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MPLX LP（MPLX）与摩托罗拉解决方案（MSI）财务数据对比。点击上方公司名可切换其他公司
摩托罗拉解决方案的季度营收约是MPLX LP的1.1倍（$2.7B vs $2.5B），MPLX LP净利率更高（49.1% vs 13.5%，领先35.6%），摩托罗拉解决方案同比增速更快（7.4% vs 1.4%），MPLX LP自由现金流更多（$782.0M vs $389.0M），过去两年MPLX LP的营收复合增速更高（6.2% vs 1.6%）
MPLX LP旗下子公司MarkWest Energy Partners是美国业主有限合伙企业，主营天然气收集、加工及运输业务。该公司1988年成立于科罗拉多州丹佛市，曾发展为科罗拉多州第13大企业，2015年被马拉松石油旗下的MPLX收购。
摩托罗拉解决方案是美国科技企业，总部位于伊利诺伊州芝加哥，2011年由摩托罗拉公司拆分成立。公司面向公共安全部门及企业客户，提供关键通信、视频安防、指挥中心技术等安全防护类产品与服务。
MPLX vs MSI — 直观对比
营收规模更大
MSI
是对方的1.1倍
$2.5B
营收增速更快
MSI
高出6.0%
1.4%
净利率更高
MPLX
高出35.6%
13.5%
自由现金流更多
MPLX
多$393.0M
$389.0M
两年增速更快
MPLX
近两年复合增速
1.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $2.7B |
| 净利润 | $1.2B | $366.0M |
| 毛利率 | — | — |
| 营业利润率 | 60.5% | 19.3% |
| 净利率 | 49.1% | 13.5% |
| 营收同比 | 1.4% | 7.4% |
| 净利润同比 | 8.5% | -14.9% |
| 每股收益（稀释后） | — | $2.18 |
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MPLXMSI
| Q1 26 | — | $2.7B | ||
| Q4 25 | $2.5B | $3.4B | ||
| Q3 25 | $2.5B | $3.0B | ||
| Q2 25 | $2.4B | $2.8B | ||
| Q1 25 | $2.5B | $2.5B | ||
| Q4 24 | $2.4B | $3.0B | ||
| Q3 24 | $2.3B | $2.8B | ||
| Q2 24 | $2.3B | $2.6B |
净利润MPLXMSI
| Q1 26 | — | $366.0M | ||
| Q4 25 | $1.2B | $649.0M | ||
| Q3 25 | $1.6B | $562.0M | ||
| Q2 25 | $1.1B | $513.0M | ||
| Q1 25 | $1.1B | $430.0M | ||
| Q4 24 | $1.1B | $611.0M | ||
| Q3 24 | $1.0B | $562.0M | ||
| Q2 24 | $1.2B | $443.0M |
毛利率MPLXMSI
| Q1 26 | — | — | ||
| Q4 25 | — | 52.3% | ||
| Q3 25 | — | 51.6% | ||
| Q2 25 | — | 51.1% | ||
| Q1 25 | — | 51.4% | ||
| Q4 24 | — | 51.4% | ||
| Q3 24 | — | 51.4% | ||
| Q2 24 | — | 51.0% |
营业利润率MPLXMSI
| Q1 26 | — | 19.3% | ||
| Q4 25 | 60.5% | 27.9% | ||
| Q3 25 | 73.2% | 25.6% | ||
| Q2 25 | 54.9% | 25.0% | ||
| Q1 25 | 55.5% | 23.0% | ||
| Q4 24 | 55.6% | 27.0% | ||
| Q3 24 | 54.4% | 25.5% | ||
| Q2 24 | 62.9% | 24.5% |
净利率MPLXMSI
| Q1 26 | — | 13.5% | ||
| Q4 25 | 49.1% | 19.2% | ||
| Q3 25 | 63.2% | 18.7% | ||
| Q2 25 | 44.9% | 18.6% | ||
| Q1 25 | 46.2% | 17.0% | ||
| Q4 24 | 45.9% | 20.3% | ||
| Q3 24 | 44.6% | 20.1% | ||
| Q2 24 | 52.6% | 16.9% |
每股收益（稀释后）MPLXMSI
| Q1 26 | — | $2.18 | ||
| Q4 25 | — | $3.85 | ||
| Q3 25 | — | $3.33 | ||
| Q2 25 | — | $3.04 | ||
| Q1 25 | — | $2.53 | ||
| Q4 24 | — | $3.57 | ||
| Q3 24 | — | $3.29 | ||
| Q2 24 | — | $2.60 |
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 | $2.1B | $886.0M |
| 总债务越低越好 | $24.2B | $9.0B |
| 股东权益账面价值 | — | — |
| 总资产 | $43.0B | $19.1B |
| 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MPLXMSI
| Q1 26 | — | $886.0M | ||
| Q4 25 | $2.1B | $1.2B | ||
| Q3 25 | $1.8B | $894.0M | ||
| Q2 25 | $1.4B | $3.2B | ||
| Q1 25 | $2.5B | $1.6B | ||
| Q4 24 | $1.5B | $2.1B | ||
| Q3 24 | $2.4B | $1.4B | ||
| Q2 24 | $2.5B | $1.4B |
总债务MPLXMSI
| Q1 26 | — | $9.0B | ||
| Q4 25 | $24.2B | — | ||
| Q3 25 | $24.1B | — | ||
| Q2 25 | $19.7B | — | ||
| Q1 25 | $19.7B | — | ||
| Q4 24 | $19.3B | — | ||
| Q3 24 | $19.3B | — | ||
| Q2 24 | $19.2B | — |
股东权益MPLXMSI
| Q1 26 | — | — | ||
| Q4 25 | — | $2.4B | ||
| Q3 25 | — | $2.3B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $802.0M |
总资产MPLXMSI
| Q1 26 | — | $19.1B | ||
| Q4 25 | $43.0B | $19.4B | ||
| Q3 25 | $43.2B | $18.8B | ||
| Q2 25 | $37.8B | $16.4B | ||
| Q1 25 | $39.0B | $14.4B | ||
| Q4 24 | $37.5B | $14.6B | ||
| Q3 24 | $38.5B | $13.9B | ||
| Q2 24 | $38.4B | $13.3B |
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 | $1.5B | $451.0M |
| 自由现金流经营现金流 - 资本支出 | $782.0M | $389.0M |
| 自由现金流率自由现金流/营收 | 31.9% | 14.3% |
| 资本支出强度资本支出/营收 | 29.1% | 2.3% |
| 现金转化率经营现金流/净利润 | 1.24× | 1.23× |
| 过去12个月自由现金流最近4个季度 | $4.1B | $2.5B |
8季度趋势，按日历期对齐
经营现金流MPLXMSI
| Q1 26 | — | $451.0M | ||
| Q4 25 | $1.5B | $1.3B | ||
| Q3 25 | $1.4B | $798.0M | ||
| Q2 25 | $1.7B | $273.0M | ||
| Q1 25 | $1.2B | $510.0M | ||
| Q4 24 | $1.7B | $1.1B | ||
| Q3 24 | $1.4B | $759.0M | ||
| Q2 24 | $1.6B | $180.0M |
自由现金流MPLXMSI
| Q1 26 | — | $389.0M | ||
| Q4 25 | $782.0M | $1.1B | ||
| Q3 25 | $905.0M | $732.0M | ||
| Q2 25 | $1.4B | $225.0M | ||
| Q1 25 | $979.0M | $473.0M | ||
| Q4 24 | $1.4B | $984.0M | ||
| Q3 24 | $1.1B | $702.0M | ||
| Q2 24 | $1.4B | $112.0M |
自由现金流率MPLXMSI
| Q1 26 | — | 14.3% | ||
| Q4 25 | 31.9% | 33.8% | ||
| Q3 25 | 36.8% | 24.3% | ||
| Q2 25 | 60.9% | 8.1% | ||
| Q1 25 | 39.8% | 18.7% | ||
| Q4 24 | 56.6% | 32.7% | ||
| Q3 24 | 48.4% | 25.2% | ||
| Q2 24 | 60.0% | 4.3% |
资本支出强度MPLXMSI
| Q1 26 | — | 2.3% | ||
| Q4 25 | 29.1% | 3.4% | ||
| Q3 25 | 21.4% | 2.2% | ||
| Q2 25 | 12.8% | 1.7% | ||
| Q1 25 | 10.9% | 1.5% | ||
| Q4 24 | 12.7% | 2.9% | ||
| Q3 24 | 11.9% | 2.0% | ||
| Q2 24 | 9.4% | 2.6% |
现金转化率MPLXMSI
| Q1 26 | — | 1.23× | ||
| Q4 25 | 1.24× | 1.94× | ||
| Q3 25 | 0.92× | 1.42× | ||
| Q2 25 | 1.64× | 0.53× | ||
| Q1 25 | 1.10× | 1.19× | ||
| Q4 24 | 1.51× | 1.75× | ||
| Q3 24 | 1.35× | 1.35× | ||
| Q2 24 | 1.32× | 0.41× |
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
MPLX
| Services | $746.0M | 30% |
| Other | $675.0M | 28% |
| Products | $492.0M | 20% |
| Nonrelated Party | $186.0M | 8% |
| Related Party | $151.0M | 6% |
| Crude Oil And Products Logistics | $104.0M | 4% |
| Service Other | $56.0M | 2% |
| Natural Gas And NGL Services | $41.0M | 2% |
MSI
暂无分部数据
