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NGL Energy Partners LP（NGL）与RXO, Inc.（RXO）财务数据对比。点击上方公司名可切换其他公司
RXO, Inc.的季度营收约是NGL Energy Partners LP的1.6倍（$1.5B vs $909.8M），NGL Energy Partners LP净利率更高（5.2% vs -3.1%，领先8.3%），RXO, Inc.同比增速更快（-11.9% vs -41.3%），NGL Energy Partners LP自由现金流更多（$45.7M vs $-9.0M），过去两年RXO, Inc.的营收复合增速更高（26.8% 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。
RXO是总部位于美国的头部运输及物流解决方案供应商，核心业务覆盖货运经纪、大件商品最后一公里配送、运输管理服务与全链路供应链优化支持，主要服务北美制造业、零售业及电商领域的客户。
NGL vs RXO — 直观对比
营收规模更大
RXO
是对方的1.6倍
$909.8M
营收增速更快
RXO
高出29.4%
-41.3%
净利率更高
NGL
高出8.3%
-3.1%
自由现金流更多
NGL
多$54.7M
$-9.0M
两年增速更快
RXO
近两年复合增速
-6.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $909.8M | $1.5B |
| 净利润 | $47.2M | $-46.0M |
| 毛利率 | 29.0% | — |
| 营业利润率 | 12.1% | -2.9% |
| 净利率 | 5.2% | -3.1% |
| 营收同比 | -41.3% | -11.9% |
| 净利润同比 | 249.3% | -84.0% |
| 每股收益（稀释后） | — | $-0.28 |
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NGLRXO
| Q4 25 | $909.8M | $1.5B | ||
| Q3 25 | $674.7M | $1.4B | ||
| Q2 25 | $622.2M | $1.4B | ||
| Q1 25 | $971.1M | $1.4B | ||
| Q4 24 | $982.4M | $1.7B | ||
| Q3 24 | $756.5M | $1.0B | ||
| Q2 24 | $759.2M | $930.0M | ||
| Q1 24 | $1.0B | $913.0M |
净利润NGLRXO
| Q4 25 | $47.2M | $-46.0M | ||
| Q3 25 | $29.3M | $-14.0M | ||
| Q2 25 | $68.9M | $-9.0M | ||
| Q1 25 | $13.7M | $-31.0M | ||
| Q4 24 | $13.5M | $-25.0M | ||
| Q3 24 | $2.5M | $-243.0M | ||
| Q2 24 | $9.7M | $-7.0M | ||
| Q1 24 | $-236.8M | $-15.0M |
毛利率NGLRXO
| 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NGLRXO
| Q4 25 | 12.1% | -2.9% | ||
| Q3 25 | 14.0% | -0.5% | ||
| Q2 25 | 15.7% | — | ||
| Q1 25 | 8.4% | -2.1% | ||
| Q4 24 | 8.6% | -1.4% | ||
| Q3 24 | 10.8% | -1.9% | ||
| Q2 24 | 10.8% | — | ||
| Q1 24 | -9.4% | -1.3% |
净利率NGLRXO
| Q4 25 | 5.2% | -3.1% | ||
| Q3 25 | 4.3% | -1.0% | ||
| Q2 25 | 11.1% | -0.6% | ||
| Q1 25 | 1.4% | -2.2% | ||
| Q4 24 | 1.4% | -1.5% | ||
| Q3 24 | 0.3% | -23.4% | ||
| Q2 24 | 1.3% | -0.8% | ||
| Q1 24 | -22.8% | -1.6% |
每股收益（稀释后）NGLRXO
| Q4 25 | — | $-0.28 | ||
| Q3 25 | — | $-0.08 | ||
| Q2 25 | — | $-0.05 | ||
| Q1 25 | — | $-0.18 | ||
| Q4 24 | — | $-0.17 | ||
| Q3 24 | — | $-1.81 | ||
| Q2 24 | — | $-0.06 | ||
| Q1 24 | — | $-0.13 |
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 | $17.0M |
| 总债务越低越好 | $2.9B | $387.0M |
| 股东权益账面价值 | — | $1.5B |
| 总资产 | $4.4B | $3.3B |
| 负债/权益比越低杠杆越低 | — | 0.25× |
8季度趋势，按日历期对齐
现金及短期投资NGLRXO
| Q4 25 | $6.5M | $17.0M | ||
| Q3 25 | $8.7M | $25.0M | ||
| Q2 25 | $5.4M | $18.0M | ||
| Q1 25 | $13.5M | $16.0M | ||
| Q4 24 | $5.7M | $35.0M | ||
| Q3 24 | $4.5M | $55.0M | ||
| Q2 24 | $5.3M | $7.0M | ||
| Q1 24 | $38.9M | $7.0M |
总债务NGLRXO
| Q4 25 | $2.9B | $387.0M | ||
| Q3 25 | $2.9B | $387.0M | ||
| Q2 25 | $2.9B | $387.0M | ||
| Q1 25 | $3.0B | $387.0M | ||
| Q4 24 | $3.1B | $351.0M | ||
| Q3 24 | $3.1B | $352.0M | ||
| Q2 24 | $3.0B | $370.0M | ||
| Q1 24 | $2.9B | $351.0M |
股东权益NGLRXO
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.6B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $579.0M | ||
| Q1 24 | — | $582.0M |
总资产NGLRXO
| Q4 25 | $4.4B | $3.3B | ||
| Q3 25 | $4.3B | $3.2B | ||
| Q2 25 | $4.2B | $3.2B | ||
| Q1 25 | $4.6B | $3.3B | ||
| Q4 24 | $4.8B | $3.4B | ||
| Q3 24 | $4.9B | $3.4B | ||
| Q2 24 | $4.8B | $1.8B | ||
| Q1 24 | $5.0B | $1.8B |
负债/权益比NGLRXO
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.60× |
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 | $7.0M |
| 自由现金流经营现金流 - 资本支出 | $45.7M | $-9.0M |
| 自由现金流率自由现金流/营收 | 5.0% | -0.6% |
| 资本支出强度资本支出/营收 | 15.0% | 1.1% |
| 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 | $-8.0M |
8季度趋势，按日历期对齐
经营现金流NGLRXO
| Q4 25 | $182.3M | $7.0M | ||
| Q3 25 | $40.5M | $23.0M | ||
| Q2 25 | $33.2M | $23.0M | ||
| Q1 25 | $155.0M | $-2.0M | ||
| Q4 24 | $153.8M | $-7.0M | ||
| Q3 24 | $6.7M | $-7.0M | ||
| Q2 24 | $-18.1M | $-5.0M | ||
| Q1 24 | $152.2M | $7.0M |
自由现金流NGLRXO
| Q4 25 | $45.7M | $-9.0M | ||
| Q3 25 | $9.5M | $9.0M | ||
| Q2 25 | $11.1M | $9.0M | ||
| Q1 25 | $60.4M | $-17.0M | ||
| Q4 24 | $152.1M | $-19.0M | ||
| Q3 24 | $-82.9M | $-18.0M | ||
| Q2 24 | $-78.0M | $-16.0M | ||
| Q1 24 | $119.8M | $-4.0M |
自由现金流率NGLRXO
| Q4 25 | 5.0% | -0.6% | ||
| Q3 25 | 1.4% | 0.6% | ||
| Q2 25 | 1.8% | 0.6% | ||
| Q1 25 | 6.2% | -1.2% | ||
| Q4 24 | 15.5% | -1.1% | ||
| Q3 24 | -11.0% | -1.7% | ||
| Q2 24 | -10.3% | -1.7% | ||
| Q1 24 | 11.5% | -0.4% |
资本支出强度NGLRXO
| Q4 25 | 15.0% | 1.1% | ||
| Q3 25 | 4.6% | 1.0% | ||
| Q2 25 | 3.6% | 1.0% | ||
| Q1 25 | 9.7% | 1.0% | ||
| Q4 24 | 0.2% | 0.7% | ||
| Q3 24 | 11.8% | 1.1% | ||
| Q2 24 | 7.9% | 1.2% | ||
| Q1 24 | 3.1% | 1.2% |
现金转化率NGLRXO
| 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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
