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Hess Midstream LP（HESM）与Legence Corp.（LGN）财务数据对比。点击上方公司名可切换其他公司
Legence Corp.的季度营收约是Hess Midstream LP的1.8倍（$708.0M vs $404.2M），Hess Midstream LP净利率更高（23.1% vs -0.1%，领先23.2%），Legence Corp.同比增速更快（26.2% vs 2.1%），Hess Midstream LP自由现金流更多（$178.9M vs $137.4M）
赫斯是美国全球化独立能源企业，主要从事原油与天然气的勘探、生产业务。公司于1968年由赫斯石油化工和阿美拉达石油合并成立，2023年10月同意被雪佛龙收购，相关交易已于2025年7月完成交割。
Legence Corp是一家可持续建筑与脱碳解决方案服务商，主要提供能效优化、楼宇自动化系统设计、可再生能源整合及低碳改造服务，客户覆盖商业、工业、公共机构等领域，核心业务布局北美，助力客户降低运营成本、减少碳排放。
HESM vs LGN — 直观对比
营收规模更大
LGN
是对方的1.8倍
$404.2M
营收增速更快
LGN
高出24.2%
2.1%
净利率更高
HESM
高出23.2%
-0.1%
自由现金流更多
HESM
多$41.5M
$137.4M
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $404.2M | $708.0M |
| 净利润 | $93.3M | $-576.0K |
| 毛利率 | — | 20.9% |
| 营业利润率 | 62.2% | 5.3% |
| 净利率 | 23.1% | -0.1% |
| 营收同比 | 2.1% | 26.2% |
| 净利润同比 | 32.5% | 46.8% |
| 每股收益（稀释后） | — | $-0.02 |
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HESMLGN
| Q4 25 | $404.2M | — | ||
| Q3 25 | $420.9M | $708.0M | ||
| Q2 25 | $414.2M | — | ||
| Q1 25 | $382.0M | — | ||
| Q4 24 | $395.9M | — | ||
| Q3 24 | $378.5M | $560.8M | ||
| Q2 24 | $365.5M | — | ||
| Q1 24 | $355.6M | — |
净利润HESMLGN
| Q4 25 | $93.3M | — | ||
| Q3 25 | $97.7M | $-576.0K | ||
| Q2 25 | $90.3M | — | ||
| Q1 25 | $71.6M | — | ||
| Q4 24 | $70.4M | — | ||
| Q3 24 | $58.6M | $-1.1M | ||
| Q2 24 | $49.5M | — | ||
| Q1 24 | $44.6M | — |
毛利率HESMLGN
| Q4 25 | — | — | ||
| Q3 25 | — | 20.9% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 21.1% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率HESMLGN
| Q4 25 | 62.2% | — | ||
| Q3 25 | 61.5% | 5.3% | ||
| Q2 25 | 62.8% | — | ||
| Q1 25 | 62.1% | — | ||
| Q4 24 | 61.4% | — | ||
| Q3 24 | 61.2% | 4.8% | ||
| Q2 24 | 60.8% | — | ||
| Q1 24 | 62.4% | — |
净利率HESMLGN
| Q4 25 | 23.1% | — | ||
| Q3 25 | 23.2% | -0.1% | ||
| Q2 25 | 21.8% | — | ||
| Q1 25 | 18.7% | — | ||
| Q4 24 | 17.8% | — | ||
| Q3 24 | 15.5% | -0.2% | ||
| Q2 24 | 13.5% | — | ||
| Q1 24 | 12.5% | — |
每股收益（稀释后）HESMLGN
| Q4 25 | — | — | ||
| Q3 25 | — | $-0.02 | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $1.9M | $176.0M |
| 总债务越低越好 | $3.8B | $812.6M |
| 股东权益账面价值 | — | $387.9M |
| 总资产 | $4.4B | $2.6B |
| 负债/权益比越低杠杆越低 | — | 2.10× |
8季度趋势，按日历期对齐
现金及短期投资HESMLGN
| Q4 25 | $1.9M | — | ||
| Q3 25 | $5.5M | $176.0M | ||
| Q2 25 | $4.5M | — | ||
| Q1 25 | $6.1M | — | ||
| Q4 24 | $4.3M | — | ||
| Q3 24 | $10.3M | — | ||
| Q2 24 | $99.6M | — | ||
| Q1 24 | $4.2M | — |
总债务HESMLGN
| Q4 25 | $3.8B | — | ||
| Q3 25 | — | $812.6M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HESMLGN
| Q4 25 | — | — | ||
| Q3 25 | — | $387.9M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总资产HESMLGN
| Q4 25 | $4.4B | — | ||
| Q3 25 | $4.4B | $2.6B | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.3B | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $4.1B | — | ||
| Q1 24 | $3.9B | — |
负债/权益比HESMLGN
| Q4 25 | — | — | ||
| Q3 25 | — | 2.10× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $245.6M | $162.1M |
| 自由现金流经营现金流 - 资本支出 | $178.9M | $137.4M |
| 自由现金流率自由现金流/营收 | 44.3% | 19.4% |
| 资本支出强度资本支出/营收 | 16.5% | 3.5% |
| 现金转化率经营现金流/净利润 | 2.63× | — |
| 过去12个月自由现金流最近4个季度 | $728.2M | — |
8季度趋势，按日历期对齐
经营现金流HESMLGN
| Q4 25 | $245.6M | — | ||
| Q3 25 | $258.9M | $162.1M | ||
| Q2 25 | $276.9M | — | ||
| Q1 25 | $202.4M | — | ||
| Q4 24 | $258.5M | — | ||
| Q3 24 | $224.9M | — | ||
| Q2 24 | $271.6M | — | ||
| Q1 24 | $185.3M | — |
自由现金流HESMLGN
| Q4 25 | $178.9M | — | ||
| Q3 25 | $178.9M | $137.4M | ||
| Q2 25 | $213.5M | — | ||
| Q1 25 | $156.9M | — | ||
| Q4 24 | $163.4M | — | ||
| Q3 24 | $132.6M | — | ||
| Q2 24 | $207.7M | — | ||
| Q1 24 | $130.5M | — |
自由现金流率HESMLGN
| Q4 25 | 44.3% | — | ||
| Q3 25 | 42.5% | 19.4% | ||
| Q2 25 | 51.5% | — | ||
| Q1 25 | 41.1% | — | ||
| Q4 24 | 41.3% | — | ||
| Q3 24 | 35.0% | — | ||
| Q2 24 | 56.8% | — | ||
| Q1 24 | 36.7% | — |
资本支出强度HESMLGN
| Q4 25 | 16.5% | — | ||
| Q3 25 | 19.0% | 3.5% | ||
| Q2 25 | 15.3% | — | ||
| Q1 25 | 11.9% | — | ||
| Q4 24 | 24.0% | — | ||
| Q3 24 | 24.4% | — | ||
| Q2 24 | 17.5% | — | ||
| Q1 24 | 15.4% | — |
现金转化率HESMLGN
| Q4 25 | 2.63× | — | ||
| Q3 25 | 2.65× | — | ||
| Q2 25 | 3.07× | — | ||
| Q1 25 | 2.83× | — | ||
| Q4 24 | 3.67× | — | ||
| Q3 24 | 3.84× | — | ||
| Q2 24 | 5.49× | — | ||
| Q1 24 | 4.15× | — |
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
HESM
| Gathering | $217.3M | 54% |
| Processing And Storage | $154.7M | 38% |
| Terminaling And Export | $32.2M | 8% |
LGN
| Installation And Fabrication | $408.7M | 58% |
| Engineering And Design | $110.9M | 16% |
| Program And Project Management | $101.2M | 14% |
| Maintenance And Service | $87.1M | 12% |
