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MPLX LP（MPLX）与WATSCO INC（WSO）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WATSCO INC的1.6倍（$2.5B vs $1.6B），MPLX LP净利率更高（49.1% vs 4.5%，领先44.5%），MPLX LP同比增速更快（1.4% vs -10.0%），MPLX LP自由现金流更多（$782.0M vs $388.5M），过去两年MPLX LP的营收复合增速更高（6.2% vs 0.4%）
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。
Watsco Inc.是美国暖通空调、供暖及制冷（HVAC/R）设备及相关零部件、耗材的专业分销商。公司成立至今已超60年，最初主营HVAC/R行业相关零部件、工具制造业务，1989年通过收购佛罗里达州南部的瑞姆品牌分销商Gemaire Distributors Inc，正式从制造赛道转向分销领域。
MPLX vs WSO — 直观对比
营收规模更大
MPLX
是对方的1.6倍
$1.6B
营收增速更快
MPLX
高出11.4%
-10.0%
净利率更高
MPLX
高出44.5%
4.5%
自由现金流更多
MPLX
多$393.5M
$388.5M
两年增速更快
MPLX
近两年复合增速
0.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.5B | $1.6B |
| 净利润 | $1.2B | $71.7M |
| 毛利率 | — | 27.1% |
| 营业利润率 | 60.5% | 6.4% |
| 净利率 | 49.1% | 4.5% |
| 营收同比 | 1.4% | -10.0% |
| 净利润同比 | 8.5% | -25.9% |
| 每股收益（稀释后） | — | $1.82 |
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MPLXWSO
| Q4 25 | $2.5B | $1.6B | ||
| Q3 25 | $2.5B | $2.1B | ||
| Q2 25 | $2.4B | $2.1B | ||
| Q1 25 | $2.5B | $1.5B | ||
| Q4 24 | $2.4B | $1.8B | ||
| Q3 24 | $2.3B | $2.2B | ||
| Q2 24 | $2.3B | $2.1B | ||
| Q1 24 | $2.2B | $1.6B |
净利润MPLXWSO
| Q4 25 | $1.2B | $71.7M | ||
| Q3 25 | $1.6B | $161.6M | ||
| Q2 25 | $1.1B | $183.6M | ||
| Q1 25 | $1.1B | $80.1M | ||
| Q4 24 | $1.1B | $96.8M | ||
| Q3 24 | $1.0B | $171.0M | ||
| Q2 24 | $1.2B | $181.4M | ||
| Q1 24 | $1.0B | $87.0M |
毛利率MPLXWSO
| Q4 25 | — | 27.1% | ||
| Q3 25 | — | 27.5% | ||
| Q2 25 | — | 29.3% | ||
| Q1 25 | — | 28.1% | ||
| Q4 24 | — | 26.7% | ||
| Q3 24 | — | 26.2% | ||
| Q2 24 | — | 27.1% | ||
| Q1 24 | — | 27.5% |
营业利润率MPLXWSO
| Q4 25 | 60.5% | 6.4% | ||
| Q3 25 | 73.2% | 11.4% | ||
| Q2 25 | 54.9% | 13.2% | ||
| Q1 25 | 55.5% | 7.3% | ||
| Q4 24 | 55.6% | 7.8% | ||
| Q3 24 | 54.4% | 11.6% | ||
| Q2 24 | 62.9% | 12.6% | ||
| Q1 24 | 57.6% | 8.1% |
净利率MPLXWSO
| Q4 25 | 49.1% | 4.5% | ||
| Q3 25 | 63.2% | 7.8% | ||
| Q2 25 | 44.9% | 8.9% | ||
| Q1 25 | 46.2% | 5.2% | ||
| Q4 24 | 45.9% | 5.5% | ||
| Q3 24 | 44.6% | 7.9% | ||
| Q2 24 | 52.6% | 8.5% | ||
| Q1 24 | 46.7% | 5.6% |
每股收益（稀释后）MPLXWSO
| Q4 25 | — | $1.82 | ||
| Q3 25 | — | $3.98 | ||
| Q2 25 | — | $4.52 | ||
| Q1 25 | — | $1.93 | ||
| Q4 24 | — | $2.42 | ||
| Q3 24 | — | $4.22 | ||
| Q2 24 | — | $4.49 | ||
| Q1 24 | — | $2.17 |
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 | $733.3M |
| 总债务越低越好 | $24.2B | $361.6M |
| 股东权益账面价值 | — | $2.8B |
| 总资产 | $43.0B | $4.4B |
| 负债/权益比越低杠杆越低 | — | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资MPLXWSO
| Q4 25 | $2.1B | $733.3M | ||
| Q3 25 | $1.8B | $524.3M | ||
| Q2 25 | $1.4B | $293.0M | ||
| Q1 25 | $2.5B | $431.8M | ||
| Q4 24 | $1.5B | $781.9M | ||
| Q3 24 | $2.4B | $550.0M | ||
| Q2 24 | $2.5B | $424.9M | ||
| Q1 24 | $385.0M | $478.9M |
总债务MPLXWSO
| Q4 25 | $24.2B | $361.6M | ||
| Q3 25 | $24.1B | $340.8M | ||
| Q2 25 | $19.7B | $338.7M | ||
| Q1 25 | $19.7B | $346.4M | ||
| Q4 24 | $19.3B | $337.2M | ||
| Q3 24 | $19.3B | $321.0M | ||
| Q2 24 | $19.2B | $307.1M | ||
| Q1 24 | $18.8B | $306.3M |
股东权益MPLXWSO
| Q4 25 | — | $2.8B | ||
| Q3 25 | — | $2.8B | ||
| Q2 25 | — | $2.8B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.6B | ||
| Q1 24 | — | $2.5B |
总资产MPLXWSO
| Q4 25 | $43.0B | $4.4B | ||
| Q3 25 | $43.2B | $4.6B | ||
| Q2 25 | $37.8B | $4.7B | ||
| Q1 25 | $39.0B | $4.5B | ||
| Q4 24 | $37.5B | $4.5B | ||
| Q3 24 | $38.5B | $4.5B | ||
| Q2 24 | $38.4B | $4.4B | ||
| Q1 24 | $36.5B | $4.4B |
负债/权益比MPLXWSO
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $399.8M |
| 自由现金流经营现金流 - 资本支出 | $782.0M | $388.5M |
| 自由现金流率自由现金流/营收 | 31.9% | 24.6% |
| 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× | 5.57× |
| 过去12个月自由现金流最近4个季度 | $4.1B | $535.1M |
8季度趋势，按日历期对齐
经营现金流MPLXWSO
| Q4 25 | $1.5B | $399.8M | ||
| Q3 25 | $1.4B | $354.9M | ||
| Q2 25 | $1.7B | $-7.4M | ||
| Q1 25 | $1.2B | $-177.6M | ||
| Q4 24 | $1.7B | $378.9M | ||
| Q3 24 | $1.4B | $232.8M | ||
| Q2 24 | $1.6B | $57.7M | ||
| Q1 24 | $1.3B | $103.7M |
自由现金流MPLXWSO
| Q4 25 | $782.0M | $388.5M | ||
| Q3 25 | $905.0M | $346.1M | ||
| Q2 25 | $1.4B | $-14.3M | ||
| Q1 25 | $979.0M | $-185.2M | ||
| Q4 24 | $1.4B | $370.9M | ||
| Q3 24 | $1.1B | $223.0M | ||
| Q2 24 | $1.4B | $51.3M | ||
| Q1 24 | $1.0B | $97.9M |
自由现金流率MPLXWSO
| Q4 25 | 31.9% | 24.6% | ||
| Q3 25 | 36.8% | 16.7% | ||
| Q2 25 | 60.9% | -0.7% | ||
| Q1 25 | 39.8% | -12.1% | ||
| Q4 24 | 56.6% | 21.1% | ||
| Q3 24 | 48.4% | 10.3% | ||
| Q2 24 | 60.0% | 2.4% | ||
| Q1 24 | 47.7% | 6.3% |
资本支出强度MPLXWSO
| Q4 25 | 29.1% | 0.7% | ||
| Q3 25 | 21.4% | 0.4% | ||
| Q2 25 | 12.8% | 0.3% | ||
| Q1 25 | 10.9% | 0.5% | ||
| Q4 24 | 12.7% | 0.5% | ||
| Q3 24 | 11.9% | 0.5% | ||
| Q2 24 | 9.4% | 0.3% | ||
| Q1 24 | 11.7% | 0.4% |
现金转化率MPLXWSO
| Q4 25 | 1.24× | 5.57× | ||
| Q3 25 | 0.92× | 2.20× | ||
| Q2 25 | 1.64× | -0.04× | ||
| Q1 25 | 1.10× | -2.22× | ||
| Q4 24 | 1.51× | 3.91× | ||
| Q3 24 | 1.35× | 1.36× | ||
| Q2 24 | 1.32× | 0.32× | ||
| Q1 24 | 1.27× | 1.19× |
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% |
WSO
暂无分部数据
