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Kinetik Holdings Inc.（KNTK）与NGL Energy Partners LP（NGL）财务数据对比。点击上方公司名可切换其他公司
NGL Energy Partners LP的季度营收约是Kinetik Holdings Inc.的2.1倍（$909.8M vs $430.4M）。Kinetik Holdings Inc.净利率更高（96.8% vs 5.2%，领先91.6%）。Kinetik Holdings Inc.同比增速更快（11.6% vs -41.3%）。NGL Energy Partners LP自由现金流更多（$45.7M vs $-24.0M）。过去两年Kinetik Holdings Inc.的营收复合增速更高（12.3% vs -6.4%）
Kinetik Holdings Inc.是一家聚焦二叠纪盆地的中游能源基础设施供应商，为美国南部核心油气产区的上游作业方提供天然气收集、处理、运输、存储，以及原油、采出水处置等一体化服务。
NGL Energy Partners LP是一家总部位于美国的中游能源服务企业，主营原油、液化天然气、可再生燃料的运输、存储及物流服务，同时为上游能源生产商提供水资源管理解决方案，业务主要覆盖北美市场。
KNTK vs NGL — 直观对比
营收规模更大
NGL
是对方的2.1倍
$430.4M
营收增速更快
KNTK
高出52.9%
-41.3%
净利率更高
KNTK
高出91.6%
5.2%
自由现金流更多
NGL
多$69.7M
$-24.0M
两年增速更快
KNTK
近两年复合增速
-6.4%
损益表 — Q4 2025 vs Q3 2026
| 指标 | | |
|---|---|---|
| 营收 | $430.4M | $909.8M |
| 净利润 | $416.7M | $47.2M |
| 毛利率 | — | 29.0% |
| 营业利润率 | 11.2% | 12.1% |
| 净利率 | 96.8% | 5.2% |
| 营收同比 | 11.6% | -41.3% |
| 净利润同比 | 2468.4% | 249.3% |
| 每股收益（稀释后） | $2.22 | — |
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KNTKNGL
| Q4 25 | $430.4M | $909.8M | ||
| Q3 25 | $464.0M | $674.7M | ||
| Q2 25 | $426.7M | $622.2M | ||
| Q1 25 | $443.3M | $971.1M | ||
| Q4 24 | $385.7M | $982.4M | ||
| Q3 24 | $396.4M | $756.5M | ||
| Q2 24 | $359.5M | $759.2M | ||
| Q1 24 | $341.4M | $1.0B |
净利润KNTKNGL
| Q4 25 | $416.7M | $47.2M | ||
| Q3 25 | $5.3M | $29.3M | ||
| Q2 25 | $23.6M | $68.9M | ||
| Q1 25 | $19.3M | $13.7M | ||
| Q4 24 | $16.2M | $13.5M | ||
| Q3 24 | $25.8M | $2.5M | ||
| Q2 24 | $37.2M | $9.7M | ||
| Q1 24 | $233.6M | $-236.8M |
毛利率KNTKNGL
| Q4 25 | — | 29.0% | ||
| Q3 25 | — | 37.6% | ||
| Q2 25 | — | 38.5% | ||
| Q1 25 | — | 26.9% | ||
| Q4 24 | — | 25.1% | ||
| Q3 24 | — | 30.9% | ||
| Q2 24 | — | 29.0% | ||
| Q1 24 | — | 21.8% |
营业利润率KNTKNGL
| Q4 25 | 11.2% | 12.1% | ||
| Q3 25 | 4.3% | 14.0% | ||
| Q2 25 | 18.2% | 15.7% | ||
| Q1 25 | 4.3% | 8.4% | ||
| Q4 24 | 6.1% | 8.6% | ||
| Q3 24 | 18.4% | 10.8% | ||
| Q2 24 | 15.7% | 10.8% | ||
| Q1 24 | 7.6% | -9.4% |
净利率KNTKNGL
| Q4 25 | 96.8% | 5.2% | ||
| Q3 25 | 1.1% | 4.3% | ||
| Q2 25 | 5.5% | 11.1% | ||
| Q1 25 | 4.3% | 1.4% | ||
| Q4 24 | 4.2% | 1.4% | ||
| Q3 24 | 6.5% | 0.3% | ||
| Q2 24 | 10.3% | 1.3% | ||
| Q1 24 | 68.4% | -22.8% |
每股收益（稀释后）KNTKNGL
| Q4 25 | $2.22 | — | ||
| Q3 25 | $0.03 | — | ||
| Q2 25 | $0.33 | — | ||
| Q1 25 | $0.05 | — | ||
| Q4 24 | $0.01 | — | ||
| Q3 24 | $0.35 | — | ||
| Q2 24 | $0.54 | — | ||
| Q1 24 | $0.12 | — |
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 | $4.0M | $6.5M |
| 总债务越低越好 | $3.6B | $2.9B |
| 股东权益账面价值 | $-565.4M | — |
| 总资产 | $7.1B | $4.4B |
| 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KNTKNGL
| Q4 25 | $4.0M | $6.5M | ||
| Q3 25 | $7.7M | $8.7M | ||
| Q2 25 | $10.7M | $5.4M | ||
| Q1 25 | $8.8M | $13.5M | ||
| Q4 24 | $3.6M | $5.7M | ||
| Q3 24 | $20.4M | $4.5M | ||
| Q2 24 | $12.5M | $5.3M | ||
| Q1 24 | $9.8M | $38.9M |
总债务KNTKNGL
| Q4 25 | $3.6B | $2.9B | ||
| Q3 25 | $4.0B | $2.9B | ||
| Q2 25 | $3.7B | $2.9B | ||
| Q1 25 | $3.6B | $3.0B | ||
| Q4 24 | $3.4B | $3.1B | ||
| Q3 24 | $3.3B | $3.1B | ||
| Q2 24 | $3.3B | $3.0B | ||
| Q1 24 | $3.5B | $2.9B |
股东权益KNTKNGL
| Q4 25 | $-565.4M | — | ||
| Q3 25 | $-1.8B | — | ||
| Q2 25 | $-1.6B | — | ||
| Q1 25 | $-2.5B | — | ||
| Q4 24 | $-3.0B | — | ||
| Q3 24 | $-1.7B | — | ||
| Q2 24 | $-1.2B | — | ||
| Q1 24 | $-973.4M | — |
总资产KNTKNGL
| Q4 25 | $7.1B | $4.4B | ||
| Q3 25 | $7.2B | $4.3B | ||
| Q2 25 | $7.2B | $4.2B | ||
| Q1 25 | $7.0B | $4.6B | ||
| Q4 24 | $6.8B | $4.8B | ||
| Q3 24 | $6.9B | $4.9B | ||
| Q2 24 | $6.9B | $4.8B | ||
| Q1 24 | $6.4B | $5.0B |
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 | $110.1M | $182.3M |
| 自由现金流经营现金流 - 资本支出 | $-24.0M | $45.7M |
| 自由现金流率自由现金流/营收 | -5.6% | 5.0% |
| 资本支出强度资本支出/营收 | 31.2% | 15.0% |
| 现金转化率经营现金流/净利润 | 0.26× | 3.86× |
| 过去12个月自由现金流最近4个季度 | $111.6M | $126.7M |
8季度趋势，按日历期对齐
经营现金流KNTKNGL
| Q4 25 | $110.1M | $182.3M | ||
| Q3 25 | $188.1M | $40.5M | ||
| Q2 25 | $129.1M | $33.2M | ||
| Q1 25 | $176.8M | $155.0M | ||
| Q4 24 | $144.0M | $153.8M | ||
| Q3 24 | $214.1M | $6.7M | ||
| Q2 24 | $125.5M | $-18.1M | ||
| Q1 24 | $153.7M | $152.2M |
自由现金流KNTKNGL
| Q4 25 | $-24.0M | $45.7M | ||
| Q3 25 | $31.6M | $9.5M | ||
| Q2 25 | $1.8M | $11.1M | ||
| Q1 25 | $102.3M | $60.4M | ||
| Q4 24 | $36.3M | $152.1M | ||
| Q3 24 | $155.7M | $-82.9M | ||
| Q2 24 | $86.1M | $-78.0M | ||
| Q1 24 | $95.7M | $119.8M |
自由现金流率KNTKNGL
| Q4 25 | -5.6% | 5.0% | ||
| Q3 25 | 6.8% | 1.4% | ||
| Q2 25 | 0.4% | 1.8% | ||
| Q1 25 | 23.1% | 6.2% | ||
| Q4 24 | 9.4% | 15.5% | ||
| Q3 24 | 39.3% | -11.0% | ||
| Q2 24 | 24.0% | -10.3% | ||
| Q1 24 | 28.0% | 11.5% |
资本支出强度KNTKNGL
| Q4 25 | 31.2% | 15.0% | ||
| Q3 25 | 33.7% | 4.6% | ||
| Q2 25 | 29.8% | 3.6% | ||
| Q1 25 | 16.8% | 9.7% | ||
| Q4 24 | 27.9% | 0.2% | ||
| Q3 24 | 14.7% | 11.8% | ||
| Q2 24 | 11.0% | 7.9% | ||
| Q1 24 | 17.0% | 3.1% |
现金转化率KNTKNGL
| Q4 25 | 0.26× | 3.86× | ||
| Q3 25 | 35.73× | 1.38× | ||
| Q2 25 | 5.46× | 0.48× | ||
| Q1 25 | 9.18× | 11.29× | ||
| Q4 24 | 8.88× | 11.39× | ||
| Q3 24 | 8.31× | 2.74× | ||
| Q2 24 | 3.37× | -1.87× | ||
| Q1 24 | 0.66× | — |
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
KNTK
| Natural Gas NG Ls And Condensate Sales | $325.5M | 76% |
| Gathering And Processing Services | $101.6M | 24% |
| Other | $3.3M | 1% |
| Barilla Draw | $2.3M | 1% |
NGL
| Water Solutions Segment | $208.6M | 23% |
| Services | $193.3M | 21% |
| Butane | $192.5M | 21% |
| Service Fees | $182.8M | 20% |
| Public Utilities Inventory Propane | $93.9M | 10% |
| Crude Oil | $23.3M | 3% |
| Crude Oil Transportation And Other | $6.5M | 1% |
| Liquids Logistics Segment | $2.5M | 0% |
| Crude Oil Logistics Segment | $1.2M | 0% |
