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MPLX LP（MPLX）与Wayfair Inc.（W）财务数据对比。点击上方公司名可切换其他公司
Wayfair Inc.的季度营收约是MPLX LP的1.4倍（$3.3B vs $2.5B），MPLX LP净利率更高（49.1% vs -3.5%，领先52.6%），Wayfair Inc.同比增速更快（6.9% vs 1.4%），MPLX LP自由现金流更多（$782.0M vs $177.0M），过去两年Wayfair Inc.的营收复合增速更高（10.6% 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。
Wayfair Inc.是总部位于美国马萨诸塞州波士顿的电商企业，2002年成立，前身为CSN Stores，专注于家具及家居用品线上销售。目前平台提供来自全球11000余家供应商的1400万款商品，业务遍及北美、加拿大、德国、爱尔兰、中国、英国等国家和地区。
MPLX vs W — 直观对比
营收规模更大
W
是对方的1.4倍
$2.5B
营收增速更快
W
高出5.5%
1.4%
净利率更高
MPLX
高出52.6%
-3.5%
自由现金流更多
MPLX
多$605.0M
$177.0M
两年增速更快
W
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $3.3B |
| 净利润 | $1.2B | $-116.0M |
| 毛利率 | — | 30.3% |
| 营业利润率 | 60.5% | 2.5% |
| 净利率 | 49.1% | -3.5% |
| 营收同比 | 1.4% | 6.9% |
| 净利润同比 | 8.5% | 9.4% |
| 每股收益（稀释后） | — | $-0.90 |
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MPLXW
| Q4 25 | $2.5B | $3.3B | ||
| Q3 25 | $2.5B | $3.1B | ||
| Q2 25 | $2.4B | $3.3B | ||
| Q1 25 | $2.5B | $2.7B | ||
| Q4 24 | $2.4B | $3.1B | ||
| Q3 24 | $2.3B | $2.9B | ||
| Q2 24 | $2.3B | $3.1B | ||
| Q1 24 | $2.2B | $2.7B |
净利润MPLXW
| Q4 25 | $1.2B | $-116.0M | ||
| Q3 25 | $1.6B | $-99.0M | ||
| Q2 25 | $1.1B | $15.0M | ||
| Q1 25 | $1.1B | $-113.0M | ||
| Q4 24 | $1.1B | $-128.0M | ||
| Q3 24 | $1.0B | $-74.0M | ||
| Q2 24 | $1.2B | $-42.0M | ||
| Q1 24 | $1.0B | $-248.0M |
毛利率MPLXW
| Q4 25 | — | 30.3% | ||
| Q3 25 | — | 30.0% | ||
| Q2 25 | — | 30.1% | ||
| Q1 25 | — | 30.7% | ||
| Q4 24 | — | 30.2% | ||
| Q3 24 | — | 30.3% | ||
| Q2 24 | — | 30.2% | ||
| Q1 24 | — | 30.0% |
营业利润率MPLXW
| Q4 25 | 60.5% | 2.5% | ||
| Q3 25 | 73.2% | 1.2% | ||
| Q2 25 | 54.9% | 0.5% | ||
| Q1 25 | 55.5% | -4.5% | ||
| Q4 24 | 55.6% | -3.7% | ||
| Q3 24 | 54.4% | -2.6% | ||
| Q2 24 | 62.9% | -1.1% | ||
| Q1 24 | 57.6% | -8.6% |
净利率MPLXW
| Q4 25 | 49.1% | -3.5% | ||
| Q3 25 | 63.2% | -3.2% | ||
| Q2 25 | 44.9% | 0.5% | ||
| Q1 25 | 46.2% | -4.1% | ||
| Q4 24 | 45.9% | -4.1% | ||
| Q3 24 | 44.6% | -2.6% | ||
| Q2 24 | 52.6% | -1.3% | ||
| Q1 24 | 46.7% | -9.1% |
每股收益（稀释后）MPLXW
| Q4 25 | — | $-0.90 | ||
| Q3 25 | — | $-0.76 | ||
| Q2 25 | — | $0.11 | ||
| Q1 25 | — | $-0.89 | ||
| Q4 24 | — | $-1.01 | ||
| Q3 24 | — | $-0.60 | ||
| Q2 24 | — | $-0.34 | ||
| Q1 24 | — | $-2.06 |
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 | $3.3B |
| 股东权益账面价值 | — | $-2.8B |
| 总资产 | $43.0B | $3.4B |
| 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MPLXW
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | $1.4B | $1.4B | ||
| Q1 25 | $2.5B | $1.4B | ||
| Q4 24 | $1.5B | $1.4B | ||
| Q3 24 | $2.4B | $1.3B | ||
| Q2 24 | $2.5B | $1.3B | ||
| Q1 24 | $385.0M | $1.2B |
总债务MPLXW
| Q4 25 | $24.2B | $3.3B | ||
| Q3 25 | $24.1B | $2.9B | ||
| Q2 25 | $19.7B | $3.0B | ||
| Q1 25 | $19.7B | $3.2B | ||
| Q4 24 | $19.3B | $3.1B | ||
| Q3 24 | $19.3B | $3.2B | ||
| Q2 24 | $19.2B | $3.2B | ||
| Q1 24 | $18.8B | $3.2B |
股东权益MPLXW
| Q4 25 | — | $-2.8B | ||
| Q3 25 | — | $-2.8B | ||
| Q2 25 | — | $-2.7B | ||
| Q1 25 | — | $-2.8B | ||
| Q4 24 | — | $-2.8B | ||
| Q3 24 | — | $-2.7B | ||
| Q2 24 | — | $-2.8B | ||
| Q1 24 | — | $-2.8B |
总资产MPLXW
| Q4 25 | $43.0B | $3.4B | ||
| Q3 25 | $43.2B | $3.1B | ||
| Q2 25 | $37.8B | $3.3B | ||
| Q1 25 | $39.0B | $3.4B | ||
| Q4 24 | $37.5B | $3.5B | ||
| Q3 24 | $38.5B | $3.4B | ||
| Q2 24 | $38.4B | $3.4B | ||
| Q1 24 | $36.5B | $3.2B |
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 | $202.0M |
| 自由现金流经营现金流 - 资本支出 | $782.0M | $177.0M |
| 自由现金流率自由现金流/营收 | 31.9% | 5.3% |
| 资本支出强度资本支出/营收 | 29.1% | 0.7% |
| 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 | $464.0M |
8季度趋势，按日历期对齐
经营现金流MPLXW
| Q4 25 | $1.5B | $202.0M | ||
| Q3 25 | $1.4B | $155.0M | ||
| Q2 25 | $1.7B | $273.0M | ||
| Q1 25 | $1.2B | $-96.0M | ||
| Q4 24 | $1.7B | $162.0M | ||
| Q3 24 | $1.4B | $49.0M | ||
| Q2 24 | $1.6B | $245.0M | ||
| Q1 24 | $1.3B | $-139.0M |
自由现金流MPLXW
| Q4 25 | $782.0M | $177.0M | ||
| Q3 25 | $905.0M | $128.0M | ||
| Q2 25 | $1.4B | $260.0M | ||
| Q1 25 | $979.0M | $-101.0M | ||
| Q4 24 | $1.4B | $142.0M | ||
| Q3 24 | $1.1B | $32.0M | ||
| Q2 24 | $1.4B | $222.0M | ||
| Q1 24 | $1.0B | $-152.0M |
自由现金流率MPLXW
| Q4 25 | 31.9% | 5.3% | ||
| Q3 25 | 36.8% | 4.1% | ||
| Q2 25 | 60.9% | 7.9% | ||
| Q1 25 | 39.8% | -3.7% | ||
| Q4 24 | 56.6% | 4.5% | ||
| Q3 24 | 48.4% | 1.1% | ||
| Q2 24 | 60.0% | 7.1% | ||
| Q1 24 | 47.7% | -5.6% |
资本支出强度MPLXW
| Q4 25 | 29.1% | 0.7% | ||
| Q3 25 | 21.4% | 0.9% | ||
| Q2 25 | 12.8% | 0.4% | ||
| Q1 25 | 10.9% | 0.2% | ||
| Q4 24 | 12.7% | 0.6% | ||
| Q3 24 | 11.9% | 0.6% | ||
| Q2 24 | 9.4% | 0.7% | ||
| Q1 24 | 11.7% | 0.5% |
现金转化率MPLXW
| Q4 25 | 1.24× | — | ||
| Q3 25 | 0.92× | — | ||
| Q2 25 | 1.64× | 18.20× | ||
| Q1 25 | 1.10× | — | ||
| Q4 24 | 1.51× | — | ||
| Q3 24 | 1.35× | — | ||
| 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% |
W
| US Segment | $2.9B | 88% |
| International Segment | $395.0M | 12% |
