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MPLX LP（MPLX）与庞贝捷工业（PPG）财务数据对比。点击上方公司名可切换其他公司
庞贝捷工业的季度营收约是MPLX LP的1.6倍（$3.9B vs $2.5B），MPLX LP净利率更高（49.1% vs 9.8%，领先39.3%），庞贝捷工业同比增速更快（6.7% vs 1.4%），过去两年MPLX LP的营收复合增速更高（6.2% vs -9.5%）
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。
庞贝捷工业是总部位于美国宾夕法尼亚州匹兹堡的涂料及特种材料供应商，业务覆盖全球70多个国家，位列《财富》世界500强，按营收计算为全球第二大涂料企业，仅次于宣伟，其总部PPG广场的玻璃外立面由知名后现代建筑师菲利普·约翰逊设计。
MPLX vs PPG — 直观对比
营收规模更大
PPG
是对方的1.6倍
$2.5B
营收增速更快
PPG
高出5.3%
1.4%
净利率更高
MPLX
高出39.3%
9.8%
两年增速更快
MPLX
近两年复合增速
-9.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $3.9B |
| 净利润 | $1.2B | $385.0M |
| 毛利率 | — | — |
| 营业利润率 | 60.5% | — |
| 净利率 | 49.1% | 9.8% |
| 营收同比 | 1.4% | 6.7% |
| 净利润同比 | 8.5% | 1.9% |
| 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MPLXPPG
| Q1 26 | — | $3.9B | ||
| Q4 25 | $2.5B | $3.9B | ||
| Q3 25 | $2.5B | $4.1B | ||
| Q2 25 | $2.4B | $4.2B | ||
| Q1 25 | $2.5B | $3.7B | ||
| Q4 24 | $2.4B | $2.2B | ||
| Q3 24 | $2.3B | $4.6B | ||
| Q2 24 | $2.3B | $4.8B |
净利润MPLXPPG
| Q1 26 | — | $385.0M | ||
| Q4 25 | $1.2B | $300.0M | ||
| Q3 25 | $1.6B | $453.0M | ||
| Q2 25 | $1.1B | $450.0M | ||
| Q1 25 | $1.1B | $373.0M | ||
| Q4 24 | $1.1B | $-280.0M | ||
| Q3 24 | $1.0B | $468.0M | ||
| Q2 24 | $1.2B | $528.0M |
毛利率MPLXPPG
| Q1 26 | — | — | ||
| Q4 25 | — | 40.8% | ||
| Q3 25 | — | 40.6% | ||
| Q2 25 | — | 42.0% | ||
| Q1 25 | — | 41.9% | ||
| Q4 24 | — | 34.9% | ||
| Q3 24 | — | 41.8% | ||
| Q2 24 | — | 43.0% |
营业利润率MPLXPPG
| Q1 26 | — | — | ||
| Q4 25 | 60.5% | 9.9% | ||
| Q3 25 | 73.2% | 16.9% | ||
| Q2 25 | 54.9% | 17.7% | ||
| Q1 25 | 55.5% | 16.5% | ||
| Q4 24 | 55.6% | 0.5% | ||
| Q3 24 | 54.4% | 15.6% | ||
| Q2 24 | 62.9% | 17.3% |
净利率MPLXPPG
| Q1 26 | — | 9.8% | ||
| Q4 25 | 49.1% | 7.7% | ||
| Q3 25 | 63.2% | 11.1% | ||
| Q2 25 | 44.9% | 10.7% | ||
| Q1 25 | 46.2% | 10.1% | ||
| Q4 24 | 45.9% | -12.9% | ||
| Q3 24 | 44.6% | 10.2% | ||
| Q2 24 | 52.6% | 11.0% |
每股收益（稀释后）MPLXPPG
| Q1 26 | — | — | ||
| Q4 25 | — | $1.33 | ||
| Q3 25 | — | $2.00 | ||
| Q2 25 | — | $1.98 | ||
| Q1 25 | — | $1.63 | ||
| Q4 24 | — | $-1.18 | ||
| Q3 24 | — | $2.00 | ||
| Q2 24 | — | $2.24 |
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 | $1.6B |
| 总债务越低越好 | $24.2B | $6.4B |
| 股东权益账面价值 | — | — |
| 总资产 | $43.0B | — |
| 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MPLXPPG
| Q1 26 | — | $1.6B | ||
| Q4 25 | $2.1B | $2.2B | ||
| Q3 25 | $1.8B | $1.9B | ||
| Q2 25 | $1.4B | $1.6B | ||
| Q1 25 | $2.5B | $1.9B | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $2.4B | $1.3B | ||
| Q2 24 | $2.5B | $1.2B |
总债务MPLXPPG
| Q1 26 | — | $6.4B | ||
| Q4 25 | $24.2B | $7.3B | ||
| Q3 25 | $24.1B | $7.3B | ||
| Q2 25 | $19.7B | $7.3B | ||
| Q1 25 | $19.7B | $7.2B | ||
| Q4 24 | $19.3B | $5.8B | ||
| Q3 24 | $19.3B | $6.5B | ||
| Q2 24 | $19.2B | $6.4B |
股东权益MPLXPPG
| Q1 26 | — | — | ||
| Q4 25 | — | $7.9B | ||
| Q3 25 | — | $7.8B | ||
| Q2 25 | — | $7.6B | ||
| Q1 25 | — | $6.9B | ||
| Q4 24 | — | $6.8B | ||
| Q3 24 | — | $7.8B | ||
| Q2 24 | — | $7.8B |
总资产MPLXPPG
| Q1 26 | — | — | ||
| Q4 25 | $43.0B | $22.1B | ||
| Q3 25 | $43.2B | $22.1B | ||
| Q2 25 | $37.8B | $22.1B | ||
| Q1 25 | $39.0B | $21.1B | ||
| Q4 24 | $37.5B | $19.4B | ||
| Q3 24 | $38.5B | $21.9B | ||
| Q2 24 | $38.4B | $21.7B |
负债/权益比MPLXPPG
| Q1 26 | — | — | ||
| Q4 25 | — | 0.92× | ||
| Q3 25 | — | 0.94× | ||
| Q2 25 | — | 0.97× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | — | 0.83× | ||
| Q2 24 | — | 0.82× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $782.0M | — |
| 自由现金流率自由现金流/营收 | 31.9% | — |
| 资本支出强度资本支出/营收 | 29.1% | 5.0% |
| 现金转化率经营现金流/净利润 | 1.24× | — |
| 过去12个月自由现金流最近4个季度 | $4.1B | — |
8季度趋势，按日历期对齐
经营现金流MPLXPPG
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $887.0M | ||
| Q3 25 | $1.4B | $685.0M | ||
| Q2 25 | $1.7B | $387.0M | ||
| Q1 25 | $1.2B | $-18.0M | ||
| Q4 24 | $1.7B | $346.0M | ||
| Q3 24 | $1.4B | $769.0M | ||
| Q2 24 | $1.6B | $365.0M |
自由现金流MPLXPPG
| Q1 26 | — | — | ||
| Q4 25 | $782.0M | $586.0M | ||
| Q3 25 | $905.0M | $538.0M | ||
| Q2 25 | $1.4B | $266.0M | ||
| Q1 25 | $979.0M | $-227.0M | ||
| Q4 24 | $1.4B | $148.0M | ||
| Q3 24 | $1.1B | $620.0M | ||
| Q2 24 | $1.4B | $247.0M |
自由现金流率MPLXPPG
| Q1 26 | — | — | ||
| Q4 25 | 31.9% | 15.0% | ||
| Q3 25 | 36.8% | 13.2% | ||
| Q2 25 | 60.9% | 6.3% | ||
| Q1 25 | 39.8% | -6.2% | ||
| Q4 24 | 56.6% | 6.8% | ||
| Q3 24 | 48.4% | 13.6% | ||
| Q2 24 | 60.0% | 5.2% |
资本支出强度MPLXPPG
| Q1 26 | — | 5.0% | ||
| Q4 25 | 29.1% | 7.7% | ||
| Q3 25 | 21.4% | 3.6% | ||
| Q2 25 | 12.8% | 2.9% | ||
| Q1 25 | 10.9% | 5.7% | ||
| Q4 24 | 12.7% | 9.1% | ||
| Q3 24 | 11.9% | 3.3% | ||
| Q2 24 | 9.4% | 2.5% |
现金转化率MPLXPPG
| Q1 26 | — | — | ||
| Q4 25 | 1.24× | 2.96× | ||
| Q3 25 | 0.92× | 1.51× | ||
| Q2 25 | 1.64× | 0.86× | ||
| Q1 25 | 1.10× | -0.05× | ||
| Q4 24 | 1.51× | — | ||
| Q3 24 | 1.35× | 1.64× | ||
| Q2 24 | 1.32× | 0.69× |
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% |
PPG
| Industrial Coatings | $1.6B | 42% |
| Performance Coatings | $1.3B | 34% |
| Global Architectural Coatings | $965.0M | 25% |
