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MARTIN MIDSTREAM PARTNERS L.P.（MMLP）与世纪互联（VNET）财务数据对比。点击上方公司名可切换其他公司
世纪互联的季度营收约是MARTIN MIDSTREAM PARTNERS L.P.的1.9倍（$362.7M vs $187.7M），MARTIN MIDSTREAM PARTNERS L.P.净利率更高（1.7% vs -10.7%，领先12.4%），MARTIN MIDSTREAM PARTNERS L.P.自由现金流更多（$-6.0M vs $-193.1M），过去两年世纪互联的营收复合增速更高（17.4% 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。
VNET Group即世纪互联，是中国领先的第三方中立数据中心服务商，提供机柜托管、云基础设施、混合云部署及网络管理等解决方案，服务覆盖科技、金融、零售等多领域企业客户，为企业数字化运营提供稳定的算力与网络支撑。
MMLP vs VNET — 直观对比
营收规模更大
VNET
是对方的1.9倍
$187.7M
净利率更高
MMLP
高出12.4%
-10.7%
自由现金流更多
MMLP
多$187.1M
$-193.1M
两年增速更快
VNET
近两年复合增速
0.8%
损益表 — Q1 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $187.7M | $362.7M |
| 净利润 | $3.2M | $-38.7M |
| 毛利率 | — | 20.9% |
| 营业利润率 | 4.1% | 0.5% |
| 净利率 | 1.7% | -10.7% |
| 营收同比 | -2.5% | — |
| 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MMLPVNET
| Q1 26 | $187.7M | — | ||
| Q4 25 | $174.2M | — | ||
| Q3 25 | $168.7M | $362.7M | ||
| Q2 25 | $180.7M | — | ||
| Q1 25 | $192.5M | $309.5M | ||
| Q4 24 | $171.3M | — | ||
| Q3 24 | $170.9M | $302.2M | ||
| Q2 24 | $184.5M | $274.4M |
净利润MMLPVNET
| Q1 26 | $3.2M | — | ||
| Q4 25 | $-2.9M | — | ||
| Q3 25 | $-8.4M | $-38.7M | ||
| Q2 25 | $-2.4M | — | ||
| Q1 25 | $-1.0M | $-2.4M | ||
| Q4 24 | $-8.9M | — | ||
| Q3 24 | $-3.3M | $-2.1M | ||
| Q2 24 | $3.8M | $-1.1M |
毛利率MMLPVNET
| Q1 26 | — | — | ||
| Q4 25 | 57.1% | — | ||
| Q3 25 | 55.1% | 20.9% | ||
| Q2 25 | 56.5% | — | ||
| Q1 25 | 53.5% | 25.2% | ||
| Q4 24 | 58.2% | — | ||
| Q3 24 | 58.5% | 23.2% | ||
| Q2 24 | 58.4% | 21.3% |
营业利润率MMLPVNET
| Q1 26 | 4.1% | — | ||
| Q4 25 | 7.3% | — | ||
| Q3 25 | 4.1% | 0.5% | ||
| Q2 25 | 8.2% | — | ||
| Q1 25 | 7.5% | 0.1% | ||
| Q4 24 | 4.0% | — | ||
| Q3 24 | 7.4% | 24.5% | ||
| Q2 24 | 10.8% | 0.2% |
净利率MMLPVNET
| Q1 26 | 1.7% | — | ||
| Q4 25 | -1.7% | — | ||
| Q3 25 | -5.0% | -10.7% | ||
| Q2 25 | -1.3% | — | ||
| Q1 25 | -0.5% | -0.8% | ||
| Q4 24 | -5.2% | — | ||
| Q3 24 | -1.9% | -0.7% | ||
| Q2 24 | 2.0% | -0.4% |
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 | — | $492.1M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | — | $890.8M |
| 总资产 | $537.1M | $6.1B |
| 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MMLPVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $492.1M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $544.3M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $219.5M | ||
| Q2 24 | — | $247.2M |
总债务MMLPVNET
| 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 | $1.2B | ||
| Q2 24 | $439.4M | — |
股东权益MMLPVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $890.8M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $927.8M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $902.9M | ||
| Q2 24 | — | $900.6M |
总资产MMLPVNET
| Q1 26 | $537.1M | — | ||
| Q4 25 | $522.4M | — | ||
| Q3 25 | $510.1M | $6.1B | ||
| Q2 25 | $515.6M | — | ||
| Q1 25 | $533.4M | $5.4B | ||
| Q4 24 | $538.5M | — | ||
| Q3 24 | $554.8M | $4.3B | ||
| Q2 24 | $535.1M | $4.0B |
负债/权益比MMLPVNET
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.28× | ||
| 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 | — | $113.8M |
| 自由现金流经营现金流 - 资本支出 | $-6.0M | $-193.1M |
| 自由现金流率自由现金流/营收 | -3.2% | -53.2% |
| 资本支出强度资本支出/营收 | 1.6% | 84.6% |
| 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 | $-589.7M |
8季度趋势，按日历期对齐
经营现金流MMLPVNET
| Q1 26 | — | — | ||
| Q4 25 | $22.4M | — | ||
| Q3 25 | $-1.2M | $113.8M | ||
| Q2 25 | $30.9M | — | ||
| Q1 25 | $-6.0M | $27.0M | ||
| Q4 24 | $42.2M | — | ||
| Q3 24 | $-15.8M | $108.3M | ||
| Q2 24 | $11.8M | $55.8M |
自由现金流MMLPVNET
| Q1 26 | $-6.0M | — | ||
| Q4 25 | $15.6M | — | ||
| Q3 25 | $-7.9M | $-193.1M | ||
| Q2 25 | $25.6M | — | ||
| Q1 25 | $-11.9M | $-220.0M | ||
| Q4 24 | $34.2M | — | ||
| Q3 24 | $-25.6M | $-95.0M | ||
| Q2 24 | $-696.0K | $-81.6M |
自由现金流率MMLPVNET
| Q1 26 | -3.2% | — | ||
| Q4 25 | 8.9% | — | ||
| Q3 25 | -4.7% | -53.2% | ||
| Q2 25 | 14.2% | — | ||
| Q1 25 | -6.2% | -71.1% | ||
| Q4 24 | 20.0% | — | ||
| Q3 24 | -15.0% | -31.4% | ||
| Q2 24 | -0.4% | -29.8% |
资本支出强度MMLPVNET
| Q1 26 | 1.6% | — | ||
| Q4 25 | 3.9% | — | ||
| Q3 25 | 4.0% | 84.6% | ||
| Q2 25 | 3.0% | — | ||
| Q1 25 | 3.1% | 79.8% | ||
| Q4 24 | 4.6% | — | ||
| Q3 24 | 5.8% | 67.3% | ||
| Q2 24 | 6.8% | 50.1% |
现金转化率MMLPVNET
| 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% |
VNET
暂无分部数据
