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MPLX LP（MPLX）与维多利亚的秘密（VSCO）财务数据对比。点击上方公司名可切换其他公司
MPLX LP的季度营收约是维多利亚的秘密的1.7倍（$2.5B vs $1.5B），MPLX LP净利率更高（49.1% vs -2.5%，领先51.6%），维多利亚的秘密同比增速更快（9.3% vs 1.4%），MPLX LP自由现金流更多（$782.0M vs $-232.0M），过去两年MPLX LP的营收复合增速更高（6.2% vs -15.9%）
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。
维多利亚的秘密是美国知名内衣、服饰及美妆零售商，1977年由斯坦福大学研究生罗伊·雷蒙德与妻子盖伊共同创立，1982年旗下5家内衣门店被莱斯·韦克斯纳收购。韦克斯纳随后快速将门店布局到全美各大购物中心，到90年代初已在全国拥有350家门店，销售额达10亿美元，成为美国最大的内衣零售商。
MPLX vs VSCO — 直观对比
营收规模更大
MPLX
是对方的1.7倍
$1.5B
营收增速更快
VSCO
高出7.9%
1.4%
净利率更高
MPLX
高出51.6%
-2.5%
自由现金流更多
MPLX
多$1.0B
$-232.0M
两年增速更快
MPLX
近两年复合增速
-15.9%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $1.5B |
| 净利润 | $1.2B | $-37.0M |
| 毛利率 | — | 36.4% |
| 营业利润率 | 60.5% | -1.3% |
| 净利率 | 49.1% | -2.5% |
| 营收同比 | 1.4% | 9.3% |
| 净利润同比 | 8.5% | 33.9% |
| 每股收益（稀释后） | — | $-0.46 |
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MPLXVSCO
| Q4 25 | $2.5B | $1.5B | ||
| Q3 25 | $2.5B | $1.5B | ||
| Q2 25 | $2.4B | $1.4B | ||
| Q1 25 | $2.5B | $2.1B | ||
| Q4 24 | $2.4B | $1.3B | ||
| Q3 24 | $2.3B | $1.4B | ||
| Q2 24 | $2.3B | $1.4B | ||
| Q1 24 | $2.2B | $2.1B |
净利润MPLXVSCO
| Q4 25 | $1.2B | $-37.0M | ||
| Q3 25 | $1.6B | $16.0M | ||
| Q2 25 | $1.1B | $-2.0M | ||
| Q1 25 | $1.1B | $193.0M | ||
| Q4 24 | $1.1B | $-56.0M | ||
| Q3 24 | $1.0B | $32.0M | ||
| Q2 24 | $1.2B | $-4.0M | ||
| Q1 24 | $1.0B | $180.0M |
毛利率MPLXVSCO
| Q4 25 | — | 36.4% | ||
| Q3 25 | — | 35.6% | ||
| Q2 25 | — | 35.0% | ||
| Q1 25 | — | 38.6% | ||
| Q4 24 | — | 34.7% | ||
| Q3 24 | — | 35.4% | ||
| Q2 24 | — | 36.9% | ||
| Q1 24 | — | 39.7% |
营业利润率MPLXVSCO
| Q4 25 | 60.5% | -1.3% | ||
| Q3 25 | 73.2% | 2.8% | ||
| Q2 25 | 54.9% | 1.5% | ||
| Q1 25 | 55.5% | 12.8% | ||
| Q4 24 | 55.6% | -3.5% | ||
| Q3 24 | 54.4% | 4.4% | ||
| Q2 24 | 62.9% | 1.9% | ||
| Q1 24 | 57.6% | 12.4% |
净利率MPLXVSCO
| Q4 25 | 49.1% | -2.5% | ||
| Q3 25 | 63.2% | 1.1% | ||
| Q2 25 | 44.9% | -0.1% | ||
| Q1 25 | 46.2% | 9.2% | ||
| Q4 24 | 45.9% | -4.2% | ||
| Q3 24 | 44.6% | 2.3% | ||
| Q2 24 | 52.6% | -0.3% | ||
| Q1 24 | 46.7% | 8.6% |
每股收益（稀释后）MPLXVSCO
| Q4 25 | — | $-0.46 | ||
| Q3 25 | — | $0.20 | ||
| Q2 25 | — | $-0.02 | ||
| Q1 25 | — | $2.41 | ||
| Q4 24 | — | $-0.71 | ||
| Q3 24 | — | $0.40 | ||
| Q2 24 | — | $-0.05 | ||
| Q1 24 | — | $2.32 |
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 | $249.0M |
| 总债务越低越好 | $24.2B | — |
| 股东权益账面价值 | — | $653.0M |
| 总资产 | $43.0B | $5.1B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资MPLXVSCO
| Q4 25 | $2.1B | $249.0M | ||
| Q3 25 | $1.8B | $188.0M | ||
| Q2 25 | $1.4B | $138.0M | ||
| Q1 25 | $2.5B | $227.0M | ||
| Q4 24 | $1.5B | $161.0M | ||
| Q3 24 | $2.4B | $169.0M | ||
| Q2 24 | $2.5B | $105.0M | ||
| Q1 24 | $385.0M | $270.0M |
总债务MPLXVSCO
| Q4 25 | $24.2B | — | ||
| Q3 25 | $24.1B | — | ||
| Q2 25 | $19.7B | — | ||
| Q1 25 | $19.7B | — | ||
| Q4 24 | $19.3B | — | ||
| Q3 24 | $19.3B | — | ||
| Q2 24 | $19.2B | — | ||
| Q1 24 | $18.8B | — |
股东权益MPLXVSCO
| Q4 25 | — | $653.0M | ||
| Q3 25 | — | $680.0M | ||
| Q2 25 | — | $645.0M | ||
| Q1 25 | — | $640.0M | ||
| Q4 24 | — | $429.0M | ||
| Q3 24 | — | $472.0M | ||
| Q2 24 | — | $423.0M | ||
| Q1 24 | — | $417.0M |
总资产MPLXVSCO
| Q4 25 | $43.0B | $5.1B | ||
| Q3 25 | $43.2B | $4.8B | ||
| Q2 25 | $37.8B | $4.6B | ||
| Q1 25 | $39.0B | $4.5B | ||
| Q4 24 | $37.5B | $4.9B | ||
| Q3 24 | $38.5B | $4.6B | ||
| Q2 24 | $38.4B | $4.4B | ||
| Q1 24 | $36.5B | $4.6B |
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 | $-180.0M |
| 自由现金流经营现金流 - 资本支出 | $782.0M | $-232.0M |
| 自由现金流率自由现金流/营收 | 31.9% | -15.8% |
| 资本支出强度资本支出/营收 | 29.1% | 3.5% |
| 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 | $309.0M |
8季度趋势，按日历期对齐
经营现金流MPLXVSCO
| Q4 25 | $1.5B | $-180.0M | ||
| Q3 25 | $1.4B | $156.0M | ||
| Q2 25 | $1.7B | $-150.0M | ||
| Q1 25 | $1.2B | $674.0M | ||
| Q4 24 | $1.7B | $-248.0M | ||
| Q3 24 | $1.4B | $115.0M | ||
| Q2 24 | $1.6B | $-116.0M | ||
| Q1 24 | $1.3B | $589.0M |
自由现金流MPLXVSCO
| Q4 25 | $782.0M | $-232.0M | ||
| Q3 25 | $905.0M | $88.0M | ||
| Q2 25 | $1.4B | $-193.0M | ||
| Q1 25 | $979.0M | $646.0M | ||
| Q4 24 | $1.4B | $-299.0M | ||
| Q3 24 | $1.1B | $55.0M | ||
| Q2 24 | $1.4B | $-155.0M | ||
| Q1 24 | $1.0B | $557.0M |
自由现金流率MPLXVSCO
| Q4 25 | 31.9% | -15.8% | ||
| Q3 25 | 36.8% | 6.0% | ||
| Q2 25 | 60.9% | -14.3% | ||
| Q1 25 | 39.8% | 30.7% | ||
| Q4 24 | 56.6% | -22.2% | ||
| Q3 24 | 48.4% | 3.9% | ||
| Q2 24 | 60.0% | -11.4% | ||
| Q1 24 | 47.7% | 26.7% |
资本支出强度MPLXVSCO
| Q4 25 | 29.1% | 3.5% | ||
| Q3 25 | 21.4% | 4.7% | ||
| Q2 25 | 12.8% | 3.2% | ||
| Q1 25 | 10.9% | 1.3% | ||
| Q4 24 | 12.7% | 3.8% | ||
| Q3 24 | 11.9% | 4.2% | ||
| Q2 24 | 9.4% | 2.9% | ||
| Q1 24 | 11.7% | 1.5% |
现金转化率MPLXVSCO
| Q4 25 | 1.24× | — | ||
| Q3 25 | 0.92× | 9.75× | ||
| Q2 25 | 1.64× | — | ||
| Q1 25 | 1.10× | 3.49× | ||
| Q4 24 | 1.51× | — | ||
| Q3 24 | 1.35× | 3.59× | ||
| Q2 24 | 1.32× | — | ||
| Q1 24 | 1.27× | 3.27× |
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% |
VSCO
| Sales Channel North America Stores | $778.0M | 53% |
| Sales Channel Directly To Consumer | $429.0M | 29% |
| Sales Channel International | $265.0M | 18% |
| Sales Channel Loyalty And Private Label Credit Card | $19.0M | 1% |
