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MPLX LP（MPLX）与Toast, Inc.（TOST）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Toast, Inc.的1.5倍（$2.5B vs $1.6B），MPLX LP净利率更高（49.1% vs 6.2%，领先42.9%），Toast, Inc.同比增速更快（22.0% vs 1.4%），MPLX LP自由现金流更多（$782.0M vs $178.0M），过去两年Toast, Inc.的营收复合增速更高（23.3% 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。
Toast, Inc.是总部位于美国马萨诸塞州波士顿的云餐饮管理软件企业，主打基于安卓操作系统研发的一体化销售点（POS）系统，可为餐饮商家提供涵盖收银、订单管理等在内的全场景门店经营解决方案。
MPLX vs TOST — 直观对比
营收规模更大
MPLX
是对方的1.5倍
$1.6B
营收增速更快
TOST
高出20.6%
1.4%
净利率更高
MPLX
高出42.9%
6.2%
自由现金流更多
MPLX
多$604.0M
$178.0M
两年增速更快
TOST
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $1.6B |
| 净利润 | $1.2B | $101.0M |
| 毛利率 | — | 25.9% |
| 营业利润率 | 60.5% | 5.2% |
| 净利率 | 49.1% | 6.2% |
| 营收同比 | 1.4% | 22.0% |
| 净利润同比 | 8.5% | 215.6% |
| 每股收益（稀释后） | — | $0.18 |
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MPLXTOST
| Q4 25 | $2.5B | $1.6B | ||
| Q3 25 | $2.5B | $1.6B | ||
| Q2 25 | $2.4B | $1.6B | ||
| Q1 25 | $2.5B | $1.3B | ||
| Q4 24 | $2.4B | $1.3B | ||
| Q3 24 | $2.3B | $1.3B | ||
| Q2 24 | $2.3B | $1.2B | ||
| Q1 24 | $2.2B | $1.1B |
净利润MPLXTOST
| Q4 25 | $1.2B | $101.0M | ||
| Q3 25 | $1.6B | $105.0M | ||
| Q2 25 | $1.1B | $80.0M | ||
| Q1 25 | $1.1B | $56.0M | ||
| Q4 24 | $1.1B | $32.0M | ||
| Q3 24 | $1.0B | $56.0M | ||
| Q2 24 | $1.2B | $14.0M | ||
| Q1 24 | $1.0B | $-83.0M |
毛利率MPLXTOST
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | 26.5% | ||
| Q2 25 | — | 25.3% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | 24.7% | ||
| Q2 24 | — | 23.0% | ||
| Q1 24 | — | 23.2% |
营业利润率MPLXTOST
| Q4 25 | 60.5% | 5.2% | ||
| Q3 25 | 73.2% | 5.1% | ||
| Q2 25 | 54.9% | 5.2% | ||
| Q1 25 | 55.5% | 3.2% | ||
| Q4 24 | 55.6% | 2.5% | ||
| Q3 24 | 54.4% | 2.6% | ||
| Q2 24 | 62.9% | 0.4% | ||
| Q1 24 | 57.6% | -5.2% |
净利率MPLXTOST
| Q4 25 | 49.1% | 6.2% | ||
| Q3 25 | 63.2% | 6.4% | ||
| Q2 25 | 44.9% | 5.2% | ||
| Q1 25 | 46.2% | 4.2% | ||
| Q4 24 | 45.9% | 2.4% | ||
| Q3 24 | 44.6% | 4.3% | ||
| Q2 24 | 52.6% | 1.1% | ||
| Q1 24 | 46.7% | -7.7% |
每股收益（稀释后）MPLXTOST
| Q4 25 | — | $0.18 | ||
| Q3 25 | — | $0.16 | ||
| Q2 25 | — | $0.13 | ||
| Q1 25 | — | $0.09 | ||
| Q4 24 | — | $0.09 | ||
| Q3 24 | — | $0.07 | ||
| Q2 24 | — | $0.02 | ||
| Q1 24 | — | $-0.15 |
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 | $1.4B |
| 总债务越低越好 | $24.2B | — |
| 股东权益账面价值 | — | $2.1B |
| 总资产 | $43.0B | $3.1B |
| 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MPLXTOST
| Q4 25 | $2.1B | $1.4B | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $2.5B | $1.0B | ||
| Q4 24 | $1.5B | $903.0M | ||
| Q3 24 | $2.4B | $761.0M | ||
| Q2 24 | $2.5B | $691.0M | ||
| Q1 24 | $385.0M | $578.0M |
总债务MPLXTOST
| 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MPLXTOST
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $2.0B | ||
| Q2 25 | — | $1.8B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.2B |
总资产MPLXTOST
| Q4 25 | $43.0B | $3.1B | ||
| Q3 25 | $43.2B | $3.0B | ||
| Q2 25 | $37.8B | $2.8B | ||
| Q1 25 | $39.0B | $2.6B | ||
| Q4 24 | $37.5B | $2.4B | ||
| Q3 24 | $38.5B | $2.2B | ||
| Q2 24 | $38.4B | $2.2B | ||
| Q1 24 | $36.5B | $2.1B |
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 | $194.0M |
| 自由现金流经营现金流 - 资本支出 | $782.0M | $178.0M |
| 自由现金流率自由现金流/营收 | 31.9% | 10.9% |
| 资本支出强度资本支出/营收 | 29.1% | 1.0% |
| 现金转化率经营现金流/净利润 | 1.24× | 1.92× |
| 过去12个月自由现金流最近4个季度 | $4.1B | $608.0M |
8季度趋势，按日历期对齐
经营现金流MPLXTOST
| Q4 25 | $1.5B | $194.0M | ||
| Q3 25 | $1.4B | $165.0M | ||
| Q2 25 | $1.7B | $223.0M | ||
| Q1 25 | $1.2B | $79.0M | ||
| Q4 24 | $1.7B | $147.0M | ||
| Q3 24 | $1.4B | $109.0M | ||
| Q2 24 | $1.6B | $124.0M | ||
| Q1 24 | $1.3B | $-20.0M |
自由现金流MPLXTOST
| Q4 25 | $782.0M | $178.0M | ||
| Q3 25 | $905.0M | $153.0M | ||
| Q2 25 | $1.4B | $208.0M | ||
| Q1 25 | $979.0M | $69.0M | ||
| Q4 24 | $1.4B | $134.0M | ||
| Q3 24 | $1.1B | $97.0M | ||
| Q2 24 | $1.4B | $108.0M | ||
| Q1 24 | $1.0B | $-33.0M |
自由现金流率MPLXTOST
| Q4 25 | 31.9% | 10.9% | ||
| Q3 25 | 36.8% | 9.4% | ||
| Q2 25 | 60.9% | 13.4% | ||
| Q1 25 | 39.8% | 5.2% | ||
| Q4 24 | 56.6% | 10.0% | ||
| Q3 24 | 48.4% | 7.4% | ||
| Q2 24 | 60.0% | 8.7% | ||
| Q1 24 | 47.7% | -3.1% |
资本支出强度MPLXTOST
| Q4 25 | 29.1% | 1.0% | ||
| Q3 25 | 21.4% | 0.7% | ||
| Q2 25 | 12.8% | 1.0% | ||
| Q1 25 | 10.9% | 0.7% | ||
| Q4 24 | 12.7% | 1.0% | ||
| Q3 24 | 11.9% | 0.9% | ||
| Q2 24 | 9.4% | 1.3% | ||
| Q1 24 | 11.7% | 1.2% |
现金转化率MPLXTOST
| Q4 25 | 1.24× | 1.92× | ||
| Q3 25 | 0.92× | 1.57× | ||
| Q2 25 | 1.64× | 2.79× | ||
| Q1 25 | 1.10× | 1.41× | ||
| Q4 24 | 1.51× | 4.59× | ||
| Q3 24 | 1.35× | 1.95× | ||
| Q2 24 | 1.32× | 8.86× | ||
| Q1 24 | 1.27× | — |
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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
