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MARTIN MIDSTREAM PARTNERS L.P.（MMLP）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
ROYAL GOLD INC的季度营收约是MARTIN MIDSTREAM PARTNERS L.P.的2.0倍（$375.3M vs $187.7M），ROYAL GOLD INC净利率更高（24.9% vs 1.7%，领先23.2%），ROYAL GOLD INC同比增速更快（85.3% vs -2.5%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% 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。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
MMLP vs RGLD — 直观对比
营收规模更大
RGLD
是对方的2.0倍
$187.7M
营收增速更快
RGLD
高出87.8%
-2.5%
净利率更高
RGLD
高出23.2%
1.7%
两年增速更快
RGLD
近两年复合增速
0.8%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $187.7M | $375.3M |
| 净利润 | $3.2M | $93.6M |
| 毛利率 | — | 64.6% |
| 营业利润率 | 4.1% | 56.2% |
| 净利率 | 1.7% | 24.9% |
| 营收同比 | -2.5% | 85.3% |
| 净利润同比 | -37.1% | -12.8% |
| 每股收益（稀释后） | — | $1.04 |
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MMLPRGLD
| Q1 26 | $187.7M | — | ||
| Q4 25 | $174.2M | $375.3M | ||
| Q3 25 | $168.7M | $252.1M | ||
| Q2 25 | $180.7M | $209.6M | ||
| Q1 25 | $192.5M | $193.4M | ||
| Q4 24 | $171.3M | $202.6M | ||
| Q3 24 | $170.9M | $193.8M | ||
| Q2 24 | $184.5M | $174.1M |
净利润MMLPRGLD
| Q1 26 | $3.2M | — | ||
| Q4 25 | $-2.9M | $93.6M | ||
| Q3 25 | $-8.4M | $126.8M | ||
| Q2 25 | $-2.4M | $132.3M | ||
| Q1 25 | $-1.0M | $113.5M | ||
| Q4 24 | $-8.9M | $107.4M | ||
| Q3 24 | $-3.3M | $96.2M | ||
| Q2 24 | $3.8M | $81.2M |
毛利率MMLPRGLD
| Q1 26 | — | — | ||
| Q4 25 | 57.1% | 64.6% | ||
| Q3 25 | 55.1% | 73.6% | ||
| Q2 25 | 56.5% | 72.6% | ||
| Q1 25 | 53.5% | 69.4% | ||
| Q4 24 | 58.2% | 70.3% | ||
| Q3 24 | 58.5% | 66.6% | ||
| Q2 24 | 58.4% | 64.7% |
营业利润率MMLPRGLD
| Q1 26 | 4.1% | — | ||
| Q4 25 | 7.3% | 56.2% | ||
| Q3 25 | 4.1% | 64.4% | ||
| Q2 25 | 8.2% | 67.7% | ||
| Q1 25 | 7.5% | 63.6% | ||
| Q4 24 | 4.0% | 65.9% | ||
| Q3 24 | 7.4% | 61.3% | ||
| Q2 24 | 10.8% | 58.6% |
净利率MMLPRGLD
| Q1 26 | 1.7% | — | ||
| Q4 25 | -1.7% | 24.9% | ||
| Q3 25 | -5.0% | 50.3% | ||
| Q2 25 | -1.3% | 63.1% | ||
| Q1 25 | -0.5% | 58.7% | ||
| Q4 24 | -5.2% | 53.0% | ||
| Q3 24 | -1.9% | 49.7% | ||
| Q2 24 | 2.0% | 46.6% |
每股收益（稀释后）MMLPRGLD
| Q1 26 | — | — | ||
| Q4 25 | — | $1.04 | ||
| Q3 25 | — | $1.92 | ||
| Q2 25 | — | $2.01 | ||
| Q1 25 | — | $1.72 | ||
| Q4 24 | — | $1.63 | ||
| Q3 24 | — | $1.46 | ||
| Q2 24 | — | $1.23 |
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 | — | $233.7M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $7.2B |
| 总资产 | $537.1M | $9.5B |
| 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MMLPRGLD
| Q1 26 | — | — | ||
| Q4 25 | — | $233.7M | ||
| Q3 25 | — | $172.8M | ||
| Q2 25 | — | $248.2M | ||
| Q1 25 | — | $240.8M | ||
| Q4 24 | — | $195.5M | ||
| Q3 24 | — | $127.9M | ||
| Q2 24 | — | $74.2M |
总债务MMLPRGLD
| Q1 26 | — | — | ||
| Q4 25 | $428.0M | — | ||
| Q3 25 | $441.3M | — | ||
| Q2 25 | $427.8M | — | ||
| Q1 25 | $451.4M | — | ||
| Q4 24 | $437.6M | — | ||
| Q3 24 | $469.3M | $0 | ||
| Q2 24 | $439.4M | $50.0M |
股东权益MMLPRGLD
| Q1 26 | — | — | ||
| Q4 25 | — | $7.2B | ||
| Q3 25 | — | $3.4B | ||
| Q2 25 | — | $3.3B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | — | $3.0B |
总资产MMLPRGLD
| Q1 26 | $537.1M | — | ||
| Q4 25 | $522.4M | $9.5B | ||
| Q3 25 | $510.1M | $4.5B | ||
| Q2 25 | $515.6M | $3.6B | ||
| Q1 25 | $533.4M | $3.5B | ||
| Q4 24 | $538.5M | $3.4B | ||
| Q3 24 | $554.8M | $3.3B | ||
| Q2 24 | $535.1M | $3.3B |
负债/权益比MMLPRGLD
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.02× |
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 | — | $241.7M |
| 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 | — | 2.58× |
| 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MMLPRGLD
| Q1 26 | — | — | ||
| Q4 25 | $22.4M | $241.7M | ||
| Q3 25 | $-1.2M | $174.0M | ||
| Q2 25 | $30.9M | $152.8M | ||
| Q1 25 | $-6.0M | $136.4M | ||
| Q4 24 | $42.2M | $141.1M | ||
| Q3 24 | $-15.8M | $136.7M | ||
| Q2 24 | $11.8M | $113.5M |
自由现金流MMLPRGLD
| Q1 26 | $-6.0M | — | ||
| Q4 25 | $15.6M | — | ||
| Q3 25 | $-7.9M | — | ||
| Q2 25 | $25.6M | — | ||
| Q1 25 | $-11.9M | — | ||
| Q4 24 | $34.2M | — | ||
| Q3 24 | $-25.6M | — | ||
| Q2 24 | $-696.0K | — |
自由现金流率MMLPRGLD
| Q1 26 | -3.2% | — | ||
| Q4 25 | 8.9% | — | ||
| Q3 25 | -4.7% | — | ||
| Q2 25 | 14.2% | — | ||
| Q1 25 | -6.2% | — | ||
| Q4 24 | 20.0% | — | ||
| Q3 24 | -15.0% | — | ||
| Q2 24 | -0.4% | — |
资本支出强度MMLPRGLD
| Q1 26 | 1.6% | — | ||
| Q4 25 | 3.9% | — | ||
| Q3 25 | 4.0% | — | ||
| Q2 25 | 3.0% | — | ||
| Q1 25 | 3.1% | — | ||
| Q4 24 | 4.6% | — | ||
| Q3 24 | 5.8% | — | ||
| Q2 24 | 6.8% | — |
现金转化率MMLPRGLD
| Q1 26 | — | — | ||
| Q4 25 | — | 2.58× | ||
| Q3 25 | — | 1.37× | ||
| Q2 25 | — | 1.15× | ||
| Q1 25 | — | 1.20× | ||
| Q4 24 | — | 1.31× | ||
| Q3 24 | — | 1.42× | ||
| Q2 24 | 3.13× | 1.40× |
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% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
