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NGL Energy Partners LP（NGL）与滨特尔（PNR）财务数据对比。点击上方公司名可切换其他公司
滨特尔的季度营收约是NGL Energy Partners LP的1.1倍（$1.0B vs $909.8M），滨特尔净利率更高（16.6% vs 5.2%，领先11.4%），滨特尔同比增速更快（2.6% vs -41.3%），NGL Energy Partners LP自由现金流更多（$45.7M vs $-85.7M），过去两年滨特尔的营收复合增速更高（-2.9% vs -6.4%）
NGL Energy Partners LP是一家总部位于美国的中游能源服务企业，主营原油、液化天然气、可再生燃料的运输、存储及物流服务，同时为上游能源生产商提供水资源管理解决方案，业务主要覆盖北美市场。
滨特尔（股票代码PNR）是知名水处理企业，注册地位于爱尔兰，税务居民身份归属英国，美国区总部设于明尼苏达州金谷市。品牌起源于美国，2017年数据显示其65%的营收来自美国和加拿大，2014年集团完成架构重组，注册地由瑞士变更为爱尔兰。
NGL vs PNR — 直观对比
营收规模更大
PNR
是对方的1.1倍
$909.8M
营收增速更快
PNR
高出43.9%
-41.3%
净利率更高
PNR
高出11.4%
5.2%
自由现金流更多
NGL
多$131.4M
$-85.7M
两年增速更快
PNR
近两年复合增速
-6.4%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $909.8M | $1.0B |
| 净利润 | $47.2M | $172.4M |
| 毛利率 | 29.0% | 41.8% |
| 营业利润率 | 12.1% | 20.3% |
| 净利率 | 5.2% | 16.6% |
| 营收同比 | -41.3% | 2.6% |
| 净利润同比 | 249.3% | 11.3% |
| 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NGLPNR
| Q1 26 | — | $1.0B | ||
| Q4 25 | $909.8M | $1.0B | ||
| Q3 25 | $674.7M | $1.0B | ||
| Q2 25 | $622.2M | $1.1B | ||
| Q1 25 | $971.1M | $1.0B | ||
| Q4 24 | $982.4M | $972.9M | ||
| Q3 24 | $756.5M | $993.4M | ||
| Q2 24 | $759.2M | $1.1B |
净利润NGLPNR
| Q1 26 | — | $172.4M | ||
| Q4 25 | $47.2M | $166.1M | ||
| Q3 25 | $29.3M | $184.3M | ||
| Q2 25 | $68.9M | $148.5M | ||
| Q1 25 | $13.7M | $154.9M | ||
| Q4 24 | $13.5M | $166.4M | ||
| Q3 24 | $2.5M | $139.6M | ||
| Q2 24 | $9.7M | $186.1M |
毛利率NGLPNR
| Q1 26 | — | 41.8% | ||
| Q4 25 | 29.0% | 40.4% | ||
| Q3 25 | 37.6% | 41.0% | ||
| Q2 25 | 38.5% | 40.7% | ||
| Q1 25 | 26.9% | 39.9% | ||
| Q4 24 | 25.1% | 38.8% | ||
| Q3 24 | 30.9% | 39.6% | ||
| Q2 24 | 29.0% | 39.8% |
营业利润率NGLPNR
| Q1 26 | — | 20.3% | ||
| Q4 25 | 12.1% | 20.1% | ||
| Q3 25 | 14.0% | 22.7% | ||
| Q2 25 | 15.7% | 19.4% | ||
| Q1 25 | 8.4% | 20.1% | ||
| Q4 24 | 8.6% | 20.1% | ||
| Q3 24 | 10.8% | 18.1% | ||
| Q2 24 | 10.8% | 22.6% |
净利率NGLPNR
| Q1 26 | — | 16.6% | ||
| Q4 25 | 5.2% | 16.3% | ||
| Q3 25 | 4.3% | 18.0% | ||
| Q2 25 | 11.1% | 13.2% | ||
| Q1 25 | 1.4% | 15.3% | ||
| Q4 24 | 1.4% | 17.1% | ||
| Q3 24 | 0.3% | 14.1% | ||
| Q2 24 | 1.3% | 16.9% |
每股收益（稀释后）NGLPNR
| Q1 26 | — | — | ||
| Q4 25 | — | $1.01 | ||
| Q3 25 | — | $1.12 | ||
| Q2 25 | — | $0.90 | ||
| Q1 25 | — | $0.93 | ||
| Q4 24 | — | $0.99 | ||
| Q3 24 | — | $0.84 | ||
| Q2 24 | — | $1.11 |
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 | $6.5M | $67.7M |
| 总债务越低越好 | $2.9B | $1.9B |
| 股东权益账面价值 | — | $3.8B |
| 总资产 | $4.4B | $7.1B |
| 负债/权益比越低杠杆越低 | — | 0.51× |
8季度趋势，按日历期对齐
现金及短期投资NGLPNR
| Q1 26 | — | $67.7M | ||
| Q4 25 | $6.5M | — | ||
| Q3 25 | $8.7M | $128.4M | ||
| Q2 25 | $5.4M | $143.0M | ||
| Q1 25 | $13.5M | $140.6M | ||
| Q4 24 | $5.7M | $118.7M | ||
| Q3 24 | $4.5M | $218.1M | ||
| Q2 24 | $5.3M | $214.3M |
总债务NGLPNR
| Q1 26 | — | $1.9B | ||
| Q4 25 | $2.9B | $1.6B | ||
| Q3 25 | $2.9B | $1.6B | ||
| Q2 25 | $2.9B | $1.4B | ||
| Q1 25 | $3.0B | $1.8B | ||
| Q4 24 | $3.1B | $1.6B | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.0B | $1.8B |
股东权益NGLPNR
| Q1 26 | — | $3.8B | ||
| Q4 25 | — | $3.9B | ||
| Q3 25 | — | $3.8B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | — | $3.5B | ||
| Q2 24 | — | $3.4B |
总资产NGLPNR
| Q1 26 | — | $7.1B | ||
| Q4 25 | $4.4B | $6.9B | ||
| Q3 25 | $4.3B | $6.8B | ||
| Q2 25 | $4.2B | $6.5B | ||
| Q1 25 | $4.6B | $6.7B | ||
| Q4 24 | $4.8B | $6.4B | ||
| Q3 24 | $4.9B | $6.5B | ||
| Q2 24 | $4.8B | $6.5B |
负债/权益比NGLPNR
| Q1 26 | — | 0.51× | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.42× | ||
| Q2 25 | — | 0.38× | ||
| Q1 25 | — | 0.51× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.51× |
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 | $182.3M | — |
| 自由现金流经营现金流 - 资本支出 | $45.7M | $-85.7M |
| 自由现金流率自由现金流/营收 | 5.0% | -8.3% |
| 资本支出强度资本支出/营收 | 15.0% | 1.8% |
| 现金转化率经营现金流/净利润 | 3.86× | — |
| 过去12个月自由现金流最近4个季度 | $126.7M | $716.0M |
8季度趋势，按日历期对齐
经营现金流NGLPNR
| Q1 26 | — | — | ||
| Q4 25 | $182.3M | $50.8M | ||
| Q3 25 | $40.5M | $196.3M | ||
| Q2 25 | $33.2M | $606.6M | ||
| Q1 25 | $155.0M | $-38.9M | ||
| Q4 24 | $153.8M | $86.5M | ||
| Q3 24 | $6.7M | $248.6M | ||
| Q2 24 | $-18.1M | $539.2M |
自由现金流NGLPNR
| Q1 26 | — | $-85.7M | ||
| Q4 25 | $45.7M | $27.1M | ||
| Q3 25 | $9.5M | $178.9M | ||
| Q2 25 | $11.1M | $595.7M | ||
| Q1 25 | $60.4M | $-55.7M | ||
| Q4 24 | $152.1M | $63.8M | ||
| Q3 24 | $-82.9M | $233.2M | ||
| Q2 24 | $-78.0M | $522.2M |
自由现金流率NGLPNR
| Q1 26 | — | -8.3% | ||
| Q4 25 | 5.0% | 2.7% | ||
| Q3 25 | 1.4% | 17.5% | ||
| Q2 25 | 1.8% | 53.0% | ||
| Q1 25 | 6.2% | -5.5% | ||
| Q4 24 | 15.5% | 6.6% | ||
| Q3 24 | -11.0% | 23.5% | ||
| Q2 24 | -10.3% | 47.5% |
资本支出强度NGLPNR
| Q1 26 | — | 1.8% | ||
| Q4 25 | 15.0% | 2.3% | ||
| Q3 25 | 4.6% | 1.7% | ||
| Q2 25 | 3.6% | 1.0% | ||
| Q1 25 | 9.7% | 1.7% | ||
| Q4 24 | 0.2% | 2.3% | ||
| Q3 24 | 11.8% | 1.6% | ||
| Q2 24 | 7.9% | 1.5% |
现金转化率NGLPNR
| Q1 26 | — | — | ||
| Q4 25 | 3.86× | 0.31× | ||
| Q3 25 | 1.38× | 1.07× | ||
| Q2 25 | 0.48× | 4.08× | ||
| Q1 25 | 11.29× | -0.25× | ||
| Q4 24 | 11.39× | 0.52× | ||
| Q3 24 | 2.74× | 1.78× | ||
| Q2 24 | -1.87× | 2.90× |
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
NGL
| Water Solutions Segment | $208.6M | 23% |
| Services | $193.3M | 21% |
| Butane | $192.5M | 21% |
| Service Fees | $182.8M | 20% |
| Public Utilities Inventory Propane | $93.9M | 10% |
| Crude Oil | $23.3M | 3% |
| Crude Oil Transportation And Other | $6.5M | 1% |
| Liquids Logistics Segment | $2.5M | 0% |
| Crude Oil Logistics Segment | $1.2M | 0% |
PNR
| Water Solutions | $391.0M | 38% |
| Pool | $387.1M | 37% |
| Flow | $258.1M | 25% |
