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MARTIN MIDSTREAM PARTNERS L.P.（MMLP）与通用动力（PLOW）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.的季度营收约是通用动力的1.0倍（$187.7M vs $184.5M），通用动力净利率更高（7.0% vs 1.7%，领先5.3%），通用动力同比增速更快（28.6% vs -2.5%），通用动力自由现金流更多（$92.8M vs $-6.0M），过去两年通用动力的营收复合增速更高（38.9% 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。
通用动力公司是总部位于美国弗吉尼亚州雷斯顿的工业与科技企业，核心业务是研发制造各类先进军用装备，产品包括核潜艇、主战坦克、装甲战车等，同时也生产民用湾流公务机，并提供信息技术服务，是美国联邦政府前五大国防承包商之一。
MMLP vs PLOW — 直观对比
营收规模更大
MMLP
是对方的1.0倍
$184.5M
营收增速更快
PLOW
高出31.1%
-2.5%
净利率更高
PLOW
高出5.3%
1.7%
自由现金流更多
PLOW
多$98.9M
$-6.0M
两年增速更快
PLOW
近两年复合增速
0.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $187.7M | $184.5M |
| 净利润 | $3.2M | $12.8M |
| 毛利率 | — | 26.1% |
| 营业利润率 | 4.1% | 10.5% |
| 净利率 | 1.7% | 7.0% |
| 营收同比 | -2.5% | 28.6% |
| 净利润同比 | -37.1% | 62.3% |
| 每股收益（稀释后） | — | $0.54 |
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MMLPPLOW
| Q1 26 | $187.7M | — | ||
| Q4 25 | $174.2M | $184.5M | ||
| Q3 25 | $168.7M | $162.1M | ||
| Q2 25 | $180.7M | $194.3M | ||
| Q1 25 | $192.5M | $115.1M | ||
| Q4 24 | $171.3M | $143.5M | ||
| Q3 24 | $170.9M | $129.4M | ||
| Q2 24 | $184.5M | $199.9M |
净利润MMLPPLOW
| Q1 26 | $3.2M | — | ||
| Q4 25 | $-2.9M | $12.8M | ||
| Q3 25 | $-8.4M | $8.0M | ||
| Q2 25 | $-2.4M | $26.0M | ||
| Q1 25 | $-1.0M | $148.0K | ||
| Q4 24 | $-8.9M | $7.9M | ||
| Q3 24 | $-3.3M | $32.3M | ||
| Q2 24 | $3.8M | $24.3M |
毛利率MMLPPLOW
| Q1 26 | — | — | ||
| Q4 25 | 57.1% | 26.1% | ||
| Q3 25 | 55.1% | 23.5% | ||
| Q2 25 | 56.5% | 31.0% | ||
| Q1 25 | 53.5% | 24.5% | ||
| Q4 24 | 58.2% | 24.9% | ||
| Q3 24 | 58.5% | 23.9% | ||
| Q2 24 | 58.4% | 30.7% |
营业利润率MMLPPLOW
| Q1 26 | 4.1% | — | ||
| Q4 25 | 7.3% | 10.5% | ||
| Q3 25 | 4.1% | 8.7% | ||
| Q2 25 | 8.2% | 19.0% | ||
| Q1 25 | 7.5% | 2.8% | ||
| Q4 24 | 4.0% | 9.0% | ||
| Q3 24 | 7.4% | 35.4% | ||
| Q2 24 | 10.8% | 18.2% |
净利率MMLPPLOW
| Q1 26 | 1.7% | — | ||
| Q4 25 | -1.7% | 7.0% | ||
| Q3 25 | -5.0% | 4.9% | ||
| Q2 25 | -1.3% | 13.4% | ||
| Q1 25 | -0.5% | 0.1% | ||
| Q4 24 | -5.2% | 5.5% | ||
| Q3 24 | -1.9% | 24.9% | ||
| Q2 24 | 2.0% | 12.2% |
每股收益（稀释后）MMLPPLOW
| Q1 26 | — | — | ||
| Q4 25 | — | $0.54 | ||
| Q3 25 | — | $0.33 | ||
| Q2 25 | — | $1.09 | ||
| Q1 25 | — | $0.00 | ||
| Q4 24 | — | $0.35 | ||
| Q3 24 | — | $1.36 | ||
| Q2 24 | — | $1.02 |
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 | — | — |
| 总债务越低越好 | — | $144.0M |
| 股东权益账面价值 | — | $281.4M |
| 总资产 | $537.1M | $626.7M |
| 负债/权益比越低杠杆越低 | — | 0.51× |
8季度趋势，按日历期对齐
总债务MMLPPLOW
| Q1 26 | — | — | ||
| Q4 25 | $428.0M | $144.0M | ||
| Q3 25 | $441.3M | — | ||
| Q2 25 | $427.8M | — | ||
| Q1 25 | $451.4M | — | ||
| Q4 24 | $437.6M | $147.5M | ||
| Q3 24 | $469.3M | — | ||
| Q2 24 | $439.4M | — |
股东权益MMLPPLOW
| Q1 26 | — | — | ||
| Q4 25 | — | $281.4M | ||
| Q3 25 | — | $275.3M | ||
| Q2 25 | — | $273.3M | ||
| Q1 25 | — | $258.9M | ||
| Q4 24 | — | $264.2M | ||
| Q3 24 | — | $260.8M | ||
| Q2 24 | — | $236.7M |
总资产MMLPPLOW
| Q1 26 | $537.1M | — | ||
| Q4 25 | $522.4M | $626.7M | ||
| Q3 25 | $510.1M | $694.9M | ||
| Q2 25 | $515.6M | $671.5M | ||
| Q1 25 | $533.4M | $621.0M | ||
| Q4 24 | $538.5M | $590.0M | ||
| Q3 24 | $554.8M | $665.6M | ||
| Q2 24 | $535.1M | $617.0M |
负债/权益比MMLPPLOW
| Q1 26 | — | — | ||
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.56× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $95.9M |
| 自由现金流经营现金流 - 资本支出 | $-6.0M | $92.8M |
| 自由现金流率自由现金流/营收 | -3.2% | 50.3% |
| 资本支出强度资本支出/营收 | 1.6% | 1.7% |
| 现金转化率经营现金流/净利润 | — | 7.47× |
| 过去12个月自由现金流最近4个季度 | $27.2M | $63.6M |
8季度趋势，按日历期对齐
经营现金流MMLPPLOW
| Q1 26 | — | — | ||
| Q4 25 | $22.4M | $95.9M | ||
| Q3 25 | $-1.2M | $-8.5M | ||
| Q2 25 | $30.9M | $-11.4M | ||
| Q1 25 | $-6.0M | $-1.3M | ||
| Q4 24 | $42.2M | $74.4M | ||
| Q3 24 | $-15.8M | $-14.2M | ||
| Q2 24 | $11.8M | $2.5M |
自由现金流MMLPPLOW
| Q1 26 | $-6.0M | — | ||
| Q4 25 | $15.6M | $92.8M | ||
| Q3 25 | $-7.9M | $-11.4M | ||
| Q2 25 | $25.6M | $-14.3M | ||
| Q1 25 | $-11.9M | $-3.5M | ||
| Q4 24 | $34.2M | $70.2M | ||
| Q3 24 | $-25.6M | $-15.2M | ||
| Q2 24 | $-696.0K | $836.0K |
自由现金流率MMLPPLOW
| Q1 26 | -3.2% | — | ||
| Q4 25 | 8.9% | 50.3% | ||
| Q3 25 | -4.7% | -7.1% | ||
| Q2 25 | 14.2% | -7.4% | ||
| Q1 25 | -6.2% | -3.0% | ||
| Q4 24 | 20.0% | 48.9% | ||
| Q3 24 | -15.0% | -11.8% | ||
| Q2 24 | -0.4% | 0.4% |
资本支出强度MMLPPLOW
| Q1 26 | 1.6% | — | ||
| Q4 25 | 3.9% | 1.7% | ||
| Q3 25 | 4.0% | 1.8% | ||
| Q2 25 | 3.0% | 1.5% | ||
| Q1 25 | 3.1% | 1.9% | ||
| Q4 24 | 4.6% | 2.9% | ||
| Q3 24 | 5.8% | 0.8% | ||
| Q2 24 | 6.8% | 0.8% |
现金转化率MMLPPLOW
| Q1 26 | — | — | ||
| Q4 25 | — | 7.47× | ||
| Q3 25 | — | -1.07× | ||
| Q2 25 | — | -0.44× | ||
| Q1 25 | — | -9.03× | ||
| Q4 24 | — | 9.41× | ||
| Q3 24 | — | -0.44× | ||
| Q2 24 | 3.13× | 0.10× |
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% |
PLOW
| Work Truck Solutions | $101.5M | 55% |
| Transferred At Point In Time | $83.1M | 45% |
