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万事达卡（MA）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的季度营收约是万事达卡的1.1倍（$10.0B vs $8.8B），万事达卡净利率更高（46.1% vs 0.6%，领先45.5%），万事达卡同比增速更快（17.6% vs -19.1%），万事达卡自由现金流更多（$4.9B vs $636.0M），过去两年万事达卡的营收复合增速更高（17.8% vs -8.6%）
万事达卡是总部位于美国纽约帕切斯的跨国支付卡服务企业，核心业务为处理商户收单银行与持卡人发卡机构之间的支付交易，同时提供旗下品牌借记卡、信用卡、预付卡及相关配套支付服务，服务网络覆盖全球，于2006年公开上市。
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。
MA 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
MA
高出36.7%
-19.1%
净利率更高
MA
高出45.5%
0.6%
自由现金流更多
MA
多$4.3B
$636.0M
两年增速更快
MA
近两年复合增速
-8.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $10.0B |
| 净利润 | $4.1B | $63.0M |
| 毛利率 | — | 7.0% |
| 营业利润率 | 55.8% | 1.8% |
| 净利率 | 46.1% | 0.6% |
| 营收同比 | 17.6% | -19.1% |
| 净利润同比 | 21.5% | 672.7% |
| 每股收益（稀释后） | $4.52 | — |
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MAPAGP
| Q4 25 | $8.8B | $10.0B | ||
| Q3 25 | $8.6B | $11.6B | ||
| Q2 25 | $8.1B | $10.6B | ||
| Q1 25 | $7.3B | $12.0B | ||
| Q4 24 | $7.5B | $12.4B | ||
| Q3 24 | $7.4B | $12.7B | ||
| Q2 24 | $7.0B | $12.9B | ||
| Q1 24 | $6.3B | $12.0B |
净利润MAPAGP
| Q4 25 | $4.1B | $63.0M | ||
| Q3 25 | $3.9B | $83.0M | ||
| Q2 25 | $3.7B | $30.0M | ||
| Q1 25 | $3.3B | $84.0M | ||
| Q4 24 | $3.3B | $-11.0M | ||
| Q3 24 | $3.3B | $33.0M | ||
| Q2 24 | $3.3B | $39.0M | ||
| Q1 24 | $3.0B | $42.0M |
毛利率MAPAGP
| 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% | ||
| Q1 24 | — | 9.0% |
营业利润率MAPAGP
| Q4 25 | 55.8% | 1.8% | ||
| Q3 25 | 58.8% | 4.2% | ||
| Q2 25 | 58.7% | 2.2% | ||
| Q1 25 | 57.2% | 4.4% | ||
| Q4 24 | 52.6% | 0.7% | ||
| Q3 24 | 54.3% | 2.7% | ||
| Q2 24 | 58.0% | 2.9% | ||
| Q1 24 | 56.8% | 3.1% |
净利率MAPAGP
| Q4 25 | 46.1% | 0.6% | ||
| Q3 25 | 45.7% | 0.7% | ||
| Q2 25 | 45.5% | 0.3% | ||
| Q1 25 | 45.2% | 0.7% | ||
| Q4 24 | 44.6% | -0.1% | ||
| Q3 24 | 44.3% | 0.3% | ||
| Q2 24 | 46.8% | 0.3% | ||
| Q1 24 | 47.4% | 0.4% |
每股收益（稀释后）MAPAGP
| Q4 25 | $4.52 | — | ||
| Q3 25 | $4.34 | — | ||
| Q2 25 | $4.07 | — | ||
| Q1 25 | $3.59 | — | ||
| Q4 24 | $3.64 | — | ||
| Q3 24 | $3.53 | — | ||
| Q2 24 | $3.50 | — | ||
| Q1 24 | $3.22 | — |
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 | $10.6B | $329.0M |
| 总债务越低越好 | — | $10.7B |
| 股东权益账面价值 | $7.7B | — |
| 总资产 | $54.2B | $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MAPAGP
| Q4 25 | $10.6B | $329.0M | ||
| Q3 25 | $10.3B | $1.2B | ||
| Q2 25 | $9.0B | $460.0M | ||
| Q1 25 | $7.6B | $429.0M | ||
| Q4 24 | $8.4B | $349.0M | ||
| Q3 24 | $11.1B | $641.0M | ||
| Q2 24 | $7.0B | $556.0M | ||
| Q1 24 | $7.3B | $334.0M |
总债务MAPAGP
| Q4 25 | — | $10.7B | ||
| Q3 25 | — | $8.4B | ||
| Q2 25 | — | $8.2B | ||
| Q1 25 | — | $8.2B | ||
| Q4 24 | — | $7.2B | ||
| Q3 24 | — | $7.2B | ||
| Q2 24 | — | $7.2B | ||
| Q1 24 | — | $7.3B |
股东权益MAPAGP
| Q4 25 | $7.7B | — | ||
| Q3 25 | $7.9B | — | ||
| Q2 25 | $7.9B | — | ||
| Q1 25 | $6.7B | — | ||
| Q4 24 | $6.5B | — | ||
| Q3 24 | $7.4B | — | ||
| Q2 24 | $7.4B | — | ||
| Q1 24 | $7.2B | — |
总资产MAPAGP
| Q4 25 | $54.2B | $31.3B | ||
| Q3 25 | $53.3B | $29.3B | ||
| Q2 25 | $51.4B | $28.3B | ||
| Q1 25 | $48.5B | $28.3B | ||
| Q4 24 | $48.1B | $27.8B | ||
| Q3 24 | $47.2B | $28.4B | ||
| Q2 24 | $42.3B | $28.7B | ||
| Q1 24 | $42.6B | $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 | $5.0B | $784.0M |
| 自由现金流经营现金流 - 资本支出 | $4.9B | $636.0M |
| 自由现金流率自由现金流/营收 | 55.5% | 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 | 1.23× | 12.44× |
| 过去12个月自由现金流最近4个季度 | $17.2B | $2.3B |
8季度趋势，按日历期对齐
经营现金流MAPAGP
| Q4 25 | $5.0B | $784.0M | ||
| Q3 25 | $5.7B | $817.0M | ||
| Q2 25 | $4.6B | $692.0M | ||
| Q1 25 | $2.4B | $638.0M | ||
| Q4 24 | $4.8B | $726.0M | ||
| Q3 24 | $5.1B | $688.0M | ||
| Q2 24 | $3.1B | $652.0M | ||
| Q1 24 | $1.7B | $418.0M |
自由现金流MAPAGP
| Q4 25 | $4.9B | $636.0M | ||
| Q3 25 | $5.5B | $632.0M | ||
| Q2 25 | $4.6B | $573.0M | ||
| Q1 25 | $2.2B | $447.0M | ||
| Q4 24 | $4.7B | $560.0M | ||
| Q3 24 | $5.0B | $531.0M | ||
| Q2 24 | $3.0B | $513.0M | ||
| Q1 24 | $1.5B | $261.0M |
自由现金流率MAPAGP
| Q4 25 | 55.5% | 6.3% | ||
| Q3 25 | 63.8% | 5.5% | ||
| Q2 25 | 56.1% | 5.4% | ||
| Q1 25 | 30.6% | 3.7% | ||
| Q4 24 | 63.3% | 4.5% | ||
| Q3 24 | 68.2% | 4.2% | ||
| Q2 24 | 43.4% | 4.0% | ||
| Q1 24 | 23.9% | 2.2% |
资本支出强度MAPAGP
| Q4 25 | 1.3% | 1.5% | ||
| Q3 25 | 2.1% | 1.6% | ||
| Q2 25 | 0.5% | 1.1% | ||
| Q1 25 | 2.2% | 1.6% | ||
| Q4 24 | 1.3% | 1.3% | ||
| Q3 24 | 1.5% | 1.2% | ||
| Q2 24 | 1.7% | 1.1% | ||
| Q1 24 | 2.5% | 1.3% |
现金转化率MAPAGP
| Q4 25 | 1.23× | 12.44× | ||
| Q3 25 | 1.44× | 9.84× | ||
| Q2 25 | 1.24× | 23.07× | ||
| Q1 25 | 0.73× | 7.60× | ||
| Q4 24 | 1.45× | — | ||
| Q3 24 | 1.57× | 20.85× | ||
| Q2 24 | 0.96× | 16.72× | ||
| Q1 24 | 0.56× | 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
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
PAGP
| Products | $9.6B | 96% |
| Services | $421.0M | 4% |
| Affiliated Entity | $14.0M | 0% |
