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NGL Energy Partners LP（NGL）与利氏兄弟拍卖行（RBA）财务数据对比。点击上方公司名可切换其他公司
利氏兄弟拍卖行的季度营收约是NGL Energy Partners LP的1.3倍（$1.2B vs $909.8M），利氏兄弟拍卖行净利率更高（9.1% vs 5.2%，领先3.9%），利氏兄弟拍卖行同比增速更快（5.4% vs -41.3%），利氏兄弟拍卖行自由现金流更多（$186.5M vs $45.7M），过去两年利氏兄弟拍卖行的营收复合增速更高（6.3% 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。
利氏兄弟拍卖行（股票代码RBA）是全球知名的工业资产拍卖服务商，注册地位于加拿大，属公开上市企业，总部设在美国伊利诺伊州韦斯特切斯特，普通股同时在多伦多证券交易所与纽约证券交易所挂牌交易。
NGL vs RBA — 直观对比
营收规模更大
RBA
是对方的1.3倍
$909.8M
营收增速更快
RBA
高出46.7%
-41.3%
净利率更高
RBA
高出3.9%
5.2%
自由现金流更多
RBA
多$140.8M
$45.7M
两年增速更快
RBA
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 | $109.7M |
| 毛利率 | 29.0% | — |
| 营业利润率 | 12.1% | 14.7% |
| 净利率 | 5.2% | 9.1% |
| 营收同比 | -41.3% | 5.4% |
| 净利润同比 | 249.3% | -7.4% |
| 每股收益（稀释后） | — | $0.53 |
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NGLRBA
| Q4 25 | $909.8M | $1.2B | ||
| Q3 25 | $674.7M | $1.1B | ||
| Q2 25 | $622.2M | $1.2B | ||
| Q1 25 | $971.1M | $1.1B | ||
| Q4 24 | $982.4M | $1.1B | ||
| Q3 24 | $756.5M | $981.8M | ||
| Q2 24 | $759.2M | $1.1B | ||
| Q1 24 | $1.0B | $1.1B |
净利润NGLRBA
| Q4 25 | $47.2M | $109.7M | ||
| Q3 25 | $29.3M | $95.5M | ||
| Q2 25 | $68.9M | $109.8M | ||
| Q1 25 | $13.7M | $113.4M | ||
| Q4 24 | $13.5M | $118.5M | ||
| Q3 24 | $2.5M | $76.1M | ||
| Q2 24 | $9.7M | $111.1M | ||
| Q1 24 | $-236.8M | $107.4M |
毛利率NGLRBA
| 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NGLRBA
| Q4 25 | 12.1% | 14.7% | ||
| Q3 25 | 14.0% | 14.5% | ||
| Q2 25 | 15.7% | 15.9% | ||
| Q1 25 | 8.4% | 17.1% | ||
| Q4 24 | 8.6% | 18.1% | ||
| Q3 24 | 10.8% | 15.6% | ||
| Q2 24 | 10.8% | 18.4% | ||
| Q1 24 | -9.4% | 18.7% |
净利率NGLRBA
| Q4 25 | 5.2% | 9.1% | ||
| Q3 25 | 4.3% | 8.7% | ||
| Q2 25 | 11.1% | 9.3% | ||
| Q1 25 | 1.4% | 10.2% | ||
| Q4 24 | 1.4% | 10.4% | ||
| Q3 24 | 0.3% | 7.8% | ||
| Q2 24 | 1.3% | 10.1% | ||
| Q1 24 | -22.8% | 10.1% |
每股收益（稀释后）NGLRBA
| Q4 25 | — | $0.53 | ||
| Q3 25 | — | $0.43 | ||
| Q2 25 | — | $0.53 | ||
| Q1 25 | — | $0.55 | ||
| Q4 24 | — | $0.58 | ||
| Q3 24 | — | $0.36 | ||
| Q2 24 | — | $0.54 | ||
| Q1 24 | — | $0.53 |
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 | $531.5M |
| 总债务越低越好 | $2.9B | $2.3B |
| 股东权益账面价值 | — | $5.6B |
| 总资产 | $4.4B | $12.1B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资NGLRBA
| Q4 25 | $6.5M | $531.5M | ||
| Q3 25 | $8.7M | $674.7M | ||
| Q2 25 | $5.4M | $710.2M | ||
| Q1 25 | $13.5M | $578.1M | ||
| Q4 24 | $5.7M | $533.9M | ||
| Q3 24 | $4.5M | $650.7M | ||
| Q2 24 | $5.3M | $599.5M | ||
| Q1 24 | $38.9M | $462.8M |
总债务NGLRBA
| Q4 25 | $2.9B | $2.3B | ||
| Q3 25 | $2.9B | $2.6B | ||
| Q2 25 | $2.9B | $2.6B | ||
| Q1 25 | $3.0B | $2.6B | ||
| Q4 24 | $3.1B | $2.6B | ||
| Q3 24 | $3.1B | $2.7B | ||
| Q2 24 | $3.0B | $2.8B | ||
| Q1 24 | $2.9B | $2.9B |
股东权益NGLRBA
| Q4 25 | — | $5.6B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $5.5B | ||
| Q1 25 | — | $5.3B | ||
| Q4 24 | — | $5.2B | ||
| Q3 24 | — | $5.2B | ||
| Q2 24 | — | $5.2B | ||
| Q1 24 | — | $5.1B |
总资产NGLRBA
| Q4 25 | $4.4B | $12.1B | ||
| Q3 25 | $4.3B | $12.2B | ||
| Q2 25 | $4.2B | $12.2B | ||
| Q1 25 | $4.6B | $11.9B | ||
| Q4 24 | $4.8B | $11.8B | ||
| Q3 24 | $4.9B | $11.9B | ||
| Q2 24 | $4.8B | $12.1B | ||
| Q1 24 | $5.0B | $12.0B |
负债/权益比NGLRBA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.47× | ||
| Q2 25 | — | 0.47× | ||
| Q1 25 | — | 0.50× | ||
| Q4 24 | — | 0.50× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.55× | ||
| Q1 24 | — | 0.58× |
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 | $255.2M |
| 自由现金流经营现金流 - 资本支出 | $45.7M | $186.5M |
| 自由现金流率自由现金流/营收 | 5.0% | 15.5% |
| 资本支出强度资本支出/营收 | 15.0% | 5.7% |
| 现金转化率经营现金流/净利润 | 3.86× | 2.33× |
| 过去12个月自由现金流最近4个季度 | $126.7M | $719.2M |
8季度趋势，按日历期对齐
经营现金流NGLRBA
| Q4 25 | $182.3M | $255.2M | ||
| Q3 25 | $40.5M | $239.7M | ||
| Q2 25 | $33.2M | $326.5M | ||
| Q1 25 | $155.0M | $156.8M | ||
| Q4 24 | $153.8M | $184.5M | ||
| Q3 24 | $6.7M | $285.4M | ||
| Q2 24 | $-18.1M | $337.3M | ||
| Q1 24 | $152.2M | $124.8M |
自由现金流NGLRBA
| Q4 25 | $45.7M | $186.5M | ||
| Q3 25 | $9.5M | $188.5M | ||
| Q2 25 | $11.1M | $241.7M | ||
| Q1 25 | $60.4M | $102.5M | ||
| Q4 24 | $152.1M | $127.9M | ||
| Q3 24 | $-82.9M | $248.5M | ||
| Q2 24 | $-78.0M | $308.6M | ||
| Q1 24 | $119.8M | $79.6M |
自由现金流率NGLRBA
| Q4 25 | 5.0% | 15.5% | ||
| Q3 25 | 1.4% | 17.3% | ||
| Q2 25 | 1.8% | 20.4% | ||
| Q1 25 | 6.2% | 9.2% | ||
| Q4 24 | 15.5% | 11.2% | ||
| Q3 24 | -11.0% | 25.3% | ||
| Q2 24 | -10.3% | 28.2% | ||
| Q1 24 | 11.5% | 7.5% |
资本支出强度NGLRBA
| Q4 25 | 15.0% | 5.7% | ||
| Q3 25 | 4.6% | 4.7% | ||
| Q2 25 | 3.6% | 7.2% | ||
| Q1 25 | 9.7% | 4.9% | ||
| Q4 24 | 0.2% | 5.0% | ||
| Q3 24 | 11.8% | 3.8% | ||
| Q2 24 | 7.9% | 2.6% | ||
| Q1 24 | 3.1% | 4.2% |
现金转化率NGLRBA
| Q4 25 | 3.86× | 2.33× | ||
| Q3 25 | 1.38× | 2.51× | ||
| Q2 25 | 0.48× | 2.97× | ||
| Q1 25 | 11.29× | 1.38× | ||
| Q4 24 | 11.39× | 1.56× | ||
| Q3 24 | 2.74× | 3.75× | ||
| Q2 24 | -1.87× | 3.04× | ||
| Q1 24 | — | 1.16× |
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% |
RBA
| Buyer Revenue | $577.2M | 48% |
| Seller Revenue | $255.2M | 21% |
| CA | $199.0M | 17% |
| Other | $124.7M | 10% |
| AU | $47.3M | 4% |
