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MPLX LP（MPLX）与Waste Connections, Inc.（WCN）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Waste Connections, Inc.的1.0倍（$2.5B vs $2.4B），MPLX LP净利率更高（49.1% vs 10.9%，领先38.2%），Waste Connections, Inc.同比增速更快（5.0% vs 1.4%），MPLX LP自由现金流更多（$782.0M vs $172.6M），过去两年Waste Connections, Inc.的营收复合增速更高（7.0% 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。
Waste Connections, Inc.是北美综合废弃物服务企业，总部位于美国得克萨斯州伍德兰兹，业务范围覆盖美国与加拿大，主营固体废弃物的收集、转运、处理及回收服务，是北美第三大废弃物管理企业。
MPLX vs WCN — 直观对比
营收规模更大
MPLX
是对方的1.0倍
$2.4B
营收增速更快
WCN
高出3.6%
1.4%
净利率更高
MPLX
高出38.2%
10.9%
自由现金流更多
MPLX
多$609.4M
$172.6M
两年增速更快
WCN
近两年复合增速
6.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $2.4B |
| 净利润 | $1.2B | $258.5M |
| 毛利率 | — | 42.5% |
| 营业利润率 | 60.5% | 17.7% |
| 净利率 | 49.1% | 10.9% |
| 营收同比 | 1.4% | 5.0% |
| 净利润同比 | 8.5% | 231.9% |
| 每股收益（稀释后） | — | $1.01 |
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MPLXWCN
| Q4 25 | $2.5B | $2.4B | ||
| Q3 25 | $2.5B | $2.5B | ||
| Q2 25 | $2.4B | $2.4B | ||
| Q1 25 | $2.5B | $2.2B | ||
| Q4 24 | $2.4B | $2.3B | ||
| Q3 24 | $2.3B | $2.3B | ||
| Q2 24 | $2.3B | $2.2B | ||
| Q1 24 | $2.2B | $2.1B |
净利润MPLXWCN
| Q4 25 | $1.2B | $258.5M | ||
| Q3 25 | $1.6B | $286.3M | ||
| Q2 25 | $1.1B | $290.3M | ||
| Q1 25 | $1.1B | $241.5M | ||
| Q4 24 | $1.1B | $-196.0M | ||
| Q3 24 | $1.0B | $308.0M | ||
| Q2 24 | $1.2B | $275.5M | ||
| Q1 24 | $1.0B | $230.1M |
毛利率MPLXWCN
| Q4 25 | — | 42.5% | ||
| Q3 25 | — | 42.8% | ||
| Q2 25 | — | 42.1% | ||
| Q1 25 | — | 42.0% | ||
| Q4 24 | — | 41.4% | ||
| Q3 24 | — | 42.5% | ||
| Q2 24 | — | 42.1% | ||
| Q1 24 | — | 41.1% |
营业利润率MPLXWCN
| Q4 25 | 60.5% | 17.7% | ||
| Q3 25 | 73.2% | 17.9% | ||
| Q2 25 | 54.9% | 19.1% | ||
| Q1 25 | 55.5% | 17.5% | ||
| Q4 24 | 55.6% | -8.8% | ||
| Q3 24 | 54.4% | 20.3% | ||
| Q2 24 | 62.9% | 18.9% | ||
| Q1 24 | 57.6% | 17.7% |
净利率MPLXWCN
| Q4 25 | 49.1% | 10.9% | ||
| Q3 25 | 63.2% | 11.6% | ||
| Q2 25 | 44.9% | 12.1% | ||
| Q1 25 | 46.2% | 10.8% | ||
| Q4 24 | 45.9% | -8.7% | ||
| Q3 24 | 44.6% | 13.2% | ||
| Q2 24 | 52.6% | 12.3% | ||
| Q1 24 | 46.7% | 11.1% |
每股收益（稀释后）MPLXWCN
| Q4 25 | — | $1.01 | ||
| Q3 25 | — | $1.11 | ||
| Q2 25 | — | $1.12 | ||
| Q1 25 | — | $0.93 | ||
| Q4 24 | — | $-0.76 | ||
| Q3 24 | — | $1.19 | ||
| Q2 24 | — | $1.07 | ||
| Q1 24 | — | $0.89 |
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 | $46.0M |
| 总债务越低越好 | $24.2B | $8.8B |
| 股东权益账面价值 | — | $8.2B |
| 总资产 | $43.0B | $21.1B |
| 负债/权益比越低杠杆越低 | — | 1.07× |
8季度趋势，按日历期对齐
现金及短期投资MPLXWCN
| Q4 25 | $2.1B | $46.0M | ||
| Q3 25 | $1.8B | $117.6M | ||
| Q2 25 | $1.4B | $110.2M | ||
| Q1 25 | $2.5B | $111.2M | ||
| Q4 24 | $1.5B | $62.4M | ||
| Q3 24 | $2.4B | $115.3M | ||
| Q2 24 | $2.5B | $78.7M | ||
| Q1 24 | $385.0M | $112.0M |
总债务MPLXWCN
| Q4 25 | $24.2B | $8.8B | ||
| Q3 25 | $24.1B | $8.6B | ||
| Q2 25 | $19.7B | $8.3B | ||
| Q1 25 | $19.7B | $8.4B | ||
| Q4 24 | $19.3B | $8.1B | ||
| Q3 24 | $19.3B | $8.2B | ||
| Q2 24 | $19.2B | $7.7B | ||
| Q1 24 | $18.8B | $7.8B |
股东权益MPLXWCN
| Q4 25 | — | $8.2B | ||
| Q3 25 | — | $8.1B | ||
| Q2 25 | — | $8.4B | ||
| Q1 25 | — | $8.0B | ||
| Q4 24 | — | $7.9B | ||
| Q3 24 | — | $8.3B | ||
| Q2 24 | — | $8.0B | ||
| Q1 24 | — | $7.8B |
总资产MPLXWCN
| Q4 25 | $43.0B | $21.1B | ||
| Q3 25 | $43.2B | $20.8B | ||
| Q2 25 | $37.8B | $20.7B | ||
| Q1 25 | $39.0B | $20.3B | ||
| Q4 24 | $37.5B | $19.8B | ||
| Q3 24 | $38.5B | $20.1B | ||
| Q2 24 | $38.4B | $19.3B | ||
| Q1 24 | $36.5B | $19.1B |
负债/权益比MPLXWCN
| Q4 25 | — | 1.07× | ||
| Q3 25 | — | 1.07× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | 1.03× | ||
| Q3 24 | — | 0.99× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | — | 1.00× |
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 | $556.9M |
| 自由现金流经营现金流 - 资本支出 | $782.0M | $172.6M |
| 自由现金流率自由现金流/营收 | 31.9% | 7.3% |
| 资本支出强度资本支出/营收 | 29.1% | 16.2% |
| 现金转化率经营现金流/净利润 | 1.24× | 2.15× |
| 过去12个月自由现金流最近4个季度 | $4.1B | $1.2B |
8季度趋势，按日历期对齐
经营现金流MPLXWCN
| Q4 25 | $1.5B | $556.9M | ||
| Q3 25 | $1.4B | $677.4M | ||
| Q2 25 | $1.7B | $638.2M | ||
| Q1 25 | $1.2B | $541.5M | ||
| Q4 24 | $1.7B | $568.9M | ||
| Q3 24 | $1.4B | $558.3M | ||
| Q2 24 | $1.6B | $611.4M | ||
| Q1 24 | $1.3B | $490.3M |
自由现金流MPLXWCN
| Q4 25 | $782.0M | $172.6M | ||
| Q3 25 | $905.0M | $380.3M | ||
| Q2 25 | $1.4B | $352.9M | ||
| Q1 25 | $979.0M | $329.1M | ||
| Q4 24 | $1.4B | $172.2M | ||
| Q3 24 | $1.1B | $286.2M | ||
| Q2 24 | $1.4B | $394.2M | ||
| Q1 24 | $1.0B | $320.4M |
自由现金流率MPLXWCN
| Q4 25 | 31.9% | 7.3% | ||
| Q3 25 | 36.8% | 15.5% | ||
| Q2 25 | 60.9% | 14.7% | ||
| Q1 25 | 39.8% | 14.8% | ||
| Q4 24 | 56.6% | 7.6% | ||
| Q3 24 | 48.4% | 12.2% | ||
| Q2 24 | 60.0% | 17.5% | ||
| Q1 24 | 47.7% | 15.5% |
资本支出强度MPLXWCN
| Q4 25 | 29.1% | 16.2% | ||
| Q3 25 | 21.4% | 12.1% | ||
| Q2 25 | 12.8% | 11.9% | ||
| Q1 25 | 10.9% | 9.5% | ||
| Q4 24 | 12.7% | 17.6% | ||
| Q3 24 | 11.9% | 11.6% | ||
| Q2 24 | 9.4% | 9.7% | ||
| Q1 24 | 11.7% | 8.2% |
现金转化率MPLXWCN
| Q4 25 | 1.24× | 2.15× | ||
| Q3 25 | 0.92× | 2.37× | ||
| Q2 25 | 1.64× | 2.20× | ||
| Q1 25 | 1.10× | 2.24× | ||
| Q4 24 | 1.51× | — | ||
| Q3 24 | 1.35× | 1.81× | ||
| Q2 24 | 1.32× | 2.22× | ||
| Q1 24 | 1.27× | 2.13× |
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% |
WCN
| Southern | $552.9M | 23% |
| Central | $450.9M | 19% |
| Landfill | $386.5M | 16% |
| Transfer | $370.6M | 16% |
| Other | $347.9M | 15% |
| Exploration And Production Waste Treatment Recovery And Disposal | $171.1M | 7% |
| Solid Waste Recycling | $51.2M | 2% |
| Intermodal And Other | $42.3M | 2% |
