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MPLX LP（MPLX）与惠而浦（WHR）财务数据对比。点击上方公司名可切换其他公司
惠而浦的季度营收约是MPLX LP的1.7倍（$4.1B vs $2.5B），MPLX LP净利率更高（49.1% vs 2.7%，领先46.4%），MPLX LP同比增速更快（1.4% vs -0.9%），惠而浦自由现金流更多（$989.0M vs $782.0M），过去两年MPLX LP的营收复合增速更高（6.2% vs -4.5%）
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。
惠而浦是总部位于美国密歇根州本顿特许镇的跨国家电研发、生产及销售企业，位列《财富》世界500强。2023年集团年销售额约190亿美元，全球员工规模近5.9万人，在世界各地布局超55座生产及技术研发中心。
MPLX vs WHR — 直观对比
营收规模更大
WHR
是对方的1.7倍
$2.5B
营收增速更快
MPLX
高出2.3%
-0.9%
净利率更高
MPLX
高出46.4%
2.7%
自由现金流更多
WHR
多$207.0M
$782.0M
两年增速更快
MPLX
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $4.1B |
| 净利润 | $1.2B | $109.0M |
| 毛利率 | — | 14.0% |
| 营业利润率 | 60.5% | 6.0% |
| 净利率 | 49.1% | 2.7% |
| 营收同比 | 1.4% | -0.9% |
| 净利润同比 | 8.5% | 127.8% |
| 每股收益（稀释后） | — | $1.92 |
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MPLXWHR
| Q4 25 | $2.5B | $4.1B | ||
| Q3 25 | $2.5B | $4.0B | ||
| Q2 25 | $2.4B | $3.8B | ||
| Q1 25 | $2.5B | $3.6B | ||
| Q4 24 | $2.4B | $4.1B | ||
| Q3 24 | $2.3B | $4.0B | ||
| Q2 24 | $2.3B | $4.0B | ||
| Q1 24 | $2.2B | $4.5B |
净利润MPLXWHR
| Q4 25 | $1.2B | $109.0M | ||
| Q3 25 | $1.6B | $73.0M | ||
| Q2 25 | $1.1B | $65.0M | ||
| Q1 25 | $1.1B | $71.0M | ||
| Q4 24 | $1.1B | $-392.0M | ||
| Q3 24 | $1.0B | $109.0M | ||
| Q2 24 | $1.2B | $219.0M | ||
| Q1 24 | $1.0B | $-259.0M |
毛利率MPLXWHR
| Q4 25 | — | 14.0% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 16.2% | ||
| Q1 25 | — | 16.8% | ||
| Q4 24 | — | 16.2% | ||
| Q3 24 | — | 16.1% | ||
| Q2 24 | — | 15.7% | ||
| Q1 24 | — | 14.3% |
营业利润率MPLXWHR
| Q4 25 | 60.5% | 6.0% | ||
| Q3 25 | 73.2% | 5.1% | ||
| Q2 25 | 54.9% | 5.4% | ||
| Q1 25 | 55.5% | 5.1% | ||
| Q4 24 | 55.6% | -3.3% | ||
| Q3 24 | 54.4% | 6.6% | ||
| Q2 24 | 62.9% | 3.3% | ||
| Q1 24 | 57.6% | -2.6% |
净利率MPLXWHR
| Q4 25 | 49.1% | 2.7% | ||
| Q3 25 | 63.2% | 1.8% | ||
| Q2 25 | 44.9% | 1.7% | ||
| Q1 25 | 46.2% | 2.0% | ||
| Q4 24 | 45.9% | -9.5% | ||
| Q3 24 | 44.6% | 2.7% | ||
| Q2 24 | 52.6% | 5.5% | ||
| Q1 24 | 46.7% | -5.8% |
每股收益（稀释后）MPLXWHR
| Q4 25 | — | $1.92 | ||
| Q3 25 | — | $1.29 | ||
| Q2 25 | — | $1.17 | ||
| Q1 25 | — | $1.28 | ||
| Q4 24 | — | $-7.11 | ||
| Q3 24 | — | $2.00 | ||
| Q2 24 | — | $3.96 | ||
| Q1 24 | — | $-4.72 |
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 | $669.0M |
| 总债务越低越好 | $24.2B | $6.2B |
| 股东权益账面价值 | — | $2.7B |
| 总资产 | $43.0B | $16.0B |
| 负债/权益比越低杠杆越低 | — | 2.26× |
8季度趋势，按日历期对齐
现金及短期投资MPLXWHR
| Q4 25 | $2.1B | $669.0M | ||
| Q3 25 | $1.8B | $934.0M | ||
| Q2 25 | $1.4B | $1.1B | ||
| Q1 25 | $2.5B | $1.0B | ||
| Q4 24 | $1.5B | $1.3B | ||
| Q3 24 | $2.4B | $1.1B | ||
| Q2 24 | $2.5B | $1.2B | ||
| Q1 24 | $385.0M | $1.2B |
总债务MPLXWHR
| Q4 25 | $24.2B | $6.2B | ||
| Q3 25 | $24.1B | — | ||
| Q2 25 | $19.7B | — | ||
| Q1 25 | $19.7B | — | ||
| Q4 24 | $19.3B | $6.6B | ||
| Q3 24 | $19.3B | — | ||
| Q2 24 | $19.2B | — | ||
| Q1 24 | $18.8B | — |
股东权益MPLXWHR
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.6B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $2.6B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | — | $2.4B |
总资产MPLXWHR
| Q4 25 | $43.0B | $16.0B | ||
| Q3 25 | $43.2B | $16.9B | ||
| Q2 25 | $37.8B | $16.8B | ||
| Q1 25 | $39.0B | $16.5B | ||
| Q4 24 | $37.5B | $16.3B | ||
| Q3 24 | $38.5B | $17.2B | ||
| Q2 24 | $38.4B | $17.3B | ||
| Q1 24 | $36.5B | $17.4B |
负债/权益比MPLXWHR
| Q4 25 | — | 2.26× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.46× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | $782.0M | $989.0M |
| 自由现金流率自由现金流/营收 | 31.9% | 24.1% |
| 资本支出强度资本支出/营收 | 29.1% | 3.7% |
| 现金转化率经营现金流/净利润 | 1.24× | 10.45× |
| 过去12个月自由现金流最近4个季度 | $4.1B | $81.0M |
8季度趋势，按日历期对齐
经营现金流MPLXWHR
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.4B | $33.0M | ||
| Q2 25 | $1.7B | $19.0M | ||
| Q1 25 | $1.2B | $-721.0M | ||
| Q4 24 | $1.7B | $1.1B | ||
| Q3 24 | $1.4B | $214.0M | ||
| Q2 24 | $1.6B | $388.0M | ||
| Q1 24 | $1.3B | $-873.0M |
自由现金流MPLXWHR
| Q4 25 | $782.0M | $989.0M | ||
| Q3 25 | $905.0M | $-52.0M | ||
| Q2 25 | $1.4B | $-63.0M | ||
| Q1 25 | $979.0M | $-793.0M | ||
| Q4 24 | $1.4B | $970.0M | ||
| Q3 24 | $1.1B | $127.0M | ||
| Q2 24 | $1.4B | $275.0M | ||
| Q1 24 | $1.0B | $-988.0M |
自由现金流率MPLXWHR
| Q4 25 | 31.9% | 24.1% | ||
| Q3 25 | 36.8% | -1.3% | ||
| Q2 25 | 60.9% | -1.7% | ||
| Q1 25 | 39.8% | -21.9% | ||
| Q4 24 | 56.6% | 23.5% | ||
| Q3 24 | 48.4% | 3.2% | ||
| Q2 24 | 60.0% | 6.9% | ||
| Q1 24 | 47.7% | -22.0% |
资本支出强度MPLXWHR
| Q4 25 | 29.1% | 3.7% | ||
| Q3 25 | 21.4% | 2.1% | ||
| Q2 25 | 12.8% | 2.2% | ||
| Q1 25 | 10.9% | 2.0% | ||
| Q4 24 | 12.7% | 3.3% | ||
| Q3 24 | 11.9% | 2.2% | ||
| Q2 24 | 9.4% | 2.8% | ||
| Q1 24 | 11.7% | 2.6% |
现金转化率MPLXWHR
| Q4 25 | 1.24× | 10.45× | ||
| Q3 25 | 0.92× | 0.45× | ||
| Q2 25 | 1.64× | 0.29× | ||
| Q1 25 | 1.10× | -10.15× | ||
| Q4 24 | 1.51× | — | ||
| Q3 24 | 1.35× | 1.96× | ||
| Q2 24 | 1.32× | 1.77× | ||
| 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% |
WHR
| Refrigeration | $1.2B | 30% |
| Laundry | $1.1B | 27% |
| Cooking | $1.1B | 26% |
| Dishwashing | $299.0M | 7% |
| Other | $266.0M | 6% |
| Spare Parts And Warranties | $139.0M | 3% |
