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MPLX LP（MPLX）与QVC Group, Inc.（QVCGA）财务数据对比。点击上方公司名可切换其他公司
QVC Group, Inc.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 -1.4%，领先50.5%），MPLX LP同比增速更快（1.4% vs -9.1%），MPLX LP自由现金流更多（$782.0M vs $191.0M），过去两年QVC Group, Inc.的营收复合增速更高（6.9% 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。
QVC集团是一家美国媒体 conglomerate 企业，由董事长约翰·C·马龙控制，马龙持有该公司多数具有投票权的股份，主营媒体相关业务，是美国本土颇具影响力的传媒集团。
MPLX vs QVCGA — 直观对比
营收规模更大
QVCGA
是对方的1.1倍
$2.5B
营收增速更快
MPLX
高出10.5%
-9.1%
净利率更高
MPLX
高出50.5%
-1.4%
自由现金流更多
MPLX
多$591.0M
$191.0M
两年增速更快
QVCGA
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $2.7B |
| 净利润 | $1.2B | $-37.0M |
| 毛利率 | — | 32.9% |
| 营业利润率 | 60.5% | 3.7% |
| 净利率 | 49.1% | -1.4% |
| 营收同比 | 1.4% | -9.1% |
| 净利润同比 | 8.5% | 97.1% |
| 每股收益（稀释后） | — | $-17.37 |
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MPLXQVCGA
| Q4 25 | $2.5B | $2.7B | ||
| Q3 25 | $2.5B | $2.2B | ||
| Q2 25 | $2.4B | $2.2B | ||
| Q1 25 | $2.5B | $2.1B | ||
| Q4 24 | $2.4B | $2.9B | ||
| Q3 24 | $2.3B | $2.3B | ||
| Q2 24 | $2.3B | $2.4B | ||
| Q1 24 | $2.2B | $2.3B |
净利润MPLXQVCGA
| Q4 25 | $1.2B | $-37.0M | ||
| Q3 25 | $1.6B | $-80.0M | ||
| Q2 25 | $1.1B | $-2.2B | ||
| Q1 25 | $1.1B | $-100.0M | ||
| Q4 24 | $1.1B | $-1.3B | ||
| Q3 24 | $1.0B | $-23.0M | ||
| Q2 24 | $1.2B | $20.0M | ||
| Q1 24 | $1.0B | $-1.0M |
毛利率MPLXQVCGA
| Q4 25 | — | 32.9% | ||
| Q3 25 | — | 34.0% | ||
| Q2 25 | — | 36.4% | ||
| Q1 25 | — | 34.2% | ||
| Q4 24 | — | 33.3% | ||
| Q3 24 | — | 35.3% | ||
| Q2 24 | — | 36.4% | ||
| Q1 24 | — | 35.5% |
营业利润率MPLXQVCGA
| Q4 25 | 60.5% | 3.7% | ||
| Q3 25 | 73.2% | 2.7% | ||
| Q2 25 | 54.9% | -101.6% | ||
| Q1 25 | 55.5% | 0.7% | ||
| Q4 24 | 55.6% | -43.2% | ||
| Q3 24 | 54.4% | 6.5% | ||
| Q2 24 | 62.9% | 6.9% | ||
| Q1 24 | 57.6% | 6.2% |
净利率MPLXQVCGA
| Q4 25 | 49.1% | -1.4% | ||
| Q3 25 | 63.2% | -3.6% | ||
| Q2 25 | 44.9% | -99.4% | ||
| Q1 25 | 46.2% | -4.8% | ||
| Q4 24 | 45.9% | -43.7% | ||
| Q3 24 | 44.6% | -1.0% | ||
| Q2 24 | 52.6% | 0.8% | ||
| Q1 24 | 46.7% | -0.0% |
每股收益（稀释后）MPLXQVCGA
| Q4 25 | — | $-17.37 | ||
| Q3 25 | — | $-9.89 | ||
| Q2 25 | — | $-275.46 | ||
| Q1 25 | — | $-0.25 | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-0.06 | ||
| Q2 24 | — | $2.57 | ||
| Q1 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 | $2.0B |
| 总债务越低越好 | $24.2B | $790.0M |
| 股东权益账面价值 | — | $-3.1B |
| 总资产 | $43.0B | $7.6B |
| 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MPLXQVCGA
| Q4 25 | $2.1B | $2.0B | ||
| Q3 25 | $1.8B | $1.8B | ||
| Q2 25 | $1.4B | $897.0M | ||
| Q1 25 | $2.5B | $833.0M | ||
| Q4 24 | $1.5B | $905.0M | ||
| Q3 24 | $2.4B | $873.0M | ||
| Q2 24 | $2.5B | $1.2B | ||
| Q1 24 | $385.0M | $1.1B |
总债务MPLXQVCGA
| Q4 25 | $24.2B | $790.0M | ||
| Q3 25 | $24.1B | $5.9B | ||
| Q2 25 | $19.7B | $4.9B | ||
| Q1 25 | $19.7B | $5.0B | ||
| Q4 24 | $19.3B | $4.1B | ||
| Q3 24 | $19.3B | $5.1B | ||
| Q2 24 | $19.2B | $5.3B | ||
| Q1 24 | $18.8B | $5.5B |
股东权益MPLXQVCGA
| Q4 25 | — | $-3.1B | ||
| Q3 25 | — | $-3.1B | ||
| Q2 25 | — | $-3.0B | ||
| Q1 25 | — | $-981.0M | ||
| Q4 24 | — | $-971.0M | ||
| Q3 24 | — | $397.0M | ||
| Q2 24 | — | $328.0M | ||
| Q1 24 | — | $255.0M |
总资产MPLXQVCGA
| Q4 25 | $43.0B | $7.6B | ||
| Q3 25 | $43.2B | $7.6B | ||
| Q2 25 | $37.8B | $6.7B | ||
| Q1 25 | $39.0B | $9.0B | ||
| Q4 24 | $37.5B | $9.2B | ||
| Q3 24 | $38.5B | $10.8B | ||
| Q2 24 | $38.4B | $10.9B | ||
| Q1 24 | $36.5B | $11.0B |
负债/权益比MPLXQVCGA
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 12.74× | ||
| Q2 24 | — | 16.28× | ||
| Q1 24 | — | 21.53× |
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 | $244.0M |
| 自由现金流经营现金流 - 资本支出 | $782.0M | $191.0M |
| 自由现金流率自由现金流/营收 | 31.9% | 7.1% |
| 资本支出强度资本支出/营收 | 29.1% | 2.0% |
| 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 | $118.0M |
8季度趋势，按日历期对齐
经营现金流MPLXQVCGA
| Q4 25 | $1.5B | $244.0M | ||
| Q3 25 | $1.4B | $4.0M | ||
| Q2 25 | $1.7B | $86.0M | ||
| Q1 25 | $1.2B | $-60.0M | ||
| Q4 24 | $1.7B | $212.0M | ||
| Q3 24 | $1.4B | $20.0M | ||
| Q2 24 | $1.6B | $267.0M | ||
| Q1 24 | $1.3B | $26.0M |
自由现金流MPLXQVCGA
| Q4 25 | $782.0M | $191.0M | ||
| Q3 25 | $905.0M | $-27.0M | ||
| Q2 25 | $1.4B | $48.0M | ||
| Q1 25 | $979.0M | $-94.0M | ||
| Q4 24 | $1.4B | $150.0M | ||
| Q3 24 | $1.1B | $-23.0M | ||
| Q2 24 | $1.4B | $213.0M | ||
| Q1 24 | $1.0B | $-14.0M |
自由现金流率MPLXQVCGA
| Q4 25 | 31.9% | 7.1% | ||
| Q3 25 | 36.8% | -1.2% | ||
| Q2 25 | 60.9% | 2.1% | ||
| Q1 25 | 39.8% | -4.5% | ||
| Q4 24 | 56.6% | 5.1% | ||
| Q3 24 | 48.4% | -1.0% | ||
| Q2 24 | 60.0% | 8.8% | ||
| Q1 24 | 47.7% | -0.6% |
资本支出强度MPLXQVCGA
| Q4 25 | 29.1% | 2.0% | ||
| Q3 25 | 21.4% | 1.4% | ||
| Q2 25 | 12.8% | 1.7% | ||
| Q1 25 | 10.9% | 1.6% | ||
| Q4 24 | 12.7% | 2.1% | ||
| Q3 24 | 11.9% | 1.8% | ||
| Q2 24 | 9.4% | 2.2% | ||
| Q1 24 | 11.7% | 1.7% |
现金转化率MPLXQVCGA
| Q4 25 | 1.24× | — | ||
| Q3 25 | 0.92× | — | ||
| Q2 25 | 1.64× | — | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.51× | — | ||
| Q3 24 | 1.35× | — | ||
| Q2 24 | 1.32× | 13.35× | ||
| Q1 24 | 1.27× | — |
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% |
QVCGA
| Other | $915.0M | 34% |
| Home | $754.0M | 28% |
| Beauty | $260.0M | 10% |
| Apparel | $254.0M | 9% |
| Electronics | $187.0M | 7% |
| Accessories | $181.0M | 7% |
| Jewelry | $87.0M | 3% |
| Manufactured Product Other | $38.0M | 1% |
