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Hess Midstream LP（HESM）与Rackspace Technology, Inc.（RXT）财务数据对比。点击上方公司名可切换其他公司
Rackspace Technology, Inc.的季度营收约是Hess Midstream LP的1.7倍（$682.8M vs $404.2M），Hess Midstream LP净利率更高（23.1% vs -4.8%，领先27.9%），Hess Midstream LP同比增速更快（2.1% vs -0.4%），Hess Midstream LP自由现金流更多（$178.9M vs $56.0M），过去两年Hess Midstream LP的营收复合增速更高（6.6% vs -0.6%）
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。
Rackspace Technology, Inc.是总部位于美国得克萨斯州圣安东尼奥的云计算企业，在弗吉尼亚州雷斯顿以及澳大利亚、加拿大、英国、印度、迪拜、瑞士、荷兰、德国、新加坡、墨西哥、中国香港等多个国家和地区设有办事处，数据中心分布于全球多个主要城市，为客户提供专业的云计算相关服务。
HESM vs RXT — 直观对比
营收规模更大
RXT
是对方的1.7倍
$404.2M
营收增速更快
HESM
高出2.5%
-0.4%
净利率更高
HESM
高出27.9%
-4.8%
自由现金流更多
HESM
多$122.9M
$56.0M
两年增速更快
HESM
近两年复合增速
-0.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $404.2M | $682.8M |
| 净利润 | $93.3M | $-32.7M |
| 毛利率 | — | 17.6% |
| 营业利润率 | 62.2% | -0.5% |
| 净利率 | 23.1% | -4.8% |
| 营收同比 | 2.1% | -0.4% |
| 净利润同比 | 32.5% | 41.6% |
| 每股收益（稀释后） | — | $-0.13 |
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HESMRXT
| Q4 25 | $404.2M | $682.8M | ||
| Q3 25 | $420.9M | $671.2M | ||
| Q2 25 | $414.2M | $666.3M | ||
| Q1 25 | $382.0M | $665.4M | ||
| Q4 24 | $395.9M | $685.6M | ||
| Q3 24 | $378.5M | $675.8M | ||
| Q2 24 | $365.5M | $684.9M | ||
| Q1 24 | $355.6M | $690.8M |
净利润HESMRXT
| Q4 25 | $93.3M | $-32.7M | ||
| Q3 25 | $97.7M | $-67.1M | ||
| Q2 25 | $90.3M | $-54.5M | ||
| Q1 25 | $71.6M | $-71.5M | ||
| Q4 24 | $70.4M | $-56.0M | ||
| Q3 24 | $58.6M | $-186.6M | ||
| Q2 24 | $49.5M | $25.0M | ||
| Q1 24 | $44.6M | $-640.6M |
毛利率HESMRXT
| Q4 25 | — | 17.6% | ||
| Q3 25 | — | 19.4% | ||
| Q2 25 | — | 19.4% | ||
| Q1 25 | — | 19.1% | ||
| Q4 24 | — | 19.2% | ||
| Q3 24 | — | 20.3% | ||
| Q2 24 | — | 19.2% | ||
| Q1 24 | — | 19.2% |
营业利润率HESMRXT
| Q4 25 | 62.2% | -0.5% | ||
| Q3 25 | 61.5% | -5.1% | ||
| Q2 25 | 62.8% | -3.8% | ||
| Q1 25 | 62.1% | -5.8% | ||
| Q4 24 | 61.4% | -4.2% | ||
| Q3 24 | 61.2% | -25.7% | ||
| Q2 24 | 60.8% | -7.9% | ||
| Q1 24 | 62.4% | -94.5% |
净利率HESMRXT
| Q4 25 | 23.1% | -4.8% | ||
| Q3 25 | 23.2% | -10.0% | ||
| Q2 25 | 21.8% | -8.2% | ||
| Q1 25 | 18.7% | -10.7% | ||
| Q4 24 | 17.8% | -8.2% | ||
| Q3 24 | 15.5% | -27.6% | ||
| Q2 24 | 13.5% | 3.7% | ||
| Q1 24 | 12.5% | -92.7% |
每股收益（稀释后）HESMRXT
| Q4 25 | — | $-0.13 | ||
| Q3 25 | — | $-0.28 | ||
| Q2 25 | — | $-0.23 | ||
| Q1 25 | — | $-0.31 | ||
| Q4 24 | — | $-0.20 | ||
| Q3 24 | — | $-0.82 | ||
| Q2 24 | — | $0.11 | ||
| Q1 24 | — | $-2.91 |
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 | $105.8M |
| 总债务越低越好 | $3.8B | $2.7B |
| 股东权益账面价值 | — | $-1.2B |
| 总资产 | $4.4B | $2.8B |
| 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HESMRXT
| Q4 25 | $1.9M | $105.8M | ||
| Q3 25 | $5.5M | $99.5M | ||
| Q2 25 | $4.5M | $103.9M | ||
| Q1 25 | $6.1M | $128.0M | ||
| Q4 24 | $4.3M | $144.0M | ||
| Q3 24 | $10.3M | $157.1M | ||
| Q2 24 | $99.6M | $190.2M | ||
| Q1 24 | $4.2M | $282.6M |
总债务HESMRXT
| Q4 25 | $3.8B | $2.7B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | $3.5B | $2.8B | ||
| Q3 24 | — | $2.8B | ||
| Q2 24 | — | $2.9B | ||
| Q1 24 | — | $3.0B |
股东权益HESMRXT
| Q4 25 | — | $-1.2B | ||
| Q3 25 | — | $-1.2B | ||
| Q2 25 | — | $-1.1B | ||
| Q1 25 | — | $-1.1B | ||
| Q4 24 | — | $-1.0B | ||
| Q3 24 | — | $-949.7M | ||
| Q2 24 | — | $-756.2M | ||
| Q1 24 | — | $-787.2M |
总资产HESMRXT
| Q4 25 | $4.4B | $2.8B | ||
| Q3 25 | $4.4B | $2.8B | ||
| Q2 25 | $4.4B | $2.9B | ||
| Q1 25 | $4.3B | $3.0B | ||
| Q4 24 | $4.2B | $3.1B | ||
| Q3 24 | $4.1B | $3.1B | ||
| Q2 24 | $4.1B | $3.4B | ||
| Q1 24 | $3.9B | $3.5B |
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 | $59.7M |
| 自由现金流经营现金流 - 资本支出 | $178.9M | $56.0M |
| 自由现金流率自由现金流/营收 | 44.3% | 8.2% |
| 资本支出强度资本支出/营收 | 16.5% | 0.5% |
| 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 | $90.6M |
8季度趋势，按日历期对齐
经营现金流HESMRXT
| Q4 25 | $245.6M | $59.7M | ||
| Q3 25 | $258.9M | $70.7M | ||
| Q2 25 | $276.9M | $8.4M | ||
| Q1 25 | $202.4M | $12.6M | ||
| Q4 24 | $258.5M | $54.3M | ||
| Q3 24 | $224.9M | $51.8M | ||
| Q2 24 | $271.6M | $24.1M | ||
| Q1 24 | $185.3M | $-90.3M |
自由现金流HESMRXT
| Q4 25 | $178.9M | $56.0M | ||
| Q3 25 | $178.9M | $42.7M | ||
| Q2 25 | $213.5M | $-12.4M | ||
| Q1 25 | $156.9M | $4.3M | ||
| Q4 24 | $163.4M | $34.4M | ||
| Q3 24 | $132.6M | $27.3M | ||
| Q2 24 | $207.7M | $-14.5M | ||
| Q1 24 | $130.5M | $-118.4M |
自由现金流率HESMRXT
| Q4 25 | 44.3% | 8.2% | ||
| Q3 25 | 42.5% | 6.4% | ||
| Q2 25 | 51.5% | -1.9% | ||
| Q1 25 | 41.1% | 0.6% | ||
| Q4 24 | 41.3% | 5.0% | ||
| Q3 24 | 35.0% | 4.0% | ||
| Q2 24 | 56.8% | -2.1% | ||
| Q1 24 | 36.7% | -17.1% |
资本支出强度HESMRXT
| Q4 25 | 16.5% | 0.5% | ||
| Q3 25 | 19.0% | 4.2% | ||
| Q2 25 | 15.3% | 3.1% | ||
| Q1 25 | 11.9% | 1.2% | ||
| Q4 24 | 24.0% | 2.9% | ||
| Q3 24 | 24.4% | 3.6% | ||
| Q2 24 | 17.5% | 5.6% | ||
| Q1 24 | 15.4% | 4.1% |
现金转化率HESMRXT
| 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× | 0.96× | ||
| 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% |
RXT
| Public Cloud Services Segment | $442.2M | 65% |
| Private Cloud Service Segment | $240.6M | 35% |
