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NGL Energy Partners LP（NGL）与SSR MINING INC.（SSRM）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SSR MINING INC.的1.7倍（$909.8M vs $521.7M），SSR MINING INC.净利率更高（34.8% vs 5.2%，领先29.6%），SSR MINING INC.同比增速更快（61.4% vs -41.3%），SSR MINING INC.自由现金流更多（$106.4M vs $45.7M），过去两年SSR MINING INC.的营收复合增速更高（50.5% 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。
SSR Mining Inc.（前身为白银标准资源公司）总部位于美国科罗拉多州丹佛，主营金、银、铜、铅、锌矿产开采，拥有阿根廷最大的银矿，同时在美洲全境及土耳其开展矿产勘探业务。2020年与阿拉瑟黄金合并后迁至丹佛，现任总裁兼首席执行官为罗德尼·P·安塔尔。
NGL vs SSRM — 直观对比
营收规模更大
NGL
是对方的1.7倍
$521.7M
营收增速更快
SSRM
高出102.7%
-41.3%
净利率更高
SSRM
高出29.6%
5.2%
自由现金流更多
SSRM
多$60.7M
$45.7M
两年增速更快
SSRM
近两年复合增速
-6.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $909.8M | $521.7M |
| 净利润 | $47.2M | $181.5M |
| 毛利率 | 29.0% | — |
| 营业利润率 | 12.1% | 38.8% |
| 净利率 | 5.2% | 34.8% |
| 营收同比 | -41.3% | 61.4% |
| 净利润同比 | 249.3% | 3166.6% |
| 每股收益（稀释后） | — | $0.84 |
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NGLSSRM
| Q4 25 | $909.8M | $521.7M | ||
| Q3 25 | $674.7M | $385.8M | ||
| Q2 25 | $622.2M | $405.5M | ||
| Q1 25 | $971.1M | $316.6M | ||
| Q4 24 | $982.4M | $323.2M | ||
| Q3 24 | $756.5M | $257.4M | ||
| Q2 24 | $759.2M | $184.8M | ||
| Q1 24 | $1.0B | $230.2M |
净利润NGLSSRM
| Q4 25 | $47.2M | $181.5M | ||
| Q3 25 | $29.3M | $65.4M | ||
| Q2 25 | $68.9M | $90.1M | ||
| Q1 25 | $13.7M | $58.8M | ||
| Q4 24 | $13.5M | $5.6M | ||
| Q3 24 | $2.5M | $10.6M | ||
| Q2 24 | $9.7M | $9.7M | ||
| Q1 24 | $-236.8M | $-287.1M |
毛利率NGLSSRM
| 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NGLSSRM
| Q4 25 | 12.1% | 38.8% | ||
| Q3 25 | 14.0% | 21.6% | ||
| Q2 25 | 15.7% | 26.9% | ||
| Q1 25 | 8.4% | 21.1% | ||
| Q4 24 | 8.6% | 10.6% | ||
| Q3 24 | 10.8% | 3.5% | ||
| Q2 24 | 10.8% | 5.8% | ||
| Q1 24 | -9.4% | -163.5% |
净利率NGLSSRM
| Q4 25 | 5.2% | 34.8% | ||
| Q3 25 | 4.3% | 17.0% | ||
| Q2 25 | 11.1% | 22.2% | ||
| Q1 25 | 1.4% | 18.6% | ||
| Q4 24 | 1.4% | 1.7% | ||
| Q3 24 | 0.3% | 4.1% | ||
| Q2 24 | 1.3% | 5.2% | ||
| Q1 24 | -22.8% | -124.7% |
每股收益（稀释后）NGLSSRM
| Q4 25 | — | $0.84 | ||
| Q3 25 | — | $0.31 | ||
| Q2 25 | — | $0.42 | ||
| Q1 25 | — | $0.28 | ||
| Q4 24 | — | $0.03 | ||
| Q3 24 | — | $0.05 | ||
| Q2 24 | — | $0.05 | ||
| Q1 24 | — | $-1.42 |
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 | $575.6M |
| 总债务越低越好 | $2.9B | — |
| 股东权益账面价值 | — | $3.5B |
| 总资产 | $4.4B | $6.1B |
| 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NGLSSRM
| Q4 25 | $6.5M | $575.6M | ||
| Q3 25 | $8.7M | $445.4M | ||
| Q2 25 | $5.4M | $438.5M | ||
| Q1 25 | $13.5M | $341.3M | ||
| Q4 24 | $5.7M | $417.3M | ||
| Q3 24 | $4.5M | $365.8M | ||
| Q2 24 | $5.3M | $384.4M | ||
| Q1 24 | $38.9M | $492.0M |
总债务NGLSSRM
| Q4 25 | $2.9B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $2.9B | — | ||
| Q1 25 | $3.0B | — | ||
| Q4 24 | $3.1B | $228.6M | ||
| Q3 24 | $3.1B | $228.3M | ||
| Q2 24 | $3.0B | $228.0M | ||
| Q1 24 | $2.9B | $228.7M |
股东权益NGLSSRM
| Q4 25 | — | $3.5B | ||
| Q3 25 | — | $3.3B | ||
| Q2 25 | — | $3.3B | ||
| Q1 25 | — | $3.2B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | — | $3.1B |
总资产NGLSSRM
| Q4 25 | $4.4B | $6.1B | ||
| Q3 25 | $4.3B | $5.9B | ||
| Q2 25 | $4.2B | $5.8B | ||
| Q1 25 | $4.6B | $5.6B | ||
| Q4 24 | $4.8B | $5.2B | ||
| Q3 24 | $4.9B | $5.1B | ||
| Q2 24 | $4.8B | $5.2B | ||
| Q1 24 | $5.0B | $5.3B |
负债/权益比NGLSSRM
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.07× | ||
| Q3 24 | — | 0.07× | ||
| Q2 24 | — | 0.07× | ||
| Q1 24 | — | 0.07× |
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 | $172.1M |
| 自由现金流经营现金流 - 资本支出 | $45.7M | $106.4M |
| 自由现金流率自由现金流/营收 | 5.0% | 20.4% |
| 资本支出强度资本支出/营收 | 15.0% | 12.6% |
| 现金转化率经营现金流/净利润 | 3.86× | 0.95× |
| 过去12个月自由现金流最近4个季度 | $126.7M | $241.6M |
8季度趋势，按日历期对齐
经营现金流NGLSSRM
| Q4 25 | $182.3M | $172.1M | ||
| Q3 25 | $40.5M | $57.2M | ||
| Q2 25 | $33.2M | $157.8M | ||
| Q1 25 | $155.0M | $84.8M | ||
| Q4 24 | $153.8M | $95.0M | ||
| Q3 24 | $6.7M | $-1.3M | ||
| Q2 24 | $-18.1M | $-78.1M | ||
| Q1 24 | $152.2M | $24.6M |
自由现金流NGLSSRM
| Q4 25 | $45.7M | $106.4M | ||
| Q3 25 | $9.5M | $-2.4M | ||
| Q2 25 | $11.1M | $98.4M | ||
| Q1 25 | $60.4M | $39.3M | ||
| Q4 24 | $152.1M | $56.4M | ||
| Q3 24 | $-82.9M | $-34.1M | ||
| Q2 24 | $-78.0M | $-116.3M | ||
| Q1 24 | $119.8M | $-9.4M |
自由现金流率NGLSSRM
| Q4 25 | 5.0% | 20.4% | ||
| Q3 25 | 1.4% | -0.6% | ||
| Q2 25 | 1.8% | 24.3% | ||
| Q1 25 | 6.2% | 12.4% | ||
| Q4 24 | 15.5% | 17.5% | ||
| Q3 24 | -11.0% | -13.2% | ||
| Q2 24 | -10.3% | -62.9% | ||
| Q1 24 | 11.5% | -4.1% |
资本支出强度NGLSSRM
| Q4 25 | 15.0% | 12.6% | ||
| Q3 25 | 4.6% | 15.4% | ||
| Q2 25 | 3.6% | 14.7% | ||
| Q1 25 | 9.7% | 14.4% | ||
| Q4 24 | 0.2% | 11.9% | ||
| Q3 24 | 11.8% | 12.7% | ||
| Q2 24 | 7.9% | 20.7% | ||
| Q1 24 | 3.1% | 14.8% |
现金转化率NGLSSRM
| Q4 25 | 3.86× | 0.95× | ||
| Q3 25 | 1.38× | 0.87× | ||
| Q2 25 | 0.48× | 1.75× | ||
| Q1 25 | 11.29× | 1.44× | ||
| Q4 24 | 11.39× | 17.10× | ||
| Q3 24 | 2.74× | -0.13× | ||
| Q2 24 | -1.87× | -8.06× | ||
| 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% |
SSRM
| Gold | $369.3M | 71% |
| Concentrate Sales | $124.4M | 24% |
| Other | $19.1M | 4% |
| Lead | $9.0M | 2% |
