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Hess Midstream LP（HESM）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
Hess Midstream LP的季度营收约是ROYAL GOLD INC的1.1倍（$404.2M vs $375.3M），ROYAL GOLD INC净利率更高（24.9% vs 23.1%，领先1.9%），ROYAL GOLD INC同比增速更快（85.3% vs 2.1%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% vs 6.6%）
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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
HESM vs RGLD — 直观对比
营收规模更大
HESM
是对方的1.1倍
$375.3M
营收增速更快
RGLD
高出83.2%
2.1%
净利率更高
RGLD
高出1.9%
23.1%
两年增速更快
RGLD
近两年复合增速
6.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $404.2M | $375.3M |
| 净利润 | $93.3M | $93.6M |
| 毛利率 | — | 64.6% |
| 营业利润率 | 62.2% | 56.2% |
| 净利率 | 23.1% | 24.9% |
| 营收同比 | 2.1% | 85.3% |
| 净利润同比 | 32.5% | -12.8% |
| 每股收益（稀释后） | — | $1.04 |
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HESMRGLD
| Q4 25 | $404.2M | $375.3M | ||
| Q3 25 | $420.9M | $252.1M | ||
| Q2 25 | $414.2M | $209.6M | ||
| Q1 25 | $382.0M | $193.4M | ||
| Q4 24 | $395.9M | $202.6M | ||
| Q3 24 | $378.5M | $193.8M | ||
| Q2 24 | $365.5M | $174.1M | ||
| Q1 24 | $355.6M | $148.9M |
净利润HESMRGLD
| Q4 25 | $93.3M | $93.6M | ||
| Q3 25 | $97.7M | $126.8M | ||
| Q2 25 | $90.3M | $132.3M | ||
| Q1 25 | $71.6M | $113.5M | ||
| Q4 24 | $70.4M | $107.4M | ||
| Q3 24 | $58.6M | $96.2M | ||
| Q2 24 | $49.5M | $81.2M | ||
| Q1 24 | $44.6M | $47.2M |
毛利率HESMRGLD
| Q4 25 | — | 64.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | — | 72.6% | ||
| Q1 25 | — | 69.4% | ||
| Q4 24 | — | 70.3% | ||
| Q3 24 | — | 66.6% | ||
| Q2 24 | — | 64.7% | ||
| Q1 24 | — | 58.4% |
营业利润率HESMRGLD
| Q4 25 | 62.2% | 56.2% | ||
| Q3 25 | 61.5% | 64.4% | ||
| Q2 25 | 62.8% | 67.7% | ||
| Q1 25 | 62.1% | 63.6% | ||
| Q4 24 | 61.4% | 65.9% | ||
| Q3 24 | 61.2% | 61.3% | ||
| Q2 24 | 60.8% | 58.6% | ||
| Q1 24 | 62.4% | 50.7% |
净利率HESMRGLD
| Q4 25 | 23.1% | 24.9% | ||
| Q3 25 | 23.2% | 50.3% | ||
| Q2 25 | 21.8% | 63.1% | ||
| Q1 25 | 18.7% | 58.7% | ||
| Q4 24 | 17.8% | 53.0% | ||
| Q3 24 | 15.5% | 49.7% | ||
| Q2 24 | 13.5% | 46.6% | ||
| Q1 24 | 12.5% | 31.7% |
每股收益（稀释后）HESMRGLD
| Q4 25 | — | $1.04 | ||
| Q3 25 | — | $1.92 | ||
| Q2 25 | — | $2.01 | ||
| Q1 25 | — | $1.72 | ||
| Q4 24 | — | $1.63 | ||
| Q3 24 | — | $1.46 | ||
| Q2 24 | — | $1.23 | ||
| Q1 24 | — | $0.72 |
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 | $233.7M |
| 总债务越低越好 | $3.8B | — |
| 股东权益账面价值 | — | $7.2B |
| 总资产 | $4.4B | $9.5B |
| 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HESMRGLD
| Q4 25 | $1.9M | $233.7M | ||
| Q3 25 | $5.5M | $172.8M | ||
| Q2 25 | $4.5M | $248.2M | ||
| Q1 25 | $6.1M | $240.8M | ||
| Q4 24 | $4.3M | $195.5M | ||
| Q3 24 | $10.3M | $127.9M | ||
| Q2 24 | $99.6M | $74.2M | ||
| Q1 24 | $4.2M | $137.9M |
总债务HESMRGLD
| Q4 25 | $3.8B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | $0 | ||
| Q2 24 | — | $50.0M | ||
| Q1 24 | — | — |
股东权益HESMRGLD
| Q4 25 | — | $7.2B | ||
| Q3 25 | — | $3.4B | ||
| Q2 25 | — | $3.3B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $2.9B |
总资产HESMRGLD
| Q4 25 | $4.4B | $9.5B | ||
| Q3 25 | $4.4B | $4.5B | ||
| Q2 25 | $4.4B | $3.6B | ||
| Q1 25 | $4.3B | $3.5B | ||
| Q4 24 | $4.2B | $3.4B | ||
| Q3 24 | $4.1B | $3.3B | ||
| Q2 24 | $4.1B | $3.3B | ||
| Q1 24 | $3.9B | $3.3B |
负债/权益比HESMRGLD
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.02× | ||
| 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 | $241.7M |
| 自由现金流经营现金流 - 资本支出 | $178.9M | — |
| 自由现金流率自由现金流/营收 | 44.3% | — |
| 资本支出强度资本支出/营收 | 16.5% | — |
| 现金转化率经营现金流/净利润 | 2.63× | 2.58× |
| 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HESMRGLD
| Q4 25 | $245.6M | $241.7M | ||
| Q3 25 | $258.9M | $174.0M | ||
| Q2 25 | $276.9M | $152.8M | ||
| Q1 25 | $202.4M | $136.4M | ||
| Q4 24 | $258.5M | $141.1M | ||
| Q3 24 | $224.9M | $136.7M | ||
| Q2 24 | $271.6M | $113.5M | ||
| Q1 24 | $185.3M | $138.3M |
自由现金流HESMRGLD
| Q4 25 | $178.9M | — | ||
| Q3 25 | $178.9M | — | ||
| 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HESMRGLD
| Q4 25 | 44.3% | — | ||
| Q3 25 | 42.5% | — | ||
| 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HESMRGLD
| Q4 25 | 16.5% | — | ||
| Q3 25 | 19.0% | — | ||
| 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HESMRGLD
| Q4 25 | 2.63× | 2.58× | ||
| Q3 25 | 2.65× | 1.37× | ||
| Q2 25 | 3.07× | 1.15× | ||
| Q1 25 | 2.83× | 1.20× | ||
| Q4 24 | 3.67× | 1.31× | ||
| Q3 24 | 3.84× | 1.42× | ||
| Q2 24 | 5.49× | 1.40× | ||
| Q1 24 | 4.15× | 2.93× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
