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MPLX LP（MPLX）与TWILIO INC（TWLO）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TWILIO INC的1.8倍（$2.5B vs $1.4B），MPLX LP净利率更高（49.1% vs -3.4%，领先52.4%），TWILIO INC同比增速更快（14.3% vs 1.4%），过去两年TWILIO INC的营收复合增速更高（14.2% 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。
Twilio是总部位于美国加利福尼亚州旧金山的云通信企业，提供可编程通信工具，用户可通过其网页服务API实现拨打接听电话、收发短信等多种通信功能，方便企业灵活搭建适配自身需求的通信解决方案，降低相关技术的自研投入。
MPLX vs TWLO — 直观对比
营收规模更大
MPLX
是对方的1.8倍
$1.4B
营收增速更快
TWLO
高出12.9%
1.4%
净利率更高
MPLX
高出52.4%
-3.4%
两年增速更快
TWLO
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $1.4B |
| 净利润 | $1.2B | $-45.9M |
| 毛利率 | — | 48.5% |
| 营业利润率 | 60.5% | 4.2% |
| 净利率 | 49.1% | -3.4% |
| 营收同比 | 1.4% | 14.3% |
| 净利润同比 | 8.5% | -267.7% |
| 每股收益（稀释后） | — | $-0.28 |
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MPLXTWLO
| Q4 25 | $2.5B | $1.4B | ||
| Q3 25 | $2.5B | $1.3B | ||
| Q2 25 | $2.4B | $1.2B | ||
| Q1 25 | $2.5B | $1.2B | ||
| Q4 24 | $2.4B | $1.2B | ||
| Q3 24 | $2.3B | $1.1B | ||
| Q2 24 | $2.3B | $1.1B | ||
| Q1 24 | $2.2B | $1.0B |
净利润MPLXTWLO
| Q4 25 | $1.2B | $-45.9M | ||
| Q3 25 | $1.6B | $37.2M | ||
| Q2 25 | $1.1B | $22.4M | ||
| Q1 25 | $1.1B | $20.0M | ||
| Q4 24 | $1.1B | $-12.5M | ||
| Q3 24 | $1.0B | $-9.7M | ||
| Q2 24 | $1.2B | $-31.9M | ||
| Q1 24 | $1.0B | $-55.3M |
毛利率MPLXTWLO
| Q4 25 | — | 48.5% | ||
| Q3 25 | — | 48.6% | ||
| Q2 25 | — | 49.1% | ||
| Q1 25 | — | 49.6% | ||
| Q4 24 | — | 50.2% | ||
| Q3 24 | — | 51.0% | ||
| Q2 24 | — | 51.3% | ||
| Q1 24 | — | 52.0% |
营业利润率MPLXTWLO
| Q4 25 | 60.5% | 4.2% | ||
| Q3 25 | 73.2% | 3.1% | ||
| Q2 25 | 54.9% | 3.0% | ||
| Q1 25 | 55.5% | 2.0% | ||
| Q4 24 | 55.6% | 1.1% | ||
| Q3 24 | 54.4% | -0.4% | ||
| Q2 24 | 62.9% | -1.8% | ||
| Q1 24 | 57.6% | -4.2% |
净利率MPLXTWLO
| Q4 25 | 49.1% | -3.4% | ||
| Q3 25 | 63.2% | 2.9% | ||
| Q2 25 | 44.9% | 1.8% | ||
| Q1 25 | 46.2% | 1.7% | ||
| Q4 24 | 45.9% | -1.0% | ||
| Q3 24 | 44.6% | -0.9% | ||
| Q2 24 | 52.6% | -2.9% | ||
| Q1 24 | 46.7% | -5.3% |
每股收益（稀释后）MPLXTWLO
| Q4 25 | — | $-0.28 | ||
| Q3 25 | — | $0.23 | ||
| Q2 25 | — | $0.14 | ||
| Q1 25 | — | $0.12 | ||
| Q4 24 | — | $-0.10 | ||
| Q3 24 | — | $-0.06 | ||
| Q2 24 | — | $-0.19 | ||
| Q1 24 | — | $-0.31 |
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 | $682.3M |
| 总债务越低越好 | $24.2B | $992.3M |
| 股东权益账面价值 | — | $7.8B |
| 总资产 | $43.0B | $9.8B |
| 负债/权益比越低杠杆越低 | — | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资MPLXTWLO
| Q4 25 | $2.1B | $682.3M | ||
| Q3 25 | $1.8B | $734.8M | ||
| Q2 25 | $1.4B | $969.2M | ||
| Q1 25 | $2.5B | $467.1M | ||
| Q4 24 | $1.5B | $421.3M | ||
| Q3 24 | $2.4B | $584.0M | ||
| Q2 24 | $2.5B | $755.1M | ||
| Q1 24 | $385.0M | $672.6M |
总债务MPLXTWLO
| Q4 25 | $24.2B | $992.3M | ||
| Q3 25 | $24.1B | $991.9M | ||
| Q2 25 | $19.7B | $991.4M | ||
| Q1 25 | $19.7B | $991.0M | ||
| Q4 24 | $19.3B | $990.6M | ||
| Q3 24 | $19.3B | $990.2M | ||
| Q2 24 | $19.2B | $989.8M | ||
| Q1 24 | $18.8B | $989.4M |
股东权益MPLXTWLO
| Q4 25 | — | $7.8B | ||
| Q3 25 | — | $7.9B | ||
| Q2 25 | — | $8.0B | ||
| Q1 25 | — | $8.0B | ||
| Q4 24 | — | $8.0B | ||
| Q3 24 | — | $8.2B | ||
| Q2 24 | — | $8.7B | ||
| Q1 24 | — | $9.4B |
总资产MPLXTWLO
| Q4 25 | $43.0B | $9.8B | ||
| Q3 25 | $43.2B | $9.7B | ||
| Q2 25 | $37.8B | $9.8B | ||
| Q1 25 | $39.0B | $9.8B | ||
| Q4 24 | $37.5B | $9.9B | ||
| Q3 24 | $38.5B | $10.0B | ||
| Q2 24 | $38.4B | $10.5B | ||
| Q1 24 | $36.5B | $11.3B |
负债/权益比MPLXTWLO
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | 0.13× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.12× | ||
| Q4 24 | — | 0.12× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.11× | ||
| Q1 24 | — | 0.10× |
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 | $271.6M |
| 自由现金流经营现金流 - 资本支出 | $782.0M | — |
| 自由现金流率自由现金流/营收 | 31.9% | — |
| 资本支出强度资本支出/营收 | 29.1% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流MPLXTWLO
| Q4 25 | $1.5B | $271.6M | ||
| Q3 25 | $1.4B | $263.6M | ||
| Q2 25 | $1.7B | $277.1M | ||
| Q1 25 | $1.2B | $191.0M | ||
| Q4 24 | $1.7B | $108.4M | ||
| Q3 24 | $1.4B | $204.3M | ||
| Q2 24 | $1.6B | $213.3M | ||
| Q1 24 | $1.3B | $190.1M |
自由现金流MPLXTWLO
| Q4 25 | $782.0M | — | ||
| Q3 25 | $905.0M | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $979.0M | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.0B | — |
自由现金流率MPLXTWLO
| Q4 25 | 31.9% | — | ||
| Q3 25 | 36.8% | — | ||
| Q2 25 | 60.9% | — | ||
| Q1 25 | 39.8% | — | ||
| Q4 24 | 56.6% | — | ||
| Q3 24 | 48.4% | — | ||
| Q2 24 | 60.0% | — | ||
| Q1 24 | 47.7% | — |
资本支出强度MPLXTWLO
| Q4 25 | 29.1% | — | ||
| Q3 25 | 21.4% | — | ||
| Q2 25 | 12.8% | — | ||
| Q1 25 | 10.9% | — | ||
| Q4 24 | 12.7% | — | ||
| Q3 24 | 11.9% | — | ||
| Q2 24 | 9.4% | — | ||
| Q1 24 | 11.7% | — |
现金转化率MPLXTWLO
| Q4 25 | 1.24× | — | ||
| Q3 25 | 0.92× | 7.08× | ||
| Q2 25 | 1.64× | 12.36× | ||
| Q1 25 | 1.10× | 9.54× | ||
| Q4 24 | 1.51× | — | ||
| Q3 24 | 1.35× | — | ||
| Q2 24 | 1.32× | — | ||
| 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% |
TWLO
| US | $879.8M | 64% |
| Non Us | $486.1M | 36% |
