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MPLX LP（MPLX）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MPLX LP的4.1倍（$10.0B vs $2.5B）。MPLX LP净利率更高（49.1% vs 3.4%，领先45.7%）。MPLX LP同比增速更快（1.4% vs -19.1%）。MPLX LP自由现金流更多（$782.0M vs $638.0M）。过去两年MPLX LP的营收复合增速更高（6.2% vs -8.6%）
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。
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。
MPLX vs PAA — 直观对比
营收规模更大
PAA
是对方的4.1倍
$2.5B
营收增速更快
MPLX
高出20.5%
-19.1%
净利率更高
MPLX
高出45.7%
3.4%
自由现金流更多
MPLX
多$144.0M
$638.0M
两年增速更快
MPLX
近两年复合增速
-8.6%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $10.0B |
| 净利润 | $1.2B | $341.0M |
| 毛利率 | — | 7.0% |
| 营业利润率 | 60.5% | 1.8% |
| 净利率 | 49.1% | 3.4% |
| 营收同比 | 1.4% | -19.1% |
| 净利润同比 | 8.5% | 847.2% |
| 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MPLXPAA
| Q4 25 | $2.5B | $10.0B | ||
| Q3 25 | $2.5B | $11.6B | ||
| Q2 25 | $2.4B | $10.6B | ||
| Q1 25 | $2.5B | $12.0B | ||
| Q4 24 | $2.4B | $12.4B | ||
| Q3 24 | $2.3B | $12.7B | ||
| Q2 24 | $2.3B | $12.9B | ||
| Q1 24 | $2.2B | $12.0B |
净利润MPLXPAA
| Q4 25 | $1.2B | $341.0M | ||
| Q3 25 | $1.6B | $441.0M | ||
| Q2 25 | $1.1B | $210.0M | ||
| Q1 25 | $1.1B | $443.0M | ||
| Q4 24 | $1.1B | $36.0M | ||
| Q3 24 | $1.0B | $220.0M | ||
| Q2 24 | $1.2B | $250.0M | ||
| Q1 24 | $1.0B | $266.0M |
毛利率MPLXPAA
| Q4 25 | — | 7.0% | ||
| Q3 25 | — | 8.6% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.4% | ||
| Q4 24 | — | 9.5% | ||
| Q3 24 | — | 9.3% | ||
| Q2 24 | — | 8.3% | ||
| Q1 24 | — | 9.0% |
营业利润率MPLXPAA
| Q4 25 | 60.5% | 1.8% | ||
| Q3 25 | 73.2% | 4.2% | ||
| Q2 25 | 54.9% | 2.2% | ||
| Q1 25 | 55.5% | 4.4% | ||
| Q4 24 | 55.6% | 0.7% | ||
| Q3 24 | 54.4% | 2.7% | ||
| Q2 24 | 62.9% | 2.9% | ||
| Q1 24 | 57.6% | 3.1% |
净利率MPLXPAA
| Q4 25 | 49.1% | 3.4% | ||
| Q3 25 | 63.2% | 3.8% | ||
| Q2 25 | 44.9% | 2.0% | ||
| Q1 25 | 46.2% | 3.7% | ||
| Q4 24 | 45.9% | 0.3% | ||
| Q3 24 | 44.6% | 1.7% | ||
| Q2 24 | 52.6% | 1.9% | ||
| Q1 24 | 46.7% | 2.2% |
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 | $328.0M |
| 总债务越低越好 | $24.2B | $10.7B |
| 股东权益账面价值 | — | — |
| 总资产 | $43.0B | $30.2B |
| 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MPLXPAA
| Q4 25 | $2.1B | $328.0M | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $1.4B | $459.0M | ||
| Q1 25 | $2.5B | $427.0M | ||
| Q4 24 | $1.5B | $348.0M | ||
| Q3 24 | $2.4B | $640.0M | ||
| Q2 24 | $2.5B | $553.0M | ||
| Q1 24 | $385.0M | $331.0M |
总债务MPLXPAA
| Q4 25 | $24.2B | $10.7B | ||
| Q3 25 | $24.1B | $8.4B | ||
| Q2 25 | $19.7B | $8.2B | ||
| Q1 25 | $19.7B | $8.2B | ||
| Q4 24 | $19.3B | $7.2B | ||
| Q3 24 | $19.3B | $7.2B | ||
| Q2 24 | $19.2B | $7.2B | ||
| Q1 24 | $18.8B | $7.3B |
总资产MPLXPAA
| Q4 25 | $43.0B | $30.2B | ||
| Q3 25 | $43.2B | $28.1B | ||
| Q2 25 | $37.8B | $27.2B | ||
| Q1 25 | $39.0B | $27.1B | ||
| Q4 24 | $37.5B | $26.6B | ||
| Q3 24 | $38.5B | $27.2B | ||
| Q2 24 | $38.4B | $27.5B | ||
| Q1 24 | $36.5B | $27.4B |
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 | $786.0M |
| 自由现金流经营现金流 - 资本支出 | $782.0M | $638.0M |
| 自由现金流率自由现金流/营收 | 31.9% | 6.4% |
| 资本支出强度资本支出/营收 | 29.1% | 1.5% |
| 现金转化率经营现金流/净利润 | 1.24× | 2.30× |
| 过去12个月自由现金流最近4个季度 | $4.1B | $2.3B |
8季度趋势，按日历期对齐
经营现金流MPLXPAA
| Q4 25 | $1.5B | $786.0M | ||
| Q3 25 | $1.4B | $817.0M | ||
| Q2 25 | $1.7B | $694.0M | ||
| Q1 25 | $1.2B | $639.0M | ||
| Q4 24 | $1.7B | $727.0M | ||
| Q3 24 | $1.4B | $691.0M | ||
| Q2 24 | $1.6B | $653.0M | ||
| Q1 24 | $1.3B | $419.0M |
自由现金流MPLXPAA
| Q4 25 | $782.0M | $638.0M | ||
| Q3 25 | $905.0M | $632.0M | ||
| Q2 25 | $1.4B | $575.0M | ||
| Q1 25 | $979.0M | $448.0M | ||
| Q4 24 | $1.4B | $561.0M | ||
| Q3 24 | $1.1B | $534.0M | ||
| Q2 24 | $1.4B | $514.0M | ||
| Q1 24 | $1.0B | $262.0M |
自由现金流率MPLXPAA
| Q4 25 | 31.9% | 6.4% | ||
| Q3 25 | 36.8% | 5.5% | ||
| Q2 25 | 60.9% | 5.4% | ||
| Q1 25 | 39.8% | 3.7% | ||
| Q4 24 | 56.6% | 4.5% | ||
| Q3 24 | 48.4% | 4.2% | ||
| Q2 24 | 60.0% | 4.0% | ||
| Q1 24 | 47.7% | 2.2% |
资本支出强度MPLXPAA
| Q4 25 | 29.1% | 1.5% | ||
| Q3 25 | 21.4% | 1.6% | ||
| Q2 25 | 12.8% | 1.1% | ||
| Q1 25 | 10.9% | 1.6% | ||
| Q4 24 | 12.7% | 1.3% | ||
| Q3 24 | 11.9% | 1.2% | ||
| Q2 24 | 9.4% | 1.1% | ||
| Q1 24 | 11.7% | 1.3% |
现金转化率MPLXPAA
| Q4 25 | 1.24× | 2.30× | ||
| Q3 25 | 0.92× | 1.85× | ||
| Q2 25 | 1.64× | 3.30× | ||
| Q1 25 | 1.10× | 1.44× | ||
| Q4 24 | 1.51× | 20.19× | ||
| Q3 24 | 1.35× | 3.14× | ||
| Q2 24 | 1.32× | 2.61× | ||
| Q1 24 | 1.27× | 1.58× |
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% |
PAA
| Products | $9.6B | 96% |
| Transportation | $341.0M | 3% |
| Terminalling Storage And Other | $90.0M | 1% |
| Affiliated Entity | $14.0M | 0% |
