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惠普（HPQ）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
惠普的季度营收约是PLAINS GP HOLDINGS LP的1.5倍（$14.6B vs $10.0B），惠普净利率更高（5.4% vs 0.6%，领先4.8%），惠普同比增速更快（4.2% vs -19.1%），惠普自由现金流更多（$1.4B vs $636.0M），过去两年惠普的营收复合增速更高（5.4% vs -8.6%）
惠普（HP）是美国知名跨国信息技术企业，1939年由比尔·休利特与戴维·帕卡德在加州帕洛阿尔托的一间车库中创立，后续成长为硅谷核心地带极具影响力的科技巨头，其倡导的“惠普之道”经营理念也在行业内广为流传。
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。
HPQ vs PAGP — 直观对比
营收规模更大
HPQ
是对方的1.5倍
$10.0B
营收增速更快
HPQ
高出23.3%
-19.1%
净利率更高
HPQ
高出4.8%
0.6%
自由现金流更多
HPQ
多$791.0M
$636.0M
两年增速更快
HPQ
近两年复合增速
-8.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $14.6B | $10.0B |
| 净利润 | $795.0M | $63.0M |
| 毛利率 | 20.2% | 7.0% |
| 营业利润率 | 6.6% | 1.8% |
| 净利率 | 5.4% | 0.6% |
| 营收同比 | 4.2% | -19.1% |
| 净利润同比 | -12.3% | 672.7% |
| 每股收益（稀释后） | $0.84 | — |
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HPQPAGP
| Q4 25 | $14.6B | $10.0B | ||
| Q3 25 | $13.9B | $11.6B | ||
| Q2 25 | $13.2B | $10.6B | ||
| Q1 25 | $13.5B | $12.0B | ||
| Q4 24 | $14.1B | $12.4B | ||
| Q3 24 | $13.5B | $12.7B | ||
| Q2 24 | $12.8B | $12.9B | ||
| Q1 24 | $13.2B | $12.0B |
净利润HPQPAGP
| Q4 25 | $795.0M | $63.0M | ||
| Q3 25 | $763.0M | $83.0M | ||
| Q2 25 | $406.0M | $30.0M | ||
| Q1 25 | $565.0M | $84.0M | ||
| Q4 24 | $906.0M | $-11.0M | ||
| Q3 24 | $640.0M | $33.0M | ||
| Q2 24 | $607.0M | $39.0M | ||
| Q1 24 | $622.0M | $42.0M |
毛利率HPQPAGP
| Q4 25 | 20.2% | 7.0% | ||
| Q3 25 | 20.5% | 8.6% | ||
| Q2 25 | 20.7% | 8.3% | ||
| Q1 25 | 21.0% | 10.4% | ||
| Q4 24 | 21.4% | 9.5% | ||
| Q3 24 | 21.5% | 9.3% | ||
| Q2 24 | 23.6% | 8.3% | ||
| Q1 24 | 21.9% | 9.0% |
营业利润率HPQPAGP
| Q4 25 | 6.6% | 1.8% | ||
| Q3 25 | 5.1% | 4.2% | ||
| Q2 25 | 4.9% | 2.2% | ||
| Q1 25 | 6.3% | 4.4% | ||
| Q4 24 | 7.1% | 0.7% | ||
| Q3 24 | 7.0% | 2.7% | ||
| Q2 24 | 7.4% | 2.9% | ||
| Q1 24 | 7.1% | 3.1% |
净利率HPQPAGP
| Q4 25 | 5.4% | 0.6% | ||
| Q3 25 | 5.5% | 0.7% | ||
| Q2 25 | 3.1% | 0.3% | ||
| Q1 25 | 4.2% | 0.7% | ||
| Q4 24 | 6.4% | -0.1% | ||
| Q3 24 | 4.7% | 0.3% | ||
| Q2 24 | 4.7% | 0.3% | ||
| Q1 24 | 4.7% | 0.4% |
每股收益（稀释后）HPQPAGP
| Q4 25 | $0.84 | — | ||
| Q3 25 | $0.80 | — | ||
| Q2 25 | $0.42 | — | ||
| Q1 25 | $0.59 | — | ||
| Q4 24 | $0.93 | — | ||
| Q3 24 | $0.65 | — | ||
| Q2 24 | $0.61 | — | ||
| Q1 24 | $0.62 | — |
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 | $3.7B | $329.0M |
| 总债务越低越好 | $9.7B | $10.7B |
| 股东权益账面价值 | $-346.0M | — |
| 总资产 | $41.8B | $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HPQPAGP
| Q4 25 | $3.7B | $329.0M | ||
| Q3 25 | $2.9B | $1.2B | ||
| Q2 25 | $2.7B | $460.0M | ||
| Q1 25 | $2.9B | $429.0M | ||
| Q4 24 | $3.2B | $349.0M | ||
| Q3 24 | $2.8B | $641.0M | ||
| Q2 24 | $2.4B | $556.0M | ||
| Q1 24 | $2.3B | $334.0M |
总债务HPQPAGP
| Q4 25 | $9.7B | $10.7B | ||
| Q3 25 | — | $8.4B | ||
| Q2 25 | — | $8.2B | ||
| Q1 25 | — | $8.2B | ||
| Q4 24 | $9.7B | $7.2B | ||
| Q3 24 | — | $7.2B | ||
| Q2 24 | — | $7.2B | ||
| Q1 24 | — | $7.3B |
股东权益HPQPAGP
| Q4 25 | $-346.0M | — | ||
| Q3 25 | $-901.0M | — | ||
| Q2 25 | $-1.3B | — | ||
| Q1 25 | $-1.1B | — | ||
| Q4 24 | $-1.3B | — | ||
| Q3 24 | $-1.4B | — | ||
| Q2 24 | $-916.0M | — | ||
| Q1 24 | $-1.6B | — |
总资产HPQPAGP
| Q4 25 | $41.8B | $31.3B | ||
| Q3 25 | $39.9B | $29.3B | ||
| Q2 25 | $38.8B | $28.3B | ||
| Q1 25 | $38.9B | $28.3B | ||
| Q4 24 | $39.9B | $27.8B | ||
| Q3 24 | $38.1B | $28.4B | ||
| Q2 24 | $37.4B | $28.7B | ||
| Q1 24 | $35.8B | $28.6B |
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 | $1.6B | $784.0M |
| 自由现金流经营现金流 - 资本支出 | $1.4B | $636.0M |
| 自由现金流率自由现金流/营收 | 9.7% | 6.3% |
| 资本支出强度资本支出/营收 | 1.3% | 1.5% |
| 现金转化率经营现金流/净利润 | 2.04× | 12.44× |
| 过去12个月自由现金流最近4个季度 | $2.8B | $2.3B |
8季度趋势，按日历期对齐
经营现金流HPQPAGP
| Q4 25 | $1.6B | $784.0M | ||
| Q3 25 | $1.7B | $817.0M | ||
| Q2 25 | $38.0M | $692.0M | ||
| Q1 25 | $374.0M | $638.0M | ||
| Q4 24 | $1.6B | $726.0M | ||
| Q3 24 | $1.4B | $688.0M | ||
| Q2 24 | $581.0M | $652.0M | ||
| Q1 24 | $121.0M | $418.0M |
自由现金流HPQPAGP
| Q4 25 | $1.4B | $636.0M | ||
| Q3 25 | $1.4B | $632.0M | ||
| Q2 25 | $-145.0M | $573.0M | ||
| Q1 25 | $72.0M | $447.0M | ||
| Q4 24 | $1.5B | $560.0M | ||
| Q3 24 | $1.3B | $531.0M | ||
| Q2 24 | $462.0M | $513.0M | ||
| Q1 24 | $-37.0M | $261.0M |
自由现金流率HPQPAGP
| Q4 25 | 9.7% | 6.3% | ||
| Q3 25 | 10.4% | 5.5% | ||
| Q2 25 | -1.1% | 5.4% | ||
| Q1 25 | 0.5% | 3.7% | ||
| Q4 24 | 10.5% | 4.5% | ||
| Q3 24 | 9.3% | 4.2% | ||
| Q2 24 | 3.6% | 4.0% | ||
| Q1 24 | -0.3% | 2.2% |
资本支出强度HPQPAGP
| Q4 25 | 1.3% | 1.5% | ||
| Q3 25 | 1.5% | 1.6% | ||
| Q2 25 | 1.4% | 1.1% | ||
| Q1 25 | 2.2% | 1.6% | ||
| Q4 24 | 1.1% | 1.3% | ||
| Q3 24 | 1.2% | 1.2% | ||
| Q2 24 | 0.9% | 1.1% | ||
| Q1 24 | 1.2% | 1.3% |
现金转化率HPQPAGP
| Q4 25 | 2.04× | 12.44× | ||
| Q3 25 | 2.18× | 9.84× | ||
| Q2 25 | 0.09× | 23.07× | ||
| Q1 25 | 0.66× | 7.60× | ||
| Q4 24 | 1.79× | — | ||
| Q3 24 | 2.23× | 20.85× | ||
| Q2 24 | 0.96× | 16.72× | ||
| Q1 24 | 0.19× | 9.95× |
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
HPQ
| Commercial PS | $7.0B | 48% |
| Consumer PS | $3.4B | 23% |
| Supplies | $2.8B | 19% |
| Commercial Printing | $1.2B | 8% |
| Consumer Printing | $296.0M | 2% |
| Corporate Investments | $19.0M | 0% |
PAGP
| Products | $9.6B | 96% |
| Services | $421.0M | 4% |
| Affiliated Entity | $14.0M | 0% |
