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MARTIN MIDSTREAM PARTNERS L.P.（MMLP）与Ribbon Communications Inc.（RBBN）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Ribbon Communications Inc.的1.2倍（$187.7M vs $162.6M），Ribbon Communications Inc.净利率更高（54.8% vs 1.7%，领先53.1%），MARTIN MIDSTREAM PARTNERS L.P.同比增速更快（-2.5% vs -10.3%），过去两年MARTIN MIDSTREAM PARTNERS L.P.的营收复合增速更高（0.8% vs -8.1%）
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。
睿宾通信公司（Ribbon Communications Inc.）主要为电信运营商、企业及关键基础设施领域提供软件、IP与光网络解决方案。公司于2017年由Genband与Sonus Networks合并成立，总部位于美国得克萨斯州普莱诺，是一家上市科技企业。
MMLP vs RBBN — 直观对比
营收规模更大
MMLP
是对方的1.2倍
$162.6M
营收增速更快
MMLP
高出7.8%
-10.3%
净利率更高
RBBN
高出53.1%
1.7%
两年增速更快
MMLP
近两年复合增速
-8.1%
损益表 — Q1 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $187.7M | $162.6M |
| 净利润 | $3.2M | $89.1M |
| 毛利率 | — | 42.9% |
| 营业利润率 | 4.1% | 37.6% |
| 净利率 | 1.7% | 54.8% |
| 营收同比 | -2.5% | -10.3% |
| 净利润同比 | -37.1% | — |
| 每股收益（稀释后） | — | $0.50 |
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MMLPRBBN
| Q1 26 | $187.7M | $162.6M | ||
| Q4 25 | $174.2M | $227.3M | ||
| Q3 25 | $168.7M | $215.4M | ||
| Q2 25 | $180.7M | $220.6M | ||
| Q1 25 | $192.5M | $181.3M | ||
| Q4 24 | $171.3M | $251.4M | ||
| Q3 24 | $170.9M | $210.2M | ||
| Q2 24 | $184.5M | $192.6M |
净利润MMLPRBBN
| Q1 26 | $3.2M | $89.1M | ||
| Q4 25 | $-2.9M | — | ||
| Q3 25 | $-8.4M | $-12.1M | ||
| Q2 25 | $-2.4M | $-11.1M | ||
| Q1 25 | $-1.0M | $-26.2M | ||
| Q4 24 | $-8.9M | — | ||
| Q3 24 | $-3.3M | $-13.4M | ||
| Q2 24 | $3.8M | $-16.8M |
毛利率MMLPRBBN
| Q1 26 | — | 42.9% | ||
| Q4 25 | 57.1% | 53.3% | ||
| Q3 25 | 55.1% | 50.1% | ||
| Q2 25 | 56.5% | 49.6% | ||
| Q1 25 | 53.5% | 45.4% | ||
| Q4 24 | 58.2% | 55.7% | ||
| Q3 24 | 58.5% | 52.1% | ||
| Q2 24 | 58.4% | 50.8% |
营业利润率MMLPRBBN
| Q1 26 | 4.1% | 37.6% | ||
| Q4 25 | 7.3% | 4.1% | ||
| Q3 25 | 4.1% | 1.3% | ||
| Q2 25 | 8.2% | 1.9% | ||
| Q1 25 | 7.5% | -10.8% | ||
| Q4 24 | 4.0% | 13.2% | ||
| Q3 24 | 7.4% | -0.4% | ||
| Q2 24 | 10.8% | -1.0% |
净利率MMLPRBBN
| Q1 26 | 1.7% | 54.8% | ||
| Q4 25 | -1.7% | — | ||
| Q3 25 | -5.0% | -5.6% | ||
| Q2 25 | -1.3% | -5.0% | ||
| Q1 25 | -0.5% | -14.5% | ||
| Q4 24 | -5.2% | — | ||
| Q3 24 | -1.9% | -6.4% | ||
| Q2 24 | 2.0% | -8.7% |
每股收益（稀释后）MMLPRBBN
| Q1 26 | — | $0.50 | ||
| Q4 25 | — | $0.50 | ||
| Q3 25 | — | $-0.07 | ||
| Q2 25 | — | $-0.06 | ||
| Q1 25 | — | $-0.15 | ||
| Q4 24 | — | $0.05 | ||
| Q3 24 | — | $-0.08 | ||
| Q2 24 | — | $-0.10 |
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 | — | $67.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $419.1M |
| 总资产 | $537.1M | — |
| 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MMLPRBBN
| Q1 26 | — | $67.6M | ||
| Q4 25 | — | $96.4M | ||
| Q3 25 | — | $74.8M | ||
| Q2 25 | — | $60.5M | ||
| Q1 25 | — | $71.2M | ||
| Q4 24 | — | $87.8M | ||
| Q3 24 | — | $37.2M | ||
| Q2 24 | — | $64.6M |
总债务MMLPRBBN
| Q1 26 | — | — | ||
| Q4 25 | $428.0M | $342.1M | ||
| Q3 25 | $441.3M | $344.3M | ||
| Q2 25 | $427.8M | $346.5M | ||
| Q1 25 | $451.4M | $347.4M | ||
| Q4 24 | $437.6M | $348.3M | ||
| Q3 24 | $469.3M | $349.1M | ||
| Q2 24 | $439.4M | $350.0M |
股东权益MMLPRBBN
| Q1 26 | — | $419.1M | ||
| Q4 25 | — | $449.0M | ||
| Q3 25 | — | $360.1M | ||
| Q2 25 | — | $370.4M | ||
| Q1 25 | — | $381.8M | ||
| Q4 24 | — | $404.6M | ||
| Q3 24 | — | $395.5M | ||
| Q2 24 | — | $405.0M |
总资产MMLPRBBN
| Q1 26 | $537.1M | — | ||
| Q4 25 | $522.4M | $1.2B | ||
| Q3 25 | $510.1M | $1.1B | ||
| Q2 25 | $515.6M | $1.1B | ||
| Q1 25 | $533.4M | $1.1B | ||
| Q4 24 | $538.5M | $1.2B | ||
| Q3 24 | $554.8M | $1.1B | ||
| Q2 24 | $535.1M | $1.1B |
负债/权益比MMLPRBBN
| Q1 26 | — | — | ||
| Q4 25 | — | 0.76× | ||
| Q3 25 | — | 0.96× | ||
| Q2 25 | — | 0.94× | ||
| Q1 25 | — | 0.91× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | — | 0.88× | ||
| Q2 24 | — | 0.86× |
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MMLPRBBN
| Q1 26 | — | — | ||
| Q4 25 | $22.4M | $29.2M | ||
| Q3 25 | $-1.2M | $26.5M | ||
| Q2 25 | $30.9M | $-795.0K | ||
| Q1 25 | $-6.0M | $-3.5M | ||
| Q4 24 | $42.2M | $61.8M | ||
| Q3 24 | $-15.8M | $-14.8M | ||
| Q2 24 | $11.8M | $-9.8M |
自由现金流MMLPRBBN
| Q1 26 | $-6.0M | — | ||
| Q4 25 | $15.6M | $27.3M | ||
| Q3 25 | $-7.9M | $21.0M | ||
| Q2 25 | $25.6M | $-6.5M | ||
| Q1 25 | $-11.9M | $-15.7M | ||
| Q4 24 | $34.2M | $53.8M | ||
| Q3 24 | $-25.6M | $-23.7M | ||
| Q2 24 | $-696.0K | $-12.9M |
自由现金流率MMLPRBBN
| Q1 26 | -3.2% | — | ||
| Q4 25 | 8.9% | 12.0% | ||
| Q3 25 | -4.7% | 9.7% | ||
| Q2 25 | 14.2% | -2.9% | ||
| Q1 25 | -6.2% | -8.7% | ||
| Q4 24 | 20.0% | 21.4% | ||
| Q3 24 | -15.0% | -11.3% | ||
| Q2 24 | -0.4% | -6.7% |
资本支出强度MMLPRBBN
| Q1 26 | 1.6% | — | ||
| Q4 25 | 3.9% | 0.9% | ||
| Q3 25 | 4.0% | 2.6% | ||
| Q2 25 | 3.0% | 2.6% | ||
| Q1 25 | 3.1% | 6.7% | ||
| Q4 24 | 4.6% | 3.2% | ||
| Q3 24 | 5.8% | 4.2% | ||
| Q2 24 | 6.8% | 1.6% |
现金转化率MMLPRBBN
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| 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% |
RBBN
| Service | $94.5M | 58% |
| Product | $68.1M | 42% |
