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NGL Energy Partners LP（NGL）与Snap Inc（SNAP）财务数据对比。点击上方公司名可切换其他公司
Snap Inc的季度营收约是NGL Energy Partners LP的1.9倍（$1.7B vs $909.8M），NGL Energy Partners LP净利率更高（5.2% vs 2.6%，领先2.6%），Snap Inc同比增速更快（10.2% vs -41.3%），Snap Inc自由现金流更多（$205.6M vs $45.7M），过去两年Snap Inc的营收复合增速更高（19.9% 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。
Snap Inc.是一家美国科技企业，2011年9月16日由埃文·斯皮格尔、鲍比·墨菲和雷吉·布朗联合创立，总部位于加利福尼亚州圣莫尼卡。公司核心产品包括社交应用Snapchat、智能眼镜Spectacles、虚拟形象工具Bitmoji以及营销推广解决方案SnapBoost，2016年9月24日由原Snapchat Inc.更名为现名，覆盖社交、智能硬件等多元业务领域。
NGL vs SNAP — 直观对比
营收规模更大
SNAP
是对方的1.9倍
$909.8M
营收增速更快
SNAP
高出51.5%
-41.3%
净利率更高
NGL
高出2.6%
2.6%
自由现金流更多
SNAP
多$159.8M
$45.7M
两年增速更快
SNAP
近两年复合增速
-6.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $909.8M | $1.7B |
| 净利润 | $47.2M | $45.2M |
| 毛利率 | 29.0% | 59.1% |
| 营业利润率 | 12.1% | 2.9% |
| 净利率 | 5.2% | 2.6% |
| 营收同比 | -41.3% | 10.2% |
| 净利润同比 | 249.3% | 396.7% |
| 每股收益（稀释后） | — | $0.03 |
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NGLSNAP
| Q4 25 | $909.8M | $1.7B | ||
| Q3 25 | $674.7M | $1.5B | ||
| Q2 25 | $622.2M | $1.3B | ||
| Q1 25 | $971.1M | $1.4B | ||
| Q4 24 | $982.4M | $1.6B | ||
| Q3 24 | $756.5M | $1.4B | ||
| Q2 24 | $759.2M | $1.2B | ||
| Q1 24 | $1.0B | $1.2B |
净利润NGLSNAP
| Q4 25 | $47.2M | $45.2M | ||
| Q3 25 | $29.3M | $-103.5M | ||
| Q2 25 | $68.9M | $-262.6M | ||
| Q1 25 | $13.7M | $-139.6M | ||
| Q4 24 | $13.5M | $9.1M | ||
| Q3 24 | $2.5M | $-153.2M | ||
| Q2 24 | $9.7M | $-248.6M | ||
| Q1 24 | $-236.8M | $-305.1M |
毛利率NGLSNAP
| Q4 25 | 29.0% | 59.1% | ||
| Q3 25 | 37.6% | 55.3% | ||
| Q2 25 | 38.5% | 51.4% | ||
| Q1 25 | 26.9% | 53.1% | ||
| Q4 24 | 25.1% | 56.9% | ||
| Q3 24 | 30.9% | 53.5% | ||
| Q2 24 | 29.0% | 52.4% | ||
| Q1 24 | 21.8% | 51.9% |
营业利润率NGLSNAP
| Q4 25 | 12.1% | 2.9% | ||
| Q3 25 | 14.0% | -8.5% | ||
| Q2 25 | 15.7% | -19.3% | ||
| Q1 25 | 8.4% | -14.2% | ||
| Q4 24 | 8.6% | -1.7% | ||
| Q3 24 | 10.8% | -12.6% | ||
| Q2 24 | 10.8% | -20.5% | ||
| Q1 24 | -9.4% | -27.9% |
净利率NGLSNAP
| Q4 25 | 5.2% | 2.6% | ||
| Q3 25 | 4.3% | -6.9% | ||
| Q2 25 | 11.1% | -19.5% | ||
| Q1 25 | 1.4% | -10.2% | ||
| Q4 24 | 1.4% | 0.6% | ||
| Q3 24 | 0.3% | -11.2% | ||
| Q2 24 | 1.3% | -20.1% | ||
| Q1 24 | -22.8% | -25.5% |
每股收益（稀释后）NGLSNAP
| Q4 25 | — | $0.03 | ||
| Q3 25 | — | $-0.06 | ||
| Q2 25 | — | $-0.16 | ||
| Q1 25 | — | $-0.08 | ||
| Q4 24 | — | $0.01 | ||
| Q3 24 | — | $-0.09 | ||
| Q2 24 | — | $-0.15 | ||
| Q1 24 | — | $-0.19 |
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 | $2.9B |
| 总债务越低越好 | $2.9B | $3.5B |
| 股东权益账面价值 | — | $2.3B |
| 总资产 | $4.4B | $7.7B |
| 负债/权益比越低杠杆越低 | — | 1.55× |
8季度趋势，按日历期对齐
现金及短期投资NGLSNAP
| Q4 25 | $6.5M | $2.9B | ||
| Q3 25 | $8.7M | $3.0B | ||
| Q2 25 | $5.4M | $2.9B | ||
| Q1 25 | $13.5M | $3.2B | ||
| Q4 24 | $5.7M | $3.4B | ||
| Q3 24 | $4.5M | $3.2B | ||
| Q2 24 | $5.3M | $3.1B | ||
| Q1 24 | $38.9M | $2.9B |
总债务NGLSNAP
| Q4 25 | $2.9B | $3.5B | ||
| Q3 25 | $2.9B | $3.5B | ||
| Q2 25 | $2.9B | $3.6B | ||
| Q1 25 | $3.0B | $3.6B | ||
| Q4 24 | $3.1B | $3.6B | ||
| Q3 24 | $3.1B | $3.6B | ||
| Q2 24 | $3.0B | $3.6B | ||
| Q1 24 | $2.9B | $3.3B |
股东权益NGLSNAP
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.1B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.5B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.1B | ||
| Q1 24 | — | $2.1B |
总资产NGLSNAP
| Q4 25 | $4.4B | $7.7B | ||
| Q3 25 | $4.3B | $7.6B | ||
| Q2 25 | $4.2B | $7.4B | ||
| Q1 25 | $4.6B | $7.6B | ||
| Q4 24 | $4.8B | $7.9B | ||
| Q3 24 | $4.9B | $7.6B | ||
| Q2 24 | $4.8B | $7.4B | ||
| Q1 24 | $5.0B | $7.2B |
负债/权益比NGLSNAP
| Q4 25 | — | 1.55× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.73× | ||
| Q1 25 | — | 1.56× | ||
| Q4 24 | — | 1.49× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 1.76× | ||
| Q1 24 | — | 1.55× |
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 | $269.6M |
| 自由现金流经营现金流 - 资本支出 | $45.7M | $205.6M |
| 自由现金流率自由现金流/营收 | 5.0% | 12.0% |
| 资本支出强度资本支出/营收 | 15.0% | 3.7% |
| 现金转化率经营现金流/净利润 | 3.86× | 5.96× |
| 过去12个月自由现金流最近4个季度 | $126.7M | $437.2M |
8季度趋势，按日历期对齐
经营现金流NGLSNAP
| Q4 25 | $182.3M | $269.6M | ||
| Q3 25 | $40.5M | $146.5M | ||
| Q2 25 | $33.2M | $88.5M | ||
| Q1 25 | $155.0M | $151.6M | ||
| Q4 24 | $153.8M | $230.6M | ||
| Q3 24 | $6.7M | $115.9M | ||
| Q2 24 | $-18.1M | $-21.4M | ||
| Q1 24 | $152.2M | $88.4M |
自由现金流NGLSNAP
| Q4 25 | $45.7M | $205.6M | ||
| Q3 25 | $9.5M | $93.4M | ||
| Q2 25 | $11.1M | $23.8M | ||
| Q1 25 | $60.4M | $114.4M | ||
| Q4 24 | $152.1M | $182.4M | ||
| Q3 24 | $-82.9M | $71.8M | ||
| Q2 24 | $-78.0M | $-73.4M | ||
| Q1 24 | $119.8M | $37.9M |
自由现金流率NGLSNAP
| Q4 25 | 5.0% | 12.0% | ||
| Q3 25 | 1.4% | 6.2% | ||
| Q2 25 | 1.8% | 1.8% | ||
| Q1 25 | 6.2% | 8.4% | ||
| Q4 24 | 15.5% | 11.7% | ||
| Q3 24 | -11.0% | 5.2% | ||
| Q2 24 | -10.3% | -5.9% | ||
| Q1 24 | 11.5% | 3.2% |
资本支出强度NGLSNAP
| Q4 25 | 15.0% | 3.7% | ||
| Q3 25 | 4.6% | 3.5% | ||
| Q2 25 | 3.6% | 4.8% | ||
| Q1 25 | 9.7% | 2.7% | ||
| Q4 24 | 0.2% | 3.1% | ||
| Q3 24 | 11.8% | 3.2% | ||
| Q2 24 | 7.9% | 4.2% | ||
| Q1 24 | 3.1% | 4.2% |
现金转化率NGLSNAP
| Q4 25 | 3.86× | 5.96× | ||
| Q3 25 | 1.38× | — | ||
| Q2 25 | 0.48× | — | ||
| Q1 25 | 11.29× | — | ||
| Q4 24 | 11.39× | 25.34× | ||
| 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% |
SNAP
| Advertising Revenue | $1.5B | 86% |
| Other Revenue | $231.9M | 14% |
