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NGL Energy Partners LP（NGL）与斑马技术（ZBRA）财务数据对比。点击上方公司名可切换其他公司
斑马技术的季度营收约是NGL Energy Partners LP的1.6倍（$1.5B vs $909.8M），NGL Energy Partners LP净利率更高（5.2% vs 4.7%，领先0.4%），斑马技术同比增速更快（10.6% vs -41.3%），斑马技术自由现金流更多（$327.0M vs $45.7M），过去两年斑马技术的营收复合增速更高（12.0% 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。
斑马技术（Zebra Technologies）是源自美国的跨国科技企业，专注于智能数据采集系统领域的研发与落地。公司总部位于芝加哥郊外的伊利诺伊州林肯郡，目前在全球57个国家和地区开展业务，雇员总数达10700名。
NGL vs ZBRA — 直观对比
营收规模更大
ZBRA
是对方的1.6倍
$909.8M
营收增速更快
ZBRA
高出51.8%
-41.3%
净利率更高
NGL
高出0.4%
4.7%
自由现金流更多
ZBRA
多$281.3M
$45.7M
两年增速更快
ZBRA
近两年复合增速
-6.4%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $909.8M | $1.5B |
| 净利润 | $47.2M | $70.0M |
| 毛利率 | 29.0% | 47.3% |
| 营业利润率 | 12.1% | 9.4% |
| 净利率 | 5.2% | 4.7% |
| 营收同比 | -41.3% | 10.6% |
| 净利润同比 | 249.3% | -57.1% |
| 每股收益（稀释后） | — | $1.40 |
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NGLZBRA
| Q4 25 | $909.8M | $1.5B | ||
| Q3 25 | $674.7M | $1.3B | ||
| Q2 25 | $622.2M | $1.3B | ||
| Q1 25 | $971.1M | $1.3B | ||
| Q4 24 | $982.4M | $1.3B | ||
| Q3 24 | $756.5M | $1.3B | ||
| Q2 24 | $759.2M | $1.2B | ||
| Q1 24 | $1.0B | $1.2B |
净利润NGLZBRA
| Q4 25 | $47.2M | $70.0M | ||
| Q3 25 | $29.3M | $101.0M | ||
| Q2 25 | $68.9M | $112.0M | ||
| Q1 25 | $13.7M | $136.0M | ||
| Q4 24 | $13.5M | $163.0M | ||
| Q3 24 | $2.5M | $137.0M | ||
| Q2 24 | $9.7M | $113.0M | ||
| Q1 24 | $-236.8M | $115.0M |
毛利率NGLZBRA
| Q4 25 | 29.0% | 47.3% | ||
| Q3 25 | 37.6% | 48.0% | ||
| Q2 25 | 38.5% | 47.6% | ||
| Q1 25 | 26.9% | 49.3% | ||
| Q4 24 | 25.1% | 48.6% | ||
| Q3 24 | 30.9% | 48.8% | ||
| Q2 24 | 29.0% | 48.4% | ||
| Q1 24 | 21.8% | 47.9% |
营业利润率NGLZBRA
| Q4 25 | 12.1% | 9.4% | ||
| Q3 25 | 14.0% | 13.9% | ||
| Q2 25 | 15.7% | 14.2% | ||
| Q1 25 | 8.4% | 14.9% | ||
| Q4 24 | 8.6% | 16.9% | ||
| Q3 24 | 10.8% | 15.2% | ||
| Q2 24 | 10.8% | 13.7% | ||
| Q1 24 | -9.4% | 13.5% |
净利率NGLZBRA
| Q4 25 | 5.2% | 4.7% | ||
| Q3 25 | 4.3% | 7.7% | ||
| Q2 25 | 11.1% | 8.7% | ||
| Q1 25 | 1.4% | 10.4% | ||
| Q4 24 | 1.4% | 12.2% | ||
| Q3 24 | 0.3% | 10.9% | ||
| Q2 24 | 1.3% | 9.3% | ||
| Q1 24 | -22.8% | 9.8% |
每股收益（稀释后）NGLZBRA
| Q4 25 | — | $1.40 | ||
| Q3 25 | — | $1.97 | ||
| Q2 25 | — | $2.19 | ||
| Q1 25 | — | $2.62 | ||
| Q4 24 | — | $3.14 | ||
| Q3 24 | — | $2.64 | ||
| Q2 24 | — | $2.17 | ||
| Q1 24 | — | $2.23 |
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 | $125.0M |
| 总债务越低越好 | $2.9B | — |
| 股东权益账面价值 | — | $3.6B |
| 总资产 | $4.4B | $8.5B |
| 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NGLZBRA
| Q4 25 | $6.5M | $125.0M | ||
| Q3 25 | $8.7M | $1.1B | ||
| Q2 25 | $5.4M | $872.0M | ||
| Q1 25 | $13.5M | $879.0M | ||
| Q4 24 | $5.7M | $901.0M | ||
| Q3 24 | $4.5M | $676.0M | ||
| Q2 24 | $5.3M | $411.0M | ||
| Q1 24 | $38.9M | $127.0M |
总债务NGLZBRA
| Q4 25 | $2.9B | — | ||
| Q3 25 | $2.9B | $2.2B | ||
| Q2 25 | $2.9B | $2.2B | ||
| Q1 25 | $3.0B | $2.2B | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $3.1B | $2.2B | ||
| Q2 24 | $3.0B | $2.2B | ||
| Q1 24 | $2.9B | $2.1B |
股东权益NGLZBRA
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.7B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.6B | ||
| Q3 24 | — | $3.4B | ||
| Q2 24 | — | $3.3B | ||
| Q1 24 | — | $3.2B |
总资产NGLZBRA
| Q4 25 | $4.4B | $8.5B | ||
| Q3 25 | $4.3B | $8.1B | ||
| Q2 25 | $4.2B | $7.9B | ||
| Q1 25 | $4.6B | $7.9B | ||
| Q4 24 | $4.8B | $8.0B | ||
| Q3 24 | $4.9B | $7.7B | ||
| Q2 24 | $4.8B | $7.5B | ||
| Q1 24 | $5.0B | $7.3B |
负债/权益比NGLZBRA
| Q4 25 | — | — | ||
| Q3 25 | — | 0.58× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.66× | ||
| Q1 24 | — | 0.66× |
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 | $357.0M |
| 自由现金流经营现金流 - 资本支出 | $45.7M | $327.0M |
| 自由现金流率自由现金流/营收 | 5.0% | 22.2% |
| 资本支出强度资本支出/营收 | 15.0% | 2.0% |
| 现金转化率经营现金流/净利润 | 3.86× | 5.10× |
| 过去12个月自由现金流最近4个季度 | $126.7M | $831.0M |
8季度趋势，按日历期对齐
经营现金流NGLZBRA
| Q4 25 | $182.3M | $357.0M | ||
| Q3 25 | $40.5M | $235.0M | ||
| Q2 25 | $33.2M | $147.0M | ||
| Q1 25 | $155.0M | $178.0M | ||
| Q4 24 | $153.8M | $306.0M | ||
| Q3 24 | $6.7M | $294.0M | ||
| Q2 24 | $-18.1M | $288.0M | ||
| Q1 24 | $152.2M | $125.0M |
自由现金流NGLZBRA
| Q4 25 | $45.7M | $327.0M | ||
| Q3 25 | $9.5M | $216.0M | ||
| Q2 25 | $11.1M | $130.0M | ||
| Q1 25 | $60.4M | $158.0M | ||
| Q4 24 | $152.1M | $288.0M | ||
| Q3 24 | $-82.9M | $277.0M | ||
| Q2 24 | $-78.0M | $278.0M | ||
| Q1 24 | $119.8M | $111.0M |
自由现金流率NGLZBRA
| Q4 25 | 5.0% | 22.2% | ||
| Q3 25 | 1.4% | 16.4% | ||
| Q2 25 | 1.8% | 10.1% | ||
| Q1 25 | 6.2% | 12.1% | ||
| Q4 24 | 15.5% | 21.6% | ||
| Q3 24 | -11.0% | 22.1% | ||
| Q2 24 | -10.3% | 22.8% | ||
| Q1 24 | 11.5% | 9.4% |
资本支出强度NGLZBRA
| Q4 25 | 15.0% | 2.0% | ||
| Q3 25 | 4.6% | 1.4% | ||
| Q2 25 | 3.6% | 1.3% | ||
| Q1 25 | 9.7% | 1.5% | ||
| Q4 24 | 0.2% | 1.3% | ||
| Q3 24 | 11.8% | 1.4% | ||
| Q2 24 | 7.9% | 0.8% | ||
| Q1 24 | 3.1% | 1.2% |
现金转化率NGLZBRA
| Q4 25 | 3.86× | 5.10× | ||
| Q3 25 | 1.38× | 2.33× | ||
| Q2 25 | 0.48× | 1.31× | ||
| Q1 25 | 11.29× | 1.31× | ||
| Q4 24 | 11.39× | 1.88× | ||
| Q3 24 | 2.74× | 2.15× | ||
| Q2 24 | -1.87× | 2.55× | ||
| Q1 24 | — | 1.09× |
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% |
ZBRA
| Tangible Products | $1.2B | 83% |
| Service And Software | $255.0M | 17% |
