金转化率GLWMPLX
| Q4 25 | 1.95× | 1.24× | ||
| Q3 25 | 1.82× | 0.92× | ||
| Q2 25 | 1.51× | 1.64× | ||
| Q1 25 | 0.96× | 1.10× | ||
| Q4 24 | 2.01× | 1.51× | ||
| Q3 24 | — | 1.35× | ||
| Q2 24 | 5.01× | 1.32× | ||
| Q1 24 | 0.46× | 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
GLW
暂无分部数据
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% |
