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PLAINS ALL AMERICAN PIPELINE LP（PAA）与斯伦贝谢（SLB）财务数据对比。点击上方公司名可切换其他公司
PLAINS ALL AMERICAN PIPELINE LP的季度营收约是斯伦贝谢的1.2倍（$10.0B vs $8.7B），斯伦贝谢净利率更高（8.6% vs 3.4%，领先5.2%），斯伦贝谢同比增速更快（2.7% vs -19.1%），PLAINS ALL AMERICAN PIPELINE LP自由现金流更多（$638.0M vs $103.0M），过去两年斯伦贝谢的营收复合增速更高（-2.3% vs -8.6%）
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。
SLB前身为斯伦贝谢，是全球知名的跨国油田服务企业。1926年创立于法国，现注册地为库拉索威廉斯塔德，在巴黎、休斯敦、伦敦、海牙四地设有核心行政办公室，截至2022年按营收计算是全球最大的海上钻井企业及海上钻井承包商。
PAA vs SLB — 直观对比
营收规模更大
PAA
是对方的1.2倍
$8.7B
营收增速更快
SLB
高出21.8%
-19.1%
净利率更高
SLB
高出5.2%
3.4%
自由现金流更多
PAA
多$535.0M
$103.0M
两年增速更快
SLB
近两年复合增速
-8.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $10.0B | $8.7B |
| 净利润 | $341.0M | $752.0M |
| 毛利率 | 7.0% | — |
| 营业利润率 | 1.8% | — |
| 净利率 | 3.4% | 8.6% |
| 营收同比 | -19.1% | 2.7% |
| 净利润同比 | 847.2% | -5.6% |
| 每股收益（稀释后） | — | $0.50 |
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PAASLB
| Q1 26 | — | $8.7B | ||
| Q4 25 | $10.0B | $9.7B | ||
| Q3 25 | $11.6B | $8.9B | ||
| Q2 25 | $10.6B | $8.5B | ||
| Q1 25 | $12.0B | $8.5B | ||
| Q4 24 | $12.4B | $9.3B | ||
| Q3 24 | $12.7B | $9.2B | ||
| Q2 24 | $12.9B | $9.1B |
净利润PAASLB
| Q1 26 | — | $752.0M | ||
| Q4 25 | $341.0M | $824.0M | ||
| Q3 25 | $441.0M | $739.0M | ||
| Q2 25 | $210.0M | $1.0B | ||
| Q1 25 | $443.0M | $797.0M | ||
| Q4 24 | $36.0M | $1.1B | ||
| Q3 24 | $220.0M | $1.2B | ||
| Q2 24 | $250.0M | $1.1B |
毛利率PAASLB
| 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PAASLB
| Q1 26 | — | — | ||
| Q4 25 | 1.8% | 9.7% | ||
| Q3 25 | 4.2% | 11.2% | ||
| Q2 25 | 2.2% | 15.0% | ||
| Q1 25 | 4.4% | 12.5% | ||
| Q4 24 | 0.7% | 14.9% | ||
| Q3 24 | 2.7% | 16.5% | ||
| Q2 24 | 2.9% | 15.5% |
净利率PAASLB
| Q1 26 | — | 8.6% | ||
| Q4 25 | 3.4% | 8.5% | ||
| Q3 25 | 3.8% | 8.3% | ||
| Q2 25 | 2.0% | 11.9% | ||
| Q1 25 | 3.7% | 9.4% | ||
| Q4 24 | 0.3% | 11.8% | ||
| Q3 24 | 1.7% | 12.9% | ||
| Q2 24 | 1.9% | 12.2% |
每股收益（稀释后）PAASLB
| Q1 26 | — | $0.50 | ||
| Q4 25 | — | $0.53 | ||
| Q3 25 | — | $0.50 | ||
| Q2 25 | — | $0.74 | ||
| Q1 25 | — | $0.58 | ||
| Q4 24 | — | $0.77 | ||
| Q3 24 | — | $0.83 | ||
| Q2 24 | — | $0.77 |
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 | $3.4B |
| 总债务越低越好 | $10.7B | $9.7B |
| 股东权益账面价值 | — | $27.4B |
| 总资产 | $30.2B | $19.3B |
| 负债/权益比越低杠杆越低 | — | 0.35× |
8季度趋势，按日历期对齐
现金及短期投资PAASLB
| Q1 26 | — | $3.4B | ||
| Q4 25 | $328.0M | $1.2B | ||
| Q3 25 | $1.2B | $571.0M | ||
| Q2 25 | $459.0M | $511.0M | ||
| Q1 25 | $427.0M | $961.0M | ||
| Q4 24 | $348.0M | $1.1B | ||
| Q3 24 | $640.0M | $1.4B | ||
| Q2 24 | $553.0M | $1.1B |
总债务PAASLB
| Q1 26 | — | $9.7B | ||
| Q4 25 | $10.7B | — | ||
| Q3 25 | $8.4B | — | ||
| Q2 25 | $8.2B | — | ||
| Q1 25 | $8.2B | — | ||
| Q4 24 | $7.2B | — | ||
| Q3 24 | $7.2B | — | ||
| Q2 24 | $7.2B | — |
股东权益PAASLB
| Q1 26 | — | $27.4B | ||
| Q4 25 | — | $26.1B | ||
| Q3 25 | — | $25.6B | ||
| Q2 25 | — | $20.3B | ||
| Q1 25 | — | $19.5B | ||
| Q4 24 | — | $21.1B | ||
| Q3 24 | — | $21.5B | ||
| Q2 24 | — | $21.1B |
总资产PAASLB
| Q1 26 | — | $19.3B | ||
| Q4 25 | $30.2B | $54.9B | ||
| Q3 25 | $28.1B | $55.1B | ||
| Q2 25 | $27.2B | $48.8B | ||
| Q1 25 | $27.1B | $49.0B | ||
| Q4 24 | $26.6B | $48.9B | ||
| Q3 24 | $27.2B | $49.8B | ||
| Q2 24 | $27.5B | $49.4B |
负债/权益比PAASLB
| Q1 26 | — | 0.35× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $786.0M | — |
| 自由现金流经营现金流 - 资本支出 | $638.0M | $103.0M |
| 自由现金流率自由现金流/营收 | 6.4% | 1.2% |
| 资本支出强度资本支出/营收 | 1.5% | — |
| 现金转化率经营现金流/净利润 | 2.30× | — |
| 过去12个月自由现金流最近4个季度 | $2.3B | $4.6B |
8季度趋势，按日历期对齐
经营现金流PAASLB
| Q1 26 | — | — | ||
| Q4 25 | $786.0M | $3.0B | ||
| Q3 25 | $817.0M | $1.7B | ||
| Q2 25 | $694.0M | $1.1B | ||
| Q1 25 | $639.0M | $660.0M | ||
| Q4 24 | $727.0M | $2.4B | ||
| Q3 24 | $691.0M | $2.4B | ||
| Q2 24 | $653.0M | $1.4B |
自由现金流PAASLB
| Q1 26 | — | $103.0M | ||
| Q4 25 | $638.0M | $2.5B | ||
| Q3 25 | $632.0M | $1.3B | ||
| Q2 25 | $575.0M | $771.0M | ||
| Q1 25 | $448.0M | $262.0M | ||
| Q4 24 | $561.0M | $1.8B | ||
| Q3 24 | $534.0M | $2.0B | ||
| Q2 24 | $514.0M | $973.0M |
自由现金流率PAASLB
| Q1 26 | — | 1.2% | ||
| Q4 25 | 6.4% | 25.5% | ||
| Q3 25 | 5.5% | 14.3% | ||
| Q2 25 | 5.4% | 9.0% | ||
| Q1 25 | 3.7% | 3.1% | ||
| Q4 24 | 4.5% | 19.2% | ||
| Q3 24 | 4.2% | 21.7% | ||
| Q2 24 | 4.0% | 10.6% |
资本支出强度PAASLB
| Q1 26 | — | — | ||
| Q4 25 | 1.5% | 5.3% | ||
| Q3 25 | 1.6% | 4.6% | ||
| Q2 25 | 1.1% | 4.3% | ||
| Q1 25 | 1.6% | 4.7% | ||
| Q4 24 | 1.3% | 6.6% | ||
| Q3 24 | 1.2% | 5.0% | ||
| Q2 24 | 1.1% | 5.1% |
现金转化率PAASLB
| Q1 26 | — | — | ||
| Q4 25 | 2.30× | 3.65× | ||
| Q3 25 | 1.85× | 2.28× | ||
| Q2 25 | 3.30× | 1.13× | ||
| Q1 25 | 1.44× | 0.83× | ||
| Q4 24 | 20.19× | 2.18× | ||
| Q3 24 | 3.14× | 2.06× | ||
| Q2 24 | 2.61× | 1.29× |
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% |
SLB
暂无分部数据
