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李维斯（LEVI）与MPLX LP（MPLX）财务数据对比。点击上方公司名可切换其他公司
MPLX LP的季度营收约是李维斯的1.4倍（$2.5B vs $1.8B），MPLX LP净利率更高（49.1% vs 8.9%，领先40.1%），MPLX LP同比增速更快（1.4% vs -4.0%），MPLX LP自由现金流更多（$782.0M vs $215.7M），过去两年李维斯的营收复合增速更高（6.5% vs 6.2%）
李维斯（Levi Strauss & Co.）是全球知名的美国服饰企业，凭借旗下Levi's品牌丹宁牛仔裤享誉全球。公司创立于1853年5月，由德裔犹太移民李维·斯特劳斯在旧金山成立，注册地为特拉华州，总部设在旧金山李维斯广场。
MPLX LP旗下子公司MarkWest Energy Partners是美国业主有限合伙企业，主营天然气收集、加工及运输业务。该公司1988年成立于科罗拉多州丹佛市，曾发展为科罗拉多州第13大企业，2015年被马拉松石油旗下的MPLX收购。
LEVI vs MPLX — 直观对比
营收规模更大
MPLX
是对方的1.4倍
$1.8B
营收增速更快
MPLX
高出5.4%
-4.0%
净利率更高
MPLX
高出40.1%
8.9%
自由现金流更多
MPLX
多$566.3M
$215.7M
两年增速更快
LEVI
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $2.5B |
| 净利润 | $158.0M | $1.2B |
| 毛利率 | 60.8% | — |
| 营业利润率 | 11.9% | 60.5% |
| 净利率 | 8.9% | 49.1% |
| 营收同比 | -4.0% | 1.4% |
| 净利润同比 | -13.4% | 8.5% |
| 每股收益（稀释后） | $0.39 | — |
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LEVIMPLX
| Q4 25 | $1.8B | $2.5B | ||
| Q3 25 | $1.5B | $2.5B | ||
| Q2 25 | $1.4B | $2.4B | ||
| Q1 25 | $1.5B | $2.5B | ||
| Q4 24 | $1.8B | $2.4B | ||
| Q3 24 | $1.5B | $2.3B | ||
| Q2 24 | $1.4B | $2.3B | ||
| Q1 24 | $1.6B | $2.2B |
净利润LEVIMPLX
| Q4 25 | $158.0M | $1.2B | ||
| Q3 25 | $218.1M | $1.6B | ||
| Q2 25 | $67.0M | $1.1B | ||
| Q1 25 | $135.0M | $1.1B | ||
| Q4 24 | $182.5M | $1.1B | ||
| Q3 24 | $20.7M | $1.0B | ||
| Q2 24 | $18.0M | $1.2B | ||
| Q1 24 | $-10.6M | $1.0B |
毛利率LEVIMPLX
| Q4 25 | 60.8% | — | ||
| Q3 25 | 61.7% | — | ||
| Q2 25 | 62.6% | — | ||
| Q1 25 | 62.1% | — | ||
| Q4 24 | 61.3% | — | ||
| Q3 24 | 60.0% | — | ||
| Q2 24 | 60.5% | — | ||
| Q1 24 | 58.2% | — |
营业利润率LEVIMPLX
| Q4 25 | 11.9% | 60.5% | ||
| Q3 25 | 10.8% | 73.2% | ||
| Q2 25 | 7.5% | 54.9% | ||
| Q1 25 | 12.5% | 55.5% | ||
| Q4 24 | 11.5% | 55.6% | ||
| Q3 24 | 2.0% | 54.4% | ||
| Q2 24 | 1.5% | 62.9% | ||
| Q1 24 | -0.0% | 57.6% |
净利率LEVIMPLX
| Q4 25 | 8.9% | 49.1% | ||
| Q3 25 | 14.1% | 63.2% | ||
| Q2 25 | 4.6% | 44.9% | ||
| Q1 25 | 8.8% | 46.2% | ||
| Q4 24 | 9.9% | 45.9% | ||
| Q3 24 | 1.4% | 44.6% | ||
| Q2 24 | 1.2% | 52.6% | ||
| Q1 24 | -0.7% | 46.7% |
每股收益（稀释后）LEVIMPLX
| Q4 25 | $0.39 | — | ||
| Q3 25 | $0.55 | — | ||
| Q2 25 | $0.17 | — | ||
| Q1 25 | $0.34 | — | ||
| Q4 24 | $0.46 | — | ||
| Q3 24 | $0.05 | — | ||
| Q2 24 | $0.04 | — | ||
| Q1 24 | $-0.03 | — |
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 | $848.8M | $2.1B |
| 总债务越低越好 | $1.1B | $24.2B |
| 股东权益账面价值 | $2.3B | — |
| 总资产 | $6.8B | $43.0B |
| 负债/权益比越低杠杆越低 | 0.46× | — |
8季度趋势，按日历期对齐
现金及短期投资LEVIMPLX
| Q4 25 | $848.8M | $2.1B | ||
| Q3 25 | $707.5M | $1.8B | ||
| Q2 25 | $736.7M | $1.4B | ||
| Q1 25 | $574.4M | $2.5B | ||
| Q4 24 | $690.0M | $1.5B | ||
| Q3 24 | $577.1M | $2.4B | ||
| Q2 24 | $641.4M | $2.5B | ||
| Q1 24 | $516.7M | $385.0M |
总债务LEVIMPLX
| Q4 25 | $1.1B | $24.2B | ||
| Q3 25 | $1.0B | $24.1B | ||
| Q2 25 | $1.0B | $19.7B | ||
| Q1 25 | $987.4M | $19.7B | ||
| Q4 24 | $994.0M | $19.3B | ||
| Q3 24 | $1.0B | $19.3B | ||
| Q2 24 | $1.0B | $19.2B | ||
| Q1 24 | $1.0B | $18.8B |
股东权益LEVIMPLX
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $2.1B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $1.9B | — | ||
| Q2 24 | $2.0B | — | ||
| Q1 24 | $2.0B | — |
总资产LEVIMPLX
| Q4 25 | $6.8B | $43.0B | ||
| Q3 25 | $6.7B | $43.2B | ||
| Q2 25 | $6.5B | $37.8B | ||
| Q1 25 | $6.2B | $39.0B | ||
| Q4 24 | $6.4B | $37.5B | ||
| Q3 24 | $6.3B | $38.5B | ||
| Q2 24 | $6.2B | $38.4B | ||
| Q1 24 | $6.0B | $36.5B |
负债/权益比LEVIMPLX
| Q4 25 | 0.46× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.49× | — | ||
| Q1 25 | 0.49× | — | ||
| Q4 24 | 0.50× | — | ||
| Q3 24 | 0.54× | — | ||
| Q2 24 | 0.51× | — | ||
| Q1 24 | 0.51× | — |
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 | $266.8M | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $215.7M | $782.0M |
| 自由现金流率自由现金流/营收 | 12.2% | 31.9% |
| 资本支出强度资本支出/营收 | 2.9% | 29.1% |
| 现金转化率经营现金流/净利润 | 1.69× | 1.24× |
| 过去12个月自由现金流最近4个季度 | $308.2M | $4.1B |
8季度趋势，按日历期对齐
经营现金流LEVIMPLX
| Q4 25 | $266.8M | $1.5B | ||
| Q3 25 | $24.8M | $1.4B | ||
| Q2 25 | $185.5M | $1.7B | ||
| Q1 25 | $52.5M | $1.2B | ||
| Q4 24 | $297.3M | $1.7B | ||
| Q3 24 | $52.3M | $1.4B | ||
| Q2 24 | $262.8M | $1.6B | ||
| Q1 24 | $286.0M | $1.3B |
自由现金流LEVIMPLX
| Q4 25 | $215.7M | $782.0M | ||
| Q3 25 | $-39.4M | $905.0M | ||
| Q2 25 | $146.0M | $1.4B | ||
| Q1 25 | $-14.1M | $979.0M | ||
| Q4 24 | $231.6M | $1.4B | ||
| Q3 24 | $2.3M | $1.1B | ||
| Q2 24 | $222.6M | $1.4B | ||
| Q1 24 | $214.4M | $1.0B |
自由现金流率LEVIMPLX
| Q4 25 | 12.2% | 31.9% | ||
| Q3 25 | -2.6% | 36.8% | ||
| Q2 25 | 10.1% | 60.9% | ||
| Q1 25 | -0.9% | 39.8% | ||
| Q4 24 | 12.6% | 56.6% | ||
| Q3 24 | 0.2% | 48.4% | ||
| Q2 24 | 15.4% | 60.0% | ||
| Q1 24 | 13.8% | 47.7% |
资本支出强度LEVIMPLX
| Q4 25 | 2.9% | 29.1% | ||
| Q3 25 | 4.2% | 21.4% | ||
| Q2 25 | 2.7% | 12.8% | ||
| Q1 25 | 4.4% | 10.9% | ||
| Q4 24 | 3.6% | 12.7% | ||
| Q3 24 | 3.3% | 11.9% | ||
| Q2 24 | 2.8% | 9.4% | ||
| Q1 24 | 4.6% | 11.7% |
现金转化率LEVIMPLX
| Q4 25 | 1.69× | 1.24× | ||
| Q3 25 | 0.11× | 0.92× | ||
| Q2 25 | 2.77× | 1.64× | ||
| Q1 25 | 0.39× | 1.10× | ||
| Q4 24 | 1.63× | 1.51× | ||
| Q3 24 | 2.53× | 1.35× | ||
| Q2 24 | 14.60× | 1.32× | ||
| Q1 24 | — | 1.27× |
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
LEVI
| Other | $760.3M | 43% |
| Sales Channel Through Intermediary | $583.2M | 33% |
| Sales Channel Directly To Consumer | $376.0M | 21% |
| Beyond Yoga | $46.3M | 3% |
MPLX
| Services | $746.0M | 30% |
| Other | $675.0M | 28% |
| Products | $492.0M | 20% |
| Nonrelated Party | $186.0M | 8% |
| Related Party | $151.0M | 6% |
| Crude Oil And Products Logistics | $104.0M | 4% |
| Service Other | $56.0M | 2% |
| Natural Gas And NGL Services | $41.0M | 2% |
