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MPLX LP（MPLX）与标普全球（SPGI）财务数据对比。点击上方公司名可切换其他公司
标普全球的季度营收约是MPLX LP的1.7倍（$4.2B vs $2.5B），MPLX LP净利率更高（49.1% vs 36.1%，领先13.0%），标普全球同比增速更快（10.0% vs 1.4%），标普全球自由现金流更多（$919.0M vs $782.0M），过去两年标普全球的营收复合增速更高（8.4% 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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息、数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球市场财智、标普全球能源、标普全球移动、印度信用评级机构CRISIL等业务板块，同时控股合资企业标普道琼斯指数。
MPLX vs SPGI — 直观对比
营收规模更大
SPGI
是对方的1.7倍
$2.5B
营收增速更快
SPGI
高出8.6%
1.4%
净利率更高
MPLX
高出13.0%
36.1%
自由现金流更多
SPGI
多$137.0M
$782.0M
两年增速更快
SPGI
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $4.2B |
| 净利润 | $1.2B | $1.5B |
| 毛利率 | — | — |
| 营业利润率 | 60.5% | 48.0% |
| 净利率 | 49.1% | 36.1% |
| 营收同比 | 1.4% | 10.0% |
| 净利润同比 | 8.5% | 28.0% |
| 每股收益（稀释后） | — | $4.69 |
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MPLXSPGI
| Q1 26 | — | $4.2B | ||
| Q4 25 | $2.5B | $3.9B | ||
| Q3 25 | $2.5B | $3.9B | ||
| Q2 25 | $2.4B | $3.8B | ||
| Q1 25 | $2.5B | $3.8B | ||
| Q4 24 | $2.4B | $3.6B | ||
| Q3 24 | $2.3B | $3.6B | ||
| Q2 24 | $2.3B | $3.5B |
净利润MPLXSPGI
| Q1 26 | — | $1.5B | ||
| Q4 25 | $1.2B | $1.1B | ||
| Q3 25 | $1.6B | $1.2B | ||
| Q2 25 | $1.1B | $1.1B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.1B | $879.0M | ||
| Q3 24 | $1.0B | $971.0M | ||
| Q2 24 | $1.2B | $1.0B |
毛利率MPLXSPGI
| Q1 26 | — | — | ||
| Q4 25 | — | 70.1% | ||
| Q3 25 | — | 71.2% | ||
| Q2 25 | — | 70.2% | ||
| Q1 25 | — | 69.5% | ||
| Q4 24 | — | 69.8% | ||
| Q3 24 | — | 70.0% | ||
| Q2 24 | — | 69.4% |
营业利润率MPLXSPGI
| Q1 26 | — | 48.0% | ||
| Q4 25 | 60.5% | 42.7% | ||
| Q3 25 | 73.2% | 43.1% | ||
| Q2 25 | 54.9% | 41.3% | ||
| Q1 25 | 55.5% | 41.8% | ||
| Q4 24 | 55.6% | 36.4% | ||
| Q3 24 | 54.4% | 40.1% | ||
| Q2 24 | 62.9% | 40.9% |
净利率MPLXSPGI
| Q1 26 | — | 36.1% | ||
| Q4 25 | 49.1% | 28.9% | ||
| Q3 25 | 63.2% | 30.2% | ||
| Q2 25 | 44.9% | 28.5% | ||
| Q1 25 | 46.2% | 28.9% | ||
| Q4 24 | 45.9% | 24.5% | ||
| Q3 24 | 44.6% | 27.2% | ||
| Q2 24 | 52.6% | 28.5% |
每股收益（稀释后）MPLXSPGI
| Q1 26 | — | $4.69 | ||
| Q4 25 | — | $3.76 | ||
| Q3 25 | — | $3.86 | ||
| Q2 25 | — | $3.50 | ||
| Q1 25 | — | $3.54 | ||
| Q4 24 | — | $2.85 | ||
| Q3 24 | — | $3.11 | ||
| Q2 24 | — | $3.23 |
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 | — |
| 总债务越低越好 | $24.2B | $13.3B |
| 股东权益账面价值 | — | $31.3B |
| 总资产 | $43.0B | $60.8B |
| 负债/权益比越低杠杆越低 | — | 0.43× |
8季度趋势，按日历期对齐
现金及短期投资MPLXSPGI
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | $1.8B | ||
| Q3 25 | $1.8B | $1.7B | ||
| Q2 25 | $1.4B | $1.8B | ||
| Q1 25 | $2.5B | $1.5B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $2.4B | $1.7B | ||
| Q2 24 | $2.5B | $2.0B |
总债务MPLXSPGI
| Q1 26 | — | $13.3B | ||
| Q4 25 | $24.2B | $13.1B | ||
| Q3 25 | $24.1B | $11.4B | ||
| Q2 25 | $19.7B | $11.4B | ||
| Q1 25 | $19.7B | $11.4B | ||
| Q4 24 | $19.3B | $11.4B | ||
| Q3 24 | $19.3B | $11.4B | ||
| Q2 24 | $19.2B | $11.4B |
股东权益MPLXSPGI
| Q1 26 | — | $31.3B | ||
| Q4 25 | — | $31.1B | ||
| Q3 25 | — | $33.1B | ||
| Q2 25 | — | $33.4B | ||
| Q1 25 | — | $33.4B | ||
| Q4 24 | — | $33.2B | ||
| Q3 24 | — | $34.0B | ||
| Q2 24 | — | $34.9B |
总资产MPLXSPGI
| Q1 26 | — | $60.8B | ||
| Q4 25 | $43.0B | $61.2B | ||
| Q3 25 | $43.2B | $59.7B | ||
| Q2 25 | $37.8B | $60.4B | ||
| Q1 25 | $39.0B | $59.9B | ||
| Q4 24 | $37.5B | $60.2B | ||
| Q3 24 | $38.5B | $60.4B | ||
| Q2 24 | $38.4B | $61.0B |
负债/权益比MPLXSPGI
| Q1 26 | — | 0.43× | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.34× | ||
| Q4 24 | — | 0.34× | ||
| Q3 24 | — | 0.34× | ||
| Q2 24 | — | 0.33× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $782.0M | $919.0M |
| 自由现金流率自由现金流/营收 | 31.9% | 22.0% |
| 资本支出强度资本支出/营收 | 29.1% | 0.6% |
| 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 | $5.5B |
8季度趋势，按日历期对齐
经营现金流MPLXSPGI
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $1.7B | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $1.7B | $1.4B | ||
| Q1 25 | $1.2B | $953.0M | ||
| Q4 24 | $1.7B | $1.7B | ||
| Q3 24 | $1.4B | $1.4B | ||
| Q2 24 | $1.6B | $1.6B |
自由现金流MPLXSPGI
| Q1 26 | — | $919.0M | ||
| Q4 25 | $782.0M | $1.7B | ||
| Q3 25 | $905.0M | $1.5B | ||
| Q2 25 | $1.4B | $1.4B | ||
| Q1 25 | $979.0M | $910.0M | ||
| Q4 24 | $1.4B | $1.7B | ||
| Q3 24 | $1.1B | $1.4B | ||
| Q2 24 | $1.4B | $1.5B |
自由现金流率MPLXSPGI
| Q1 26 | — | 22.0% | ||
| Q4 25 | 31.9% | 43.5% | ||
| Q3 25 | 36.8% | 37.6% | ||
| Q2 25 | 60.9% | 36.9% | ||
| Q1 25 | 39.8% | 24.1% | ||
| Q4 24 | 56.6% | 47.5% | ||
| Q3 24 | 48.4% | 39.4% | ||
| Q2 24 | 60.0% | 42.9% |
资本支出强度MPLXSPGI
| Q1 26 | — | 0.6% | ||
| Q4 25 | 29.1% | 1.2% | ||
| Q3 25 | 21.4% | 1.2% | ||
| Q2 25 | 12.8% | 1.6% | ||
| Q1 25 | 10.9% | 1.1% | ||
| Q4 24 | 12.7% | 0.9% | ||
| Q3 24 | 11.9% | 1.0% | ||
| Q2 24 | 9.4% | 0.9% |
现金转化率MPLXSPGI
| Q1 26 | — | — | ||
| Q4 25 | 1.24× | 1.54× | ||
| Q3 25 | 0.92× | 1.28× | ||
| Q2 25 | 1.64× | 1.35× | ||
| Q1 25 | 1.10× | 0.87× | ||
| Q4 24 | 1.51× | 1.98× | ||
| Q3 24 | 1.35× | 1.49× | ||
| Q2 24 | 1.32× | 1.54× |
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% |
SPGI
| Ratings | $1.3B | 31% |
| Market Intelligence | $1.3B | 31% |
| Energy | $652.0M | 16% |
| Indices | $519.0M | 12% |
| Mobility | $454.0M | 11% |
