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MPLX LP（MPLX）与PPL Corporation（PPL）财务数据对比。点击上方公司名可切换其他公司
MPLX LP的季度营收约是PPL Corporation的1.0倍（$2.5B vs $2.3B），MPLX LP净利率更高（49.1% vs 11.3%，领先37.8%），PPL Corporation同比增速更快（7.2% vs 1.4%），MPLX LP自由现金流更多（$782.0M vs $-614.0M），过去两年MPLX LP的营收复合增速更高（6.2% vs 1.0%）
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。
PPL公司是总部位于美国宾夕法尼亚州的能源公用事业控股企业，为宾州、肯塔基州、罗德岛州约350万居民及工商业用户提供电力与天然气供应服务，核心业务方向包括电网现代化升级、清洁能源转型、高可靠性可持续能源服务供给。
MPLX vs PPL — 直观对比
营收规模更大
MPLX
是对方的1.0倍
$2.3B
营收增速更快
PPL
高出5.8%
1.4%
净利率更高
MPLX
高出37.8%
11.3%
自由现金流更多
MPLX
多$1.4B
$-614.0M
两年增速更快
MPLX
近两年复合增速
1.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $2.3B |
| 净利润 | $1.2B | $266.0M |
| 毛利率 | — | — |
| 营业利润率 | 60.5% | 20.3% |
| 净利率 | 49.1% | 11.3% |
| 营收同比 | 1.4% | 7.2% |
| 净利润同比 | 8.5% | 50.3% |
| 每股收益（稀释后） | — | $0.35 |
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MPLXPPL
| Q4 25 | $2.5B | $2.3B | ||
| Q3 25 | $2.5B | $2.2B | ||
| Q2 25 | $2.4B | $2.0B | ||
| Q1 25 | $2.5B | $2.5B | ||
| Q4 24 | $2.4B | $2.2B | ||
| Q3 24 | $2.3B | $2.1B | ||
| Q2 24 | $2.3B | $1.9B | ||
| Q1 24 | $2.2B | $2.3B |
净利润MPLXPPL
| Q4 25 | $1.2B | $266.0M | ||
| Q3 25 | $1.6B | $318.0M | ||
| Q2 25 | $1.1B | $183.0M | ||
| Q1 25 | $1.1B | $414.0M | ||
| Q4 24 | $1.1B | $177.0M | ||
| Q3 24 | $1.0B | $214.0M | ||
| Q2 24 | $1.2B | $190.0M | ||
| Q1 24 | $1.0B | $307.0M |
营业利润率MPLXPPL
| Q4 25 | 60.5% | 20.3% | ||
| Q3 25 | 73.2% | 25.4% | ||
| Q2 25 | 54.9% | 19.9% | ||
| Q1 25 | 55.5% | 26.6% | ||
| Q4 24 | 55.6% | 17.2% | ||
| Q3 24 | 54.4% | 20.6% | ||
| Q2 24 | 62.9% | 20.8% | ||
| Q1 24 | 57.6% | 23.7% |
净利率MPLXPPL
| Q4 25 | 49.1% | 11.3% | ||
| Q3 25 | 63.2% | 14.2% | ||
| Q2 25 | 44.9% | 9.0% | ||
| Q1 25 | 46.2% | 16.3% | ||
| Q4 24 | 45.9% | 8.1% | ||
| Q3 24 | 44.6% | 10.3% | ||
| Q2 24 | 52.6% | 10.1% | ||
| Q1 24 | 46.7% | 13.3% |
每股收益（稀释后）MPLXPPL
| Q4 25 | — | $0.35 | ||
| Q3 25 | — | $0.43 | ||
| Q2 25 | — | $0.25 | ||
| Q1 25 | — | $0.56 | ||
| Q4 24 | — | $0.23 | ||
| Q3 24 | — | $0.29 | ||
| Q2 24 | — | $0.26 | ||
| Q1 24 | — | $0.42 |
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 | $1.1B |
| 总债务越低越好 | $24.2B | $18.9B |
| 股东权益账面价值 | — | $14.9B |
| 总资产 | $43.0B | $45.2B |
| 负债/权益比越低杠杆越低 | — | 1.27× |
8季度趋势，按日历期对齐
现金及短期投资MPLXPPL
| Q4 25 | $2.1B | $1.1B | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $1.4B | $294.0M | ||
| Q1 25 | $2.5B | $312.0M | ||
| Q4 24 | $1.5B | $306.0M | ||
| Q3 24 | $2.4B | $542.0M | ||
| Q2 24 | $2.5B | $282.0M | ||
| Q1 24 | $385.0M | $276.0M |
总债务MPLXPPL
| Q4 25 | $24.2B | $18.9B | ||
| Q3 25 | $24.1B | — | ||
| Q2 25 | $19.7B | — | ||
| Q1 25 | $19.7B | — | ||
| Q4 24 | $19.3B | $16.5B | ||
| Q3 24 | $19.3B | — | ||
| Q2 24 | $19.2B | — | ||
| Q1 24 | $18.8B | — |
股东权益MPLXPPL
| Q4 25 | — | $14.9B | ||
| Q3 25 | — | $14.4B | ||
| Q2 25 | — | $14.3B | ||
| Q1 25 | — | $14.3B | ||
| Q4 24 | — | $14.1B | ||
| Q3 24 | — | $14.1B | ||
| Q2 24 | — | $14.1B | ||
| Q1 24 | — | $14.1B |
总资产MPLXPPL
| Q4 25 | $43.0B | $45.2B | ||
| Q3 25 | $43.2B | $43.9B | ||
| Q2 25 | $37.8B | $42.4B | ||
| Q1 25 | $39.0B | $41.8B | ||
| Q4 24 | $37.5B | $41.1B | ||
| Q3 24 | $38.5B | $40.5B | ||
| Q2 24 | $38.4B | $39.8B | ||
| Q1 24 | $36.5B | $39.6B |
负债/权益比MPLXPPL
| Q4 25 | — | 1.27× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.17× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $548.0M |
| 自由现金流经营现金流 - 资本支出 | $782.0M | $-614.0M |
| 自由现金流率自由现金流/营收 | 31.9% | -26.1% |
| 资本支出强度资本支出/营收 | 29.1% | 49.5% |
| 现金转化率经营现金流/净利润 | 1.24× | 2.06× |
| 过去12个月自由现金流最近4个季度 | $4.1B | $-1.4B |
8季度趋势，按日历期对齐
经营现金流MPLXPPL
| Q4 25 | $1.5B | $548.0M | ||
| Q3 25 | $1.4B | $966.0M | ||
| Q2 25 | $1.7B | $602.0M | ||
| Q1 25 | $1.2B | $513.0M | ||
| Q4 24 | $1.7B | $511.0M | ||
| Q3 24 | $1.4B | $781.0M | ||
| Q2 24 | $1.6B | $766.0M | ||
| Q1 24 | $1.3B | $282.0M |
自由现金流MPLXPPL
| Q4 25 | $782.0M | $-614.0M | ||
| Q3 25 | $905.0M | $-179.0M | ||
| Q2 25 | $1.4B | $-328.0M | ||
| Q1 25 | $979.0M | $-280.0M | ||
| Q4 24 | $1.4B | $-349.0M | ||
| Q3 24 | $1.1B | $102.0M | ||
| Q2 24 | $1.4B | $96.0M | ||
| Q1 24 | $1.0B | $-314.0M |
自由现金流率MPLXPPL
| Q4 25 | 31.9% | -26.1% | ||
| Q3 25 | 36.8% | -8.0% | ||
| Q2 25 | 60.9% | -16.1% | ||
| Q1 25 | 39.8% | -11.0% | ||
| Q4 24 | 56.6% | -15.9% | ||
| Q3 24 | 48.4% | 4.9% | ||
| Q2 24 | 60.0% | 5.1% | ||
| Q1 24 | 47.7% | -13.6% |
资本支出强度MPLXPPL
| Q4 25 | 29.1% | 49.5% | ||
| Q3 25 | 21.4% | 51.2% | ||
| Q2 25 | 12.8% | 45.6% | ||
| Q1 25 | 10.9% | 31.2% | ||
| Q4 24 | 12.7% | 39.3% | ||
| Q3 24 | 11.9% | 32.7% | ||
| Q2 24 | 9.4% | 35.8% | ||
| Q1 24 | 11.7% | 25.9% |
现金转化率MPLXPPL
| Q4 25 | 1.24× | 2.06× | ||
| Q3 25 | 0.92× | 3.04× | ||
| Q2 25 | 1.64× | 3.29× | ||
| Q1 25 | 1.10× | 1.24× | ||
| Q4 24 | 1.51× | 2.89× | ||
| Q3 24 | 1.35× | 3.65× | ||
| Q2 24 | 1.32× | 4.03× | ||
| Q1 24 | 1.27× | 0.92× |
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% |
PPL
| Rhode Island Regulated | $539.0M | 23% |
| Other | $532.0M | 23% |
| Residential | $451.0M | 19% |
| Nonrelated Party | $425.0M | 18% |
| Transmission | $228.0M | 10% |
| Commercial | $117.0M | 5% |
| Wholesale Other | $23.0M | 1% |
| Industrial | $14.0M | 1% |
| Related Party | $13.0M | 1% |
| Wholesale Municipal | $6.0M | 0% |
