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MPLX LP（MPLX）与Williams Companies（WMB）财务数据对比。点击上方公司名可切换其他公司
Williams Companies的季度营收约是MPLX LP的1.2倍（$3.0B vs $2.5B），MPLX LP净利率更高（49.1% vs 28.5%，领先20.6%），MPLX LP同比增速更快（1.4% vs -0.6%），过去两年MPLX LP的营收复合增速更高（6.2% vs 3.2%）
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。
总部位于美国俄克拉荷马州塔尔萨的能源企业，位列《财富》美国500强，普通股为标普500指数成分股，核心业务为天然气加工与运输，同时持有石油、发电相关资产。
MPLX vs WMB — 直观对比
营收规模更大
WMB
是对方的1.2倍
$2.5B
营收增速更快
MPLX
高出2.0%
-0.6%
净利率更高
MPLX
高出20.6%
28.5%
两年增速更快
MPLX
近两年复合增速
3.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $3.0B |
| 净利润 | $1.2B | $864.0M |
| 毛利率 | — | — |
| 营业利润率 | 60.5% | 43.6% |
| 净利率 | 49.1% | 28.5% |
| 营收同比 | 1.4% | -0.6% |
| 净利润同比 | 8.5% | 25.1% |
| 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MPLXWMB
| Q1 26 | — | $3.0B | ||
| Q4 25 | $2.5B | $3.8B | ||
| Q3 25 | $2.5B | $3.5B | ||
| Q2 25 | $2.4B | $3.4B | ||
| Q1 25 | $2.5B | $4.2B | ||
| Q4 24 | $2.4B | $3.4B | ||
| Q3 24 | $2.3B | $3.0B | ||
| Q2 24 | $2.3B | $2.8B |
净利润MPLXWMB
| Q1 26 | — | $864.0M | ||
| Q4 25 | $1.2B | $734.0M | ||
| Q3 25 | $1.6B | $647.0M | ||
| Q2 25 | $1.1B | $546.0M | ||
| Q1 25 | $1.1B | $691.0M | ||
| Q4 24 | $1.1B | $486.0M | ||
| Q3 24 | $1.0B | $706.0M | ||
| Q2 24 | $1.2B | $401.0M |
营业利润率MPLXWMB
| Q1 26 | — | 43.6% | ||
| Q4 25 | 60.5% | 27.3% | ||
| Q3 25 | 73.2% | 31.8% | ||
| Q2 25 | 54.9% | 28.0% | ||
| Q1 25 | 55.5% | 26.1% | ||
| Q4 24 | 55.6% | 23.2% | ||
| Q3 24 | 54.4% | 27.6% | ||
| Q2 24 | 62.9% | 24.4% |
净利率MPLXWMB
| Q1 26 | — | 28.5% | ||
| Q4 25 | 49.1% | 19.1% | ||
| Q3 25 | 63.2% | 18.5% | ||
| Q2 25 | 44.9% | 16.2% | ||
| Q1 25 | 46.2% | 16.5% | ||
| Q4 24 | 45.9% | 14.2% | ||
| Q3 24 | 44.6% | 23.3% | ||
| Q2 24 | 52.6% | 14.1% |
每股收益（稀释后）MPLXWMB
| Q1 26 | — | — | ||
| Q4 25 | — | $0.60 | ||
| Q3 25 | — | $0.53 | ||
| Q2 25 | — | $0.45 | ||
| Q1 25 | — | $0.56 | ||
| Q4 24 | — | $0.39 | ||
| Q3 24 | — | $0.58 | ||
| Q2 24 | — | $0.33 |
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 | $950.0K |
| 总债务越低越好 | $24.2B | $30.1M |
| 股东权益账面价值 | — | $13.0M |
| 总资产 | $43.0B | $59.6M |
| 负债/权益比越低杠杆越低 | — | 2.31× |
8季度趋势，按日历期对齐
现金及短期投资MPLXWMB
| Q1 26 | — | $950.0K | ||
| Q4 25 | $2.1B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $2.5B | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | $2.4B | — | ||
| Q2 24 | $2.5B | — |
总债务MPLXWMB
| Q1 26 | — | $30.1M | ||
| Q4 25 | $24.2B | $27.3B | ||
| Q3 25 | $24.1B | $25.6B | ||
| Q2 25 | $19.7B | $25.6B | ||
| Q1 25 | $19.7B | $24.1B | ||
| Q4 24 | $19.3B | $24.7B | ||
| Q3 24 | $19.3B | $24.8B | ||
| Q2 24 | $19.2B | $24.1B |
股东权益MPLXWMB
| Q1 26 | — | $13.0M | ||
| Q4 25 | — | $12.8B | ||
| Q3 25 | — | $12.5B | ||
| Q2 25 | — | $12.4B | ||
| Q1 25 | — | $12.5B | ||
| Q4 24 | — | $12.4B | ||
| Q3 24 | — | $12.4B | ||
| Q2 24 | — | $12.3B |
总资产MPLXWMB
| Q1 26 | — | $59.6M | ||
| Q4 25 | $43.0B | $58.6B | ||
| Q3 25 | $43.2B | $55.7B | ||
| Q2 25 | $37.8B | $56.1B | ||
| Q1 25 | $39.0B | $54.9B | ||
| Q4 24 | $37.5B | $54.5B | ||
| Q3 24 | $38.5B | $53.8B | ||
| Q2 24 | $38.4B | $52.4B |
负债/权益比MPLXWMB
| Q1 26 | — | 2.31× | ||
| Q4 25 | — | 2.13× | ||
| Q3 25 | — | 2.04× | ||
| Q2 25 | — | 2.06× | ||
| Q1 25 | — | 1.93× | ||
| Q4 24 | — | 1.99× | ||
| Q3 24 | — | 2.00× | ||
| Q2 24 | — | 1.96× |
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 | $6.3B |
| 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% | 44.9% |
| 现金转化率经营现金流/净利润 | 1.24× | 7.31× |
| 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MPLXWMB
| Q1 26 | — | $6.3B | ||
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.4B | $1.4B | ||
| Q2 25 | $1.7B | $1.4B | ||
| Q1 25 | $1.2B | $1.4B | ||
| Q4 24 | $1.7B | $1.2B | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.6B | $1.3B |
自由现金流MPLXWMB
| Q1 26 | — | — | ||
| Q4 25 | $782.0M | $-379.0M | ||
| Q3 25 | $905.0M | $485.0M | ||
| Q2 25 | $1.4B | $478.0M | ||
| Q1 25 | $979.0M | $421.0M | ||
| Q4 24 | $1.4B | $450.0M | ||
| Q3 24 | $1.1B | $561.0M | ||
| Q2 24 | $1.4B | $700.0M |
自由现金流率MPLXWMB
| Q1 26 | — | — | ||
| Q4 25 | 31.9% | -9.9% | ||
| Q3 25 | 36.8% | 13.9% | ||
| Q2 25 | 60.9% | 14.2% | ||
| Q1 25 | 39.8% | 10.1% | ||
| Q4 24 | 56.6% | 13.2% | ||
| Q3 24 | 48.4% | 18.5% | ||
| Q2 24 | 60.0% | 24.6% |
资本支出强度MPLXWMB
| Q1 26 | — | 44.9% | ||
| Q4 25 | 29.1% | 50.9% | ||
| Q3 25 | 21.4% | 27.3% | ||
| Q2 25 | 12.8% | 28.8% | ||
| Q1 25 | 10.9% | 24.2% | ||
| Q4 24 | 12.7% | 22.5% | ||
| Q3 24 | 11.9% | 22.5% | ||
| Q2 24 | 9.4% | 20.3% |
现金转化率MPLXWMB
| Q1 26 | — | 7.31× | ||
| Q4 25 | 1.24× | 2.15× | ||
| Q3 25 | 0.92× | 2.22× | ||
| Q2 25 | 1.64× | 2.66× | ||
| Q1 25 | 1.10× | 2.07× | ||
| Q4 24 | 1.51× | 2.51× | ||
| Q3 24 | 1.35× | 1.76× | ||
| Q2 24 | 1.32× | 3.19× |
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% |
WMB
| Service revenues | $2.2B | 73% |
| Other | $778.0M | 26% |
| Service revenues - commodity consideration | $46.0M | 2% |
