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诺斯罗普·格鲁曼（NOC）与PLAINS GP HOLDINGS LP（PAGP）财务数据对比。点击上方公司名可切换其他公司
PLAINS GP HOLDINGS LP的季度营收约是诺斯罗普·格鲁曼的1.0倍（$10.0B vs $9.9B），诺斯罗普·格鲁曼净利率更高（8.9% vs 0.6%，领先8.2%），诺斯罗普·格鲁曼同比增速更快（4.4% vs -19.1%），PLAINS GP HOLDINGS LP自由现金流更多（$636.0M vs $-1.8B），过去两年诺斯罗普·格鲁曼的营收复合增速更高（-1.7% vs -8.6%）
诺斯罗普·格鲁曼是总部位于美国弗吉尼亚州西福尔斯彻奇的航空航天及防务企业，研发制造航空、防务、任务系统、航天领域的相关产品与系统，是美国联邦政府第五大承包商，获得的订单金额占美国联邦政府面向承包商总支出的2%以上。
Plains GP Holdings是一家业主有限合伙企业，业务覆盖美国及加拿大地区的液化石油气、石油产品的管道运输、营销及仓储。公司拥有总长约2.96万公里的管线权益，配套约7500万桶原油、2800万桶天然气凝液、680亿立方英尺天然气的存储能力，还运营5座天然气加工厂，总部位于得克萨斯州休斯敦市中心的艾伦中心。
NOC vs PAGP — 直观对比
营收规模更大
PAGP
是对方的1.0倍
$9.9B
营收增速更快
NOC
高出23.5%
-19.1%
净利率更高
NOC
高出8.2%
0.6%
自由现金流更多
PAGP
多$2.5B
$-1.8B
两年增速更快
NOC
近两年复合增速
-8.6%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $10.0B |
| 净利润 | $875.0M | $63.0M |
| 毛利率 | — | 7.0% |
| 营业利润率 | 1.9% | 1.8% |
| 净利率 | 8.9% | 0.6% |
| 营收同比 | 4.4% | -19.1% |
| 净利润同比 | 81.9% | 672.7% |
| 每股收益（稀释后） | $6.14 | — |
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NOCPAGP
| Q1 26 | $9.9B | — | ||
| Q4 25 | $11.7B | $10.0B | ||
| Q3 25 | $10.4B | $11.6B | ||
| Q2 25 | $10.4B | $10.6B | ||
| Q1 25 | $9.5B | $12.0B | ||
| Q4 24 | $10.7B | $12.4B | ||
| Q3 24 | $10.0B | $12.7B | ||
| Q2 24 | $10.2B | $12.9B |
净利润NOCPAGP
| Q1 26 | $875.0M | — | ||
| Q4 25 | $1.4B | $63.0M | ||
| Q3 25 | $1.1B | $83.0M | ||
| Q2 25 | $1.2B | $30.0M | ||
| Q1 25 | $481.0M | $84.0M | ||
| Q4 24 | $1.3B | $-11.0M | ||
| Q3 24 | $1.0B | $33.0M | ||
| Q2 24 | $940.0M | $39.0M |
毛利率NOCPAGP
| Q1 26 | — | — | ||
| Q4 25 | — | 7.0% | ||
| Q3 25 | — | 8.6% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | 10.4% | ||
| Q4 24 | — | 9.5% | ||
| Q3 24 | — | 9.3% | ||
| Q2 24 | — | 8.3% |
营业利润率NOCPAGP
| Q1 26 | 1.9% | — | ||
| Q4 25 | 10.9% | 1.8% | ||
| Q3 25 | 11.9% | 4.2% | ||
| Q2 25 | 13.8% | 2.2% | ||
| Q1 25 | 6.1% | 4.4% | ||
| Q4 24 | 10.2% | 0.7% | ||
| Q3 24 | 11.2% | 2.7% | ||
| Q2 24 | 10.7% | 2.9% |
净利率NOCPAGP
| Q1 26 | 8.9% | — | ||
| Q4 25 | 12.2% | 0.6% | ||
| Q3 25 | 10.6% | 0.7% | ||
| Q2 25 | 11.3% | 0.3% | ||
| Q1 25 | 5.1% | 0.7% | ||
| Q4 24 | 11.8% | -0.1% | ||
| Q3 24 | 10.3% | 0.3% | ||
| Q2 24 | 9.2% | 0.3% |
每股收益（稀释后）NOCPAGP
| Q1 26 | $6.14 | — | ||
| Q4 25 | $9.94 | — | ||
| Q3 25 | $7.67 | — | ||
| Q2 25 | $8.15 | — | ||
| Q1 25 | $3.32 | — | ||
| Q4 24 | $8.66 | — | ||
| Q3 24 | $7.00 | — | ||
| Q2 24 | $6.36 | — |
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 | $2.1B | $329.0M |
| 总债务越低越好 | — | $10.7B |
| 股东权益账面价值 | $17.1B | — |
| 总资产 | $50.0B | $31.3B |
| 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NOCPAGP
| Q1 26 | $2.1B | — | ||
| Q4 25 | $4.4B | $329.0M | ||
| Q3 25 | $2.0B | $1.2B | ||
| Q2 25 | $1.9B | $460.0M | ||
| Q1 25 | $1.7B | $429.0M | ||
| Q4 24 | $4.4B | $349.0M | ||
| Q3 24 | $3.3B | $641.0M | ||
| Q2 24 | $3.3B | $556.0M |
总债务NOCPAGP
| Q1 26 | — | — | ||
| Q4 25 | $15.2B | $10.7B | ||
| Q3 25 | — | $8.4B | ||
| Q2 25 | — | $8.2B | ||
| Q1 25 | — | $8.2B | ||
| Q4 24 | $14.7B | $7.2B | ||
| Q3 24 | — | $7.2B | ||
| Q2 24 | — | $7.2B |
股东权益NOCPAGP
| Q1 26 | $17.1B | — | ||
| Q4 25 | $16.7B | — | ||
| Q3 25 | $16.0B | — | ||
| Q2 25 | $15.5B | — | ||
| Q1 25 | $15.0B | — | ||
| Q4 24 | $15.3B | — | ||
| Q3 24 | $14.7B | — | ||
| Q2 24 | $14.3B | — |
总资产NOCPAGP
| Q1 26 | $50.0B | — | ||
| Q4 25 | $51.4B | $31.3B | ||
| Q3 25 | $49.3B | $29.3B | ||
| Q2 25 | $49.5B | $28.3B | ||
| Q1 25 | $48.5B | $28.3B | ||
| Q4 24 | $49.4B | $27.8B | ||
| Q3 24 | $48.3B | $28.4B | ||
| Q2 24 | $47.7B | $28.7B |
负债/权益比NOCPAGP
| Q1 26 | — | — | ||
| Q4 25 | 0.91× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.96× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $-1.7B | $784.0M |
| 自由现金流经营现金流 - 资本支出 | $-1.8B | $636.0M |
| 自由现金流率自由现金流/营收 | -18.4% | 6.3% |
| 资本支出强度资本支出/营收 | 1.7% | 1.5% |
| 现金转化率经营现金流/净利润 | -1.89× | 12.44× |
| 过去12个月自由现金流最近4个季度 | $3.3B | $2.3B |
8季度趋势，按日历期对齐
经营现金流NOCPAGP
| Q1 26 | $-1.7B | — | ||
| Q4 25 | $3.9B | $784.0M | ||
| Q3 25 | $1.6B | $817.0M | ||
| Q2 25 | $868.0M | $692.0M | ||
| Q1 25 | $-1.6B | $638.0M | ||
| Q4 24 | $2.6B | $726.0M | ||
| Q3 24 | $1.1B | $688.0M | ||
| Q2 24 | $1.4B | $652.0M |
自由现金流NOCPAGP
| Q1 26 | $-1.8B | — | ||
| Q4 25 | $3.2B | $636.0M | ||
| Q3 25 | $1.3B | $632.0M | ||
| Q2 25 | $637.0M | $573.0M | ||
| Q1 25 | $-1.8B | $447.0M | ||
| Q4 24 | $1.8B | $560.0M | ||
| Q3 24 | $730.0M | $531.0M | ||
| Q2 24 | $1.1B | $513.0M |
自由现金流率NOCPAGP
| Q1 26 | -18.4% | — | ||
| Q4 25 | 27.6% | 6.3% | ||
| Q3 25 | 12.1% | 5.5% | ||
| Q2 25 | 6.2% | 5.4% | ||
| Q1 25 | -19.2% | 3.7% | ||
| Q4 24 | 16.5% | 4.5% | ||
| Q3 24 | 7.3% | 4.2% | ||
| Q2 24 | 10.8% | 4.0% |
资本支出强度NOCPAGP
| Q1 26 | 1.7% | — | ||
| Q4 25 | 5.7% | 1.5% | ||
| Q3 25 | 2.9% | 1.6% | ||
| Q2 25 | 2.2% | 1.1% | ||
| Q1 25 | 2.7% | 1.6% | ||
| Q4 24 | 7.6% | 1.3% | ||
| Q3 24 | 3.6% | 1.2% | ||
| Q2 24 | 3.1% | 1.1% |
现金转化率NOCPAGP
| Q1 26 | -1.89× | — | ||
| Q4 25 | 2.73× | 12.44× | ||
| Q3 25 | 1.42× | 9.84× | ||
| Q2 25 | 0.74× | 23.07× | ||
| Q1 25 | -3.25× | 7.60× | ||
| Q4 24 | 2.04× | — | ||
| Q3 24 | 1.06× | 20.85× | ||
| Q2 24 | 1.52× | 16.72× |
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
NOC
| Aeronautics Systems | $3.3B | 33% |
| Mission Systems | $2.9B | 29% |
| Space Systems | $2.5B | 25% |
| Other | $1.3B | 13% |
PAGP
| Products | $9.6B | 96% |
| Services | $421.0M | 4% |
| Affiliated Entity | $14.0M | 0% |
