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Martin Marietta Materials（MLM）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
Martin Marietta Materials的季度营收约是NGL Energy Partners LP的1.3倍（$1.1B vs $909.8M），Martin Marietta Materials净利率更高（24.5% vs 5.2%，领先19.3%），Martin Marietta Materials同比增速更快（-30.1% vs -41.3%），Martin Marietta Materials自由现金流更多（$424.0M vs $45.7M），过去两年Martin Marietta Materials的营收复合增速更高（-4.5% vs -6.4%）
马丁·玛丽埃塔材料公司是美国大型集料及重型建筑材料供应商，业务覆盖美国26个州、加拿大及加勒比地区，主要为道路、人行道、地基等各类基建项目提供所需原材料。
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。
MLM vs NGL — 直观对比
营收规模更大
MLM
是对方的1.3倍
$909.8M
营收增速更快
MLM
高出11.1%
-41.3%
净利率更高
MLM
高出19.3%
5.2%
自由现金流更多
MLM
多$378.3M
$45.7M
两年增速更快
MLM
近两年复合增速
-6.4%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $909.8M |
| 净利润 | $279.0M | $47.2M |
| 毛利率 | 35.0% | 29.0% |
| 营业利润率 | 24.6% | 12.1% |
| 净利率 | 24.5% | 5.2% |
| 营收同比 | -30.1% | -41.3% |
| 净利润同比 | -4.8% | 249.3% |
| 每股收益（稀释后） | $4.59 | — |
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MLMNGL
| Q4 25 | $1.1B | $909.8M | ||
| Q3 25 | $1.8B | $674.7M | ||
| Q2 25 | $1.8B | $622.2M | ||
| Q1 25 | $1.4B | $971.1M | ||
| Q4 24 | $1.6B | $982.4M | ||
| Q3 24 | $1.9B | $756.5M | ||
| Q2 24 | $1.8B | $759.2M | ||
| Q1 24 | $1.3B | $1.0B |
净利润MLMNGL
| Q4 25 | $279.0M | $47.2M | ||
| Q3 25 | $414.0M | $29.3M | ||
| Q2 25 | $328.0M | $68.9M | ||
| Q1 25 | $116.0M | $13.7M | ||
| Q4 24 | $293.0M | $13.5M | ||
| Q3 24 | $363.0M | $2.5M | ||
| Q2 24 | $294.0M | $9.7M | ||
| Q1 24 | $1.0B | $-236.8M |
毛利率MLMNGL
| Q4 25 | 35.0% | 29.0% | ||
| Q3 25 | 33.1% | 37.6% | ||
| Q2 25 | 30.0% | 38.5% | ||
| Q1 25 | 24.8% | 26.9% | ||
| Q4 24 | 30.0% | 25.1% | ||
| Q3 24 | 31.7% | 30.9% | ||
| Q2 24 | 29.3% | 29.0% | ||
| Q1 24 | 21.7% | 21.8% |
营业利润率MLMNGL
| Q4 25 | 24.6% | 12.1% | ||
| Q3 25 | 27.4% | 14.0% | ||
| Q2 25 | 25.3% | 15.7% | ||
| Q1 25 | 14.3% | 8.4% | ||
| Q4 24 | 24.4% | 8.6% | ||
| Q3 24 | 25.9% | 10.8% | ||
| Q2 24 | 22.6% | 10.8% | ||
| Q1 24 | — | -9.4% |
净利率MLMNGL
| Q4 25 | 24.5% | 5.2% | ||
| Q3 25 | 22.4% | 4.3% | ||
| Q2 25 | 18.1% | 11.1% | ||
| Q1 25 | 8.6% | 1.4% | ||
| Q4 24 | 18.0% | 1.4% | ||
| Q3 24 | 19.2% | 0.3% | ||
| Q2 24 | 16.7% | 1.3% | ||
| Q1 24 | 83.5% | -22.8% |
每股收益（稀释后）MLMNGL
| Q4 25 | $4.59 | — | ||
| Q3 25 | $6.85 | — | ||
| Q2 25 | $5.43 | — | ||
| Q1 25 | $1.90 | — | ||
| Q4 24 | $4.87 | — | ||
| Q3 24 | $5.91 | — | ||
| Q2 24 | $4.76 | — | ||
| Q1 24 | $16.87 | — |
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 | $67.0M | $6.5M |
| 总债务越低越好 | $5.3B | $2.9B |
| 股东权益账面价值 | $10.0B | — |
| 总资产 | $18.7B | $4.4B |
| 负债/权益比越低杠杆越低 | 0.53× | — |
8季度趋势，按日历期对齐
现金及短期投资MLMNGL
| Q4 25 | $67.0M | $6.5M | ||
| Q3 25 | $57.0M | $8.7M | ||
| Q2 25 | $225.0M | $5.4M | ||
| Q1 25 | $101.0M | $13.5M | ||
| Q4 24 | $670.0M | $5.7M | ||
| Q3 24 | $52.0M | $4.5M | ||
| Q2 24 | $109.0M | $5.3M | ||
| Q1 24 | $2.6B | $38.9M |
总债务MLMNGL
| Q4 25 | $5.3B | $2.9B | ||
| Q3 25 | $5.5B | $2.9B | ||
| Q2 25 | $5.4B | $2.9B | ||
| Q1 25 | $5.4B | $3.0B | ||
| Q4 24 | $5.4B | $3.1B | ||
| Q3 24 | $4.0B | $3.1B | ||
| Q2 24 | $4.3B | $3.0B | ||
| Q1 24 | $4.3B | $2.9B |
股东权益MLMNGL
| Q4 25 | $10.0B | — | ||
| Q3 25 | $9.7B | — | ||
| Q2 25 | $9.4B | — | ||
| Q1 25 | $9.1B | — | ||
| Q4 24 | $9.5B | — | ||
| Q3 24 | $9.2B | — | ||
| Q2 24 | $8.8B | — | ||
| Q1 24 | $8.9B | — |
总资产MLMNGL
| Q4 25 | $18.7B | $4.4B | ||
| Q3 25 | $18.7B | $4.3B | ||
| Q2 25 | $18.1B | $4.2B | ||
| Q1 25 | $17.7B | $4.6B | ||
| Q4 24 | $18.2B | $4.8B | ||
| Q3 24 | $16.5B | $4.9B | ||
| Q2 24 | $16.3B | $4.8B | ||
| Q1 24 | $16.2B | $5.0B |
负债/权益比MLMNGL
| Q4 25 | 0.53× | — | ||
| Q3 25 | 0.57× | — | ||
| Q2 25 | 0.58× | — | ||
| Q1 25 | 0.60× | — | ||
| Q4 24 | 0.57× | — | ||
| Q3 24 | 0.44× | — | ||
| Q2 24 | 0.49× | — | ||
| Q1 24 | 0.49× | — |
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 | $629.0M | $182.3M |
| 自由现金流经营现金流 - 资本支出 | $424.0M | $45.7M |
| 自由现金流率自由现金流/营收 | 37.2% | 5.0% |
| 资本支出强度资本支出/营收 | 18.0% | 15.0% |
| 现金转化率经营现金流/净利润 | 2.25× | 3.86× |
| 过去12个月自由现金流最近4个季度 | $978.0M | $126.7M |
8季度趋势，按日历期对齐
经营现金流MLMNGL
| Q4 25 | $629.0M | $182.3M | ||
| Q3 25 | $551.0M | $40.5M | ||
| Q2 25 | $387.0M | $33.2M | ||
| Q1 25 | $218.0M | $155.0M | ||
| Q4 24 | $686.0M | $153.8M | ||
| Q3 24 | $600.0M | $6.7M | ||
| Q2 24 | $1.0M | $-18.1M | ||
| Q1 24 | $172.0M | $152.2M |
自由现金流MLMNGL
| Q4 25 | $424.0M | $45.7M | ||
| Q3 25 | $361.0M | $9.5M | ||
| Q2 25 | $208.0M | $11.1M | ||
| Q1 25 | $-15.0M | $60.4M | ||
| Q4 24 | $453.0M | $152.1M | ||
| Q3 24 | $317.0M | $-82.9M | ||
| Q2 24 | $-138.0M | $-78.0M | ||
| Q1 24 | $-28.0M | $119.8M |
自由现金流率MLMNGL
| Q4 25 | 37.2% | 5.0% | ||
| Q3 25 | 19.6% | 1.4% | ||
| Q2 25 | 11.5% | 1.8% | ||
| Q1 25 | -1.1% | 6.2% | ||
| Q4 24 | 27.8% | 15.5% | ||
| Q3 24 | 16.8% | -11.0% | ||
| Q2 24 | -7.8% | -10.3% | ||
| Q1 24 | -2.2% | 11.5% |
资本支出强度MLMNGL
| Q4 25 | 18.0% | 15.0% | ||
| Q3 25 | 10.3% | 4.6% | ||
| Q2 25 | 9.9% | 3.6% | ||
| Q1 25 | 17.2% | 9.7% | ||
| Q4 24 | 14.3% | 0.2% | ||
| Q3 24 | 15.0% | 11.8% | ||
| Q2 24 | 7.9% | 7.9% | ||
| Q1 24 | 16.0% | 3.1% |
现金转化率MLMNGL
| Q4 25 | 2.25× | 3.86× | ||
| Q3 25 | 1.33× | 1.38× | ||
| Q2 25 | 1.18× | 0.48× | ||
| Q1 25 | 1.88× | 11.29× | ||
| Q4 24 | 2.34× | 11.39× | ||
| Q3 24 | 1.65× | 2.74× | ||
| Q2 24 | 0.00× | -1.87× | ||
| Q1 24 | 0.16× | — |
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
MLM
| Building Materials Business East Group | $774.0M | 68% |
| Building Materials Business West Group | $233.0M | 20% |
| Services | $88.0M | 8% |
| Other | $45.0M | 4% |
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% |
