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MPLX LP（MPLX）与维谛技术（VRT）财务数据对比。点击上方公司名可切换其他公司
维谛技术的季度营收约是MPLX LP的1.1倍（$2.6B vs $2.5B），MPLX LP净利率更高（49.1% vs 14.7%，领先34.4%），维谛技术同比增速更快（30.1% vs 1.4%），MPLX LP自由现金流更多（$782.0M vs $652.8M），过去两年维谛技术的营收复合增速更高（16.5% 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。
维谛技术（Vertiv）是一家美国跨国企业，专注于为数据中心、通信网络、商业及工业场景提供关键基础设施及配套服务，旗下方案可有效保障各行业客户关键业务系统的稳定高效运行。
MPLX vs VRT — 直观对比
营收规模更大
VRT
是对方的1.1倍
$2.5B
营收增速更快
VRT
高出28.7%
1.4%
净利率更高
MPLX
高出34.4%
14.7%
自由现金流更多
MPLX
多$129.2M
$652.8M
两年增速更快
VRT
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $2.6B |
| 净利润 | $1.2B | $390.1M |
| 毛利率 | — | 37.7% |
| 营业利润率 | 60.5% | — |
| 净利率 | 49.1% | 14.7% |
| 营收同比 | 1.4% | 30.1% |
| 净利润同比 | 8.5% | 137.1% |
| 每股收益（稀释后） | — | $0.99 |
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MPLXVRT
| Q1 26 | — | $2.6B | ||
| Q4 25 | $2.5B | $2.9B | ||
| Q3 25 | $2.5B | $2.7B | ||
| Q2 25 | $2.4B | $2.6B | ||
| Q1 25 | $2.5B | $2.0B | ||
| Q4 24 | $2.4B | $2.3B | ||
| Q3 24 | $2.3B | $2.1B | ||
| Q2 24 | $2.3B | $2.0B |
净利润MPLXVRT
| Q1 26 | — | $390.1M | ||
| Q4 25 | $1.2B | $445.6M | ||
| Q3 25 | $1.6B | $398.5M | ||
| Q2 25 | $1.1B | $324.2M | ||
| Q1 25 | $1.1B | $164.5M | ||
| Q4 24 | $1.1B | $147.0M | ||
| Q3 24 | $1.0B | $176.6M | ||
| Q2 24 | $1.2B | $178.1M |
毛利率MPLXVRT
| Q1 26 | — | 37.7% | ||
| Q4 25 | — | 38.9% | ||
| Q3 25 | — | 37.8% | ||
| Q2 25 | — | 34.0% | ||
| Q1 25 | — | 33.7% | ||
| Q4 24 | — | 37.1% | ||
| Q3 24 | — | 36.5% | ||
| Q2 24 | — | 38.0% |
营业利润率MPLXVRT
| Q1 26 | — | — | ||
| Q4 25 | 60.5% | 20.1% | ||
| Q3 25 | 73.2% | 19.3% | ||
| Q2 25 | 54.9% | 16.8% | ||
| Q1 25 | 55.5% | 14.3% | ||
| Q4 24 | 55.6% | 19.5% | ||
| Q3 24 | 54.4% | 17.9% | ||
| Q2 24 | 62.9% | 17.2% |
净利率MPLXVRT
| Q1 26 | — | 14.7% | ||
| Q4 25 | 49.1% | 15.5% | ||
| Q3 25 | 63.2% | 14.9% | ||
| Q2 25 | 44.9% | 12.3% | ||
| Q1 25 | 46.2% | 8.1% | ||
| Q4 24 | 45.9% | 6.3% | ||
| Q3 24 | 44.6% | 8.5% | ||
| Q2 24 | 52.6% | 9.1% |
每股收益（稀释后）MPLXVRT
| Q1 26 | — | $0.99 | ||
| Q4 25 | — | $1.14 | ||
| Q3 25 | — | $1.02 | ||
| Q2 25 | — | $0.83 | ||
| Q1 25 | — | $0.42 | ||
| Q4 24 | — | $0.38 | ||
| Q3 24 | — | $0.46 | ||
| Q2 24 | — | $0.46 |
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 | $2.5B |
| 总债务越低越好 | $24.2B | $0 |
| 股东权益账面价值 | — | $4.2B |
| 总资产 | $43.0B | $13.4B |
| 负债/权益比越低杠杆越低 | — | 0.00× |
8季度趋势，按日历期对齐
现金及短期投资MPLXVRT
| Q1 26 | — | $2.5B | ||
| Q4 25 | $2.1B | $1.7B | ||
| Q3 25 | $1.8B | $1.4B | ||
| Q2 25 | $1.4B | $1.6B | ||
| Q1 25 | $2.5B | $1.5B | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $2.4B | $908.7M | ||
| Q2 24 | $2.5B | $579.7M |
总债务MPLXVRT
| Q1 26 | — | $0 | ||
| Q4 25 | $24.2B | $2.9B | ||
| Q3 25 | $24.1B | $2.9B | ||
| Q2 25 | $19.7B | $2.9B | ||
| Q1 25 | $19.7B | $2.9B | ||
| Q4 24 | $19.3B | $2.9B | ||
| Q3 24 | $19.3B | $2.9B | ||
| Q2 24 | $19.2B | $2.9B |
股东权益MPLXVRT
| Q1 26 | — | $4.2B | ||
| Q4 25 | — | $3.9B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.5B |
总资产MPLXVRT
| Q1 26 | — | $13.4B | ||
| Q4 25 | $43.0B | $12.2B | ||
| Q3 25 | $43.2B | $10.8B | ||
| Q2 25 | $37.8B | $10.4B | ||
| Q1 25 | $39.0B | $9.5B | ||
| Q4 24 | $37.5B | $9.1B | ||
| Q3 24 | $38.5B | $8.9B | ||
| Q2 24 | $38.4B | $8.1B |
负债/权益比MPLXVRT
| Q1 26 | — | 0.00× | ||
| Q4 25 | — | 0.74× | ||
| Q3 25 | — | 0.83× | ||
| Q2 25 | — | 0.93× | ||
| Q1 25 | — | 1.10× | ||
| Q4 24 | — | 1.20× | ||
| Q3 24 | — | 1.62× | ||
| Q2 24 | — | 1.91× |
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 | $652.8M |
| 自由现金流率自由现金流/营收 | 31.9% | 24.6% |
| 资本支出强度资本支出/营收 | 29.1% | 4.2% |
| 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 | $2.3B |
8季度趋势，按日历期对齐
经营现金流MPLXVRT
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $978.9M | ||
| Q3 25 | $1.4B | $508.7M | ||
| Q2 25 | $1.7B | $322.9M | ||
| Q1 25 | $1.2B | $303.3M | ||
| Q4 24 | $1.7B | $425.2M | ||
| Q3 24 | $1.4B | $378.2M | ||
| Q2 24 | $1.6B | $378.4M |
自由现金流MPLXVRT
| Q1 26 | — | $652.8M | ||
| Q4 25 | $782.0M | $885.6M | ||
| Q3 25 | $905.0M | $463.5M | ||
| Q2 25 | $1.4B | $277.9M | ||
| Q1 25 | $979.0M | $266.8M | ||
| Q4 24 | $1.4B | $364.5M | ||
| Q3 24 | $1.1B | $341.8M | ||
| Q2 24 | $1.4B | $344.3M |
自由现金流率MPLXVRT
| Q1 26 | — | 24.6% | ||
| Q4 25 | 31.9% | 30.8% | ||
| Q3 25 | 36.8% | 17.3% | ||
| Q2 25 | 60.9% | 10.5% | ||
| Q1 25 | 39.8% | 13.1% | ||
| Q4 24 | 56.6% | 15.5% | ||
| Q3 24 | 48.4% | 16.5% | ||
| Q2 24 | 60.0% | 17.6% |
资本支出强度MPLXVRT
| Q1 26 | — | 4.2% | ||
| Q4 25 | 29.1% | 3.2% | ||
| Q3 25 | 21.4% | 1.7% | ||
| Q2 25 | 12.8% | 1.7% | ||
| Q1 25 | 10.9% | 1.8% | ||
| Q4 24 | 12.7% | 2.6% | ||
| Q3 24 | 11.9% | 1.8% | ||
| Q2 24 | 9.4% | 1.7% |
现金转化率MPLXVRT
| Q1 26 | — | — | ||
| Q4 25 | 1.24× | 2.20× | ||
| Q3 25 | 0.92× | 1.28× | ||
| Q2 25 | 1.64× | 1.00× | ||
| Q1 25 | 1.10× | 1.84× | ||
| Q4 24 | 1.51× | 2.89× | ||
| Q3 24 | 1.35× | 2.14× | ||
| Q2 24 | 1.32× | 2.12× |
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% |
VRT
暂无分部数据
