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MPLX LP（MPLX）与Unum Group（UNM）财务数据对比。点击上方公司名可切换其他公司
Unum Group的季度营收约是MPLX LP的1.4倍（$3.4B vs $2.5B），MPLX LP净利率更高（49.1% vs 6.9%，领先42.2%），Unum Group同比增速更快（8.5% vs 1.4%），过去两年MPLX LP的营收复合增速更高（6.2% vs 1.9%）
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。
Unum Group是美国财富500强保险企业，总部位于田纳西州查塔努加，前身为1848年成立的联合相互保险公司，1999年合并后曾用名UnumProvident至2007年。集团现设四大业务板块，覆盖美、英、波兰市场，旗下承保主体包括保罗里维尔人寿保险、普罗维登斯人伤意外险公司等。
MPLX vs UNM — 直观对比
营收规模更大
UNM
是对方的1.4倍
$2.5B
营收增速更快
UNM
高出7.1%
1.4%
净利率更高
MPLX
高出42.2%
6.9%
两年增速更快
MPLX
近两年复合增速
1.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $3.4B |
| 净利润 | $1.2B | $232.0M |
| 毛利率 | — | — |
| 营业利润率 | 60.5% | — |
| 净利率 | 49.1% | 6.9% |
| 营收同比 | 1.4% | 8.5% |
| 净利润同比 | 8.5% | 22.7% |
| 每股收益（稀释后） | — | — |
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MPLXUNM
| Q1 26 | — | $3.4B | ||
| Q4 25 | $2.5B | $3.2B | ||
| Q3 25 | $2.5B | $3.4B | ||
| Q2 25 | $2.4B | $3.4B | ||
| Q1 25 | $2.5B | $3.1B | ||
| Q4 24 | $2.4B | $3.2B | ||
| Q3 24 | $2.3B | $3.2B | ||
| Q2 24 | $2.3B | $3.2B |
净利润MPLXUNM
| Q1 26 | — | $232.0M | ||
| Q4 25 | $1.2B | $174.1M | ||
| Q3 25 | $1.6B | $39.7M | ||
| Q2 25 | $1.1B | $335.6M | ||
| Q1 25 | $1.1B | $189.1M | ||
| Q4 24 | $1.1B | $348.7M | ||
| Q3 24 | $1.0B | $645.7M | ||
| Q2 24 | $1.2B | $389.5M |
营业利润率MPLXUNM
| Q1 26 | — | — | ||
| Q4 25 | 60.5% | 6.7% | ||
| Q3 25 | 73.2% | 1.6% | ||
| Q2 25 | 54.9% | 12.4% | ||
| Q1 25 | 55.5% | 7.9% | ||
| Q4 24 | 55.6% | 13.8% | ||
| Q3 24 | 54.4% | 15.6% | ||
| Q2 24 | 62.9% | 15.3% |
净利率MPLXUNM
| Q1 26 | — | 6.9% | ||
| Q4 25 | 49.1% | 5.4% | ||
| Q3 25 | 63.2% | 1.2% | ||
| Q2 25 | 44.9% | 10.0% | ||
| Q1 25 | 46.2% | 6.1% | ||
| Q4 24 | 45.9% | 10.8% | ||
| Q3 24 | 44.6% | 20.1% | ||
| Q2 24 | 52.6% | 12.0% |
每股收益（稀释后）MPLXUNM
| Q1 26 | — | — | ||
| Q4 25 | — | $1.06 | ||
| Q3 25 | — | $0.23 | ||
| Q2 25 | — | $1.92 | ||
| Q1 25 | — | $1.06 | ||
| Q4 24 | — | $1.91 | ||
| Q3 24 | — | $3.46 | ||
| Q2 24 | — | $2.05 |
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 | $2.1M |
| 总债务越低越好 | $24.2B | $3.8M |
| 股东权益账面价值 | — | $10.9M |
| 总资产 | $43.0B | $62.7M |
| 负债/权益比越低杠杆越低 | — | 0.35× |
8季度趋势，按日历期对齐
现金及短期投资MPLXUNM
| Q1 26 | — | $2.1M | ||
| Q4 25 | $2.1B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $2.5B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $2.4B | — | ||
| Q2 24 | $2.5B | — |
总债务MPLXUNM
| Q1 26 | — | $3.8M | ||
| Q4 25 | $24.2B | $3.8B | ||
| Q3 25 | $24.1B | $3.5B | ||
| Q2 25 | $19.7B | $3.5B | ||
| Q1 25 | $19.7B | $3.5B | ||
| Q4 24 | $19.3B | $3.5B | ||
| Q3 24 | $19.3B | $3.5B | ||
| Q2 24 | $19.2B | $3.5B |
股东权益MPLXUNM
| Q1 26 | — | $10.9M | ||
| Q4 25 | — | $11.1B | ||
| Q3 25 | — | $10.9B | ||
| Q2 25 | — | $11.3B | ||
| Q1 25 | — | $11.2B | ||
| Q4 24 | — | $11.0B | ||
| Q3 24 | — | $11.0B | ||
| Q2 24 | — | $10.5B |
总资产MPLXUNM
| Q1 26 | — | $62.7M | ||
| Q4 25 | $43.0B | $63.5B | ||
| Q3 25 | $43.2B | $63.7B | ||
| Q2 25 | $37.8B | $62.8B | ||
| Q1 25 | $39.0B | $62.5B | ||
| Q4 24 | $37.5B | $62.0B | ||
| Q3 24 | $38.5B | $64.1B | ||
| Q2 24 | $38.4B | $62.0B |
负债/权益比MPLXUNM
| Q1 26 | — | 0.35× | ||
| Q4 25 | — | 0.34× | ||
| Q3 25 | — | 0.32× | ||
| Q2 25 | — | 0.31× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | 0.32× | ||
| 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 | — |
| 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MPLXUNM
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $357.9M | ||
| Q3 25 | $1.4B | $-371.8M | ||
| Q2 25 | $1.7B | $348.0M | ||
| Q1 25 | $1.2B | $353.6M | ||
| Q4 24 | $1.7B | $485.8M | ||
| Q3 24 | $1.4B | $390.0M | ||
| Q2 24 | $1.6B | $339.1M |
自由现金流MPLXUNM
| Q1 26 | — | — | ||
| Q4 25 | $782.0M | $320.1M | ||
| Q3 25 | $905.0M | $-402.6M | ||
| Q2 25 | $1.4B | $320.1M | ||
| Q1 25 | $979.0M | $317.8M | ||
| Q4 24 | $1.4B | $453.8M | ||
| Q3 24 | $1.1B | $352.3M | ||
| Q2 24 | $1.4B | $311.4M |
自由现金流率MPLXUNM
| Q1 26 | — | — | ||
| Q4 25 | 31.9% | 9.9% | ||
| Q3 25 | 36.8% | -11.9% | ||
| Q2 25 | 60.9% | 9.5% | ||
| Q1 25 | 39.8% | 10.3% | ||
| Q4 24 | 56.6% | 14.0% | ||
| Q3 24 | 48.4% | 11.0% | ||
| Q2 24 | 60.0% | 9.6% |
资本支出强度MPLXUNM
| Q1 26 | — | — | ||
| Q4 25 | 29.1% | 1.2% | ||
| Q3 25 | 21.4% | 0.9% | ||
| Q2 25 | 12.8% | 0.8% | ||
| Q1 25 | 10.9% | 1.2% | ||
| Q4 24 | 12.7% | 1.0% | ||
| Q3 24 | 11.9% | 1.2% | ||
| Q2 24 | 9.4% | 0.9% |
现金转化率MPLXUNM
| Q1 26 | — | — | ||
| Q4 25 | 1.24× | 2.06× | ||
| Q3 25 | 0.92× | -9.37× | ||
| Q2 25 | 1.64× | 1.04× | ||
| Q1 25 | 1.10× | 1.87× | ||
| Q4 24 | 1.51× | 1.39× | ||
| Q3 24 | 1.35× | 0.60× | ||
| Q2 24 | 1.32× | 0.87× |
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% |
UNM
| Premium Income | $2.8B | 83% |
| Other | $561.2M | 17% |
