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NGL Energy Partners LP（NGL）与先锋自然资源公司（PR）财务数据对比。点击上方公司名可切换其他公司
先锋自然资源公司的季度营收约是NGL Energy Partners LP的1.3倍（$1.2B vs $909.8M），先锋自然资源公司净利率更高（29.0% vs 5.2%，领先23.8%），先锋自然资源公司同比增速更快（-9.8% vs -41.3%），过去两年先锋自然资源公司的营收复合增速更高（-3.0% 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。
先锋自然资源公司总部位于美国得克萨斯州欧文市，主要从事油气勘探业务，运营覆盖二叠纪盆地Spraberry产区的克莱恩页岩区块，是该区域最大的土地权益持有方，2024年5月被埃克森美孚收购。
NGL vs PR — 直观对比
营收规模更大
PR
是对方的1.3倍
$909.8M
营收增速更快
PR
高出31.5%
-41.3%
净利率更高
PR
高出23.8%
5.2%
两年增速更快
PR
近两年复合增速
-6.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $909.8M | $1.2B |
| 净利润 | $47.2M | $339.5M |
| 毛利率 | 29.0% | — |
| 营业利润率 | 12.1% | 23.1% |
| 净利率 | 5.2% | 29.0% |
| 营收同比 | -41.3% | -9.8% |
| 净利润同比 | 249.3% | 56.7% |
| 每股收益（稀释后） | — | $0.48 |
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NGLPR
| Q4 25 | $909.8M | $1.2B | ||
| Q3 25 | $674.7M | $1.3B | ||
| Q2 25 | $622.2M | $1.2B | ||
| Q1 25 | $971.1M | $1.4B | ||
| Q4 24 | $982.4M | $1.3B | ||
| Q3 24 | $756.5M | $1.2B | ||
| Q2 24 | $759.2M | $1.2B | ||
| Q1 24 | $1.0B | $1.2B |
净利润NGLPR
| Q4 25 | $47.2M | $339.5M | ||
| Q3 25 | $29.3M | $59.2M | ||
| Q2 25 | $68.9M | $207.1M | ||
| Q1 25 | $13.7M | $329.3M | ||
| Q4 24 | $13.5M | $216.7M | ||
| Q3 24 | $2.5M | $386.4M | ||
| Q2 24 | $9.7M | $235.1M | ||
| Q1 24 | $-236.8M | $146.6M |
毛利率NGLPR
| Q4 25 | 29.0% | — | ||
| Q3 25 | 37.6% | — | ||
| Q2 25 | 38.5% | — | ||
| Q1 25 | 26.9% | — | ||
| Q4 24 | 25.1% | — | ||
| Q3 24 | 30.9% | — | ||
| Q2 24 | 29.0% | — | ||
| Q1 24 | 21.8% | — |
营业利润率NGLPR
| Q4 25 | 12.1% | 23.1% | ||
| Q3 25 | 14.0% | 29.6% | ||
| Q2 25 | 15.7% | 24.8% | ||
| Q1 25 | 8.4% | 36.6% | ||
| Q4 24 | 8.6% | 32.8% | ||
| Q3 24 | 10.8% | 32.5% | ||
| Q2 24 | 10.8% | 36.5% | ||
| Q1 24 | -9.4% | 37.7% |
净利率NGLPR
| Q4 25 | 5.2% | 29.0% | ||
| Q3 25 | 4.3% | 4.5% | ||
| Q2 25 | 11.1% | 17.3% | ||
| Q1 25 | 1.4% | 23.9% | ||
| Q4 24 | 1.4% | 16.7% | ||
| Q3 24 | 0.3% | 31.8% | ||
| Q2 24 | 1.3% | 18.9% | ||
| Q1 24 | -22.8% | 11.8% |
每股收益（稀释后）NGLPR
| Q4 25 | — | $0.48 | ||
| Q3 25 | — | $0.08 | ||
| Q2 25 | — | $0.28 | ||
| Q1 25 | — | $0.44 | ||
| Q4 24 | — | $0.31 | ||
| Q3 24 | — | $0.53 | ||
| Q2 24 | — | $0.36 | ||
| Q1 24 | — | $0.25 |
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 | $153.7M |
| 总债务越低越好 | $2.9B | $3.5B |
| 股东权益账面价值 | — | $10.3B |
| 总资产 | $4.4B | $17.9B |
| 负债/权益比越低杠杆越低 | — | 0.34× |
8季度趋势，按日历期对齐
现金及短期投资NGLPR
| Q4 25 | $6.5M | $153.7M | ||
| Q3 25 | $8.7M | $111.8M | ||
| Q2 25 | $5.4M | $451.0M | ||
| Q1 25 | $13.5M | $702.2M | ||
| Q4 24 | $5.7M | $479.3M | ||
| Q3 24 | $4.5M | $272.0M | ||
| Q2 24 | $5.3M | $47.8M | ||
| Q1 24 | $38.9M | $12.7M |
总债务NGLPR
| Q4 25 | $2.9B | $3.5B | ||
| Q3 25 | $2.9B | $3.5B | ||
| Q2 25 | $2.9B | $4.0B | ||
| Q1 25 | $3.0B | $4.0B | ||
| Q4 24 | $3.1B | $4.2B | ||
| Q3 24 | $3.1B | $4.2B | ||
| Q2 24 | $3.0B | $3.9B | ||
| Q1 24 | $2.9B | $3.9B |
股东权益NGLPR
| Q4 25 | — | $10.3B | ||
| Q3 25 | — | $10.0B | ||
| Q2 25 | — | $9.5B | ||
| Q1 25 | — | $9.4B | ||
| Q4 24 | — | $9.1B | ||
| Q3 24 | — | $9.0B | ||
| Q2 24 | — | $8.3B | ||
| Q1 24 | — | $7.0B |
总资产NGLPR
| Q4 25 | $4.4B | $17.9B | ||
| Q3 25 | $4.3B | $17.3B | ||
| Q2 25 | $4.2B | $17.5B | ||
| Q1 25 | $4.6B | $17.1B | ||
| Q4 24 | $4.8B | $16.9B | ||
| Q3 24 | $4.9B | $16.6B | ||
| Q2 24 | $4.8B | $15.4B | ||
| Q1 24 | $5.0B | $15.1B |
负债/权益比NGLPR
| Q4 25 | — | 0.34× | ||
| Q3 25 | — | 0.35× | ||
| Q2 25 | — | 0.42× | ||
| Q1 25 | — | 0.43× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 0.46× | ||
| Q1 24 | — | 0.56× |
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 | $904.3M |
| 自由现金流经营现金流 - 资本支出 | $45.7M | — |
| 自由现金流率自由现金流/营收 | 5.0% | — |
| 资本支出强度资本支出/营收 | 15.0% | — |
| 现金转化率经营现金流/净利润 | 3.86× | 2.66× |
| 过去12个月自由现金流最近4个季度 | $126.7M | — |
8季度趋势，按日历期对齐
经营现金流NGLPR
| Q4 25 | $182.3M | $904.3M | ||
| Q3 25 | $40.5M | $766.5M | ||
| Q2 25 | $33.2M | $1.0B | ||
| Q1 25 | $155.0M | $898.0M | ||
| Q4 24 | $153.8M | $871.6M | ||
| Q3 24 | $6.7M | $954.4M | ||
| Q2 24 | $-18.1M | $938.4M | ||
| Q1 24 | $152.2M | $647.6M |
自由现金流NGLPR
| Q4 25 | $45.7M | — | ||
| Q3 25 | $9.5M | — | ||
| Q2 25 | $11.1M | — | ||
| Q1 25 | $60.4M | — | ||
| Q4 24 | $152.1M | — | ||
| Q3 24 | $-82.9M | — | ||
| Q2 24 | $-78.0M | — | ||
| Q1 24 | $119.8M | — |
自由现金流率NGLPR
| Q4 25 | 5.0% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 6.2% | — | ||
| Q4 24 | 15.5% | — | ||
| Q3 24 | -11.0% | — | ||
| Q2 24 | -10.3% | — | ||
| Q1 24 | 11.5% | — |
资本支出强度NGLPR
| Q4 25 | 15.0% | — | ||
| Q3 25 | 4.6% | — | ||
| Q2 25 | 3.6% | — | ||
| Q1 25 | 9.7% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 11.8% | — | ||
| Q2 24 | 7.9% | — | ||
| Q1 24 | 3.1% | — |
现金转化率NGLPR
| Q4 25 | 3.86× | 2.66× | ||
| Q3 25 | 1.38× | 12.94× | ||
| Q2 25 | 0.48× | 5.01× | ||
| Q1 25 | 11.29× | 2.73× | ||
| Q4 24 | 11.39× | 4.02× | ||
| Q3 24 | 2.74× | 2.47× | ||
| Q2 24 | -1.87× | 3.99× | ||
| Q1 24 | — | 4.42× |
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% |
PR
| Crude Oil | $1.0B | 87% |
| Natural Gas Liquids Reserves | $145.1M | 12% |
