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PLAINS ALL AMERICAN PIPELINE LP（PAA）与Smurfit Westrock（SW）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Smurfit Westrock的1.3倍（$10.0B vs $7.7B），PLAINS ALL AMERICAN PIPELINE LP净利率更高（3.4% vs 0.8%，领先2.6%），Smurfit Westrock同比增速更快（0.7% vs -19.1%），过去两年Smurfit Westrock的营收复合增速更高（61.2% 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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
PAA vs SW — 直观对比
营收规模更大
PAA
是对方的1.3倍
$7.7B
营收增速更快
SW
高出19.8%
-19.1%
净利率更高
PAA
高出2.6%
0.8%
两年增速更快
SW
近两年复合增速
-8.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $10.0B | $7.7B |
| 净利润 | $341.0M | $63.0M |
| 毛利率 | 7.0% | 16.4% |
| 营业利润率 | 1.8% | 3.3% |
| 净利率 | 3.4% | 0.8% |
| 营收同比 | -19.1% | 0.7% |
| 净利润同比 | 847.2% | 0.0% |
| 每股收益（稀释后） | — | $0.12 |
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PAASW
| Q1 26 | — | $7.7B | ||
| Q4 25 | $10.0B | $7.6B | ||
| Q3 25 | $11.6B | $8.0B | ||
| Q2 25 | $10.6B | $7.9B | ||
| Q1 25 | $12.0B | $7.7B | ||
| Q4 24 | $12.4B | $7.5B | ||
| Q3 24 | $12.7B | $7.7B | ||
| Q2 24 | $12.9B | $3.0B |
净利润PAASW
| Q1 26 | — | $63.0M | ||
| Q4 25 | $341.0M | $97.0M | ||
| Q3 25 | $441.0M | $246.0M | ||
| Q2 25 | $210.0M | $-28.0M | ||
| Q1 25 | $443.0M | $384.0M | ||
| Q4 24 | $36.0M | $146.0M | ||
| Q3 24 | $220.0M | $-150.0M | ||
| Q2 24 | $250.0M | $132.0M |
毛利率PAASW
| Q1 26 | — | 16.4% | ||
| Q4 25 | 7.0% | 18.2% | ||
| Q3 25 | 8.6% | 19.6% | ||
| Q2 25 | 8.3% | 19.1% | ||
| Q1 25 | 10.4% | 20.6% | ||
| Q4 24 | 9.5% | 19.1% | ||
| Q3 24 | 9.3% | 17.6% | ||
| Q2 24 | 8.3% | 23.3% |
营业利润率PAASW
| Q1 26 | — | 3.3% | ||
| Q4 25 | 1.8% | 5.1% | ||
| Q3 25 | 4.2% | 6.6% | ||
| Q2 25 | 2.2% | 3.2% | ||
| Q1 25 | 4.4% | 7.2% | ||
| Q4 24 | 0.7% | 5.3% | ||
| Q3 24 | 2.7% | 0.7% | ||
| Q2 24 | 2.9% | 8.2% |
净利率PAASW
| Q1 26 | — | 0.8% | ||
| Q4 25 | 3.4% | 1.3% | ||
| Q3 25 | 3.8% | 3.1% | ||
| Q2 25 | 2.0% | -0.4% | ||
| Q1 25 | 3.7% | 5.0% | ||
| Q4 24 | 0.3% | 1.9% | ||
| Q3 24 | 1.7% | -2.0% | ||
| Q2 24 | 1.9% | 4.4% |
每股收益（稀释后）PAASW
| Q1 26 | — | $0.12 | ||
| Q4 25 | — | $0.18 | ||
| Q3 25 | — | $0.47 | ||
| Q2 25 | — | $-0.05 | ||
| Q1 25 | — | $0.73 | ||
| Q4 24 | — | $-0.12 | ||
| Q3 24 | — | $-0.30 | ||
| Q2 24 | — | $0.51 |
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 | — |
| 总债务越低越好 | $10.7B | $980.0M |
| 股东权益账面价值 | — | $18.1B |
| 总资产 | $30.2B | $45.2B |
| 负债/权益比越低杠杆越低 | — | 0.05× |
8季度趋势，按日历期对齐
现金及短期投资PAASW
| Q1 26 | — | — | ||
| Q4 25 | $328.0M | $892.0M | ||
| Q3 25 | $1.2B | $851.0M | ||
| Q2 25 | $459.0M | $778.0M | ||
| Q1 25 | $427.0M | $797.0M | ||
| Q4 24 | $348.0M | $855.0M | ||
| Q3 24 | $640.0M | — | ||
| Q2 24 | $553.0M | $26.8K |
总债务PAASW
| Q1 26 | — | $980.0M | ||
| Q4 25 | $10.7B | $13.4B | ||
| Q3 25 | $8.4B | $13.3B | ||
| Q2 25 | $8.2B | $13.3B | ||
| Q1 25 | $8.2B | $12.9B | ||
| Q4 24 | $7.2B | $12.5B | ||
| Q3 24 | $7.2B | $13.2B | ||
| Q2 24 | $7.2B | — |
股东权益PAASW
| Q1 26 | — | $18.1B | ||
| Q4 25 | — | $18.3B | ||
| Q3 25 | — | $18.4B | ||
| Q2 25 | — | $18.3B | ||
| Q1 25 | — | $17.9B | ||
| Q4 24 | — | $17.4B | ||
| Q3 24 | — | $18.0B | ||
| Q2 24 | — | $14.5K |
总资产PAASW
| Q1 26 | — | $45.2B | ||
| Q4 25 | $30.2B | $45.2B | ||
| Q3 25 | $28.1B | $45.6B | ||
| Q2 25 | $27.2B | $45.7B | ||
| Q1 25 | $27.1B | $44.6B | ||
| Q4 24 | $26.6B | $43.8B | ||
| Q3 24 | $27.2B | $45.0B | ||
| Q2 24 | $27.5B | $26.8K |
负债/权益比PAASW
| Q1 26 | — | 0.05× | ||
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.72× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.72× | ||
| Q3 24 | — | 0.73× | ||
| 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 | $204.0M |
| 自由现金流经营现金流 - 资本支出 | $638.0M | — |
| 自由现金流率自由现金流/营收 | 6.4% | — |
| 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× | 3.24× |
| 过去12个月自由现金流最近4个季度 | $2.3B | — |
8季度趋势，按日历期对齐
经营现金流PAASW
| Q1 26 | — | $204.0M | ||
| Q4 25 | $786.0M | $1.2B | ||
| Q3 25 | $817.0M | $1.1B | ||
| Q2 25 | $694.0M | $829.0M | ||
| Q1 25 | $639.0M | $235.0M | ||
| Q4 24 | $727.0M | $781.0M | ||
| Q3 24 | $691.0M | $320.0M | ||
| Q2 24 | $653.0M | $340.0M |
自由现金流PAASW
| Q1 26 | — | — | ||
| Q4 25 | $638.0M | $612.0M | ||
| Q3 25 | $632.0M | $523.0M | ||
| Q2 25 | $575.0M | $307.0M | ||
| Q1 25 | $448.0M | $-242.0M | ||
| Q4 24 | $561.0M | $212.0M | ||
| Q3 24 | $534.0M | $-192.0M | ||
| Q2 24 | $514.0M | $163.0M |
自由现金流率PAASW
| Q1 26 | — | — | ||
| Q4 25 | 6.4% | 8.1% | ||
| Q3 25 | 5.5% | 6.5% | ||
| Q2 25 | 5.4% | 3.9% | ||
| Q1 25 | 3.7% | -3.2% | ||
| Q4 24 | 4.5% | 2.8% | ||
| Q3 24 | 4.2% | -2.5% | ||
| Q2 24 | 4.0% | 5.5% |
资本支出强度PAASW
| Q1 26 | — | — | ||
| Q4 25 | 1.5% | 7.7% | ||
| Q3 25 | 1.6% | 7.6% | ||
| Q2 25 | 1.1% | 6.6% | ||
| Q1 25 | 1.6% | 6.2% | ||
| Q4 24 | 1.3% | 7.5% | ||
| Q3 24 | 1.2% | 6.7% | ||
| Q2 24 | 1.1% | 6.0% |
现金转化率PAASW
| Q1 26 | — | 3.24× | ||
| Q4 25 | 2.30× | 12.32× | ||
| Q3 25 | 1.85× | 4.61× | ||
| Q2 25 | 3.30× | — | ||
| Q1 25 | 1.44× | 0.61× | ||
| Q4 24 | 20.19× | 5.35× | ||
| Q3 24 | 3.14× | — | ||
| Q2 24 | 2.61× | 2.58× |
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% |
SW
暂无分部数据
