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MPLX LP（MPLX）与微博公司（WB）财务数据对比。点击上方公司名可切换其他公司
MPLX LP的季度营收约是微博公司的1.9倍（$2.5B vs $1.3B），MPLX LP净利率更高（49.1% vs 35.7%，领先13.4%），过去两年微博公司的营收复合增速更高（22.6% 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。
微博公司是中国知名的社交网络企业，旗下运营的新浪微博是国内极具影响力的微博客平台，公司总部位于中国北京，为数以亿计的用户提供社交互动、资讯传播、内容创作等多元互联网服务。
MPLX vs WB — 直观对比
营收规模更大
MPLX
是对方的1.9倍
$1.3B
净利率更高
MPLX
高出13.4%
35.7%
两年增速更快
WB
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $1.3B |
| 净利润 | $1.2B | $458.3M |
| 毛利率 | — | — |
| 营业利润率 | 60.5% | 29.1% |
| 净利率 | 49.1% | 35.7% |
| 营收同比 | 1.4% | — |
| 净利润同比 | 8.5% | — |
| 每股收益（稀释后） | — | — |
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MPLXWB
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.5B | $1.3B | ||
| Q2 25 | $2.4B | $841.7M | ||
| Q1 25 | $2.5B | $396.9M | ||
| Q4 24 | $2.4B | — | ||
| Q3 24 | $2.3B | $1.3B | ||
| Q2 24 | $2.3B | $833.4M | ||
| Q1 24 | $2.2B | $395.5M |
净利润MPLXWB
| Q4 25 | $1.2B | — | ||
| Q3 25 | $1.6B | $458.3M | ||
| Q2 25 | $1.1B | $234.8M | ||
| Q1 25 | $1.1B | $108.1M | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.0B | $297.4M | ||
| Q2 24 | $1.2B | $164.6M | ||
| Q1 24 | $1.0B | $51.1M |
营业利润率MPLXWB
| Q4 25 | 60.5% | — | ||
| Q3 25 | 73.2% | 29.1% | ||
| Q2 25 | 54.9% | 30.4% | ||
| Q1 25 | 55.5% | 27.8% | ||
| Q4 24 | 55.6% | — | ||
| Q3 24 | 54.4% | 29.0% | ||
| Q2 24 | 62.9% | 28.2% | ||
| Q1 24 | 57.6% | 25.2% |
净利率MPLXWB
| Q4 25 | 49.1% | — | ||
| Q3 25 | 63.2% | 35.7% | ||
| Q2 25 | 44.9% | 27.9% | ||
| Q1 25 | 46.2% | 27.2% | ||
| Q4 24 | 45.9% | — | ||
| Q3 24 | 44.6% | 22.9% | ||
| Q2 24 | 52.6% | 19.8% | ||
| Q1 24 | 46.7% | 12.9% |
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 | $1.1B |
| 总债务越低越好 | $24.2B | — |
| 股东权益账面价值 | — | $3.9B |
| 总资产 | $43.0B | $6.9B |
| 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MPLXWB
| Q4 25 | $2.1B | — | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $2.5B | $1.2B | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $2.4B | — | ||
| Q2 24 | $2.5B | $1.9B | ||
| Q1 24 | $385.0M | $2.1B |
总债务MPLXWB
| 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MPLXWB
| Q4 25 | — | — | ||
| Q3 25 | — | $3.9B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | — | $3.5B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $3.4B | ||
| Q1 24 | — | $3.3B |
总资产MPLXWB
| Q4 25 | $43.0B | — | ||
| Q3 25 | $43.2B | $6.9B | ||
| Q2 25 | $37.8B | $6.5B | ||
| Q1 25 | $39.0B | $6.7B | ||
| Q4 24 | $37.5B | — | ||
| Q3 24 | $38.5B | — | ||
| Q2 24 | $38.4B | $7.1B | ||
| Q1 24 | $36.5B | $7.3B |
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 | — |
| 自由现金流率自由现金流/营收 | 31.9% | — |
| 资本支出强度资本支出/营收 | 29.1% | — |
| 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 | — |
8季度趋势，按日历期对齐
经营现金流MPLXWB
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.6B | — | ||
| Q1 24 | $1.3B | — |
自由现金流MPLXWB
| Q4 25 | $782.0M | — | ||
| Q3 25 | $905.0M | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $979.0M | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.0B | — |
自由现金流率MPLXWB
| Q4 25 | 31.9% | — | ||
| Q3 25 | 36.8% | — | ||
| Q2 25 | 60.9% | — | ||
| Q1 25 | 39.8% | — | ||
| Q4 24 | 56.6% | — | ||
| Q3 24 | 48.4% | — | ||
| Q2 24 | 60.0% | — | ||
| Q1 24 | 47.7% | — |
资本支出强度MPLXWB
| Q4 25 | 29.1% | — | ||
| Q3 25 | 21.4% | — | ||
| Q2 25 | 12.8% | — | ||
| Q1 25 | 10.9% | — | ||
| Q4 24 | 12.7% | — | ||
| Q3 24 | 11.9% | — | ||
| Q2 24 | 9.4% | — | ||
| Q1 24 | 11.7% | — |
现金转化率MPLXWB
| Q4 25 | 1.24× | — | ||
| Q3 25 | 0.92× | — | ||
| Q2 25 | 1.64× | — | ||
| 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% |
WB
| Income from operations | $373.2M | 29% |
| Shares used in computing diluted net income per share attributable to Weibos shareholders | $268.1M | 21% |
| Shares used in computing basic net income per share attributable to Weibos shareholders | $238.6M | 19% |
| Value-added services | $186.1M | 14% |
| Less: Income tax expenses | $113.2M | 9% |
| Investment related income, net | $45.0M | 4% |
| Product development | $16.7M | 1% |
| General and administrative | $10.6M | 1% |
| Sales and marketing | $7.1M | 1% |
| Accretion to redeemable non-controlling interests | $3.0M | 0% |
