vs
Hess Midstream LP（HESM）与永利度假村有限公司（RRR）财务数据对比。点击上方公司名可切换其他公司
永利度假村有限公司的季度营收约是Hess Midstream LP的1.3倍（$511.8M vs $404.2M），Hess Midstream LP净利率更高（23.1% vs 8.7%，领先14.4%），永利度假村有限公司同比增速更快（3.2% vs 2.1%），Hess Midstream LP自由现金流更多（$178.9M vs $77.7M），过去两年Hess Midstream LP的营收复合增速更高（6.6% vs 2.3%）
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。
永利度假村有限公司是总部位于美国内华达州帕拉代斯的上市企业，专注于高端酒店与赌场的开发及运营。公司由前梦幻度假村集团董事长兼首席执行官史蒂夫·永利于2002年创立，现任首席执行官为克雷格·比林斯，截至2020年共开发了6处物业。
HESM vs RRR — 直观对比
营收规模更大
RRR
是对方的1.3倍
$404.2M
营收增速更快
RRR
高出1.1%
2.1%
净利率更高
HESM
高出14.4%
8.7%
自由现金流更多
HESM
多$101.2M
$77.7M
两年增速更快
HESM
近两年复合增速
2.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $404.2M | $511.8M |
| 净利润 | $93.3M | $44.7M |
| 毛利率 | — | — |
| 营业利润率 | 62.2% | 28.1% |
| 净利率 | 23.1% | 8.7% |
| 营收同比 | 2.1% | 3.2% |
| 净利润同比 | 32.5% | -4.1% |
| 每股收益（稀释后） | — | $0.74 |
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HESMRRR
| Q4 25 | $404.2M | $511.8M | ||
| Q3 25 | $420.9M | $475.6M | ||
| Q2 25 | $414.2M | $526.3M | ||
| Q1 25 | $382.0M | $497.9M | ||
| Q4 24 | $395.9M | $495.7M | ||
| Q3 24 | $378.5M | $468.0M | ||
| Q2 24 | $365.5M | $486.4M | ||
| Q1 24 | $355.6M | $488.9M |
净利润HESMRRR
| Q4 25 | $93.3M | $44.7M | ||
| Q3 25 | $97.7M | $42.3M | ||
| Q2 25 | $90.3M | $56.4M | ||
| Q1 25 | $71.6M | $44.7M | ||
| Q4 24 | $70.4M | $46.6M | ||
| Q3 24 | $58.6M | $29.0M | ||
| Q2 24 | $49.5M | $35.7M | ||
| Q1 24 | $44.6M | $42.8M |
营业利润率HESMRRR
| Q4 25 | 62.2% | 28.1% | ||
| Q3 25 | 61.5% | 27.6% | ||
| Q2 25 | 62.8% | 31.9% | ||
| Q1 25 | 62.1% | 31.0% | ||
| Q4 24 | 61.4% | 28.7% | ||
| Q3 24 | 61.2% | 27.9% | ||
| Q2 24 | 60.8% | 28.8% | ||
| Q1 24 | 62.4% | 31.8% |
净利率HESMRRR
| Q4 25 | 23.1% | 8.7% | ||
| Q3 25 | 23.2% | 8.9% | ||
| Q2 25 | 21.8% | 10.7% | ||
| Q1 25 | 18.7% | 9.0% | ||
| Q4 24 | 17.8% | 9.4% | ||
| Q3 24 | 15.5% | 6.2% | ||
| Q2 24 | 13.5% | 7.3% | ||
| Q1 24 | 12.5% | 8.8% |
每股收益（稀释后）HESMRRR
| Q4 25 | — | $0.74 | ||
| Q3 25 | — | $0.68 | ||
| Q2 25 | — | $0.95 | ||
| Q1 25 | — | $0.75 | ||
| Q4 24 | — | $0.78 | ||
| Q3 24 | — | $0.48 | ||
| Q2 24 | — | $0.59 | ||
| Q1 24 | — | $0.68 |
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 | $142.5M |
| 总债务越低越好 | $3.8B | $3.4B |
| 股东权益账面价值 | — | $208.3M |
| 总资产 | $4.4B | $4.2B |
| 负债/权益比越低杠杆越低 | — | 16.30× |
8季度趋势，按日历期对齐
现金及短期投资HESMRRR
| Q4 25 | $1.9M | $142.5M | ||
| Q3 25 | $5.5M | $129.8M | ||
| Q2 25 | $4.5M | $145.2M | ||
| Q1 25 | $6.1M | $150.6M | ||
| Q4 24 | $4.3M | $164.4M | ||
| Q3 24 | $10.3M | $117.5M | ||
| Q2 24 | $99.6M | $136.4M | ||
| Q1 24 | $4.2M | $129.7M |
总债务HESMRRR
| Q4 25 | $3.8B | $3.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | $3.4B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HESMRRR
| Q4 25 | — | $208.3M | ||
| Q3 25 | — | $219.6M | ||
| Q2 25 | — | $203.4M | ||
| Q1 25 | — | $247.1M | ||
| Q4 24 | — | $215.1M | ||
| Q3 24 | — | $175.5M | ||
| Q2 24 | — | $159.0M | ||
| Q1 24 | — | $135.2M |
总资产HESMRRR
| Q4 25 | $4.4B | $4.2B | ||
| Q3 25 | $4.4B | $4.1B | ||
| Q2 25 | $4.4B | $4.0B | ||
| Q1 25 | $4.3B | $4.1B | ||
| Q4 24 | $4.2B | $4.0B | ||
| Q3 24 | $4.1B | $4.0B | ||
| Q2 24 | $4.1B | $4.0B | ||
| Q1 24 | $3.9B | $4.0B |
负债/权益比HESMRRR
| Q4 25 | — | 16.30× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 15.84× | ||
| 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 | $156.6M |
| 自由现金流经营现金流 - 资本支出 | $178.9M | $77.7M |
| 自由现金流率自由现金流/营收 | 44.3% | 15.2% |
| 资本支出强度资本支出/营收 | 16.5% | 15.4% |
| 现金转化率经营现金流/净利润 | 2.63× | 3.51× |
| 过去12个月自由现金流最近4个季度 | $728.2M | $290.5M |
8季度趋势，按日历期对齐
经营现金流HESMRRR
| Q4 25 | $245.6M | $156.6M | ||
| Q3 25 | $258.9M | $168.3M | ||
| Q2 25 | $276.9M | $158.4M | ||
| Q1 25 | $202.4M | $126.2M | ||
| Q4 24 | $258.5M | $148.2M | ||
| Q3 24 | $224.9M | $131.0M | ||
| Q2 24 | $271.6M | $142.5M | ||
| Q1 24 | $185.3M | $126.5M |
自由现金流HESMRRR
| Q4 25 | $178.9M | $77.7M | ||
| Q3 25 | $178.9M | $74.6M | ||
| Q2 25 | $213.5M | $80.3M | ||
| Q1 25 | $156.9M | $58.0M | ||
| Q4 24 | $163.4M | $121.4M | ||
| Q3 24 | $132.6M | $50.7M | ||
| Q2 24 | $207.7M | $64.0M | ||
| Q1 24 | $130.5M | $28.4M |
自由现金流率HESMRRR
| Q4 25 | 44.3% | 15.2% | ||
| Q3 25 | 42.5% | 15.7% | ||
| Q2 25 | 51.5% | 15.3% | ||
| Q1 25 | 41.1% | 11.6% | ||
| Q4 24 | 41.3% | 24.5% | ||
| Q3 24 | 35.0% | 10.8% | ||
| Q2 24 | 56.8% | 13.1% | ||
| Q1 24 | 36.7% | 5.8% |
资本支出强度HESMRRR
| Q4 25 | 16.5% | 15.4% | ||
| Q3 25 | 19.0% | 19.7% | ||
| Q2 25 | 15.3% | 14.9% | ||
| Q1 25 | 11.9% | 13.7% | ||
| Q4 24 | 24.0% | 5.4% | ||
| Q3 24 | 24.4% | 17.2% | ||
| Q2 24 | 17.5% | 16.2% | ||
| Q1 24 | 15.4% | 20.1% |
现金转化率HESMRRR
| Q4 25 | 2.63× | 3.51× | ||
| Q3 25 | 2.65× | 3.98× | ||
| Q2 25 | 3.07× | 2.81× | ||
| Q1 25 | 2.83× | 2.82× | ||
| Q4 24 | 3.67× | 3.18× | ||
| Q3 24 | 3.84× | 4.53× | ||
| Q2 24 | 5.49× | 4.00× | ||
| Q1 24 | 4.15× | 2.95× |
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% |
RRR
| Casino | $343.0M | 67% |
| Food And Beverage | $93.3M | 18% |
| Occupancy | $47.2M | 9% |
| Hotel Other | $24.6M | 5% |
