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NGL Energy Partners LP（NGL）与VALHI INC（VHI）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VALHI INC的1.8倍（$909.8M vs $494.5M），NGL Energy Partners LP净利率更高（5.2% vs -10.8%，领先15.9%），VALHI INC同比增速更快（2.8% vs -41.3%），VALHI INC自由现金流更多（$89.8M vs $45.7M），过去两年VALHI INC的营收复合增速更高（-3.5% 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。
Valhi是一家美国控股公司，1987年由LLC公司与合并糖业公司合并成立，通过全资及控股子公司在多个不同行业开展业务。截至2014年12月，Contran公司持有其93%的普通股，2014年已跻身财富美国1000强企业之列。
NGL vs VHI — 直观对比
营收规模更大
NGL
是对方的1.8倍
$494.5M
营收增速更快
VHI
高出44.1%
-41.3%
净利率更高
NGL
高出15.9%
-10.8%
自由现金流更多
VHI
多$44.1M
$45.7M
两年增速更快
VHI
近两年复合增速
-6.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $909.8M | $494.5M |
| 净利润 | $47.2M | $-53.2M |
| 毛利率 | 29.0% | 6.9% |
| 营业利润率 | 12.1% | -6.2% |
| 净利率 | 5.2% | -10.8% |
| 营收同比 | -41.3% | 2.8% |
| 净利润同比 | 249.3% | -333.3% |
| 每股收益（稀释后） | — | $-1.86 |
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NGLVHI
| Q4 25 | $909.8M | $494.5M | ||
| Q3 25 | $674.7M | $503.5M | ||
| Q2 25 | $622.2M | $540.4M | ||
| Q1 25 | $971.1M | $538.6M | ||
| Q4 24 | $982.4M | $480.9M | ||
| Q3 24 | $756.5M | $533.6M | ||
| Q2 24 | $759.2M | $559.7M | ||
| Q1 24 | $1.0B | $530.6M |
净利润NGLVHI
| Q4 25 | $47.2M | $-53.2M | ||
| Q3 25 | $29.3M | $-22.2M | ||
| Q2 25 | $68.9M | $900.0K | ||
| Q1 25 | $13.7M | $16.9M | ||
| Q4 24 | $13.5M | $22.8M | ||
| Q3 24 | $2.5M | $57.5M | ||
| Q2 24 | $9.7M | $19.9M | ||
| Q1 24 | $-236.8M | $7.8M |
毛利率NGLVHI
| Q4 25 | 29.0% | 6.9% | ||
| Q3 25 | 37.6% | 12.0% | ||
| Q2 25 | 38.5% | 14.5% | ||
| Q1 25 | 26.9% | 22.7% | ||
| Q4 24 | 25.1% | 20.9% | ||
| Q3 24 | 30.9% | 21.8% | ||
| Q2 24 | 29.0% | 21.7% | ||
| Q1 24 | 21.8% | 16.3% |
营业利润率NGLVHI
| Q4 25 | 12.1% | -6.2% | ||
| Q3 25 | 14.0% | 1.7% | ||
| Q2 25 | 15.7% | 6.6% | ||
| Q1 25 | 8.4% | 9.3% | ||
| Q4 24 | 8.6% | 11.8% | ||
| Q3 24 | 10.8% | 12.7% | ||
| Q2 24 | 10.8% | 9.8% | ||
| Q1 24 | -9.4% | 5.9% |
净利率NGLVHI
| Q4 25 | 5.2% | -10.8% | ||
| Q3 25 | 4.3% | -4.4% | ||
| Q2 25 | 11.1% | 0.2% | ||
| Q1 25 | 1.4% | 3.1% | ||
| Q4 24 | 1.4% | 4.7% | ||
| Q3 24 | 0.3% | 10.8% | ||
| Q2 24 | 1.3% | 3.6% | ||
| Q1 24 | -22.8% | 1.5% |
每股收益（稀释后）NGLVHI
| Q4 25 | — | $-1.86 | ||
| Q3 25 | — | $-0.78 | ||
| Q2 25 | — | $0.03 | ||
| Q1 25 | — | $0.59 | ||
| Q4 24 | — | $0.81 | ||
| Q3 24 | — | $2.01 | ||
| Q2 24 | — | $0.70 | ||
| Q1 24 | — | $0.27 |
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 | $216.9M |
| 总债务越低越好 | $2.9B | $590.9M |
| 股东权益账面价值 | — | $1.0B |
| 总资产 | $4.4B | $2.6B |
| 负债/权益比越低杠杆越低 | — | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资NGLVHI
| Q4 25 | $6.5M | $216.9M | ||
| Q3 25 | $8.7M | $186.6M | ||
| Q2 25 | $5.4M | $190.9M | ||
| Q1 25 | $13.5M | $196.4M | ||
| Q4 24 | $5.7M | $350.2M | ||
| Q3 24 | $4.5M | $316.7M | ||
| Q2 24 | $5.3M | $386.9M | ||
| Q1 24 | $38.9M | $372.7M |
总债务NGLVHI
| Q4 25 | $2.9B | $590.9M | ||
| Q3 25 | $2.9B | $661.5M | ||
| Q2 25 | $2.9B | $544.8M | ||
| Q1 25 | $3.0B | $525.9M | ||
| Q4 24 | $3.1B | $484.4M | ||
| Q3 24 | $3.1B | $526.6M | ||
| Q2 24 | $3.0B | $497.4M | ||
| Q1 24 | $2.9B | $511.2M |
股东权益NGLVHI
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $1.0B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $962.6M | ||
| Q1 24 | — | $928.2M |
总资产NGLVHI
| Q4 25 | $4.4B | $2.6B | ||
| Q3 25 | $4.3B | $2.7B | ||
| Q2 25 | $4.2B | $2.8B | ||
| Q1 25 | $4.6B | $2.8B | ||
| Q4 24 | $4.8B | $2.8B | ||
| Q3 24 | $4.9B | $2.8B | ||
| Q2 24 | $4.8B | $2.5B | ||
| Q1 24 | $5.0B | $2.6B |
负债/权益比NGLVHI
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.63× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.49× | ||
| Q4 24 | — | 0.47× | ||
| Q3 24 | — | 0.52× | ||
| Q2 24 | — | 0.52× | ||
| Q1 24 | — | 0.55× |
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 | $100.6M |
| 自由现金流经营现金流 - 资本支出 | $45.7M | $89.8M |
| 自由现金流率自由现金流/营收 | 5.0% | 18.2% |
| 资本支出强度资本支出/营收 | 15.0% | 2.2% |
| 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 | $-82.1M |
8季度趋势，按日历期对齐
经营现金流NGLVHI
| Q4 25 | $182.3M | $100.6M | ||
| Q3 25 | $40.5M | $-1.9M | ||
| Q2 25 | $33.2M | $21.7M | ||
| Q1 25 | $155.0M | $-155.9M | ||
| Q4 24 | $153.8M | $45.8M | ||
| Q3 24 | $6.7M | $13.5M | ||
| Q2 24 | $-18.1M | $33.5M | ||
| Q1 24 | $152.2M | $-48.8M |
自由现金流NGLVHI
| Q4 25 | $45.7M | $89.8M | ||
| Q3 25 | $9.5M | $-12.3M | ||
| Q2 25 | $11.1M | $9.1M | ||
| Q1 25 | $60.4M | $-168.7M | ||
| Q4 24 | $152.1M | $33.3M | ||
| Q3 24 | $-82.9M | $3.9M | ||
| Q2 24 | $-78.0M | $29.7M | ||
| Q1 24 | $119.8M | $-53.8M |
自由现金流率NGLVHI
| Q4 25 | 5.0% | 18.2% | ||
| Q3 25 | 1.4% | -2.4% | ||
| Q2 25 | 1.8% | 1.7% | ||
| Q1 25 | 6.2% | -31.3% | ||
| Q4 24 | 15.5% | 6.9% | ||
| Q3 24 | -11.0% | 0.7% | ||
| Q2 24 | -10.3% | 5.3% | ||
| Q1 24 | 11.5% | -10.1% |
资本支出强度NGLVHI
| Q4 25 | 15.0% | 2.2% | ||
| Q3 25 | 4.6% | 2.1% | ||
| Q2 25 | 3.6% | 2.3% | ||
| Q1 25 | 9.7% | 2.4% | ||
| Q4 24 | 0.2% | 2.6% | ||
| Q3 24 | 11.8% | 1.8% | ||
| Q2 24 | 7.9% | 0.7% | ||
| Q1 24 | 3.1% | 0.9% |
现金转化率NGLVHI
| Q4 25 | 3.86× | — | ||
| Q3 25 | 1.38× | — | ||
| Q2 25 | 0.48× | 24.11× | ||
| Q1 25 | 11.29× | -9.22× | ||
| Q4 24 | 11.39× | 2.01× | ||
| Q3 24 | 2.74× | 0.23× | ||
| Q2 24 | -1.87× | 1.68× | ||
| Q1 24 | — | -6.26× |
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% |
VHI
| Chemicals | $418.3M | 85% |
| Real Estate Management And Development | $38.5M | 8% |
| Security Products | $29.5M | 6% |
| Marine Components | $8.2M | 2% |
