vs
林德（LIN）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的季度营收约是林德的1.1倍（$10.0B vs $8.8B），林德同比增速更快（8.2% vs -19.1%），PLAINS GP HOLDINGS LP自由现金流更多（$636.0M vs $898.0K），过去两年林德的营收复合增速更高（3.1% vs -8.6%）
林德是全球知名跨国化工企业，按市场份额及营收计为全球最大工业气体供应商。公司1879年由德国科学家、工程师卡尔·冯·林德在德国威斯巴登创立，现总部位于英国沃金，在爱尔兰注册，2018年由原林德股份公司与1907年在美国成立的普莱克斯合并组建。
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。
LIN vs PAGP — 直观对比
营收规模更大
PAGP
是对方的1.1倍
$8.8B
营收增速更快
LIN
高出27.4%
-19.1%
自由现金流更多
PAGP
多$635.1M
$898.0K
两年增速更快
LIN
近两年复合增速
-8.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $10.0B |
| 净利润 | — | $63.0M |
| 毛利率 | 48.5% | 7.0% |
| 营业利润率 | 27.8% | 1.8% |
| 净利率 | — | 0.6% |
| 营收同比 | 8.2% | -19.1% |
| 净利润同比 | — | 672.7% |
| 每股收益（稀释后） | $3.98 | — |
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LINPAGP
| Q1 26 | $8.8B | — | ||
| Q4 25 | $8.8B | $10.0B | ||
| Q3 25 | $8.6B | $11.6B | ||
| Q2 25 | $8.5B | $10.6B | ||
| Q1 25 | $8.1B | $12.0B | ||
| Q4 24 | $8.3B | $12.4B | ||
| Q3 24 | $8.4B | $12.7B | ||
| Q2 24 | $8.3B | $12.9B |
净利润LINPAGP
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $63.0M | ||
| Q3 25 | $1.9B | $83.0M | ||
| Q2 25 | $1.8B | $30.0M | ||
| Q1 25 | $1.7B | $84.0M | ||
| Q4 24 | $1.7B | $-11.0M | ||
| Q3 24 | $1.6B | $33.0M | ||
| Q2 24 | $1.7B | $39.0M |
毛利率LINPAGP
| Q1 26 | 48.5% | — | ||
| Q4 25 | — | 7.0% | ||
| Q3 25 | — | 8.6% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.4% | ||
| Q4 24 | — | 9.5% | ||
| Q3 24 | — | 9.3% | ||
| Q2 24 | — | 8.3% |
营业利润率LINPAGP
| Q1 26 | 27.8% | — | ||
| Q4 25 | 23.0% | 1.8% | ||
| Q3 25 | 27.5% | 4.2% | ||
| Q2 25 | 27.7% | 2.2% | ||
| Q1 25 | 26.9% | 4.4% | ||
| Q4 24 | 27.4% | 0.7% | ||
| Q3 24 | 25.0% | 2.7% | ||
| Q2 24 | 26.4% | 2.9% |
净利率LINPAGP
| Q1 26 | — | — | ||
| Q4 25 | 17.5% | 0.6% | ||
| Q3 25 | 22.4% | 0.7% | ||
| Q2 25 | 20.8% | 0.3% | ||
| Q1 25 | 20.6% | 0.7% | ||
| Q4 24 | 20.8% | -0.1% | ||
| Q3 24 | 18.5% | 0.3% | ||
| Q2 24 | 20.1% | 0.3% |
每股收益（稀释后）LINPAGP
| Q1 26 | $3.98 | — | ||
| Q4 25 | $3.28 | — | ||
| Q3 25 | $4.09 | — | ||
| Q2 25 | $3.73 | — | ||
| Q1 25 | $3.51 | — | ||
| Q4 24 | $3.61 | — | ||
| Q3 24 | $3.22 | — | ||
| Q2 24 | $3.44 | — |
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 | $4.0B | $329.0M |
| 总债务越低越好 | $24.7B | $10.7B |
| 股东权益账面价值 | $40.1B | — |
| 总资产 | $86.3B | $31.3B |
| 负债/权益比越低杠杆越低 | 0.62× | — |
8季度趋势，按日历期对齐
现金及短期投资LINPAGP
| Q1 26 | $4.0B | — | ||
| Q4 25 | $5.1B | $329.0M | ||
| Q3 25 | $4.5B | $1.2B | ||
| Q2 25 | $4.8B | $460.0M | ||
| Q1 25 | $5.3B | $429.0M | ||
| Q4 24 | $4.8B | $349.0M | ||
| Q3 24 | $5.2B | $641.0M | ||
| Q2 24 | $4.6B | $556.0M |
总债务LINPAGP
| Q1 26 | $24.7B | — | ||
| Q4 25 | $20.7B | $10.7B | ||
| Q3 25 | $18.6B | $8.4B | ||
| Q2 25 | $19.7B | $8.2B | ||
| Q1 25 | $17.6B | $8.2B | ||
| Q4 24 | $15.3B | $7.2B | ||
| Q3 24 | $17.5B | $7.2B | ||
| Q2 24 | $16.9B | $7.2B |
股东权益LINPAGP
| Q1 26 | $40.1B | — | ||
| Q4 25 | $38.2B | — | ||
| Q3 25 | $38.6B | — | ||
| Q2 25 | $38.5B | — | ||
| Q1 25 | $38.0B | — | ||
| Q4 24 | $38.1B | — | ||
| Q3 24 | $39.2B | — | ||
| Q2 24 | $38.2B | — |
总资产LINPAGP
| Q1 26 | $86.3B | — | ||
| Q4 25 | $86.8B | $31.3B | ||
| Q3 25 | $86.0B | $29.3B | ||
| Q2 25 | $86.1B | $28.3B | ||
| Q1 25 | $82.7B | $28.3B | ||
| Q4 24 | $80.1B | $27.8B | ||
| Q3 24 | $82.5B | $28.4B | ||
| Q2 24 | $80.2B | $28.7B |
负债/权益比LINPAGP
| Q1 26 | 0.62× | — | ||
| Q4 25 | 0.54× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.51× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 0.40× | — | ||
| Q3 24 | 0.45× | — | ||
| Q2 24 | 0.44× | — |
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 | — | $784.0M |
| 自由现金流经营现金流 - 资本支出 | $898.0K | $636.0M |
| 自由现金流率自由现金流/营收 | 0.0% | 6.3% |
| 资本支出强度资本支出/营收 | — | 1.5% |
| 现金转化率经营现金流/净利润 | — | 12.44× |
| 过去12个月自由现金流最近4个季度 | $4.2B | $2.3B |
8季度趋势，按日历期对齐
经营现金流LINPAGP
| Q1 26 | — | — | ||
| Q4 25 | $3.0B | $784.0M | ||
| Q3 25 | $2.9B | $817.0M | ||
| Q2 25 | $2.2B | $692.0M | ||
| Q1 25 | $2.2B | $638.0M | ||
| Q4 24 | $2.8B | $726.0M | ||
| Q3 24 | $2.7B | $688.0M | ||
| Q2 24 | $1.9B | $652.0M |
自由现金流LINPAGP
| Q1 26 | $898.0K | — | ||
| Q4 25 | $1.6B | $636.0M | ||
| Q3 25 | $1.7B | $632.0M | ||
| Q2 25 | $954.0M | $573.0M | ||
| Q1 25 | $891.0M | $447.0M | ||
| Q4 24 | $1.6B | $560.0M | ||
| Q3 24 | $1.7B | $531.0M | ||
| Q2 24 | $796.0M | $513.0M |
自由现金流率LINPAGP
| Q1 26 | 0.0% | — | ||
| Q4 25 | 17.9% | 6.3% | ||
| Q3 25 | 19.4% | 5.5% | ||
| Q2 25 | 11.2% | 5.4% | ||
| Q1 25 | 11.0% | 3.7% | ||
| Q4 24 | 18.8% | 4.5% | ||
| Q3 24 | 19.9% | 4.2% | ||
| Q2 24 | 9.6% | 4.0% |
资本支出强度LINPAGP
| Q1 26 | — | — | ||
| Q4 25 | 16.6% | 1.5% | ||
| Q3 25 | 14.8% | 1.6% | ||
| Q2 25 | 14.8% | 1.1% | ||
| Q1 25 | 15.7% | 1.6% | ||
| Q4 24 | 15.1% | 1.3% | ||
| Q3 24 | 12.8% | 1.2% | ||
| Q2 24 | 13.7% | 1.1% |
现金转化率LINPAGP
| Q1 26 | — | — | ||
| Q4 25 | 1.98× | 12.44× | ||
| Q3 25 | 1.53× | 9.84× | ||
| Q2 25 | 1.25× | 23.07× | ||
| Q1 25 | 1.29× | 7.60× | ||
| Q4 24 | 1.63× | — | ||
| Q3 24 | 1.76× | 20.85× | ||
| Q2 24 | 1.16× | 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
LIN
暂无分部数据
PAGP
| Products | $9.6B | 96% |
| Services | $421.0M | 4% |
| Affiliated Entity | $14.0M | 0% |
