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MPLX LP（MPLX）与托尔工业（THO）财务数据对比。点击上方公司名可切换其他公司
MPLX LP的季度营收约是托尔工业的1.0倍（$2.5B vs $2.4B），MPLX LP净利率更高（49.1% vs 0.9%，领先48.2%），托尔工业同比增速更快（11.5% vs 1.4%），MPLX LP自由现金流更多（$782.0M vs $-74.8M），过去两年MPLX LP的营收复合增速更高（6.2% vs 4.0%）
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。
托尔工业是美国知名休闲房车（RV）生产商，旗下拥有Airstream、Heartland RV、Jayco等多个子品牌，主营拖挂式及自行式休闲房车的生产销售，总部位于印第安纳州埃尔克哈特，在密歇根、俄亥俄、爱达荷、俄勒冈等多个州设有生产基地。
MPLX vs THO — 直观对比
营收规模更大
MPLX
是对方的1.0倍
$2.4B
营收增速更快
THO
高出10.1%
1.4%
净利率更高
MPLX
高出48.2%
0.9%
自由现金流更多
MPLX
多$856.8M
$-74.8M
两年增速更快
MPLX
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $2.4B |
| 净利润 | $1.2B | $21.7M |
| 毛利率 | — | 13.4% |
| 营业利润率 | 60.5% | 1.4% |
| 净利率 | 49.1% | 0.9% |
| 营收同比 | 1.4% | 11.5% |
| 净利润同比 | 8.5% | 1282.8% |
| 每股收益（稀释后） | — | $0.41 |
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MPLXTHO
| Q4 25 | $2.5B | $2.4B | ||
| Q3 25 | $2.5B | $2.5B | ||
| Q2 25 | $2.4B | $2.9B | ||
| Q1 25 | $2.5B | $2.0B | ||
| Q4 24 | $2.4B | $2.1B | ||
| Q3 24 | $2.3B | $2.5B | ||
| Q2 24 | $2.3B | $2.8B | ||
| Q1 24 | $2.2B | $2.2B |
净利润MPLXTHO
| Q4 25 | $1.2B | $21.7M | ||
| Q3 25 | $1.6B | $125.8M | ||
| Q2 25 | $1.1B | $135.2M | ||
| Q1 25 | $1.1B | $-551.0K | ||
| Q4 24 | $1.1B | $-1.8M | ||
| Q3 24 | $1.0B | $90.0M | ||
| Q2 24 | $1.2B | $114.5M | ||
| Q1 24 | $1.0B | $7.2M |
毛利率MPLXTHO
| Q4 25 | — | 13.4% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 15.3% | ||
| Q1 25 | — | 12.1% | ||
| Q4 24 | — | 13.1% | ||
| Q3 24 | — | 15.8% | ||
| Q2 24 | — | 15.1% | ||
| Q1 24 | — | 12.3% |
营业利润率MPLXTHO
| Q4 25 | 60.5% | 1.4% | ||
| Q3 25 | 73.2% | 5.7% | ||
| Q2 25 | 54.9% | 5.4% | ||
| Q1 25 | 55.5% | -0.1% | ||
| Q4 24 | 55.6% | -0.1% | ||
| Q3 24 | 54.4% | 5.0% | ||
| Q2 24 | 62.9% | 5.1% | ||
| Q1 24 | 57.6% | 0.3% |
净利率MPLXTHO
| Q4 25 | 49.1% | 0.9% | ||
| Q3 25 | 63.2% | 5.0% | ||
| Q2 25 | 44.9% | 4.7% | ||
| Q1 25 | 46.2% | -0.0% | ||
| Q4 24 | 45.9% | -0.1% | ||
| Q3 24 | 44.6% | 3.6% | ||
| Q2 24 | 52.6% | 4.1% | ||
| Q1 24 | 46.7% | 0.3% |
每股收益（稀释后）MPLXTHO
| Q4 25 | — | $0.41 | ||
| Q3 25 | — | $2.35 | ||
| Q2 25 | — | $2.53 | ||
| Q1 25 | — | $-0.01 | ||
| Q4 24 | — | $-0.03 | ||
| Q3 24 | — | $1.69 | ||
| Q2 24 | — | $2.13 | ||
| Q1 24 | — | $0.13 |
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 | $509.9M |
| 总债务越低越好 | $24.2B | $916.0M |
| 股东权益账面价值 | — | $4.3B |
| 总资产 | $43.0B | $7.0B |
| 负债/权益比越低杠杆越低 | — | 0.21× |
8季度趋势，按日历期对齐
现金及短期投资MPLXTHO
| Q4 25 | $2.1B | $509.9M | ||
| Q3 25 | $1.8B | $586.6M | ||
| Q2 25 | $1.4B | $508.3M | ||
| Q1 25 | $2.5B | $373.8M | ||
| Q4 24 | $1.5B | $445.2M | ||
| Q3 24 | $2.4B | $501.3M | ||
| Q2 24 | $2.5B | $371.8M | ||
| Q1 24 | $385.0M | $340.2M |
总债务MPLXTHO
| Q4 25 | $24.2B | $916.0M | ||
| Q3 25 | $24.1B | $923.0M | ||
| Q2 25 | $19.7B | $1.0B | ||
| Q1 25 | $19.7B | $1.0B | ||
| Q4 24 | $19.3B | $1.1B | ||
| Q3 24 | $19.3B | $1.1B | ||
| Q2 24 | $19.2B | $1.2B | ||
| Q1 24 | $18.8B | $1.4B |
股东权益MPLXTHO
| Q4 25 | — | $4.3B | ||
| Q3 25 | — | $4.3B | ||
| Q2 25 | — | $4.2B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | — | $3.9B |
总资产MPLXTHO
| Q4 25 | $43.0B | $7.0B | ||
| Q3 25 | $43.2B | $7.1B | ||
| Q2 25 | $37.8B | $7.2B | ||
| Q1 25 | $39.0B | $6.7B | ||
| Q4 24 | $37.5B | $6.9B | ||
| Q3 24 | $38.5B | $7.0B | ||
| Q2 24 | $38.4B | $7.2B | ||
| Q1 24 | $36.5B | $7.2B |
负债/权益比MPLXTHO
| Q4 25 | — | 0.21× | ||
| Q3 25 | — | 0.22× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.27× | ||
| Q3 24 | — | 0.28× | ||
| Q2 24 | — | 0.31× | ||
| Q1 24 | — | 0.36× |
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 | $-44.9M |
| 自由现金流经营现金流 - 资本支出 | $782.0M | $-74.8M |
| 自由现金流率自由现金流/营收 | 31.9% | -3.1% |
| 资本支出强度资本支出/营收 | 29.1% | 1.3% |
| 现金转化率经营现金流/净利润 | 1.24× | -2.07× |
| 过去12个月自由现金流最近4个季度 | $4.1B | $375.1M |
8季度趋势，按日历期对齐
经营现金流MPLXTHO
| Q4 25 | $1.5B | $-44.9M | ||
| Q3 25 | $1.4B | $258.7M | ||
| Q2 25 | $1.7B | $257.7M | ||
| Q1 25 | $1.2B | $30.8M | ||
| Q4 24 | $1.7B | $30.7M | ||
| Q3 24 | $1.4B | $338.0M | ||
| Q2 24 | $1.6B | $251.7M | ||
| Q1 24 | $1.3B | $-103.9M |
自由现金流MPLXTHO
| Q4 25 | $782.0M | $-74.8M | ||
| Q3 25 | $905.0M | $221.6M | ||
| Q2 25 | $1.4B | $222.5M | ||
| Q1 25 | $979.0M | $5.8M | ||
| Q4 24 | $1.4B | $6.4M | ||
| Q3 24 | $1.1B | $301.3M | ||
| Q2 24 | $1.4B | $225.4M | ||
| Q1 24 | $1.0B | $-140.2M |
自由现金流率MPLXTHO
| Q4 25 | 31.9% | -3.1% | ||
| Q3 25 | 36.8% | 8.8% | ||
| Q2 25 | 60.9% | 7.7% | ||
| Q1 25 | 39.8% | 0.3% | ||
| Q4 24 | 56.6% | 0.3% | ||
| Q3 24 | 48.4% | 11.9% | ||
| Q2 24 | 60.0% | 8.0% | ||
| Q1 24 | 47.7% | -6.4% |
资本支出强度MPLXTHO
| Q4 25 | 29.1% | 1.3% | ||
| Q3 25 | 21.4% | 1.5% | ||
| Q2 25 | 12.8% | 1.2% | ||
| Q1 25 | 10.9% | 1.2% | ||
| Q4 24 | 12.7% | 1.1% | ||
| Q3 24 | 11.9% | 1.4% | ||
| Q2 24 | 9.4% | 0.9% | ||
| Q1 24 | 11.7% | 1.6% |
现金转化率MPLXTHO
| Q4 25 | 1.24× | -2.07× | ||
| Q3 25 | 0.92× | 2.06× | ||
| Q2 25 | 1.64× | 1.91× | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.51× | — | ||
| Q3 24 | 1.35× | 3.76× | ||
| Q2 24 | 1.32× | 2.20× | ||
| Q1 24 | 1.27× | -14.39× |
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% |
THO
| Other | $417.1M | 17% |
| Travel Trailers | $403.6M | 17% |
| Motorcaravan | $391.9M | 16% |
| Fifth Wheels Towables | $306.9M | 13% |
| Classc Motorized | $297.2M | 12% |
| Campervan | $188.3M | 8% |
| Classa Motorized | $169.9M | 7% |
| Classb Motorized | $110.0M | 5% |
| Other Rv Related | $70.0M | 3% |
| Caravan | $34.3M | 1% |
