vs
Hess Midstream LP（HESM）与SOLAREDGE TECHNOLOGIES, INC.（SEDG）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SOLAREDGE TECHNOLOGIES, INC.的1.2倍（$404.2M vs $335.4M），Hess Midstream LP净利率更高（23.1% vs -39.4%，领先62.5%），SOLAREDGE TECHNOLOGIES, INC.同比增速更快（70.9% vs 2.1%），Hess Midstream LP自由现金流更多（$178.9M vs $43.3M），过去两年SOLAREDGE TECHNOLOGIES, INC.的营收复合增速更高（28.1% 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。
SolarEdge Technologies是一家以色列新能源科技企业，核心研发并推出了直流优化逆变器系统，该方案可提升光伏发电的能效表现，助力光伏系统实现更稳定、高效的电力转换，在全球分布式光伏领域拥有广泛的应用场景和市场认可度。
HESM vs SEDG — 直观对比
营收规模更大
HESM
是对方的1.2倍
$335.4M
营收增速更快
SEDG
高出68.8%
2.1%
净利率更高
HESM
高出62.5%
-39.4%
自由现金流更多
HESM
多$135.6M
$43.3M
两年增速更快
SEDG
近两年复合增速
6.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $404.2M | $335.4M |
| 净利润 | $93.3M | $-132.1M |
| 毛利率 | — | 22.2% |
| 营业利润率 | 62.2% | -14.4% |
| 净利率 | 23.1% | -39.4% |
| 营收同比 | 2.1% | 70.9% |
| 净利润同比 | 32.5% | 54.0% |
| 每股收益（稀释后） | — | $-2.21 |
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HESMSEDG
| Q4 25 | $404.2M | $335.4M | ||
| Q3 25 | $420.9M | $340.2M | ||
| Q2 25 | $414.2M | $289.4M | ||
| Q1 25 | $382.0M | $219.5M | ||
| Q4 24 | $395.9M | $196.2M | ||
| Q3 24 | $378.5M | $235.4M | ||
| Q2 24 | $365.5M | $265.4M | ||
| Q1 24 | $355.6M | $204.4M |
净利润HESMSEDG
| Q4 25 | $93.3M | $-132.1M | ||
| Q3 25 | $97.7M | $-50.1M | ||
| Q2 25 | $90.3M | $-124.7M | ||
| Q1 25 | $71.6M | $-98.5M | ||
| Q4 24 | $70.4M | $-287.4M | ||
| Q3 24 | $58.6M | $-1.2B | ||
| Q2 24 | $49.5M | $-130.8M | ||
| Q1 24 | $44.6M | $-157.3M |
毛利率HESMSEDG
| Q4 25 | — | 22.2% | ||
| Q3 25 | — | 21.2% | ||
| Q2 25 | — | 11.1% | ||
| Q1 25 | — | 8.0% | ||
| Q4 24 | — | -57.2% | ||
| Q3 24 | — | -309.1% | ||
| Q2 24 | — | -4.1% | ||
| Q1 24 | — | -12.8% |
营业利润率HESMSEDG
| Q4 25 | 62.2% | -14.4% | ||
| Q3 25 | 61.5% | -10.3% | ||
| Q2 25 | 62.8% | -39.9% | ||
| Q1 25 | 62.1% | -46.8% | ||
| Q4 24 | 61.4% | -134.4% | ||
| Q3 24 | 61.2% | -471.8% | ||
| Q2 24 | 60.8% | -60.4% | ||
| Q1 24 | 62.4% | -85.0% |
净利率HESMSEDG
| Q4 25 | 23.1% | -39.4% | ||
| Q3 25 | 23.2% | -14.7% | ||
| Q2 25 | 21.8% | -43.1% | ||
| Q1 25 | 18.7% | -44.9% | ||
| Q4 24 | 17.8% | -146.5% | ||
| Q3 24 | 15.5% | -522.8% | ||
| Q2 24 | 13.5% | -49.3% | ||
| Q1 24 | 12.5% | -77.0% |
每股收益（稀释后）HESMSEDG
| Q4 25 | — | $-2.21 | ||
| Q3 25 | — | $-0.84 | ||
| Q2 25 | — | $-2.13 | ||
| Q1 25 | — | $-1.70 | ||
| Q4 24 | — | $-5.00 | ||
| Q3 24 | — | $-21.58 | ||
| Q2 24 | — | $-2.31 | ||
| Q1 24 | — | $-2.75 |
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 | $493.2M |
| 总债务越低越好 | $3.8B | — |
| 股东权益账面价值 | — | $427.5M |
| 总资产 | $4.4B | $2.2B |
| 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HESMSEDG
| Q4 25 | $1.9M | $493.2M | ||
| Q3 25 | $5.5M | $498.6M | ||
| Q2 25 | $4.5M | $758.0M | ||
| Q1 25 | $6.1M | $651.6M | ||
| Q4 24 | $4.3M | $585.9M | ||
| Q3 24 | $10.3M | $678.8M | ||
| Q2 24 | $99.6M | $689.8M | ||
| Q1 24 | $4.2M | $680.6M |
总债务HESMSEDG
| Q4 25 | $3.8B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益HESMSEDG
| Q4 25 | — | $427.5M | ||
| Q3 25 | — | $479.8M | ||
| Q2 25 | — | $513.2M | ||
| Q1 25 | — | $594.2M | ||
| Q4 24 | — | $658.3M | ||
| Q3 24 | — | $930.9M | ||
| Q2 24 | — | $2.1B | ||
| Q1 24 | — | $2.2B |
总资产HESMSEDG
| Q4 25 | $4.4B | $2.2B | ||
| Q3 25 | $4.4B | $2.2B | ||
| Q2 25 | $4.4B | $2.5B | ||
| Q1 25 | $4.3B | $2.5B | ||
| Q4 24 | $4.2B | $2.6B | ||
| Q3 24 | $4.1B | $2.8B | ||
| Q2 24 | $4.1B | $3.9B | ||
| Q1 24 | $3.9B | $4.2B |
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 | $52.6M |
| 自由现金流经营现金流 - 资本支出 | $178.9M | $43.3M |
| 自由现金流率自由现金流/营收 | 44.3% | 12.9% |
| 资本支出强度资本支出/营收 | 16.5% | 2.8% |
| 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 | $80.8M |
8季度趋势，按日历期对齐
经营现金流HESMSEDG
| Q4 25 | $245.6M | $52.6M | ||
| Q3 25 | $258.9M | $25.6M | ||
| Q2 25 | $276.9M | $-7.8M | ||
| Q1 25 | $202.4M | $33.8M | ||
| Q4 24 | $258.5M | $37.8M | ||
| Q3 24 | $224.9M | $-89.3M | ||
| Q2 24 | $271.6M | $-44.8M | ||
| Q1 24 | $185.3M | $-217.0M |
自由现金流HESMSEDG
| Q4 25 | $178.9M | $43.3M | ||
| Q3 25 | $178.9M | $22.8M | ||
| Q2 25 | $213.5M | $-9.1M | ||
| Q1 25 | $156.9M | $23.7M | ||
| Q4 24 | $163.4M | $25.5M | ||
| Q3 24 | $132.6M | $-136.7M | ||
| Q2 24 | $207.7M | $-67.0M | ||
| Q1 24 | $130.5M | $-243.4M |
自由现金流率HESMSEDG
| Q4 25 | 44.3% | 12.9% | ||
| Q3 25 | 42.5% | 6.7% | ||
| Q2 25 | 51.5% | -3.1% | ||
| Q1 25 | 41.1% | 10.8% | ||
| Q4 24 | 41.3% | 13.0% | ||
| Q3 24 | 35.0% | -58.1% | ||
| Q2 24 | 56.8% | -25.2% | ||
| Q1 24 | 36.7% | -119.1% |
资本支出强度HESMSEDG
| Q4 25 | 16.5% | 2.8% | ||
| Q3 25 | 19.0% | 0.8% | ||
| Q2 25 | 15.3% | 0.4% | ||
| Q1 25 | 11.9% | 4.6% | ||
| Q4 24 | 24.0% | 6.2% | ||
| Q3 24 | 24.4% | 20.1% | ||
| Q2 24 | 17.5% | 8.4% | ||
| Q1 24 | 15.4% | 12.9% |
现金转化率HESMSEDG
| 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× | — | ||
| 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% |
SEDG
| Other | $197.7M | 59% |
| Europe Except Netherlands | $99.4M | 30% |
| Others | $38.2M | 11% |
