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MPLX LP（MPLX）与皇家加勒比集团（RCL）财务数据对比。点击上方公司名可切换其他公司
皇家加勒比集团的季度营收约是MPLX LP的1.8倍（$4.5B vs $2.5B），MPLX LP净利率更高（49.1% vs 21.3%，领先27.7%），皇家加勒比集团同比增速更快（11.3% vs 1.4%），过去两年MPLX LP的营收复合增速更高（6.2% vs 4.1%）
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。
皇家加勒比集团前身为皇家加勒比邮轮有限公司，是仅次于嘉年华公司的全球第二大邮轮运营商。集团总部位于美国佛罗里达州迈阿密，在利比里亚注册，目前全资拥有皇家加勒比国际游轮、名人邮轮、银海邮轮三大品牌，还持有途易邮轮50%的股份。
MPLX vs RCL — 直观对比
营收规模更大
RCL
是对方的1.8倍
$2.5B
营收增速更快
RCL
高出9.9%
1.4%
净利率更高
MPLX
高出27.7%
21.3%
两年增速更快
MPLX
近两年复合增速
4.1%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $4.5B |
| 净利润 | $1.2B | $950.0M |
| 毛利率 | — | — |
| 营业利润率 | 60.5% | 26.1% |
| 净利率 | 49.1% | 21.3% |
| 营收同比 | 1.4% | 11.3% |
| 净利润同比 | 8.5% | 29.1% |
| 每股收益（稀释后） | — | $3.48 |
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MPLXRCL
| Q1 26 | — | $4.5B | ||
| Q4 25 | $2.5B | $4.3B | ||
| Q3 25 | $2.5B | $5.1B | ||
| Q2 25 | $2.4B | $4.5B | ||
| Q1 25 | $2.5B | $4.0B | ||
| Q4 24 | $2.4B | $3.8B | ||
| Q3 24 | $2.3B | $4.9B | ||
| Q2 24 | $2.3B | $4.1B |
净利润MPLXRCL
| Q1 26 | — | $950.0M | ||
| Q4 25 | $1.2B | $753.0M | ||
| Q3 25 | $1.6B | $1.6B | ||
| Q2 25 | $1.1B | $1.2B | ||
| Q1 25 | $1.1B | $730.0M | ||
| Q4 24 | $1.1B | $552.0M | ||
| Q3 24 | $1.0B | $1.1B | ||
| Q2 24 | $1.2B | $854.0M |
毛利率MPLXRCL
| Q1 26 | — | — | ||
| Q4 25 | — | 47.4% | ||
| Q3 25 | — | 51.8% | ||
| Q2 25 | — | 49.7% | ||
| Q1 25 | — | 48.0% | ||
| Q4 24 | — | 45.4% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 47.6% |
营业利润率MPLXRCL
| Q1 26 | — | 26.1% | ||
| Q4 25 | 60.5% | 21.9% | ||
| Q3 25 | 73.2% | 33.1% | ||
| Q2 25 | 54.9% | 29.3% | ||
| Q1 25 | 55.5% | 23.6% | ||
| Q4 24 | 55.6% | 16.6% | ||
| Q3 24 | 54.4% | 33.4% | ||
| Q2 24 | 62.9% | 26.7% |
净利率MPLXRCL
| Q1 26 | — | 21.3% | ||
| Q4 25 | 49.1% | 17.7% | ||
| Q3 25 | 63.2% | 30.6% | ||
| Q2 25 | 44.9% | 26.7% | ||
| Q1 25 | 46.2% | 18.3% | ||
| Q4 24 | 45.9% | 14.7% | ||
| Q3 24 | 44.6% | 22.7% | ||
| Q2 24 | 52.6% | 20.8% |
每股收益（稀释后）MPLXRCL
| Q1 26 | — | $3.48 | ||
| Q4 25 | — | $2.76 | ||
| Q3 25 | — | $5.74 | ||
| Q2 25 | — | $4.41 | ||
| Q1 25 | — | $2.70 | ||
| Q4 24 | — | $2.27 | ||
| Q3 24 | — | $4.21 | ||
| Q2 24 | — | $3.11 |
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 | $512.0M |
| 总债务越低越好 | $24.2B | $21.1B |
| 股东权益账面价值 | — | $10.0B |
| 总资产 | $43.0B | $42.0B |
| 负债/权益比越低杠杆越低 | — | 2.11× |
8季度趋势，按日历期对齐
现金及短期投资MPLXRCL
| Q1 26 | — | $512.0M | ||
| Q4 25 | $2.1B | $825.0M | ||
| Q3 25 | $1.8B | $432.0M | ||
| Q2 25 | $1.4B | $735.0M | ||
| Q1 25 | $2.5B | $386.0M | ||
| Q4 24 | $1.5B | $388.0M | ||
| Q3 24 | $2.4B | $418.0M | ||
| Q2 24 | $2.5B | $391.0M |
总债务MPLXRCL
| Q1 26 | — | $21.1B | ||
| Q4 25 | $24.2B | $18.2B | ||
| Q3 25 | $24.1B | $17.2B | ||
| Q2 25 | $19.7B | $17.6B | ||
| Q1 25 | $19.7B | $18.0B | ||
| Q4 24 | $19.3B | $18.5B | ||
| Q3 24 | $19.3B | $19.0B | ||
| Q2 24 | $19.2B | $19.8B |
股东权益MPLXRCL
| Q1 26 | — | $10.0B | ||
| Q4 25 | — | $10.0B | ||
| Q3 25 | — | $10.1B | ||
| Q2 25 | — | $9.2B | ||
| Q1 25 | — | $8.0B | ||
| Q4 24 | — | $7.6B | ||
| Q3 24 | — | $7.0B | ||
| Q2 24 | — | $6.0B |
总资产MPLXRCL
| Q1 26 | — | $42.0B | ||
| Q4 25 | $43.0B | $41.6B | ||
| Q3 25 | $43.2B | $40.1B | ||
| Q2 25 | $37.8B | $38.5B | ||
| Q1 25 | $39.0B | $37.5B | ||
| Q4 24 | $37.5B | $37.1B | ||
| Q3 24 | $38.5B | $37.1B | ||
| Q2 24 | $38.4B | $37.0B |
负债/权益比MPLXRCL
| Q1 26 | — | 2.11× | ||
| Q4 25 | — | 1.81× | ||
| Q3 25 | — | 1.70× | ||
| Q2 25 | — | 1.92× | ||
| Q1 25 | — | 2.26× | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 2.69× | ||
| Q2 24 | — | 3.29× |
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 | $1.8B |
| 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% | — |
| 现金转化率经营现金流/净利润 | 1.24× | 1.93× |
| 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MPLXRCL
| Q1 26 | — | $1.8B | ||
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $1.7B | $1.7B | ||
| Q1 25 | $1.2B | $1.6B | ||
| Q4 24 | $1.7B | $1.5B | ||
| Q3 24 | $1.4B | $897.0M | ||
| Q2 24 | $1.6B | $1.6B |
自由现金流MPLXRCL
| Q1 26 | — | — | ||
| Q4 25 | $782.0M | $116.0M | ||
| Q3 25 | $905.0M | $-989.0M | ||
| Q2 25 | $1.4B | $910.0M | ||
| Q1 25 | $979.0M | $1.2B | ||
| Q4 24 | $1.4B | $915.0M | ||
| Q3 24 | $1.1B | $563.0M | ||
| Q2 24 | $1.4B | $-567.0M |
自由现金流率MPLXRCL
| Q1 26 | — | — | ||
| Q4 25 | 31.9% | 2.7% | ||
| Q3 25 | 36.8% | -19.2% | ||
| Q2 25 | 60.9% | 20.1% | ||
| Q1 25 | 39.8% | 30.0% | ||
| Q4 24 | 56.6% | 24.3% | ||
| Q3 24 | 48.4% | 11.5% | ||
| Q2 24 | 60.0% | -13.8% |
资本支出强度MPLXRCL
| Q1 26 | — | — | ||
| Q4 25 | 29.1% | 35.4% | ||
| Q3 25 | 21.4% | 47.8% | ||
| Q2 25 | 12.8% | 18.4% | ||
| Q1 25 | 10.9% | 10.7% | ||
| Q4 24 | 12.7% | 14.7% | ||
| Q3 24 | 11.9% | 6.8% | ||
| Q2 24 | 9.4% | 52.1% |
现金转化率MPLXRCL
| Q1 26 | — | 1.93× | ||
| Q4 25 | 1.24× | 2.16× | ||
| Q3 25 | 0.92× | 0.93× | ||
| Q2 25 | 1.64× | 1.44× | ||
| Q1 25 | 1.10× | 2.23× | ||
| Q4 24 | 1.51× | 2.66× | ||
| Q3 24 | 1.35× | 0.81× | ||
| Q2 24 | 1.32× | 1.84× |
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% |
RCL
| Passenger ticket revenues | $3.0B | 68% |
| Onboard and other revenues | $1.4B | 32% |
