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PLAINS GP HOLDINGS LP（PAGP）与美国合众银行（USB）财务数据对比。点击上方公司名可切换其他公司
PLAINS GP HOLDINGS LP的季度营收约是美国合众银行的1.4倍（$10.0B vs $7.4B），美国合众银行净利率更高（27.8% vs 0.6%，领先27.1%），美国合众银行同比增速更快（5.1% vs -19.1%），过去两年美国合众银行的营收复合增速更高（4.7% 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。
美国合众银行是美国跨国银行机构，总部位于明尼苏达州明尼阿波利斯，在特拉华州注册成立。截至2025年为美国第五大银行，也是美国中西部规模最大的银行，被金融稳定委员会认定为系统重要性机构，旗下核心运营主体提供银行、投资、按揭等多元金融服务。
PAGP vs USB — 直观对比
营收规模更大
PAGP
是对方的1.4倍
$7.4B
营收增速更快
USB
高出24.2%
-19.1%
净利率更高
USB
高出27.1%
0.6%
两年增速更快
USB
近两年复合增速
-8.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $10.0B | $7.4B |
| 净利润 | $63.0M | $2.0B |
| 毛利率 | 7.0% | — |
| 营业利润率 | 1.8% | 34.4% |
| 净利率 | 0.6% | 27.8% |
| 营收同比 | -19.1% | 5.1% |
| 净利润同比 | 672.7% | 23.0% |
| 每股收益（稀释后） | — | $1.26 |
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PAGPUSB
| Q4 25 | $10.0B | $7.4B | ||
| Q3 25 | $11.6B | $7.3B | ||
| Q2 25 | $10.6B | $7.0B | ||
| Q1 25 | $12.0B | $7.0B | ||
| Q4 24 | $12.4B | $7.0B | ||
| Q3 24 | $12.7B | $6.9B | ||
| Q2 24 | $12.9B | $6.9B | ||
| Q1 24 | $12.0B | $6.7B |
净利润PAGPUSB
| Q4 25 | $63.0M | $2.0B | ||
| Q3 25 | $83.0M | $2.0B | ||
| Q2 25 | $30.0M | $1.8B | ||
| Q1 25 | $84.0M | $1.7B | ||
| Q4 24 | $-11.0M | $1.7B | ||
| Q3 24 | $33.0M | $1.7B | ||
| Q2 24 | $39.0M | $1.6B | ||
| Q1 24 | $42.0M | $1.3B |
毛利率PAGPUSB
| 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% | — | ||
| Q1 24 | 9.0% | — |
营业利润率PAGPUSB
| Q4 25 | 1.8% | 34.4% | ||
| Q3 25 | 4.2% | 34.5% | ||
| Q2 25 | 2.2% | 32.7% | ||
| Q1 25 | 4.4% | 31.0% | ||
| Q4 24 | 0.7% | 30.1% | ||
| Q3 24 | 2.7% | 30.2% | ||
| Q2 24 | 2.9% | 29.9% | ||
| Q1 24 | 3.1% | 24.9% |
净利率PAGPUSB
| Q4 25 | 0.6% | 27.8% | ||
| Q3 25 | 0.7% | 27.3% | ||
| Q2 25 | 0.3% | 25.9% | ||
| Q1 25 | 0.7% | 24.6% | ||
| Q4 24 | -0.1% | 23.7% | ||
| Q3 24 | 0.3% | 25.0% | ||
| Q2 24 | 0.3% | 23.3% | ||
| Q1 24 | 0.4% | 19.6% |
每股收益（稀释后）PAGPUSB
| Q4 25 | — | $1.26 | ||
| Q3 25 | — | $1.22 | ||
| Q2 25 | — | $1.11 | ||
| Q1 25 | — | $1.03 | ||
| Q4 24 | — | $1.01 | ||
| Q3 24 | — | $1.03 | ||
| Q2 24 | — | $0.97 | ||
| Q1 24 | — | $0.78 |
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 | — |
| 总债务越低越好 | $10.7B | — |
| 股东权益账面价值 | — | $65.2B |
| 总资产 | $31.3B | $692.3B |
| 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PAGPUSB
| Q4 25 | $329.0M | — | ||
| Q3 25 | $1.2B | — | ||
| Q2 25 | $460.0M | — | ||
| Q1 25 | $429.0M | — | ||
| Q4 24 | $349.0M | — | ||
| Q3 24 | $641.0M | — | ||
| Q2 24 | $556.0M | — | ||
| Q1 24 | $334.0M | — |
总债务PAGPUSB
| 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PAGPUSB
| Q4 25 | — | $65.2B | ||
| Q3 25 | — | $63.3B | ||
| Q2 25 | — | $61.4B | ||
| Q1 25 | — | $60.1B | ||
| Q4 24 | — | $58.6B | ||
| Q3 24 | — | $58.9B | ||
| Q2 24 | — | $56.4B | ||
| Q1 24 | — | $55.6B |
总资产PAGPUSB
| Q4 25 | $31.3B | $692.3B | ||
| Q3 25 | $29.3B | $695.4B | ||
| Q2 25 | $28.3B | $686.4B | ||
| Q1 25 | $28.3B | $676.5B | ||
| Q4 24 | $27.8B | $678.3B | ||
| Q3 24 | $28.4B | $686.5B | ||
| Q2 24 | $28.7B | $680.1B | ||
| Q1 24 | $28.6B | $683.6B |
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 | $2.8B |
| 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% | — |
| 现金转化率经营现金流/净利润 | 12.44× | 1.39× |
| 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PAGPUSB
| Q4 25 | $784.0M | $2.8B | ||
| Q3 25 | $817.0M | $3.4B | ||
| Q2 25 | $692.0M | $2.0B | ||
| Q1 25 | $638.0M | $-285.0M | ||
| Q4 24 | $726.0M | $4.8B | ||
| Q3 24 | $688.0M | $972.0M | ||
| Q2 24 | $652.0M | $2.9B | ||
| Q1 24 | $418.0M | $2.7B |
自由现金流PAGPUSB
| Q4 25 | $636.0M | — | ||
| Q3 25 | $632.0M | — | ||
| Q2 25 | $573.0M | — | ||
| Q1 25 | $447.0M | — | ||
| Q4 24 | $560.0M | — | ||
| Q3 24 | $531.0M | — | ||
| Q2 24 | $513.0M | — | ||
| Q1 24 | $261.0M | — |
自由现金流率PAGPUSB
| Q4 25 | 6.3% | — | ||
| Q3 25 | 5.5% | — | ||
| Q2 25 | 5.4% | — | ||
| Q1 25 | 3.7% | — | ||
| Q4 24 | 4.5% | — | ||
| Q3 24 | 4.2% | — | ||
| Q2 24 | 4.0% | — | ||
| Q1 24 | 2.2% | — |
资本支出强度PAGPUSB
| Q4 25 | 1.5% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 1.2% | — | ||
| Q2 24 | 1.1% | — | ||
| Q1 24 | 1.3% | — |
现金转化率PAGPUSB
| Q4 25 | 12.44× | 1.39× | ||
| Q3 25 | 9.84× | 1.69× | ||
| Q2 25 | 23.07× | 1.12× | ||
| Q1 25 | 7.60× | -0.17× | ||
| Q4 24 | — | 2.87× | ||
| Q3 24 | 20.85× | 0.57× | ||
| Q2 24 | 16.72× | 1.79× | ||
| Q1 24 | 9.95× | 2.02× |
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% |
USB
暂无分部数据
