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PLAINS GP HOLDINGS LP（PAGP）与高通（QCOM）财务数据对比。点击上方公司名可切换其他公司
高通的季度营收约是PLAINS GP HOLDINGS LP的1.1倍（$10.6B vs $10.0B），高通净利率更高（69.5% vs 0.6%，领先68.9%），高通同比增速更快（-3.5% vs -19.1%），过去两年高通的营收复合增速更高（6.2% vs -8.6%）
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。
高通是总部位于美国加利福尼亚州圣迭戈、在特拉华州注册的跨国企业，主营无线技术相关的半导体、软件及服务业务，持有5G、4G、CDMA2000、TD-SCDMA、WCDMA等移动通信标准的核心专利，是全球无线通信领域的核心供应商。
PAGP vs QCOM — 直观对比
营收规模更大
QCOM
是对方的1.1倍
$10.0B
营收增速更快
QCOM
高出15.7%
-19.1%
净利率更高
QCOM
高出68.9%
0.6%
两年增速更快
QCOM
近两年复合增速
-8.6%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $10.0B | $10.6B |
| 净利润 | $63.0M | $7.4B |
| 毛利率 | 7.0% | 53.8% |
| 营业利润率 | 1.8% | 21.8% |
| 净利率 | 0.6% | 69.5% |
| 营收同比 | -19.1% | -3.5% |
| 净利润同比 | 672.7% | — |
| 每股收益（稀释后） | — | $6.88 |
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PAGPQCOM
| Q1 26 | — | $10.6B | ||
| Q4 25 | $10.0B | $12.3B | ||
| Q3 25 | $11.6B | $11.3B | ||
| Q2 25 | $10.6B | $10.4B | ||
| Q1 25 | $12.0B | $11.0B | ||
| Q4 24 | $12.4B | $11.7B | ||
| Q3 24 | $12.7B | $10.2B | ||
| Q2 24 | $12.9B | $9.4B |
净利润PAGPQCOM
| Q1 26 | — | $7.4B | ||
| Q4 25 | $63.0M | $3.0B | ||
| Q3 25 | $83.0M | $-3.1B | ||
| Q2 25 | $30.0M | $2.7B | ||
| Q1 25 | $84.0M | $2.8B | ||
| Q4 24 | $-11.0M | $3.2B | ||
| Q3 24 | $33.0M | $2.9B | ||
| Q2 24 | $39.0M | $2.1B |
毛利率PAGPQCOM
| Q1 26 | — | 53.8% | ||
| Q4 25 | 7.0% | 54.6% | ||
| Q3 25 | 8.6% | 55.3% | ||
| Q2 25 | 8.3% | 55.6% | ||
| Q1 25 | 10.4% | 55.0% | ||
| Q4 24 | 9.5% | 55.8% | ||
| Q3 24 | 9.3% | 56.4% | ||
| Q2 24 | 8.3% | 55.6% |
营业利润率PAGPQCOM
| Q1 26 | — | 21.8% | ||
| Q4 25 | 1.8% | 27.5% | ||
| Q3 25 | 4.2% | 25.9% | ||
| Q2 25 | 2.2% | 26.6% | ||
| Q1 25 | 4.4% | 28.4% | ||
| Q4 24 | 0.7% | 30.5% | ||
| Q3 24 | 2.7% | 25.2% | ||
| Q2 24 | 2.9% | 23.6% |
净利率PAGPQCOM
| Q1 26 | — | 69.5% | ||
| Q4 25 | 0.6% | 24.5% | ||
| Q3 25 | 0.7% | -27.7% | ||
| Q2 25 | 0.3% | 25.7% | ||
| Q1 25 | 0.7% | 25.6% | ||
| Q4 24 | -0.1% | 27.3% | ||
| Q3 24 | 0.3% | 28.5% | ||
| Q2 24 | 0.3% | 22.7% |
每股收益（稀释后）PAGPQCOM
| Q1 26 | — | $6.88 | ||
| Q4 25 | — | $2.78 | ||
| Q3 25 | — | $-2.77 | ||
| Q2 25 | — | $2.43 | ||
| Q1 25 | — | $2.52 | ||
| Q4 24 | — | $2.83 | ||
| Q3 24 | — | $2.57 | ||
| Q2 24 | — | $1.88 |
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 | $329.0M | $5.4B |
| 总债务越低越好 | $10.7B | $15.3B |
| 股东权益账面价值 | — | $27.3B |
| 总资产 | $31.3B | $57.1B |
| 负债/权益比越低杠杆越低 | — | 0.56× |
8季度趋势，按日历期对齐
现金及短期投资PAGPQCOM
| Q1 26 | — | $5.4B | ||
| Q4 25 | $329.0M | $11.8B | ||
| Q3 25 | $1.2B | $10.2B | ||
| Q2 25 | $460.0M | $10.0B | ||
| Q1 25 | $429.0M | $13.8B | ||
| Q4 24 | $349.0M | $14.3B | ||
| Q3 24 | $641.0M | $13.3B | ||
| Q2 24 | $556.0M | $13.0B |
总债务PAGPQCOM
| Q1 26 | — | $15.3B | ||
| Q4 25 | $10.7B | $14.8B | ||
| Q3 25 | $8.4B | $14.8B | ||
| Q2 25 | $8.2B | $14.8B | ||
| Q1 25 | $8.2B | $13.3B | ||
| Q4 24 | $7.2B | $13.2B | ||
| Q3 24 | $7.2B | $13.3B | ||
| Q2 24 | $7.2B | $13.2B |
股东权益PAGPQCOM
| Q1 26 | — | $27.3B | ||
| Q4 25 | — | $23.1B | ||
| Q3 25 | — | $21.2B | ||
| Q2 25 | — | $27.2B | ||
| Q1 25 | — | $27.7B | ||
| Q4 24 | — | $26.9B | ||
| Q3 24 | — | $26.3B | ||
| Q2 24 | — | $24.7B |
总资产PAGPQCOM
| Q1 26 | — | $57.1B | ||
| Q4 25 | $31.3B | $53.0B | ||
| Q3 25 | $29.3B | $50.1B | ||
| Q2 25 | $28.3B | $54.9B | ||
| Q1 25 | $28.3B | $55.4B | ||
| Q4 24 | $27.8B | $55.6B | ||
| Q3 24 | $28.4B | $55.2B | ||
| Q2 24 | $28.7B | $52.7B |
负债/权益比PAGPQCOM
| Q1 26 | — | 0.56× | ||
| Q4 25 | — | 0.64× | ||
| Q3 25 | — | 0.70× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | — | 0.48× | ||
| Q4 24 | — | 0.49× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 0.53× |
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 | $784.0M | $7.4B |
| 自由现金流经营现金流 - 资本支出 | $636.0M | — |
| 自由现金流率自由现金流/营收 | 6.3% | — |
| 资本支出强度资本支出/营收 | 1.5% | 10.2% |
| 现金转化率经营现金流/净利润 | 12.44× | 1.01× |
| 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PAGPQCOM
| Q1 26 | — | $7.4B | ||
| Q4 25 | $784.0M | $5.0B | ||
| Q3 25 | $817.0M | $4.0B | ||
| Q2 25 | $692.0M | $2.9B | ||
| Q1 25 | $638.0M | $2.6B | ||
| Q4 24 | $726.0M | $4.6B | ||
| Q3 24 | $688.0M | $2.6B | ||
| Q2 24 | $652.0M | $3.1B |
自由现金流PAGPQCOM
| Q1 26 | — | — | ||
| Q4 25 | $636.0M | $4.4B | ||
| Q3 25 | $632.0M | $3.6B | ||
| Q2 25 | $573.0M | $2.6B | ||
| Q1 25 | $447.0M | $2.3B | ||
| Q4 24 | $560.0M | $4.3B | ||
| Q3 24 | $531.0M | $2.4B | ||
| Q2 24 | $513.0M | $2.7B |
自由现金流率PAGPQCOM
| Q1 26 | — | — | ||
| Q4 25 | 6.3% | 36.0% | ||
| Q3 25 | 5.5% | 31.8% | ||
| Q2 25 | 5.4% | 24.9% | ||
| Q1 25 | 3.7% | 21.3% | ||
| Q4 24 | 4.5% | 36.9% | ||
| Q3 24 | 4.2% | 23.3% | ||
| Q2 24 | 4.0% | 28.4% |
资本支出强度PAGPQCOM
| Q1 26 | — | 10.2% | ||
| Q4 25 | 1.5% | 4.5% | ||
| Q3 25 | 1.6% | 3.6% | ||
| Q2 25 | 1.1% | 2.8% | ||
| Q1 25 | 1.6% | 1.9% | ||
| Q4 24 | 1.3% | 2.4% | ||
| Q3 24 | 1.2% | 2.5% | ||
| Q2 24 | 1.1% | 4.1% |
现金转化率PAGPQCOM
| Q1 26 | — | 1.01× | ||
| Q4 25 | 12.44× | 1.65× | ||
| Q3 25 | 9.84× | — | ||
| Q2 25 | 23.07× | 1.08× | ||
| Q1 25 | 7.60× | 0.91× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | 20.85× | 0.91× | ||
| Q2 24 | 16.72× | 1.43× |
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
PAGP
| Products | $9.6B | 96% |
| Services | $421.0M | 4% |
| Affiliated Entity | $14.0M | 0% |
QCOM
| Equipment and services | $9.1B | 85% |
| Licensing | $1.5B | 15% |
