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MPLX LP（MPLX）与泰佩思琦（TPR）财务数据对比。点击上方公司名可切换其他公司
泰佩思琦的季度营收约是MPLX LP的1.0倍（$2.5B vs $2.5B），MPLX LP净利率更高（49.1% vs 22.4%，领先26.7%），泰佩思琦同比增速更快（14.0% vs 1.4%），泰佩思琦自由现金流更多（$1.0B vs $782.0M），过去两年泰佩思琦的营收复合增速更高（29.9% 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。
Tapestry, Inc.是美国知名跨国奢侈品时尚控股企业，旗下拥有Coach、Kate Spade New York、Stuart Weitzman三大标志性生活方式品牌，主营高端手袋、服饰、鞋履、配饰及香水产品，销售渠道覆盖全球线下门店与线上电商平台。
MPLX vs TPR — 直观对比
营收规模更大
TPR
是对方的1.0倍
$2.5B
营收增速更快
TPR
高出12.6%
1.4%
净利率更高
MPLX
高出26.7%
22.4%
自由现金流更多
TPR
多$255.5M
$782.0M
两年增速更快
TPR
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $2.5B |
| 净利润 | $1.2B | $561.3M |
| 毛利率 | — | 75.5% |
| 营业利润率 | 60.5% | 28.6% |
| 净利率 | 49.1% | 22.4% |
| 营收同比 | 1.4% | 14.0% |
| 净利润同比 | 8.5% | 80.8% |
| 每股收益（稀释后） | — | $2.68 |
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MPLXTPR
| Q4 25 | $2.5B | $2.5B | ||
| Q3 25 | $2.5B | $1.7B | ||
| Q2 25 | $2.4B | $1.7B | ||
| Q1 25 | $2.5B | $1.6B | ||
| Q4 24 | $2.4B | $2.2B | ||
| Q3 24 | $2.3B | $1.5B | ||
| Q2 24 | $2.3B | $1.6B | ||
| Q1 24 | $2.2B | $1.5B |
净利润MPLXTPR
| Q4 25 | $1.2B | $561.3M | ||
| Q3 25 | $1.6B | $274.8M | ||
| Q2 25 | $1.1B | $-517.1M | ||
| Q1 25 | $1.1B | $203.3M | ||
| Q4 24 | $1.1B | $310.4M | ||
| Q3 24 | $1.0B | $186.6M | ||
| Q2 24 | $1.2B | $159.3M | ||
| Q1 24 | $1.0B | $139.4M |
毛利率MPLXTPR
| Q4 25 | — | 75.5% | ||
| Q3 25 | — | 76.3% | ||
| Q2 25 | — | 76.3% | ||
| Q1 25 | — | 76.1% | ||
| Q4 24 | — | 74.4% | ||
| Q3 24 | — | 75.3% | ||
| Q2 24 | — | 74.9% | ||
| Q1 24 | — | 74.7% |
营业利润率MPLXTPR
| Q4 25 | 60.5% | 28.6% | ||
| Q3 25 | 73.2% | 19.3% | ||
| Q2 25 | 54.9% | -33.9% | ||
| Q1 25 | 55.5% | 16.0% | ||
| Q4 24 | 55.6% | 22.4% | ||
| Q3 24 | 54.4% | 16.7% | ||
| Q2 24 | 62.9% | 14.8% | ||
| Q1 24 | 57.6% | 13.8% |
净利率MPLXTPR
| Q4 25 | 49.1% | 22.4% | ||
| Q3 25 | 63.2% | 16.1% | ||
| Q2 25 | 44.9% | -30.0% | ||
| Q1 25 | 46.2% | 12.8% | ||
| Q4 24 | 45.9% | 14.1% | ||
| Q3 24 | 44.6% | 12.4% | ||
| Q2 24 | 52.6% | 10.0% | ||
| Q1 24 | 46.7% | 9.4% |
每股收益（稀释后）MPLXTPR
| Q4 25 | — | $2.68 | ||
| Q3 25 | — | $1.28 | ||
| Q2 25 | — | $-2.30 | ||
| Q1 25 | — | $0.95 | ||
| Q4 24 | — | $1.38 | ||
| Q3 24 | — | $0.79 | ||
| Q2 24 | — | $0.67 | ||
| Q1 24 | — | $0.60 |
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 | $1.1B |
| 总债务越低越好 | $24.2B | $2.4B |
| 股东权益账面价值 | — | $551.2M |
| 总资产 | $43.0B | $6.5B |
| 负债/权益比越低杠杆越低 | — | 4.32× |
8季度趋势，按日历期对齐
现金及短期投资MPLXTPR
| Q4 25 | $2.1B | $1.1B | ||
| Q3 25 | $1.8B | $743.2M | ||
| Q2 25 | $1.4B | $1.1B | ||
| Q1 25 | $2.5B | $1.1B | ||
| Q4 24 | $1.5B | $1.0B | ||
| Q3 24 | $2.4B | $7.3B | ||
| Q2 24 | $2.5B | $7.2B | ||
| Q1 24 | $385.0M | $7.4B |
总债务MPLXTPR
| Q4 25 | $24.2B | $2.4B | ||
| Q3 25 | $24.1B | $2.4B | ||
| Q2 25 | $19.7B | $2.4B | ||
| Q1 25 | $19.7B | $2.4B | ||
| Q4 24 | $19.3B | $2.4B | ||
| Q3 24 | $19.3B | $7.0B | ||
| Q2 24 | $19.2B | $6.9B | ||
| Q1 24 | $18.8B | $7.7B |
股东权益MPLXTPR
| Q4 25 | — | $551.2M | ||
| Q3 25 | — | $399.5M | ||
| Q2 25 | — | $857.8M | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | — | $2.9B | ||
| Q1 24 | — | $2.8B |
总资产MPLXTPR
| Q4 25 | $43.0B | $6.5B | ||
| Q3 25 | $43.2B | $6.4B | ||
| Q2 25 | $37.8B | $6.6B | ||
| Q1 25 | $39.0B | $7.3B | ||
| Q4 24 | $37.5B | $7.3B | ||
| Q3 24 | $38.5B | $13.7B | ||
| Q2 24 | $38.4B | $13.4B | ||
| Q1 24 | $36.5B | $13.7B |
负债/权益比MPLXTPR
| Q4 25 | — | 4.32× | ||
| Q3 25 | — | 5.95× | ||
| Q2 25 | — | 2.77× | ||
| Q1 25 | — | 1.59× | ||
| Q4 24 | — | 1.78× | ||
| Q3 24 | — | 2.35× | ||
| Q2 24 | — | 2.39× | ||
| Q1 24 | — | 2.77× |
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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $782.0M | $1.0B |
| 自由现金流率自由现金流/营收 | 31.9% | 41.5% |
| 资本支出强度资本支出/营收 | 29.1% | 1.7% |
| 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 | $1.6B |
8季度趋势，按日历期对齐
经营现金流MPLXTPR
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.4B | $112.6M | ||
| Q2 25 | $1.7B | $446.8M | ||
| Q1 25 | $1.2B | $144.3M | ||
| Q4 24 | $1.7B | $506.0M | ||
| Q3 24 | $1.4B | $119.5M | ||
| Q2 24 | $1.6B | $256.0M | ||
| Q1 24 | $1.3B | $97.8M |
自由现金流MPLXTPR
| Q4 25 | $782.0M | $1.0B | ||
| Q3 25 | $905.0M | $80.2M | ||
| Q2 25 | $1.4B | $411.5M | ||
| Q1 25 | $979.0M | $113.4M | ||
| Q4 24 | $1.4B | $475.1M | ||
| Q3 24 | $1.1B | $93.9M | ||
| Q2 24 | $1.4B | $209.8M | ||
| Q1 24 | $1.0B | $78.8M |
自由现金流率MPLXTPR
| Q4 25 | 31.9% | 41.5% | ||
| Q3 25 | 36.8% | 4.7% | ||
| Q2 25 | 60.9% | 23.9% | ||
| Q1 25 | 39.8% | 7.2% | ||
| Q4 24 | 56.6% | 21.6% | ||
| Q3 24 | 48.4% | 6.2% | ||
| Q2 24 | 60.0% | 13.2% | ||
| Q1 24 | 47.7% | 5.3% |
资本支出强度MPLXTPR
| Q4 25 | 29.1% | 1.7% | ||
| Q3 25 | 21.4% | 1.9% | ||
| Q2 25 | 12.8% | 2.0% | ||
| Q1 25 | 10.9% | 2.0% | ||
| Q4 24 | 12.7% | 1.4% | ||
| Q3 24 | 11.9% | 1.7% | ||
| Q2 24 | 9.4% | 2.9% | ||
| Q1 24 | 11.7% | 1.3% |
现金转化率MPLXTPR
| Q4 25 | 1.24× | 1.93× | ||
| Q3 25 | 0.92× | 0.41× | ||
| Q2 25 | 1.64× | — | ||
| Q1 25 | 1.10× | 0.71× | ||
| Q4 24 | 1.51× | 1.63× | ||
| Q3 24 | 1.35× | 0.64× | ||
| Q2 24 | 1.32× | 1.61× | ||
| Q1 24 | 1.27× | 0.70× |
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% |
TPR
| Coach | $1.4B | 57% |
| Other | $787.0M | 31% |
| Kate Spade Company | $290.0M | 12% |
