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Hess Midstream LP（HESM）与Ryman Hospitality Properties, Inc.（RHP）财务数据对比。点击上方公司名可切换其他公司
Ryman Hospitality Properties, Inc.的季度营收约是Hess Midstream LP的1.8倍（$737.8M vs $404.2M），Hess Midstream LP净利率更高（23.1% vs 10.1%，领先13.0%），Ryman Hospitality Properties, Inc.同比增速更快（13.9% vs 2.1%），Hess Midstream LP自由现金流更多（$178.9M vs $58.5M），过去两年Ryman Hospitality Properties, Inc.的营收复合增速更高（18.2% 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。
莱曼酒店地产是一家主营酒店、度假村、娱乐及媒体业务的企业，得名于旗下位于田纳西州纳什维尔的国家历史地标莱曼礼堂。公司历史可追溯至曾为俄克拉荷马出版公司子公司时期，1983年收购WSM公司后奠定现代业务基础，同时将知名演出IP大奥普里等核心资产纳入麾下。
HESM vs RHP — 直观对比
营收规模更大
RHP
是对方的1.8倍
$404.2M
营收增速更快
RHP
高出11.8%
2.1%
净利率更高
HESM
高出13.0%
10.1%
自由现金流更多
HESM
多$120.4M
$58.5M
两年增速更快
RHP
近两年复合增速
6.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $404.2M | $737.8M |
| 净利润 | $93.3M | $74.5M |
| 毛利率 | — | 41.4% |
| 营业利润率 | 62.2% | 19.4% |
| 净利率 | 23.1% | 10.1% |
| 营收同比 | 2.1% | 13.9% |
| 净利润同比 | 32.5% | 3.0% |
| 每股收益（稀释后） | — | $1.12 |
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HESMRHP
| Q4 25 | $404.2M | $737.8M | ||
| Q3 25 | $420.9M | $592.5M | ||
| Q2 25 | $414.2M | $659.5M | ||
| Q1 25 | $382.0M | $587.3M | ||
| Q4 24 | $395.9M | $647.6M | ||
| Q3 24 | $378.5M | $550.0M | ||
| Q2 24 | $365.5M | $613.3M | ||
| Q1 24 | $355.6M | $528.3M |
净利润HESMRHP
| Q4 25 | $93.3M | $74.5M | ||
| Q3 25 | $97.7M | $34.9M | ||
| Q2 25 | $90.3M | $71.8M | ||
| Q1 25 | $71.6M | $63.0M | ||
| Q4 24 | $70.4M | $72.3M | ||
| Q3 24 | $58.6M | $59.0M | ||
| Q2 24 | $49.5M | $100.8M | ||
| Q1 24 | $44.6M | $42.8M |
毛利率HESMRHP
| Q4 25 | — | 41.4% | ||
| Q3 25 | — | 40.9% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 44.4% | ||
| Q4 24 | — | 40.4% | ||
| Q3 24 | — | 43.1% | ||
| Q2 24 | — | 48.4% | ||
| Q1 24 | — | 41.5% |
营业利润率HESMRHP
| Q4 25 | 62.2% | 19.4% | ||
| Q3 25 | 61.5% | 15.0% | ||
| Q2 25 | 62.8% | 21.1% | ||
| Q1 25 | 62.1% | 19.8% | ||
| Q4 24 | 61.4% | 18.6% | ||
| Q3 24 | 61.2% | 19.3% | ||
| Q2 24 | 60.8% | 27.4% | ||
| Q1 24 | 62.4% | 18.2% |
净利率HESMRHP
| Q4 25 | 23.1% | 10.1% | ||
| Q3 25 | 23.2% | 5.9% | ||
| Q2 25 | 21.8% | 10.9% | ||
| Q1 25 | 18.7% | 10.7% | ||
| Q4 24 | 17.8% | 11.2% | ||
| Q3 24 | 15.5% | 10.7% | ||
| Q2 24 | 13.5% | 16.4% | ||
| Q1 24 | 12.5% | 8.1% |
每股收益（稀释后）HESMRHP
| Q4 25 | — | $1.12 | ||
| Q3 25 | — | $0.53 | ||
| Q2 25 | — | $1.12 | ||
| Q1 25 | — | $1.00 | ||
| Q4 24 | — | $1.12 | ||
| Q3 24 | — | $0.94 | ||
| Q2 24 | — | $1.65 | ||
| Q1 24 | — | $0.67 |
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 | $471.4M |
| 总债务越低越好 | $3.8B | — |
| 股东权益账面价值 | — | $750.2M |
| 总资产 | $4.4B | $6.2B |
| 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HESMRHP
| Q4 25 | $1.9M | $471.4M | ||
| Q3 25 | $5.5M | $483.3M | ||
| Q2 25 | $4.5M | $420.6M | ||
| Q1 25 | $6.1M | $413.9M | ||
| Q4 24 | $4.3M | $477.7M | ||
| Q3 24 | $10.3M | $534.9M | ||
| Q2 24 | $99.6M | $498.4M | ||
| Q1 24 | $4.2M | $465.3M |
总债务HESMRHP
| Q4 25 | $3.8B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HESMRHP
| Q4 25 | — | $750.2M | ||
| Q3 25 | — | $758.5M | ||
| Q2 25 | — | $800.4M | ||
| Q1 25 | — | $531.5M | ||
| Q4 24 | — | $549.0M | ||
| Q3 24 | — | $551.9M | ||
| Q2 24 | — | $562.6M | ||
| Q1 24 | — | $529.9M |
总资产HESMRHP
| Q4 25 | $4.4B | $6.2B | ||
| Q3 25 | $4.4B | $6.2B | ||
| Q2 25 | $4.4B | $6.1B | ||
| Q1 25 | $4.3B | $5.2B | ||
| Q4 24 | $4.2B | $5.2B | ||
| Q3 24 | $4.1B | $5.2B | ||
| Q2 24 | $4.1B | $5.1B | ||
| Q1 24 | $3.9B | $5.1B |
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 | $164.7M |
| 自由现金流经营现金流 - 资本支出 | $178.9M | $58.5M |
| 自由现金流率自由现金流/营收 | 44.3% | 7.9% |
| 资本支出强度资本支出/营收 | 16.5% | 14.4% |
| 现金转化率经营现金流/净利润 | 2.63× | 2.21× |
| 过去12个月自由现金流最近4个季度 | $728.2M | $232.4M |
8季度趋势，按日历期对齐
经营现金流HESMRHP
| Q4 25 | $245.6M | $164.7M | ||
| Q3 25 | $258.9M | $205.2M | ||
| Q2 25 | $276.9M | $122.5M | ||
| Q1 25 | $202.4M | $98.2M | ||
| Q4 24 | $258.5M | $166.6M | ||
| Q3 24 | $224.9M | $218.1M | ||
| Q2 24 | $271.6M | $184.3M | ||
| Q1 24 | $185.3M | $7.5M |
自由现金流HESMRHP
| Q4 25 | $178.9M | $58.5M | ||
| Q3 25 | $178.9M | $135.4M | ||
| Q2 25 | $213.5M | $53.0M | ||
| Q1 25 | $156.9M | $-14.5M | ||
| Q4 24 | $163.4M | $76.0M | ||
| Q3 24 | $132.6M | $85.7M | ||
| Q2 24 | $207.7M | $78.8M | ||
| Q1 24 | $130.5M | $-72.0M |
自由现金流率HESMRHP
| Q4 25 | 44.3% | 7.9% | ||
| Q3 25 | 42.5% | 22.9% | ||
| Q2 25 | 51.5% | 8.0% | ||
| Q1 25 | 41.1% | -2.5% | ||
| Q4 24 | 41.3% | 11.7% | ||
| Q3 24 | 35.0% | 15.6% | ||
| Q2 24 | 56.8% | 12.9% | ||
| Q1 24 | 36.7% | -13.6% |
资本支出强度HESMRHP
| Q4 25 | 16.5% | 14.4% | ||
| Q3 25 | 19.0% | 11.8% | ||
| Q2 25 | 15.3% | 10.5% | ||
| Q1 25 | 11.9% | 19.2% | ||
| Q4 24 | 24.0% | 14.0% | ||
| Q3 24 | 24.4% | 24.1% | ||
| Q2 24 | 17.5% | 17.2% | ||
| Q1 24 | 15.4% | 15.0% |
现金转化率HESMRHP
| Q4 25 | 2.63× | 2.21× | ||
| Q3 25 | 2.65× | 5.88× | ||
| Q2 25 | 3.07× | 1.71× | ||
| Q1 25 | 2.83× | 1.56× | ||
| Q4 24 | 3.67× | 2.30× | ||
| Q3 24 | 3.84× | 3.70× | ||
| Q2 24 | 5.49× | 1.83× | ||
| Q1 24 | 4.15× | 0.17× |
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% |
RHP
| Hotel Other | $157.7M | 21% |
| Gaylord Opryland | $147.4M | 20% |
| Hotel Transient Rooms | $93.6M | 13% |
| Hotel Food And Beverage Outlets | $92.2M | 12% |
| Gaylord Palms | $88.2M | 12% |
| Jw Marriott Hill Country | $53.7M | 7% |
| Entertainment Admissions And Ticketing | $43.1M | 6% |
| Entertainment Food And Beverage | $38.1M | 5% |
| Entertainment Retail And Other | $28.3M | 4% |
| Ac Hotel | $2.4M | 0% |
