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MARTIN MIDSTREAM PARTNERS L.P.（MMLP）与微策略（MSTR）财务数据对比。点击上方公司名可切换其他公司
MARTIN MIDSTREAM PARTNERS L.P.的季度营收约是微策略的1.5倍（$187.7M vs $123.0M），微策略同比增速更快（1.9% vs -2.5%），过去两年微策略的营收复合增速更高（3.3% vs 0.8%）
Martin Midstream Partners L.P.是美国中游能源服务提供商，主营原油、天然气液、精炼石油产品及特种化学品的存储、运输、分销与加工服务，主要服务北美能源及工业领域客户。
Strategy Inc（原名为微策略）是1989年成立的美国上市企业，主营商业智能与移动软件业务，旗下产品可帮助企业分析内外部数据以支撑经营决策，还可用于移动应用开发，总部位于弗吉尼亚州泰森斯角，商业分析赛道核心竞品包括SAP等。
MMLP vs MSTR — 直观对比
营收规模更大
MMLP
是对方的1.5倍
$123.0M
营收增速更快
MSTR
高出4.4%
-2.5%
两年增速更快
MSTR
近两年复合增速
0.8%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $187.7M | $123.0M |
| 净利润 | $3.2M | — |
| 毛利率 | — | 66.1% |
| 营业利润率 | 4.1% | — |
| 净利率 | 1.7% | — |
| 营收同比 | -2.5% | 1.9% |
| 净利润同比 | -37.1% | — |
| 每股收益（稀释后） | — | — |
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MMLPMSTR
| Q1 26 | $187.7M | — | ||
| Q4 25 | $174.2M | $123.0M | ||
| Q3 25 | $168.7M | $128.7M | ||
| Q2 25 | $180.7M | $114.5M | ||
| Q1 25 | $192.5M | $111.1M | ||
| Q4 24 | $171.3M | $120.7M | ||
| Q3 24 | $170.9M | $116.1M | ||
| Q2 24 | $184.5M | $111.4M |
净利润MMLPMSTR
| Q1 26 | $3.2M | — | ||
| Q4 25 | $-2.9M | — | ||
| Q3 25 | $-8.4M | $2.8B | ||
| Q2 25 | $-2.4M | $10.0B | ||
| Q1 25 | $-1.0M | $-4.2B | ||
| Q4 24 | $-8.9M | $-670.8M | ||
| Q3 24 | $-3.3M | $-340.2M | ||
| Q2 24 | $3.8M | $-102.6M |
毛利率MMLPMSTR
| Q1 26 | — | — | ||
| Q4 25 | 57.1% | 66.1% | ||
| Q3 25 | 55.1% | 70.5% | ||
| Q2 25 | 56.5% | 68.8% | ||
| Q1 25 | 53.5% | 69.4% | ||
| Q4 24 | 58.2% | 71.7% | ||
| Q3 24 | 58.5% | 70.4% | ||
| Q2 24 | 58.4% | 72.2% |
营业利润率MMLPMSTR
| Q1 26 | 4.1% | — | ||
| Q4 25 | 7.3% | — | ||
| Q3 25 | 4.1% | — | ||
| Q2 25 | 8.2% | — | ||
| Q1 25 | 7.5% | -5331.4% | ||
| Q4 24 | 4.0% | -842.1% | ||
| Q3 24 | 7.4% | -372.7% | ||
| Q2 24 | 10.8% | -179.7% |
净利率MMLPMSTR
| Q1 26 | 1.7% | — | ||
| Q4 25 | -1.7% | — | ||
| Q3 25 | -5.0% | 2164.1% | ||
| Q2 25 | -1.3% | 8752.7% | ||
| Q1 25 | -0.5% | -3797.2% | ||
| Q4 24 | -5.2% | -555.8% | ||
| Q3 24 | -1.9% | -293.1% | ||
| Q2 24 | 2.0% | -92.0% |
每股收益（稀释后）MMLPMSTR
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $8.42 | ||
| Q2 25 | — | $32.60 | ||
| Q1 25 | — | $-16.49 | ||
| Q4 24 | — | $4.49 | ||
| Q3 24 | — | $-1.72 | ||
| Q2 24 | — | $-0.57 |
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 | — | $2.3B |
| 总债务越低越好 | — | $8.2B |
| 股东权益账面价值 | — | $44.1B |
| 总资产 | $537.1M | $61.6B |
| 负债/权益比越低杠杆越低 | — | 0.19× |
8季度趋势，按日历期对齐
现金及短期投资MMLPMSTR
| Q1 26 | — | — | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $54.3M | ||
| Q2 25 | — | $50.1M | ||
| Q1 25 | — | $60.3M | ||
| Q4 24 | — | $38.1M | ||
| Q3 24 | — | $46.3M | ||
| Q2 24 | — | $66.9M |
总债务MMLPMSTR
| Q1 26 | — | — | ||
| Q4 25 | $428.0M | $8.2B | ||
| Q3 25 | $441.3M | $8.2B | ||
| Q2 25 | $427.8M | $8.2B | ||
| Q1 25 | $451.4M | $8.1B | ||
| Q4 24 | $437.6M | $7.2B | ||
| Q3 24 | $469.3M | $4.2B | ||
| Q2 24 | $439.4M | $3.8B |
股东权益MMLPMSTR
| Q1 26 | — | — | ||
| Q4 25 | — | $44.1B | ||
| Q3 25 | — | $52.3B | ||
| Q2 25 | — | $47.5B | ||
| Q1 25 | — | $32.2B | ||
| Q4 24 | — | $18.2B | ||
| Q3 24 | — | $3.8B | ||
| Q2 24 | — | $2.8B |
总资产MMLPMSTR
| Q1 26 | $537.1M | — | ||
| Q4 25 | $522.4M | $61.6B | ||
| Q3 25 | $510.1M | $73.6B | ||
| Q2 25 | $515.6M | $64.8B | ||
| Q1 25 | $533.4M | $43.9B | ||
| Q4 24 | $538.5M | $25.8B | ||
| Q3 24 | $554.8M | $8.3B | ||
| Q2 24 | $535.1M | $7.1B |
负债/权益比MMLPMSTR
| Q1 26 | — | — | ||
| Q4 25 | — | 0.19× | ||
| Q3 25 | — | 0.16× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.39× | ||
| Q3 24 | — | 1.12× | ||
| Q2 24 | — | 1.36× |
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 | — | — |
| 自由现金流经营现金流 - 资本支出 | $-6.0M | — |
| 自由现金流率自由现金流/营收 | -3.2% | — |
| 资本支出强度资本支出/营收 | 1.6% | — |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $27.2M | — |
8季度趋势，按日历期对齐
经营现金流MMLPMSTR
| Q1 26 | — | — | ||
| Q4 25 | $22.4M | — | ||
| Q3 25 | $-1.2M | $-8.3M | ||
| Q2 25 | $30.9M | $-34.9M | ||
| Q1 25 | $-6.0M | $-2.4M | ||
| Q4 24 | $42.2M | $-17.3M | ||
| Q3 24 | $-15.8M | $-41.0M | ||
| Q2 24 | $11.8M | $-23.3M |
自由现金流MMLPMSTR
| Q1 26 | $-6.0M | — | ||
| Q4 25 | $15.6M | — | ||
| Q3 25 | $-7.9M | $-11.1M | ||
| Q2 25 | $25.6M | $-37.0M | ||
| Q1 25 | $-11.9M | $-5.1M | ||
| Q4 24 | $34.2M | $-17.6M | ||
| Q3 24 | $-25.6M | $-41.4M | ||
| Q2 24 | $-696.0K | $-24.1M |
自由现金流率MMLPMSTR
| Q1 26 | -3.2% | — | ||
| Q4 25 | 8.9% | — | ||
| Q3 25 | -4.7% | -8.6% | ||
| Q2 25 | 14.2% | -32.3% | ||
| Q1 25 | -6.2% | -4.6% | ||
| Q4 24 | 20.0% | -14.6% | ||
| Q3 24 | -15.0% | -35.7% | ||
| Q2 24 | -0.4% | -21.6% |
资本支出强度MMLPMSTR
| Q1 26 | 1.6% | — | ||
| Q4 25 | 3.9% | — | ||
| Q3 25 | 4.0% | 2.2% | ||
| Q2 25 | 3.0% | 1.8% | ||
| Q1 25 | 3.1% | 2.5% | ||
| Q4 24 | 4.6% | 0.2% | ||
| Q3 24 | 5.8% | 0.4% | ||
| Q2 24 | 6.8% | 0.6% |
现金转化率MMLPMSTR
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | -0.00× | ||
| Q2 25 | — | -0.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 3.13× | — |
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
MMLP
| Specialty products | $61.6M | 33% |
| Transportation * | $52.8M | 28% |
| Other | $46.5M | 25% |
| Terminalling and storage * | $22.4M | 12% |
| Sulfur services | $4.4M | 2% |
MSTR
暂无分部数据
