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MPLX LP（MPLX）与Vistra Corp.（VST）财务数据对比。点击上方公司名可切换其他公司
Vistra Corp.的季度营收约是MPLX LP的2.0倍（$4.8B vs $2.5B），MPLX LP净利率更高（49.1% vs 4.8%，领先44.2%），Vistra Corp.同比增速更快（31.2% vs 1.4%），MPLX LP自由现金流更多（$782.0M vs $596.0M），过去两年Vistra Corp.的营收复合增速更高（23.3% 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。
股票代码为VST的Vistra Corp是总部位于美国得克萨斯州的能源企业，主营电力生产、可再生能源开发及能源零售等业务。此外“Vistra”也可指一家总部位于中国香港的企业服务提供商，为全球客户提供公司注册、合规管理等专业服务。
MPLX vs VST — 直观对比
营收规模更大
VST
是对方的2.0倍
$2.5B
营收增速更快
VST
高出29.8%
1.4%
净利率更高
MPLX
高出44.2%
4.8%
自由现金流更多
MPLX
多$186.0M
$596.0M
两年增速更快
VST
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $4.8B |
| 净利润 | $1.2B | $233.0M |
| 毛利率 | — | — |
| 营业利润率 | 60.5% | 9.9% |
| 净利率 | 49.1% | 4.8% |
| 营收同比 | 1.4% | 31.2% |
| 净利润同比 | 8.5% | -47.2% |
| 每股收益（稀释后） | — | $0.55 |
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MPLXVST
| Q4 25 | $2.5B | $4.8B | ||
| Q3 25 | $2.5B | $4.8B | ||
| Q2 25 | $2.4B | $3.8B | ||
| Q1 25 | $2.5B | $4.3B | ||
| Q4 24 | $2.4B | $3.7B | ||
| Q3 24 | $2.3B | $4.3B | ||
| Q2 24 | $2.3B | $3.6B | ||
| Q1 24 | $2.2B | $3.2B |
净利润MPLXVST
| Q4 25 | $1.2B | $233.0M | ||
| Q3 25 | $1.6B | $652.0M | ||
| Q2 25 | $1.1B | $327.0M | ||
| Q1 25 | $1.1B | $-268.0M | ||
| Q4 24 | $1.1B | $441.0M | ||
| Q3 24 | $1.0B | $1.9B | ||
| Q2 24 | $1.2B | $365.0M | ||
| Q1 24 | $1.0B | $-35.0M |
营业利润率MPLXVST
| Q4 25 | 60.5% | 9.9% | ||
| Q3 25 | 73.2% | 21.7% | ||
| Q2 25 | 54.9% | 13.7% | ||
| Q1 25 | 55.5% | -2.8% | ||
| Q4 24 | 55.6% | 16.4% | ||
| Q3 24 | 54.4% | 59.6% | ||
| Q2 24 | 62.9% | 22.5% | ||
| Q1 24 | 57.6% | 2.7% |
净利率MPLXVST
| Q4 25 | 49.1% | 4.8% | ||
| Q3 25 | 63.2% | 13.6% | ||
| Q2 25 | 44.9% | 8.7% | ||
| Q1 25 | 46.2% | -6.3% | ||
| Q4 24 | 45.9% | 12.0% | ||
| Q3 24 | 44.6% | 43.5% | ||
| Q2 24 | 52.6% | 10.1% | ||
| Q1 24 | 46.7% | -1.1% |
每股收益（稀释后）MPLXVST
| Q4 25 | — | $0.55 | ||
| Q3 25 | — | $1.75 | ||
| Q2 25 | — | $0.81 | ||
| Q1 25 | — | $-0.93 | ||
| Q4 24 | — | $1.09 | ||
| Q3 24 | — | $5.25 | ||
| Q2 24 | — | $0.90 | ||
| Q1 24 | — | $-0.24 |
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 | $785.0M |
| 总债务越低越好 | $24.2B | $15.8B |
| 股东权益账面价值 | — | $5.1B |
| 总资产 | $43.0B | $41.5B |
| 负债/权益比越低杠杆越低 | — | 3.11× |
8季度趋势，按日历期对齐
现金及短期投资MPLXVST
| Q4 25 | $2.1B | $785.0M | ||
| Q3 25 | $1.8B | $602.0M | ||
| Q2 25 | $1.4B | $458.0M | ||
| Q1 25 | $2.5B | $561.0M | ||
| Q4 24 | $1.5B | $1.2B | ||
| Q3 24 | $2.4B | $905.0M | ||
| Q2 24 | $2.5B | $1.6B | ||
| Q1 24 | $385.0M | $1.1B |
总债务MPLXVST
| Q4 25 | $24.2B | $15.8B | ||
| Q3 25 | $24.1B | $15.8B | ||
| Q2 25 | $19.7B | $15.5B | ||
| Q1 25 | $19.7B | $15.4B | ||
| Q4 24 | $19.3B | $15.4B | ||
| Q3 24 | $19.3B | $13.9B | ||
| Q2 24 | $19.2B | $13.9B | ||
| Q1 24 | $18.8B | $14.7B |
股东权益MPLXVST
| Q4 25 | — | $5.1B | ||
| Q3 25 | — | $5.2B | ||
| Q2 25 | — | $4.8B | ||
| Q1 25 | — | $4.8B | ||
| Q4 24 | — | $5.6B | ||
| Q3 24 | — | $5.4B | ||
| Q2 24 | — | $5.6B | ||
| Q1 24 | — | $5.7B |
总资产MPLXVST
| Q4 25 | $43.0B | $41.5B | ||
| Q3 25 | $43.2B | $38.0B | ||
| Q2 25 | $37.8B | $38.1B | ||
| Q1 25 | $39.0B | $38.2B | ||
| Q4 24 | $37.5B | $37.8B | ||
| Q3 24 | $38.5B | $37.9B | ||
| Q2 24 | $38.4B | $39.1B | ||
| Q1 24 | $36.5B | $38.2B |
负债/权益比MPLXVST
| Q4 25 | — | 3.11× | ||
| Q3 25 | — | 3.02× | ||
| Q2 25 | — | 3.22× | ||
| Q1 25 | — | 3.20× | ||
| Q4 24 | — | 2.77× | ||
| Q3 24 | — | 2.56× | ||
| Q2 24 | — | 2.49× | ||
| Q1 24 | — | 2.60× |
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 | $1.4B |
| 自由现金流经营现金流 - 资本支出 | $782.0M | $596.0M |
| 自由现金流率自由现金流/营收 | 31.9% | 12.4% |
| 资本支出强度资本支出/营收 | 29.1% | 17.4% |
| 现金转化率经营现金流/净利润 | 1.24× | 6.15× |
| 过去12个月自由现金流最近4个季度 | $4.1B | $1.3B |
8季度趋势，按日历期对齐
经营现金流MPLXVST
| Q4 25 | $1.5B | $1.4B | ||
| Q3 25 | $1.4B | $1.5B | ||
| Q2 25 | $1.7B | $572.0M | ||
| Q1 25 | $1.2B | $599.0M | ||
| Q4 24 | $1.7B | $1.4B | ||
| Q3 24 | $1.4B | $1.7B | ||
| Q2 24 | $1.6B | $1.2B | ||
| Q1 24 | $1.3B | $312.0M |
自由现金流MPLXVST
| Q4 25 | $782.0M | $596.0M | ||
| Q3 25 | $905.0M | $1.0B | ||
| Q2 25 | $1.4B | $-118.0M | ||
| Q1 25 | $979.0M | $-169.0M | ||
| Q4 24 | $1.4B | $923.0M | ||
| Q3 24 | $1.1B | $1.0B | ||
| Q2 24 | $1.4B | $698.0M | ||
| Q1 24 | $1.0B | $-153.0M |
自由现金流率MPLXVST
| Q4 25 | 31.9% | 12.4% | ||
| Q3 25 | 36.8% | 21.1% | ||
| Q2 25 | 60.9% | -3.1% | ||
| Q1 25 | 39.8% | -4.0% | ||
| Q4 24 | 56.6% | 25.2% | ||
| Q3 24 | 48.4% | 23.4% | ||
| Q2 24 | 60.0% | 19.4% | ||
| Q1 24 | 47.7% | -4.8% |
资本支出强度MPLXVST
| Q4 25 | 29.1% | 17.4% | ||
| Q3 25 | 21.4% | 9.6% | ||
| Q2 25 | 12.8% | 18.4% | ||
| Q1 25 | 10.9% | 18.1% | ||
| Q4 24 | 12.7% | 11.7% | ||
| Q3 24 | 11.9% | 15.8% | ||
| Q2 24 | 9.4% | 13.8% | ||
| Q1 24 | 11.7% | 14.7% |
现金转化率MPLXVST
| Q4 25 | 1.24× | 6.15× | ||
| Q3 25 | 0.92× | 2.25× | ||
| Q2 25 | 1.64× | 1.75× | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.51× | 3.07× | ||
| Q3 24 | 1.35× | 0.90× | ||
| Q2 24 | 1.32× | 3.28× | ||
| 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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
