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MARTIN MIDSTREAM PARTNERS L.P.（MMLP）与GIBRALTAR INDUSTRIES, INC.（ROCK）财务数据对比。点击上方公司名可切换其他公司
GIBRALTAR INDUSTRIES, INC.的季度营收约是MARTIN MIDSTREAM PARTNERS L.P.的1.2倍（$225.0M vs $187.7M），GIBRALTAR INDUSTRIES, INC.同比增速更快（24.9% vs -2.5%），GIBRALTAR INDUSTRIES, INC.自由现金流更多（$26.2M vs $-6.0M），过去两年MARTIN MIDSTREAM PARTNERS L.P.的营收复合增速更高（0.8% vs -12.3%）
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。
直布罗陀工业公司是专业建筑、基础设施及可再生能源产品制造商与分销商，主营通风系统、屋面配件、太阳能安装支架、园林景观产品等，主要服务北美地区住宅、商业建筑及清洁能源市场，专注提供创新可持续的客户解决方案。
MMLP vs ROCK — 直观对比
营收规模更大
ROCK
是对方的1.2倍
$187.7M
营收增速更快
ROCK
高出27.5%
-2.5%
自由现金流更多
ROCK
多$32.2M
$-6.0M
两年增速更快
MMLP
近两年复合增速
-12.3%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $187.7M | $225.0M |
| 净利润 | $3.2M | — |
| 毛利率 | — | 25.3% |
| 营业利润率 | 4.1% | 7.9% |
| 净利率 | 1.7% | — |
| 营收同比 | -2.5% | 24.9% |
| 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MMLPROCK
| Q1 26 | $187.7M | — | ||
| Q4 25 | $174.2M | $225.0M | ||
| Q3 25 | $168.7M | $310.9M | ||
| Q2 25 | $180.7M | $309.5M | ||
| Q1 25 | $192.5M | $290.0M | ||
| Q4 24 | $171.3M | $180.1M | ||
| Q3 24 | $170.9M | $277.1M | ||
| Q2 24 | $184.5M | $273.6M |
净利润MMLPROCK
| Q1 26 | $3.2M | — | ||
| Q4 25 | $-2.9M | — | ||
| Q3 25 | $-8.4M | $-89.1M | ||
| Q2 25 | $-2.4M | $26.0M | ||
| Q1 25 | $-1.0M | $21.1M | ||
| Q4 24 | $-8.9M | — | ||
| Q3 24 | $-3.3M | $34.0M | ||
| Q2 24 | $3.8M | $32.2M |
毛利率MMLPROCK
| Q1 26 | — | — | ||
| Q4 25 | 57.1% | 25.3% | ||
| Q3 25 | 55.1% | 26.6% | ||
| Q2 25 | 56.5% | 28.4% | ||
| Q1 25 | 53.5% | 26.8% | ||
| Q4 24 | 58.2% | 29.0% | ||
| Q3 24 | 58.5% | 29.4% | ||
| Q2 24 | 58.4% | 30.5% |
营业利润率MMLPROCK
| Q1 26 | 4.1% | — | ||
| Q4 25 | 7.3% | 7.9% | ||
| Q3 25 | 4.1% | 12.8% | ||
| Q2 25 | 8.2% | 12.8% | ||
| Q1 25 | 7.5% | 8.8% | ||
| Q4 24 | 4.0% | 13.3% | ||
| Q3 24 | 7.4% | 15.6% | ||
| Q2 24 | 10.8% | 14.9% |
净利率MMLPROCK
| Q1 26 | 1.7% | — | ||
| Q4 25 | -1.7% | — | ||
| Q3 25 | -5.0% | -28.6% | ||
| Q2 25 | -1.3% | 8.4% | ||
| Q1 25 | -0.5% | 7.3% | ||
| Q4 24 | -5.2% | — | ||
| Q3 24 | -1.9% | 12.3% | ||
| Q2 24 | 2.0% | 11.8% |
每股收益（稀释后）MMLPROCK
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $-2.98 | ||
| Q2 25 | — | $0.87 | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.11 | ||
| Q2 24 | — | $1.05 |
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 | — | $115.7M |
| 总债务越低越好 | — | $0 |
| 股东权益账面价值 | — | $950.4M |
| 总资产 | $537.1M | $1.4B |
| 负债/权益比越低杠杆越低 | — | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资MMLPROCK
| Q1 26 | — | — | ||
| Q4 25 | — | $115.7M | ||
| Q3 25 | — | $89.4M | ||
| Q2 25 | — | $43.3M | ||
| Q1 25 | — | $25.1M | ||
| Q4 24 | — | $269.5M | ||
| Q3 24 | — | $228.9M | ||
| Q2 24 | — | $179.1M |
总债务MMLPROCK
| Q1 26 | — | — | ||
| Q4 25 | $428.0M | $0 | ||
| Q3 25 | $441.3M | $0 | ||
| Q2 25 | $427.8M | $0 | ||
| Q1 25 | $451.4M | $0 | ||
| Q4 24 | $437.6M | $0 | ||
| Q3 24 | $469.3M | $0 | ||
| Q2 24 | $439.4M | $0 |
股东权益MMLPROCK
| Q1 26 | — | — | ||
| Q4 25 | — | $950.4M | ||
| Q3 25 | — | $951.8M | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $975.7M |
总资产MMLPROCK
| Q1 26 | $537.1M | — | ||
| Q4 25 | $522.4M | $1.4B | ||
| Q3 25 | $510.1M | $1.4B | ||
| Q2 25 | $515.6M | $1.5B | ||
| Q1 25 | $533.4M | $1.4B | ||
| Q4 24 | $538.5M | $1.4B | ||
| Q3 24 | $554.8M | $1.4B | ||
| Q2 24 | $535.1M | $1.4B |
负债/权益比MMLPROCK
| Q1 26 | — | — | ||
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | — | 0.00× | ||
| Q1 25 | — | 0.00× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.00× |
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 | — | $35.5M |
| 自由现金流经营现金流 - 资本支出 | $-6.0M | $26.2M |
| 自由现金流率自由现金流/营收 | -3.2% | 11.7% |
| 资本支出强度资本支出/营收 | 1.6% | 4.1% |
| 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 | $120.6M |
8季度趋势，按日历期对齐
经营现金流MMLPROCK
| Q1 26 | — | — | ||
| Q4 25 | $22.4M | $35.5M | ||
| Q3 25 | $-1.2M | $73.0M | ||
| Q2 25 | $30.9M | $44.9M | ||
| Q1 25 | $-6.0M | $13.7M | ||
| Q4 24 | $42.2M | $19.9M | ||
| Q3 24 | $-15.8M | $64.7M | ||
| Q2 24 | $11.8M | $36.5M |
自由现金流MMLPROCK
| Q1 26 | $-6.0M | — | ||
| Q4 25 | $15.6M | $26.2M | ||
| Q3 25 | $-7.9M | $64.8M | ||
| Q2 25 | $25.6M | $27.3M | ||
| Q1 25 | $-11.9M | $2.3M | ||
| Q4 24 | $34.2M | $14.1M | ||
| Q3 24 | $-25.6M | $60.5M | ||
| Q2 24 | $-696.0K | $33.5M |
自由现金流率MMLPROCK
| Q1 26 | -3.2% | — | ||
| Q4 25 | 8.9% | 11.7% | ||
| Q3 25 | -4.7% | 20.8% | ||
| Q2 25 | 14.2% | 8.8% | ||
| Q1 25 | -6.2% | 0.8% | ||
| Q4 24 | 20.0% | 7.8% | ||
| Q3 24 | -15.0% | 21.8% | ||
| Q2 24 | -0.4% | 12.2% |
资本支出强度MMLPROCK
| Q1 26 | 1.6% | — | ||
| Q4 25 | 3.9% | 4.1% | ||
| Q3 25 | 4.0% | 2.6% | ||
| Q2 25 | 3.0% | 5.7% | ||
| Q1 25 | 3.1% | 3.9% | ||
| Q4 24 | 4.6% | 3.3% | ||
| Q3 24 | 5.8% | 1.5% | ||
| Q2 24 | 6.8% | 1.1% |
现金转化率MMLPROCK
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.90× | ||
| Q2 24 | 3.13× | 1.13× |
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% |
ROCK
| Transferred At Point In Time | $183.5M | 82% |
| Infrastructure | $22.5M | 10% |
| Other | $18.9M | 8% |
