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MPLX LP（MPLX）与威富集团（VFC）财务数据对比。点击上方公司名可切换其他公司
威富集团的季度营收约是MPLX LP的1.2倍（$2.9B vs $2.5B），MPLX LP净利率更高（49.1% vs 10.5%，领先38.6%），威富集团同比增速更快（1.5% vs 1.4%），威富集团自由现金流更多（$977.9M vs $782.0M），过去两年威富集团的营收复合增速更高（10.1% 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。
威富集团前身为F.W.伍尔沃斯公司，是全球知名零售企业，也是五分一角平价商店业态的先驱之一。作为美国乃至全球最成功的平价零售企业之一，它曾引领行业发展潮流，构建了如今全球各地门店普遍遵循的现代零售模式。
MPLX vs VFC — 直观对比
营收规模更大
VFC
是对方的1.2倍
$2.5B
营收增速更快
VFC
高出0.1%
1.4%
净利率更高
MPLX
高出38.6%
10.5%
自由现金流更多
VFC
多$195.9M
$782.0M
两年增速更快
VFC
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $2.9B |
| 净利润 | $1.2B | $300.8M |
| 毛利率 | — | 56.6% |
| 营业利润率 | 60.5% | 10.1% |
| 净利率 | 49.1% | 10.5% |
| 营收同比 | 1.4% | 1.5% |
| 净利润同比 | 8.5% | 79.3% |
| 每股收益（稀释后） | — | $0.76 |
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MPLXVFC
| Q4 25 | $2.5B | $2.9B | ||
| Q3 25 | $2.5B | $2.8B | ||
| Q2 25 | $2.4B | $1.8B | ||
| Q1 25 | $2.5B | $2.0B | ||
| Q4 24 | $2.4B | $2.8B | ||
| Q3 24 | $2.3B | $2.8B | ||
| Q2 24 | $2.3B | $1.9B | ||
| Q1 24 | $2.2B | $2.4B |
净利润MPLXVFC
| Q4 25 | $1.2B | $300.8M | ||
| Q3 25 | $1.6B | $189.8M | ||
| Q2 25 | $1.1B | $-116.4M | ||
| Q1 25 | $1.1B | $-150.8M | ||
| Q4 24 | $1.1B | $167.8M | ||
| Q3 24 | $1.0B | $52.2M | ||
| Q2 24 | $1.2B | $-258.9M | ||
| Q1 24 | $1.0B | $-418.3M |
毛利率MPLXVFC
| Q4 25 | — | 56.6% | ||
| Q3 25 | — | 52.2% | ||
| Q2 25 | — | 53.9% | ||
| Q1 25 | — | 52.7% | ||
| Q4 24 | — | 56.3% | ||
| Q3 24 | — | 52.2% | ||
| Q2 24 | — | 52.0% | ||
| Q1 24 | — | 48.4% |
营业利润率MPLXVFC
| Q4 25 | 60.5% | 10.1% | ||
| Q3 25 | 73.2% | 11.2% | ||
| Q2 25 | 54.9% | -4.9% | ||
| Q1 25 | 55.5% | 2.2% | ||
| Q4 24 | 55.6% | 8.0% | ||
| Q3 24 | 54.4% | 9.9% | ||
| Q2 24 | 62.9% | -12.6% | ||
| Q1 24 | 57.6% | -15.0% |
净利率MPLXVFC
| Q4 25 | 49.1% | 10.5% | ||
| Q3 25 | 63.2% | 6.8% | ||
| Q2 25 | 44.9% | -6.6% | ||
| Q1 25 | 46.2% | -7.5% | ||
| Q4 24 | 45.9% | 5.9% | ||
| Q3 24 | 44.6% | 1.9% | ||
| Q2 24 | 52.6% | -13.6% | ||
| Q1 24 | 46.7% | -17.6% |
每股收益（稀释后）MPLXVFC
| Q4 25 | — | $0.76 | ||
| Q3 25 | — | $0.48 | ||
| Q2 25 | — | $-0.30 | ||
| Q1 25 | — | $-0.37 | ||
| Q4 24 | — | $0.43 | ||
| Q3 24 | — | $0.13 | ||
| Q2 24 | — | $-0.67 | ||
| Q1 24 | — | $-1.07 |
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 | $1.5B |
| 总债务越低越好 | $24.2B | $3.6B |
| 股东权益账面价值 | — | $1.8B |
| 总资产 | $43.0B | $10.4B |
| 负债/权益比越低杠杆越低 | — | 1.99× |
8季度趋势，按日历期对齐
现金及短期投资MPLXVFC
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $1.8B | $419.1M | ||
| Q2 25 | $1.4B | $642.4M | ||
| Q1 25 | $2.5B | $429.4M | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $2.4B | $492.2M | ||
| Q2 24 | $2.5B | $637.4M | ||
| Q1 24 | $385.0M | $674.6M |
总债务MPLXVFC
| Q4 25 | $24.2B | $3.6B | ||
| Q3 25 | $24.1B | $3.5B | ||
| Q2 25 | $19.7B | $3.6B | ||
| Q1 25 | $19.7B | $3.4B | ||
| Q4 24 | $19.3B | $3.9B | ||
| Q3 24 | $19.3B | $4.0B | ||
| Q2 24 | $19.2B | $3.9B | ||
| Q1 24 | $18.8B | $4.7B |
股东权益MPLXVFC
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.7B |
总资产MPLXVFC
| Q4 25 | $43.0B | $10.4B | ||
| Q3 25 | $43.2B | $10.6B | ||
| Q2 25 | $37.8B | $10.2B | ||
| Q1 25 | $39.0B | $9.4B | ||
| Q4 24 | $37.5B | $10.6B | ||
| Q3 24 | $38.5B | $12.2B | ||
| Q2 24 | $38.4B | $11.5B | ||
| Q1 24 | $36.5B | $11.6B |
负债/权益比MPLXVFC
| Q4 25 | — | 1.99× | ||
| Q3 25 | — | 2.40× | ||
| Q2 25 | — | 2.76× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.86× | ||
| Q2 24 | — | 2.84× | ||
| Q1 24 | — | 2.84× |
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 | $1.0B |
| 自由现金流经营现金流 - 资本支出 | $782.0M | $977.9M |
| 自由现金流率自由现金流/营收 | 31.9% | 34.0% |
| 资本支出强度资本支出/营收 | 29.1% | 1.1% |
| 现金转化率经营现金流/净利润 | 1.24× | 3.36× |
| 过去12个月自由现金流最近4个季度 | $4.1B | $357.6M |
8季度趋势，按日历期对齐
经营现金流MPLXVFC
| Q4 25 | $1.5B | $1.0B | ||
| Q3 25 | $1.4B | $-227.0M | ||
| Q2 25 | $1.7B | $-145.5M | ||
| Q1 25 | $1.2B | $-171.1M | ||
| Q4 24 | $1.7B | $918.1M | ||
| Q3 24 | $1.4B | $-301.6M | ||
| Q2 24 | $1.6B | $19.8M | ||
| Q1 24 | $1.3B | — |
自由现金流MPLXVFC
| Q4 25 | $782.0M | $977.9M | ||
| Q3 25 | $905.0M | $-253.5M | ||
| Q2 25 | $1.4B | $-173.7M | ||
| Q1 25 | $979.0M | $-193.0M | ||
| Q4 24 | $1.4B | $899.7M | ||
| Q3 24 | $1.1B | $-322.4M | ||
| Q2 24 | $1.4B | $-5.4M | ||
| Q1 24 | $1.0B | — |
自由现金流率MPLXVFC
| Q4 25 | 31.9% | 34.0% | ||
| Q3 25 | 36.8% | -9.0% | ||
| Q2 25 | 60.9% | -9.9% | ||
| Q1 25 | 39.8% | -9.6% | ||
| Q4 24 | 56.6% | 31.7% | ||
| Q3 24 | 48.4% | -11.7% | ||
| Q2 24 | 60.0% | -0.3% | ||
| Q1 24 | 47.7% | — |
资本支出强度MPLXVFC
| Q4 25 | 29.1% | 1.1% | ||
| Q3 25 | 21.4% | 0.9% | ||
| Q2 25 | 12.8% | 1.6% | ||
| Q1 25 | 10.9% | 1.1% | ||
| Q4 24 | 12.7% | 0.6% | ||
| Q3 24 | 11.9% | 0.8% | ||
| Q2 24 | 9.4% | 1.3% | ||
| Q1 24 | 11.7% | — |
现金转化率MPLXVFC
| Q4 25 | 1.24× | 3.36× | ||
| Q3 25 | 0.92× | -1.20× | ||
| Q2 25 | 1.64× | — | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.51× | 5.47× | ||
| Q3 24 | 1.35× | -5.78× | ||
| 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% |
VFC
| Outdoor | $1.9B | 67% |
| Sales Channel Through Intermediary | $813.4M | 28% |
| Other | $136.3M | 5% |
