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PLAINS GP HOLDINGS LP（PAGP）与RYDER SYSTEM INC（R）财务数据对比。点击上方公司名可切换其他公司
PLAINS GP HOLDINGS LP的季度营收约是RYDER SYSTEM INC的3.2倍（$10.0B vs $3.1B），RYDER SYSTEM INC净利率更高（3.0% vs 0.6%，领先2.3%），RYDER SYSTEM INC同比增速更快（1.0% vs -19.1%），PLAINS GP HOLDINGS LP自由现金流更多（$636.0M vs $273.0M），过去两年RYDER SYSTEM INC的营收复合增速更高（-0.9% 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。
Ryder System Inc.是美国专业运输物流服务商，总部位于佛罗里达州科勒尔盖布尔斯，业务覆盖美国及英国，核心业务包含卡车租赁、车队管理、供应链及运输管理，同时提供车辆维保、二手车销售、专业司机派遣、电商履约与最后一公里配送等多元服务。
PAGP vs R — 直观对比
营收规模更大
PAGP
是对方的3.2倍
$3.1B
营收增速更快
R
高出20.1%
-19.1%
净利率更高
R
高出2.3%
0.6%
自由现金流更多
PAGP
多$363.0M
$273.0M
两年增速更快
R
近两年复合增速
-8.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $10.0B | $3.1B |
| 净利润 | $63.0M | $93.0M |
| 毛利率 | 7.0% | — |
| 营业利润率 | 1.8% | — |
| 净利率 | 0.6% | 3.0% |
| 营收同比 | -19.1% | 1.0% |
| 净利润同比 | 672.7% | -5.1% |
| 每股收益（稀释后） | — | $2.34 |
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PAGPR
| Q1 26 | — | $3.1B | ||
| Q4 25 | $10.0B | $3.2B | ||
| Q3 25 | $11.6B | $3.2B | ||
| Q2 25 | $10.6B | $3.2B | ||
| Q1 25 | $12.0B | $3.1B | ||
| Q4 24 | $12.4B | $3.2B | ||
| Q3 24 | $12.7B | $3.2B | ||
| Q2 24 | $12.9B | $3.2B |
净利润PAGPR
| Q1 26 | — | $93.0M | ||
| Q4 25 | $63.0M | $132.0M | ||
| Q3 25 | $83.0M | $138.0M | ||
| Q2 25 | $30.0M | $131.0M | ||
| Q1 25 | $84.0M | $98.0M | ||
| Q4 24 | $-11.0M | $135.0M | ||
| Q3 24 | $33.0M | $142.0M | ||
| Q2 24 | $39.0M | $127.0M |
毛利率PAGPR
| 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PAGPR
| Q1 26 | — | — | ||
| Q4 25 | 1.8% | 5.6% | ||
| Q3 25 | 4.2% | 6.0% | ||
| Q2 25 | 2.2% | 5.8% | ||
| Q1 25 | 4.4% | 4.3% | ||
| Q4 24 | 0.7% | 5.7% | ||
| Q3 24 | 2.7% | 5.9% | ||
| Q2 24 | 2.9% | 5.6% |
净利率PAGPR
| Q1 26 | — | 3.0% | ||
| Q4 25 | 0.6% | 4.2% | ||
| Q3 25 | 0.7% | 4.4% | ||
| Q2 25 | 0.3% | 4.1% | ||
| Q1 25 | 0.7% | 3.1% | ||
| Q4 24 | -0.1% | 4.2% | ||
| Q3 24 | 0.3% | 4.5% | ||
| Q2 24 | 0.3% | 4.0% |
每股收益（稀释后）PAGPR
| Q1 26 | — | $2.34 | ||
| Q4 25 | — | $3.22 | ||
| Q3 25 | — | $3.32 | ||
| Q2 25 | — | $3.13 | ||
| Q1 25 | — | $2.27 | ||
| Q4 24 | — | $3.09 | ||
| Q3 24 | — | $3.24 | ||
| Q2 24 | — | $2.84 |
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 | $182.0M |
| 总债务越低越好 | $10.7B | — |
| 股东权益账面价值 | — | $2.9B |
| 总资产 | $31.3B | — |
| 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PAGPR
| Q1 26 | — | $182.0M | ||
| Q4 25 | $329.0M | $198.0M | ||
| Q3 25 | $1.2B | $189.0M | ||
| Q2 25 | $460.0M | $180.0M | ||
| Q1 25 | $429.0M | $151.0M | ||
| Q4 24 | $349.0M | $154.0M | ||
| Q3 24 | $641.0M | $162.0M | ||
| Q2 24 | $556.0M | $164.0M |
总债务PAGPR
| Q1 26 | — | — | ||
| Q4 25 | $10.7B | $6.8B | ||
| Q3 25 | $8.4B | $7.3B | ||
| Q2 25 | $8.2B | $7.0B | ||
| Q1 25 | $8.2B | $6.7B | ||
| Q4 24 | $7.2B | $6.7B | ||
| Q3 24 | $7.2B | $6.6B | ||
| Q2 24 | $7.2B | $6.5B |
股东权益PAGPR
| Q1 26 | — | $2.9B | ||
| Q4 25 | — | $3.1B | ||
| Q3 25 | — | $3.1B | ||
| Q2 25 | — | $3.1B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $3.1B |
总资产PAGPR
| Q1 26 | — | — | ||
| Q4 25 | $31.3B | $16.4B | ||
| Q3 25 | $29.3B | $16.5B | ||
| Q2 25 | $28.3B | $16.5B | ||
| Q1 25 | $28.3B | $16.4B | ||
| Q4 24 | $27.8B | $16.7B | ||
| Q3 24 | $28.4B | $16.5B | ||
| Q2 24 | $28.7B | $16.4B |
负债/权益比PAGPR
| Q1 26 | — | — | ||
| Q4 25 | — | 2.24× | ||
| Q3 25 | — | 2.35× | ||
| Q2 25 | — | 2.27× | ||
| Q1 25 | — | 2.21× | ||
| Q4 24 | — | 2.14× | ||
| Q3 24 | — | 2.17× | ||
| Q2 24 | — | 2.09× |
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 | $583.0M |
| 自由现金流经营现金流 - 资本支出 | $636.0M | $273.0M |
| 自由现金流率自由现金流/营收 | 6.3% | 8.7% |
| 资本支出强度资本支出/营收 | 1.5% | 13.7% |
| 现金转化率经营现金流/净利润 | 12.44× | 6.27× |
| 过去12个月自由现金流最近4个季度 | $2.3B | $595.0M |
8季度趋势，按日历期对齐
经营现金流PAGPR
| Q1 26 | — | $583.0M | ||
| Q4 25 | $784.0M | $749.0M | ||
| Q3 25 | $817.0M | $442.0M | ||
| Q2 25 | $692.0M | $752.0M | ||
| Q1 25 | $638.0M | $651.0M | ||
| Q4 24 | $726.0M | $558.0M | ||
| Q3 24 | $688.0M | $629.0M | ||
| Q2 24 | $652.0M | $552.0M |
自由现金流PAGPR
| Q1 26 | — | $273.0M | ||
| Q4 25 | $636.0M | $344.0M | ||
| Q3 25 | $632.0M | $-85.0M | ||
| Q2 25 | $573.0M | $63.0M | ||
| Q1 25 | $447.0M | $137.0M | ||
| Q4 24 | $560.0M | $-201.0M | ||
| Q3 24 | $531.0M | $30.0M | ||
| Q2 24 | $513.0M | $-87.0M |
自由现金流率PAGPR
| Q1 26 | — | 8.7% | ||
| Q4 25 | 6.3% | 10.8% | ||
| Q3 25 | 5.5% | -2.7% | ||
| Q2 25 | 5.4% | 2.0% | ||
| Q1 25 | 3.7% | 4.4% | ||
| Q4 24 | 4.5% | -6.3% | ||
| Q3 24 | 4.2% | 0.9% | ||
| Q2 24 | 4.0% | -2.7% |
资本支出强度PAGPR
| Q1 26 | — | 13.7% | ||
| Q4 25 | 1.5% | 12.8% | ||
| Q3 25 | 1.6% | 16.6% | ||
| Q2 25 | 1.1% | 21.6% | ||
| Q1 25 | 1.6% | 16.4% | ||
| Q4 24 | 1.3% | 23.8% | ||
| Q3 24 | 1.2% | 18.9% | ||
| Q2 24 | 1.1% | 20.1% |
现金转化率PAGPR
| Q1 26 | — | 6.27× | ||
| Q4 25 | 12.44× | 5.67× | ||
| Q3 25 | 9.84× | 3.20× | ||
| Q2 25 | 23.07× | 5.74× | ||
| Q1 25 | 7.60× | 6.64× | ||
| Q4 24 | — | 4.13× | ||
| Q3 24 | 20.85× | 4.43× | ||
| Q2 24 | 16.72× | 4.35× |
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% |
R
| Fleet Management Solutions | $1.5B | 47% |
| ChoiceLease | $878.0M | 28% |
| Dedicated Transportation Solutions | $553.0M | 18% |
| Commercial rental | $211.0M | 7% |
