vs
霍尼韦尔（HON）与PLAINS GP HOLDINGS LP（PAGP）财务数据对比。点击上方公司名可切换其他公司
PLAINS GP HOLDINGS LP的季度营收约是霍尼韦尔的1.1倍（$10.0B vs $9.1B），霍尼韦尔净利率更高（8.7% vs 0.6%，领先8.1%），霍尼韦尔同比增速更快（2.0% vs -19.1%），PLAINS GP HOLDINGS LP自由现金流更多（$636.0M vs $56.0M），过去两年霍尼韦尔的营收复合增速更高（-2.3% vs -8.6%）
霍尼韦尔国际是总部位于美国北卡罗来纳州夏洛特的上市跨国集团，位列2023年《财富》世界500强第115位。核心业务覆盖航空航天、楼宇自动化、工业自动化、能源与可持续发展解决方案四大领域，还受美国能源部委托运营桑迪亚国家实验室。
Plains GP Holdings是一家业主有限合伙企业，业务覆盖美国及加拿大地区的液化石油气、石油产品的管道运输、营销及仓储。公司拥有总长约2.96万公里的管线权益，配套约7500万桶原油、2800万桶天然气凝液、680亿立方英尺天然气的存储能力，还运营5座天然气加工厂，总部位于得克萨斯州休斯敦市中心的艾伦中心。
HON vs PAGP — 直观对比
营收规模更大
PAGP
是对方的1.1倍
$9.1B
营收增速更快
HON
高出21.1%
-19.1%
净利率更高
HON
高出8.1%
0.6%
自由现金流更多
PAGP
多$580.0M
$56.0M
两年增速更快
HON
近两年复合增速
-8.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $9.1B | $10.0B |
| 净利润 | $795.0M | $63.0M |
| 毛利率 | — | 7.0% |
| 营业利润率 | 16.1% | 1.8% |
| 净利率 | 8.7% | 0.6% |
| 营收同比 | 2.0% | -19.1% |
| 净利润同比 | -45.8% | 672.7% |
| 每股收益（稀释后） | $1.29 | — |
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HONPAGP
| Q1 26 | $9.1B | — | ||
| Q4 25 | $6.9B | $10.0B | ||
| Q3 25 | $10.4B | $11.6B | ||
| Q2 25 | $10.4B | $10.6B | ||
| Q1 25 | $9.8B | $12.0B | ||
| Q4 24 | $10.1B | $12.4B | ||
| Q3 24 | $9.7B | $12.7B | ||
| Q2 24 | $9.6B | $12.9B |
净利润HONPAGP
| Q1 26 | $795.0M | — | ||
| Q4 25 | $-115.0M | $63.0M | ||
| Q3 25 | $1.8B | $83.0M | ||
| Q2 25 | $1.6B | $30.0M | ||
| Q1 25 | $1.4B | $84.0M | ||
| Q4 24 | $1.3B | $-11.0M | ||
| Q3 24 | $1.4B | $33.0M | ||
| Q2 24 | $1.5B | $39.0M |
毛利率HONPAGP
| Q1 26 | — | — | ||
| Q4 25 | 36.1% | 7.0% | ||
| Q3 25 | 31.1% | 8.6% | ||
| Q2 25 | 35.4% | 8.3% | ||
| Q1 25 | 35.2% | 10.4% | ||
| Q4 24 | 36.4% | 9.5% | ||
| Q3 24 | 35.1% | 9.3% | ||
| Q2 24 | 35.0% | 8.3% |
营业利润率HONPAGP
| Q1 26 | 16.1% | — | ||
| Q4 25 | 16.0% | 1.8% | ||
| Q3 25 | 23.1% | 4.2% | ||
| Q2 25 | 22.9% | 2.2% | ||
| Q1 25 | 23.0% | 4.4% | ||
| Q4 24 | 21.6% | 0.7% | ||
| Q3 24 | 23.6% | 2.7% | ||
| Q2 24 | 23.0% | 2.9% |
净利率HONPAGP
| Q1 26 | 8.7% | — | ||
| Q4 25 | -1.7% | 0.6% | ||
| Q3 25 | 17.5% | 0.7% | ||
| Q2 25 | 15.2% | 0.3% | ||
| Q1 25 | 14.8% | 0.7% | ||
| Q4 24 | 12.7% | -0.1% | ||
| Q3 24 | 14.5% | 0.3% | ||
| Q2 24 | 16.1% | 0.3% |
每股收益（稀释后）HONPAGP
| Q1 26 | $1.29 | — | ||
| Q4 25 | $-0.17 | — | ||
| Q3 25 | $2.86 | — | ||
| Q2 25 | $2.45 | — | ||
| Q1 25 | $2.22 | — | ||
| Q4 24 | $1.96 | — | ||
| Q3 24 | $2.16 | — | ||
| Q2 24 | $2.36 | — |
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 | $12.4B | $329.0M |
| 总债务越低越好 | $32.1B | $10.7B |
| 股东权益账面价值 | — | — |
| 总资产 | $74.0B | $31.3B |
| 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HONPAGP
| Q1 26 | $12.4B | — | ||
| Q4 25 | $12.9B | $329.0M | ||
| Q3 25 | $13.4B | $1.2B | ||
| Q2 25 | $10.7B | $460.0M | ||
| Q1 25 | $10.1B | $429.0M | ||
| Q4 24 | $11.0B | $349.0M | ||
| Q3 24 | $10.9B | $641.0M | ||
| Q2 24 | $9.8B | $556.0M |
总债务HONPAGP
| Q1 26 | $32.1B | — | ||
| Q4 25 | $27.1B | $10.7B | ||
| Q3 25 | $30.1B | $8.4B | ||
| Q2 25 | $30.2B | $8.2B | ||
| Q1 25 | $25.7B | $8.2B | ||
| Q4 24 | $25.5B | $7.2B | ||
| Q3 24 | $25.9B | $7.2B | ||
| Q2 24 | $20.9B | $7.2B |
股东权益HONPAGP
| Q1 26 | — | — | ||
| Q4 25 | $13.9B | — | ||
| Q3 25 | $16.8B | — | ||
| Q2 25 | $16.1B | — | ||
| Q1 25 | $17.5B | — | ||
| Q4 24 | $18.6B | — | ||
| Q3 24 | $17.4B | — | ||
| Q2 24 | $16.9B | — |
总资产HONPAGP
| Q1 26 | $74.0B | — | ||
| Q4 25 | $73.7B | $31.3B | ||
| Q3 25 | $80.9B | $29.3B | ||
| Q2 25 | $78.4B | $28.3B | ||
| Q1 25 | $75.2B | $28.3B | ||
| Q4 24 | $75.2B | $27.8B | ||
| Q3 24 | $73.5B | $28.4B | ||
| Q2 24 | $69.3B | $28.7B |
负债/权益比HONPAGP
| Q1 26 | — | — | ||
| Q4 25 | 1.95× | — | ||
| Q3 25 | 1.79× | — | ||
| Q2 25 | 1.87× | — | ||
| Q1 25 | 1.47× | — | ||
| Q4 24 | 1.37× | — | ||
| Q3 24 | 1.49× | — | ||
| Q2 24 | 1.23× | — |
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 | $0 | $784.0M |
| 自由现金流经营现金流 - 资本支出 | $56.0M | $636.0M |
| 自由现金流率自由现金流/营收 | 0.6% | 6.3% |
| 资本支出强度资本支出/营收 | 2.4% | 1.5% |
| 现金转化率经营现金流/净利润 | 0.00× | 12.44× |
| 过去12个月自由现金流最近4个季度 | $5.1B | $2.3B |
8季度趋势，按日历期对齐
经营现金流HONPAGP
| Q1 26 | $0 | — | ||
| Q4 25 | $1.2B | $784.0M | ||
| Q3 25 | $3.3B | $817.0M | ||
| Q2 25 | $1.3B | $692.0M | ||
| Q1 25 | $597.0M | $638.0M | ||
| Q4 24 | $2.3B | $726.0M | ||
| Q3 24 | $2.0B | $688.0M | ||
| Q2 24 | $1.4B | $652.0M |
自由现金流HONPAGP
| Q1 26 | $56.0M | — | ||
| Q4 25 | $1.1B | $636.0M | ||
| Q3 25 | $2.9B | $632.0M | ||
| Q2 25 | $1.0B | $573.0M | ||
| Q1 25 | $346.0M | $447.0M | ||
| Q4 24 | $1.9B | $560.0M | ||
| Q3 24 | $1.7B | $531.0M | ||
| Q2 24 | $1.1B | $513.0M |
自由现金流率HONPAGP
| Q1 26 | 0.6% | — | ||
| Q4 25 | 16.7% | 6.3% | ||
| Q3 25 | 28.0% | 5.5% | ||
| Q2 25 | 9.8% | 5.4% | ||
| Q1 25 | 3.5% | 3.7% | ||
| Q4 24 | 18.7% | 4.5% | ||
| Q3 24 | 17.7% | 4.2% | ||
| Q2 24 | 11.6% | 4.0% |
资本支出强度HONPAGP
| Q1 26 | 2.4% | — | ||
| Q4 25 | 0.8% | 1.5% | ||
| Q3 25 | 3.6% | 1.6% | ||
| Q2 25 | 2.9% | 1.1% | ||
| Q1 25 | 2.6% | 1.6% | ||
| Q4 24 | 3.9% | 1.3% | ||
| Q3 24 | 2.9% | 1.2% | ||
| Q2 24 | 2.7% | 1.1% |
现金转化率HONPAGP
| Q1 26 | 0.00× | — | ||
| Q4 25 | — | 12.44× | ||
| Q3 25 | 1.80× | 9.84× | ||
| Q2 25 | 0.84× | 23.07× | ||
| Q1 25 | 0.41× | 7.60× | ||
| Q4 24 | 1.78× | — | ||
| Q3 24 | 1.41× | 20.85× | ||
| Q2 24 | 0.89× | 16.72× |
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
HON
| Aerospace Technologies | $4.3B | 47% |
| Building Automation | $1.9B | 21% |
| Process Automation and Technology | $1.5B | 17% |
| Industrial Automation | $1.4B | 16% |
| Corporate and All Other | $5.0M | 0% |
PAGP
| Products | $9.6B | 96% |
| Services | $421.0M | 4% |
| Affiliated Entity | $14.0M | 0% |
