vs
3M（MMM）与PLAINS ALL AMERICAN PIPELINE LP（PAA）财务数据对比。点击上方公司名可切换其他公司
PLAINS ALL AMERICAN PIPELINE LP的季度营收约是3M的1.7倍（$10.0B vs $6.0B）。3M净利率更高（10.8% vs 3.4%，领先7.4%）。3M同比增速更快（1.3% vs -19.1%）。3M自由现金流更多（$2.0B vs $638.0M）。过去两年3M的营收复合增速更高（-1.8% vs -8.6%）
3M是美国知名跨国综合企业，业务覆盖工业、劳动者安全防护、消费品等多个领域，总部位于圣保罗郊区的枫木市。公司现有超6万款产品，涵盖胶粘剂、研磨材料、防火防护产品、个人防护装备、窗膜、车漆保护膜、电子连接绝缘材料、汽车养护产品、光学膜等品类。
本公司为业主有限合伙企业，主营美国及加拿大地区液化石油气与石油的管道运输、销售及存储业务。旗下拥有总长度约29560公里的管线，原油、天然气凝液、天然气存储容量分别为7500万桶、2800万桶、680亿立方英尺，另有5座天然气加工厂，总部位于得克萨斯州休斯顿市中心艾伦中心。
MMM vs PAA — 直观对比
营收规模更大
PAA
是对方的1.7倍
$6.0B
营收增速更快
MMM
高出20.4%
-19.1%
净利率更高
MMM
高出7.4%
3.4%
自由现金流更多
MMM
多$1.4B
$638.0M
两年增速更快
MMM
近两年复合增速
-8.6%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $6.0B | $10.0B |
| 净利润 | $653.0M | $341.0M |
| 毛利率 | 40.7% | 7.0% |
| 营业利润率 | 23.2% | 1.8% |
| 净利率 | 10.8% | 3.4% |
| 营收同比 | 1.3% | -19.1% |
| 净利润同比 | -41.5% | 847.2% |
| 每股收益（稀释后） | $1.23 | — |
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MMMPAA
| Q1 26 | $6.0B | — | ||
| Q4 25 | $6.1B | $10.0B | ||
| Q3 25 | $6.5B | $11.6B | ||
| Q2 25 | $6.3B | $10.6B | ||
| Q1 25 | $6.0B | $12.0B | ||
| Q4 24 | $6.0B | $12.4B | ||
| Q3 24 | $6.3B | $12.7B | ||
| Q2 24 | $6.3B | $12.9B |
净利润MMMPAA
| Q1 26 | $653.0M | — | ||
| Q4 25 | $577.0M | $341.0M | ||
| Q3 25 | $834.0M | $441.0M | ||
| Q2 25 | $723.0M | $210.0M | ||
| Q1 25 | $1.1B | $443.0M | ||
| Q4 24 | $728.0M | $36.0M | ||
| Q3 24 | $1.4B | $220.0M | ||
| Q2 24 | $1.1B | $250.0M |
毛利率MMMPAA
| Q1 26 | 40.7% | — | ||
| Q4 25 | 33.6% | 7.0% | ||
| Q3 25 | 41.8% | 8.6% | ||
| Q2 25 | 42.5% | 8.3% | ||
| Q1 25 | 41.6% | 10.4% | ||
| Q4 24 | 51.7% | 9.5% | ||
| Q3 24 | 42.1% | 9.3% | ||
| Q2 24 | 42.9% | 8.3% |
营业利润率MMMPAA
| Q1 26 | 23.2% | — | ||
| Q4 25 | 13.0% | 1.8% | ||
| Q3 25 | 22.2% | 4.2% | ||
| Q2 25 | 18.0% | 2.2% | ||
| Q1 25 | 20.9% | 4.4% | ||
| Q4 24 | 12.2% | 0.7% | ||
| Q3 24 | 20.9% | 2.7% | ||
| Q2 24 | 20.3% | 2.9% |
净利率MMMPAA
| Q1 26 | 10.8% | — | ||
| Q4 25 | 9.4% | 3.4% | ||
| Q3 25 | 12.8% | 3.8% | ||
| Q2 25 | 11.4% | 2.0% | ||
| Q1 25 | 18.7% | 3.7% | ||
| Q4 24 | 12.1% | 0.3% | ||
| Q3 24 | 21.8% | 1.7% | ||
| Q2 24 | 18.3% | 1.9% |
每股收益（稀释后）MMMPAA
| Q1 26 | $1.23 | — | ||
| Q4 25 | $1.07 | — | ||
| Q3 25 | $1.55 | — | ||
| Q2 25 | $1.34 | — | ||
| Q1 25 | $2.04 | — | ||
| Q4 24 | $1.33 | — | ||
| Q3 24 | $2.48 | — | ||
| Q2 24 | $2.07 | — |
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 | $3.7B | $328.0M |
| 总债务越低越好 | $10.9B | $10.7B |
| 股东权益账面价值 | $3.3B | — |
| 总资产 | $35.4B | $30.2B |
| 负债/权益比越低杠杆越低 | 3.29× | — |
8季度趋势，按日历期对齐
现金及短期投资MMMPAA
| Q1 26 | $3.7B | — | ||
| Q4 25 | — | $328.0M | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $459.0M | ||
| Q1 25 | — | $427.0M | ||
| Q4 24 | — | $348.0M | ||
| Q3 24 | — | $640.0M | ||
| Q2 24 | — | $553.0M |
总债务MMMPAA
| Q1 26 | $10.9B | — | ||
| Q4 25 | $12.6B | $10.7B | ||
| Q3 25 | $12.6B | $8.4B | ||
| Q2 25 | $13.1B | $8.2B | ||
| Q1 25 | $13.5B | $8.2B | ||
| Q4 24 | $13.0B | $7.2B | ||
| Q3 24 | $13.2B | $7.2B | ||
| Q2 24 | $13.1B | $7.2B |
股东权益MMMPAA
| Q1 26 | $3.3B | — | ||
| Q4 25 | $4.7B | — | ||
| Q3 25 | $4.6B | — | ||
| Q2 25 | $4.3B | — | ||
| Q1 25 | $4.5B | — | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $4.6B | — | ||
| Q2 24 | $3.9B | — |
总资产MMMPAA
| Q1 26 | $35.4B | — | ||
| Q4 25 | $37.7B | $30.2B | ||
| Q3 25 | $37.6B | $28.1B | ||
| Q2 25 | $38.0B | $27.2B | ||
| Q1 25 | $40.0B | $27.1B | ||
| Q4 24 | $39.9B | $26.6B | ||
| Q3 24 | $40.9B | $27.2B | ||
| Q2 24 | $43.4B | $27.5B |
负债/权益比MMMPAA
| Q1 26 | 3.29× | — | ||
| Q4 25 | 2.68× | — | ||
| Q3 25 | 2.72× | — | ||
| Q2 25 | 3.06× | — | ||
| Q1 25 | 3.02× | — | ||
| Q4 24 | 3.40× | — | ||
| Q3 24 | 2.84× | — | ||
| Q2 24 | 3.34× | — |
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 | — | $786.0M |
| 自由现金流经营现金流 - 资本支出 | $2.0B | $638.0M |
| 自由现金流率自由现金流/营收 | 33.6% | 6.4% |
| 资本支出强度资本支出/营收 | — | 1.5% |
| 现金转化率经营现金流/净利润 | — | 2.30× |
| 过去12个月自由现金流最近4个季度 | $3.7B | $2.3B |
8季度趋势，按日历期对齐
经营现金流MMMPAA
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $786.0M | ||
| Q3 25 | $1.8B | $817.0M | ||
| Q2 25 | $-954.0M | $694.0M | ||
| Q1 25 | $-79.0M | $639.0M | ||
| Q4 24 | $1.8B | $727.0M | ||
| Q3 24 | $-1.8B | $691.0M | ||
| Q2 24 | $1.0B | $653.0M |
自由现金流MMMPAA
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.3B | $638.0M | ||
| Q3 25 | $1.5B | $632.0M | ||
| Q2 25 | $-1.2B | $575.0M | ||
| Q1 25 | $-315.0M | $448.0M | ||
| Q4 24 | $1.5B | $561.0M | ||
| Q3 24 | $-2.0B | $534.0M | ||
| Q2 24 | $752.0M | $514.0M |
自由现金流率MMMPAA
| Q1 26 | 33.6% | — | ||
| Q4 25 | 21.8% | 6.4% | ||
| Q3 25 | 23.6% | 5.5% | ||
| Q2 25 | -18.3% | 5.4% | ||
| Q1 25 | -5.3% | 3.7% | ||
| Q4 24 | 25.4% | 4.5% | ||
| Q3 24 | -32.3% | 4.2% | ||
| Q2 24 | 12.0% | 4.0% |
资本支出强度MMMPAA
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 1.5% | ||
| Q3 25 | 3.3% | 1.6% | ||
| Q2 25 | 3.3% | 1.1% | ||
| Q1 25 | 4.0% | 1.6% | ||
| Q4 24 | 4.8% | 1.3% | ||
| Q3 24 | 3.9% | 1.2% | ||
| Q2 24 | 4.3% | 1.1% |
现金转化率MMMPAA
| Q1 26 | — | — | ||
| Q4 25 | 2.74× | 2.30× | ||
| Q3 25 | 2.11× | 1.85× | ||
| Q2 25 | -1.32× | 3.30× | ||
| Q1 25 | -0.07× | 1.44× | ||
| Q4 24 | 2.50× | 20.19× | ||
| Q3 24 | -1.30× | 3.14× | ||
| Q2 24 | 0.89× | 2.61× |
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
MMM
| Safety and Industrial business segment | $2.9B | 49% |
| Transportation and Electronics business segment | $1.8B | 31% |
| Consumer business segment | $1.1B | 19% |
| Corporate | $121.0M | 2% |
PAA
| Products | $9.6B | 96% |
| Transportation | $341.0M | 3% |
| Terminalling Storage And Other | $90.0M | 1% |
| Affiliated Entity | $14.0M | 0% |
