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NGL Energy Partners LP（NGL）与VinFast Auto Ltd.（VFS）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VinFast Auto Ltd.的1.3倍（$909.8M vs $718.6M），NGL Energy Partners LP净利率更高（5.2% vs -2.8%，领先8.0%）
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。
VinFast Auto Ltd.是越南跨国汽车企业，由越南最大私营综合企业集团之一Vingroup创立。Vingroup由越南知名企业家潘日旺创办，业务覆盖地产、零售、医疗、科技等多个领域，是越南本土头部企业集团。
NGL vs VFS — 直观对比
营收规模更大
NGL
是对方的1.3倍
$718.6M
净利率更高
NGL
高出8.0%
-2.8%
损益表 — Q3 FY2026 vs Q3 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $909.8M | $718.6M |
| 净利润 | $47.2M | $-20.0M |
| 毛利率 | 29.0% | — |
| 营业利润率 | 12.1% | -96.1% |
| 净利率 | 5.2% | -2.8% |
| 营收同比 | -41.3% | — |
| 净利润同比 | 249.3% | — |
| 每股收益（稀释后） | — | — |
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NGLVFS
| Q4 25 | $909.8M | — | ||
| Q3 25 | $674.7M | $718.6M | ||
| Q2 25 | $622.2M | $663.0M | ||
| Q1 25 | $971.1M | $656.5M | ||
| Q4 24 | $982.4M | — | ||
| Q3 24 | $756.5M | $511.6M | ||
| Q2 24 | $759.2M | — | ||
| Q1 24 | $1.0B | $302.6M |
净利润NGLVFS
| Q4 25 | $47.2M | — | ||
| Q3 25 | $29.3M | $-20.0M | ||
| Q2 25 | $68.9M | $-51.8M | ||
| Q1 25 | $13.7M | $-26.1M | ||
| Q4 24 | $13.5M | — | ||
| Q3 24 | $2.5M | $-10.4M | ||
| Q2 24 | $9.7M | — | ||
| Q1 24 | $-236.8M | $-618.3M |
毛利率NGLVFS
| 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NGLVFS
| Q4 25 | 12.1% | — | ||
| Q3 25 | 14.0% | -96.1% | ||
| Q2 25 | 15.7% | -79.0% | ||
| Q1 25 | 8.4% | -74.0% | ||
| Q4 24 | 8.6% | — | ||
| Q3 24 | 10.8% | -65.9% | ||
| Q2 24 | 10.8% | — | ||
| Q1 24 | -9.4% | -139.4% |
净利率NGLVFS
| Q4 25 | 5.2% | — | ||
| Q3 25 | 4.3% | -2.8% | ||
| Q2 25 | 11.1% | -7.8% | ||
| Q1 25 | 1.4% | -4.0% | ||
| Q4 24 | 1.4% | — | ||
| Q3 24 | 0.3% | -2.0% | ||
| Q2 24 | 1.3% | — | ||
| Q1 24 | -22.8% | -204.3% |
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 | $8.8M |
| 总债务越低越好 | $2.9B | — |
| 股东权益账面价值 | — | — |
| 总资产 | $4.4B | $183.2M |
| 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NGLVFS
| Q4 25 | $6.5M | — | ||
| Q3 25 | $8.7M | $8.8M | ||
| Q2 25 | $5.4M | $650.0M | ||
| Q1 25 | $13.5M | $2.4M | ||
| Q4 24 | $5.7M | — | ||
| Q3 24 | $4.5M | $1.9M | ||
| Q2 24 | $5.3M | — | ||
| Q1 24 | $38.9M | $3.0M |
总债务NGLVFS
| 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NGLVFS
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $-7.2B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总资产NGLVFS
| Q4 25 | $4.4B | — | ||
| Q3 25 | $4.3B | $183.2M | ||
| Q2 25 | $4.2B | $7.2B | ||
| Q1 25 | $4.6B | $158.2M | ||
| Q4 24 | $4.8B | — | ||
| Q3 24 | $4.9B | $151.8M | ||
| Q2 24 | $4.8B | — | ||
| Q1 24 | $5.0B | $145.6M |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $45.7M | — |
| 自由现金流率自由现金流/营收 | 5.0% | — |
| 资本支出强度资本支出/营收 | 15.0% | — |
| 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季度趋势，按日历期对齐
经营现金流NGLVFS
| Q4 25 | $182.3M | — | ||
| Q3 25 | $40.5M | — | ||
| Q2 25 | $33.2M | — | ||
| Q1 25 | $155.0M | — | ||
| Q4 24 | $153.8M | — | ||
| Q3 24 | $6.7M | — | ||
| Q2 24 | $-18.1M | — | ||
| Q1 24 | $152.2M | — |
自由现金流NGLVFS
| Q4 25 | $45.7M | — | ||
| Q3 25 | $9.5M | — | ||
| Q2 25 | $11.1M | — | ||
| Q1 25 | $60.4M | — | ||
| Q4 24 | $152.1M | — | ||
| Q3 24 | $-82.9M | — | ||
| Q2 24 | $-78.0M | — | ||
| Q1 24 | $119.8M | — |
自由现金流率NGLVFS
| Q4 25 | 5.0% | — | ||
| Q3 25 | 1.4% | — | ||
| Q2 25 | 1.8% | — | ||
| Q1 25 | 6.2% | — | ||
| Q4 24 | 15.5% | — | ||
| Q3 24 | -11.0% | — | ||
| Q2 24 | -10.3% | — | ||
| Q1 24 | 11.5% | — |
资本支出强度NGLVFS
| Q4 25 | 15.0% | — | ||
| Q3 25 | 4.6% | — | ||
| Q2 25 | 3.6% | — | ||
| Q1 25 | 9.7% | — | ||
| Q4 24 | 0.2% | — | ||
| Q3 24 | 11.8% | — | ||
| Q2 24 | 7.9% | — | ||
| Q1 24 | 3.1% | — |
现金转化率NGLVFS
| 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% |
VFS
| Sales of vehicles | $662.9M | 92% |
| Sales of spare parts and components | $41.3M | 6% |
| Revenue from leasing activities | $12.3M | 2% |
| Finance income | $2.4M | 0% |
| Rendering of services | $1.2M | 0% |
