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NGL Energy Partners LP（NGL）与TRINET GROUP, INC.（TNET）财务数据对比。点击上方公司名可切换其他公司
TRINET GROUP, INC.的季度营收约是NGL Energy Partners LP的1.4倍（$1.2B vs $909.8M），TRINET GROUP, INC.同比增速更快（-2.2% vs -41.3%），NGL Energy Partners LP自由现金流更多（$45.7M vs $43.0M），过去两年TRINET GROUP, INC.的营收复合增速更高（-0.6% 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。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
NGL vs TNET — 直观对比
营收规模更大
TNET
是对方的1.4倍
$909.8M
营收增速更快
TNET
高出39.1%
-41.3%
自由现金流更多
NGL
多$2.7M
$43.0M
两年增速更快
TNET
近两年复合增速
-6.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $909.8M | $1.2B |
| 净利润 | $47.2M | — |
| 毛利率 | 29.0% | — |
| 营业利润率 | 12.1% | 0.1% |
| 净利率 | 5.2% | — |
| 营收同比 | -41.3% | -2.2% |
| 净利润同比 | 249.3% | — |
| 每股收益（稀释后） | — | $0.02 |
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NGLTNET
| Q4 25 | $909.8M | $1.2B | ||
| Q3 25 | $674.7M | $1.2B | ||
| Q2 25 | $622.2M | $1.2B | ||
| Q1 25 | $971.1M | $1.3B | ||
| Q4 24 | $982.4M | $1.3B | ||
| Q3 24 | $756.5M | $1.2B | ||
| Q2 24 | $759.2M | $1.2B | ||
| Q1 24 | $1.0B | $1.3B |
净利润NGLTNET
| Q4 25 | $47.2M | — | ||
| Q3 25 | $29.3M | $34.0M | ||
| Q2 25 | $68.9M | $37.0M | ||
| Q1 25 | $13.7M | $85.0M | ||
| Q4 24 | $13.5M | — | ||
| Q3 24 | $2.5M | $45.0M | ||
| Q2 24 | $9.7M | $60.0M | ||
| Q1 24 | $-236.8M | $91.0M |
毛利率NGLTNET
| 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NGLTNET
| Q4 25 | 12.1% | 0.1% | ||
| Q3 25 | 14.0% | 4.1% | ||
| Q2 25 | 15.7% | 4.1% | ||
| Q1 25 | 8.4% | 8.9% | ||
| Q4 24 | 8.6% | -2.9% | ||
| Q3 24 | 10.8% | 4.7% | ||
| Q2 24 | 10.8% | 6.5% | ||
| Q1 24 | -9.4% | 9.7% |
净利率NGLTNET
| Q4 25 | 5.2% | — | ||
| Q3 25 | 4.3% | 2.8% | ||
| Q2 25 | 11.1% | 3.0% | ||
| Q1 25 | 1.4% | 6.6% | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 0.3% | 3.6% | ||
| Q2 24 | 1.3% | 4.9% | ||
| Q1 24 | -22.8% | 7.2% |
每股收益（稀释后）NGLTNET
| Q4 25 | — | $0.02 | ||
| Q3 25 | — | $0.70 | ||
| Q2 25 | — | $0.77 | ||
| Q1 25 | — | $1.71 | ||
| Q4 24 | — | $-0.44 | ||
| Q3 24 | — | $0.89 | ||
| Q2 24 | — | $1.20 | ||
| Q1 24 | — | $1.78 |
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 | $287.0M |
| 总债务越低越好 | $2.9B | — |
| 股东权益账面价值 | — | $54.0M |
| 总资产 | $4.4B | $3.8B |
| 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NGLTNET
| Q4 25 | $6.5M | $287.0M | ||
| Q3 25 | $8.7M | $321.0M | ||
| Q2 25 | $5.4M | $407.0M | ||
| Q1 25 | $13.5M | $349.0M | ||
| Q4 24 | $5.7M | $360.0M | ||
| Q3 24 | $4.5M | $301.0M | ||
| Q2 24 | $5.3M | $249.0M | ||
| Q1 24 | $38.9M | $383.0M |
总债务NGLTNET
| 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NGLTNET
| Q4 25 | — | $54.0M | ||
| Q3 25 | — | $110.0M | ||
| Q2 25 | — | $107.0M | ||
| Q1 25 | — | $63.0M | ||
| Q4 24 | — | $69.0M | ||
| Q3 24 | — | $129.0M | ||
| Q2 24 | — | $100.0M | ||
| Q1 24 | — | $143.0M |
总资产NGLTNET
| Q4 25 | $4.4B | $3.8B | ||
| Q3 25 | $4.3B | $3.4B | ||
| Q2 25 | $4.2B | $3.7B | ||
| Q1 25 | $4.6B | $3.8B | ||
| Q4 24 | $4.8B | $4.1B | ||
| Q3 24 | $4.9B | $3.7B | ||
| Q2 24 | $4.8B | $3.7B | ||
| Q1 24 | $5.0B | $4.0B |
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 | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $45.7M | $43.0M |
| 自由现金流率自由现金流/营收 | 5.0% | 3.4% |
| 资本支出强度资本支出/营收 | 15.0% | 1.4% |
| 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 | $234.0M |
8季度趋势，按日历期对齐
经营现金流NGLTNET
| Q4 25 | $182.3M | $61.0M | ||
| Q3 25 | $40.5M | $72.0M | ||
| Q2 25 | $33.2M | $75.0M | ||
| Q1 25 | $155.0M | $95.0M | ||
| Q4 24 | $153.8M | $65.0M | ||
| Q3 24 | $6.7M | $84.0M | ||
| Q2 24 | $-18.1M | $39.0M | ||
| Q1 24 | $152.2M | $91.0M |
自由现金流NGLTNET
| Q4 25 | $45.7M | $43.0M | ||
| Q3 25 | $9.5M | $55.0M | ||
| Q2 25 | $11.1M | $57.0M | ||
| Q1 25 | $60.4M | $79.0M | ||
| Q4 24 | $152.1M | $47.0M | ||
| Q3 24 | $-82.9M | $59.0M | ||
| Q2 24 | $-78.0M | $22.0M | ||
| Q1 24 | $119.8M | $73.0M |
自由现金流率NGLTNET
| Q4 25 | 5.0% | 3.4% | ||
| Q3 25 | 1.4% | 4.5% | ||
| Q2 25 | 1.8% | 4.6% | ||
| Q1 25 | 6.2% | 6.1% | ||
| Q4 24 | 15.5% | 3.7% | ||
| Q3 24 | -11.0% | 4.8% | ||
| Q2 24 | -10.3% | 1.8% | ||
| Q1 24 | 11.5% | 5.8% |
资本支出强度NGLTNET
| Q4 25 | 15.0% | 1.4% | ||
| Q3 25 | 4.6% | 1.4% | ||
| Q2 25 | 3.6% | 1.5% | ||
| Q1 25 | 9.7% | 1.2% | ||
| Q4 24 | 0.2% | 1.4% | ||
| Q3 24 | 11.8% | 2.0% | ||
| Q2 24 | 7.9% | 1.4% | ||
| Q1 24 | 3.1% | 1.4% |
现金转化率NGLTNET
| Q4 25 | 3.86× | — | ||
| Q3 25 | 1.38× | 2.12× | ||
| Q2 25 | 0.48× | 2.03× | ||
| Q1 25 | 11.29× | 1.12× | ||
| Q4 24 | 11.39× | — | ||
| Q3 24 | 2.74× | 1.87× | ||
| Q2 24 | -1.87× | 0.65× | ||
| Q1 24 | — | 1.00× |
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% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
