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NGL Energy Partners LP（NGL）与SCANSOURCE, INC.（SCSC）财务数据对比。点击上方公司名可切换其他公司
NGL Energy Partners LP的季度营收约是SCANSOURCE, INC.的1.2倍（$909.8M vs $766.5M），NGL Energy Partners LP净利率更高（5.2% vs 2.2%，领先3.0%），SCANSOURCE, INC.同比增速更快（2.5% vs -41.3%），NGL Energy Partners LP自由现金流更多（$45.7M vs $28.9M），过去两年SCANSOURCE, INC.的营收复合增速更高（0.9% 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。
ScanSource是全球领先的专业技术分销商，主营销售点系统、条码扫描设备、网络安全产品、云服务及通信解决方案，面向北美、拉美、欧洲的增值经销商、服务提供商及企业客户，覆盖零售、医疗、工业、公共部门等领域。
NGL vs SCSC — 直观对比
营收规模更大
NGL
是对方的1.2倍
$766.5M
营收增速更快
SCSC
高出43.8%
-41.3%
净利率更高
NGL
高出3.0%
2.2%
自由现金流更多
NGL
多$16.8M
$28.9M
两年增速更快
SCSC
近两年复合增速
-6.4%
损益表 — Q3 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $909.8M | $766.5M |
| 净利润 | $47.2M | $16.5M |
| 毛利率 | 29.0% | 13.4% |
| 营业利润率 | 12.1% | 2.3% |
| 净利率 | 5.2% | 2.2% |
| 营收同比 | -41.3% | 2.5% |
| 净利润同比 | 249.3% | -3.3% |
| 每股收益（稀释后） | — | $0.75 |
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NGLSCSC
| Q4 25 | $909.8M | $766.5M | ||
| Q3 25 | $674.7M | $739.6M | ||
| Q2 25 | $622.2M | $812.9M | ||
| Q1 25 | $971.1M | $704.8M | ||
| Q4 24 | $982.4M | $747.5M | ||
| Q3 24 | $756.5M | $775.6M | ||
| Q2 24 | $759.2M | $746.1M | ||
| Q1 24 | $1.0B | $752.6M |
净利润NGLSCSC
| Q4 25 | $47.2M | $16.5M | ||
| Q3 25 | $29.3M | $19.9M | ||
| Q2 25 | $68.9M | $20.1M | ||
| Q1 25 | $13.7M | $17.4M | ||
| Q4 24 | $13.5M | $17.1M | ||
| Q3 24 | $2.5M | $17.0M | ||
| Q2 24 | $9.7M | $16.1M | ||
| Q1 24 | $-236.8M | $12.8M |
毛利率NGLSCSC
| Q4 25 | 29.0% | 13.4% | ||
| Q3 25 | 37.6% | 14.5% | ||
| Q2 25 | 38.5% | 12.9% | ||
| Q1 25 | 26.9% | 14.2% | ||
| Q4 24 | 25.1% | 13.6% | ||
| Q3 24 | 30.9% | 13.1% | ||
| Q2 24 | 29.0% | 13.0% | ||
| Q1 24 | 21.8% | 12.6% |
营业利润率NGLSCSC
| Q4 25 | 12.1% | 2.3% | ||
| Q3 25 | 14.0% | 3.5% | ||
| Q2 25 | 15.7% | 3.3% | ||
| Q1 25 | 8.4% | 3.2% | ||
| Q4 24 | 8.6% | 2.5% | ||
| Q3 24 | 10.8% | 2.3% | ||
| Q2 24 | 10.8% | 2.9% | ||
| Q1 24 | -9.4% | 2.3% |
净利率NGLSCSC
| Q4 25 | 5.2% | 2.2% | ||
| Q3 25 | 4.3% | 2.7% | ||
| Q2 25 | 11.1% | 2.5% | ||
| Q1 25 | 1.4% | 2.5% | ||
| Q4 24 | 1.4% | 2.3% | ||
| Q3 24 | 0.3% | 2.2% | ||
| Q2 24 | 1.3% | 2.2% | ||
| Q1 24 | -22.8% | 1.7% |
每股收益（稀释后）NGLSCSC
| Q4 25 | — | $0.75 | ||
| Q3 25 | — | $0.89 | ||
| Q2 25 | — | $0.87 | ||
| Q1 25 | — | $0.74 | ||
| Q4 24 | — | $0.70 | ||
| Q3 24 | — | $0.69 | ||
| Q2 24 | — | $0.66 | ||
| Q1 24 | — | $0.50 |
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 | $83.5M |
| 总债务越低越好 | $2.9B | — |
| 股东权益账面价值 | — | $910.9M |
| 总资产 | $4.4B | $1.7B |
| 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NGLSCSC
| Q4 25 | $6.5M | $83.5M | ||
| Q3 25 | $8.7M | $124.9M | ||
| Q2 25 | $5.4M | $126.2M | ||
| Q1 25 | $13.5M | $146.3M | ||
| Q4 24 | $5.7M | $110.5M | ||
| Q3 24 | $4.5M | $145.0M | ||
| Q2 24 | $5.3M | $185.5M | ||
| Q1 24 | $38.9M | $159.1M |
总债务NGLSCSC
| 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 | — | ||
| Q1 24 | $2.9B | — |
股东权益NGLSCSC
| Q4 25 | — | $910.9M | ||
| Q3 25 | — | $914.0M | ||
| Q2 25 | — | $906.4M | ||
| Q1 25 | — | $901.7M | ||
| Q4 24 | — | $900.7M | ||
| Q3 24 | — | $920.9M | ||
| Q2 24 | — | $924.3M | ||
| Q1 24 | — | $944.1M |
总资产NGLSCSC
| Q4 25 | $4.4B | $1.7B | ||
| Q3 25 | $4.3B | $1.7B | ||
| Q2 25 | $4.2B | $1.8B | ||
| Q1 25 | $4.6B | $1.7B | ||
| Q4 24 | $4.8B | $1.7B | ||
| Q3 24 | $4.9B | $1.8B | ||
| Q2 24 | $4.8B | $1.8B | ||
| Q1 24 | $5.0B | $1.8B |
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 | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $45.7M | $28.9M |
| 自由现金流率自由现金流/营收 | 5.0% | 3.8% |
| 资本支出强度资本支出/营收 | 15.0% | 0.3% |
| 现金转化率经营现金流/净利润 | 3.86× | 1.87× |
| 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NGLSCSC
| Q4 25 | $182.3M | $30.8M | ||
| Q3 25 | $40.5M | $23.2M | ||
| Q2 25 | $33.2M | — | ||
| Q1 25 | $155.0M | $66.1M | ||
| Q4 24 | $153.8M | $-6.2M | ||
| Q3 24 | $6.7M | $44.8M | ||
| Q2 24 | $-18.1M | — | ||
| Q1 24 | $152.2M | $160.2M |
自由现金流NGLSCSC
| Q4 25 | $45.7M | $28.9M | ||
| Q3 25 | $9.5M | $20.8M | ||
| Q2 25 | $11.1M | — | ||
| Q1 25 | $60.4M | $64.6M | ||
| Q4 24 | $152.1M | $-8.2M | ||
| Q3 24 | $-82.9M | $42.5M | ||
| Q2 24 | $-78.0M | — | ||
| Q1 24 | $119.8M | $157.7M |
自由现金流率NGLSCSC
| Q4 25 | 5.0% | 3.8% | ||
| Q3 25 | 1.4% | 2.8% | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 6.2% | 9.2% | ||
| Q4 24 | 15.5% | -1.1% | ||
| Q3 24 | -11.0% | 5.5% | ||
| Q2 24 | -10.3% | — | ||
| Q1 24 | 11.5% | 21.0% |
资本支出强度NGLSCSC
| Q4 25 | 15.0% | 0.3% | ||
| Q3 25 | 4.6% | 0.3% | ||
| Q2 25 | 3.6% | 0.3% | ||
| Q1 25 | 9.7% | 0.2% | ||
| Q4 24 | 0.2% | 0.3% | ||
| Q3 24 | 11.8% | 0.3% | ||
| Q2 24 | 7.9% | 0.2% | ||
| Q1 24 | 3.1% | 0.3% |
现金转化率NGLSCSC
| Q4 25 | 3.86× | 1.87× | ||
| Q3 25 | 1.38× | 1.17× | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | 11.29× | 3.79× | ||
| Q4 24 | 11.39× | -0.36× | ||
| Q3 24 | 2.74× | 2.64× | ||
| Q2 24 | -1.87× | — | ||
| Q1 24 | — | 12.51× |
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% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
