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PLAINS ALL AMERICAN PIPELINE LP（PAA）与美超微（SMCI）财务数据对比。点击上方公司名可切换其他公司
美超微的季度营收约是PLAINS ALL AMERICAN PIPELINE LP的1.3倍（$12.7B vs $10.0B），PLAINS ALL AMERICAN PIPELINE LP净利率更高（3.4% vs 3.2%，领先0.2%），美超微同比增速更快（123.4% vs -19.1%），PLAINS ALL AMERICAN PIPELINE LP自由现金流更多（$638.0M vs $-45.1M），过去两年美超微的营收复合增速更高（81.5% 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。
美超微是总部位于美国加利福尼亚州圣何塞的信息技术企业，是全球高性能、高能效服务器的主要生产商之一，同时面向企业数据中心、云计算、人工智能、5G、边缘计算等多领域客户提供服务器管理软件及存储系统解决方案。
PAA vs SMCI — 直观对比
营收规模更大
SMCI
是对方的1.3倍
$10.0B
营收增速更快
SMCI
高出142.5%
-19.1%
净利率更高
PAA
高出0.2%
3.2%
自由现金流更多
PAA
多$683.1M
$-45.1M
两年增速更快
SMCI
近两年复合增速
-8.6%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $10.0B | $12.7B |
| 净利润 | $341.0M | $400.6M |
| 毛利率 | 7.0% | 6.3% |
| 营业利润率 | 1.8% | 3.7% |
| 净利率 | 3.4% | 3.2% |
| 营收同比 | -19.1% | 123.4% |
| 净利润同比 | 847.2% | 24.9% |
| 每股收益（稀释后） | — | $0.60 |
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PAASMCI
| Q4 25 | $10.0B | $12.7B | ||
| Q3 25 | $11.6B | $5.0B | ||
| Q2 25 | $10.6B | $5.8B | ||
| Q1 25 | $12.0B | $4.6B | ||
| Q4 24 | $12.4B | $5.7B | ||
| Q3 24 | $12.7B | $5.9B | ||
| Q2 24 | $12.9B | $5.4B | ||
| Q1 24 | $12.0B | $3.9B |
净利润PAASMCI
| Q4 25 | $341.0M | $400.6M | ||
| Q3 25 | $441.0M | $168.3M | ||
| Q2 25 | $210.0M | $195.2M | ||
| Q1 25 | $443.0M | $108.8M | ||
| Q4 24 | $36.0M | $320.6M | ||
| Q3 24 | $220.0M | $424.3M | ||
| Q2 24 | $250.0M | $297.2M | ||
| Q1 24 | $266.0M | $402.5M |
毛利率PAASMCI
| Q4 25 | 7.0% | 6.3% | ||
| Q3 25 | 8.6% | 9.3% | ||
| Q2 25 | 8.3% | 9.5% | ||
| Q1 25 | 10.4% | 9.6% | ||
| Q4 24 | 9.5% | 11.8% | ||
| Q3 24 | 9.3% | 13.1% | ||
| Q2 24 | 8.3% | 10.2% | ||
| Q1 24 | 9.0% | 15.5% |
营业利润率PAASMCI
| Q4 25 | 1.8% | 3.7% | ||
| Q3 25 | 4.2% | 3.6% | ||
| Q2 25 | 2.2% | 4.0% | ||
| Q1 25 | 4.4% | 3.2% | ||
| Q4 24 | 0.7% | 6.5% | ||
| Q3 24 | 2.7% | 8.6% | ||
| Q2 24 | 2.9% | 5.4% | ||
| Q1 24 | 3.1% | 9.8% |
净利率PAASMCI
| Q4 25 | 3.4% | 3.2% | ||
| Q3 25 | 3.8% | 3.4% | ||
| Q2 25 | 2.0% | 3.4% | ||
| Q1 25 | 3.7% | 2.4% | ||
| Q4 24 | 0.3% | 5.6% | ||
| Q3 24 | 1.7% | 7.1% | ||
| Q2 24 | 1.9% | 5.6% | ||
| Q1 24 | 2.2% | 10.5% |
每股收益（稀释后）PAASMCI
| Q4 25 | — | $0.60 | ||
| Q3 25 | — | $0.26 | ||
| Q2 25 | — | $0.33 | ||
| Q1 25 | — | $0.17 | ||
| Q4 24 | — | $0.51 | ||
| Q3 24 | — | $0.67 | ||
| Q2 24 | — | $-12.49 | ||
| Q1 24 | — | $6.56 |
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 | $4.1B |
| 总债务越低越好 | $10.7B | — |
| 股东权益账面价值 | — | $7.0B |
| 总资产 | $30.2B | $28.0B |
| 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PAASMCI
| Q4 25 | $328.0M | $4.1B | ||
| Q3 25 | $1.2B | $4.2B | ||
| Q2 25 | $459.0M | $5.2B | ||
| Q1 25 | $427.0M | $2.5B | ||
| Q4 24 | $348.0M | $1.4B | ||
| Q3 24 | $640.0M | $2.1B | ||
| Q2 24 | $553.0M | $1.7B | ||
| Q1 24 | $331.0M | $2.1B |
总债务PAASMCI
| 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 | — | ||
| Q1 24 | $7.3B | — |
股东权益PAASMCI
| Q4 25 | — | $7.0B | ||
| Q3 25 | — | $6.5B | ||
| Q2 25 | — | $6.3B | ||
| Q1 25 | — | $6.4B | ||
| Q4 24 | — | $6.2B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | — | $5.4B | ||
| Q1 24 | — | $5.1B |
总资产PAASMCI
| Q4 25 | $30.2B | $28.0B | ||
| Q3 25 | $28.1B | $14.4B | ||
| Q2 25 | $27.2B | $14.0B | ||
| Q1 25 | $27.1B | $10.7B | ||
| Q4 24 | $26.6B | $9.7B | ||
| Q3 24 | $27.2B | $10.9B | ||
| Q2 24 | $27.5B | $9.8B | ||
| Q1 24 | $27.4B | $8.9B |
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 | $-23.9M |
| 自由现金流经营现金流 - 资本支出 | $638.0M | $-45.1M |
| 自由现金流率自由现金流/营收 | 6.4% | -0.4% |
| 资本支出强度资本支出/营收 | 1.5% | 0.2% |
| 现金转化率经营现金流/净利润 | 2.30× | -0.06× |
| 过去12个月自由现金流最近4个季度 | $2.3B | $440.1M |
8季度趋势，按日历期对齐
经营现金流PAASMCI
| Q4 25 | $786.0M | $-23.9M | ||
| Q3 25 | $817.0M | $-917.5M | ||
| Q2 25 | $694.0M | $863.6M | ||
| Q1 25 | $639.0M | $626.8M | ||
| Q4 24 | $727.0M | $-239.8M | ||
| Q3 24 | $691.0M | $408.9M | ||
| Q2 24 | $653.0M | $-641.8M | ||
| Q1 24 | $419.0M | $-1.5B |
自由现金流PAASMCI
| Q4 25 | $638.0M | $-45.1M | ||
| Q3 25 | $632.0M | $-949.8M | ||
| Q2 25 | $575.0M | $840.9M | ||
| Q1 25 | $448.0M | $594.1M | ||
| Q4 24 | $561.0M | $-267.3M | ||
| Q3 24 | $534.0M | $364.6M | ||
| Q2 24 | $514.0M | $-655.8M | ||
| Q1 24 | $262.0M | $-1.6B |
自由现金流率PAASMCI
| Q4 25 | 6.4% | -0.4% | ||
| Q3 25 | 5.5% | -18.9% | ||
| Q2 25 | 5.4% | 14.6% | ||
| Q1 25 | 3.7% | 12.9% | ||
| Q4 24 | 4.5% | -4.7% | ||
| Q3 24 | 4.2% | 6.1% | ||
| Q2 24 | 4.0% | -12.2% | ||
| Q1 24 | 2.2% | -41.9% |
资本支出强度PAASMCI
| Q4 25 | 1.5% | 0.2% | ||
| Q3 25 | 1.6% | 0.6% | ||
| Q2 25 | 1.1% | 0.4% | ||
| Q1 25 | 1.6% | 0.7% | ||
| Q4 24 | 1.3% | 0.5% | ||
| Q3 24 | 1.2% | 0.7% | ||
| Q2 24 | 1.1% | 0.3% | ||
| Q1 24 | 1.3% | 2.4% |
现金转化率PAASMCI
| Q4 25 | 2.30× | -0.06× | ||
| Q3 25 | 1.85× | -5.45× | ||
| Q2 25 | 3.30× | 4.43× | ||
| Q1 25 | 1.44× | 5.76× | ||
| Q4 24 | 20.19× | -0.75× | ||
| Q3 24 | 3.14× | 0.96× | ||
| Q2 24 | 2.61× | -2.16× | ||
| Q1 24 | 1.58× | -3.78× |
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% |
SMCI
暂无分部数据
