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PLAINS ALL AMERICAN PIPELINE LP（PAA）与Block, Inc.（XYZ）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Block, Inc.的1.6倍（$10.0B vs $6.3B），PLAINS ALL AMERICAN PIPELINE LP净利率更高（3.4% vs 1.9%，领先1.5%），Block, Inc.同比增速更快（3.6% vs -19.1%），PLAINS ALL AMERICAN PIPELINE LP自由现金流更多（$638.0M vs $579.8M），过去两年Block, Inc.的营收复合增速更高（2.4% 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。
Block, Inc.是美国科技企业，面向消费者与商户提供金融服务，由杰克·多尔西于2009年创立，是美国销售点系统领域的市场领导者。截至2024年，平台服务5700万用户及400万商户，年支付处理规模达2410亿美元。
PAA vs XYZ — 直观对比
营收规模更大
PAA
是对方的1.6倍
$6.3B
营收增速更快
XYZ
高出22.8%
-19.1%
净利率更高
PAA
高出1.5%
1.9%
自由现金流更多
PAA
多$58.2M
$579.8M
两年增速更快
XYZ
近两年复合增速
-8.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.0B | $6.3B |
| 净利润 | $341.0M | $115.8M |
| 毛利率 | 7.0% | 45.9% |
| 营业利润率 | 1.8% | 7.8% |
| 净利率 | 3.4% | 1.9% |
| 营收同比 | -19.1% | 3.6% |
| 净利润同比 | 847.2% | -94.1% |
| 每股收益（稀释后） | — | $0.19 |
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PAAXYZ
| Q4 25 | $10.0B | $6.3B | ||
| Q3 25 | $11.6B | $6.1B | ||
| Q2 25 | $10.6B | $6.1B | ||
| Q1 25 | $12.0B | $5.8B | ||
| Q4 24 | $12.4B | $6.0B | ||
| Q3 24 | $12.7B | $6.0B | ||
| Q2 24 | $12.9B | $6.2B | ||
| Q1 24 | $12.0B | $6.0B |
净利润PAAXYZ
| Q4 25 | $341.0M | $115.8M | ||
| Q3 25 | $441.0M | $461.5M | ||
| Q2 25 | $210.0M | $538.5M | ||
| Q1 25 | $443.0M | $189.9M | ||
| Q4 24 | $36.0M | $1.9B | ||
| Q3 24 | $220.0M | $283.8M | ||
| Q2 24 | $250.0M | $195.3M | ||
| Q1 24 | $266.0M | $472.0M |
毛利率PAAXYZ
| Q4 25 | 7.0% | 45.9% | ||
| Q3 25 | 8.6% | 43.5% | ||
| Q2 25 | 8.3% | 41.9% | ||
| Q1 25 | 10.4% | 39.7% | ||
| Q4 24 | 9.5% | 38.3% | ||
| Q3 24 | 9.3% | 37.6% | ||
| Q2 24 | 8.3% | 36.3% | ||
| Q1 24 | 9.0% | 35.2% |
营业利润率PAAXYZ
| Q4 25 | 1.8% | 7.8% | ||
| Q3 25 | 4.2% | 6.7% | ||
| Q2 25 | 2.2% | 8.0% | ||
| Q1 25 | 4.4% | 5.7% | ||
| Q4 24 | 0.7% | 0.2% | ||
| Q3 24 | 2.7% | 5.4% | ||
| Q2 24 | 2.9% | 5.0% | ||
| Q1 24 | 3.1% | 4.2% |
净利率PAAXYZ
| Q4 25 | 3.4% | 1.9% | ||
| Q3 25 | 3.8% | 7.5% | ||
| Q2 25 | 2.0% | 8.9% | ||
| Q1 25 | 3.7% | 3.3% | ||
| Q4 24 | 0.3% | 32.3% | ||
| Q3 24 | 1.7% | 4.7% | ||
| Q2 24 | 1.9% | 3.2% | ||
| Q1 24 | 2.2% | 7.9% |
每股收益（稀释后）PAAXYZ
| Q4 25 | — | $0.19 | ||
| Q3 25 | — | $0.74 | ||
| Q2 25 | — | $0.87 | ||
| Q1 25 | — | $0.30 | ||
| Q4 24 | — | $3.06 | ||
| Q3 24 | — | $0.45 | ||
| Q2 24 | — | $0.31 | ||
| Q1 24 | — | $0.74 |
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 | $6.6B |
| 总债务越低越好 | $10.7B | — |
| 股东权益账面价值 | — | $22.2B |
| 总资产 | $30.2B | $39.5B |
| 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PAAXYZ
| Q4 25 | $328.0M | $6.6B | ||
| Q3 25 | $1.2B | $8.3B | ||
| Q2 25 | $459.0M | $6.4B | ||
| Q1 25 | $427.0M | $7.1B | ||
| Q4 24 | $348.0M | $8.1B | ||
| Q3 24 | $640.0M | $8.3B | ||
| Q2 24 | $553.0M | $7.8B | ||
| Q1 24 | $331.0M | $5.8B |
总债务PAAXYZ
| Q4 25 | $10.7B | — | ||
| Q3 25 | $8.4B | $7.3B | ||
| Q2 25 | $8.2B | $5.1B | ||
| Q1 25 | $8.2B | $5.1B | ||
| Q4 24 | $7.2B | $6.1B | ||
| Q3 24 | $7.2B | $6.1B | ||
| Q2 24 | $7.2B | $6.1B | ||
| Q1 24 | $7.3B | $4.1B |
股东权益PAAXYZ
| Q4 25 | — | $22.2B | ||
| Q3 25 | — | $22.5B | ||
| Q2 25 | — | $22.2B | ||
| Q1 25 | — | $21.5B | ||
| Q4 24 | — | $21.3B | ||
| Q3 24 | — | $19.9B | ||
| Q2 24 | — | $19.3B | ||
| Q1 24 | — | $19.0B |
总资产PAAXYZ
| Q4 25 | $30.2B | $39.5B | ||
| Q3 25 | $28.1B | $39.2B | ||
| Q2 25 | $27.2B | $36.9B | ||
| Q1 25 | $27.1B | $36.4B | ||
| Q4 24 | $26.6B | $36.8B | ||
| Q3 24 | $27.2B | $36.4B | ||
| Q2 24 | $27.5B | $37.5B | ||
| Q1 24 | $27.4B | $35.6B |
负债/权益比PAAXYZ
| Q4 25 | — | — | ||
| Q3 25 | — | 0.32× | ||
| Q2 25 | — | 0.23× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.29× | ||
| Q3 24 | — | 0.31× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 0.22× |
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 | $621.0M |
| 自由现金流经营现金流 - 资本支出 | $638.0M | $579.8M |
| 自由现金流率自由现金流/营收 | 6.4% | 9.3% |
| 资本支出强度资本支出/营收 | 1.5% | 0.7% |
| 现金转化率经营现金流/净利润 | 2.30× | 5.36× |
| 过去12个月自由现金流最近4个季度 | $2.3B | $2.4B |
8季度趋势，按日历期对齐
经营现金流PAAXYZ
| Q4 25 | $786.0M | $621.0M | ||
| Q3 25 | $817.0M | $1.5B | ||
| Q2 25 | $694.0M | $374.3M | ||
| Q1 25 | $639.0M | $133.3M | ||
| Q4 24 | $727.0M | $13.8M | ||
| Q3 24 | $691.0M | $684.8M | ||
| Q2 24 | $653.0M | $519.4M | ||
| Q1 24 | $419.0M | $489.4M |
自由现金流PAAXYZ
| Q4 25 | $638.0M | $579.8M | ||
| Q3 25 | $632.0M | $1.4B | ||
| Q2 25 | $575.0M | $343.0M | ||
| Q1 25 | $448.0M | $101.5M | ||
| Q4 24 | $561.0M | $-13.2M | ||
| Q3 24 | $534.0M | $628.2M | ||
| Q2 24 | $514.0M | $481.0M | ||
| Q1 24 | $262.0M | $457.4M |
自由现金流率PAAXYZ
| Q4 25 | 6.4% | 9.3% | ||
| Q3 25 | 5.5% | 22.9% | ||
| Q2 25 | 5.4% | 5.7% | ||
| Q1 25 | 3.7% | 1.8% | ||
| Q4 24 | 4.5% | -0.2% | ||
| Q3 24 | 4.2% | 10.5% | ||
| Q2 24 | 4.0% | 7.8% | ||
| Q1 24 | 2.2% | 7.7% |
资本支出强度PAAXYZ
| Q4 25 | 1.5% | 0.7% | ||
| Q3 25 | 1.6% | 0.8% | ||
| Q2 25 | 1.1% | 0.5% | ||
| Q1 25 | 1.6% | 0.6% | ||
| Q4 24 | 1.3% | 0.4% | ||
| Q3 24 | 1.2% | 0.9% | ||
| Q2 24 | 1.1% | 0.6% | ||
| Q1 24 | 1.3% | 0.5% |
现金转化率PAAXYZ
| Q4 25 | 2.30× | 5.36× | ||
| Q3 25 | 1.85× | 3.14× | ||
| Q2 25 | 3.30× | 0.70× | ||
| Q1 25 | 1.44× | 0.70× | ||
| Q4 24 | 20.19× | 0.01× | ||
| Q3 24 | 3.14× | 2.41× | ||
| Q2 24 | 2.61× | 2.66× | ||
| Q1 24 | 1.58× | 1.04× |
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% |
XYZ
| US | $5.7B | 91% |
| Non Us | $560.9M | 9% |
