vs
马拉松石油（MPC）与Oneok（OKE）财务数据对比。点击上方公司名可切换其他公司
马拉松石油的季度营收约是Oneok的3.6倍（$32.6B vs $9.1B），Oneok净利率更高（10.8% vs 4.7%，领先6.1%），Oneok同比增速更快（29.5% vs -1.7%），马拉松石油自由现金流更多（$1.9B vs $576.0M），过去两年Oneok的营收复合增速更高（37.7% vs -0.2%）
马拉松石油是总部位于美国俄亥俄州芬德利的能源企业，核心业务覆盖石油炼制、销售与运输全链条。该公司此前为马拉松石油集团的全资子公司，于2011年完成分拆后独立运营。
ONEOK是美国油气中游领域运营商，总部位于俄克拉荷马州塔尔萨，为油气行业提供收集、处理、分馏、运输及储存服务，位列财富500强及标普500指数成分股。公司前身为1906年成立的俄克拉荷马天然气公司，1980年正式更名为ONEOK。
MPC vs OKE — 直观对比
营收规模更大
MPC
是对方的3.6倍
$9.1B
营收增速更快
OKE
高出31.2%
-1.7%
净利率更高
OKE
高出6.1%
4.7%
自由现金流更多
MPC
多$1.3B
$576.0M
两年增速更快
OKE
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $32.6B | $9.1B |
| 净利润 | $1.5B | $977.0M |
| 毛利率 | 11.4% | 29.4% |
| 营业利润率 | 8.3% | 16.9% |
| 净利率 | 4.7% | 10.8% |
| 营收同比 | -1.7% | 29.5% |
| 净利润同比 | 313.7% | 5.9% |
| 每股收益（稀释后） | $4.99 | $1.55 |
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MPCOKE
| Q4 25 | $32.6B | $9.1B | ||
| Q3 25 | $34.8B | $8.6B | ||
| Q2 25 | $33.8B | $7.9B | ||
| Q1 25 | $31.5B | $8.0B | ||
| Q4 24 | $33.1B | $7.0B | ||
| Q3 24 | $35.1B | $5.0B | ||
| Q2 24 | $37.9B | $4.9B | ||
| Q1 24 | $32.7B | $4.8B |
净利润MPCOKE
| Q4 25 | $1.5B | $977.0M | ||
| Q3 25 | $1.4B | $939.0M | ||
| Q2 25 | $1.2B | $841.0M | ||
| Q1 25 | $-74.0M | $636.0M | ||
| Q4 24 | $371.0M | $923.0M | ||
| Q3 24 | $622.0M | $693.0M | ||
| Q2 24 | $1.5B | $780.0M | ||
| Q1 24 | $937.0M | $639.0M |
毛利率MPCOKE
| Q4 25 | 11.4% | 29.4% | ||
| Q3 25 | 10.4% | 30.9% | ||
| Q2 25 | 11.2% | 32.0% | ||
| Q1 25 | 6.8% | 29.7% | ||
| Q4 24 | 7.8% | 35.8% | ||
| Q3 24 | 8.4% | 39.7% | ||
| Q2 24 | 10.5% | 40.9% | ||
| Q1 24 | 9.5% | 39.4% |
营业利润率MPCOKE
| Q4 25 | 8.3% | 16.9% | ||
| Q3 25 | 7.8% | 18.0% | ||
| Q2 25 | 6.5% | 18.1% | ||
| Q1 25 | 2.2% | 15.2% | ||
| Q4 24 | 3.4% | 22.4% | ||
| Q3 24 | 3.8% | 22.5% | ||
| Q2 24 | 6.7% | 25.1% | ||
| Q1 24 | 5.5% | 22.3% |
净利率MPCOKE
| Q4 25 | 4.7% | 10.8% | ||
| Q3 25 | 3.9% | 10.9% | ||
| Q2 25 | 3.6% | 10.7% | ||
| Q1 25 | -0.2% | 7.9% | ||
| Q4 24 | 1.1% | 13.2% | ||
| Q3 24 | 1.8% | 13.8% | ||
| Q2 24 | 4.0% | 15.9% | ||
| Q1 24 | 2.9% | 13.4% |
每股收益（稀释后）MPCOKE
| Q4 25 | $4.99 | $1.55 | ||
| Q3 25 | $4.51 | $1.49 | ||
| Q2 25 | $3.96 | $1.34 | ||
| Q1 25 | $-0.24 | $1.04 | ||
| Q4 24 | $1.30 | $1.57 | ||
| Q3 24 | $1.87 | $1.18 | ||
| Q2 24 | $4.33 | $1.33 | ||
| Q1 24 | $2.58 | $1.09 |
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 | $78.0M |
| 总债务越低越好 | $30.5B | — |
| 股东权益账面价值 | $17.3B | $22.5B |
| 总资产 | $84.0B | $66.6B |
| 负债/权益比越低杠杆越低 | 1.76× | — |
8季度趋势，按日历期对齐
现金及短期投资MPCOKE
| Q4 25 | $3.7B | $78.0M | ||
| Q3 25 | $2.7B | $1.2B | ||
| Q2 25 | $1.7B | $97.0M | ||
| Q1 25 | $3.8B | $141.0M | ||
| Q4 24 | $3.2B | $733.0M | ||
| Q3 24 | $5.1B | $579.0M | ||
| Q2 24 | $8.5B | $36.0M | ||
| Q1 24 | $7.6B | $65.0M |
总债务MPCOKE
| Q4 25 | $30.5B | — | ||
| Q3 25 | $31.2B | $33.7B | ||
| Q2 25 | $26.8B | $31.3B | ||
| Q1 25 | $26.8B | $31.8B | ||
| Q4 24 | $24.4B | $32.1B | ||
| Q3 24 | $24.1B | $28.1B | ||
| Q2 24 | $24.0B | $21.7B | ||
| Q1 24 | $24.8B | $21.7B |
股东权益MPCOKE
| Q4 25 | $17.3B | $22.5B | ||
| Q3 25 | $17.1B | $22.1B | ||
| Q2 25 | $16.6B | $21.8B | ||
| Q1 25 | $16.4B | $21.4B | ||
| Q4 24 | $17.7B | $17.0B | ||
| Q3 24 | $18.9B | $16.9B | ||
| Q2 24 | $21.3B | $16.7B | ||
| Q1 24 | $22.9B | $16.4B |
总资产MPCOKE
| Q4 25 | $84.0B | $66.6B | ||
| Q3 25 | $83.2B | $66.6B | ||
| Q2 25 | $78.5B | $64.5B | ||
| Q1 25 | $81.6B | $64.3B | ||
| Q4 24 | $78.9B | $64.1B | ||
| Q3 24 | $79.8B | $51.0B | ||
| Q2 24 | $85.2B | $44.5B | ||
| Q1 24 | $85.5B | $44.4B |
负债/权益比MPCOKE
| Q4 25 | 1.76× | — | ||
| Q3 25 | 1.83× | 1.53× | ||
| Q2 25 | 1.61× | 1.43× | ||
| Q1 25 | 1.64× | 1.49× | ||
| Q4 24 | 1.38× | 1.88× | ||
| Q3 24 | 1.27× | 1.66× | ||
| Q2 24 | 1.13× | 1.30× | ||
| Q1 24 | 1.08× | 1.32× |
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 | $3.1B | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $1.9B | $576.0M |
| 自由现金流率自由现金流/营收 | 5.8% | 6.4% |
| 资本支出强度资本支出/营收 | 3.6% | 10.7% |
| 现金转化率经营现金流/净利润 | 2.00× | 1.58× |
| 过去12个月自由现金流最近4个季度 | $4.8B | $2.4B |
8季度趋势，按日历期对齐
经营现金流MPCOKE
| Q4 25 | $3.1B | $1.5B | ||
| Q3 25 | $2.6B | $1.6B | ||
| Q2 25 | $2.6B | $1.5B | ||
| Q1 25 | $-64.0M | $904.0M | ||
| Q4 24 | $2.2B | $1.6B | ||
| Q3 24 | $1.7B | $1.3B | ||
| Q2 24 | $3.2B | $1.4B | ||
| Q1 24 | $1.5B | $596.0M |
自由现金流MPCOKE
| Q4 25 | $1.9B | $576.0M | ||
| Q3 25 | $1.7B | $820.0M | ||
| Q2 25 | $1.9B | $776.0M | ||
| Q1 25 | $-727.0M | $275.0M | ||
| Q4 24 | $1.4B | $1.0B | ||
| Q3 24 | $1.0B | $783.0M | ||
| Q2 24 | $2.8B | $951.0M | ||
| Q1 24 | $947.0M | $84.0M |
自由现金流率MPCOKE
| Q4 25 | 5.8% | 6.4% | ||
| Q3 25 | 4.8% | 9.5% | ||
| Q2 25 | 5.8% | 9.8% | ||
| Q1 25 | -2.3% | 3.4% | ||
| Q4 24 | 4.2% | 15.0% | ||
| Q3 24 | 2.9% | 15.6% | ||
| Q2 24 | 7.3% | 19.4% | ||
| Q1 24 | 2.9% | 1.8% |
资本支出强度MPCOKE
| Q4 25 | 3.6% | 10.7% | ||
| Q3 25 | 2.7% | 9.3% | ||
| Q2 25 | 2.1% | 9.5% | ||
| Q1 25 | 2.1% | 7.8% | ||
| Q4 24 | 2.4% | 8.0% | ||
| Q3 24 | 1.9% | 9.3% | ||
| Q2 24 | 1.3% | 9.8% | ||
| Q1 24 | 1.8% | 10.7% |
现金转化率MPCOKE
| Q4 25 | 2.00× | 1.58× | ||
| Q3 25 | 1.90× | 1.73× | ||
| Q2 25 | 2.17× | 1.81× | ||
| Q1 25 | — | 1.42× | ||
| Q4 24 | 5.95× | 1.75× | ||
| Q3 24 | 2.71× | 1.81× | ||
| Q2 24 | 2.14× | 1.83× | ||
| Q1 24 | 1.64× | 0.93× |
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
MPC
| Refined Products | $28.6B | 88% |
| Midstream | $1.4B | 4% |
| Crude Oil | $1.2B | 4% |
| Renewable Diesel | $851.0M | 3% |
| Related Party | $536.0M | 2% |
| Services & Other | $466.0M | 1% |
OKE
| Natural Gas Liquids | $4.0B | 44% |
| Natural Gas Gathering And Processing | $1.8B | 20% |
| Services | $1.2B | 14% |
| Liquids Commodity | $979.0M | 11% |
| Wholly Owned Interstate Natural Gas Pipelines | $527.0M | 6% |
| Exchange Services And Natural Gas Gathering And Processing Revenue | $365.0M | 4% |
| Transportationand Storage Revenue | $108.0M | 1% |
| Other | $12.0M | 0% |
