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MPLX LP（MPLX）与网易（NTES）财务数据对比。点击上方公司名可切换其他公司
网易的季度营收约是MPLX LP的1.6倍（$4.0B vs $2.5B），MPLX LP净利率更高（49.1% vs 31.0%，领先18.1%），网易自由现金流更多（$1.8B vs $782.0M），过去两年网易的营收复合增速更高（9.7% vs 6.2%）
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。
网易由丁磊于1997年6月创立，是全球规模领先的互联网与网络游戏企业之一。公司核心业务涵盖PC及移动端网络游戏的研发与发行，同时布局广告服务、电子邮箱服务及电商平台等多元业务板块。
MPLX vs NTES — 直观对比
营收规模更大
NTES
是对方的1.6倍
$2.5B
净利率更高
MPLX
高出18.1%
31.0%
自由现金流更多
NTES
多$996.9M
$782.0M
两年增速更快
NTES
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $4.0B |
| 净利润 | $1.2B | $1.2B |
| 毛利率 | — | 64.1% |
| 营业利润率 | 60.5% | 28.3% |
| 净利率 | 49.1% | 31.0% |
| 营收同比 | 1.4% | — |
| 净利润同比 | 8.5% | — |
| 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MPLXNTES
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.5B | $4.0B | ||
| Q2 25 | $2.4B | $3.9B | ||
| Q1 25 | $2.5B | $4.0B | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.3B | $3.7B | ||
| Q2 24 | $2.3B | $3.5B | ||
| Q1 24 | $2.2B | $3.7B |
净利润MPLXNTES
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.6B | $1.2B | ||
| Q2 25 | $1.1B | $1.3B | ||
| Q1 25 | $1.1B | $1.5B | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.0B | $955.7M | ||
| Q2 24 | $1.2B | $939.6M | ||
| Q1 24 | $1.0B | $1.1B |
毛利率MPLXNTES
| Q4 25 | — | — | ||
| Q3 25 | — | 64.1% | ||
| Q2 25 | — | 64.7% | ||
| Q1 25 | — | 64.1% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 62.9% | ||
| Q2 24 | — | 62.9% | ||
| Q1 24 | — | 63.4% |
营业利润率MPLXNTES
| Q4 25 | 60.5% | — | ||
| Q3 25 | 73.2% | 28.3% | ||
| Q2 25 | 54.9% | 32.5% | ||
| Q1 25 | 55.5% | 36.2% | ||
| Q4 24 | 55.6% | — | ||
| Q3 24 | 54.4% | 27.3% | ||
| Q2 24 | 62.9% | 27.4% | ||
| Q1 24 | 57.6% | 28.4% |
净利率MPLXNTES
| Q4 25 | 49.1% | — | ||
| Q3 25 | 63.2% | 31.0% | ||
| Q2 25 | 44.9% | 32.6% | ||
| Q1 25 | 46.2% | 36.6% | ||
| Q4 24 | 45.9% | — | ||
| Q3 24 | 44.6% | 25.6% | ||
| Q2 24 | 52.6% | 26.8% | ||
| Q1 24 | 46.7% | 29.1% |
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 | $31.3B |
| 总债务越低越好 | $24.2B | — |
| 股东权益账面价值 | — | $160.8B |
| 总资产 | $43.0B | $214.5B |
| 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MPLXNTES
| Q4 25 | $2.1B | — | ||
| Q3 25 | $1.8B | $31.3B | ||
| Q2 25 | $1.4B | $54.4B | ||
| Q1 25 | $2.5B | $41.7B | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $2.4B | $20.2B | ||
| Q2 24 | $2.5B | $19.0B | ||
| Q1 24 | $385.0M | $43.0B |
总债务MPLXNTES
| 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 | — | ||
| Q1 24 | $18.8B | — |
股东权益MPLXNTES
| Q4 25 | — | — | ||
| Q3 25 | — | $160.8B | ||
| Q2 25 | — | $154.0B | ||
| Q1 25 | — | $147.8B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $135.6B | ||
| Q2 24 | — | $134.2B | ||
| Q1 24 | — | $130.5B |
总资产MPLXNTES
| Q4 25 | $43.0B | — | ||
| Q3 25 | $43.2B | $214.5B | ||
| Q2 25 | $37.8B | $208.5B | ||
| Q1 25 | $39.0B | $200.9B | ||
| Q4 24 | $37.5B | — | ||
| Q3 24 | $38.5B | $184.9B | ||
| Q2 24 | $38.4B | $183.3B | ||
| Q1 24 | $36.5B | $195.1B |
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 | $1.8B |
| 自由现金流经营现金流 - 资本支出 | $782.0M | $1.8B |
| 自由现金流率自由现金流/营收 | 31.9% | 44.7% |
| 资本支出强度资本支出/营收 | 29.1% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.24× | 1.47× |
| 过去12个月自由现金流最近4个季度 | $4.1B | $6.3B |
8季度趋势，按日历期对齐
经营现金流MPLXNTES
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | $1.8B | ||
| Q2 25 | $1.7B | $1.5B | ||
| Q1 25 | $1.2B | $1.7B | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.4B | $1.5B | ||
| Q2 24 | $1.6B | $898.8M | ||
| Q1 24 | $1.3B | $1.3B |
自由现金流MPLXNTES
| Q4 25 | $782.0M | — | ||
| Q3 25 | $905.0M | $1.8B | ||
| Q2 25 | $1.4B | $1.5B | ||
| Q1 25 | $979.0M | $1.6B | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.1B | $1.5B | ||
| Q2 24 | $1.4B | $875.6M | ||
| Q1 24 | $1.0B | $1.3B |
自由现金流率MPLXNTES
| Q4 25 | 31.9% | — | ||
| Q3 25 | 36.8% | 44.7% | ||
| Q2 25 | 60.9% | 38.3% | ||
| Q1 25 | 39.8% | 40.4% | ||
| Q4 24 | 56.6% | — | ||
| Q3 24 | 48.4% | 38.9% | ||
| Q2 24 | 60.0% | 25.0% | ||
| Q1 24 | 47.7% | 34.0% |
资本支出强度MPLXNTES
| Q4 25 | 29.1% | — | ||
| Q3 25 | 21.4% | 1.0% | ||
| Q2 25 | 12.8% | 0.7% | ||
| Q1 25 | 10.9% | 1.6% | ||
| Q4 24 | 12.7% | — | ||
| Q3 24 | 11.9% | 1.4% | ||
| Q2 24 | 9.4% | 0.7% | ||
| Q1 24 | 11.7% | 1.5% |
现金转化率MPLXNTES
| Q4 25 | 1.24× | — | ||
| Q3 25 | 0.92× | 1.47× | ||
| Q2 25 | 1.64× | 1.20× | ||
| Q1 25 | 1.10× | 1.15× | ||
| Q4 24 | 1.51× | — | ||
| Q3 24 | 1.35× | 1.58× | ||
| Q2 24 | 1.32× | 0.96× | ||
| Q1 24 | 1.27× | 1.22× |
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% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
