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Kinetik Holdings Inc.（KNTK）与USA Compression Partners, LP（USAC）财务数据对比。点击上方公司名可切换其他公司
Kinetik Holdings Inc.的季度营收约是USA Compression Partners, LP的1.7倍（$430.4M vs $252.5M），Kinetik Holdings Inc.净利率更高（96.8% vs 11.0%，领先85.8%），Kinetik Holdings Inc.同比增速更快（11.6% vs 2.7%），USA Compression Partners, LP自由现金流更多（$87.7M vs $-24.0M），过去两年Kinetik Holdings Inc.的营收复合增速更高（12.3% vs 4.9%）
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。
USA Compression Partners, LP是一家总部位于美国的天然气压缩服务供应商，服务覆盖油气行业上游、中游及下游领域，提供定制化压缩系统、设备维护与运营支持，助力天然气生产、加工和运输环节高效运转。
KNTK vs USAC — 直观对比
营收规模更大
KNTK
是对方的1.7倍
$252.5M
营收增速更快
KNTK
高出8.9%
2.7%
净利率更高
KNTK
高出85.8%
11.0%
自由现金流更多
USAC
多$111.8M
$-24.0M
两年增速更快
KNTK
近两年复合增速
4.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $430.4M | $252.5M |
| 净利润 | $416.7M | $27.8M |
| 毛利率 | — | — |
| 营业利润率 | 11.2% | 30.3% |
| 净利率 | 96.8% | 11.0% |
| 营收同比 | 11.6% | 2.7% |
| 净利润同比 | 2468.4% | 9.1% |
| 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KNTKUSAC
| Q4 25 | $430.4M | $252.5M | ||
| Q3 25 | $464.0M | $250.3M | ||
| Q2 25 | $426.7M | $250.1M | ||
| Q1 25 | $443.3M | $245.2M | ||
| Q4 24 | $385.7M | $245.9M | ||
| Q3 24 | $396.4M | $240.0M | ||
| Q2 24 | $359.5M | $235.3M | ||
| Q1 24 | $341.4M | $229.3M |
净利润KNTKUSAC
| Q4 25 | $416.7M | $27.8M | ||
| Q3 25 | $5.3M | $34.5M | ||
| Q2 25 | $23.6M | $28.6M | ||
| Q1 25 | $19.3M | $20.5M | ||
| Q4 24 | $16.2M | $25.4M | ||
| Q3 24 | $25.8M | $19.3M | ||
| Q2 24 | $37.2M | $31.2M | ||
| Q1 24 | $233.6M | $23.6M |
营业利润率KNTKUSAC
| Q4 25 | 11.2% | 30.3% | ||
| Q3 25 | 4.3% | 33.5% | ||
| Q2 25 | 18.2% | 30.6% | ||
| Q1 25 | 4.3% | 28.3% | ||
| Q4 24 | 6.1% | 30.3% | ||
| Q3 24 | 18.4% | 31.5% | ||
| Q2 24 | 15.7% | 32.9% | ||
| Q1 24 | 7.6% | 29.2% |
净利率KNTKUSAC
| Q4 25 | 96.8% | 11.0% | ||
| Q3 25 | 1.1% | 13.8% | ||
| Q2 25 | 5.5% | 11.4% | ||
| Q1 25 | 4.3% | 8.4% | ||
| Q4 24 | 4.2% | 10.3% | ||
| Q3 24 | 6.5% | 8.1% | ||
| Q2 24 | 10.3% | 13.3% | ||
| Q1 24 | 68.4% | 10.3% |
每股收益（稀释后）KNTKUSAC
| 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 | $8.6M |
| 总债务越低越好 | $3.6B | $2.5B |
| 股东权益账面价值 | $-565.4M | — |
| 总资产 | $7.1B | $2.6B |
| 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KNTKUSAC
| Q4 25 | $4.0M | $8.6M | ||
| Q3 25 | $7.7M | — | ||
| Q2 25 | $10.7M | $2.0K | ||
| Q1 25 | $8.8M | $2.0K | ||
| Q4 24 | $3.6M | $14.0K | ||
| Q3 24 | $20.4M | $79.0K | ||
| Q2 24 | $12.5M | $9.0K | ||
| Q1 24 | $9.8M | $8.0K |
总债务KNTKUSAC
| Q4 25 | $3.6B | $2.5B | ||
| Q3 25 | $4.0B | $2.5B | ||
| Q2 25 | $3.7B | $2.5B | ||
| Q1 25 | $3.6B | $2.5B | ||
| Q4 24 | $3.4B | $2.5B | ||
| Q3 24 | $3.3B | $2.5B | ||
| Q2 24 | $3.3B | $2.5B | ||
| Q1 24 | $3.5B | $2.5B |
股东权益KNTKUSAC
| 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KNTKUSAC
| Q4 25 | $7.1B | $2.6B | ||
| Q3 25 | $7.2B | $2.7B | ||
| Q2 25 | $7.2B | $2.7B | ||
| Q1 25 | $7.0B | $2.7B | ||
| Q4 24 | $6.8B | $2.7B | ||
| Q3 24 | $6.9B | $2.8B | ||
| Q2 24 | $6.9B | $2.8B | ||
| Q1 24 | $6.4B | $2.8B |
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 | $139.5M |
| 自由现金流经营现金流 - 资本支出 | $-24.0M | $87.7M |
| 自由现金流率自由现金流/营收 | -5.6% | 34.8% |
| 资本支出强度资本支出/营收 | 31.2% | 20.5% |
| 现金转化率经营现金流/净利润 | 0.26× | 5.02× |
| 过去12个月自由现金流最近4个季度 | $111.6M | $277.0M |
8季度趋势，按日历期对齐
经营现金流KNTKUSAC
| Q4 25 | $110.1M | $139.5M | ||
| Q3 25 | $188.1M | $75.9M | ||
| Q2 25 | $129.1M | $124.2M | ||
| Q1 25 | $176.8M | $54.7M | ||
| Q4 24 | $144.0M | $130.2M | ||
| Q3 24 | $214.1M | $48.5M | ||
| Q2 24 | $125.5M | $96.7M | ||
| Q1 24 | $153.7M | $65.9M |
自由现金流KNTKUSAC
| Q4 25 | $-24.0M | $87.7M | ||
| Q3 25 | $31.6M | $51.9M | ||
| Q2 25 | $1.8M | $101.1M | ||
| Q1 25 | $102.3M | $36.3M | ||
| Q4 24 | $36.3M | $101.2M | ||
| Q3 24 | $155.7M | $19.8M | ||
| Q2 24 | $86.1M | $48.2M | ||
| Q1 24 | $95.7M | $-32.7M |
自由现金流率KNTKUSAC
| Q4 25 | -5.6% | 34.8% | ||
| Q3 25 | 6.8% | 20.7% | ||
| Q2 25 | 0.4% | 40.4% | ||
| Q1 25 | 23.1% | 14.8% | ||
| Q4 24 | 9.4% | 41.1% | ||
| Q3 24 | 39.3% | 8.2% | ||
| Q2 24 | 24.0% | 20.5% | ||
| Q1 24 | 28.0% | -14.3% |
资本支出强度KNTKUSAC
| Q4 25 | 31.2% | 20.5% | ||
| Q3 25 | 33.7% | 9.6% | ||
| Q2 25 | 29.8% | 9.3% | ||
| Q1 25 | 16.8% | 7.5% | ||
| Q4 24 | 27.9% | 11.8% | ||
| Q3 24 | 14.7% | 12.0% | ||
| Q2 24 | 11.0% | 20.6% | ||
| Q1 24 | 17.0% | 43.0% |
现金转化率KNTKUSAC
| Q4 25 | 0.26× | 5.02× | ||
| Q3 25 | 35.73× | 2.20× | ||
| Q2 25 | 5.46× | 4.35× | ||
| Q1 25 | 9.18× | 2.66× | ||
| Q4 24 | 8.88× | 5.12× | ||
| Q3 24 | 8.31× | 2.51× | ||
| Q2 24 | 3.37× | 3.10× | ||
| Q1 24 | 0.66× | 2.80× |
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% |
USAC
| Revenue From Contract Operations Excluding Revenue From Related Party | $231.7M | 92% |
| Entities Affiliated With Energy Transfer LP | $16.6M | 7% |
| Transferred At Point In Time | $5.4M | 2% |
