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MPLX LP（MPLX）与RYDER SYSTEM INC（R）财务数据对比。点击上方公司名可切换其他公司
RYDER SYSTEM INC的季度营收约是MPLX LP的1.3倍（$3.1B vs $2.5B），MPLX LP净利率更高（49.1% vs 3.0%，领先46.1%），MPLX LP同比增速更快（1.4% vs 1.0%），MPLX LP自由现金流更多（$782.0M vs $273.0M），过去两年MPLX LP的营收复合增速更高（6.2% vs -0.9%）
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。
Ryder System Inc.是美国专业运输物流服务商，总部位于佛罗里达州科勒尔盖布尔斯，业务覆盖美国及英国，核心业务包含卡车租赁、车队管理、供应链及运输管理，同时提供车辆维保、二手车销售、专业司机派遣、电商履约与最后一公里配送等多元服务。
MPLX vs R — 直观对比
营收规模更大
R
是对方的1.3倍
$2.5B
营收增速更快
MPLX
高出0.4%
1.0%
净利率更高
MPLX
高出46.1%
3.0%
自由现金流更多
MPLX
多$509.0M
$273.0M
两年增速更快
MPLX
近两年复合增速
-0.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $3.1B |
| 净利润 | $1.2B | $93.0M |
| 毛利率 | — | — |
| 营业利润率 | 60.5% | — |
| 净利率 | 49.1% | 3.0% |
| 营收同比 | 1.4% | 1.0% |
| 净利润同比 | 8.5% | -5.1% |
| 每股收益（稀释后） | — | $2.34 |
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MPLXR
| Q1 26 | — | $3.1B | ||
| Q4 25 | $2.5B | $3.2B | ||
| Q3 25 | $2.5B | $3.2B | ||
| Q2 25 | $2.4B | $3.2B | ||
| Q1 25 | $2.5B | $3.1B | ||
| Q4 24 | $2.4B | $3.2B | ||
| Q3 24 | $2.3B | $3.2B | ||
| Q2 24 | $2.3B | $3.2B |
净利润MPLXR
| Q1 26 | — | $93.0M | ||
| Q4 25 | $1.2B | $132.0M | ||
| Q3 25 | $1.6B | $138.0M | ||
| Q2 25 | $1.1B | $131.0M | ||
| Q1 25 | $1.1B | $98.0M | ||
| Q4 24 | $1.1B | $135.0M | ||
| Q3 24 | $1.0B | $142.0M | ||
| Q2 24 | $1.2B | $127.0M |
营业利润率MPLXR
| Q1 26 | — | — | ||
| Q4 25 | 60.5% | 5.6% | ||
| Q3 25 | 73.2% | 6.0% | ||
| Q2 25 | 54.9% | 5.8% | ||
| Q1 25 | 55.5% | 4.3% | ||
| Q4 24 | 55.6% | 5.7% | ||
| Q3 24 | 54.4% | 5.9% | ||
| Q2 24 | 62.9% | 5.6% |
净利率MPLXR
| Q1 26 | — | 3.0% | ||
| Q4 25 | 49.1% | 4.2% | ||
| Q3 25 | 63.2% | 4.4% | ||
| Q2 25 | 44.9% | 4.1% | ||
| Q1 25 | 46.2% | 3.1% | ||
| Q4 24 | 45.9% | 4.2% | ||
| Q3 24 | 44.6% | 4.5% | ||
| Q2 24 | 52.6% | 4.0% |
每股收益（稀释后）MPLXR
| Q1 26 | — | $2.34 | ||
| Q4 25 | — | $3.22 | ||
| Q3 25 | — | $3.32 | ||
| Q2 25 | — | $3.13 | ||
| Q1 25 | — | $2.27 | ||
| Q4 24 | — | $3.09 | ||
| Q3 24 | — | $3.24 | ||
| Q2 24 | — | $2.84 |
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 | $182.0M |
| 总债务越低越好 | $24.2B | — |
| 股东权益账面价值 | — | $2.9B |
| 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MPLXR
| Q1 26 | — | $182.0M | ||
| Q4 25 | $2.1B | $198.0M | ||
| Q3 25 | $1.8B | $189.0M | ||
| Q2 25 | $1.4B | $180.0M | ||
| Q1 25 | $2.5B | $151.0M | ||
| Q4 24 | $1.5B | $154.0M | ||
| Q3 24 | $2.4B | $162.0M | ||
| Q2 24 | $2.5B | $164.0M |
总债务MPLXR
| Q1 26 | — | — | ||
| Q4 25 | $24.2B | $6.8B | ||
| Q3 25 | $24.1B | $7.3B | ||
| Q2 25 | $19.7B | $7.0B | ||
| Q1 25 | $19.7B | $6.7B | ||
| Q4 24 | $19.3B | $6.7B | ||
| Q3 24 | $19.3B | $6.6B | ||
| Q2 24 | $19.2B | $6.5B |
股东权益MPLXR
| Q1 26 | — | $2.9B | ||
| Q4 25 | — | $3.1B | ||
| Q3 25 | — | $3.1B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.1B |
总资产MPLXR
| Q1 26 | — | — | ||
| Q4 25 | $43.0B | $16.4B | ||
| Q3 25 | $43.2B | $16.5B | ||
| Q2 25 | $37.8B | $16.5B | ||
| Q1 25 | $39.0B | $16.4B | ||
| Q4 24 | $37.5B | $16.7B | ||
| Q3 24 | $38.5B | $16.5B | ||
| Q2 24 | $38.4B | $16.4B |
负债/权益比MPLXR
| Q1 26 | — | — | ||
| Q4 25 | — | 2.24× | ||
| Q3 25 | — | 2.35× | ||
| Q2 25 | — | 2.27× | ||
| Q1 25 | — | 2.21× | ||
| Q4 24 | — | 2.14× | ||
| Q3 24 | — | 2.17× | ||
| Q2 24 | — | 2.09× |
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 | $583.0M |
| 自由现金流经营现金流 - 资本支出 | $782.0M | $273.0M |
| 自由现金流率自由现金流/营收 | 31.9% | 8.7% |
| 资本支出强度资本支出/营收 | 29.1% | 13.7% |
| 现金转化率经营现金流/净利润 | 1.24× | 6.27× |
| 过去12个月自由现金流最近4个季度 | $4.1B | $595.0M |
8季度趋势，按日历期对齐
经营现金流MPLXR
| Q1 26 | — | $583.0M | ||
| Q4 25 | $1.5B | $749.0M | ||
| Q3 25 | $1.4B | $442.0M | ||
| Q2 25 | $1.7B | $752.0M | ||
| Q1 25 | $1.2B | $651.0M | ||
| Q4 24 | $1.7B | $558.0M | ||
| Q3 24 | $1.4B | $629.0M | ||
| Q2 24 | $1.6B | $552.0M |
自由现金流MPLXR
| Q1 26 | — | $273.0M | ||
| Q4 25 | $782.0M | $344.0M | ||
| Q3 25 | $905.0M | $-85.0M | ||
| Q2 25 | $1.4B | $63.0M | ||
| Q1 25 | $979.0M | $137.0M | ||
| Q4 24 | $1.4B | $-201.0M | ||
| Q3 24 | $1.1B | $30.0M | ||
| Q2 24 | $1.4B | $-87.0M |
自由现金流率MPLXR
| Q1 26 | — | 8.7% | ||
| Q4 25 | 31.9% | 10.8% | ||
| Q3 25 | 36.8% | -2.7% | ||
| Q2 25 | 60.9% | 2.0% | ||
| Q1 25 | 39.8% | 4.4% | ||
| Q4 24 | 56.6% | -6.3% | ||
| Q3 24 | 48.4% | 0.9% | ||
| Q2 24 | 60.0% | -2.7% |
资本支出强度MPLXR
| Q1 26 | — | 13.7% | ||
| Q4 25 | 29.1% | 12.8% | ||
| Q3 25 | 21.4% | 16.6% | ||
| Q2 25 | 12.8% | 21.6% | ||
| Q1 25 | 10.9% | 16.4% | ||
| Q4 24 | 12.7% | 23.8% | ||
| Q3 24 | 11.9% | 18.9% | ||
| Q2 24 | 9.4% | 20.1% |
现金转化率MPLXR
| Q1 26 | — | 6.27× | ||
| Q4 25 | 1.24× | 5.67× | ||
| Q3 25 | 0.92× | 3.20× | ||
| Q2 25 | 1.64× | 5.74× | ||
| Q1 25 | 1.10× | 6.64× | ||
| Q4 24 | 1.51× | 4.13× | ||
| Q3 24 | 1.35× | 4.43× | ||
| Q2 24 | 1.32× | 4.35× |
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% |
R
| Fleet Management Solutions | $1.5B | 47% |
| ChoiceLease | $878.0M | 28% |
| Dedicated Transportation Solutions | $553.0M | 18% |
| Commercial rental | $211.0M | 7% |
