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NGL Energy Partners LP（NGL）与Rivian Automotive, Inc.（RIVN）财务数据对比。点击上方公司名可切换其他公司
Rivian Automotive, Inc.的季度营收约是NGL Energy Partners LP的1.4倍（$1.3B vs $909.8M），NGL Energy Partners LP净利率更高（5.2% vs -63.1%，领先68.2%），Rivian Automotive, Inc.同比增速更快（-25.8% vs -41.3%），NGL Energy Partners LP自由现金流更多（$45.7M vs $-1.1B），过去两年Rivian Automotive, Inc.的营收复合增速更高（3.3% 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。
Rivian Automotive是2009年成立的美国电动汽车制造商及汽车科技企业，主打基于自研滑板平台打造的电动SUV、皮卡及EDV电动配送货车，旗下R1T皮卡于2021年末正式开启交付，还计划于2023年底前在美国和加拿大布局专属充电网络，其平台可适配新车型也可对外授权使用。
NGL vs RIVN — 直观对比
营收规模更大
RIVN
是对方的1.4倍
$909.8M
营收增速更快
RIVN
高出15.4%
-41.3%
净利率更高
NGL
高出68.2%
-63.1%
自由现金流更多
NGL
多$1.2B
$-1.1B
两年增速更快
RIVN
近两年复合增速
-6.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $909.8M | $1.3B |
| 净利润 | $47.2M | $-811.0M |
| 毛利率 | 29.0% | 9.3% |
| 营业利润率 | 12.1% | -64.8% |
| 净利率 | 5.2% | -63.1% |
| 营收同比 | -41.3% | -25.8% |
| 净利润同比 | 249.3% | -9.0% |
| 每股收益（稀释后） | — | $-0.66 |
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NGLRIVN
| Q4 25 | $909.8M | $1.3B | ||
| Q3 25 | $674.7M | $1.6B | ||
| Q2 25 | $622.2M | $1.3B | ||
| Q1 25 | $971.1M | $1.2B | ||
| Q4 24 | $982.4M | $1.7B | ||
| Q3 24 | $756.5M | $874.0M | ||
| Q2 24 | $759.2M | $1.2B | ||
| Q1 24 | $1.0B | $1.2B |
净利润NGLRIVN
| Q4 25 | $47.2M | $-811.0M | ||
| Q3 25 | $29.3M | $-1.2B | ||
| Q2 25 | $68.9M | $-1.1B | ||
| Q1 25 | $13.7M | $-545.0M | ||
| Q4 24 | $13.5M | $-744.0M | ||
| Q3 24 | $2.5M | $-1.1B | ||
| Q2 24 | $9.7M | $-1.5B | ||
| Q1 24 | $-236.8M | $-1.4B |
毛利率NGLRIVN
| Q4 25 | 29.0% | 9.3% | ||
| Q3 25 | 37.6% | 1.5% | ||
| Q2 25 | 38.5% | -15.8% | ||
| Q1 25 | 26.9% | 16.6% | ||
| Q4 24 | 25.1% | 9.8% | ||
| Q3 24 | 30.9% | -44.9% | ||
| Q2 24 | 29.0% | -38.9% | ||
| Q1 24 | 21.8% | -43.8% |
营业利润率NGLRIVN
| Q4 25 | 12.1% | -64.8% | ||
| Q3 25 | 14.0% | -63.1% | ||
| Q2 25 | 15.7% | -85.5% | ||
| Q1 25 | 8.4% | -52.8% | ||
| Q4 24 | 8.6% | -38.1% | ||
| Q3 24 | 10.8% | -133.8% | ||
| Q2 24 | 10.8% | -118.7% | ||
| Q1 24 | -9.4% | -123.3% |
净利率NGLRIVN
| Q4 25 | 5.2% | -63.1% | ||
| Q3 25 | 4.3% | -75.3% | ||
| Q2 25 | 11.1% | -85.7% | ||
| Q1 25 | 1.4% | -44.0% | ||
| Q4 24 | 1.4% | -42.9% | ||
| Q3 24 | 0.3% | -125.9% | ||
| Q2 24 | 1.3% | -125.8% | ||
| Q1 24 | -22.8% | -120.1% |
每股收益（稀释后）NGLRIVN
| Q4 25 | — | $-0.66 | ||
| Q3 25 | — | $-0.96 | ||
| Q2 25 | — | $-0.97 | ||
| Q1 25 | — | $-0.48 | ||
| Q4 24 | — | $-0.67 | ||
| Q3 24 | — | $-1.08 | ||
| Q2 24 | — | $-1.46 | ||
| Q1 24 | — | $-1.48 |
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 | $6.1B |
| 总债务越低越好 | $2.9B | — |
| 股东权益账面价值 | — | $4.6B |
| 总资产 | $4.4B | $14.9B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资NGLRIVN
| Q4 25 | $6.5M | $6.1B | ||
| Q3 25 | $8.7M | $7.1B | ||
| Q2 25 | $5.4M | $7.5B | ||
| Q1 25 | $13.5M | $7.2B | ||
| Q4 24 | $5.7M | $7.7B | ||
| Q3 24 | $4.5M | $6.7B | ||
| Q2 24 | $5.3M | $7.9B | ||
| Q1 24 | $38.9M | $7.9B |
总债务NGLRIVN
| Q4 25 | $2.9B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $2.9B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $3.1B | — | ||
| Q2 24 | $3.0B | $5.5B | ||
| Q1 24 | $2.9B | $4.4B |
股东权益NGLRIVN
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $5.1B | ||
| Q2 25 | — | $6.1B | ||
| Q1 25 | — | $6.2B | ||
| Q4 24 | — | $6.6B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | — | $6.8B | ||
| Q1 24 | — | $8.1B |
总资产NGLRIVN
| Q4 25 | $4.4B | $14.9B | ||
| Q3 25 | $4.3B | $15.2B | ||
| Q2 25 | $4.2B | $15.6B | ||
| Q1 25 | $4.6B | $15.5B | ||
| Q4 24 | $4.8B | $15.4B | ||
| Q3 24 | $4.9B | $14.3B | ||
| Q2 24 | $4.8B | $15.4B | ||
| Q1 24 | $5.0B | $15.7B |
负债/权益比NGLRIVN
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | — | 0.55× |
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 | $-681.0M |
| 自由现金流经营现金流 - 资本支出 | $45.7M | $-1.1B |
| 自由现金流率自由现金流/营收 | 5.0% | -89.0% |
| 资本支出强度资本支出/营收 | 15.0% | 36.0% |
| 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 | $-2.5B |
8季度趋势，按日历期对齐
经营现金流NGLRIVN
| Q4 25 | $182.3M | $-681.0M | ||
| Q3 25 | $40.5M | $26.0M | ||
| Q2 25 | $33.2M | $64.0M | ||
| Q1 25 | $155.0M | $-188.0M | ||
| Q4 24 | $153.8M | $1.2B | ||
| Q3 24 | $6.7M | $-876.0M | ||
| Q2 24 | $-18.1M | $-754.0M | ||
| Q1 24 | $152.2M | $-1.3B |
自由现金流NGLRIVN
| Q4 25 | $45.7M | $-1.1B | ||
| Q3 25 | $9.5M | $-421.0M | ||
| Q2 25 | $11.1M | $-398.0M | ||
| Q1 25 | $60.4M | $-526.0M | ||
| Q4 24 | $152.1M | $856.0M | ||
| Q3 24 | $-82.9M | $-1.2B | ||
| Q2 24 | $-78.0M | $-1.0B | ||
| Q1 24 | $119.8M | $-1.5B |
自由现金流率NGLRIVN
| Q4 25 | 5.0% | -89.0% | ||
| Q3 25 | 1.4% | -27.0% | ||
| Q2 25 | 1.8% | -30.5% | ||
| Q1 25 | 6.2% | -42.4% | ||
| Q4 24 | 15.5% | 49.4% | ||
| Q3 24 | -11.0% | -131.9% | ||
| Q2 24 | -10.3% | -89.6% | ||
| Q1 24 | 11.5% | -126.5% |
资本支出强度NGLRIVN
| Q4 25 | 15.0% | 36.0% | ||
| Q3 25 | 4.6% | 28.7% | ||
| Q2 25 | 3.6% | 35.5% | ||
| Q1 25 | 9.7% | 27.3% | ||
| Q4 24 | 0.2% | 18.9% | ||
| Q3 24 | 11.8% | 31.7% | ||
| Q2 24 | 7.9% | 24.4% | ||
| Q1 24 | 3.1% | 21.1% |
现金转化率NGLRIVN
| Q4 25 | 3.86× | — | ||
| Q3 25 | 1.38× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | 11.29× | — | ||
| Q4 24 | 11.39× | — | ||
| Q3 24 | 2.74× | — | ||
| Q2 24 | -1.87× | — | ||
| Q1 24 | — | — |
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% |
RIVN
| Automotive Segment | $839.0M | 65% |
| Software And Services Segment | $447.0M | 35% |
| Regulatory Credits | $30.0M | 2% |
