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PLAINS ALL AMERICAN PIPELINE LP（PAA）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PLAINS ALL AMERICAN PIPELINE LP的1.0倍（$10.0B vs $10.0B）。PLAINS ALL AMERICAN PIPELINE LP净利率更高（3.4% vs 0.6%，领先2.8%）。PLAINS ALL AMERICAN PIPELINE LP自由现金流更多（$638.0M vs $636.0M）
本公司为业主有限合伙企业，主营美国及加拿大地区液化石油气与石油的管道运输、销售及存储业务。旗下拥有总长度约29560公里的管线，原油、天然气凝液、天然气存储容量分别为7500万桶、2800万桶、680亿立方英尺，另有5座天然气加工厂，总部位于得克萨斯州休斯顿市中心艾伦中心。
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。
PAA vs PAGP — 直观对比
净利率更高
PAA
高出2.8%
0.6%
自由现金流更多
PAA
多$2.0M
$636.0M
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $10.0B | $10.0B |
| 净利润 | $341.0M | $63.0M |
| 毛利率 | 7.0% | 7.0% |
| 营业利润率 | 1.8% | 1.8% |
| 净利率 | 3.4% | 0.6% |
| 营收同比 | -19.1% | -19.1% |
| 净利润同比 | 847.2% | 672.7% |
| 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PAAPAGP
| Q4 25 | $10.0B | $10.0B | ||
| Q3 25 | $11.6B | $11.6B | ||
| Q2 25 | $10.6B | $10.6B | ||
| Q1 25 | $12.0B | $12.0B | ||
| Q4 24 | $12.4B | $12.4B | ||
| Q3 24 | $12.7B | $12.7B | ||
| Q2 24 | $12.9B | $12.9B | ||
| Q1 24 | $12.0B | $12.0B |
净利润PAAPAGP
| Q4 25 | $341.0M | $63.0M | ||
| Q3 25 | $441.0M | $83.0M | ||
| Q2 25 | $210.0M | $30.0M | ||
| Q1 25 | $443.0M | $84.0M | ||
| Q4 24 | $36.0M | $-11.0M | ||
| Q3 24 | $220.0M | $33.0M | ||
| Q2 24 | $250.0M | $39.0M | ||
| Q1 24 | $266.0M | $42.0M |
毛利率PAAPAGP
| Q4 25 | 7.0% | 7.0% | ||
| Q3 25 | 8.6% | 8.6% | ||
| Q2 25 | 8.3% | 8.3% | ||
| Q1 25 | 10.4% | 10.4% | ||
| Q4 24 | 9.5% | 9.5% | ||
| Q3 24 | 9.3% | 9.3% | ||
| Q2 24 | 8.3% | 8.3% | ||
| Q1 24 | 9.0% | 9.0% |
营业利润率PAAPAGP
| Q4 25 | 1.8% | 1.8% | ||
| Q3 25 | 4.2% | 4.2% | ||
| Q2 25 | 2.2% | 2.2% | ||
| Q1 25 | 4.4% | 4.4% | ||
| Q4 24 | 0.7% | 0.7% | ||
| Q3 24 | 2.7% | 2.7% | ||
| Q2 24 | 2.9% | 2.9% | ||
| Q1 24 | 3.1% | 3.1% |
净利率PAAPAGP
| Q4 25 | 3.4% | 0.6% | ||
| Q3 25 | 3.8% | 0.7% | ||
| Q2 25 | 2.0% | 0.3% | ||
| Q1 25 | 3.7% | 0.7% | ||
| Q4 24 | 0.3% | -0.1% | ||
| Q3 24 | 1.7% | 0.3% | ||
| Q2 24 | 1.9% | 0.3% | ||
| Q1 24 | 2.2% | 0.4% |
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 | $328.0M | $329.0M |
| 总债务越低越好 | $10.7B | $10.7B |
| 股东权益账面价值 | — | — |
| 总资产 | $30.2B | $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PAAPAGP
| Q4 25 | $328.0M | $329.0M | ||
| Q3 25 | $1.2B | $1.2B | ||
| Q2 25 | $459.0M | $460.0M | ||
| Q1 25 | $427.0M | $429.0M | ||
| Q4 24 | $348.0M | $349.0M | ||
| Q3 24 | $640.0M | $641.0M | ||
| Q2 24 | $553.0M | $556.0M | ||
| Q1 24 | $331.0M | $334.0M |
总债务PAAPAGP
| Q4 25 | $10.7B | $10.7B | ||
| Q3 25 | $8.4B | $8.4B | ||
| Q2 25 | $8.2B | $8.2B | ||
| Q1 25 | $8.2B | $8.2B | ||
| Q4 24 | $7.2B | $7.2B | ||
| Q3 24 | $7.2B | $7.2B | ||
| Q2 24 | $7.2B | $7.2B | ||
| Q1 24 | $7.3B | $7.3B |
总资产PAAPAGP
| Q4 25 | $30.2B | $31.3B | ||
| Q3 25 | $28.1B | $29.3B | ||
| Q2 25 | $27.2B | $28.3B | ||
| Q1 25 | $27.1B | $28.3B | ||
| Q4 24 | $26.6B | $27.8B | ||
| Q3 24 | $27.2B | $28.4B | ||
| Q2 24 | $27.5B | $28.7B | ||
| Q1 24 | $27.4B | $28.6B |
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 | $786.0M | $784.0M |
| 自由现金流经营现金流 - 资本支出 | $638.0M | $636.0M |
| 自由现金流率自由现金流/营收 | 6.4% | 6.3% |
| 资本支出强度资本支出/营收 | 1.5% | 1.5% |
| 现金转化率经营现金流/净利润 | 2.30× | 12.44× |
| 过去12个月自由现金流最近4个季度 | $2.3B | $2.3B |
8季度趋势，按日历期对齐
经营现金流PAAPAGP
| Q4 25 | $786.0M | $784.0M | ||
| Q3 25 | $817.0M | $817.0M | ||
| Q2 25 | $694.0M | $692.0M | ||
| Q1 25 | $639.0M | $638.0M | ||
| Q4 24 | $727.0M | $726.0M | ||
| Q3 24 | $691.0M | $688.0M | ||
| Q2 24 | $653.0M | $652.0M | ||
| Q1 24 | $419.0M | $418.0M |
自由现金流PAAPAGP
| Q4 25 | $638.0M | $636.0M | ||
| Q3 25 | $632.0M | $632.0M | ||
| Q2 25 | $575.0M | $573.0M | ||
| Q1 25 | $448.0M | $447.0M | ||
| Q4 24 | $561.0M | $560.0M | ||
| Q3 24 | $534.0M | $531.0M | ||
| Q2 24 | $514.0M | $513.0M | ||
| Q1 24 | $262.0M | $261.0M |
自由现金流率PAAPAGP
| Q4 25 | 6.4% | 6.3% | ||
| Q3 25 | 5.5% | 5.5% | ||
| Q2 25 | 5.4% | 5.4% | ||
| Q1 25 | 3.7% | 3.7% | ||
| Q4 24 | 4.5% | 4.5% | ||
| Q3 24 | 4.2% | 4.2% | ||
| Q2 24 | 4.0% | 4.0% | ||
| Q1 24 | 2.2% | 2.2% |
资本支出强度PAAPAGP
| Q4 25 | 1.5% | 1.5% | ||
| Q3 25 | 1.6% | 1.6% | ||
| Q2 25 | 1.1% | 1.1% | ||
| Q1 25 | 1.6% | 1.6% | ||
| Q4 24 | 1.3% | 1.3% | ||
| Q3 24 | 1.2% | 1.2% | ||
| Q2 24 | 1.1% | 1.1% | ||
| Q1 24 | 1.3% | 1.3% |
现金转化率PAAPAGP
| Q4 25 | 2.30× | 12.44× | ||
| Q3 25 | 1.85× | 9.84× | ||
| Q2 25 | 3.30× | 23.07× | ||
| Q1 25 | 1.44× | 7.60× | ||
| Q4 24 | 20.19× | — | ||
| Q3 24 | 3.14× | 20.85× | ||
| Q2 24 | 2.61× | 16.72× | ||
| Q1 24 | 1.58× | 9.95× |
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
PAA
| Products | $9.6B | 96% |
| Transportation | $341.0M | 3% |
| Terminalling Storage And Other | $90.0M | 1% |
| Affiliated Entity | $14.0M | 0% |
PAGP
| Products | $9.6B | 96% |
| Services | $421.0M | 4% |
| Affiliated Entity | $14.0M | 0% |
