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Hess Midstream LP（HESM）与Royalty Pharma plc（RPRX）财务数据对比。点击上方公司名可切换其他公司
Royalty Pharma plc的季度营收约是Hess Midstream LP的1.5倍（$622.0M vs $404.2M），Royalty Pharma plc净利率更高（34.4% vs 23.1%，领先11.4%），Royalty Pharma plc同比增速更快（4.8% vs 2.1%），过去两年Hess Midstream LP的营收复合增速更高（6.6% vs 4.6%）
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。
本公司是总部位于美国马萨诸塞州剑桥市的临床阶段生物制药企业，专注于研发可调节转化生长因子β（TGF-β）超家族蛋白的药物，该类蛋白在红细胞、肌肉、骨骼、血管等细胞与组织的生长修复过程中发挥核心作用。
HESM vs RPRX — 直观对比
营收规模更大
RPRX
是对方的1.5倍
$404.2M
营收增速更快
RPRX
高出2.7%
2.1%
净利率更高
RPRX
高出11.4%
23.1%
两年增速更快
HESM
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $404.2M | $622.0M |
| 净利润 | $93.3M | $214.2M |
| 毛利率 | — | — |
| 营业利润率 | 62.2% | 62.4% |
| 净利率 | 23.1% | 34.4% |
| 营收同比 | 2.1% | 4.8% |
| 净利润同比 | 32.5% | 2.9% |
| 每股收益（稀释后） | — | $0.49 |
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HESMRPRX
| Q4 25 | $404.2M | $622.0M | ||
| Q3 25 | $420.9M | $609.3M | ||
| Q2 25 | $414.2M | $578.7M | ||
| Q1 25 | $382.0M | $568.2M | ||
| Q4 24 | $395.9M | $593.6M | ||
| Q3 24 | $378.5M | $564.7M | ||
| Q2 24 | $365.5M | $537.3M | ||
| Q1 24 | $355.6M | $568.0M |
净利润HESMRPRX
| Q4 25 | $93.3M | $214.2M | ||
| Q3 25 | $97.7M | $288.2M | ||
| Q2 25 | $90.3M | $30.2M | ||
| Q1 25 | $71.6M | $238.3M | ||
| Q4 24 | $70.4M | $208.2M | ||
| Q3 24 | $58.6M | $544.0M | ||
| Q2 24 | $49.5M | $102.0M | ||
| Q1 24 | $44.6M | $4.8M |
营业利润率HESMRPRX
| Q4 25 | 62.2% | 62.4% | ||
| Q3 25 | 61.5% | 70.1% | ||
| Q2 25 | 62.8% | 36.3% | ||
| Q1 25 | 62.1% | 94.0% | ||
| Q4 24 | 61.4% | 60.9% | ||
| Q3 24 | 61.2% | — | ||
| Q2 24 | 60.8% | 50.2% | ||
| Q1 24 | 62.4% | -13.0% |
净利率HESMRPRX
| Q4 25 | 23.1% | 34.4% | ||
| Q3 25 | 23.2% | 47.3% | ||
| Q2 25 | 21.8% | 5.2% | ||
| Q1 25 | 18.7% | 41.9% | ||
| Q4 24 | 17.8% | 35.1% | ||
| Q3 24 | 15.5% | 96.3% | ||
| Q2 24 | 13.5% | 19.0% | ||
| Q1 24 | 12.5% | 0.8% |
每股收益（稀释后）HESMRPRX
| Q4 25 | — | $0.49 | ||
| Q3 25 | — | $0.67 | ||
| Q2 25 | — | $0.07 | ||
| Q1 25 | — | $0.55 | ||
| Q4 24 | — | $0.46 | ||
| Q3 24 | — | $1.21 | ||
| Q2 24 | — | $0.23 | ||
| Q1 24 | — | $0.01 |
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 | $618.7M |
| 总债务越低越好 | $3.8B | $9.0B |
| 股东权益账面价值 | — | $9.7B |
| 总资产 | $4.4B | $19.6B |
| 负债/权益比越低杠杆越低 | — | 0.92× |
8季度趋势，按日历期对齐
现金及短期投资HESMRPRX
| Q4 25 | $1.9M | $618.7M | ||
| Q3 25 | $5.5M | $938.9M | ||
| Q2 25 | $4.5M | $631.9M | ||
| Q1 25 | $6.1M | $1.1B | ||
| Q4 24 | $4.3M | $929.0M | ||
| Q3 24 | $10.3M | $950.1M | ||
| Q2 24 | $99.6M | $1.8B | ||
| Q1 24 | $4.2M | $843.0M |
总债务HESMRPRX
| Q4 25 | $3.8B | $9.0B | ||
| Q3 25 | — | $8.9B | ||
| Q2 25 | — | $8.0B | ||
| Q1 25 | — | $7.6B | ||
| Q4 24 | $3.5B | $7.6B | ||
| Q3 24 | — | $7.6B | ||
| Q2 24 | — | $7.6B | ||
| Q1 24 | — | $6.1B |
股东权益HESMRPRX
| Q4 25 | — | $9.7B | ||
| Q3 25 | — | $9.6B | ||
| Q2 25 | — | $9.5B | ||
| Q1 25 | — | $9.8B | ||
| Q4 24 | — | $10.3B | ||
| Q3 24 | — | $10.3B | ||
| Q2 24 | — | $9.8B | ||
| Q1 24 | — | $9.9B |
总资产HESMRPRX
| Q4 25 | $4.4B | $19.6B | ||
| Q3 25 | $4.4B | $19.3B | ||
| Q2 25 | $4.4B | $18.3B | ||
| Q1 25 | $4.3B | $17.6B | ||
| Q4 24 | $4.2B | $18.2B | ||
| Q3 24 | $4.1B | $18.0B | ||
| Q2 24 | $4.1B | $17.7B | ||
| Q1 24 | $3.9B | $16.1B |
负债/权益比HESMRPRX
| Q4 25 | — | 0.92× | ||
| Q3 25 | — | 0.93× | ||
| Q2 25 | — | 0.84× | ||
| Q1 25 | — | 0.78× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.74× | ||
| Q2 24 | — | 0.78× | ||
| Q1 24 | — | 0.62× |
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 | $827.1M |
| 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× | 3.86× |
| 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HESMRPRX
| Q4 25 | $245.6M | $827.1M | ||
| Q3 25 | $258.9M | $702.6M | ||
| Q2 25 | $276.9M | $364.0M | ||
| Q1 25 | $202.4M | $596.1M | ||
| Q4 24 | $258.5M | $742.5M | ||
| Q3 24 | $224.9M | $703.6M | ||
| Q2 24 | $271.6M | $658.2M | ||
| Q1 24 | $185.3M | $664.6M |
自由现金流HESMRPRX
| 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HESMRPRX
| 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HESMRPRX
| 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HESMRPRX
| Q4 25 | 2.63× | 3.86× | ||
| Q3 25 | 2.65× | 2.44× | ||
| Q2 25 | 3.07× | 12.06× | ||
| Q1 25 | 2.83× | 2.50× | ||
| Q4 24 | 3.67× | 3.57× | ||
| Q3 24 | 3.84× | 1.29× | ||
| Q2 24 | 5.49× | 6.45× | ||
| Q1 24 | 4.15× | 139.10× |
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% |
RPRX
| Financial Royalty Assets | $592.4M | 95% |
| Royalty Income Other | $29.6M | 5% |
