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MPLX LP（MPLX）与Rocket Companies, Inc.（RKT）财务数据对比。点击上方公司名可切换其他公司
Rocket Companies, 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 2.5%，领先46.6%），Rocket Companies, Inc.同比增速更快（52.2% vs 1.4%），MPLX LP自由现金流更多（$782.0M vs $-1.3B），过去两年Rocket Companies, Inc.的营收复合增速更高（39.5% 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。
Rocket Companies, Inc.是美国金融科技及住房服务企业，由丹·吉尔伯特创立，总部位于密歇根州底特律市中心。公司依托旗舰子公司Rocket Mortgage跻身美国最大抵押贷款提供商行列，旗下还拥有Redfin、Forsalebyowner.com、Rocket Money等子品牌。
MPLX vs RKT — 直观对比
营收规模更大
RKT
是对方的1.1倍
$2.5B
营收增速更快
RKT
高出50.7%
1.4%
净利率更高
MPLX
高出46.6%
2.5%
自由现金流更多
MPLX
多$2.1B
$-1.3B
两年增速更快
RKT
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 | $68.0M |
| 毛利率 | — | — |
| 营业利润率 | 60.5% | 6.3% |
| 净利率 | 49.1% | 2.5% |
| 营收同比 | 1.4% | 52.2% |
| 净利润同比 | 8.5% | 100.8% |
| 每股收益（稀释后） | — | $0.10 |
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MPLXRKT
| Q4 25 | $2.5B | $2.7B | ||
| Q3 25 | $2.5B | $1.6B | ||
| Q2 25 | $2.4B | $1.4B | ||
| Q1 25 | $2.5B | $1.0B | ||
| Q4 24 | $2.4B | $1.8B | ||
| Q3 24 | $2.3B | $646.9M | ||
| Q2 24 | $2.3B | $1.3B | ||
| Q1 24 | $2.2B | $1.4B |
净利润MPLXRKT
| Q4 25 | $1.2B | $68.0M | ||
| Q3 25 | $1.6B | $-123.9M | ||
| Q2 25 | $1.1B | $-1.8M | ||
| Q1 25 | $1.1B | $-10.4M | ||
| Q4 24 | $1.1B | $33.9M | ||
| Q3 24 | $1.0B | $-22.0M | ||
| Q2 24 | $1.2B | $1.3M | ||
| Q1 24 | $1.0B | $16.2M |
毛利率MPLXRKT
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 58.9% | ||
| Q3 24 | — | -8.4% | ||
| Q2 24 | — | 47.4% | ||
| Q1 24 | — | 51.2% |
营业利润率MPLXRKT
| Q4 25 | 60.5% | 6.3% | ||
| Q3 25 | 73.2% | -11.5% | ||
| Q2 25 | 54.9% | 1.8% | ||
| Q1 25 | 55.5% | -21.5% | ||
| Q4 24 | 55.6% | 38.1% | ||
| Q3 24 | 54.4% | -76.9% | ||
| Q2 24 | 62.9% | 14.8% | ||
| Q1 24 | 57.6% | 21.6% |
净利率MPLXRKT
| Q4 25 | 49.1% | 2.5% | ||
| Q3 25 | 63.2% | -7.7% | ||
| Q2 25 | 44.9% | -0.1% | ||
| Q1 25 | 46.2% | -1.0% | ||
| Q4 24 | 45.9% | 1.9% | ||
| Q3 24 | 44.6% | -3.4% | ||
| Q2 24 | 52.6% | 0.1% | ||
| Q1 24 | 46.7% | 1.2% |
每股收益（稀释后）MPLXRKT
| Q4 25 | — | $0.10 | ||
| Q3 25 | — | $-0.06 | ||
| Q2 25 | — | $-0.01 | ||
| Q1 25 | — | $-0.08 | ||
| Q4 24 | — | $0.28 | ||
| Q3 24 | — | $-0.19 | ||
| Q2 24 | — | $0.01 | ||
| Q1 24 | — | $0.11 |
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 | $2.7B |
| 总债务越低越好 | $24.2B | — |
| 股东权益账面价值 | — | $22.9B |
| 总资产 | $43.0B | $60.7B |
| 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MPLXRKT
| Q4 25 | $2.1B | $2.7B | ||
| Q3 25 | $1.8B | $5.8B | ||
| Q2 25 | $1.4B | $5.1B | ||
| Q1 25 | $2.5B | $1.4B | ||
| Q4 24 | $1.5B | $1.3B | ||
| Q3 24 | $2.4B | $1.2B | ||
| Q2 24 | $2.5B | $1.3B | ||
| Q1 24 | $385.0M | $861.4M |
总债务MPLXRKT
| Q4 25 | $24.2B | — | ||
| Q3 25 | $24.1B | — | ||
| Q2 25 | $19.7B | — | ||
| Q1 25 | $19.7B | — | ||
| Q4 24 | $19.3B | — | ||
| Q3 24 | $19.3B | — | ||
| Q2 24 | $19.2B | — | ||
| Q1 24 | $18.8B | — |
股东权益MPLXRKT
| Q4 25 | — | $22.9B | ||
| Q3 25 | — | $8.9B | ||
| Q2 25 | — | $7.4B | ||
| Q1 25 | — | $8.6B | ||
| Q4 24 | — | $9.0B | ||
| Q3 24 | — | $8.4B | ||
| Q2 24 | — | $8.8B | ||
| Q1 24 | — | $8.6B |
总资产MPLXRKT
| Q4 25 | $43.0B | $60.7B | ||
| Q3 25 | $43.2B | $33.6B | ||
| Q2 25 | $37.8B | $30.4B | ||
| Q1 25 | $39.0B | $25.3B | ||
| Q4 24 | $37.5B | $24.5B | ||
| Q3 24 | $38.5B | $25.1B | ||
| Q2 24 | $38.4B | $23.6B | ||
| Q1 24 | $36.5B | $22.2B |
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 | $-1.2B |
| 自由现金流经营现金流 - 资本支出 | $782.0M | $-1.3B |
| 自由现金流率自由现金流/营收 | 31.9% | -47.2% |
| 资本支出强度资本支出/营收 | 29.1% | 1.5% |
| 现金转化率经营现金流/净利润 | 1.24× | -18.08× |
| 过去12个月自由现金流最近4个季度 | $4.1B | $-4.0B |
8季度趋势，按日历期对齐
经营现金流MPLXRKT
| Q4 25 | $1.5B | $-1.2B | ||
| Q3 25 | $1.4B | $-50.3M | ||
| Q2 25 | $1.7B | $-1.9B | ||
| Q1 25 | $1.2B | $-797.0M | ||
| Q4 24 | $1.7B | $1.8B | ||
| Q3 24 | $1.4B | $-1.3B | ||
| Q2 24 | $1.6B | $-122.3M | ||
| Q1 24 | $1.3B | $-3.0B |
自由现金流MPLXRKT
| Q4 25 | $782.0M | $-1.3B | ||
| Q3 25 | $905.0M | $-71.8M | ||
| Q2 25 | $1.4B | $-1.9B | ||
| Q1 25 | $979.0M | $-811.0M | ||
| Q4 24 | $1.4B | $1.8B | ||
| Q3 24 | $1.1B | $-1.4B | ||
| Q2 24 | $1.4B | $-138.3M | ||
| Q1 24 | $1.0B | $-3.0B |
自由现金流率MPLXRKT
| Q4 25 | 31.9% | -47.2% | ||
| Q3 25 | 36.8% | -4.5% | ||
| Q2 25 | 60.9% | -137.2% | ||
| Q1 25 | 39.8% | -78.2% | ||
| Q4 24 | 56.6% | 103.1% | ||
| Q3 24 | 48.4% | -209.6% | ||
| Q2 24 | 60.0% | -10.6% | ||
| Q1 24 | 47.7% | -218.7% |
资本支出强度MPLXRKT
| Q4 25 | 29.1% | 1.5% | ||
| Q3 25 | 21.4% | 1.3% | ||
| Q2 25 | 12.8% | 1.1% | ||
| Q1 25 | 10.9% | 1.4% | ||
| Q4 24 | 12.7% | 1.1% | ||
| Q3 24 | 11.9% | 2.9% | ||
| Q2 24 | 9.4% | 1.2% | ||
| Q1 24 | 11.7% | 1.0% |
现金转化率MPLXRKT
| Q4 25 | 1.24× | -18.08× | ||
| Q3 25 | 0.92× | — | ||
| Q2 25 | 1.64× | — | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.51× | 54.42× | ||
| Q3 24 | 1.35× | — | ||
| Q2 24 | 1.32× | -94.46× | ||
| Q1 24 | 1.27× | -185.80× |
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% |
RKT
| Other | $1.4B | 51% |
| Direct To Customer Segment | $945.8M | 35% |
| Partner Network Segment | $216.7M | 8% |
| Subscription Revenue | $91.3M | 3% |
| Closing Fees | $47.1M | 2% |
| Appraisal Revenue | $10.7M | 0% |
